For Mariupol Civilians, Days Passed Like A Blur': Stocks Dive in Dizzying About-Face

For personal, non-commercial use only. Do not edit, alter or reproduce.
For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
* * * * * * FRIDAY, MAY 6, 2022 ~ VOL. CCLXXIX NO. 105 WSJ.com HHHH $5.00
DJIA 32997.97 g 1063.09 3.1% NASDAQ 12317.69 g 5.0% STOXX 600 438.26 g 0.7% 10-YR. TREAS. g 1 7/32 , yield 3.066% OIL $108.26 À $0.45 GOLD $1,874.00 À $7.00 EURO $1.0542 YEN 130.16
What’s
Russian Missile Strikes in Ukraine Intensify
Stocks Dive
News
In Dizzying
About-Face
Business & Finance
he stock market took

T its biggest U-turn since
the early days of the pan-
demic, with the Dow falling Tech rout brings technology shares that have
1,063.09 points, or 3.1%, fallen on hard times in 2022
posting its largest decline market down from after years of leading the mar-
this year just 24 hours after previous day’s rally as ket advance.
its largest gain since 2020. Tesla dropped 8.3% and Am-
The Nasdaq and S&P 500 slid rate reality sets in azon.com fell 7.6%. Bank stocks,
5% and 3.6%, respectively. A1 a key indicator of economic ex-
 The yield on the 10-year BY CAITLIN MCCABE pectations, dropped 2.7%, ac-
Treasury note rose to AND HARDIKA SINGH cording to the KBW Nasdaq in-
3.066%, the highest level dex of large commercial
since November 2018. B11 The stock market took its lenders. The Russell 2000 in-
biggest U-turn since the early dex of smaller U.S. companies
 Musk has assembled a
days of the pandemic on declined 4%.
group of investors including
Thursday, with the Dow Jones “The market yesterday was
a Saudi prince, Larry Ellison
Industrial Average posting its a relief rally,” said Seema Shah,
and a bitcoin exchange to
largest decline this year just chief strategist at Principal
pony up more than $7 billion
24 hours after its largest gain Global Investors. By Thursday,
to back his bid for Twitter. A1
since 2020. she said, the realities of a more
ANDRIY ANDRIYENKO/ASSOCIATED PRESS
 Boeing plans to move its The reversal wiped out the challenging environment for
global headquarters to Ar- euphoria that reigned on Wall stocks were starting to settle
lington, Va., from Chicago, a Street Wednesday in the wake in, including higher rates, diffi-
shift that would bring the of Federal Reserve Chairman cult earnings comparisons and
company’s leadership closer Jerome Powell’s comment that a stronger U.S. dollar that
to top federal officials. B1 the Fed wasn’t “actively con- weighs on overseas earnings at
sidering” raising interest rates multinational companies.
 Top U.S. regulators pro-
.
by 0.75 percentage point at a Thursday’s rout is the latest
posed overhauling how banks
future meeting. With inflation Please turn to page A2
ly
lend hundreds of billions of
at its highest level since the
dollars annually in lower-
SHATTERED: A Ukrainian serviceman on Thursday walks next to an apartment building de- early 1980s, markets were an-
income communities. A2
stroyed by shelling in Kramatorsk in eastern Ukraine. Russia intensified strikes on infra- ticipating such an increase and Market Fallout
 The BOE raised its key
interest rate but signaled that
it is likely to move cautiously
on
structure, in particular in Ukraine’s west, where arms are flowing into the country. A8 the prospect of a slower rise in
rates set off a furious buying
spree in the late afternoon.
 Mortgage rates reach 13-
year high............................ A2
 Investors look to stocks
For Mariupol Civilians,

in coming months. A10 The optimism behind that that pay dividends.......... B1
rally was long gone Thursday,
us ,
 Bausch + Lomb priced  Bitcoin and other

when selling was widespread, cryptocurrencies fall..... B11
l
its IPO at $18 a share, fall-

though most intense in the
e
ing short of expectations. B1
al a
 Peloton Interactive is
exploring a sale of a sizable ‘Days Passed Like a Blur’ Index performance S&P 500
ci on
past two days daily performance

minority stake in an effort
to shore up its business. B1 3% 3%
Dow
BY MATTHEW LUXMOORE plant where he worked. resilience in the face of seem- industrials
 Shell said it took a $3.9 bil-
“We didn’t know what pro- ingly insurmountable odds. 2 2
lion posttax charge related S&P 500
ZAPORIZHZHIA, Ukraine— visions there were or how well The site is a complex Cold
er s
to its decision to exit Russia,

As Russian forces bore down defended it is,” said Ms. Zait- War-era labyrinth of ware-
only slightly denting an oth- 1
Nasdaq
1
on Mariupol in the first days seva. “But we took a leap of houses, furnaces, tunnels and Composite
erwise strong quarter. B3
m er
of the war, unleashing artillery faith and went.” rail tracks spanning a territory
 Shopify agreed to buy ful- and rocket fire on the strate- In interviews with The Wall of 4 square miles on the east 0 0
fillment specialist Deliverr gic port city in Ukraine’s Street Journal, Ms. Zaitseva bank of the Kalmius River that
in a $2.1 billion deal. B4 southeast, Anna Zaitseva, a and other civilians who es- divides Mariupol in two. There
young schoolteacher, found caped from Azovstal painted a are 40 bunkers underground, –1 –1
m rp
World-Wide herself scrambling for safety. picture of what life was like said one evacuee who worked
After a night in their apart- inside. at the plant, five of which are –2 –2
ment block’s cramped, airless As the Russian army turned Please turn to page A8
 Russia is intensifying basement, her husband, Kirill, Mariupol into rubble over
strikes on Ukrainian infra- suggested they move with more than two months, leav-  Attacks in Russia expand –3 –3
co Fo
structure, seeking to dis- their infant son, Svyatoslav, ing thousands dead and de- scope of conflict...................... A8 Thursday
rupt deliveries of Western and Ms. Zaitseva’s parents to priving the city of food, water,  U.S. shared intel that helped –4 10-minute intervals –4 –3.6%
weapons as Moscow’s of- what he deemed the ultimate electricity and phone signal, Ukraine sink warship............ A8
Wed. Thurs. Jan. 2022 March May
fensive in the east appears refuge: the bunkers beneath the steel plant became the fi-  Kremlin effort to redraw
to have stalled. A1, A8-9 the sprawling Azovstal steel nal holdout and a symbol of export map faces hurdles... A9 Source: FactSet
 The U.S. provided intel-
ligence that enabled Ukraine
to sink the missile cruiser
Moskva, the flagship of Booster INSIDE Musk Secures Fresh $7 Billion
Russia’s Black Sea fleet. A8
 The Democratic and Re-
publican parties are weigh-
ing the political impact of
Collectives From Investors in Twitter Bid
Shake Up
n-
the prospect of the Supreme

Court overturning Roe v.
Wade as they look ahead BY WILL FEUER dia company. King Salman, initially dis-
to midterm elections. A4 Athlete Pay AND HEATHER SOMERVILLE The new money will cut in missed Mr. Musk’s offer, say-
no
half the amount Mr. Musk ing it undervalued Twitter.

 The FDA limited the use Elon Musk has assembled a needs to borrow against his Prince al-Waleed was at his
of the Covid-19 vaccine from BY LAINE HIGGINS group of investors including a Tesla stake, according to a reg- desert camp outside Riyadh
Johnson & Johnson after Saudi prince, Larry Ellison and ulatory filing, and will slightly Thursday and unavailable to
reviewing the risk of life- The Kansas Jayhawks won a bitcoin exchange to pony up reduce the balance of cash he comment, said a spokesperson
threatening blood clots. A3 the NCAA men’s basketball ti- more than $7 billion to back needs to put up personally, to for his company, Kingdom
 The WHO estimated that tle in early April. A few weeks his bid to buy Twitter Inc. just under $20 billion. Holding Co.
nearly 15 million people had later, members of the team are Tesla Inc.’s chief executive The biggest contribution Mr. Ellison, a co-founder of
died from causes related to on a barnstorming tour that MANSION has lined up about $7.14 bil- comes from Prince al-Waleed Oracle Corp., agreed to put in
the coronavirus pandemic will let them monetize their Below the Hollywood lion from 19 investors, a roster bin Talal of Saudi Arabia, who $1 billion. Cryptocurrency ex-
success in a way that was of big-money backers whose agreed to retain a stake in change Binance.com, con-
by the end of 2021. A10
never possible until now.
sign, a once-secret investment effectively reduces Twitter valued at $1.9 billion trolled by billionaire developer
 The level of carbon dioxide Members of the title team enclave has become a the personal risk Mr. Musk following Mr. Musk’s takeover, Changpeng Zhao, promised
in the atmosphere reached stand to collectively make hot market. M1 has to take to close the $44 the disclosure said. $500 million. Venture-capital
a record high in April, ac- nearly $1 million during a six- billion deal for the social-me- The prince, a nephew of Please turn to page A4
cording to measurements at week trek to seven gyms
an observatory on Hawaii’s around the state. The Jay-
Mauna Loa volcano. A3 hawks will sign autographs for
adoring fans, auction off
New Workers Are Vanishing Facebook Chaos Said
 A suspected terrorist at-
tack in central Israel killed game-worn sneakers and
shoot around—but not play
Before They Even Get Started
at least three people and in-
jured several others, rattling
the country as it celebrated
games or scrimmage—during
the events.
i i i To Be Deliberate
independence day. A10 Jayhawks star Ochai Agbaji People accept job offers and are never
will likely soon sign an NBA
 U.S. Indian Health Service contract worth as much as $5 heard from again; ‘It was just crickets’ Whistleblowers allege havoc in Australia was
hospitals in the Dakotas million as a first-round pick,
have faced delays in obtain- but most of the touring play- Enervise Inc. recently found Add another head-scratch- negotiating tactic on news-payment law
ing life-saving equipment. A6 ers will return to the team someone to fill a $75,000-a- ing new feature to the post-
 Suspected Colombian next year. All of it is being or- year job. The new hire said he Covid employment landscape: Last year when Facebook Australian authorities by whis-
drug kingpin Dairo Antonio ganized by Kansas alumni who would move to Cincinnati and A job isn’t filled until the new blocked news in Australia in tleblowers allege the social-
Úsuga was arraigned in a are explicitly banding together report to orientation at 8 a.m. hire actually shows up for response to potential legisla- media giant deliberately cre-
New York federal court. A5 to line players’ pockets—and work. tion making platforms pay ated an overly broad and
it’s all perfectly legal. By Chip Cutter, Manufacturers, restaurants, publishers for content, it also sloppy process to take down
The “KU Basketball Barn- Lauren Weber airlines and cleaning compa- took down the pages of Aus- pages—allowing swaths of the
CONTENTS Markets..................... B11
Arts in Review A12-13 Opinion.............. A15-17
storming Tour” is being orga- and Ray A. Smith nies are among the employers Australian government and
Business News B3,5-6 Sports....................... A14 nized by a new and disruptive seeing a surge of job seekers By Keach Hagey, health services to be caught in
Crossword.............. A13 Technology............... B4 entity in college sports: “col- on his first Monday. The day who accept positions—and are Mike Cherney its web just as the country was
Equities....................... B8 U.S. News............. A2-6 lectives” of supporters that before, he emailed to say he neither seen nor heard from and Jeff Horwitz launching Covid vaccinations.
Heard on Street. B12 Weather................... A13
Mansion............. M1-14 World News..... A8-10
operate outside the normal had changed his mind. again. Southwest Airlines Co. The goal, according to the
universe of the university and Taken aback, Aaron Dorf- said some 15% to 20% of new tralian hospitals, emergency whistleblowers and docu-
its athletic department. Col- man, the recruiting manager hires for some jobs don’t turn services and charities. It pub- ments, was to exert maxi-
> lectives are companies, usually for the facility-services and up on their first day. At secu- licly called the resulting chaos mum negotiating leverage
founded by well-connected plumbing com- rity and facility- “inadvertent.” over the Australian Parlia-
and well-resourced alumni, pany, emailed services provider Internally, the pre-emptive ment, which was voting on
whose sole aim is to pool the back. No response. Allied Universal, strike was hailed as a strategic the first law in the world that
s 2022 Dow Jones & Company, Inc.
financial resources of a uni- “I called, too, and it roughly 15% of new masterstroke. would require platforms such
All Rights Reserved versity’s fan base and direct was just crickets,” he hires disappear before Facebook documents and as Google and Facebook to
Please turn to page A14 said. Hired? Please turn to page A9 testimony filed to U.S. and Please turn to page A11
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A2 | Friday, May 6, 2022 THE WALL STREET JOURNAL.
U.S. NEWS
U.S. Weighs Shift in Lending Rules Labor
Market
Planned revamp in
loans in lower-income
communities comes as
Remains
online banking grows Tight
BY ANDREW ACKERMAN BY BRYAN MENA
WASHINGTON—Top U.S. New applications for un-

regulators proposed overhaul- employment benefits rose last
ing how banks lend hundreds week for the first time since
of billions of dollars annually early April amid other signs
in lower-income communities, the U.S. labor market remains
the first major revamp to the unusually tight.
standards in more than two de- Initial jobless claims, a
cades as lenders increasingly proxy for layoffs, increased by
offer financial services online. 19,000 to 200,000 last week
The proposal to modernize from the previous week’s re-
rules for the 1977 Community vised level of 181,000, the La-
Reinvestment Act was an- bor Department said Thursday.
nounced Thursday and could Filings for unemployment
KIM RAFF FOR THE WALL STREET JOURNAL
be finalized by the end of the benefits have remained near

year. It aims to ensure lending historic lows since late 2021.
to lower-income individuals The four-week average for
and small businesses is distrib- claims, which smooths out vol-
uted more evenly where banks atility in the weekly figures,
do business. rose to 188,000 from the pre-
Existing rules focus on bank vious week’s revised 180,000.
activities around their physical The four-week average
branches. Those rules are out- reached 170,500 last month,
dated in a world in which its lowest point on records
much financial activity hap- dating back to 1967.
pens over the Internet and Salt Lake City has experienced a glut of spending under rules governing how banks lend in lower-income communities. Thursday’s Continuing claims, a proxy
with mobile phones, both proposal, supported by incoming Federal Reserve Vice Chairwoman Lael Brainard, aims to distribute the lending more evenly. for the total number of people
bankers and community advo- receiving payments from state
cates say. cited the importance of auto for public comment, there are quirements, though the firms proposal. “We’re pleased to see unemployment programs, de-
“Today’s proposal seeks to loans to lower-income borrow- significant unanswered issues could face heightened report- the proposal focus on provid- clined to 1.4 million for the
expand access to credit, invest- ers in explaining the added posed by the proposal,” she ing mandates. ing banks with the clarity, con- week ended April 23 from the
ment, and banking services in scrutiny. said. Under existing rules, banks sistency, and transparency nec- previous week’s level—the
[low- and middle-income] com- The proposed revamp comes In recent years, the law has must lend to lower-income essary to continue delivering
.
munities,” said incoming Fed- as the Democratic Biden admin- become a source of conflict be- communities in the area on CRA’s important mission for New filings for jobless benefits
eral Reserve Vice Chairwoman istration has pledged to do tween community groups that around their offices, even years to come,” said Richard
ly
Lael Brainard, in a written more to address disparities in want the rules to be enforced though they now accept depos- Hunt, the industry group’s 800,000
Week ended April 30
statement. The Fed is one of wealth, incomes and access to more strongly and bankers its and make loans around the president and chief executive, 200,000
three regulators rewriting the financial services among Black who argue the regulations are country via online accounts. in a written statement.
lending rules.
The other two, the Office of
the Comptroller of the Cur-
rency and the Federal Deposit
Americans and other racial mi-
nority groups.
The Community Reinvest-
ment Act is designed to end
ontoo bureaucratic and haven’t This has led to a glut of rein-
vestment act spending in
places such as Salt Lake City,
where dozens of banks are
Consumer advocates said
they hoped the proposal would
boost banks’ obligations under
the law. “The impact will be
600,000
Insurance Corp., also signed off “redlining”—banks’ historical

The proposed rule headquartered but have no pretty clearly to raise the bar
us ,
on the proposal Thursday. The practice of avoiding lending in change could be branches elsewhere. in terms of what’s expected 400,000
l
regulators will collect public certain areas, often lower-in- If Thursday’s plan is final- from banks,” said Jesse Van
finalized by the end
e
al a
comment on the proposal come communities, frequently ized in the coming months, it Tol, president and chief execu-
through early August before leading to stark economic dis- of the year. would aim to spread online tive of the National Community
200,000
writing final rules. Congressio- parities along racial lines. banks’ related activities nation- Reinvestment Coalition, a fair-
ci on
nal approval isn’t needed. Still, some officials sug- ally. Banks would generally be lending advocacy group.
The proposal doesn’t cover gested they were unconvinced assessed for the CRA obliga- Mr. Van Tol said there is a
nonbank lenders, who write a Thursday’s proposal would im- kept up with technological tions in areas where they don’t major gap in one aspect of the 0
large share of consumer loans. prove bank reinvestment activi- changes, among other criti- have physical offices if they proposal: It wouldn’t apply to
2021 ’22
That change would require ties. cisms. Banks are typically ex- make 100 mortgage loans or the nonbank financial firms
er s
congressional approval. Fed governor Michelle Bow- amined every three years on 250 small business loans in a that now provide the bulk of Note: Seasonally adjusted
Under the plan, large banks man, appointed by former Re- their CRA efforts. A bad grade particular area for at least two the consumer loans in the U.S., Source: Labor Department via the St. Louis Fed
m er
would face expanded scrutiny publican President Donald effectively prohibits mergers. years. such as in the mortgage mar-
of their auto lending activities Trump, said in a statement Thursday’s proposal aims to At present, banks are evalu- ket. Nonbanks originated about lowest level since January
if such loans comprise a signifi- that it remained unclear if the make rules more transparent ated on compliance with the act 75.5% of government-backed 1970. Continuing claims are
cant portion of their business, overhaul’s costs will be greater and objective, potentially mak- based on a complex formula. home loans as of March 2022, reported with a one-week lag.
in addition to mortgages and than its benefits. “While I sup- ing it easier for banks to un- The Consumer Bankers As- according to the Urban Insti- The low level of worker
m rp
small-business loans. Officials port issuing the proposed rule derstand their regulatory re- sociation said it welcomed the tute. jobless claims is among sev-
eral signs of a robust labor
market that has strong job
Mortgage Rates Reach 13-Year High

Average 30-year fixed-rate growth and high demand for
mortgage, weekly workers.
co Fo
5.5%
The Labor Department on
Friday will release April em-
Thursday BY CHARLEY GRANT ing season takes hold. The av- Freddie’s weekly average lower their monthly bills. De- ployment figures. Economists
5.0 5.27% erage rate on America’s most was recorded before the cen- mand for adjustable-rate surveyed by The Wall Street
The steady climb in mort- popular home loan was 3.22% tral bank’s Wednesday an- mortgages has risen sharply Journal estimate employers
4.5 gage rates shows no sign of in early January and 2.96% a nouncement. Mortgage rates in recent months, according to added 400,000 jobs last
slowing down. year ago. From January to are closely tied to the yield on the Mortgage Bankers Associ- month and that the unem-
4.0 The average rate for a 30- April, rates rose at their fast- the 10-year U.S. Treasury, ation. ployment rate ticked down to
year fixed-rate home loan rose est three-month pace since which tends to rise in tandem MBA chief economist Mike 3.5% from 3.6% the prior
to 5.27% from 5.1% a week ear- 1994. with the Fed’s benchmark Fratantoni said on Wednesday month.
3.5
lier, housing-finance giant On Wednesday, the Federal rate. that mortgage rates are likely Job gains have been above
Freddie Mac said Thursday. Reserve raised interest rates Higher rates can translate to plateau near current levels. 400,000 each month since
3.0 That marked the weekly fig- by half a percentage point in a into larger monthly payments That should encourage last May, the longest such
n-
ure’s highest reading in nearly bid to curb inflation. Chairman for borrowers, who are getting more consumers to buy, but streak since 1939, and the
2.5 13 years. Jerome Powell indicated that creative in response. Some demand to refinance existing 3.6% unemployment rate in
2021 ’22
Thursday’s reading contin- additional half-point increases buyers are paying fees to cut mortgages is unlikely to re- March was close to matching
ued what has been a rapid could be warranted at meet- their mortgage rates or boost- cover soon, the trade group the low reached ahead of the
no
Source: Freddie Mac surge as the busy spring sell- ings in June and July. ing their down payments to said. pandemic.
CORRECTIONS 
Stocks Dive The pullback came a day af-
ter major U.S. stock indexes
soared, with the Dow climbing
0% Share-price and index
performance Thursday
said they were hesitant about
the stock market’s outlook.
If the Fed tries “to do too AMPLIFICATIONS
In Dizzying
S&P 500
more than 900 points, its big- much and the market comes un-
gest one-day gain since 2020. –2 –3.6% glued, then [Fed officials] kind Readers can alert The Wall Street
Journal to any errors in news
On Wednesday, central-bank of- Russell 1000 of shot themselves in the foot
About-Face
articles by emailing
ficials approved a half-percent- Growth because it will make it difficult [email protected] or by calling
age-point rate increase, lifting –4.9% to do future rate hikes,” said
888-410-2667.
the federal-funds rate to a tar- –4 Jordan Kahn, chief investment

Meta
get range between 0.75% and 1%. Platforms officer at ACM Funds. “That’s THE WALL STREET JOURNAL
Continued from Page One “The Fed is reducing liquidity –6.8% the fine line the Fed is trying to
(USPS 664-880)
instance of the volatility that in the markets and that’s driv- walk—to do as much as they (Eastern Edition ISSN 0099-9660)
–6 Amazon.com
has characterized markets this ing up volatility, and so this think the market can digest (Central Edition ISSN 1092-0935)
year and highlights the unease could be our new normal here –7.6% without upsetting it too much.” (Western Edition ISSN 0193-2241)
over the likely impact of the for a bit until the Fed gets infla- Netflix In oil markets, Brent crude, Editorial and publication headquarters:
1211 Avenue of the Americas,
Fed’s rate-increase campaign, tion under control and changes –8 –7.7% the international benchmark New York, N.Y. 10036
which aims to reverse years of the policy,” said John Ingram, for oil, rose 0.7% to $110.90 a
Tesla Published daily except Sundays and general
easy policy. chief investment officer and barrel. The Organization of the legal holidays. Periodicals postage paid at
That unease is amplifying partner at Crestwood Advisors. –8.3% Petroleum Exporting Countries New York, N.Y., and other mailing offices.
the tendency of many investors Even with a larger rate in- –10 Five-minute intervals and its allies, together called Postmaster: Send address changes to
to sell some shares into market crease off the table in the com- OPEC+, met Thursday to dis- The Wall Street Journal, 200 Burnett Rd.,
10 a.m. 11 noon 1 p.m. 2 3 4 Chicopee, MA 01020.
rallies, in a bid to rebalance ing months, investors are facing cuss production targets.
portfolios that may have be- the most aggressive tightening Source: FactSet Assets that investors per- All Advertising published in The Wall
Street Journal is subject to the applicable
come too concentrated in the of U.S. monetary policy since ceive as safer were among rate card, copies of which are available
shares of firms that benefited 2000—the last time the Fed last and NXP Semiconductors all Shares of Wayfair slid, los- those to rally as money manag- from the Advertising Services Department,
from pandemic-era stimulus. raised rates by a half point. declined at least 4%. Megacap ing 26% after the online home Dow Jones & Co. Inc., 1211 Avenue of the
ers looked for havens. The WSJ Americas, New York, N.Y. 10036. The
The Nasdaq Composite Index Though many investors say the technology stocks also pulled goods retailer posted a bigger- Dollar Index, which measures Journal reserves the right not to accept an
fell 647.16 points, or 5%, to market setup then was drasti- back, with Meta Platforms fall- than-expected quarterly loss. the U.S. currency against a bas- advertiser’s order. Only publication of an
advertisement shall constitute final
12317.69, the largest one-day cally different from the one ing 6.8%, Netflix declining 7.7% Shopify’s first-quarter earnings ket of 16 others, rose 1.1%. The acceptance of the advertiser’s order.
percentage decline since June now—with valuations higher and Apple slipping 5.6%. missed analysts’ expectations, dollar’s status as the world’s
Letters to the Editor:
2020. The S&P dropped 153.30 and many of the highest-flying Higher rates can diminish sending the stock down 15%. reserve currency makes it a Fax: 212-416-2891; email: [email protected]
points, or 3.6%, to 4146.87, and dot-com firms lacking long-term the allure of tech stocks by re- Bucking the trend, shares of particularly attractive haven. Need assistance with your subscription?
the Dow slid 1,063.09, or 3.1%, prospects—it isn’t lost on them ducing the value that investors Twitter jumped 2.7% after Tesla Gold prices climbed, rising By web: customercenter.wsj.com;
to 32997.97. The major indexes that that year ended with sharp place on their future earnings. Chief Executive Elon Musk said 0.4% to $1,874 a troy ounce. By email: [email protected]
By phone: 1-800-JOURNAL
fell between 7.02 and 9.38 per- declines for the major indexes. Higher yields in general boost he received letters from inves- The British pound fell about (1-800-568-7625)
centage points from Wednes- Many investors are ques- the attractiveness of fixed-in- tors committing more than $7 2% against the dollar after the Reprints & licensing:
day’s highs to Thursday’s lows, tioning how high the Fed might come products versus riskier billion in fresh financing to Bank of England raised rates, By email: [email protected];
according to Dow Jones Market raise rates over the next two assets such as stocks. boost the equity part of his of- but signaled it is likely to move By phone: 1-800-843-0008
Data, their largest swings since years and how that might rip- Some of the darlings of the fer to buy the company. cautiously in coming months as WSJ back issues and framed pages:
the first half of 2020. ple across the economy and pandemic lost ground. Etsy Booking Holdings jumped recession worries grow. wsjshop.com
In the bond market, the corporate profits. tumbled 17%, after the online 3.3% after its revenue exceeded The pan-continental Stoxx Our newspapers are 100% sourced from
sustainably certified mills.
yield on the benchmark 10-year On Thursday, those jitters marketplace released guidance expectations and it said it saw Europe 600 fell 0.7%. In Asia,
Treasury note rose to 3.066%, were seen across the market. below expectations for the cur- strengthening of global travel Hong Kong’s Hang Seng fell
the highest yield level since Growth stocks were particu- rent quarter. EBay lost 12% af- trends in the current quarter. 0.4%, and the Shanghai Com- GOT A TIP FOR US?
November 2018. Bond prices larly hard hit. Chip makers Ad- ter cutting guidance on effects Even after Wednesday’s rally, posite rose 0.7%. Markets in SUBMIT IT AT WSJ.COM/TIPS
fall when yields rise. vanced Micro Devices, Nvidia from the war in Ukraine. some strategists and investors Japan were closed for a holiday.
THE WALL STREET JOURNAL. * * * * Friday, May 6, 2022 | A3
U.S. NEWS
Tornadoes Leave Behind Destruction in Oklahoma and Texas
FDA Limits
J&J Shot Over
Blood Clots
BY LIZ ESSLEY WHYTE April 2021 paused the use of
AND PETER LOFTUS J&J’s vaccine to investigate the
clotting-condition risk. Later
SARAH PHIPPS/THE OKLAHOMAN/ASSOCIATED PRESS

The Food and Drug Admin- that month, the authorities al-
istration limited the use of the lowed the one-dose shot’s use
Covid-19 vaccine from John- to resume, saying the benefits
son & Johnson after review- outweighed the risks.
ing the risk of life-threatening Yet the pause prompted
blood clots. many people to choose the
The agency said Thursday Pfizer-BioNTech and Moderna
that the J&J shot’s authoriza- shots, and the FDA and CDC
tion was now only for adults monitored reports of the
for whom other shots aren’t blood-clotting condition
available or medically appro- among people who developed
priate, or who won’t take an- cases after vaccination.
other vaccine. The FDA said it decided to
The FDA said it was making limit use of the vaccine not IN RUINS: Debris surrounded a school in Seminole, Okla., Thursday, the day after a springtime storm system spawned twisters that
the move after confirming a just because of the number of tore through areas of Texas and Oklahoma. Several structures were damaged but there were no reports of serious injuries.
total of 60 cases, including clotting incidents confirmed
nine deaths, of the clotting so far, but also because scien-
condition known as thrombo- tists don’t know what risk fac-
Carbon Dioxide Hit Record in April

sis with thrombocytopenia tors lead to vaccinated pa-
syndrome, or TTS, among the tients developing the
millions of people who got the syndrome. The agency also
J&J shot. said the illness can cause pa-
The change will likely tients to deteriorate rapidly, Average atmospheric carbon BY NIDHI SUBBARAMAN carbon-dioxide levels driven by the increase in concentrations”
sharply scale back use of a even if a doctor diagnoses the dioxide at Mauna Loa the burning of coal and other of carbon dioxide, said Noelle
vaccine that health authorities condition quickly. Observatory for April The level of carbon dioxide fossil fuels, according to the Selin, an atmospheric chemist
had once hoped would be a The 60 cases and nine of each year April 2022 in the atmosphere reached a chemical fingerprinting of at- at the Massachusetts Institute
convenient option for many deaths of the clotting condi- 420 record high in April, according mospheric carbon atoms and of Technology. “What the in-
people, but has become a third tion confirmed by the FDA 425 parts per million to measurements of the heat- various other scientific analy- crease in concentrations is tell-
choice for most people be- took place through March 18, trapping gas at an observatory ses conducted in recent years. ing you is that we’re not there
cause of the emergence of the the FDA said. The agency said 400 on Hawaii’s Mauna Loa vol- The rising levels—and the yet.”
.
risk for the rare but life- it had determined 3.23 cases cano. increasing global temperatures The level during April aver-
threatening side effect. of TTS were reported for ev- The April reading was the to which they are linked—indi- aged 420 parts per million, sci-
ly
375
In the U.S., roughly 17 mil- ery million doses of the J&J highest since monitoring of at- cate efforts to rein in carbon entists said. The previous high
vaccine administered, and that mospheric carbon dioxide be- emissions are falling short. last May was 419 parts per
0.48 deaths were reported per 350 gan 64 years ago, said Pieter Emissions from the burning million.
J&J’s Covid vaccine
has a different design
million doses of the vaccine
administered.
The agency said J&J’s vac-
cine was also still authorized
on325
Tans, a senior scientist at the
National Oceanic and Atmo-
spheric Administration’s Global
Monitoring Laboratory in Boul-
of coal, oil and natural gas for
energy sent 36.3 billion metric
tons of carbon dioxide into the
atmosphere in 2021, the Inter-
The last time atmospheric
carbon-dioxide levels were so
high occurred more than 2.5
million years ago, analyses of
than the shots from for adults who have had an al-
300
der, Colo. The previous high at national Energy Agency said. fossils and minerals suggest.
us ,
Pfizer and Moderna. lergic reaction to one of the 1960 ’70 ’80 ’90 2000 ’10 ’20 Mauna Loa was set last May. “To mitigate the impacts of Carbon-dioxide levels at that
l
messenger RNA vaccines from Source: National Oceanic and The uptick is part of a de- climate change, we need to get time are believed to have ex-
e
al a
Pfizer-BioNTech and Moderna Atmospheric Administration cadeslong rise in atmospheric to net-zero emissions and halt ceeded 400 parts per million.
or who would otherwise not re-
lion people have gotten the J&J ceive a vaccine, including those
ci on
vaccine, compared with more

than 202 million who received
two doses of the authorized
Covid-19 vaccines from Pfizer
who have “personal concerns”
with the mRNA vaccines.
The vaccines from Pfizer
and Moderna use RNA-based
Ancient Water Found Under Antarctica
Inc. and partner BioNTech SE technology, while J&J’s vac- BY AYLIN WOODWARD ally been incorporated in our
er s
and from Moderna Inc., ac- cine has a different design. It models of understanding like
cording to the Centers for Dis- uses a common virus, an aden- A vast reservoir of ancient how ice flows,” said Chloe
m er
ease Control and Prevention. ovirus, to deliver a gene that water has been found thou- Gustafson, a postdoctoral re-
Because of the risk for the sets off an immune response sands of feet under the ice in searcher at the University of
clotting condition, the CDC in against the coronavirus. western Antarctica, scientists California, San Diego’s Scripps
December recommended that A Covid-19 vaccine from As- said in a paper published Institution of Oceanography
KERRY KEY/LAMONT-DOHERTY EARTH OBSERVATORY
patients opt for one of the traZeneca PLC uses a similar Thursday in the journal Sci- and a co-author of the paper.
m rp
other vaccines over the John- design and has been linked to ence. “I don’t know if you could
son and Johnson shot. an increased risk of TTS. That Researchers had long sus- say we’re underestimating ice
“Our action reflects our up- vaccine is available in other pected but never established loss, but we are missing a pro-
dated analysis of the risk of countries, but not in the U.S. the existence of hidden pock- cess in trying to understand
TTS following administration of Initially, health authorities ets of Antarctic groundwater, how ice moves off the conti-
co Fo
this vaccine and limits the use and experts said J&J’s vaccine which they believe act to nent,” she said.
of the vaccine to certain indi- would be an important tool for lessen friction between ice Most of Antarctica is cov-
viduals,” said Peter Marks, who vaccinating residents of poor sheets and underlying bedrock ered with a thick ice sheet, the
leads the FDA division respon- countries with large rural pop- to make the ice more prone to edges of which periodically
sible for regulating vaccines. ulations, as its one-dose regi- slide from the continent’s in- slide into the surrounding
J&J said it has updated the men often makes it easier to terior toward the surrounding Southern Ocean to form float-
fact sheet for its vaccine to in- administer in far-flung loca- ocean. ing ice shelves. Friction asso-
crease awareness of the clot- tions. Yet the safety concerns The first-of-its-kind discov- Researchers install geophysical instruments to measure ciated with the sliding and
ting condition. “Data continue combined with manufacturing ery—made possible by an groundwater below western Antarctica. heat rising from Earth’s core
to support a favorable benefit- problems that limited supply electromagnetic field measur- together form streams of
risk profile for the Johnson & have diminished the role of ing technique that is rarely It adds to a growing body ing sea level rise are meltwater just below the
Johnson COVID-19 vaccine in J&J’s vaccine. used in polar environments— of evidence showing that the incomplete. sheet, lubricating the ice in
adults, when compared with shows there is far more water complex computer models sci- “Because there were no ob- some areas and facilitating
n-
no vaccine,” the company said.  WHO estimate links nearly 15 under the Antarctic ice than entists use to calculate Ant- servations of groundwater those areas’ glissade off the
U.S. health authorities in million deaths to Covid..... A10 scientists realized. arctic ice loss and the result- prior to our study, it hasn’t re- rock and into the ocean.
no
Giannis Antetokounmpo
A4 | Friday, May 6, 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
Court Aims to Keep

Leak Probe In-House
BY SADIE GURMAN ing,” said Allison Orr Larsen, a
William & Mary Law School
WASHINGTON—The Su- professor who was a law clerk
preme Court marshal tasked to retired Justice David Sou-
with finding out who leaked a ter. “Confidentiality is highly
draft opinion overturning Roe prized.”
v. Wade, the landmark 1973 When Ms. Larsen served,
abortion-rights case, is a re- clerks were under strict orders
tired Army colonel with un- not to take written work out
tested investigative powers to of the building, and some
uncover the breach, which was worked on computers that
extraordinary but might not couldn't be accessed outside
be criminal. the court. But justices and
Gail Curley, whose public staff have at times been work-
duties include calling the ing on laptops at home during
court to order with “Oyez, the coronavirus pandemic, po-
JIM WATSON/AGENCE FRANCE-PRESSE/GETTY IMAGES
Oyez, Oyez,” will seek to de- tentially expanding the pool of

termine the source who shared suspects to include roommates
the draft, which was published or family members, observers
Monday by Politico. said.
The marshal oversees the The authenticity of the
Supreme Court Police Depart- draft, written by Justice Sam-
ment, a federal law-enforce- uel Alito and circulated inter-
ment agency that isn’t known nally in February, was con-
to have ever conducted a leak firmed by the Supreme Court.
investigation, a person famil- The draft “does not represent
iar with the matter said. The a decision by the Court or the
primary functions of the fewer final position of any member
than 200 officers are crowd on the issues in the case,” the
control and personal protec- court said.
Supporters and opponents of abortion rights faced off in front of the Supreme Court building in Washington, D.C., on Thursday. tion for the justices. Before joining the court in
Parties Weigh Abortion Impact

Chief Justice Roberts’s de- June, Col. Curley supervised a
cision to rely on the marshal, team of Army judges and law-
rather than enlisting a large yers as the chief of the Na-
agency like the FBI, suggests tional Security Law Division in
the court wants to keep the the Office of the Judge Advo-
controversy in-house, court cate General, a biography on
GOP, Democrats differ issue,” said Ms. Shaw, 66, who was strongly signaled in the duress, and [abortion] is not in observers said. Other law-en- the Supreme Court’s website
considers herself a moderate draft ruling that became pub- that category,’’ he said. forcement agencies with po- says. She also provided legal
on who stands to gain Democrat and has friends who lic this week, but the court’s Polling on abortion rights tential jurisdiction fall under advice and support on na-
.
most in midterms from had abortions when they were final decision isn’t set. gives a mixed picture of which the executive branch, the Dis- tional-security law to senior
younger. “I just can’t believe The Democratic hope is voters would be most moti- trict of Columbia city govern- Army leadership. In her cur-
ly
ruling on divisive issue the next generation isn’t going that abortion rights, and the vated to vote, or what choices ment or, in the case of the rent post, she is an officer of
to have that choice. It’s impor- prospect of losing them, carry they would make, as the result the court and not part of the
Democrats hope that the tant that all women step up.” such emotional salience that of a change in abortion rights U.S. Marshals Service.
Supreme Court’s draft opinion
ending a constitutional right to
abortion will accomplish what
President Biden and his party
By contrast, David Brasing-
ton, a Republican and retired
building-maintenance worker
from Statesboro, Ga., doubted
onthe issue will resonate with
the party’s core supporters.
Some analysts see that as the
likely outcome, even if the
law.
A range of polling finds lit-
tle appetite for the Supreme
Court to overturn Roe. Sur-
Theleakofthe draft
Roev.Wadeopinion
Congress has authorized
the court police to enforce any
federal or state law on or near
the court’s grounds.
in Congress so far haven’t: In- that an abortion ruling would court’s final decision is less veys by CNN and the Pew Re-
wasextraordinarybut It is unclear how extensive
us ,
jecting urgency into the mid- outweigh the factors that have sweeping. search Center have found mightnotbe a crime. the investigation will be. The
l
term elections so that Demo- dispirited Democratic voters Christine Matthews, a poll- about 70% support for retain- court’s announcement didn’t
e
al a
crats feel the need to vote. and would bring them to the ster who has worked for Re- ing Roe, and Gallup polls have define the parameters of the
polls. “With everything I’ve publican candidates, said focus pegged support at about 60%. probe. At this point, neither
By Aaron Zitner in seen, Democrats are tired of groups she runs suggest that But a Wall Street Journal Capitol Police, Congress; the the FBI nor the Justice De-
ci on
Washington and high gas prices, too,” said Mr. the issue carries impact. “I poll in March found plurality marshal reports only to the partment has been asked to
Joshua Jamerson in Brasington, 66 years old. hear people saying that Roe support, though narrowly, for court. help, a law-enforcement offi-
Statesboro, Ga. Speculation about the polit- being overturned seems ab- laws that ban most abortions “It is not the most aggres- cial said.
ical impact of an abortion rul- stract, that ‘it couldn’t happen after the 15th week of preg- sive way to pursue” an investi- “To run an effective leak in-
Republican leaders, by con- ing turns on a central fact in our state,’ ” she said. “The nancy. That is a narrower win- gation, said John Q. Barrett, a vestigation, especially against
er s
trast, argue that the prospect about midterm elections: Voter leak of the opinion is like a big dow than under current Su- law professor at St. John’s someone who is sophisticated,
of a long-sought abortion vic- turnout tends to drop in the bomb dropping—it will wake preme Court rulings. University. “It’s a careful, it would be extremely impor-
m er
tory will energize their own president’s party, while the op- people up and make them say, Ruy Teixeira, a Democratic nearby, trusted employee who tant to have the ability to
voters—and that Democratic posing party, unhappy over ‘Oh, it could happen to me.’ ” demographer, argues that can take on this task. It keeps compel both suspects and
enthusiasm will continue to losing the last presidential Others rebuffed the idea Democrats face midterm chal- it close and maximizes confi- third parties to turn over rele-
lag due to unhappiness with election, is eager to vote again. that news of the draft opinion lenges in large part because dentiality.” vant evidence,” said Kellen
inflation, Covid-19 and what That disparity is turning up fundamentally changes the po- they are too identified with A Supreme Court spokes- Dwyer, a former federal prose-
m rp
they portray as the majority in surveys such as a recent litical environment. liberal stances on immigra- woman didn’t respond to re- cutor who is now at the law
party’s limited legislative ac- Fox News poll, which found “I think the effect is going tion, policing and race that quests for more information firm Alston & Bird.
complishments in Washington. that 52% of Republicans but to be significantly less than have alienated centrist voters. about how the investigation But in this case, Justice De-
Control of both chambers of only 41% of Democrats rated anticipated,’’ said Gene Ulm, a He said that while party lead- might unfold or whether Col. partment involvement might
Congress after November’s themselves as having the high- GOP pollster. States with the ers have broad public support Curley would be made avail- not be an option; unlike leaks
co Fo
elections could be determined est level of interest in the heaviest concentrations of for their call to retain Roe, able for an interview. of classified information,
by which party’s analysis of midterms—an 11-point GOP abortion-rights supporters they must still move to the Court observers said the which can be unlawful, the
the abortion issue is right. advantage. also tend to have less-restric- center on other issues. probe will likely first focus on disclosure of internal Supreme
Democrat Jill Shaw, a Ken- Now, the two parties are tive abortion laws, and so im- “Democrats would be fool- a small group of people who Court documents might not
tucky native who retired to watching to see if voters react pact there will be limited, he ish to assume that this in and have access to draft opinions: qualify as a crime, Mr. Dwyer
Florida, said the expected court as they have predicted to the said. “The sky could fall but of itself is a ‘get out of jail the nine justices, their 36 law and others said. “Even if you
ruling gives her extra motiva- prospect of a Supreme Court not hit anyone,’’ he said. free’ card,’’ he said of the clerks, and a small number of could find a statute that ap-
tion to vote this year and to overturning of Roe v. Wade, “The things driving the elec- abortion debate. judicial and executive assis- plied, you’d have a really hard
encourage others to do so. the landmark decision that es- torate are inflation, the cost of —John McCormick, Eliza tants in each office. time in the courts,” he said.
“This will definitely be tablished abortion as a consti- gas—the pocketbook cluster of Collins and Lindsay Wise “It’s a tightknit group of —Jess Bravin
front and center for me as an tutional right. That possibility issues. Americans are under contributed to this article. people who work in that build- contributed to this article.
n-
Musk Adds said an investor with knowl-

edge of the company’s strategy.
When Fidelity likes a deal, it The 19 People and Companies
Investors to tends to give an entrepreneur
Putting $7 Billion Into Deal
STACIE MCCHESNEY/TED CONFERENCES/AGENCE FRANCE-PRESSE/GETTY IMAGES
no
$1 billion, the person said.

The deal is an unusual one,
Twitter Bid particularly for the venture-

capital firms, which tend to in-
vest in young companies before
u Prince al-Waleed bin Talal (Kingdom):
34.9 million shares
u Lawrence J. Ellison Revocable Trust: $1,000,000,000
an IPO. Twitter was founded in
Continued from Page One 2006 and went public nine u Sequoia Capital Fund LP: $800,000,000
firms Sequoia Capital and An- years ago. u VyCapital: $700,000,000
dreessen Horowitz are con- Absent from the investor list
tributing $800 million and are many of the big private eq- u Binance: $500,000,000
$400 million, respectively. uity and buyout funds often u AH Capital Management LLC (a16z): $400,000,000
Arms of asset managers Fidel- seen in these types of take-pri-
u Qatar Holding LLC: $375,000,000
ity Investments and Brookfield vate deals, investors said. Get-
Asset Management Inc. also ting involved in Twitter brings u Aliya Capital Partners LLC: $360,000,000
will take part. some political risk, the people u Fidelity Management & Research Company LLC:
Investors with knowledge of said, which may have damp- $316,139,386
the commitments said they ened investor interest.
were largely a reflection of Mr. A big exception is Brook- u Brookfield: $250,000,000
Musk’s personal relationships field, which is putting $250 u Strauss Capital LLC: $150,000,000
with startup investors, and the million into the deal via Brook- u Bamco Inc. (Baron): $100,000,000
billions of dollars his companies field Growth, according to a Elon Musk leveraged a wide network of associates to come aboard
have made for shareholders. person familiar with the mat- for his plans, some of them tied to him via past investments. u DFJ Growth IV Partners LLC: $100,000,000
DFJ Growth, one of two ven- ter, a unit that typically invests u Witkoff Capital: $100,000,000
ture firms that spun out of one in younger companies. The in- to bring more current Twitter cades, Mr. Musk has grown
u Key Wealth Advisors LLC: $30,000,000
of Silicon Valley’s oldest ven- vestment is the largest ever for shareholders, including co- Tesla from a niche player in the
ture operations, Draper Fisher the unit, which participated in founder Jack Dorsey, into the auto industry into the world’s u A.M. Management & Consulting: $25,000,000
Jurvetson, committed $100 the latest funding round for company after the buyout. most valuable car company. u Litani Ventures: $25,000,000
million. Both iterations of the Mr. Musk’s Boring Co. Mr. Musk has told potential Andreessen Horowitz, also
firm made investments into The swath of investors fea- investors in Twitter that he known as a16z, is betting that u Tresser Blvd 402 LLC (Cartenna): $8,500,000
Mr. Musk’s Space Exploration tures firms that have put could return the company to Mr. Musk can help Twitter ful- u Honeycomb Asset Management LP: $5,000,000
Technologies Corp. money into the development public markets after a few fill its founders’ mission to
Some of the contributions of the cryptocurrency ecosys- years of ownership, The Wall “connect the world,” co-
Note: Prince al-Waleed has pledged to commit his shares in Twitter to retain an
are on the small side for the tem. Andreessen Horowitz has Street Journal reported earlier founder Ben Horowitz tweeted. investment in the company
funds, another sign that the in- invested in Coinbase Global this week. The world’s richest Twitter, Mr. Horowitz said, Source: public filing
vestments are more about Mr. Inc. and Dapper Labs Inc., the man, by some measures, Mr. is challenged by “myriad diffi-
Musk and less a reflection of maker of the nonfungible-to- Musk leveraged a wide net- cult issues”—bots, abuse and
enthusiasm for Twitter’s pros- ken line NBA Top Shot. DFJ work of associates to come on censorship among them. Its re- Musk said the $12.5 billion mar- Mr. Musk will need to pledge.
pects. Growth also invested in Coin- board for his plans. liance on advertising exacer- gin loan he had received to buy He had committed to a loan-
Fidelity Management & Re- base, according to its website. He has said that he wants bates them, he said. Mr. Musk Twitter has been reduced to to-value ratio of 20%, which
search Co. has longstanding Sequoia has put money in the social-media company to be has suggested he would re- $6.25 billion and the takeover would have called for pledging
ties with Mr. Musk through its crypto exchange FTX. less censorious in content mod- move ads from Twitter and will be financed now by $27.25 Tesla shares worth $62.5 bil-
investments in Tesla and Binance said its involvement eration, but has otherwise turn to a subscription-based billion in equity and cash. lion when seeking to borrow
SpaceX, which have reaped bil- is “as a supporter of Elon given few details about his ex- business model. Mr. Musk’s heavy borrowing $12.5 billion. Borrowing less
lions of dollars in profit for the Musk’s plans for Twitter and act plans. At one point he said Twitter shares rose 2.7% against his shares has weighed means he needs to put down
mutual-fund manager. But Fi- an investor,” a spokesman said. he doesn’t care whether he Thursday to $50.36, edging to- on Tesla’s stock in recent shares worth $31.25 billion.
delity’s $316 million commit- Mr. Zhao tweeted that the in- makes money on the deal. Mr. ward Mr. Musk’s $54.20-a- weeks. The shares closed —Caitlin Ostroff,
ment is small for the investor, vestment was “a small contri- Musk has a history of missing share offer price. down more than 8% Thursday. Patricia Kowsmann, Tim
which has funds that manage bution to the cause.” his timelines and targets at As a result of the new fi- The reduction in the margin Higgins and Laura Cooper
hundreds of billions of dollars, Mr. Musk said he is in talks Tesla. Still, in less than two de- nancing commitments, Mr. loan will reduce the collateral contributed to this article.
THE WALL STREET JOURNAL. * * * * * * Friday, May 6, 2022 | A5
U.S. NEWS
Suspected Colombian Drug Lord Arraigned

BY JAMES FANELLI lombia in 2021 after years of that the extradition was a tri- bunal that is trying to unravel
AND JUAN FORERO being one of the country’s umph of the law. the crimes of former guerril-
most wanted fugitives. He was “He was a criminal who las, death squad leaders, for-
A suspected Colombian extradited to New York on thought he could outwit jus- mer army officers, business-
KENA BETANCUR/AGENCE FRANCE-PRESSE/GETTY IMAGES

drug-trafficking kingpin was Wednesday. tice, who thought he could men and politicians in the
arraigned in a New York fed- Mr. Úsuga pleaded not taunt our country and escape country’s civil conflict had
eral court on Thursday on guilty at his arraignment. A extradition,” Mr. Duque added. been counting on testimony
charges of overseeing ship- federal judge ordered him held “He now has the jail cell he from the Gulf Clan leader. In
ments of tons of cocaine into without bail after a prosecutor deserves.” recent weeks, he had already
the U.S. and ordering the kill- said he oversaw an organiza- The extradition of Mr. started testifying but more
ings and kidnappings of rivals tion that terrorized and subju- Úsuga touched off violence in was expected.
and law-enforcement officers. gated people in northwest Co- the northern state of Antio- “Impressive how fast the
Federal prosecutors accused lombia. quia, where shadowy groups government wanted to extra-
Dairo Antonio Úsuga of being Mr. Úsuga’s lawyer, Arturo believed to be tied to the Gulf dite Otoniel to the USA,” for-
the former leader of the Gulf Hernandez, didn’t object to his Clan burned vehicles and mer Interior Minister Juan
Clan, calling the organization client’s detention but said the posted pamphlets threatening Fernando Cristo said on Twit-
the largest and most powerful government’s depiction of him residents. ter. Courts in Colombia had al-
cocaine-trafficking organiza- was wrong. “We don’t agree Mr. Duque’s decision to already convicted Mr. Úsuga of
tion in Colombia. Mr. Úsuga, with that summation,” he said. low the extradition of Mr. homicide, recruiting children,
who is also known by the alias In Colombia, President Iván Úsuga was controversial in Co- terrorism and displacing peo- Suspected kingpin Dairo Antonio Úsuga is being held without bail
Otoniel, was captured in Co- Duque told reporters Thursday lombia because a special triple off their land. after pleading not guilty in a New York federal court Thursday.
U.S. WATCH
NEW MEXICO
Disaster Declaration
Made as Fires Rage
President Biden approved a di-
saster declaration for New Mex-
BREAKING
ico, making additional resources
and funding available for commu-
nities ravaged by wildfires this
spring, as firefighters in the state
GROUND ON
made progress containing a
165,000-acre blaze.
The president’s disaster relief
OUR NEW $600M

includes assistance for residents
in certain New Mexico counties
.
for housing repairs and tempo-
rary accommodations, as well as
ly
KENTUCKY HOME
assistance for affected business
owners.
The relief comes as more than
1,280 firefighters work to contain
the largest fire currently burning
in the U.S. The so-called Calf Can-
yon Fire, which sparked mid-April
on
and is burning east of Santa Fe,
us ,
forced evacuations in the area

l
around Las Vegas, N.M., this week

e
al a
as turbulent wind and bone-dry

conditions fueled its quick spread.
The Calf Canyon Fire recently
ci on
combined with the Hermit Peaks

Fire, and together the blazes had
scorched 165,276 acres by Thurs-
day morning, according to the U.S.
Forest Service at the Santa Fe
er s
National Forest. Twenty percent of

the combined fire was contained
m er
by Thursday, according to officials.

—Jennifer Calfas
WHITE HOUSE
m rp
President Appoints
New Press Secretary
President Biden named Karine
Jean-Pierre to be his new press
co Fo
secretary, elevating Jen Psaki’s

top deputy to one of the White
House’s most prominent roles
ahead of November’s midterm
elections.
The White House also an-
nounced that Anita Dunn, a
longtime adviser of the presi-
dent, will return to the White
House as senior adviser.
Ms. Jean-Pierre, who is 44
years old, will become the first
Black woman and first openly
n-
gay person to serve as White

House press secretary, after act-
ing as Ms. Psaki’s understudy
during the first 15 months of
no
the administration.
Mr. Biden said in a statement
that Ms. Jean-Pierre would bring
“the experience, talent and in-
tegrity needed for this difficult
job” and would communicate the
work of his administration. He
said Ms. Psaki had “set the
standard for returning decency,
respect and decorum to the
White House Briefing Room.” Governor Andy Beshear and Pratt Industries Chairman
Ms. Psaki, who had planned
to stay a year but extended her
Anthony Pratt at the groundbreaking in Henderson, Ky.
tenure into the start of 2022, is
expected to depart for an on-air
role with MSNBC and the affili-
Construction has begun

ated Peacock streaming service.
The White House said she
would leave the podium May 13.
—Ken Thomas
FLORIDA
Walgreens, State
Settle Over Opioids
on our new
Walgreens said it would pay
$683 million to settle with Flor-
ida to resolve claims related to
the distribution and dispensing of
100% recycled paper mill
prescription opioid medications.
The settlement includes $620
million to be paid out to Florida
THANK YOU
over 18 years and a one-time
payment of $63 million for attor-
neys’ fees. The settlement in-
cludes no admission of wrongdo-
GOV. ANDY BESHEAR

ing or liability by Walgreens.
“As the largest pharmacy
chain in the state, we remain fo-
cused on and committed to being
part of the solution, and believe
this resolution is in the best in-
terest of all parties involved and
the communities we serve across
Florida,” said Danielle Gray, Wal-
greens executive vice president www.prattindustries.com
and global chief legal officer.
—Michael Dabaie
A6 | Friday, May 6, 2022 * ***** THE WALL STREET JOURNAL.
U.S. NEWS
IHS Struggles to Get Life-Saving Gear U.S. Found

To Recycle
BY CHRISTOPHER WEAVER
A blood-testing machine
the agency said, although it
noted its policies call for re-
placement when a device is past
Plastic at
needed to detect heart attacks
took more than a year to re-
place at the U.S. Indian Health
its useful life.
Patients at greater risk

5% Rate
Service unit in Rosebud, S.D. The survey, an informal poll BY TALAL ANSARI
The agency took at least 18 of the top leaders at those five
months to install a needed car- Dakota hospitals, was conducted Only 5% of plastic waste in
diac monitor at one of its facili- by an official in the agency’s the U.S. is being recycled, ac-
ties in North Dakota. Outdated Aberdeen, S.D., regional office, cording to an Energy Depart-
ultrasound devices left doctors which oversees those facilities. ment report.
at some hospitals in that part of The official, Ming Lin, who The report, released this
the country to feed tubes into supervises emergency depart- week, found that approxi-
patients’ arteries by feel alone. ments in the region, wrote to mately 86% of the 44 million
The delays in getting medical his boss, chief medical officer metric tons of plastic waste
equipment, described to The Lee Lawrence, in November managed in 2019 was sent to a
Wall Street Journal in inter- that the “lack of functional and landfill. Of that, 9% was com-
views and documented in crucial medical equipment puts busted and 5% was recycled.
emails and other records, aren’t our health care worker [sic] at Last Beach Cleanup and Be-
isolated incidents. They are great disadvantage and puts yond Plastics, environmental
AMI VITALE FOR THE WALL STREET JOURNAL

business as usual at five agency our population at greater risk advocacy groups behind an-
hospitals in the Dakotas, man- of pain, injury and death.” The other report released on
agers at those facilities reported emails don’t show what action, Wednesday, found that there
in an internal survey one-and-a- if any, Dr. Lawrence took, and was a 5% to 6% recycling rate
half years into the Covid-19 he left the agency soon after- for post-consumer plastic
pandemic, which increased de- ward. Dr. Lawrence couldn’t be waste in the U.S. for 2021.
mand for lifesaving equipment. reached for comment. The reasons are many, ac-
About 75% of senior manag- To be sure, other govern- cording to environmental and
ers at IHS hospitals in North ment agencies have struggled to waste management experts,
and South Dakota agreed that acquire medical gear under fed- and include population growth,
“delay in obtaining medical eral contracting rules. A 2021 the desire for single-use plas-
equipment is placing my pa- Ventilators and supplies stored at the Crow/Northern Cheyenne Hospital in Crow Agency, Mont., in 2020. report from the inspector gen- tics, and a dwindling interna-
tients at my service unit in dan- eral of the Department of Veter- tional demand for recyclables.
ger,” according to a November cian sexually abused his pa- the former clinical director of the former director of the IHS’s ans Affairs noted the agency Cities and counties around
2021 internal survey reviewed tients over two decades, and the Eagle Butte, S.D., IHS hos- Office of Environmental Health faced longstanding challenges the U.S. suspended parts of
by the Journal. that it hired doctors it knew pital and one of several re- and Engineering, describing cir- obtaining patient-care supplies their recycling programs in
The agency acknowledged had records littered with surgi- spondents to the November cumstances during his tenure, in a timely and consistent man- 2019 after China tightened re-
that aging equipment poses cal errors, criminal allegations survey who was interviewed which ended in 2020. ner at some of its hospitals. strictions around recyclable im-
challenges to its efforts to en- and licensing sanctions. by the Journal. At the five hospitals in the The delays described to the ports. Historically, China has
sure patient safety, maintain ac- After the Journal’s reports, The IHS statement said pro- Dakotas, 17% of equipment was Journal affected patient care, been an important player in the
.
creditation and recruit staff. It the agency overhauled its abuse curements could take time be- past its end-of-life date as of current and former IHS medical plastics and recycling indus-
said it had made improvements, reporting procedures and cause of “various reviews in- March 2021, an inventory ob- staff said. For instance, a car- tries. When the country
ly
including updating and stan- changed its rules for hiring doc- tained from the agency in a diac monitor needed to admit stopped taking imports of plas-
dardizing the software it uses tors. public-records request shows. inpatients at the Fort Yates, tic waste in 2018, recycling
to track equipment in 2020. In And 10% of the equipment was N.D., IHS hospital took over 18 markets in the U.S. and other
The Indian Health
response to questions from the
Journal, the agency said staff at
its Rockville, Md., headquarters
would review its processes for
Bureaucratic delays
The survey points to another
problem at the agency. IHS hos-
pitals buy most routine medical
on
Service provides care
to 2.6 million people,
more than five years past its in-
tended life expectancy, includ-
ing devices like fetal heart de-
tectors, defibrillators and
months to replace. People work-
ing at the facility at the time
said the regional contracting of-
fice took so long to approve
countries were left in disarray.
Demand to use recycled
plastic in products is low,
which in turn makes prices of
acquiring equipment to make equipment out of their local op- primarily in the West. ultrasound machines. their procurement requests that recycled plastic low and
us ,
further improvements. erating budgets, current and The IHS statement said the vendor bids expired, forcing doesn’t motivate collection
l
The IHS, which provides former officials said, but many agency estimates that it would them to restart the process. and sorting of plastic waste,
e
al a
healthcare to 2.6 million Native facilities, such as those in the need about $100 million a year, Meanwhile, reports the hos- said Paschalis Alexandridis, a
American patients primarily in Dakotas, rely on regional offi- volved,” uncertainty about adjusted for inflation, to ade- pital filed with the federal distinguished professor at the
the West, has struggled for cials to approve the orders. The funding and shortages of acqui- quately replace aging equip- Medicare agency show it aver- University at Buffalo’s Depart-
ci on
years with budget shortfalls and arrangement has led to lengthy sitions staff. ment and received a 2022 bud- aged less than one patient a ment of Chemical and Biologi-
difficulty recruiting staff at its delays, lost procurement forms Like in all parts of the IHS, get of just $30.4 million for that night for its 12 hospital beds cal Engineering.
facilities, sometimes leading to and erroneous orders. funding is an obstacle. If a piece purpose. President Biden’s 2023 during the period, in part, peo- The Plastics Industry Asso-
workarounds that can endanger There is a layer of bureau- of equipment should be budget proposal, if approved, ple familiar with the matter ciation, a trade group, said the
patients. The Journal reported cracy between the people who changed out every five or six would fully fund the agency’s said, because there was no report “blindly estimates cur-
er s
in a series of articles in 2019 need the equipment and the years, “with the level of funding equipment needs. heart monitor in the unit. rent recycling rates based on
that the IHS repeatedly ignored senior managers who must ap- that we had, it was more than Not all equipment must be —Dan Frosch outdated information and ir-
m er
complaints that one pediatri- prove it, said Rodney Vizcarra, double that,” said Gary Hartz, replaced at its end-of-life date, contributed to this article. relevant data.”
m rp
EXPERIENCES OFFERS EVENTS INSIGHTS

co Fo
n-
no
Make the most of your summer travel plans by learning a new language
Get Ready for with exclusive savings from Babbel, the premier language learning
program. Choose from two subscription models to fit your learning style
and schedule. Use the Babbel App for interactive lessons that take just 10
Summer Travel
minutes a day and focus on real-life conversations. Or, join Babbel Live to
take online classes with personalized lessons from top language teachers.
©2022 Dow Jones & Co., Inc. All rights reserved. 6DJ8891
Babbel Live includes full access to the Babbel App.
With 66% Off WSJ MEMBER EXCLUSIVE
REDEEM NOW AT WSJPLUS.COM/BABBEL3
Babbel
THE WALL STREET JOURNAL. A Friday, May 6, 2022 | A7
Celebrate 12 Vintage Pink Prosecco

Il Papavero Rosé Brut
NATIONAL 11
WINE DAY
Top California Pinot Noir
Purple Owl 2020
SAVE 10 Pure French Sauvignon Blanc

Abbesse de Loire 2020
$130
9 Rich Australian Blockbuster

Dark Corner 2020
.
ly
on 8 Prized French White Réserve
Grande Réserve de Gassac Blanc 2020
us ,
l
e
al a
ci on
7 Multi-Gold Portuguese Star

Aluado 2020
er s
m er
DISCOVER OUR TOP 12 WINES

m rp
Only $69.99 + Bonus Gifts

6 Vibrant Venetian Favorite
Visionario 2020
co Fo
We’re raising a glass to National Wine Day (May 25) with 12 wines that are well deserving
of celebration. Enjoy each handcrafted wine at right for only $5.83 a bottle as your special
introduction to WSJwine, along with two bonus bottles of a 97-point Italian red plus a pair of
Dartington Crystal stemless glasses—all for just $69.99 (plus $19.99 shipping & tax).
A SUMMERTIME WINE FOR EVERY OCCASION 5 Gold-Medal Bordeaux

Tour du Roch-Milon 2019
Our #1 French Sauvignon and #1 California Pinot Noir are always popular choices on a sunny
day. When red meat is on the menu, uncork our best-selling California Cab (courtesy of Napa’s
n-
iconic Raymond Vineyards) or gold-medal Bordeaux from the estate across the road from famed
Château Latour. And Scipione Giuliani’s vintage Prosecco rosé is a delicious way to make any
graduation or birthday extra special.
no
THE CELEBRATION CONTINUES 4 Classy California Chardonnay

DeLoach Private Collection 2020
Enjoy the complete showcase or choose just the reds or the whites and pink izz case for the same
great price. Then, look forward to a dozen exciting new inds every three months, complete with
expert tasting notes and serving tips. You take only the cases you want—each at least 20% off—
and can skip or cancel anytime. We’ll also reward you with more bonus bottles and members-only
treats throughout the year. Plus, every wine comes with our 100% money-back guarantee.
Order now to get them in time for National Wine Day

3 Bold Argentine Malbec
Alambrado 2020
PLUS 2 BONUS BOTTLES & GLA

As your National Wine Day gift, we’re including tw
a 97-point Italian blockbuster crafted by superstar
Filippo Baccalaro and a pair of lovely Dartington
Crystal stemless glasses. Valued at $60.97 2 Pristine Italian Pinot Grigio
Vina Baccana 2020
1 Napa Icon’s Classic Cabernet

The Inaugural by Raymond Vineyards 2019
ORDER NOW AT wsjwine.com/wineday

or call 18779759463 and quote code AC8Q002
Offer available to irst-time WSJwine Discovery Club members only and limited to one case per household. Wines and offer may vary by state. 100% money-back guarantee applies to each wine. Offer subject to
availability and club enrollment. All orders fulilled by licensed retailers/wineries and applicable taxes are paid. You must be at least 21 years old to order. Offer valid in U.S. only (excluding AR, DE, MS, RI, UT). WSJwine
is operated independently of The Wall Street Journal’s news department. Full terms and conditions online. Void where prohibited by law.
A8 | Friday, May 6, 2022 * *** THE WALL STREET JOURNAL.
THE UKRAINE CRISIS

Moscow Steps Up Infrastructure Strikes
Missile attacks seek
to disrupt shipments U.S. Shared Intel when it was hit, and its sinking
resulted in a number of other
of Western weapons That Led to Sinking Russian ships moving away
from the coastline into the
to Ukrainian forces Black Sea, defense officials said.
The U.S. provided intelli- U.S. officials later confirmed
BY JAMES MARSON gence that enabled Ukraine to that the ship had been struck
identify and sink the missile by two Ukrainian-made Neptune
Russia is intensifying cruiser Moskva, the flagship of missiles. The Russian govern-
strikes on Ukrainian infra- Russia’s Black Sea fleet, U.S. ment has said that the ship had
YASUYOSHI CHIBA/AGENCE FRANCE-PRESSE/GETTY IMAGES

structure, seeking to disrupt officials said Thursday. been damaged when ammuni-
deliveries of Western weapons Ukrainian forces fired two tion exploded as a result of an
as Moscow’s offensive in the Neptune missiles on April 13 at accidental fire.
east appears to have stalled. the cruiser, which caught on The 12,000-ton warship
Ukraine’s state railway op- fire and sank a day later as was believed to have had a
erator said on Thursday that the Russians were trying to crew of nearly 500 sailors. In-
46 passenger trains were de- tow it to port. dependent Russian media have
layed by up to 11 hours be- The sinking of the ship was said dozens of sailors died as a
cause of damage from the Rus- a major boost for the Ukrainian result of the sinking. The Krem-
sian attacks. military in its fight against Rus- lin initially claimed the entire
Recent missile strikes have sia, whose warships in the Black crew had been rescued but said
targeted rail hubs and electri- Sea have been firing cruise mis- late last month that one sailor
cal power facilities—in particu- siles at Ukrainian cities. died and 27 were missing.
lar in Ukraine’s west, where The Moskva was about 60 —Gordon Lubold
arms are flowing into the coun- nautical miles south of Odessa and Michael R. Gordon
try from the U.S. and its allies. An apartment damaged by a missile in Kramatorsk, eastern Ukraine, on Thursday.
Pentagon officials say the
strikes haven’t disrupted the “With the support of aircraft, is a hub for moving weapons assessment of the targets. creased strikes on infrastruc- apology from Russian Presi-
handoff of arms. the enemy resumed the offen- and supplies into Ukraine. Russian Defense Minister ture underscore Russia’s dent Vladimir Putin for recent
Russia also resumed bomb- sive in order to take control of The Russian Defense Minis- Sergei Shoigu reiterated failing war effort. “They are remarks by Russian Foreign
ing the Azovstal steel plant in the plant,” the ministry said. try said Thursday it had used Wednesday that Moscow con- trying to vent their powerless- Minister Sergei Lavrov, after
Mariupol on Thursday, a day Kremlin spokesman Dmitry air-launched missiles to strike siders weapons shipments from ness, because they can’t beat the diplomat’s comments about
after more than 340 women, Peskov said Russian forces the Kanatovo military airfield in the West legitimate targets. Ukraine,” he said. Jews, Ukraine and neo-Nazis
children and elderly people were continuing to block the the Kirovohrad region in central Ukraine’s railways have Ukrainian forces have made threatened to disrupt relations
were evacuated through a hu- Azovstal plant, but didn’t con- Ukraine, as well as a large am- been critical for moving weap- recent gains on the battlefield, and further isolate the Kremlin.
manitarian corridor from the firm that Russia had resumed munition depot and a fuel-stor- ons and evacuating civilians. A ousting Russian troops from Mr. Lavrov had compared
city and surrounding areas, bombing the site. age facility for Ukrainian mili- Russian missile strike last villages they were using to Mr. Zelensky, who is Jewish,
Ukrainian officials said. Trains around Lviv were tary equipment in the Mykolaiv month on a station in the east- strike Kharkiv, Ukraine’s sec- with Hitler and accused Jews
Ukraine’s Ministry of Defense particularly affected by Rus- region on the Black Sea. ern city of Kramatorsk killed ond most populous city. of anti-Semitism.
said Russian forces were block- sian strikes, the railway opera- Ukrainian officials in those more than 50 civilians. Meanwhile, Israeli Prime The Kremlin’s account of
.
ing and trying to destroy Ukrai- tor said. Lviv, some 30 miles regions confirmed strikes Ukrainian President Volod- Minister Naftali Bennett said the call between the leaders
nian units in the Azovstal area. from the border with Poland, overnight but didn’t give an ymyr Zelensky said the in- Thursday that he accepted an didn’t mention an apology.
ly
Attacks Inside Russia Raise Prospect of Wider Conflict on
BY THOMAS GROVE tion depot near the city of Bel- Russia during artillery ex- icy Research Institute, a Phila- Ukraine wants to do the exact killed one pilot. Neither Rus-
gorod, and blasts have been re- changes between the two sides delphia-based think tank. opposite,” said Mr. Lee. sian nor Ukrainian authorities
us ,
A series of attacks inside ported inside the city. Last week, over the border, but Russian au- Belgorod has become a stra- The Institute for the Study commented on the strike, but
l
Russian territory and unex- fires erupted at other oil depots, thorities have played down the tegically vital logistics hub for of War said in a report that a military academy from which
e
al a
plained explosions at Russian including one at a Russian mili- larger incidents. Regional gover- Russian plans to take control of Ukrainian forces likely would the pilot graduated said he
targets near the border with tary base. Other explosions have nor Vyacheslav Gladkov denied eastern Ukraine’s Donbas region continue to conduct cross-bor- died from wounds he suffered
Ukraine have expanded the damaged rail lines beyond Bel- the city of Belgorod had come der strikes to disrupt Russian when Ukraine hit the Mille-
ci on
scope of the conflict in recent gorod in the provinces of Kursk under attack by the Ukrainians, logistics. But new weapons rovo Air Base in Russia’s Ros-
weeks, underscoring Russian
vulnerabilities in regions that
and Bryansk. Ukraine has denied
a role in the incidents.
telling residents that a series of
loud explosions in recent days
Assaults have hit that the Ukrainians will re-
ceive from the West are much
tov province on Feb. 25 with a
Tochka-U ballistic missile.
are crucial to Moscow’s renewed Ukrainian presidential adviser were the result of military oper- infrastructure vital to more powerful than anything Russia’s failure to prevent
offensive in eastern Ukraine. Mykhailo Podolyak, who de- ations, without elaborating.
Moscow’s offensive they or the Russians have, more of the incidents at fuel
er s
Last month two Ukrainian clined to comment on Ukraine’s But Western analysts be- raising the possibility of more depots and railways could be a
Mi-24 helicopters entered Rus- involvement, has said the blasts lieve Ukraine has sought to at- in eastern Ukraine. strikes deeper inside Russia. result of more intelligence
m er
sian airspace flying at low alti- could have been caused by a tack transit and logistics infra- Early in the conflict, sharing between the West and
tudes to evade air defenses, and higher power following the kill- structure inside Russia to Ukraine proved its ability to Ukraine, Mr. Lee said.
launched a missile attack on a ing of Ukrainian civilians. “There disrupt Moscow’s effort to con- reach targets in Russia. The The strikes have increased
fuel depot in the Belgorod re- may be totally different reasons centrate forces in Ukraine’s east. and deploy Russian soldiers day after Russia launched since Western officials said
gion on the western edge of the for the destruction of military “Ukraine is looking to south toward the urban centers early-morning missile attacks Kyiv’s war effort could go be-
m rp
country, less than 20 miles from infrastructure in border prov- cross-border operations, and of Slovyansk and Kramatorsk, on Ukrainian military infra- yond defending the country
Ukraine’s war-ravaged city of inces, including even…divine in- it’s looking for certain targets where Kyiv’s headquarters for structure on Feb. 24, Kyiv al- to target Russia itself. Other
Kharkiv, Russian officials said. tervention,” he said. that could disrupt the Russian operations in the east is located. legedly hit one of the airfields analysts haven’t ruled out other
Since then, an explosion Moscow blamed Ukraine on war effort,” said Rob Lee, a se- “Russia wants to make this involved in the invasion with a factors in the blasts, including
sparked a blaze at an ammuni- Thursday for shelling inside nior fellow at the Foreign Pol- fight about the Donbas. ballistic missile strike that Russia’s lax safety standards.
co Fo
Desperate The wives of fighters hold-

ing off the Russian attacks in
Azovstal, who staged a rally in
Weeks at Zaporizhzhia this week to pe-

tition the international com-
munity for help, said their
Azovstal husbands hadn’t responded for

several days. On Wednesday,
Denis Prokopenko, commander
of the Azov battalion, said
Continued from Page One Russian forces had entered the
n-
equipped with basic supplies plant after laying siege to it

and triple bunks to host civil- for weeks.
ians. “Already for 70 days, we
The evacuees interviewed have resisted the overwhelm-
no
by The Wall Street Journal all ing forces of the enemy,” Maj.
stayed in the same bunker, and Prokopenko said in a video
said there were about 75 peo- posted online from the plant.
ple in the space, built two lev- “Heavy, bloody battles are tak-
els below ground to withstand ing place.”
a nuclear blast. Russia said Wednesday that
Those trapped inside, in- humanitarian corridors would
cluding dozens of children, re- be opened for more civilians to
JUSTYNA MIELNIKIEWICZ/MAPS FOR THE WALL STREET JOURNAL
called celebrating birthdays leave Azovstal, ahead of a con-

and holidays like Women’s Day tinued push to capture it and
on March 8, singing songs, consolidate control over Mari-
cheering after each night they upol. Ukrainian officials said
survived intact, and weeping Thursday that Russian forces
from joy when the soldiers liv- resumed bombing the area.
ing in a separate section of the Two months ago, many of
plant brought them much- the evacuees worried they
needed supplies. might never get out.
They said they melted snow The women spent the time
and collected rainwater to playing cards, preparing meals,
drink. The men ventured out and reading books found in the
at risk of death only to gather plant’s library, said the evacu-
firewood and fuel. Russia’s as- ees. The 20 or so men in the
sault on the steel plant inten- bunker went outside during
sified, leaving most with no lulls in Russia’s aerial and
option but to remain. ground bombardment and Anna Zaitseva and her infant son, Svyatoslav, were holed up for more than two months at Azovstal before fleeing with her parents.
“We thought it would pass used containers to siphon fuel
after three or four days,” Ms. from the burned-out husks of and they would rifle through diers who visited during their chances of making it out destruction of his city dawned
Zaitseva’s father, Oleg Yurkin, tractors and excavators that the offices of the plant’s man- breaks from fighting. Many of alive. A couple of weeks before on him. In the two months
said at a Zaporizhzhia hotel littered the territory to feed agement for sustenance. the evacuees interviewed say his evacuation, Mr. Yurkin said since he sought refuge in the
providing free accommodation the single generator they re- “Most days passed like a those soldiers, which Russian he found an old radio at one of bunker, the place he was born
for some of the more than 100 lied on for light and heat. blur, with that constant ‘boom, propaganda has described as the warehouses, but when he in and loved had been turned
people who were evacuated “We emerged from the bun- boom, boom’ sound of bombs neo-Nazis holding the local switched it on inside the bun- into a deserted hellscape, his
Tuesday under a United Na- ker only to get water and gas,” falling above us,” she said. population hostage, saved ker he found it could only pick apartment block now a
tions-brokered deal. said Aleksandr Dybko, an Eng- “We laughed, cried, organized their lives. up Russia’s state-controlled charred ruin.
Since then, 400 more have lish teacher who stayed in concerts and dances. If we’d “We wouldn’t have survived Vesti FM. “My city suddenly resem-
made the two-day journey from Azovstal with his wife, Maria, just sat there we would have without them,” said Nadiya After reaching Zaporizhzhia, bled archival footage I’d seen
Mariupol to Zaporizhzhia, a and 7-year-old son, Petr. “We plunged into depression.” Tkacheva, who was in her first the Azovstal evacuees were from Berlin in 1945,” he said.
way station for refugees from exploited any vehicle on the Ms. Zaitseva said that Svya- year of a bachelor’s degree in free to choose their end desti- “We had had a future we
the Russian-occupied territo- premises with its tank filled.” toslav, who was less than 4 Ukrainian language and litera- nation. Many headed to the thought we were working to-
ries. Azovstal evacuees said Anna Krylova, an Azovstal months old when he entered ture at Mariupol State Univer- capital Kyiv or further west to ward. In one moment it
Ukrainian soldiers had in- employee who found shelter in the bunker, initially cried and sity when war broke out. “But Lviv. Others planned to settle erupted in flames.”
structed them to delete all pho- the bunker with her 14-year-old slept badly when the bombs there are many dead and temporarily in Poland, which
tos and videos from the plant. daughter, Maia, after their started falling, but soon grew wounded soldiers there who has seen an influx of more than
Ms. Zaitseva’s husband re- apartment was destroyed two accustomed to the explosions need to be taken out.” three million Ukrainians since Watch a Video
mained behind along with sev- days into the war, said that that became a sort of white For the civilians holed up in the war began. Scan this code
eral hundred civilians, shoring supplies of milk and pasta from noise, “like a cradle for a child.” the plant, a lack of phone sig- Mr. Dybko said that it for a video on
up its defenses as Moscow’s the staff canteen lasted about She stopped breast-feeding nal meant there was no infor- wasn’t until he left in the con- the besieged
forces intensified their on- two weeks. The food brought by her son and gave him baby mation about the outside voy of buses headed for steel plant in
slaught. new arrivals soon ran out too, formula provided by the sol- world and no way to gauge Zaporizhzhia that the absolute Mariupol.
THE WALL STREET JOURNAL. NY Friday, May 6, 2022 | A8A
.
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
no
We’re already taking steps toward a 100%

clean energy future. Let’s make it a reality,
for our generation and the next.
See your energy future:

conEd.com/cleanenergy
A8B | Friday, May 6, 2022 NY THE WALL STREET JOURNAL.
THIS VETERAN HAS

EXPERIENCED ENOUGH.
.
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
HE SHOULDN’T HAVE TO FIGHT HOUSING

no
DISCRIMINATION BECAUSE OF HIS DISABILITY.

Sergio lost his leg and his hearing while serving our country overseas. Now back home, he was
ready to start a new chapter in his life. But when he found the perfect apartment, the landlord
refused to make a reasonable accommodation to allow his service dog in a “no pets” building.
Then Sergio learned that the Fair Housing Act protects people with disabilities. He contacted
HUD and filed a complaint. Today, Sergio is feeling right at home.
If you believe you’ve experienced housing discrimination, please contact

hud.gov/fairhousing or call 1-800-669-9777
50 YEARS OF OPENING DOORS.

A public service message from the U.S. Department of Housing and Urban Development in cooperation with the National Fair Housing Alliance. The federal Fair Housing Act
prohibits discrimination because of race, color, religion, national origin, sex, familial status or disability. For more information, visit www.hud.gov/fairhousing.
THE WALL STREET JOURNAL. Friday, May 6, 2022 | A9
THE UKRAINE CRISIS
Oligarch’s $325 Million

Yacht Seized in Fiji
BY SADIE GURMAN raise the cost to the Kremlin
and President Vladimir Putin
Law-enforcement officials for starting the war.
in Fiji have seized a $325 mil- The Justice Department
lion superyacht owned by a also said Thursday that Attor-
Russian oligarch who was ney General Merrick Garland
sanctioned for alleged money met with Ukraine’s Prosecutor
laundering, the Justice De- General, Iryna Venediktova,
partment said Thursday, the along with other foreign coun-
latest move by a U.S. task terparts, to discuss their “co-
THE WALL STREET JOURNAL

force that is hunting down the ordinated efforts to hold ac-
assets of Russian elites countable individuals whose
stashed around the globe. criminal actions are enabling
Fiji’s High Court this week war crimes in Ukraine.”
ruled in favor of a bid by U.S. The department is assisting
authorities to confiscate the Ukrainian and other foreign
348-foot luxury vessel named law-enforcement agencies in
Amadea, which officials said is gathering evidence of possible A facility run by state-owned Gazprom in the Amur region of Russia’s Far East is used for preparing gas supplies headed for China.
owned by Russian oligarch Su- war crimes, Mr. Garland and
Kremlin Redraws Export Map

leiman Kerimov. other officials have said.
The judge gave defense at- “There is no hiding place for
torneys time to challenge the war criminals,” Mr. Garland
order; the attorneys said the said. “We will be relentless in
yacht is owned by a different our efforts to bring to justice
Russian oligarch, former Ros- those who facilitate the death BY GEORGI KANTCHEV sify its suppliers. sate for the loss of the Euro- pipeline opened in 2019. Rus-
neft President Eduard Khu- and destruction we are wit- Whether Russia succeeds in pean market,” she said. sian state-owned natural-gas
dainatov, who doesn’t appear nessing in Ukraine.” With Europe weaning itself rerouting its commodities In April, Mr. Putin ordered giant Gazprom PJSC signed a
to be facing sanctions. The Justice Department in off Russian oil, natural gas and flows carries high stakes for his government to draw up contract to design part of the
Mr. Kerimov, a business ty- March set up a task force to coal, President Vladimir Putin the Kremlin. plans to expand energy-export new link on Feb. 28, four days
coon-turned-politician, was seize and freeze the luxury has ordered a full-scale reori- Oil-and-gas sales contrib- infrastructure to countries in after Russia invaded Ukraine.
sanctioned by the U.S. in 2018, yachts, real estate, private jets entation of Russia’s commod- uted nearly 42% of federal Asia, Africa and Latin America China, however, has yet to
accused of money laundering and other assets of Russian oli- ity exports by shipping more budget revenue in the first by June 1. The plan includes sign on to the project. In oil,
and tax evasion. An FBI agent garchs with ties to Mr. Putin. cargoes to Asia, building new quarter of the year. Elevated building new oil-and-gas pipe- the country cut back its pur-
wrote in an application to The yacht’s seizure in the pipelines and expanding rail- energy prices following the in- lines from Siberia as well as the chases from Russia by 14% in
seize the yacht that it ap- South Pacific nation “nearly road links to the East. vasion of Ukraine have been development of the Northern March. Beijing has long touted
peared Mr. Kerimov has 8,000 miles from Washington, But in redrawing its exports filling Russia’s coffers, par- Sea Route, a shipping passage diversification of its energy
owned it since 2021. The D.C., symbolizes the reach of map, Moscow faces big hurdles, tially compensating for the along the Russian Arctic coast. supplies and has other suppli-
yacht’s automated information the Department of Justice as putting its sanctions-stricken loss of customers in Europe. A ers, from the Middle East for
system was turned off on Feb. we continue to work with our economy further at risk. long-term decline in exports, oil and gas to Australia and the
24, almost immediately after global partners to disrupt the European Union officials however, may make spending U.S. for liquefied natural gas.
the start of the Russian inva- sense of impunity of those this week are preparing a sixth cuts necessary, at a time when
Whether the Japan, meanwhile, has
.
sion of Ukraine. who have supported corrup- round of sanctions that aim to Russia is looking to support Kremlin can reroute pushed ahead on a Siberian
The U.S. and its allies have tion and the suffering of so undercut Russia’s energy ex- its economy and avoid social natural-gas project as it looks
ly
been escalating sanctions and many,” said Andrew Adams, ports. Among the proposals are unrest as incomes fall.
commodities flows to increase its gas imports
other enforcement actions the federal prosecutor leading a phased ban on Russian oil The export shake-up is also carries high stakes. from Russia.
against Russian elites as part the task force, known as Klep- purchases as well as sanctions crucial for the global economy. Russia has found a willing
of an international effort to toCapture. on
on service providers, such as
ship insurers, that would stifle
Russian crude shipments to
other parts of the world.
Russia grew in recent decades
into a leading exporter of a
range of commodities to the
world, akin to a giant gas sta-
“Let us assume that energy
supplies to the West will con-
customer for its oil in India,
which counts Russia as its big-
gest arms supplier and has
stayed neutral in the Ukraine
The new infrastructure that tion and mining pit for inter- tinue going down in the fore- conflict. Having bought only
us ,
Russia needs to transport the national buyers. Disruptions in seeable future,” Mr. Putin said. one cargo of Russia’s flagship
l
exports that Europe used to the trade amid already tight “It is necessary to speed up Urals oil blend between Janu-
e
al a
buy will take years to build. It global markets would further the implementation of infra- ary and February, India
LEON LORD/FIJI SUN/ASSOCIATED PRESS
is experiencing difficulties fuel inflation in the West. structure projects—on rail- sourced around 700,000 bar-
chartering ships to transport “Russia’s energy pivot to ways, pipelines and ports— rels a day in April, according
ci on
its oil as insurers and banks Asia faces infrastructure bot- which will make it possible to to data provider Kpler.
fear the impact of sanctions. tlenecks, uncertain demand redirect the supplies of oil and The downside for the Krem-
Major trading houses, mean- and cumbersome logistics,” gas from the West to promis- lin is that India is buying Rus-
while, are cutting their Rus- said Maria Shagina, visiting ing markets in the South and sian crude on the cheap.
sian business. It is also uncer- senior fellow at the Finnish In- the East in the next few years.” “The big risk for Russian
er s
tain how much of Russia’s stitute of International Affairs. Those projects include a producers will be that Russia
commodities big buyers such While China and India could gas link to China via Mongolia, becomes a perennially dis-
m er
as China would be willing to increase some of their Russian providing an alternative to the counted seller,” said Viktor Ka-
The superyacht Amadea was docked in Lautoka, Fiji, on April 13. buy, as Beijing looks to diver- imports, that “cannot compen- $55 billion Power of Siberia tona, energy analyst at Kpler.
Ed Sheeran Teams Up With Pop Star Turned Combat Medic

m rp
BY ROBERT P. WALZER The music video was re- organization in Ukraine that
corded in cities where battles has refocused its efforts to
co Fo
When Russia invaded, the have raged—Irpin, Kharkiv and help war refugees, according
lead singer of one of Ukraine’s Kyiv. to a statement from Mr.
biggest pop-rock bands Mr. Topolia’s part was re- Sheeran. Music Saves couldn’t
swapped his mic for fatigues corded on the road between be reached to comment.
and headed to the front lines battle positions in northeast Mr. Topolia said he became
as a battlefield medic. Ukraine, he said, in part using a medic in the conflict after
Singer Taras Topolia has a GoPro. “The positions are al- working in that role during
taken on an additional role, ways under fire,” he said. “It Russia’s 2014 invasion in
joining forces with pop star Ed is very dangerous if you stop Ukraine’s Donbas region. He
Sheeran to raise relief funds for for more than 10 minutes said he has helped many
Ukraine. Mr. Sheeran and Mr. there because Russian drones wounded soldiers in the cur-
NUNO VEIGA/EPA/SHUTTERSTOCK
Topolia’s band Antytila this and snipers are at work.” rent conflict, and prepared
week released a video remake of For the sound recording, them for a possible chemical
n-
Mr. Sheeran’s 2021 hit “2Step,” Mr. Topolia said he didn’t have attack in the use of gas masks
featuring Mr. Topolia rapping access to his Kyiv studio after and medicinal antidotes.
about his war experience. Russia began attacking the In Ukraine, Antytila draws
“The sirens interrupted our capital on Feb. 24, but the stadium crowds with thou-
no
sleep,” Mr. Topolia sings in band found a studio in nearby sands of people. When on tour
Ukrainian. “Grabbed in two Hostomel. He said the crew in other European countries
suitcases everything that is came under Russian fire when Taras Topolia, center, with other members of the band Antytila, joined the Territorial Defense Forces. and in the U.S., the crowds are
the past, then go! Go!” they were recording parts of far more modest.
“My friends and I became the video in Kharkiv. said: “I stand with Ukraine.” concert organizers rejected The video has garnered Were Messrs. Sheeran and
soldiers and joined the Territo- Mr. Sheeran, who wasn’t The collaboration with Mr. Antytila’s offer due to its more than 10 million streams Topolia known to each other
rial Defense Forces the first available to comment, filmed Sheeran began after Antytila members’ links with Ukraine’s since it went live Monday, said before the conflict? “I knew of
day of the war,” Mr. Topolia, the original “2Step” video in offered to play this year at a military, Mr. Topolia said. a representative of Mr. Topo- him, of course; his songs are
34 years old, said by video chat Kyiv before the war began. In Ukraine-benefit concert in Bir- But later, Mr. Sheeran’s rep- lia. Funds raised from YouTube very famous in Ukraine. But I
from outside Kharkiv, where that video version, Mr. mingham, U.K., where Mr. resentatives contacted him to video royalties will be sent to don’t think he knew who I
his 130th Battalion is stationed. Sheeran posted a note that Sheeran was performing. The propose a collaboration. Music Saves UA, a music-trade was,” Mr. Topolia said.
FROM PAGE ONE
New Hires Group Inc. “It’s multiples of

what we’ve ever seen in other
tight labor market cycles.”
and when they were supposed
to show up. They claimed they
discovered the pay was lower
another five cleaners. But get-
ting new recruits to show up
even for a few paid training
About 80% of new hires even-
tually disappear without no-
tice, Ms. Zhang said.
idea, said chief human re-
sources officer Debra Mc-
Cowan, is to speed up the pro-
Ghost Nationally, the job market

is the strongest it has been in
about a half-century. The un-
or the hours or conditions dif-
ferent than what they were
told. Some even complained
sessions has been a struggle,
said manager Sunny Zhang.
Sometimes job seekers sign
About two months ago, af-
ter it happened again, she
reached a breaking point. “I
cess for applicants. “More
than ever, talent has choice,”
she said.
Their Jobs employment rate fell to 3.6%

in March, and job openings
and the number of times
that the hiring companies had
previously ignored them after
interviews or applications.
on and almost immediately
stop answering text messages
about where to go for training.
was so mad,” she said. She up-
dated the company’s online
job listings to say: “Please ap-
Stella Pomianek and her
husband, Mariusz, owners of
Cafe Stella, struggle to keep
workers quit reached the high- When hiring for clients, re- Others show up for one or two ply if you are a serious JOB their Norfolk, Va., restaurant
Continued from Page One est levels on record. By some cruiting firm Murray Re- shifts, then disappear without SEEKER. No job ghosting.” fully staffed. “We have lots of
starting a job. measures the odds of getting sources in Houston has seen picking up their paychecks. Even that, she said, hasn’t applicants to choose from,”
The practice, often called laid off are the lowest in de- candidates not show up for in- helped. she said. “I let them set up the
ghosting, isn’t new. In the cades. Many companies terviews and start dates. “Can- At Allied Universal, which time for the interview, and
tight labor market that pre- streamlined hiring processes didates have so many options employs about 300,000 in the then 20% show up for the in-
ceded the pandemic, employ- or improved technology, at in this market that typical U.S., around 18% of new secu- terview. The other 80% don’t
ers reported that some staff- times making it possible for professional etiquette is being rity and facility-services hires even call me.”
ers quit without giving notice people to get hired online ignored,” said Keith Wolf, a failed show up in the early Some new hires skip shifts,
or just stopped showing up for within minutes—and without managing director, who said days of the pandemic. That often without calling, the Po-
their shifts. The practice ever speaking to a hiring man- even his own firm has run into number has inched down to mianeks said. But they are re-
picked up its own shorthand: ager. such hiring problems. just below 15%, said Don Tefft, luctant to fire the no-shows
“no call, no show.” The rise in no-shows “could “We have a generation of Jr., the company’s global head given the challenge of replac-
What is different now, em- be just an expression of job professionals who grew up on of human resources, “but ing anyone. “Eventually they
ployers said, is that more peo- seekers having a lot more con- dating apps, where ghosting we’re still not back to what I just stop showing up and we
ple are vanishing before even fidence in their ability to find has been accepted as an an- would call prepandemic lev- have no choice,” said Mr. Po-
starting a job. a job,” said Nick Bunker, an noying, but common, phenom- els” of about 8%. mianek.
“The incidence of so-called economist at the job-search enon,” he said. “I believe that After a seeing an uptick in “We used to take it very
ghosting—of accepting offers platform Indeed. is leaking into the professional the number of candidates who personally,” he said. “We
SUNNY ZHANG
and then saying that they’ll In posts on Twitter, work- world.” decline its offers, technology thought it was about us. Then
start and not showing up—is ers offered all sorts of reasons Home-cleaning business company NetApp Inc. has we started talking to other
at a record high,” said Jonas for blowing off new jobs. They Duster & Daisy Green Clean streamlined its hiring pro- business owners, and they said
Prising, chairman and CEO of said they got better offers be- Service in Corpus Christi, Sunny Zhang said it’s hard to cesses and cut the number of they’re dealing with the same
staffing agency Manpower- tween when they were hired Texas, has been trying to hire get new recruits to show up. interviews for some jobs. The thing.”
WORLD NEWS
BOE Lifts Rate, Signals Caution China’s
Services
BY PAUL HANNON
LONDON—The Bank of Eng-

The BOE’s cautious tone
prompted a selloff in the
pound. The currency weak-
the bonds it bought as part of
its past stimulus programs.
That plan is set to be outlined
views about the need for, and
extent of, any further tighten-
ing in policy in the coming
domestic demand,” the rise in
U.K. prices is mainly driven by
developments overseas that
Sector
land raised its key interest
rate for the fourth time in as
many meetings of its policy
ened nearly 2% against the
dollar, falling the most in over
14 months and reaching the
in August, but bond sales
would start later.
However, the central bank
months,” said Andrew Bailey,
governor of the BOE.
That greater caution is a
are likely to chill demand.
There are signs of a slow-
down in consumer spending as
Staggers
makers, but signaled it is likely lowest level since July 2020. indicated that it is likely to contrast with the Fed, which on larger shares of household in- BY JASON DOUGLAS
to move cautiously in coming The BOE on Thursday raise rates more slowly, if at Wednesday approved a rare come are eaten up by higher
months as worries grow over a raised its key rate to 1% from all, in coming months, with the half-point interest-rate increase energy costs. U.K. consumers SINGAPORE—Activity in
slide into recession, triggering 0.75%. That means the central very high energy prices that to a target range between in April were hit with a 54% China’s services sector fell in
a sharp selloff in the pound. bank has increased borrowing have followed Russia’s inva- 0.75% and 1%. Fed Chairman Je- increase in home energy April to its weakest level since
As in the U.S., the U.K. has costs at four straight meetings sion of Ukraine set to squeeze rome Powell said officials prices. The BOE said it expects the early days of the pan-
seen a surge in consumer of its Monetary Policy Com- household spending power and broadly agreed that additional energy bills to rise a further demic, according to one indi-
prices since early 2021, driven mittee, a sequence unmatched weaken economic growth. half-point increases could be 40% when the ceiling on prices cator, as lockdowns aimed at
by higher energy costs and since the late 1990s. The BOE said further rises warranted in June and July. is reviewed again in October. containing Covid-19 shut res-
supply-chain bottlenecks. In Six MPC members voted for in its key rate “may still be ap- Mr. Bailey said one reason If that increase happens, taurants and stores and kept
response, the U.K.’s central the rate rise to 1%, while three propriate” in coming months, for that caution compared the BOE expects the annual millions of people at home.
bank first raised its key inter- voted for a larger rise to 1.25%. but added that two of its policy with the Fed is that while the rate of inflation to average The data add to evidence
est rate in December, while the The central bank also said makers instead thought it likely U.S. is “facing what looks like 10% over the final three that China’s economy slowed
Federal Reserve announced its it has asked its staff to pre- the key rate would stay at 1%. a demand shock, with a strong months of the year, reaching sharply last month as authori-
first move in March. pare a plan for selling some of “There were a range of domestic labor market, strong highs not seen since 1982. ties imposed restrictions on
businesses and daily life in
major cities including Shang-
hai.
Separately, a survey of
nearly 400 European busi-
nesses operating in China
found that just under a quar-
ter were reconsidering their
investment plans, as the coun-
try’s zero-tolerance approach
to battling the virus hit their
supply chains, staffing and
revenue.
Economists say that with-
out an easing of the govern-
ment’s strict approach to
smothering even small out-
breaks with mass quarantines
for those infected and stay-at-
.
home orders for everyone else,
the economy could shrink in
ly
the second quarter for the
first time since the pandemic
struck in early 2020.
on On Thursday, China re-
ported 4,848 locally transmit-
ted new Covid-19 cases for the
day earlier, with 4,466 of
those logged in Shanghai and
us ,
50 in Beijing. There were 13

l
CHANNI ANAND/ASSOCIATED PRESS
deaths linked to the disease,

e
al a
all in Shanghai.
Services-sector activity
tumbled in April at its steep-
ci on
est rate since Covid-19 shut

down the city of Wuhan in
February 2020, according to
an index published by Caixin
Media Co. and research com-
er s
The body of a coronavirus victim is set up for cremation in Jammu, India. The U.N. health agency says most Covid deaths were in Southeast Asia, Europe and the Americas. pany IHS Markit.
The index dropped to 36.2
m er
WHO Estimates Nearly 15 Million Covid-19 Deaths in April from 42.0 in March as
the Covid-19 restrictions
spread from city to city, clos-
ing businesses and throttling
BY SHAN LI to WHO estimates, was nearly ministry said on Thursday. official figure. Three African of Covid-19 variants and the consumer demand for eating
m rp
AND VIBHUTI AGARWAL 10 times the official tally at The report put India’s toll countries—Egypt, Nigeria and efficacy of vaccines. out, shopping and other ser-
that time of 481,000 deaths. for the pandemic far higher South Africa—were among the “Knowing how many people vices. A reading above 50 indi-
NEW DELHI—The World India’s count has risen to than other countries. Russia top 20 countries that account died due to the pandemic will cates expansion and below 50
Health Organization estimated about 524,000 since then. was the next highest with for more than 80% of the esti- help us to be better prepared points to a contraction. The
that nearly 15 million people The report, which was com- nearly 1.1 million deaths, ac- mated global excess mortality, for the next,” Samira Asma, index sank to a record low of
co Fo
had died from causes related to piled by scientists from around cording to the report, followed the WHO added. assistant director-general at 26.5 in February 2020.
the coronavirus pandemic by the world, has sparked fierce by Indonesia at over one mil- The new figures come as of- the WHO in charge of data and New business orders and
the end of 2021, putting the toll resistance from India, where lion and the U.S. at more than ficial data for parts of the conti- analytics, said on Thursday. exports both fell sharply, while
from Covid-19 at nearly three government officials have de- 930,000. India has more than nent show extremely low death The WHO’s report covers staffing levels dropped for the
times the number that had been nounced the health agency’s 1.3 billion people, and health rates, but evidence of higher tal- those who died directly related fourth straight month. Firms
officially recorded by countries. methodology and objected to experts say many people in lies has begun to emerge. to the Covid-19 pandemic and cut prices to win what new
India suffered the highest the release of the report. the country didn’t get tested Getting an accurate count those who died indirectly, such business they could find, ac-
toll of any country in the “Despite India’s objection to for Covid-19 and died at home, of Covid-related deaths, in- as people unable to get proper cording to the survey.
world, according to the report the process, methodology and particularly during a devastat- cluding data such as demo- medical care for other illnesses. The deterioration in the
released on Thursday, but outcome of this modeling exer- ing Delta wave last year. graphics, times and locations, It used statistical models tak- services sector offers another
most of the deaths have gone cise, WHO has released the ex- The WHO estimated that can help countries judge the ing into account factors such as glimpse into the growing eco-
unrecorded. The 4.7 million cess mortality estimates with- excess deaths in Africa over effectiveness of their Covid-19 local government and national nomic costs of China’s tough
people who died in India by out adequately addressing the same period were 1.25 mil- policies. The data can also be data, demographics and poli- approach to the Omicron vari-
n-
the end of last year, according India’s concerns,” India’s health lion, five times more than the used to assess the deadliness cies on Covid restrictions. ant of the coronavirus.
WORLD WATCH
no
ISRAEL
Suspected Terrorist
Attack Kills at Least 3
A suspected terrorist attack in
central Israel killed at least three
people and injured several others
Thursday, rattling the country as
it celebrated independence day.
Two unidentified assailants
were involved in the assault, in-
cluding one who used a gun and
another wielding an ax, said an
Israeli police spokeswoman. Hun-
dreds of officers were searching
for the perpetrators, whose
VATICANMEDIA/ROPI/ZUMA PRESS
identity the police hadn’t con-

firmed, the spokeswoman said.
The attack occurred in Elad, a
largely ultra-Orthodox town adja-
cent to the occupied West Bank.
It came in the wake of increased
tensions at the Al Aqsa mosque
compound, one of Jerusalem’s
most contested holy sites, where
Israeli police and Palestinians Pope Francis, who has strained knee ligaments, greets attendees at an audience at the Vatican.
clashed in the morning.
—Adam Rasgon the influx. Authorities urged citi- UNITED KINGDOM VATICAN
zens to stay indoors.
IRAQ Iraqis awoke to an ochre-col- Queen Will Miss Knee Pain Has Pope
Sandstorm Sends
ored sky—and a thick blanket of Royal Garden Parties Using Wheelchair
dust covered the roads and build-
Hundreds to Hospital ings with an orange film. Queen Elizabeth II will miss Pope Francis arrived at an au-
Flights scheduled to depart the traditional royal garden-party dience in a wheelchair as his
Hundreds of Iraqis rushed to overnight and on Thursday season, where she would nor- knee pain continues to limit his
hospitals with breathing problems morning were postponed, an air- mally meet with hundreds of mobility. The pontiff was
on Thursday and the Baghdad port official said. Flights re- people on the grounds of her wheeled into the meeting on
airport suspended flights for sev- sumed by the afternoon. residences in London and Edin- Thursday with nuns and religious
eral hours as a thick sandstorm Iraq is prone to seasonal burgh, palace officials said superiors from around the world
blanketed the country, the fifth to sandstorms, but experts have Thursday. The guests are people who are gathering in Rome. It
engulf Iraq within a month. raised alarms over their fre- who have served their communi- was the first time he was seen
Most of the patients were quency. They say the number of ties in different ways. using a wheelchair in public.
suffering from respiratory issues, sandstorms has been exacer- The 96-year-old monarch will The 85-year-old pope has been
Iraqi state media said. Clinics bated by record-low rainfall, de- be represented by other mem- suffering from strained ligaments
across the country’s north and sertification and climate change. bers of her family. in his right knee for months.
west struggled to keep up with —Associated Press —Associated Press —Associated Press
FROM PAGE ONE
Facebook overshot,” he said. “It’s either a

conspiracy they did it deliber-
ately, or they got it wrong and
An internal planning document shows that Facebook considered the ’ideal
such as “whitelists” that exclude
some users from enforcement
efforts, including XCheck, which
Allegations mucked it up, and I was assum-

TD [takedown] timing’ was after the Australian Parliament voted on the ensures that high-profile users
ing the latter.” legislation but before it was signed into law, and potentially before an get special treatment.
He said he doesn’t think last- appeals process was ready, which wasn’t a typical process for Facebook. The whistleblower docu-
In Australia minute changes won by the tech

giant substantially weakened
the bill, pointing to the many
ments show Facebook did at-
tempt to exclude government
and education pages. But people
private deals to pay for content familiar with Facebook’s re-
Continued from Page One that Facebook and Google have sponse said some of these lists
pay news outlets for content. forged with publishers. malfunctioned at rollout, while
Despite saying it was target- Mr. Sims said his current other whitelists didn’t cover
ing only news outlets, the com- view was that the Australian enough pages to avoid wide-
pany deployed an algorithm for government got most of what it spread improper blocking.
deciding what pages to take wanted while Facebook had to
down that it knew was certain move its position from where it
to affect more than publishers, started. “It’s been a massive Thousands blocked
according to the documents and turnaround by them,” he said. On the first day of the action,
people familiar with the matter. The whistleblowers said the Facebook executives discussed
It didn’t notify affected pages intent of the project—as a nego- that the platform had blocked
in advance they would be tiating tactic—was unambigu- about 17,000 pages as news that
blocked or provide a system for ous to those who worked on it. shouldn’t have been, of which
them to appeal once they were. “It was clear this was not us 2,400 were “high priority”
The documents also show complying with the law, but a pages such as government agen-
multiple Facebook employees hit on civic institutions and cies and nonprofits that they
tried to raise alarms about the emergency services in Austra- Source: Internal Facebook document via Whistleblower Aid disclosure were working to unblock first,
impact and offer possible solu- lia,” said one employee who according to emails viewed by
tions, only to receive a minimal worked on the project. the Journal.
or delayed response from the That employee is one of the Three days later, Brian
leaders of the team in charge. whistleblowers close to the proj- a domain’s content shared on Rosenthal, the engineering di-
ect represented by John Tye, Facebook is classified as news, rector who led the team taking
the founder of Whistleblower then the entire domain will be down pages, wrote in the inter-
Amended law Aid, the nonprofit organization considered a news domain,” nal log tracking problems that
After five days that caused that separately also represented stated one internal document. the group had “manually re-
disorder throughout the coun- Facebook whistleblower Frances The algorithm didn’t distinguish viewed all” of the affected pages
try, Australia’s Parliament Haugen, who made public docu- between pages of news produc- in Australia and “re-instated all
amended the proposed law to ments that showed the company ers and pages that shared news. of the pages where our manual
the degree that, a year after its knows its platforms are riddled The Facebook documents in reviews indicated we should re-
passage, its most onerous provi- with dangerous flaws. In the the complaints don’t explain instate,” with exceptions for
sions haven’t been applied to complaints filed with regulators, why it didn’t use its News Page things like pages that Facebook
Facebook or its parent company, Mr. Tye alleges “a criminal con- Index. A person familiar with strongly believed its algorithm
Meta Platforms Inc. spiracy to obtain a thing of the matter said that since news had classified correctly.
“We landed exactly where we value, namely favorable regula- publishers had to opt in to the On Feb. 21, an employee
wanted to,” wrote Campbell tory treatment.” index, it wouldn’t have neces- wrote: “Is there a reason the
Brown, Facebook’s head of part- In 2019, the ACCC published sarily included every publisher. pages were not reviewed this
nerships, who pressed for the a study blaming Facebook and The team also created a way before the rollout? I think it
.
company’s aggressive stance, in Google’s business practices for timeline for how it would roll would have been a smoother
IMITRIOS KAMBOURIS/GETTY IMAGES

a congratulatory email to her weakening the country’s jour- out the takedown that showed it rollout if more checks were per-
ly
team minutes after the Austra- nalistic institutions. In July intended to launch before an ap- formed beforehand and the im-
lian Senate voted to approve the 2020, it published a legislative peals process was ready, the portant Government health
watered-down bill at the end of proposal aimed at fixing the is- documents show. The move pages were not accidentally
February 2021.
Facebook Chief Executive
Mark Zuckerberg and Chief Op-
erating Officer Sheryl Sandberg
sue by forcing platforms to ne-
gotiate payment with publishers
under binding arbitration.
Both Facebook and Google
on didn’t follow typical procedure,
according to the people familiar
with the takedown.
“An appeals process was be-
blocked.”
“We’re focused mostly still
debugging the active situation
but will afterward post-mortem
chimed in with congratulations fought the legislation, arguing ing built, but the agreement was it,” Mr. Rosenthal wrote.
us ,
as well, with Ms. Sandberg the law as originally proposed reached before it launched,” Mr. Campbell Brown, Facebook’s head of partnerships, seen at a 2020 On Feb. 23, Facebook and
l
praising the “thoughtfulness of was unworkable. Worried about Stone said. event, pressed for the company’s aggressive stance in Australia. Australian officials came to a
e
al a
the strategy” and “precision of the precedent the law would set, As the legislation headed to- handshake deal to change the
execution.” both effectively threatened some ward a vote in February 2021, services such as the Children’s lem through Facebook’s internal proposed law, including adding
Facebook denied the moves kind of Australian blackout, with Google backed off its threat to Cancer Institute and Doctors tool that is used to track prob- language that allowed the Aus-
ci on
were a negotiating tactic. Google warning it would shut shut down its search engine in Without Borders in Australia; lems and their solutions. A tralian Treasurer to weigh pri-
“The documents in question down its search engine in the Australia and instead forged pri- fire and rescue services during broad range of employees can vate deals between publishers
clearly show that we intended vate deals with news publishers. fire season, including the Bu- participate in and read the dis- and platforms before “designat-
to exempt Australian govern- Google spokeswoman Jenn reau of Meteorology and West- cussions on the internal logs. ing” a platform, a label that
ment Pages from restrictions in Crider said this week the com- ern Australian Department of “We took down pages that would require it to take part in
Whistleblowers said
er s
an effort to minimize the impact pany had worked with publish- Fire and Emergency Services; were clearly not owned by news the government-sanctioned ne-
of this misguided and harmful the project’s intent ers for more than 20 years to and emergency medical and do- publications,” wrote one em- gotiation process with publish-
m er
legislation,” said Facebook address challenges in the indus- mestic-violence services such as ployee, who was not on the ers that could end with binding
spokesman Andy Stone. “When
—as a negotiating try. “We also support thoughtful Mission Australia and the Ho- team blocking pages, on the final-offer arbitration.
we were unable to do so as in- tactic—was clear. regulation that will support a bart Women’s Shelter. first day, according to the inter- The previous version of the
tended due to a technical error, diverse, sustainable and innova- The health-service blackouts nal logs. “Such pages include law automatically subjected
we apologized and worked to tive news ecosystem that re- came just as the national Covid those operated by official gov- platforms like Facebook to the
m rp
correct it. Any suggestion to the spects the open web and free vaccine rollout was being an- ernment sources, fire and emer- negotiation process, which the
contrary is categorically and ob- country and Facebook saying it expression it enables,” she said. nounced on Feb. 18, with inocu- gency services, universities, offi- platforms considered unwork-
viously false.” Facebook felt it would remove news from its On Feb. 18, about a week lations beginning on Feb. 22. cial health pages and charities able and onerous.
needed a broad tool because the platform in the country if the ahead of the final vote in the Shona Yang, the content for causes such as homelessness According to internal docu-
law didn’t define news, Mr. proposal became law. Australian Parliament, Facebook manager for Mission Australia, a and domestic violence.” ments, Facebook’s first action
co Fo
Stone said. Inside Facebook, according to began taking down pages. De- charity that provides housing The employee listed pages after the handshake deal was
People familiar with Face- the whistleblower complaints, spite the warnings from Face- and mental-health services, that had been improperly reached was to manually un-
book’s thinking said executives the company assembled a team book that it might make such a among other things, said her blocked and reinstated, such as block the page of the Australian
knew its process for classifying of about a dozen people to pre- move, the reality of the blackout team monitors its Facebook in- the Bureau of Meteorology and national government—which re-
news for the removal of pages pare to remove the news con- took Australians by surprise. box every morning for new in- City of Perth, as well as those quired just three lines of code.
was so broad that it would tent. The team largely consisted In a blog post explaining the quiries and to respond to calls still affected, such as the Mr. Stone said the Australian
likely hit government pages and of members of Facebook’s News move, Facebook said it was for assistance. During the pan- Women’s Legal Service Tasma- government didn’t inform Face-
other social services. They de- team, which typically worked on shutting off Australians’ ability demic, Ms. Yang said, Mission nia and WWF-Australia. book that the page was blocked
cided to take that route because products such as the Facebook to share news on its platform Australia also used private Face- The employee proposed that until Feb. 22. “We took action
Facebook was afraid a narrower News Tab, according to people and for international publishers book Groups to stay connected Facebook should “proactively shortly after they let us know it
definition might lead it to run familiar with the matter. to reach Australian audiences to clients who needed help. find all the affected pages and was down,” he said.
afoul of the law, which con- Instead of using Facebook’s on it because “the proposed law On the morning of the news restore them.” The person Australian officials explained
tained a nondiscrimination long-established database of ex- fundamentally misunderstands ban, staff members discovered added: “We should be proactive the change in the law by saying
n-
clause barring platforms from isting news publishers, called the relationship between our they couldn’t share a post on here, not reactive, given the Facebook had agreed to forge
carrying links to some news News Page Index, the newly as- platform and publishers who Facebook. The group posted on damage this is doing to Face- deals with publishers on its own.
publishers but not others, the sembled team developed a use it to share news content.” other social-media channels, let- book’s reputation in Australia.” Two hours later, Facebook’s
people said. crude algorithmic news classi- It was almost immediately ting clients know how they Facebook didn’t halt or re- Ms. Brown announced the
no
Facebook also decided to re- fier that ensured more than just clear that Facebook had blocked could stay in touch. verse the process. It ramped up agreement publicly, saying “it
move pages before the law went news would be caught in the much more than news. The Aus- Inside Facebook, some em- the takedown, expanding the will allow us to support the
into effect because it feared that net, according to documents tralian press and internal docu- ployees were alarmed by the use of the algorithm from 50% publishers we choose to.”
publishers might take legal ac- and the people familiar with the ments show that Facebook had blocking of pages that shouldn’t to 100% of all Australian users The next day, the Australian
tion to block their ability to re- matter. “If 60% of [sic] more of also blocked pages for health have been and flagged the prob- over the next several hours. Senate voted to approve the
move news once the legislation Mr. Stone said the reason for changes to the law. Minutes
became law, the people said. the quick rollout was Facebook’s later, Ms. Brown emailed her
Facebook’s hardball approach fear of legal action. congratulations to the team.
provides a glimpse of how fu- Employees noted in an internal log to track problems that pages were This was contrary to typical The day after that, the Austra-
ture fights might go as similar Facebook procedure, which lian House voted the changes
legislation is introduced around
improperly being blocked. Later, the product manager wrote in the log that the would be to use the “canary” into law, and Facebook rolled
the world. Last month, Canada team had been advised to be ‘overinclusive’ in the pages that were blocked. method of testing a change on a back its takedown, reinstating
introduced legislation modeled small number of users, getting all the pages it had blocked.
on Australia’s that would force feedback about any problems, Ms. Sandberg and Mr. Zuck-
Google and Facebook to engage and adjusting the product be- erberg emailed congratulations
in a process that could include fore taking it to all users, ac- to the team, with Mr. Zucker-
“final offer” arbitration with cording to people familiar with berg writing, “This is something
publishers to decide on pay- the takedown. we’d been preparing for, but the
ment, a process that tends to fa- “The way this whole rollout last couple of weeks were really
vor publishers. Similar legisla- was scheduled ran contrary to intense,” adding that the com-
tion is circulating in the U.S. standard practices for rolling pany had achieved “the best
The Wall Street Journal’s out major changes that might possible outcome in Australia.”
parent company, News Corp, have potential side effects,” said The Australian government is
was one of the publishers that one of those people. conducting a review of the first
forged deals with both Alphabet The product manager for the year of the law and asking for
Inc.’s Google and Facebook in team wrote in the internal logs: comments to improve it.
Australia last year, and has been “Hey everyone—the [proposed Paul Fletcher, the Australian
an outspoken advocate that Australian law] we are respond- communications minister,
such platforms pay publishers ‘As part of these changes, we took down pages that ing to is extremely broad, so pointed to the deals that Google
for their content. guidance from the policy and le- and Facebook have made with
The Facebook documents, re-
were clearly not owned by news publications.’ gal team has been to be overin- at least 19 and 11 news organiza-
viewed by the Journal, have clusive and refine as we get tions, respectively, in Australia,
been submitted as part of whis- more information.” to pay them a total of more than
tleblower complaints filed with She then outlined the team’s $100 million a year, as evidence
the U.S. Department of Justice plan to undo the improper that the law is working.
and the Australian Competition blocking, including starting with Google’s Ms. Crider said her
& Consumer Commission, or “the most obvious cases” like company has done 60 deals
ACCC. The documents have also government and healthcare with publishers in Australia rep-
been shared with members of pages, and the need to go to resenting 170 publications.
Congress. outside legal counsel for “more Mr. Stone said Facebook has
Rod Sims, who was the chair ’...the code we are responding to is extremely broad, nuanced” cases. done deals in Australia with 13
of the Australian competition Facebook employees familiar publishers, representing 200
regulator at the time of Face-
so guidance from the policy and legal team has been with the move to remove pages newsrooms.
book’s news takedown, said he to be overinclusive and refine as we get more said this communication was As a result, the companies
believed Facebook’s explanation information. We are iterating quickly to get more and notable because it didn’t refer haven’t been “designated” by
at the time that the improper more folks out of the block.’ to any efforts made to avoid the treasurer, meaning they
blocking of some pages was a blocking sensitive accounts and don’t have to take part in the
mistake. “I gave them the bene- Source: Internal Facebook documents via Whistleblower Aid disclosure. Redactions and employee descriptions by Whistleblower Aid. information ahead of time. government-sanctioned negotia-
fit of the doubt that they just Facebook has many tools, tion process with publishers.
A12 | Friday, May 6, 2022 NY THE WALL STREET JOURNAL.
ARTS IN REVIEW
FILM REVIEW
‘Sanctity of Space’: Roam With a View
GREENWICH ENTERTAINMENT/RENAN OZTURK (4)

.
BY JOHN ANDERSON to inspire at least some un- climbers, we see how diffi- by Ansel Adams, who was a
derstanding about what cult it is. friend of Washburn’s). He
ly
IT MIGHT SOUND like docu- drives people to risk life and Their inspiration—and used his 8-by-10 prints as
mentary surf & turf, but limb in pursuit of their ec- co-star, to a large extent—is maps, marking various trails
there are more than a few static communion with the Bradford Washburn, who ap- and ascent points for future
similarities between the
mountain-climbing movie
and the surfing movie, aside
from their coexistence on
physical world.
Such is the case with
“The Sanctity of Space,” in
which climbers and filmmak-
on
pears visually, vocally and
also photographically. Wash-
burn, who died in 2007, was
an explorer, climber and
climbers—such as Mr. Oz-
turk, Mr. Wilkinson and their
friend Zack Smith—and de-
noting where to approach
the nonfiction menu. Both ers Renan Ozturk and Fred- photographer who had the the as-yet-unconquered
us ,
are, often enough, about ob- die Wilkinson set out to ac- good fortune to practice all peaks, such as those of the
l
session—an obsession that complish an ambitious climb his enthusiasms in the early jagged Moose’s Tooth.
e
al a
mystifies those of us who —that of the Moose’s Tooth days of private aircraft: His Burying the lede a bit,
prefer to remain on solid massif in the Central Alas- took aerial photographs of the filmmakers don’t tell us,
ground. Both genres often kan Range south of Denali many significant world sites, or remind us, till very late
ci on
involve tragedy. But both (formerly Mount McKinley but Denali specifically here, in the film that Washburn
have at their disposal some and the highest mountain in and he provided a perspec- also established, developed
of the most glorious and North America). It’s not the tive on those sites that was and served as director of
breathtaking photographic highest climb ever under- previously unseen. His pur- the Boston Museum of Sci-
opportunities available on taken, but it’s notoriously pose wasn’t art, though his ence from 1939 to 1980 and Exploring the blue glacial pools of the Great Gorge, Denali
er s
Earth. And sometimes they difficult. And with the cam- shots were artistic (the first that his wife, Barbara, was National Park, top; Bradford Washburn in 1955, above; on the
can use that visual splendor eras in the hands of the one we see might as well be the first woman to climb summit of the Moose’s Tooth, below.
m er
Mount McKinley. (The cou-

ple went climbing in Alaska
on their honeymoon.) He
was also poised to be Ame-
A
lia Earhart’s last navigator,
m rp
until he disagreed with her

flight plan.
But this is indicative of
MIDSUMMER
the single-minded nature of
the climber-directors, who
co Fo
seem to revere Washburn

even more for his cartologi-
cal contributions to their en-
NIGHT’S
deavors, than for the breath-
taking nature of his
photographs. At the same
time, those pictures, in glori-
DREAM
ous black-and-white, serve
as the dramatic and aes-
thetic counterweight to the
more current color footage
M ay 2 1–2 9 shot during the Ozturk-Wil-
kinson climbs and will en-
n-
gage viewers who might somewhere in the frame of than to try to do it himself
sympathize with another his shots, for scale. The from a moving airplane.
Washburn obsession— enormousness of Denali and “The Sanctity of Space” is
namely, the camera: Holding its surrounding mountains a title that comes out of Ar-
no
an object essentially the size wouldn’t have been as grasp- istotle and the citation is re-
and shape of a good-size able without them. What he cited at the end. As film au-
rolling pin, Washburn ex- would think of digital pho- diences move like migrating
plains that it’s a film roll, tography is unknown, but it reindeer away from theatri-
with which one could take would have made his job cal exhibition to streaming,
125 pictures of 8 by 10 easier: Holding one of his it will no doubt grow tire-
inches. He holds up a roll of massive 1920-era cameras, some to be told that you
35mm film for comparison, he explains how it was eas- must see certain films on a
which echoes what he did in ier to instruct the pilot how big screen. So I won’t say it.
his pictures: placing humans to fly to frame a shot, rather But please do.
Nearing the summit

of Sugar Tooth,
Denali National Park.
Photo © Sam Wootton
—
SHAKESPEARE’S CHERISHED
COMEDY BROUGHT TO LIFE
N YC B A L L E T.C O M / M I D S U M M E R
212-496-0600
GLOBAL SPONSOR
ARTS IN REVIEW
CLOCKWISE FROM TOP RIGHT: MATTHEW MURPHY; MARC J. FRANKLIN (2)
lyrics by Amanda Green.

Buddy’s career has descended
precipitously from the years when
he had his own TV show. Now he
finds himself playing to the bingo
crowds at old folks’ homes—and
that’s on a good day. Otherwise he
can be found grousing on the
THEATER REVIEW | CHARLES ISHERWOOD couch, with his wife, Elaine (the
ever-charming Randy Graff), feed-
Broadway Opposites Attract

ing him comic setups. Happily for
Buddy, death intervenes to resusci-
tate his moribund career. Not the
grim reaper, really, but as Elaine
watches the Emmys, and Buddy
Two musicals—a daring Pulitzer winner and a frothy Billy Crystal comedy—both hit their marks whines that he never got any
T
awards, an “in memoriam” seg-
ment accidentally includes Buddy,
he last two Broadway leading to an unexpected but en-
musicals to open during tirely welcome burst of attention.
the frenetically busy “Mr. Saturday Night,” directed
spring season could by comedy specialist John Rando,
hardly be more starkly will garner no great acclaim for
contrasted. “A Strange sophistication or delicacy (“A
Loop,” the Pulitzer Prize-winning Strange Loop” is almost a shoo-in
.
musical with book, music and lyr- for the best musical Tony), but it
ics by Michael R. Jackson, is exis as delightfully funny as just
ly
traordinary in just about every about any musical of recent vin-
way—at least for Broadway, tage. The jokes come flying across
where it has found a strange the footlights with near-dizzying
berth. An intimate and personal
exploration of the tangled interior
life of a black gay man, it repre-
sents theater at its most daring
on speed, and virtually all of them
land in our laps like perfectly
pitched baseballs. Mr. Brown is a
skilled and proficient composer,
and unexpected. here employing a buoyant melodi-
us ,
Opening just a night later was cism that’s a nice fit for the
l
“Mr. Saturday Night,” which is al- show’s lighthearted tone. Ms.

e
al a
most the aesthetic opposite of “A Green’s lyrics do not quite match

Strange Loop.” A traditional musi- the frothy comedy of the book,
cal comedy that checks all sorts of but they are expertly attuned to
ci on
familiar Broadway boxes, it’s Mr. Brown’s music.

adapted from a movie, features a The second act stumbles rather
marquee star, Billy Crystal, and drippily into sentimentality, with
plainly aims to please seasoned Buddy’s troubled relationship to
Broadway audiences, particularly his daughter (Shoshana Bean, in
er s
those with a fond affection for Clockwise from top left: the cast of ‘A Strange Loop’; Billy Crystal in ‘Mr. Saturday Night’; Jaquel Spivey as Usher excellent voice) dragging things
Borscht Belt comedy. To see them down. But that’s not likely to
m er
just nights apart, as I did, was al- bother the audiences for whom
most whiplash-inducing. With “A duty, Usher is busy writing, or at- theater. (Stephen Sondheim is the point that Mr. Spivey all but “Mr. Saturday Night” is prime ma-
Strange Loop,” Broadway contin- tempting to write, or failing to clearly a major influence.) In its dissolves the lines between actor, terial. Schmaltz and shtick are a
ues its gradual opening up to write, the musical we are watching. brash depiction of the character’s character and the show that en- familiar combination since time
more venturesome musicals, like But in truth, and hilariously, Usher complicated sexuality—we actu- compasses them both. immemorial, or at least the glory
m rp
“Hamilton,” “Hadestown” and oth- spends considerably more time ally see simulated sex onstage—“A Mr. Crystal certainly doesn’t days of Neil Simon. They go to-
ers—call it the future, or at least wrestling with varieties of self-tor- Strange Loop” feels transgressive, disappear into the role of Buddy gether like bagels and lox—and
the potential future. “Mr. Saturday ment. The rest of the cast—excel- but Usher’s sex life, his artistic Young, the almost dessicated comic who doesn’t like bagels and lox?
Night,” for all its lively charm, lent, all—portray the inner voices, ambition and his troubled rela- who is the central character in
harks back to Broadway’s past, mostly scolding or mocking, who tionship to his family are so hon- “Mr. Saturday Night,” but you
co Fo
which of course remains a large flit through Usher’s restless, end- estly depicted that, strange to say, wouldn’t want him to. At age 74, ‘A Strange Loop’
part of its present. lessly worried mind. Insecurity is there’s nothing particularly shock- Mr. Crystal retains the superlative Lyceum Theatre, 149 W. 45th Street,
Mr. Jackson’s “A Strange Loop,” his brand, almost his very being, ing about the show. Except, per- comic timing that he has displayed New York, $49-$189, 212-947-8844
seamlessly directed by Stephen and in Mr. Jackson’s hands, insecu- haps, its casual bravery about de- throughout his career. The musical,
Brackett, is unabashed in its self- rity is as endearing as it is moving. picting an overweight gay black based on a movie that pretty much ‘Mr. Saturday Night’
referentiality. It has only a single The show’s title comes from a man with all his fragilities and nobody saw, features a book by Mr. Nederlander Theatre, 208 W. 41st
significant character, Usher (Jaquel Liz Phair song, and Usher con- neuroses on display. Not inciden- Crystal and the team of Lowell St., New York, $69-$179,
Spivey), so named because that’s fesses to an affinity for what he tally, Mr. Spivey perfectly embod- Ganz and Babaloo Mandel (the 800-745-3000
his job, shepherding audiences into calls his “inner white girl,” but ies this conflicted character; same trio wrote the movie, in
and out of “The Lion King” (as Mr. Mr. Jackson’s music and lyrics re- rarely have I seen an actor disap- which Mr. Crystal starred), with Mr. Isherwood is the Journal’s
Jackson did). When he’s not on veal an astute study of musical pear so effortlessly into a role, to music by Jason Robert Brown and theater critic.
n-
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.
40s Edmonton 60s 1 2 3 4 5 6 7 8 9 10 11 12 63 Like some buds
13
PUZZLE
CONTEST
<0
no
30s
Vancouver
Calgaryy 0s 14 15 16
64 “___ la Douce”
Seattle 60s 50s 10s (Shirley
Winnipeg 40s 17 18 19 MacLaine movie)
40s 50s 20s
70s
Portland 60s Montreal
50s
20 21 22 65 “Hey! Over here!” 27 Monk’s leader
Helena 30s
Eugene Bismarck Ottawa 66 Baseball great 28 Prefix between
Billings Augusta 40s
60s 23 24 25 milli- and nano-
Boise
Toronto
Luis
Mpls./St. Paul Albany Boston 50s
60s 30 Roof material
Pierre Buffalo 60s
Hartford 26 27 28 29 30 31 32 33 67 At no point,
Milwaukee Detroit 60s
50s Sioux Falls 50s
Neww York poetically 31 Candy in a
Reno Chicago e
Cleveland Pittsburgh 70s 34 35 36
70s
Salt Lake City Cheyenne Des Moines Philadelphia Down divided box
Sacramento Omaha 50s Indianapolis Washington D.C. 80s 32 Aspect
50s Denver
Springfield Charleston 37 38 39 40 1 Biblical prophet
San Francisco Topeka 90s
80s Colorado Louisville Richmond 41 42 43 44 2 Send a naughty 33 “Live at the
Springs Kansas St. Louis
80s Wichita 100+ note to Acropolis”
90s LasVegas
City
60s Nashville 70s Raleigh
Los Angeles 70s 45 46 47 musician
100s Santa Fe Memphis Charlotte 3 Taylor-Joy of
Atlanta
San Diego Phoenix Albuquerque Oklahoma City 48 49 50 “The Queen’s 38 Some Hindu
Little Rock Columbia
Tucson Birmingham Warm Rain Gambit” royalty
100s El Paso Ft. Worth Dallas Jackson 51 52 53 54 55 56 57
90s 80s 4 Bulldog feature 39 Differentiate
Mobile 80s Jacksonville Cold T-storms
20s 100s Austin 58 59 60 61 5 Cruz of film 42 Make hard to
30s
40s New Orleans Orlando
Stationary Snow read
50s San Antonio Houston Tampa 90s 62 63 64 6 Auction location
80s 44 Accesses
Anchorage Honolulu 100s Miami 7 Winnable chips
40s 70s Showers Flurries 65 66 67 gradually
50s 8 ___-mo camera
Ice 9 Like “To be or not 46 Does a perfect
Forecasts and graphics provided by AccuWeather, Inc. ©2022 TO-GO ORDERS | By Matt Gaffney & to be” job
Peter Gordon 50 Underhanded
U.S. Forecasts City Hi
Today Tomorrow
Lo W Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
10 Chew the
51 ER’s location
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; The answer to 21 Back tracks? 41 Divided peninsula scenery
Omaha 68 51 pc 76 57 pc Frankfurt 71 49 pc 72 52 c
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 94 74 pc 88 73 t Geneva 63 53 r 67 50 c this week’s contest 11 Hot and dry 52 Responsibility
23 Coconut or 43 Aquatic force
Today Tomorrow Philadelphia 60 49 r 53 44 r Havana 89 71 pc 89 71 s crossword is a 53 Dough for the
City Hi Lo W Hi Lo W peanut 44 Soccer star ___ 12 “Why not!”
Phoenix 99 71 s 100 73 s Hong Kong 85 76 r 84 77 t chemical element. Dzeko 13 Orgs. for down-and-out
Anchorage 51 40 pc 52 41 pc Pittsburgh 64 53 r 56 43 r Istanbul 65 51 s 64 50 pc 24 Rupert who plays
Atlanta 77 60 t 72 56 pc Portland, Maine 61 40 pc 55 40 pc Jakarta 92 77 r 92 78 t Across Ron Weasley 45 Garment named orthopedists 54 Graceful
Austin 91 70 pc 98 73 s Portland, Ore. 60 51 r 55 42 r Jerusalem 62 52 sh 65 50 s 1 Before you do for a school 18 Yale collegian swimmer
Baltimore 60 50 r 54 44 r Sacramento 77 51 pc 76 48 pc Johannesburg 72 50 s 70 52 pc 26 Flees quickly
anything else 47 Wine region of 22 Honker 55 Tours infinitive
Boise 72 47 t 56 36 sh St. Louis 61 51 r 70 53 pc London 68 52 c 68 49 pc 29 Its seat is
Boston 60 47 c 52 45 c Salt Lake City 75 57 pc 66 45 t Madrid 75 48 s 77 50 s 5 RC alternative Nebraska City Italy 24 All-powerful 56 Iditarod
Burlington 61 39 pc 63 40 pc San Francisco 68 53 pc 63 50 s Manila 98 82 s 96 82 s terminus
Charlotte 85 60 t 76 53 sh Santa Fe 82 50 pc 85 52 s Melbourne 58 49 pc 59 49 sh 10 Meal in a skillet 34 Play honor 48 Secret supply 25 Live
Chicago 52 46 r 61 47 pc Seattle 53 46 sh 52 41 r Mexico City 83 58 t 83 59 pc 14 Bistro selection 35 Many shrinks 49 Ninny 57 Go a few rounds
Cleveland 59 51 r 58 46 sh Sioux Falls 67 50 pc 73 55 c Milan 62 56 r 71 58 t
26 Philosophy’s
15 “The Hot Zone” have them 51 Croaky “Father of 60 Mono-
Dallas 86 65 s 94 73 s Wash., D.C. 67 54 r 57 46 r Moscow 59 46 c 63 49 c
Denver 79 52 pc 83 45 pc Mumbai 93 83 s 93 84 s virus 36 Spotify category 54 Immune system Liberalism” 61 Arthur of TV
Detroit
Honolulu
61 48 r
83 74 c
57 45 sh
85 71 pc
International Paris
Rio de Janeiro
72
77
53 pc
70 pc
69 51 sh
76 70 s
16 Poisonous plant 37 Ontario-based organs
Previous Puzzle’s Solution
Houston 91 72 pc 93 74 s Today Tomorrow Riyadh 103 77 pc 98 74 pc 17 It has eight channel 58 “If ___!” A C S B E T A B O O Y A H
Indianapolis 66 50 r 62 49 c City Hi Lo W Hi Lo W Rome 74 54 r 72 54 t electrons 38 One who doesn’t 59 Where some go P O P S U G A R E N R I C O
Kansas City 66 50 c 73 61 pc Amsterdam 66 53 c 63 44 sh San Juan 86 75 pc 87 75 pc B R I N GAB O U T F E E D O N
Las Vegas 95 73 s 92 65 s Athens 73 58 c 72 56 s Seoul 76 57 pc 76 52 pc
19 Joan of art wear rose- underground O R I O N M O G A DISH U
Little Rock 75 57 pc 81 60 s Baghdad 88 64 pc 83 61 pc Shanghai 83 65 s 82 62 c 20 He found colored glasses 62 Basement floor P L A T O T S A R D I P S
I L L SWA T T E D S L Y
Los Angeles 80 59 pc 78 59 pc Bangkok 88 77 t 89 77 t Singapore 88 80 t 89 80 c Livingstone 40 Took off area P A S T H I E H A R M E D
Miami 90 76 pc 93 75 t Beijing 67 50 c 64 48 pc Sydney 67 49 s 66 49 s S MA L L T A L K
Email your answer—in the subject line—to [email protected] by
s
Milwaukee 54 46 sh 55 46 pc Berlin 67 51 pc 71 48 sh Taipei City 85 72 pc 87 71 t P E A P O D L A N O P A L

Minneapolis 68 48 c 70 52 c Brussels 69 52 c 64 47 sh Tokyo 72 61 pc 71 62 s A C L I D C A R D S I V Y
11:59 p.m. Eastern Time Sunday, May 8. A solver selected at random will D O D O A G R A C U T I E
Nashville 73 56 t 68 52 pc Buenos Aires 71 58 s 71 58 s Toronto 59 45 pc 58 42 c win a WSJ mug. Last week’s winner: John Hayes, Davenport, IA. Complete T E R I YAK I H O R CHAT A
New Orleans 86 71 t 90 74 pc Dubai 100 84 s 101 83 s Vancouver 54 44 c 56 43 c G O N E O N T R I P L E T S
New York City 60 50 r 52 46 r Dublin 60 43 r 60 47 c Warsaw 66 48 c 68 52 c contest rules at WSJ.com/Puzzles. (No purchase necessary. Void where I N T O T O D A R E S N O T
Oklahoma City 76 55 s 83 69 s Edinburgh 62 45 r 57 47 c Zurich 60 48 t 64 48 t prohibited. U.S. residents 18 and over only.) S E E S AW S P E D T R Y
SPORTS
Taiba, top, gallops at Churchill
Downs. Below, Bob Baffert and Amr
Zedan in the winner’s circle in 2021.
pull off a precocious feat. The

Derby will be just his third career
start. He would be the first horse to
win the Kentucky Derby in his third
start since Leonatus in 1883. (China
Visit, the sixth-place finisher in
2000, was the last horse to run in
the Derby after only two starts.)
“It’s the hand that was dealt us,”
Yakteen said. “We were fortunate to
run [Taiba] in the Santa Anita
Derby and find out he is an excep-
tionally gifted horse. We always
knew he was talented.”
Simon Bray, a former trainer
and an analyst for the racing net-
work TVG, said what Taiba is trying
to accomplish is comparable to a
pitcher in baseball jumping from
single-A to the major leagues after
ANDY LYONS/GETTY IMAGES (2)
just one outing.

“What Taiba is doing is unheard
of,” Bray said. “If he runs up the
track in the Derby, everyone is go-
ing to say, ‘Well, that just goes
down to inexperience.’ If he pulls it
off, I think it’s going to be one of
the significant achievements in the
Kentucky Derby.”
Bob Baffert Is Banned From the Derby

Bray said Messier, named after
NHL great Mark Messier, shouldn’t
be overlooked. “Messier might have
an edge because he’s got some pace
But the Horses He Trained Loom Large and recently [in the Derby], we’ve
seen that you need that early
speed,” he said.
Both of the former Baffert
Taiba and Messier might be the most interesting contenders in this year’s Run for the Roses horses will be ridden by Hall of
Fame jockeys who have recently
won the Derby on Baffert-
BY JIM CHAIRUSMI trained horses. John Ve-
.
the Triple Crown with American lazquez, who piloted Med-
C
hurchill Downs officials Pharoah in 2015, and did it again ina Spirit last year, and
ly
say Saturday’s 148th with Justify in 2018. Authentic took rode Authentic to victory
running of the Kentucky the pandemic-delayed 2020 Derby, in 2020, has the mount on
Derby will be back to while Medina Spirit was the first Messier. Mike Smith, who
“normal,” with full ca-
pacity, no Covid-19 restrictions and
horse racing’s biggest names in ac-
tion. There is one notable excep-
2021.
on
horse to cross the finish line in
But the scrutiny on Baffert’s

barn intensified after Medina Spirit
was on Justify for the
2018 Triple Crown run,
will ride Taiba. Smith, 56,
would be the oldest
tion: Bob Baffert, the sport’s most failed a post-Derby drug test. Then jockey to win the Derby.
us ,
prominent trainer, won’t be there. in December, Medina Spirit died Churchill Downs odds-
l
After a nearly nine-month inves- following a workout at Santa Anita. maker Mike Battaglia has
e
al a
tigation, Kentucky horse-racing offi- A spokesman for Churchill made Messier (8-1) the
cials earlier this year suspended Downs Inc. said in March, “[Baf- third choice in the wager-
Baffert for 90 days and disqualified fert’s] actions have harmed the rep- ing, behind Zandon (3-1)
ci on
last year’s Derby winner, Medina utations of the Kentucky Derby, and Epicenter (7-2). De-
Spirit, for testing positive for be- Churchill Downs and the entire spite finishing ahead of
tamethasone, a corticosteroid that Thoroughbred racing industry.” Messier in his last race,
isn’t permitted in a horse’s system The Baffert camp doesn’t see it Taiba is 12-1.
on race day. Churchill Downs also that way. They say the trainer and “The fastest horse usu-
er s
won’t permit any Baffert-trained his late horse are victims of incon- ally wins most races in
horses to run in the next two Der- sistent rules, with varying stan- America,” said former
m er
bies. Baffert’s customary spot in dards on medication limits in each Hall of Fame jockey and
Barn 33 has been reassigned, and state. top 3-year-old colts, Taiba and horses to his barn has been “very NBC analyst Jerry Bailey. “These
the plaques commemorating his six “What has happened to Bob and Messier, were moved to the barn of routine.” (The horses came over horses are assigned speed figures
Derby triumphs have been re- the legacy of Medina Spirit have Tim Yakteen. Yakteen, 57, is a for- with their training charts—a log of based on the times of their races
moved. helped to shine a light on the sys- mer assistant to Baffert who has each horse’s workout routine—and and the tracks that they run over.
m rp
But Baffert, 69, who has been in temic problems of today’s horse- had his own stable for nearly two inherited Baffert’s groom (caretaker The higher the number, the better
the winner’s circle after three of racing industry and the dire need decades, but has never previously of the horses) and exercise rider. the performance. In both of
the past four Kentucky Derbies, still for reform so that rules are consis- saddled a horse in a Triple Crown “Bob will root for Messier and [Taiba’s] races, his speed numbers
casts a huge shadow over this tent across the board and are ap- race. Taiba while watching the Derby are the fastest in the field.”
year’s race. Two of his former plied both consistently and fairly,” Racing under Yakteen’s name on with his family,” Brewster told the Bailey said it’s unclear how an
co Fo
horses—Taiba and Messier—are Baffert’s attorney, Clark Brewster, April 9, Taiba won the Santa Anita Journal. inexperienced runner like Taiba will
now top contenders under the care said on Wednesday in an emailed Derby, while Messier finished 2 ¼ Also rooting for Taiba will be react in a 20-horse field with
of a former Baffert assistant. statement. lengths behind in second to both Amr Zedan, who a year ago was at 150,000-plus screaming fans at
Of the two, Taiba (pronounced Baffert began his suspension on secure spots in the Kentucky Derby Churchill Downs celebrating the Churchill Downs.
Tay-bah) has become a focus of in- April 3 after a judge denied a re- starting gate. win of Medina Spirit, after the “This would be like a kid taking
trigue at Churchill Downs. He quest to stay the 90-day suspen- Yakteen says he “had a lottery horse he purchased for $35,000 led driver’s ed thrust onto I-95. Not
makes the leap to horse racing’s sion. The suspension, which will be ticket” dropped in his lap when the wire-to-wire in the Derby. Even be- during rush hour, because during
biggest stage after just two career honored by other racing jurisdic- two Derby contenders were moved fore Medina Spirit raced that day, rush hour, things are going slow.
starts, but also comes with the best tions across the country, means no to his care. “I’m trying to go to the Zedan had a plan to return in 2022 Everything goes fast in the Derby,”
speed numbers in the field—making Baffert-trained horses will run in window and cash it,” he said during with a 2-year-old he had bought for Bailey said. “So if he’s in a spot be-
his entry a battle between his raw the Preakness on May 21 or the Bel- a recent media call. $1.7 million at an auction in March hind horses that’s he’s never been
talent and his inexperience. mont on June 11. An appeal hearing On Monday, Yakteen said he 2021. That horse is Taiba, who had in before, it’s not a cinch that he’s
Baffert has had unprecedented is set to begin on June 28, after the hasn’t spoken to Baffert. the look of a classic winner. (Taiba going to react well to it. He weighs
n-
success in racing’s most lucrative Triple Crown season has already “There has been no communica- al-Taiba is a nickname for the Saudi 1,100 pounds and you weigh 100.
races and his horses have earned wrapped. tion,” he said. city of Medina.) [As a jockey,] you can’t make him
more than $330 million. He swept In early April, two of Baffert’s Yakteen said the transfer of both Now Taiba has the chance to do anything.”
no
ness of College Sports shows that than 4 million followers on TikTok
Rapid Rise 37 of the 65 schools in the five

richest athletic conferences have
at least one collective. Ten more
whose deal with Boost Mobile put
their faces on a billboard in Times
Square last summer. Their an-
Of Booster have similar deal-facilitating enti-

ties.
Current NCAA rules prohibit
nouncement came shortly after a
meeting with Ruiz where the bil-
lionaire offered to sponsor them.
Collectives name, image and likeness deals

from functioning as overt induce-
ments to attend a university.
“They made a decision to move.
I’m not saying it was entirely or
even that NIL played a big part in
Continued from Page One Coaches can’t promise specific that, but certainly it sits in the
funds to athletes who are now able deals. Yet nothing is stopping back of everyone’s mind,” said
to profit from their name, image them from boasting to recruits Darren Heitner, an adjunct profes-
and likeness under new rules that about the school’s collective’s pot sor at the University of Florida’s
went into place last year. of money or citing six-figure deals law school who handles legal mat-
The rapid rise of collectives is star players have struck. ters for the Cavinders.
among the forces that have re- Policing this aspect of the Ryan Baty—a former Kansas
shaped college sports in the past NCAA guidelines is close to impos- baseball player who, with his
year and wrestled control away sible. In April, Kansas State point brother, founded the collective
from the National Collegiate Ath- guard Nijel Pack, the top available putting on the Jayhawks’ barn-
letic Association since a Supreme player in the transfer portal, an- storming tour—says that decades
Court ruling last year constrained Kansas players celebrate after winning the NCAA men’s basketball title. nounced he was enrolling at the of prohibitions on paying college
the association’s ability to set na- University of Miami. Pack said he athletes has created pent-up de-
tional standards without running to make donors’ contributions tax guidelines as soon as next week. picked the Hurricanes for their mand among eager boosters. Their
afoul of antitrust law. deductible. Collectives are becoming a key “NBA-style offense” and coach Jim limited liability corporation, 6th
On April 26, NCAA president “There is a wide spectrum of part of the arms race that once Larranaga’s history of ushering Man Strategies, has set up half-
Mark Emmert announced that he structure and legitimacy,” said saw universities build lavish ath- small-statured point guards into dozen car deals, campaigns with
was stepping down by “mutual Blake Lawrence, chief executive of letic facilities and inflate coaching the NBA. local Wendy’s and Applebees and
agreement” no later than June Opendorse, a platform that con- salaries. Hours after Pack committed, in December added a 501(c)3 char-
2023, a sign the association is nects brands with athletes. “The There’s a growing fear that the LifeWallet, an app that collates itable arm, Reaching Champions
seeking a new vision as it rethinks worst thing that could happen in best recruits will go wherever the medical records and is owned by Joining Hearts Foundation, Inc.,
its structure and role. Emmert’s the NIL collective space is that money is highest—and that, with- billionaire Miami athletics booster that has since raised more than $2
contract had been extended just a those with great intentions cause out a collective, a university will John Ruiz, signed Pack to a two- million. Baty expects to bring in
year ago. great harm to the student athletes miss out on that talent. year deal worth $800,000—and about $900,000 from its barn-
College athletes have spent the and to the school by not knowing “What you’re seeing is short- threw in a car for good measure. storming tour.
past 10 months in a frenzy to or following the rules.” term thinking by a lot of desperate The deal wasn’t associated with The majority of that revenue
make money from their names. Interactions between boosters universities that are trying to Miami’s collective, Bring Back the will go to the Jayhawks basketball
BOB DONNAN/USA TODAY SPORTS
The rise of alumni-funded collec- and recruits is verboten in college throw donor money in buying U, but Ruiz might as well be a one- players, who will reap 70% of
tives is now creating an organized, sports, but some collectives are players,” said Phillip Stutts, a po- man version: thus far he’s spon- ticket sales and all profits from a
deep-pocketed approach to athlete skirting this by dangling lucrative litical marketing executive who is sored more than 100 Hurricanes series of silent auctions. The tour’s
compensation. endorsement deals to prospective working as a senior adviser to athletes. first stop in Wichita on April 23
Some collectives operate via a athletes. Administrators are now High Tide Traditions, a collective Miami last month also landed brought in about $125,000 in reve-
subscription model that solicits rushing to stop this activity, which associated with the University of two of the most marketable female nue, selling 250 VIP tickets at $75
monthly dues from members, looks discomfitingly like “pay for Alabama. athletes in the country, twins Ha- each and more than 2,500 general
while others function as nonprof- play.” A task force reviewing NCAA The national landscape is dis- ley and Hanna Cavinder, basketball admission tickets for $30, and an-
its. Some even claim 501(c)3 status rules in this space could issue new jointed. Data compiled by the Busi- players at Fresno State with more other $30,000 from the auction.
OPINION
Nothing But Roe to Run On BOOKSHELF | By Edward Kosner
Democrats
this week
seized on the
red and blue America.
It all imploded by the end
of 2009, after an $800 billion
My Dad
leaked
preme Court
draft opinion
Su- stimulus and the forced-march
passage of ObamaCare. Mrs.
Pelosi’s Blue Dogs were picked
The Dealmaker
POTOMAC on abortion off; Democrats hemorrhaged
FREDERIC J. BROWN/AFP VIA GETTY IMAGES

as a new po- away a filibuster-proof Senate
WATCH
litical lifeline majority. Under the usual rules
The Adventures of Herbie Cohen
By Kimberley
for the mid- of politics, a party that fails to By Rich Cohen
A. Strassel
term elec- convince the public of its ideas (Farrar, Straus & Giroux, 227 pages, $27)
D
tions, looking goes back to the drawing
to channel outrage into elec- board. It conducts “autopsies,” utiful sons often revere their fathers for their
toral success. Put another turns to new leaders, modu- instruction in the ways of the world—by direction
way, they are going down the lates its agenda. and indirection, sterling example and train wreck.
same road that landed them The left didn’t bother. In- I cherish my father’s simple credos: “People are funny”
here in the first place. stead it nominated Hillary (they can be full of grace or something else), “You get noth-
The liberal response to Jus- Clinton, whose progressive ing for nothing” (seek true value, not bargains), and “Put a
tice Samuel Alito’s draft opin- Protesters in Los Angeles May 3 platform (and 10-ton baggage) smile on your face, boy!” (face the world with confidence).
ion that would overturn Roe v. didn’t sell. It was Democrats The prolific author Rich Cohen’s father, Herb, offered
Wade was as predictable as it paigning to impeach sitting Democrats can move voters to who handed the presidency to him far more—a lifetime seminar in how to outfox oppo-
was substance-free. Forget justices on the ground that place abortion at the top of Donald Trump—who in turn nents in the great game of life by out-thinking, out-flanking,
any discussion about the legal they “lied” to the Senate in their federal priority list, much appointed three Supreme out-empathizing and thereby out-negotiating them. In his
reasoning in the case. Or any confirmation hearings. less sustain outrage over the Court justices. Even after the treat of a new book, “The Adventures of Herbie Cohen:
soul-searching as to how Dem- The Electoral College sys- topic for another six months. extraordinary loss in 2016, the World’s Greatest Negotiator,” proud son Rich portrays his
ocrats came to face a 6-3 con- tem is again in their sights, The bigger risk for the Democrats didn’t bother to re- dad as the Aristotle of hustle. Or, as the writer has it, a
servative high-court majority. since they claim that it is at party is that a scorched-earth calibrate, instead spending “Jewish Buddha.”
war with “democracy.” They abortion campaign simply al- four years throwing fuel on in- Herb Cohen, born in 1931, was raised in Brooklyn in one
want the winner of the popu- lows it to continue to ignore stitutional bonfires. Democrats of those lower-middle-class Jewish neighborhoods where
Democrats blame lar vote in presidential elec- the real reason for its dismal might have at least noted that some of the kids hanging out on the corner grew up to be
tions to take all. They want an polls (which also happens to Mr. Biden won his nomination marquee names known around much of the world. In the
their unpopularity on end to the Senate, which they be the reason it is now losing by promising not to be Bernie Bronx, it was Mosholu Parkway, where Ralph Lauren (né
everything but their claim gives too much repre- court cases): a failed progres- Sanders. They might have Lifshitz) and Calvin Klein came of age and dazzled their
sentation to red states. sive agenda. noted that Mr. Biden (barely) contemporaries with their sense of style. For Herb Cohen,
own failures. All this is designed to whip Anyone remember the talk won the presidency primarily it was Bensonhurst, where his pals called each other Inky,
up anger, to mobilize a lack- of the “permanent Democratic by not being Mr. Trump, and Zeke the Creek, Moppo,
luster Democratic base in the majority”? Had that material- on a narrow promise to do Who Ha, Iron Lung, Gutter
Or any internal debate about runup to the fall election. The ized, Democrats wouldn’t be something about Covid. They Rat and more. They marveled
how the party might craft an party sees its chance to re-en- facing draft opinions like the instead took his victory as li- at Sandy’s jump shot. Zeke
agenda that resonates with gage activist groups that are one of this week. Yet in the cense to impose a Sanders-like the Creek was actually named
the public, so that it can demoralized over President past three decades, the Demo- agenda that now draws a Larry Zeiger, who eventually
maintain its hold on power Biden’s failure to pass a cratic heyday consists of just straight line to the current molted into Larry King, the
.
and begin the process of re- sweeping agenda. It’s also a a few short years, from economic mess and Demo- radio and cable TV talk-show
shaping the court. chance to move discussion 2006-09. That was the brief cratic problems this fall. headliner. Sandy? You can
ly
Instead, Democrats pro- away from the ugly topics that moment the party worked Even if Democrats were find his plaque—Koufax—in
posed to burn every Washing- are otherwise dominating the hard to attune itself to the na- willing to acknowledge these the Baseball Hall of Fame.
ton institution down. Party political debate: inflation, fall- tional mood. Nancy Pelosi in failings, they may feel it is As his son tells it, his dad’s
leaders and activists openly
attempted to intimidate the
justices, hoping to change the
outcome. Democrats renewed
ing real wages, gasoline
prices, crime, the border, criti-
cal race theory.
Will it work? No question
on
2006 proposed a modest
agenda, with proposals like
college tuition, clean energy,
and stem-cell research. She
now too late to do anything.
Mr. Biden can’t fix inflation
and other big problems by No-
vember, so the party figures it
career was in its way even
more dazzling than Koufax’s.
He dropped out of NYU during
the Korean War and enlisted—
calls to kill the filibuster, so that abortion will now take a recruited centrist candidates, may as well campaign against to avoid being sent to the fight-
us ,
that they can impose with 51 premier spot in races for the and their victories reclaimed the high court. But sooner or ing. Instead, he wound up at a base close to Communist
l
votes a new abortion law and governorships and legislatures the House for Democrats for later, Democrats are going to East Germany—where his hard duty was coaching top
e
al a
to expand the court’s size and that could soon be recrafting the first time since 1994. Ba- need to perform that autopsy. Army basketball teams in European tournaments. He
pack it with liberal jurists. state abortion laws. But it’s a rack Obama built on this in Or risk longer-term decline. showed his nascent smarts by talking the brass out of
Progressives are even cam- much bigger question whether 2008, with a promise to unite Write to [email protected]. mistakenly charging one of his buddies with treason.
ci on
Mustered out, he returned to NYU, where he met his wife,

Ellen, studied law at night, and went to work as a claims
About Those ‘Dangerous’ Mormons . . . adjuster for Allstate Insurance.

Thus began his meteoric rise through the parent com-
pany, Sears. Soon the Cohens were in Chicago, where Herb
er s
HOUSES OF “Under the the filmmakers could find. terview or his 2009 Oscar ac- mon,” I notice an uptick in trained people throughout the giant company—the Amazon
WORSHIP Banner of How does Hollywood and ceptance speech. It’s ironic snide remarks and personal of its day—in negotiating and other savvy business tech-
By Daryl
m er
Heaven,” a the broader culture get Mor- considering how fervently he attacks whenever something niques. Then he went out on his own, crisscrossing the
Austin Hulu series mons wrong so often and so defends the LGBT community like “Under the Banner of country lecturing and running seminars for top companies
based on a easily? Just listen to the from stereotypical portrayals. Heaven” comes out, Mitt Rom- like Apple and Ford, giving newspaper, radio and TV inter-
real-life dou- show’s creator, Dustin Lance Yet Mr. Black says he sees ney is trending on Twitter, or views. He became so celebrated that he met with president-
ble murder committed in Black. Asked about the criti- himself as an ally of the LDS the musical “The Book of Mor- elect Ronald Reagan to advise him on the Iran hostage
m rp
Utah, has been getting plenty cism, he accused his detrac- faith and claims he created mon” comes to town. I’m not crisis—even predicting nearly to the minute when the
of good press since its debut tors of either not watching the the new show, based on jour- surprised when people admit hostages would be released. He also schmoozed with the
last week. But members of the series or simply defending nalist Jon Krakauer’s 2003 to me that, as a “normal” per- first George Bush, who put him on the team negotiating the
Church of Jesus Christ of Lat- murderous extremists. nonfiction book of the same son, I’m not what they ex- START nuclear-arms treaty, and with Bill Clinton. In 1980,
ter-day Saints aren’t im- He later expanded on this pected given my religious be- after 18 rejection slips, he published “You Can Negotiate
co Fo
pressed. Rather than “foster a uncharitable reading in sev- liefs. LDS history shows how Anything: How to Get What You Want,” which went
better understanding of my eral interviews, describing The creator of a new quickly this insensitive rheto- through 19 printings.
faith tradition,” one LDS jour- Mormons as “having them- ric can escalate. Rich Cohen writes lovingly of his father’s “love of bull—.”
nalist recently lamented, the selves to blame” for his por- Hulu series is clear Many Latter-day Saints But the accumulated wit and wisdom of Herb Cohen
production is “yet one more trayal of the faith. He has also on his disdain for the spent much of the first three scattered through the book reveals instead a keen grasp
mile marker in a decadeslong said the church “encourages decades of the church’s exis- of human frailty and a gift for aphorism no less valid for
trail of angst.” members not to dig into” its faith and its followers. tence being forced from their its glibness.
Early on, the show takes a own history and suggested homes and exiled from state “Money talks, but it doesn’t tell the truth,” he liked to
dark view of the faith. And it that LDS women “can’t ask the after state. In 1838 the gover- say. “Time heals all wounds, right up to the moment it
depicts Mormons as bizarre, leadership of the church a name, without personal preju- nor of Missouri signed an ex- kills you.” “We see things not as they are but as we are.”
one-dimensional puppets— question.” Both are categori- dice. He adds that he has dis- ecutive order stating that “The fish doesn’t know it’s in the water.” “At a certain age,
conversing in dialogue as for- cally false, and the latter espe- tinguished between main- “Mormons must be treated as Italians and Jews become indistinguishable.” “Most people
eign to members of the faith cially odd given many church stream and fundamentalist enemies and must be extermi- are schmucks and will obey any type of authority.”
n-
as to outsiders. Ominous leaders are women. followers of the faith, but nated or driven from the
tones overshadow even some- This is the manifestation of “many of the things they state.” An unfriendly newspa-
thing as innocent as a father the common but misguided share in common are misogy- per editor derided Mormon- The prolific Rich Cohen profiles his father,
presenting his young daugh- idea that the LDS community nistic, dangerous and poten- ism in 1844 with such fervor a streetwise kid from Brooklyn who built a
no
ter with a Choose the Right should simply turn the other tially deadly.” that he, along with others,
ring, the Mormon equivalent cheek whenever our beliefs Imagine the uproar if a ma- stirred up a mob to murder unique career as the ‘world’s greatest negotiator.’
of a What Would Jesus Do? are maligned or misrepre- jor filmmaker warned that al Joseph Smith, the founder of
bracelet. sented. And it’s not a new idea Qaeda and mainstream Mus- the faith, and his brother Hy-
An LDS historian who was for Mr. Black, who worked on lims were distinct but both rum. Other church members— His credo in business was “care, but not that much.” He
invited to the premiere noted the HBO show “Big Love” deadly and misogynistic. Of including innocent women and counseled that playing dumb was often the best strategy,
afterward that “none of the when it depicted a sacred LDS course it would never happen, children—often met a similar especially when dealing with an overbearing opponent.
Mormon scholars I was sitting ceremony against the church’s and therein lies the problem. fate. “The most powerful words in business,” he taught, “are ‘I
with—all of whom know full expressed wishes. Though the Mr. Black can lump 16 million Latter-day Saints of all peo- don’t understand. Help me.’ ” He told home buyers seeking
well how to apply an open, network later apologized, Mr. LDS believers into the same ple don’t deserve to be called a quick closing never to offer the asking price in cash in
critical gaze to our own cul- Black repeats a similar offense “dangerous” category as two “dangerous” by Mr. Black or their first bid—because the seller will feel that he set his
ture and tradition—recognized in his new series. murderous offshoot extremists anyone else. “Dangerous” is price too low and jack it up. And in a negotiation, “Always
ourselves or our people in the Mr. Black’s disdain for this from the 1980s solely because painting millions of people be willing to walk away—from the car, from the house,
show.” I have yet to meet a particular faith runs deep. so many in the media and en- with broad strokes or allowing from the property.”
fellow member of the LDS Since spending some of his tertainment businesses see bigotry to fester through art. As Herb Cohen might say, the trick to being a know-it-
church, or even a friend, who early years as a member of Mormons as “fair game.” “Dangerous” is standing idly all is knowing that you don’t know it all. Inevitably, he
sees the show’s portrayal of us the LDS church, the filmmaker Am I being oversensitive? by, saying nothing. screwed up by not following his own precepts. After his
as believable. The show seem- rarely misses an opportunity Perhaps. But I’ve personally negotiating book was published, two academics accused
ingly leans into every mis- to make a dig against Mor- felt the damage done by these Mr. Austin is a journalist him of plagiarism and sued for huge damages. His son and
guided stereotype and trope mons—whether in a news in- portrayals. As a “public Mor- based in Utah. others counseled him to treat the suit as a nuisance, settle
with the plaintiffs and get on with his life. But the crack
negotiator cared too much and the case went to trial. In
My Mother’s Kitchen Cooked Up Confidence the end, a witness was found with copies of Herb Cohen’s
old lecture notes, establishing that his material was indeed
original. He prevailed, but paid in stress and spent more
By Faith Bottum precision, her intuition seems following the sewing-machine toddler, she’s aimed to make defending the case than he had earned from the book.
M
aggravatingly breezy and instructions. Pin the thin ma- me independent, assured and Years later, after surviving a medical crisis, he had an affair
y mother taught me to calm. She just knows when nila paper on to the cloth, as competent—the conditions, with a hustling younger woman who shook him down and
cook—with a patience food is done. While I would the pattern’s instructions say. she thought, of happiness. And then told all to his wife. He had to tearfully confess to his
that, as I look back stand watching the kitchen And there you are. only now do I see how won- three children and apologize. When Rich balked at graduate
now, seems nearly saintly. clock, she’d call out casually What my mother does derful that training was, and school, he surreptitiously applied him to 26 programs (all
Maybe because of the let’s- seems more instinctual. She how much more I have to but one of which rejected him).
get-this-done mindset that led showed me how to do things grasp of what she taught me There’s much more compelling family drama in the
me to major in engineering, I She taught me to on the fly, looking at a pile of when I was young. book, especially the death of Rich Cohen’s mother, told so
have always valued efficiency. loosen up and trust scraps and seeing how to But that’s the condition of movingly that many will read the passage in tears. But it’s
In cooking that means per- combine them into something all of us, isn’t it? The thing essentially the saga of a remarkable man who’s fond of
fectly chopped vegetables in my intuition. beautiful, quirky and fun. She we’re supposed to remember saying “The meaning of life . . . is more life” and knows
their respective bowls. Color- taught me how to sew quickly on Mother’s Day? The lessons what he’s talking about.
coordinated knives for differ- and smartly, taking in a waist we learn in school often have
ent meats. The spices ar- from the living room that the or hemming a pant leg with finite application. We learn a Mr. Kosner is the former editor of Newsweek, New York,
ranged in proper order before bread was ready. And she was an easy confidence. She particular fact or technique. Esquire and the New York Daily News.
cooking begins. A precise always right. How is an engi- taught me that sewing, like But the lessons we can learn
scale for weighing ingredients neer supposed to learn that cooking and much else worth from our mothers are lifelong
just as the recipe says. skill? doing in life, is more art than skills and the deep truths that Coming in BOOKS this weekend
It turns out that’s not how My mother taught me to science. get richer and more important Joseph Epstein on late life and last works • The roots
good cooking works. My sew as well. In the abstract, Children learn their lessons as the years go by. of war • Anna Wintour: Always in Vogue • Motherhood
mother isn’t exactly carefree sewing is a better fit for peo- imperfectly, and I’m still trying and creativity • The altruistic urge • The search for the
in the kitchen, but compared ple with an engineering slant to apply all that my mother Ms. Bottum is the Journal’s source of the Nile • Sam Sacks on fiction • & much more
with my own anxiety about of mind. Thread the bobbin, has taught me. Since I was a Joseph Rago Memorial Fellow.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
Did Supreme Nominees Lie to Congress? The Hostile Ideological Takeover of Medicine
O
ne media narrative congealing after this discussion about the academic concept of “super The recent letters by leaders of cating medical students about “envi-
week’s Supreme Court leak is that Presi- precedent,” essentially whether a matter is so Brigham and Women’s Hospital (May ronmental, social and economic fac-
3) and the Association of American tors that affect a patient’s health.” It
dent Trump’s nominees lied to Congress settled no one challenges it. “I’m answering a lot
Medical Colleges (April 29) leave out is indoctrination.
by claiming they wouldn’t of questions about Roe,” she key details. Responding to my op-ed These letters prove that a radical,
overturn the abortion prece- The Justices did not said, “which I think indicates on how antiracist ideology is corrupt- divisive and discriminatory ideology
dent of Roe v. Wade. So allow promise to uphold that Roe doesn’t fall into that ing healthcare (“Keep Politics Out of has captured the commanding
us to check the tape—and ex- category.” the Doctor’s Office,” April 19), their heights of the medical profession. But
plain why respecting past de- abortion precedents. She declined to pre-commit denials show how deep the rot goes. Americans don’t want this in health-
cisions doesn’t bind the Court to ruling one way or another Brigham and Women’s Sunil Eap- care anymore than they do in public
to stand by serious constitu- on abortion, but she did say in pen and Mallika Mendu write, “We safety or education, and physicians
tional errors. deciding whether to overrule any precedent, are not moving toward preferential will suffer if they are force-fed such
Democratic leaders Nancy Pelosi and Chuck she’d apply the legal framework of stare decisis care for any group.” Yet last year extremism. Let’s call this what it is:
Schumer accused “several” of the “conservative (“to stand by things decided”). their hospital announced a pilot ini- dangerous and un-American.
tiative cast in exactly those terms: a STANLEY GOLDFARB, M.D.
Justices” of having “lied to the U.S. Senate, As it happens, this is what Justice Alito’s
“preferential admission option for Chairman, Do No Harm
ripped up the Constitution and defiled both draft opinion does. He explains at length why Black and Latinx heart failure pa- Bryn Mawr, Pa.
precedent and the Supreme Court’s reputation,” stare decisis is essential, for instance, in re- tients.” It’s a sign of things to come.
among other modest claims in a statement after straining judicial hubris. But the Court has long Race-based care is a fundamental de- I assume the medical colleges’ goal
Politico published a draft opinion written by recognized in other cases it is “not an inexorable mand of the activist set. of recruiting in “a holistic fashion”
Justice Samuel Alito. The insinuation is that command” and is “at its weakest when we inter- As for the AAMC, David Skorton means it wants every medical-school
Justices Neil Gorsuch, Brett Kavanaugh and pret the Constitution.” and Henri Ford should have discussed class to have a certain proportion of
Amy Coney Barrett promised Congress they In other words, some mistakes are so egre- their organization’s forthcoming com- black and Latino students, even if that
wouldn’t touch Roe. gious they require correction. A case in point is petencies on diversity, equity and in- means denying admission to more
The truth is available to anyone willing to call the “separate but equal” doctrine allowed in clusion. The latest version calls for qualified applicants. But the public
up the C-Span archives. Justice Gorsuch said in Plessy v. Ferguson (1896) that was finally over- physicians to be trained in identifying expects something different. The
“a patient’s multiple identities and AAMC should protect the public by
his 2017 confirmation hearings that Roe “is a turned in 1954 in Brown v. Board of Education. how each identity may present varied assuring that the very best applicants
precedent of the U.S. Supreme Court. It was reaf- It took 58 years, but the constitutional principles and multiple forms of oppression or enter the medical profession. I don’t
firmed in Casey in 1992 and in several other that animated Justice John Marshall Harlan’s privilege.” It wants medical educators care how culturally responsive my
cases. So a good judge will consider it as prece- Plessy dissent were finally vindicated. The to be “role models” who teach “how physician is and I have no interest in
dent of the U.S. Supreme Court worthy as treat- echoes of Plessy resonate in Roe. systems of power, privilege, and op- his politics, but I care that he knows
ment of precedent like any other.” In another ex- Overruling precedent, Justice Alito writes, is pression” inform healthcare. Another how to diagnose and treat my illness.
change, Justice Gorsuch said he would have “a serious matter.” But “Roe was on a collision section focuses on “colonization” and DWIGHT OXLEY, M.D.
“walked out the door” if President Trump had course with the Constitution from the day it was “white supremacy.” This is not edu- Wichita, Kan.
asked him to commit to overturning Roe. That’s decided, and Casey perpetuated its errors, and
“not what judges do.” the errors do not concern some arcane corner
Justice Kavanaugh during the 2018 spectacle of the law of little importance to the American
that passed as his confirmation hearings noted people.” When the Lord’s Prayer Left the Public School
that Roe had been “reaffirmed many times.” He Americans may disagree with this analysis,
.
D.G. Hart’s review of Mark A. Noll’s to announce to the class that we
also declined to prejudge cases. “You have an open and many understandably dread the political book “America’s Book: The Rise and would no longer be able to say the
ly
mind. You get the briefs and arguments. And some brawl over abortion that would follow. But if Decline of a Bible Civilization, Lord’s Prayer. Instead, we would have
arguments are better than others. Precedent is some version of Justice Alito’s opinion is ad- 1794-1911” (Bookshelf, April 27) re- a moment of silence during which, if
critically important. It is the foundation of our opted, the Justices who sign onto it will have minds me of a related religious prac- they wished, pupils could say their
system. But you listen to all arguments.” on
done what they promised Congress: Decide cases
Justice Barrett’s 2020 hearings featured a on the legal and constitutional merits.
tice prevalent in America’s public
schools from the early to mid-20th
century. In the early 1960s, as a
sixth-grade public-school teacher, I
own private prayers. After several
days of following this new practice, a
young boy quietly came to my desk
and asked if I could lengthen the mo-
A Market Reality Check always began my class with the ment of silence. When I asked him
us ,
Pledge of Allegiance, followed by the why, he said, “I’m having trouble get-
l
W
Lord’s Prayer and ending with the ting all my prayers in.”
e
ell, so much for optimistic assur- make sense of a policy environment that no one
al a
singing of a patriotic song. This daily I never forgot the sincerity of this
ances about inflation, interest rates has seen in four decades. routine proceeded without a protest child, and I think it says a lot about
and recession. Federal Reserve The market decline does not mean the Fed is from any person or group. the influence of prayer in the public
ci on
Chairman Jerome Powell’s wrong to tighten. In our view Then, one day in 1962, after the schools back in the day.
relatively sunny take on all Prices are volatile as it has no choice if it wants to U.S. Supreme Court ruling that ROSEMARY ROBERTS
three on Wednesday, after the investors try to judge the avoid a return to the long-term banned prayer in public schools, I had Waterbury, Conn.
latest Federal Open Market inflation woes of the 1970s.
Committee meeting, had risks of tighter money. But the economic risks are
er s
pleased investors. But they significant, notwithstanding Equipment Leasing and ‘Hell or High Water’
gave up all the market gains Mr. Powell’s assurances on
m er
Equipment-leasing and finance Defaults make up a very small frac-

and then some on Thursday as the prospect of Wednesday that the economy is strong. Even companies have taken extraordinary tion of business in the $1 trillion
a rougher reality set in. normal monetary tightening cycles produce fi- steps to help customers throughout equipment-finance industry. Equip-
The Dow fell by more than 3%, and the S&P nancial casualties as liquidity ebbs. This time the pandemic. Ninety-six percent of ment leasing benefits businesses of
500 by 3.56%, while the tech-heavy Nasdaq lost around could be worse because the monetary equipment-finance companies offered all sizes, from startups and small
m rp
5% in a single day. Shares could bounce back on excesses were so extreme in 2020 and 2021. The their customers payment deferrals in businesses that have trouble getting
Friday, but the sharp swing in prices over the surprise will be if there are no nasty financial 2020, including extensions, modifica- traditional bank loans to more estab-
last two days shows how uncertain investors are surprises—meaning credit failures—this year tions or restructuring (“You Lease, lished companies looking to invest
about the economy’s prospects as the Fed finally and next. You Owe, ‘Hell or High Water,’” Page working capital in other areas.
tightens monetary policy after years of essen- The best economic policy response would be One, April 15). There’s a reason nearly 8 in 10 U.S.
co Fo
In discussing the “hell or high wa- companies lease or finance their

tially free credit. for the White House to spur the supply side of
ter” contract provision, the article equipment: It works for them.
The volatility isn’t surprising given the policy the economy by dropping plans to raise taxes notes correctly that support of leased RALPH PETTA
variables and risks. Investors are trying to judge and punish business with new regulation and equipment is driven by the equip- Equipment Leasing & Finance Assn.
how high the Fed will have to raise rates to break other harassment. It could also end the political ment vendor. This is similar to ac- Washington
the highest inflation in 40 years. At the same war on fossil fuels. quiring a car with third-party financ-
time, the Fed is promising to shrink its bond But the Biden Administration seems unwill- ing. If the car breaks down or the Our firm leased a copier some
portfolio, which means lifting its foot off the ing to do any of this, so get ready for more finan- driver is otherwise dissatisfied with years ago. Shortly before the lease
neck of long-bond prices. Markets are trying to cial and economic volatility ahead. the product, he or she would still ex- was up, our office manager notified
pect to make car payments to the the business holding the contract
bank or finance company, and would that we wouldn’t renew. It responded
Shoplifting as Usual in Seattle take up the car problem with their
dealer or manufacturer, not the bank
that the notice was “too early” per
the lease language and rejected it.
L
n-
or finance company. Later, she again wrote that we

owe’s employees came to recognize Wil- The King County Prosecuting Attorney, wouldn’t renew. It responded that the
liam Piccone by his skinny jeans, distinc- which handles Seattle felonies, has three cur- notice was “too late” and rejected it,
tive gait and posture—and his prolific rent cases against Mr. Piccone for organized re- Follow the Title IX Evidence automatically renewing our lease. Af-
shoplifting, police say. Over a tail theft and burglary. On a
no
ter much negotiation, we ended up

Progressives oppose an judge’s order Mr. Piccone was I don’t mind that Kay Hymowitz
97-day spree last year, he al- paying around $4,000 to get out of
criticizes my book “37 Words: Title IX
legedly stole from the same effort to prosecute the released into a halfway house and Fifty Years of Fighting Sex Dis-
the lease and donated the copier to a
store 27 times, walking away after receiving detox treat- church. We surely won’t do business
crimination” (Bookshelf, May 3). But
with more than $4,650 in mer- most prolific thieves. ment. On April 28, Mr. Piccone she claims that most colleges used the
like that again.
chandise. Welcome to Seattle, missed a hearing after he was JAMES W. RUSHFORD
“clear and convincing” evidence stan-
Sacramento, Calif.
where impunity reigns. arrested on multiple munici- dard when considering sexual-assault
That’s what Ann Davison, Seattle’s newly pal warrants earlier that day. complaints under Title IX until the Of-
elected city attorney, is learning as she acts on Mr. Piccone has pleaded not guilty to a sec- fice for Civil Rights in 2011 changed
a voter mandate to restore order. Her office ran ond-degree burglary charge and didn’t respond the standard to “a preponderance of
A Better Way to Fight Lies
the numbers and discovered that 118 individuals to a message left at a phone number listed for evidence.” That isn’t what my book It is hard to imagine a government
were responsible for more than 2,400 crimes him in police records. His public defender didn’t says, and I present plenty of evidence office more likely to fail than the dis-
refuting this myth that too many Title information board (“Disinformation
in Seattle over the past five years. Her effort to respond to our inquiry by deadline.
IX opponents present as fact. for Dummies,” Review & Outlook,
crack down on the worst repeat offenders is fac- “With regard to Mr. Piccone, court docu- SHERRY BOSCHERT May 2). But we could all benefit—
ing progressive resistance. ments show significant mainstream criminal Lebanon, N.H. even journalists—from stiffer libel
At issue is Ms. Davison’s proposal to exclude court involvement predating the creation of laws. Surely, Congress can craft a
prolific criminals from Seattle’s Community community court,” said Anita Khandelwal, the statute that protects our freedom of
Court. In 2019 her predecessor signed an agree- director of Department of Public Defense, in a speech without also protecting the
ment with the Seattle Municipal Court and the written response to our inquiry.
Qatar Has Not Always Been most egregious liars.
Department of Public Defense. Some two dozen She continued: “That involvement resulted, Such a Helpful U.S. Ally JOHN BARCHILON
classes of misdemeanor cases now go straight at times, in multiple months of incarceration, Estero, Fla.
I searched in vain for any mention
to the Community Court, which releases the ac- but it neither ended his involvement with the of Qatar’s support for the Muslim
cused after referring them to support services system nor addressed his unmet needs. Those Brotherhood in Egypt and Hamas in
and sometimes assigning them a life-skills class same documents suggest that Mr. Piccone is ex- Gaza, when Lt. Gens. Ben Hodges Pepper ...
or community service. periencing housing instability. Providing him and Sam Mundy write their exten-
Theft of up to $750 in a single incident in Se- housing is much more likely to promote safety sive praise (“The West Has a Crucial
And Salt
attle is a misdemeanor. Other crimes that go ex- than continued court involvement.” Ally in Qatar,” op-ed, May 2). It is THE WALL STREET JOURNAL
press to Community Court include residential i i i true that the U.S. has a huge and
valuable air base in Qatar, but plac-
trespassing, possession of tools for burglary or As Ms. Davison seeks to renegotiate the 2019
ing Qatar in the category of reliable
auto theft, and property destruction. agreement, she sits across the table from Ms. allies such as Australia, Japan and
The 2019 agreement includes no eligibility Khandelwal and Judge Damon Shadid, a pro- Israel goes much too far.
restrictions, so those with serious criminal his- gressive who oversees the Seattle Community All freedom lovers prefer sources
tories qualify. Seattle criminals get four tries Court. On April 27, Ms. Davison told the Seattle of energy other than Iran and Russia,
in the Community Court before they flunk out. Municipal Court that negotiations had reached and Qatar may be useful in that re-
Each can encompass multiple charges. Repeat an impasse. Is it any wonder? gard, but alienating Saudi Arabia and
offenders see the lack of consequences as an in- Ms. Davison has now asked the Seattle Mu- others in the process makes it less
vitation to commit more crimes. nicipal Court to intervene. The court said in a than a zero-sum game.
Since 2017 Mr. Piccone has been charged in statement that it was considering her proposal SAMUEL M. SALAMON
Cleveland
some 60 criminal cases across Washington, and and would work “to identify how to move for-
police have referred him for prosecution to the ward together and create a prioritized plan for
Letters intended for publication should
Seattle city attorney 46 times, Ms. Davison’s of- people whose needs and issues are not being be emailed to [email protected]. Please
fice says. Twenty-two of his most recent cases addressed, and have not been addressed histor- include your city, state and telephone
were referred to the Seattle Community Court, ically, by our criminal justice system.” number. All letters are subject to
where he was turned loose, the city attorney’s Here’s hoping the court means the victims editing, and unpublished letters cannot “We’ve almost decided on
be acknowledged.
office says. of crime, not the criminals. a logo for the baby.”
OPINION
Persona Non Grata at a Holocaust Memorial

By Elliott Abrams held at the Museum of Jewish Heri- Cuomo and then-Mayor Bill de Blasio.
And Eric Cohen tage in New York City. Until, as the In April the museum hosted a conver-
A
saying goes, we got canceled. sation with Senate Majority Leader
remarkable Jewish renais- Over the years, Tikvah has hosted Chuck Schumer and Linda Thomas-
sance is under way in Flor- numerous conferences at the mu- Greenfield, the U.S. ambassador to
ida. Jewish schools and seum, always including prominent the United Nations, who recently de-
synagogues are rapidly ex- Jewish, Israeli and American thinkers scribed America as a society plagued
panding. Jews from the and leaders of various political and by white supremacy and lauded
Northeast and Midwest, as well as religious points of view. We were America’s re-entry into the anti-Is-
Latin America and Israel, are migrat- working closely with the museum on rael Human Rights Commission.
WILFREDO LEE/ASSOCIATED PRESS

ing to the Sunshine State in signifi- the details for the June 12 event—un- When we launched the Jewish
cant numbers, making the Jewish til, out of the blue, we were told by Leadership Conference a few years
communities there lively and varied. the museum staff that Mr. DeSantis ago, we gave our inaugural Herzl
Florida’s booming and low-tax econ- didn’t “align with the museum’s val- Prize for Jewish Leadership to the
omy is no doubt one of the attrac- ues and its message of inclusivity.” great freedom fighter Natan Sharan-
tions to young Jews seeking to build Either we disinvite the governor, they sky, who endured nearly a decade in
a prosperous future for themselves said, or our event was unwelcome. a Soviet prison in his fight to rejoin
and their families. So is Florida’s ed- Throughout the modern age, Jews his people in Israel. In his memoir,
ucational system, which provides tax have suffered the consequences of “Fear No Evil,” he tells how the So-
credits that assist many parents in this kind of intolerance. We see it all Gov. Ron DeSantis at a bill signing in Surfside, Fla., June 14, 2021. viet thought police suffocated liberty
sending their children to Jewish day the time on college campuses, where “not by tanks and missiles, or even
schools. anti-Semitism and anti-Zionism have protests? What if our progressive Gov. DeSantis—including many camps and prisons,” but by turning
become a tolerated (and even cele- donors complain? In the current en- Jews—are so hateful that they don’t free citizens into frightened suppli-
brated) form of discrimination. We vironment, protecting free speech even merit a voice in the great Amer- cants, afraid to speak their minds.
New York’s Museum of see it in the boycott, divest and sanc- requires moral and political courage. ican conversation. A museum of tol- The preservation of Jewish heri-
tions movement, which advocates Many administrators, corporate erance has become intolerant. tage depends not only on remember-
Jewish Heritage bans Gov. treating Israel as a pariah. We see it CEOs and college presidents have When pressed for a further expla- ing the lost Jews of the past. It de-
Ron DeSantis to promote in the U.N., with its odious anti-Israel weak spines. Preserving a free soci- nation of why our event was can- pends also on channeling those
Human Rights Council and with Am- ety requires at least some ability to celed, the museum’s CEO adopted a sacred memories toward a vibrant
‘its message of inclusivity.’ nesty International’s “apartheid respect other viewpoints and other common form of doublespeak: We Jewish future—the kind of Jewish re-
state” calumny. people. The new czars of cancel cul- don’t do politics, he told us, whether naissance we are seeing today in
But we know things are bad when ture seem to have little such moral left or right. Not surprisingly, this Florida.
A few years ago, we helped a Jewish institution—in this case, a imagination or civic tolerance. was false. In August 2018, Alexandria The Jewish Leadership Conference
launch the Jewish Leadership Con- museum whose purpose is to keep The new thought police don’t see Ocasio-Cortez, then a Democratic won’t be canceled, and the governor
ference, an annual gathering to con- Jewish heritage alive by remember- themselves as acting solely or pri- candidate for Congress, was a fea- of the state with America’s third-
sider the challenges facing the Jew- ing the Holocaust—turns on its own marily out of fear. They believe they tured speaker at an event at the mu- largest Jewish population will speak.
ish people and Israel. It is hosted by and tries to make a virtue of its own are defending the good: inclusion seum, sponsored by the Immigrant We will hold our event as planned, at
Tikvah, a 20-year old Jewish educa- intolerance. against hate, equality against dis- Arts Coalition. Her speech was a different, secular venue. But it is
tional and cultural institution whose What drives our elite institu- crimination, victimized minorities widely covered in the news—both be- sad to see that the misguided leader-
main activity in America is teaching tions—museums, universities, large against white privilege. Yet the fore and after the event—including ship of a Jewish museum won’t allow
young Jews about Jewish history corporations, the media—to shut pseudo-gospel of inclusion breaks public criticism of the museum for alternative ideas a seat at the Jewish
and civilization. We thought it down speakers and ideas that ques- down quickly. In the name of inclu- giving such a vociferous critic of Is- table.
.
would be interesting to invite Gov. tion progressive orthodoxy? In sivity, a Jewish museum sent us a rael a prominent platform at a Jew-
Ron DeSantis to discuss how the many cases, the explanation is sheer clear message: Some people are to be ish institution. Yet the event went on Mr. Abrams is chairman and Mr.
ly
“Florida model” has contributed to cowardice. A lot of people dislike excluded. In the name of fighting as planned. Cohen is CEO of Tikvah. They are co-
the growth and vitality of Jewish life Mr. DeSantis, and the museum staff hate, the museum decided that the The museum has hosted other pol- chairmen of the Jewish Leadership
in his state. The event was to be must have asked: What if there are millions of Floridians who support iticians, including then-Gov. Andrew Conference.
on
With Friends Like Putin, Xi May Lose Europe
us ,
What was Olaf strategy, suddenly has fallen into This is not precisely new, after it parliament last week passed a reso- strategy that focuses more on growth
l
Scholz doing in bad repute. Cultivating closer eco- became clear in recent years that lution calling on Mr. Scholz to ac- opportunities in the European Union,
e
al a
Tokyo last week? nomic ties with Mr. Putin’s Russia Mr. Xi would not continue the re- celerate heavy-weapons deliveries the U.S. and Africa, and reassesses
The visit will be didn’t dissuade the autocrat from form-and-market-opening path of to Kyiv. Somewhat surprisingly, dependence on other countries,” the
clanging alarm his imperialism. And now that Wan- his predecessors. But of late the China got a paragraph of its own, in party elders write, and no prize for
ci on
bells in Beijing as del has failed, the closely entwined drumbeat of German businesses which legislators demanded Mr. guessing which “other countries”
POLITICAL China anxiously business relationships created by all rethinking China has grown more Scholz threaten to impose sanctions they have in mind.
ECONOMICS tracks the fallout that Handel are proving devilishly insistent. on Beijing if China obstructs West- The broader public debate is ac-
from Vladimir Pu- hard to disentangle. ern sanctions on Russia or supplies celerating. “Could Germany afford
By Joseph C.
tin’s invasion of In this climate, thoughts have Russia with weapons. The resolu- to bid the China market farewell?”
Sternberg
er s
Ukraine. quickly turned to China, long Ger- China should be worried tion was nonbinding, but Mr. Scholz the business-minded newspaper
The newish many’s other object of change said he interprets it as a mandate. Frankfurter Allgemeine asked in
that the war in Ukraine
m er
German chancellor’s trip to Japan through trade. Beijing has helped Foreign Minister Annalena Baer- March. The answer, with a few cave-
to discuss economic and strategic sharpen this negative focus, perhaps has Germany rethinking its bock in March inaugurated a for- ats, was yes. This is part of a rap-
cooperation is a sign of a major most notably with Xi Jinping’s eign-policy review. China featured idly expanding genre in which com-
change under way in Berlin. The early-February pledge of “no limits” conciliatory foreign policy. prominently in her speech although mentators, reporters and assorted
clue is the destination Mr. Scholz friendship with Mr. Putin. Europe- not always by name: Europe must others pick over various aspects of
m rp
skipped: Beijing. Mr. Scholz’s pre- ans are frustrated with Mr. Xi’s un- be aware that “vulnerability in the the Germany-China economic rela-
decessor, Angela Merkel, visited willingness or inability to broker a A survey by the Munich-based Ifo 21st century can also consist in au- tionship, whether the auto industry
China the way Chicagoans vote— peace in Ukraine. Institute think tank conducted in thoritarian states investing billions or imports of raw materials or any
early and often. Her first jaunt to The autocratic invasion of February found that 45% of German of euros in European motorways, of a variety of other questions,
Beijing came six months after she Ukraine also raises worries about an manufacturers said they planned to roads, power grids and ports,” she searching for ways Germany can im-
co Fo
took office, and she visited China autocratic invasion of Taiwan, a reduce imports from China, and 55% warned in a barely veiled shot at prove its economic security.
twice as often as Japan during her prospect Europe previously dis- of retailers. “Foreign companies are Beijing. Whether Germany’s new skepti-
16 years in office. That Mr. Scholz counted. And Mr. Xi’s economy-kill- hitting the pause button,” Joerg A special mention here goes to cism of China sticks will be a major
shows signs of bucking this trend is ing zero-Covid policies undermine Wuttke of the EU Chamber of Com- Ms. Merkel’s center-right Christian political, economic and strategic
significant. the business case for foreign inves- merce in China said in a recent in- Democratic party, now in the opposi- question of the next decade. A likely
It’s more fallout from the Ukraine tors. Thanks to foolish policy errors terview, regarding business nerves tion, which is quickly and not-so-dis- outcome is not a total divorce, but
war. Germany’s shock at Vladimir in Beijing, the country will miss this about potential parallels between creetly running away from her Wan- rather the adoption in Berlin of a
Putin’s invasion is both sincere and year’s annual economic-growth tar- Ukraine and Taiwan. The comment del durch Handel legacy. In a less enthusiastic, more hard-nosed
wrenching. The economic element is get by a wide margin. hit a particular nerve in his native national-security outline released attitude toward China. That will still
twofold. The old maxim of Wandel The result is a new German skep- Germany. Monday, the CDU leadership calls for be a far cry from what Mr. Xi proba-
durch Handel—change through ticism of China that’s playing itself Within the political and policy a “revision and reassessment” of bly thought he’d get when he signed
trade—which was almost by default out along three dimensions. class, too, a China rethink is under Germany’s economic approach. “Ger- his friendship pact with Mr. Putin
Ms. Merkel’s only foreign-policy Businesses are growing anxious. way. Lawmakers in the national many needs a new globalization three months ago.
n-
The Job of Rebuilding Ukraine—and Russia—After Putin

no
By Mikhail Khodorkovsky decision to cut off gas to Poland democracies also blundered by be- Of course, there will be costs in- above pre-invasion levels but in re-
I
and Bulgaria. But they aren’t suffi- lieving that the authoritarian re- volved as countries wean them- turn there will be security and jobs.
had a head start in understand- cient reason to weaken the finan- gimes they rely on for energy selves off dictators’ gas and oil. But American industrialists in the 20th
ing the need to stand up to cial blockade against the Kremlin. would never exploit that depen- the world of hydrocarbons is gradu- century were able to provide their
Vladimir Putin. Russian special Democracies will never achieve dency. Countries whose politicians ally coming to an end. Oil and gas workers with decent housing. Imag-
forces stormed my plane in Novosi- long-term economic stability if owe their power to the well-being will continue to exist in our lives for ine the social benefits, such as
birsk, Siberia, in 2003, some six they are susceptible to energy of voters forgot that their supplier decades, just as coal and horses still health insurance, training and pen-
months after I publicly told Mr. Pu- blackmail from dictatorships. has no regard for human lives. sions, that entrepreneurs could of-
tin that his government’s corruption About half of Russia’s state reve- For years, businesses and politi- fer today.
was hindering Russia’s development. nues come from oil and gas sales ac- cians in the U.S. and many Western The war is the impetus to Ukraine needs our help to secure
I was charged with stealing the oil cording to 2021 reports by the European countries indulged dicta- victory. In Mr. Putin’s mind, he is at
my company produced and not pay- country’s Ministry of Finance. That tors, rationalizing that they pro- accelerate the move away war not only with Ukraine, but also
ing corporate taxes on the suppos- money is being used to murder and vided political and economic sta- from dependence on the U.S. and the North Atlantic
edly stolen oil. I spent 10 years in terrorize people in Ukraine and pro- bility. With Mr. Putin on the Treaty Organization. He must be de-
prison. duce weapons that threaten the en- rampage in Ukraine, however, this dictators’ gas and oil. feated there lest he need to be de-
Even after the invasion of tire West. The Kremlin has long de- isn’t what stability looks like and feated on NATO territory in due
Ukraine, some Western entrepre- ployed energy as a weapon of never will be. course. Defeat for Ukraine would
neurs and politicians publicly criti- political coercion and control. It It is ludicrous that Germany, the do, but nobody should ever again be prolong the Putin regime, increasing
cize the sanctions against the Putin now uses it as a military tactic. most industrialized European coun- able to use force and be shielded the risks for the world.
regime. The West, they say, can’t Mr. Putin’s war has exposed try, has proved incapable of swiftly from retaliation by threatening to But the job doesn’t end with a
meet its energy needs without Rus- Western countries’ energy vulnera- ramping up weapons production. To cut off the energy supply. Ukrainian victory. It includes re-
sia, and refusing to buy Russian hy- bility, which is exacerbated by Eu- meet its long-term economic and Ukraine is the impetus to accel- building Ukraine—a task worthy of
drocarbons only increases their rope’s slow development of the liq- strategic security needs, the West erate the move away from fossil fu- revived European and American in-
price, benefiting Mr. Putin. uefied natural gas market and must once again become self-suffi- els. This will require significant industries. Russia also will need a re-
Those fears are rational, as some countries’ initiatives to cient in producing key industrial vestment and time, perhaps 10 vival, and we must start thinking of
demonstrated by Russia’s recent phase out nuclear power. Western and military goods. years. Electricity prices could rise what comes after Mr. Putin. Russian
history teaches us that defeat in
war brings overwhelming problems
Notable & Quotable: Courts

for a regime within two years. A
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY stable Russia will come about not by
Rupert Murdoch Robert Thomson replacing one autocratic ruler with
Executive Chairman, News Corp Chief Executive Officer, News Corp From “The case against the Su- Litigation, in other words, is a far another but by establishing a fed-
Matt Murray Almar Latour preme Court of the United States” by more potent tool in the hands of an eral parliamentary republic that co-
Editor in Chief Chief Executive Officer and Publisher
Ian Millhiser for Vox.com, May 3: anti-governmental movement than it ordinates the interests of Russia’s
Karen Miller Pensiero, Managing Editor DOW JONES MANAGEMENT: is in the hands of one seeking to regions and doesn’t hijack their re-
Jason Anders, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; There are several structural rea- build a more robust regulatory and sources to wage war.
Neal Lipschutz, Deputy Editor in Chief Mae M. Cheng, SVP, Barron’s Group; David Cho,
Barron’s Editor in Chief; Jason P. Conti, General
sons courts are a stronger ally for welfare state. It’s hard to cure pov- Mr. Putin’s invasion has exposed
Thorold Barker, Europe; Elena Cherney, Coverage; conservative movements than they erty when your only tool is a the threat posed by authoritarian
Andrew Dowell, Asia; Brent Jones, Culture, Counsel, Chief Compliance Officer; Dianne DeSevo,
Training & Outreach; Alex Martin, Print & Chief People Officer; Frank Filippo, EVP, Business are for progressive ones. For start- bomb. . . . regimes. The West must be ready to
Writing; Michael W. Miller, Features & Weekend; Information & Services; Robert Hayes, Chief ers, in most constitutional cases Of course I do not believe that respond. Eliminating its hydrocar-
Emma Moody, Standards; Shazna Nessa, Visuals; Business Officer, New Ventures; courts only have the power to strike we should literally light the Su- bon dependency, helping Ukraine to
Aaron Kissel, EVP & General Manager, WSJ;
Matthew Rose, Enterprise; Michael Siconolfi,
Josh Stinchcomb, EVP & Chief Revenue Officer,
down a law—that is, to destroy an preme Court of the United States on victory and revival, and planning for
Investigations
WSJ | Barron’s Group; Jennifer Thurman, Chief edifice that the legislature has built. fire, but I do believe that dimin- a de-Putinized Russia must be part
Paul A. Gigot Communications Officer The Supreme Court could repeal ished public trust in the Court is a of the response.
Editor of the Editorial Page Obamacare, but it couldn’t have cre- good thing. This institution has not
Gerard Baker, Editor at Large EDITORIAL AND CORPORATE
HEADQUARTERS:
ated the Affordable Care Act’s com- served the American people well, Mr. Khodorkovsky is founder of
1211 Avenue of the Americas, New York, N.Y., 10036 plex array of government-run mar- and it’s time to start treating it the Open Russia movement and a
Telephone 1-800-DOWJONES ketplaces, subsidies, and mandates. that way. former CEO of Yukos Oil.
Tip #10 Tip #26

Figure out retirement Why paying down your
cash-flow needs. mortgage before you retire
might be a bad idea.
Tip #12
Why you need Tip #18
to plan on living Beware of
.
longer than you
ly
annuities.
expect.
on
Tip #13 Tip #40
us ,
l
e
Ways to protect
al a
against inflation and A way to manage

ci on
longevity’s impact on taxes in retirement

your income needs.
er s
m er
Tip #23 Tip #85

m rp
What to tell adult children Ways to spend less but keep

about your finances. your lifestyle intact.
co Fo
n-
no
If your portfolio is $500,000 or more,

call now for your FREE* guide and bonus offer!
Toll-free 877-795-3477
Or visit FisherRetireWell.com/View
TECHNOLOGY: SHOPIFY MAKES DEAL TO BUY FULFILLMENT COMPANY DELIVERR B4
BUSINESS & FINANCE

© 2022 Dow Jones & Company. All Rights Reserved.
S&P 4146.87 g 3.57% S&P FIN g 2.91% S&P IT g 4.93%

* * * **
DJ TRANS g 2.89%
THE WALL STREET JOURNAL.
WSJ $ IDX À 1.13% 2–YR. TREAS. yield 2.722% NIKKEI (Midday) 26850.53 À 0.12% See more at WSJ.com/Markets
Friday, May 6, 2022 | B1
Boeing to Move Base to Virginia

U.S. traditional IPO volume,
as of May 4 of each year
$60 billion
50
Move brings senior officials and lawmakers follow- nesses to the commonwealth, recent years. Boeing in 2017 said he had been lobbying Boe-
ing a tumultuous three years according to a state official. said it would move its defense ing’s senior leadership for over
executives closer to for the company. While details of Boeing’s agree- unit’s headquarters to Arling- a year to move its headquarters 40 2022
decision makers in Details of the move haven’t ment with the state aren’t final, ton from St. Louis to be nearer to Virginia. He said the state’s $3.28B
been finalized. They are ex- they aren’t expected to involve to lawmakers and Pentagon diverse pipeline of engineering 30
U.S. government pected to be announced as soon significant financial entice- procurement officials, with talent has grown with major
as next week, according to ments but may include work- government-affairs and other companies moving to Virginia
BY ANDREW TANGEL some of these people. force-related incentives, the of- staff also working from the of- and noted Boeing already has 20
AND DOUG CAMERON Northern Virginia is already ficial said. fice complex opened in 2014. an outsize presence in Wash-
home to many of the largest The aerospace company also Boeing was attracted to ington. “This is not like a com- 10
Boeing Co. said it planned to U.S. military contractors, and said Thursday that it would es- northern Virginia in large part pany that needs to move to the
move its global headquarters to the local property and labor tablish a research and technol- because of its engineering tal- region to raise its visibility,” 0
Arlington, Va., from Chicago, a market has been fueled further ogy hub in northern Virginia ent pool as well as the proxim- Sen. Warner said
2010 ’12 ’14 ’16 ’18 ’20 ’22
shift that would bring the aero- by Amazon.com Inc.’s decision that would focus on areas in- ity to its biggest customer—the Boeing’s move closer to
space giant’s leadership closer to locate one of its secondary cluding cybersecurity, autono- U.S. government—and various Washington, D.C., would follow Source: Dealogic
to top federal officials after a headquarters there. mous operations and systems suppliers and business groups years of sometimes strained re-
challenging period.
The announcement comes as
the future of many of Boeing’s
jetliner and military programs
Boeing has for months been
in talks with the office of Vir-
ginia Gov. Glenn Youngkin, who
has been working to woo the
engineering.
Many of Boeing’s senior ex-
ecutives have increasingly been
working out of its Washington,
with presences in the nation’s
capital, according to a person
familiar with the company’s
discussions.
lations with various federal
agencies and elected officials.
The Federal Aviation Admin-
istration, based in Washington,
Bausch
lies with regulators, Pentagon plane maker and other busi- D.C., area offices or remotely in Sen. Mark Warner (D., Va.) Please turn to page B2
Prices
Online Ad Titans Estimated global ad spending
by category*
2021
$837B
Advertising revenue,
change from a year
earlier
IPO at
Fall Off Their $800 billion
46% Meta
Low End
.
Pandemic Highs Of Target
ly
700
BY CORRIE DRIEBUSCH
6%
BY SUZANNE VRANICA
The supercharged advertis-

23%, respectively, from a year
earlier—down sharply from
the 50%-plus increases they
on600 1Q 2021 1Q ’22
Bausch + Lomb Corp.
priced its IPO at $18 a share
Thursday, falling short of ex-
ing growth that some of the experienced at some point last pectations as it became the
us ,
world’s largest technology year. Facebook’s overall reve- first big company in months to
l
companies reported during the nue growth was the slowest it Google try going public into a turbu-
e
al a
pandemic is decelerating. ever posted since going public 500 lent stock market.
A round of tech earnings in 2012. Bausch Health Cos., the
last week made it clear that “Digital is holding on to its parent company, raised $630
ci on
the Covid-led surge in digital gains but is not growing as

32% million in the offering. It had
advertising has begun to ease. quickly as it grew during the 22% been aiming to raise as much
400
The slowdown was caused by pandemic,” Mark Read, chief as $840 million and sell the
inflation fears, supply-chain executive of the world’s larg- stock at $21 to $24 a share,
shortages, the war in Ukraine, est ad-holding company, WPP Digital according to a regulatory fil-
er s
a gradual return to normalcy PLC, said. ing.

1Q 2021 1Q ’22
two years into the pandemic, The Big Three’s rapid 300 The debut of the eye-care
m er
the continued rise of TikTok growth during the pandemic company, a spinoff of Bausch
and Apple Inc.’s recent privacy further cemented their domi- Health Cos., is being watched
changes. nance of the advertising mar- closely as a bellwether for the
Amazon
“We have not seen a collec- ket. The year 2020 marked the 76% IPO market, which has been
tive set of headwinds for ad- first time Google, Facebook virtually shut down since
m rp
200
vertisers like this since the and Amazon collected the ma- stocks started falling earlier
early 1980s,” said Michael Na- jority of all ad spending in the this year.
thanson, an analyst at Moffett- U.S. Representatives for TV and video It is the first big initial pub-
Nathanson. Google, Meta and Amazon had lic offering since private-eq-
The three largest digital-ad- no comment. 100 uity firm TPG Inc. went public
co Fo
vertising players in the U.S.— In the early days of the Outdoor 25% in mid-January.
Google parent Alphabet Inc., pandemic, consumers spent After a record year in 2021,
Facebook parent Meta Plat- more time on computer Newspapers/magazines traditional IPOs have raised
forms Inc. and Amazon.com screens and did more shop- less than $3.3 billion in 2022,
Inc.—last week said ad reve- ping online, but their behav- 0 Audio and cinema the slowest start since 2016,
nue in the first three months iors are returning to more 2013 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 1Q 2021 1Q ’22 according to Dealogic.
of 2022 grew by 22%, 6.1% and Please turn to page B4 *Excludes political ad spending Sources: GroupM (ad spending); the companies (ad revenue) Please turn to page B5
Filing Throws Solar Market Into Chaos Investors Find Safety

In Overlooked Stocks
n-
BY PHRED DVORAK
AND KATHERINE BLUNT
Auxin Solar Inc., a tiny, That Pay Dividends

no
struggling maker of solar pan-

els, has thrown the entire
American renewable-energy BY AKANE OTANI has a yield of 2.6% and Coca-
industry into chaos. Cola Co. with a yield of 2.7%.
A petition Auxin filed with Investors seeking shelter All three are beating the mar-
the Commerce Department ac- from volatility are turning to a ket for the year.
cusing Chinese companies of part of the markets that had What’s unusual about this
circumventing tariffs spurred largely been overlooked last year’s rally in dividend-paying
a U.S. probe in March that has year: dividend-paying stocks. stocks is that it is the opposite
IAN BATES FOR THE WALL STREET JOURNAL
effectively halted most solar- Shares of companies paying of what market convention
panel imports, according to big dividends to investors says happens when interest
utilities and industry groups, have trounced practically ev- rates rise. Usually, investors
delaying solar projects all over erything else this year. say, dividend-paying stocks do
the country. They took a hit Thursday as poorly in a rising-rate environ-
Utility chief executives and the broader market tumbled ment because rates typically
politicians including California but have held on to their lead go up when the economy is
Gov. Gavin Newsom have pro- for 2022. The iShares Core growing. In boom times, inves-
tested, warning that the inves- High Dividend exchange- tors tend to forgo the steady
tigation could set back U.S. ef- traded fund, which tracks 75 cash payments of bondlike
forts to transition to cleaner such stocks, is up 3.9% this stocks in favor of companies
energy sources to combat cli- Mamun Rashid says he is trying to stop unfair trade practices that have hurt U.S. manufacturers. year. That puts the fund far that have the potential to de-
mate change. A U.S. solar ahead of the S&P 500, which is liver bigger profits later.
trade group estimates the tur- coal-fired power plants that and whether it even produces factory showed roughly 30 down 13% in 2022. This time, a different dy-
moil could cost the industry are slated for retirement run- panels. workers making panels. The fund includes stocks namic is at play. Interest rates
billions of dollars. ning longer than expected. Auxin CEO Mamun Rashid As a result of the dispute, like Exxon Mobil Corp., which have risen swiftly, not because
On Wednesday, Indiana- The disruption has fueled said that the company is fund- he said, his employees have has a dividend yield of 3.9%; investors are betting on an
based utility NiSource Inc. speculation in the industry ing the petition itself, seeking been hassled, his computer Johnson & Johnson, which Please turn to page B11
said delays of as long as 18 about what is motivating to stop unfair trade practices servers have been hacked and
months in solar projects Auxin, where it is getting its that have hurt American man- strange cars have been circling
meant it would have to keep funding for its regulatory fight ufacturers. A recent tour of his Please turn to page B2
INSIDE
Peloton Looks to Sell Sizable Minority Stake
JOE RAEDLE/GETTY IMAGES
BY CARA LOMBARDO take a stake of around 15% to giant such as Amazon.com started to fill up again.
AND DANA CIMILLUCA 20%, according to people fa- Inc., which is among the suit- Peloton’s value has fallen
miliar with the matter. Discus- ors that have explored a full from a high of around $50 bil-
Peloton Interactive Inc. is sions are at an early stage and purchase of Peloton, The Wall lion early last year to around
exploring a sale of a sizable there are no guarantees the Street Journal has reported. $5.6 billion this week. The
minority stake to shore up its New York-based company will Peloton enjoyed high times shares lost around 9% Thurs-
business as the once-hot bike find a taker or agree to a deal. as a pandemic darling, with day amid a broader market AVIATION BUSINESS NEWS
maker’s stock continues to New capital could bolster homebound customers order- rout. The FAA and airlines Anheuser-Busch InBev
sink. Peloton as it attempts a major ing its exercise equipment and The company in early Feb-
The fitness company is tar- turnaround. It could also serve streaming its virtual classes. ruary replaced its chief execu-
take steps toward posts strong sales,
geting potential investors in- as a vote of confidence if it Its valuation soared. The com- tive and unveiled plans to cut easing congestion over buoyed by the higher
cluding industry players and comes from an established pri- pany’s fortunes sagged as 2,800 jobs to boost its valua- Florida. B3 price of beer. B6
private-equity firms that could vate-equity firm or technology lockdowns eased and gyms Please turn to page B2
B2 | Friday, May 6, 2022 * *** THE WALL STREET JOURNAL.
INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A F Netflix.........................A2
Advanced Micro Devices Fidelity Investments..A4 News Corp...........A11,B6
.....................................A2 Ford Motor..................B2 Nvidia..........................A2
Alphabet..............A11,B1 Frontier........................B3 NXP Semiconductors
Amazon.com G .....................................A2
.................. A1,B1,B4,B12
General Motors...........B2 P
Anheuser-Busch InBev Peloton Interactive.....B1
Grubhub.......................B4
............................. B6,B12 Pernod Ricard............B12
Apollo Global H
Pfizer...........................A3
Management.............B6 Heineken ..................... B6 Procter & Gamble.......B6
Apple...........................A2 HSBC ......................... B12
AstraZeneca................A3 I R
Athene.........................B6 REA..............................B6
Auxin Solar.................B1 Intel.............................B5
Rémy Cointreau........B12
B J Rivian Automotive ..... B6
Bausch Health ............ B1 JetBlue Airways ......... B3 S
Johnson & Johnson
Binance.com................A1 Shell.....................B3,B12
............................... A3,B1
BioNTech.....................A3 Shopify...........A2,B4,B12
Boeing ......................... B1 K Spirit Airlines ............. B3
BP.........................B3,B12 Kellogg.................B6,B11 Stellantis.....................B2
C L T
Carlsberg.....................B6 Lowe's.........................B5 Tesla.................A1,B2,B6
Coca-Cola.....................B1 Lucid............................B6 Tupperware Brands.....B5
MICHAEL NAGLE/BLOOMBERG NEWS

D-E M-N Twitter...................A1,A2
Deliverr........................B4 Meta Platforms U
Diageo ....................... B12 ........................A2,A11,B1 Uber Technologies ...... B4
DoorDash.....................B4 Moderna......................A3
Ebay.............................A2 Molson Coors Beverage W
Etsy.............................A2 .....................................B6 Walmart.................B4,B5
Exxon Mobil................B1 Nestlé..........................B6 Wayfair..................A2,B5
INDEX TO PEOPLE A Jeep Wrangler Rubicon 4xe from Stellantis drove on a test track at the 2022 New York International Auto Show last month.
Stellantis Won’t Spin Off EV Arm

A Geraghty, Joanna........B3 Rashid, Mamun...........B1
Ablin, Jack.................B11 Gulliver, Kate..............B5 Rowan, Marc...............B6
Adarkar, Prabir............B4 Hogan, Art ................ B11 S
Horneman, Megan....B11
B Shah, Niraj..................B5
Jassy, Andy...............B12
Bajaj, Mohit..............B11 Shapero, Amy ............. B4
K Sink, Brandon..............B5
Barra, Mary.................B2 BY RYAN FELTON Executive Jim Farley said he market leader in selling EVs, global revenue in the first
Brown, Aaron..............B4 Kleinman, Scott..........B6 T believes the company’s legacy and prove to Wall Street that quarter over the prior-year
C M Tavares, Carlos ........... B2 The chief financial officer of gas-engine business was hold- they can make the technologi- period, despite a drop in vehi-
Cahillane, Steve..........B6 Matute, Mariela..........B5 Thomson, Robert........B6 auto-making giant Stellantis ing it back and it needs to cal shift while keeping their cle shipments because of the
McCarthy, Barry..........B2 V
Chiavarone, Steve.....B11 NV said he doesn’t see a need change. core profit-generating busi- continuing computer-chip
Misra, Priya...............B11
D Musk, Elon..................A1
van Beurden, Ben to separate out the company’s “I don’t honestly see huge ness of selling gasoline vehi- shortage. Mr. Palmer attri-
Dorsey, Jack................A4 ............................. B3,B12 electric-vehicle business, adding benefits to doing that,” Mr. cles healthy through the tran- buted the boost in revenue to
N-R
Doukeris, Michel.........B6 W that there are benefits to stick- Palmer said. “I think we need sition. The challenge is the company getting stronger
Nathanson, Michael....B1
F-J Palmer, Richard...........B2
Wieser, Brian..............B4 ing with a unified operation. to manage the company and spawning different ap- prices for its vehicles, a rise
Farley, Jim...................B2 Radke, Tyler..............B12 Z In a call with analysts the assets we have through proaches. he said is helping offset the
.
Fleisher, Michael ........ B5 Read, Mark..................B1 Zell, Jeff......................B5 Thursday, Stellantis CFO Rich- this transition.” General Motors Co. Chief higher costs of raw materials
ard Palmer said the company He added that the company, Executive Mary Barra also has being driven by inflationary
ly
Foley, John..................B2 Rainey, John ............... B5 Zuckerberg, Mark ....... B4
isn’t anticipating any big formed through the merger said she views the business as pressures.
structural changes as it boosts last year of Fiat Chrysler Au- stronger for keeping the two “I think we’re very confi-
Solar pended on for their projects.

Last year, a group of U.S.
solar manufacturers filed an
on investment in EVs, in part be-
cause the cash flow generated
by its gas-engine vehicles is
tomobiles NV and France’s
PSA Group, needs to take into
account all its stakeholders,
operations together, even as
she continues to get questions
from analysts and investors
dent that we can continue to
offset the raw-material infla-
tion headwinds with pricing,”
Market anonymous petition to the

Commerce Department, saying
Chinese manufacturers were
critical for funding the techno-
logical transition.
His comments came in re-
including employees, and is
open to looking for other ways
to foster speed and entrepre-
about whether a separation
would help unlock more value
for investors.
Mr. Palmer said.
The newly formed Stellantis
is reporting stronger earnings
us ,
In Turmoil evading U.S. tariffs by routing sponse to a question about neurial behavior within the Stellantis has committed to and other improvements since
l
their operations through those whether Stellantis, the owner corporate structure. ramping up production of bat- the tie-up, but the stock price
e
al a
Southeast Asian countries. of Jeep, Ram and more than a His boss, Stellantis Chief tery-powered vehicles, setting remains a concern, Mr. Palmer
After that petition was re- dozen other automotive Executive Carlos Tavares, said a goal of EVs representing half said.
Continued from page B1 jected because its proponents brands, would consider a reor- in March that Ford’s move was of its U.S. sales annually by Stellantis shares fell 4.9%
ci on
his factory. wouldn’t say who they were, ganization similar to the one a play to benefit investors, not 2030. It also comes as tradi- Thursday and are off 31% so
“Somebody called me a cou- Auxin, which had been a mem- revealed by Ford Motor Co. consumers, and could generate tional auto makers have tried far this year. Mr. Palmer said
ple days ago and said our ber of the group, decided to this year. internal strife among staff to capture the interest of in- the company’s financials alone
name is very toxic in the in- try again on its own and in the Ford plans to create two working for the company’s vestors, who are driving up merited more attention from
dustry,” said Mr. Rashid, a for- open, according to a person separate internal divisions: legacy gas-engine business. the valuations of auto startups investors.
er s
mer Silicon Valley microchip familiar with the matter. one specific to gas-powered Auto makers are investing focused solely on making EVs. “There’s clearly a disparity
engineer who said in past Mr. Rashid said Auxin had vehicles and another focused billions of dollars trying to Stellantis also on Thursday between our share price and
m er
years he has sold a treasured less than $10 million in reve- on electric vehicles. Ford Chief catch up with Tesla Inc., the reported a 12% increase in our performance,” he said.
Porsche and drained his 401(k) nue last year and managed to
to keep the solar company make a slight profit. Auxin can
afloat.
“The last thing I would
produce 150 megawatts of
panels a year, less than what a Boeing
m rp
want to do is take an action

that hurts” the renewables in-
dustry, he added, saying that
single, large-scale utility proj-
ect would typically require.
Mr. Rashid said it is running at To Move “This Lamp is a Sight For Sore Eyes
meeting the climate challenge 30% of that capacity.
is important to him. “But are During a recent visit to
To Virginia ht source designed
Last year, my father actually gave up on
co Fo
we going to look the other way Auxin’s factory, located in a

on not abiding by U.S. law?” San Jose industrial park, some reading – the eyestrain was just over-
for lamps
The furor over the petition workers were assembling pan- whelming. But now, with this lamp, Dad This revolutionary lighting solution will deliver
by Auxin, a privately held els. Some monitored machines Continued from page B1 can even read his newspaper again.
company based in San Jose, stringing together solar cells has increased scrutiny of Boe- up to 10 times more light than the single bulb
Calif., highlights how depen- while others soldered parts by ing since two of the company’s Thanks for delivering on everything you are now using – for only 32 watts!
dent the American solar indus- hand. Workers passed com- 737 MAX jets crashed in 2018 stated in your ads and restoring my Its patented LED bulb array may appear
try is on foreign supplies, pleted panels through large and 2019. The air-safety regula- father’s favorite hobby – reading!
reading!”
most of which are controlled lamination machines and let tor prevented the company tto be
b “upsid
“ ide down”– but the 4 bulb
by Chinese companies that can them cool before transferring from returning the MAX jets to – Sara H. spread of light is actually down and out,
Arlingtton, Va.
produce large volumes at low them to stacks of panels in a service for nearly two years. perfect for taask light.
prices. Chinese manufacturers dark corner. More recently, the FAA has THE 6”
make around 63% of the poly- Since the Commerce De- withheld approvals needed to
KEEP IT SIMPLEE!
n-
silicon used in most solar pan- partment agreed to investi- resume 787 Dreamliner deliver- 11”
els globally and more than gate, the complaint has halted ies that have been halted be- KIS Lamp
two-thirds of the wafers that panel shipments from South- cause of production problems.
are the next step in the manu- east Asia to the U.S., according Boeing has also dealt with MyLight has combined
classic lamp design
no
facturing process, according to to utilities and trade groups, problems tied to various de- The
T Lamplight light
energy consulting firm Wood because makers overseas fense and space programs in with a revolutionary source
s focuses light
Mackenzie. worry that they could be hit recent years. Military contracts light source. exactly where it’s 15”
needed.
For the past decade, the retroactively with extra duties. accounted for more than half of The combination
T
Table Lamps
U.S. has tried to keep some so- A group of 22 U.S. senators Boeing’s $62.3 billion in sales delivers available in
lar manufacturing at home by sent a letter to President Bi- last year. exponentially SATIN
A BRASS
levying tariffs on the solar den on Sunday, saying the Boeing shares closed down more light for (shown) Light Source
The
cells and panels that are the probe is causing “massive dis- 4.1% at $150.47 on Thursday
final stages of production, in- ruption in the solar industry” and have fallen sharply this
reading or any
other task.
K
KISTM or
BRUSHED Table lamp height adjusts
cluding steep duties on Chi- and asking for the case to be year. The stock is up around Lamp
L SILVER
L from 27” to 32”
nese makers. Production in- speedily closed. 23% over the past two years, KIS is also the perfect desk lamp for
stead shifted to Southeast Commerce Secretary Gina compared with a 58% rise in
Underlighting glare and brightness control.
Asian countries such as Malay- Raimondo told a Senate panel the industrial components of is overrated
sia, Thailand, Vietnam and last week that her “hands are the S&P 500 index. In your lamps, the new
Cambodia, which last year very tied” on probing the com- Lawmakers and unions have “retrofit” CFL and LED
manufactured nearly half of plaint’s allegations, but she criticized Boeing for the remote-
the cells and 80% of the panels said the department would ness of its Chicago base from its bulbs do not produce Special Offer –
the same amount of task includes BOTH homespun white
that U.S. solar companies de- move as fast as possible. jetliner operations in the Seattle lampshade (shown) and GlareGuard™
area. light as ordinary bulbs. opaque black lamp shade.
“This will further distance Just as we’ve gotten older
Peloton tory in Ohio, lowering its full

fiscal-year guidance and mak-
ing changes to its board.
the company from its engineer-
ing and manufacturing work-
force,” said a spokesman for the
and our eyesight has declined,
OUR LIGHT HAS FAILED US. Swing arm
• Includes handheld LED dimming control
• Includes (5) LED bulbs-all guaranteed
for 3 years
Seeks to
extends 6”.
The changes came a few Society of Professional Engi- YOU NEED: • FREE SHIPPING
weeks after an activist inves- neering Employees in Aero- • 30 DAY unconditional trial period with
• A quantity and quality return shipping prepaid
tor, Blackwells Capital LLC, space, the union representing Floor Lamps
Sell Stake had called on Peloton to fire Boeing engineers. of light geared to available in
better contrast US PATENTS Gun Metal
Mr. Foley and explore a sale. Illinois’s two Democratic
10,378,698
Satin Brass Seeing is Believing
Mr. McCarthy has said he senators also criticized the and clarity for Brushed Silver
plans to cut costs and create a move. “Boeing’s decision to 10,422,488 100% risk free trial and 3 year
older eyes. guarantee
Continued from page B1 company more focused on a leave Illinois is incredibly dis- Lamp’s height
tion, which at the time was digital presence and less reli- appointing—every level of gov- • Less glare in your The patented KIS lamp and Lamplight
adjusts from
around $8 billion. Its shares ant on sales of exercise equip- ernment in our state has field of vision 43” to 58”. projects a massive amount of illumination
have continued falling since ment. Subscription-based worked to make Chicago and Il- on your reading material. Reader bulbs
then amid a slump in technol- business models tend to gen- linois the perfect home for Boe- Only 32 WATTS Soft linen
and all components are unconditionally
lampshade
ogy stocks that hasn’t spared erate higher valuations on ing’s headquarters for the past Compare to any lamp diffuses guaranteed for 3 years.
even highly profitable compa- Wall Street than manufactur- 20 years,” said Sens. Dick at any price. ambient
nies like Facebook parent ers do, and Mr. McCarthy has Durbin and Tammy Duckworth Also Includes light for Take advantage of our 30 day risk free
full range LED
less glare. trial and see what you’ve been missing.
Meta Platforms Inc. said he thinks he can apply in a joint statement. Dimmer
Peloton co-founder John strategies that worked at Net- The company’s decision to
Foley, who had led the com- flix and Spotify to Peloton. move its corporate headquar- SPECIAL OFFER Visit us online at morelamplight.com
pany for its 10-year existence, ters to Chicago from Seattle in includes KIS lamp, (5) bulbs, or call 1-888-211-6305
was succeeded as CEO by 2001 was symbolic of its desire lampshade and LED Dimmer. Table Lamps Now Only $325 (use coupon code TF29)
Barry McCarthy, the former Watch a Video to be seen as more than just a Easy assembly. Lamp column Floor Lamps Only $375 (use coupon code DJ49)
chief financial officer of Spo- Scan this code maker of commercial jets. Boe- simply screws into the base. with FREE SHIPPING and LED DIMMER
tify Technology SA and Netflix for a video on ing acquired rival McDonnell
Inc. The company also said at Peloton’s wild Douglas in 1997, adding mili- © 16776 West Park Circle Dr. | Chagrin Falls, Ohio 44023
the time that it was canceling ride after its tary jets and other military
plans for a $400 million fac- pandemic surge. equipment to its portfolio.
THE WALL STREET JOURNAL. Friday, May 6, 2022 | B3
BUSINESS NEWS
Shell Takes $3.9 Billion Russia Charge

BY JENNY STRASBURG earlier when performance re-
bounded from low pandemic OPEC, Allies Stick by 432,000 barrels a day.
LONDON—Shell PLC said it energy demands. The incremental boost for
took a $3.9 billion posttax Soaring oil and gas prices To Production Plan June is in line with what the
charge related to its decision to have showered the biggest pro- cartel, called OPEC+, agreed
SIMON MAINA/AGENCE FRANCE-PRESSE/GETTY IMAGES

exit Russia, only slightly dent- ducers with cash, which they to last year as part of a plan
ing an otherwise strong quar- are largely using to reduce OPEC and its allies stuck to raise output to prepan-
ter bolstered by soaring com- debt, accelerate share buybacks to a small, planned increase in demic levels.
modity prices. and otherwise reward inves- oil production on Thursday, as It comes despite repeated
The charge was expected tors, rather than increase ex- windfall revenue from high calls in recent months from
and came alongside robust oil ploration and other capital crude prices boosts the econ- the U.S. as well as from other
and gas trading profit during a spending. omies of Saudi Arabia and major oil-consuming nations
period of extreme volatility. Shell said Thursday it had other producers while provid- for Saudi Arabia and other
Shell’s first-quarter profit on a completed $4 billion of $8.5 ing a buffer to Russia against OPEC+ members to tap into
net current-cost-of-supplies ba- billion in share buybacks it Western sanctions. the group’s millions of barrels
sis—a figure similar to the net plans through the first half of In its third meeting since of remaining capacity to
income that U.S. oil companies this year. Its adjusted earnings Russia invaded Ukraine, send- pump more oil to help tame
report—was $5 billion, com- stripping out certain commod- ing oil prices above $100 a prices.
pared with $4.3 billion a year ity-price adjustments and one- barrel for the first time in Brent crude, the interna-
time charges beat analysts’ Shell’s first-quarter profit was boosted by higher commodity prices. eight years, the Organization tional benchmark, for July de-
Energy companies’ consensus forecast for the of the Petroleum Exporting livery gained 76 cents a bar-
25.5
accounting quarter. Its shares rose more tions. plies around 4% of the world’s Countries and a coalition of rel, or 0.69% to $110.90
charges related than 3%. Shell in early April said it liquefied-natural-gas market. Moscow-led oil producers said Thursday.
to Russia The company is the latest planned to take accounting In early March, Shell Chief they agreed to continue rais- —Benoit Faucon
energy giant to document a fi- charges of between $4 billion Executive Ben van Beurden ing their collective production and Summer Said
nancial hit from exiting Russia and $5 billion as a result of ex- apologized for the company’s
following its invasion of iting Russia, including termi- purchase of a cargo of Russian
Ukraine. Earlier this week, Lon- nating joint ventures with en- crude at a bargain price, saying “long-term contractual com- including Shell, to slash divi-
don-based rival BP PLC took a ergy giant Gazprom PJSC. That the energy giant would phase mitments” for Russian lique- dends. Last year, Shell recon-
$25.5 billion pretax accounting followed the company’s Febru- out Russian oil purchases but fied natural gas. figured its operations, consoli-
charge related to its decision to ary announcement that it couldn’t do so overnight. The company’s hurdles in dating its dual British-Dutch
exit its Russia holdings, includ- would end collaborations, in- Shell said Thursday it has phasing out Russian energy structure, moving its head-
ing its stake in government- cluding financing the halted stopped all spot purchases of purchases reflect the complexi- quarters to London from The
controlled Rosneft. The Nord Stream 2 natural-gas Russian crude but is “still le- ties of Europe’s attempts to Hague and dropping “Royal
$3.4B 3.9 4.1 charge—the biggest tallied by pipeline project between Rus- gally obliged to take delivery of sever its reliance on the coun- Dutch” from its name amid a
Western companies pulling out sia and Germany. crude bought under contracts try’s resources. focus on lower-carbon busi-
of Russia—dragged BP into a Shell also said at the time it that were signed before the in- Shell’s results reflect a nesses as part of the energy
$20.4 billion headline loss for would exit its 27.5% stake in a vasion.” It said most of its broader comeback from lag- transition.
Exxon Shell Total BP the first quarter. Aside from major offshore-gas project in long-term contracts to buy ging energy consumption ear-
Mobil Energies the charge, BP’s first-quarter Russia’s Far East that is 50% Russian crude will end this lier in the Covid-19 pandemic  Heard on the Street: Outlook
Source: the companies earnings beat analyst expecta- owned by Gazprom and sup- year, but added that it still has that led major oil companies, fails to sway politicians..... B12
.
FAA, Airlines Move to Ease Congestion Over Florida
ly
BY MICAH MAIDENBERG
AND ALISON SIDER
airlines, small-plane operators
and aviation groups.
More frequent thunder-
on
trimmed schedules after prob-
lems in Florida’s airspace
jammed up flights, resulting in
staffing issues and other fac-
tors in the state. “As a result,
in mid-April, we made the deci-
adding staff at other facilities
in the state.
The agency also plans to
the matter.
Florida has been one of the
most popular travel destina-
The Federal Aviation Ad- storms in Florida, which has a disruptions that rippled sion to decrease some flying in share information more fre- tions throughout the pandemic,
us ,
ministration said it is working large population and popular through their networks. Carri- Florida and increase the buf- quently about activity that and airlines have been piling
l
with airlines to ease mounting vacation spots, have disrupted ers have cited short staffing at fers in our schedule.” could change operations in into the state with new flights.
e
al a
air-traffic problems in Florida, flights in recent months, and an air-traffic facility near Jack- JetBlue President Joanna Florida’s airspace and create a The number of flights at
where bad weather and staff- some airlines have said they sonville, which controls the air- Geraghty said last month that playbook meant to help keep major airports there has re-
ing shortages have snarled are sharing airspace with more space over a swath of the state. the carrier experienced 115 planes moving safely when cently exceeded prepandemic
ci on
flights as demand for air launches from Kennedy Space “This has had an outsized hours of air-traffic delays in flights face constraints. levels, and the FAA said par-
travel in the state surges. Center, located along the At- impact on our operations given Florida in April, compared Airlines are willing to ticipants in its meetings ex-
The FAA said it would in- lantic in central Florida. our large concentration in Flor- with 22 hours in 2019. change how pilots handle cer- pected demand for Florida
crease air-traffic-control staff- Airlines including Spirit ida,” Spirit Chief Executive Ted The FAA said it would im- tain flights, such as flying at travel will continue to increase
ing and tweak flight practices Airlines Inc., Frontier Group Christie said in the airline’s mediately increase staff lev- lower altitudes to avoid diffi- past 2019 levels. Private-jet
er s
to address the strains, after Holdings Inc. and JetBlue Air- quarterly report Wednesday, els at the Jacksonville air- cult weather patterns, accord- flights to the state have also
meeting with about a dozen ways Corp. have said they have referring to air-traffic-control traffic facility and consider ing to a person familiar with been on the rise.
m er
m rp
She'll shine in our

co Fo
gorgeous 1.40 ct. t.w.

diamond studs
M AY 10 | ONLINE E VENT
Showcasing timeless beauty and an
The role of risk and compliance Speakers Include:
amazing amount of sparkle, our
officers is more wide-reaching 1.40 ct. t.w. round brilliant-cut diamond
n-
than ever. Join The Wall Street James Lam stud earrings in platinum are the
Journal Risk & Compliance
President
Forum to hear from leading must-have pair for every jewelry box.
James Lam & Associates
no
thinkers on how to navigate

new sanctions, prepare for
Our fabulous studs are the perfect
impending ESG regulations, gift for Mother's Day!
protect your supply chain from
Shown larger for detail.
cyber threats and evolve your Barbara Cosgrove
approach to risk as the global
VP and Chief Privacy
landscape continues to become Officer
more complex.
Workday
Use discount code WSJ50 for

50% off tickets. Cynthia Patton
General Counsel
R E G I S T E R T O DAY
Verily Life Sciences
wsjriskforum.com
Mardi McBrien
Managing Director
IFRS Foundation
$
1,995
Compare at $3,695
FOUNDING SPONSOR PRESENTING SPONSORS
FREE EXPRESS SHIPPING — ORDER TODAY!

To receive this special offer, use code: BLAZE17
1.800.556.7376 or visit ross-simons.com/blaze
© 2022 Dow Jones & Co., Inc. All rights reserved. 6DJ8896
Item #935768
B4 | Friday, May 6, 2022 THE WALL STREET JOURNAL.
TECHNOLOGY WSJ.com/Tech
Shopify Makes Deal DoorDash Posts Strong Sales Rise

To Buy Fulfillment BY PREETIKA RANA
Company Deliverr DoorDash Inc.’s revenue

rose last quarter, showing that
consumers stuck to getting
food and household essentials
BY ADRIANO MARCHESE merchants who sell $1 million delivered even as more restau-
WM. GLASHEEN/USA TODAY NETWORK-WISCONSIN/REUTERS

or more of merchandise—with rants and stores reopened.
Shopify Inc. has agreed to major e-commerce sites includ- Revenue for the three
buy U.S. fulfillment specialist ing Amazon.com, eBay Inc. and months ended March grew
Deliverr Inc. for $2.1 billion in a Walmart Inc. and helps them 35% to $1.46 billion from a
cash-and-stock deal, as the e- move their products to consum- year earlier, when fresh
commerce platform moves to ers in one to two days. Covid-19 concerns caused peo-
build out its order-fulfillment While companies like Ama- ple to hunker down. Analysts
operations for online retailers zon and Walmart fulfill their or- surveyed by FactSet on aver-
looking to compete with Ama- ders from their giant ware- age had predicted $1.38 billion
zon.com Inc. houses, Deliverr’s main in revenue.
The Canadian company said customers ship their orders The rate of growth for the
Thursday that it plans to merge through a range of sites that quarter marked a sharp slow-
Deliverr with its existing fulfill- may include Fulfillment by Am- down. The company’s revenue
ment network—anchored by the azon, their own warehouses or nearly tripled year-over-year
6 River Systems business it ac- even garages in some cases. in the corresponding quarters
quired in 2019 for $450 mil- Under the terms of the in 2021 and 2020. The value of orders on the platform grew 25%, beating forecasts, even as more restaurants reopened.
lion—to form a broader logis- agreement, Shopify will acquire “These are very large num-
tics unit headed by newly all of Deliverr’s shares out- bers you are talking about, so Inc.’s Uber Eats, which trails the food-delivery market in wanted household items from
appointed chief executive of lo- standing, with 80% of the $2.1 the growth rate alone belies DoorDash in the U.S. food-de- the U.S. jumped to 57% in a nearby store.
gistics, Aaron Brown. billion in cash and the remain- the size of the platform,” Chief livery market, is also experi- March from 44% two years The value of orders placed
Deliverr’s proprietary net- der through the issue of Shopify Financial Officer Prabir encing a slowdown. Uber Eats’ ago, according to market re- on its platform grew 25% to
work of order-management Class A subordinate voting Adarkar said in an interview, revenue growth slowed to 12% search firm YipitData. $12.35 billion during the quar-
software, software developers shares. adding that DoorDash now in the first quarter from Analysts say the company ter, beating analysts’ forecast
and fulfillment specialists will Shopify has cast its e-com- earns more in a quarter than nearly tripling in the same pe- outflanked its rivals thanks to of $11.7 billion. Order value
join Shopify, giving the e-commerce tools, which sellers can it did throughout 2019. riod a year earlier. Order vol- a strong delivery network in more than tripled in the same
merce platform greater visibil- integrate into their online sales A lot of businesses took off ume grew at DoorDash and the suburbs, a wide selection period a year ago. The rise
ity and control over movements sites, as a solution for mer- during the health crisis but “not Uber Eats but orders placed of restaurants and greater effi- stems in part from price in-
along the supply chain. chants to reach customers out- everyone held on to customers on America’s third-largest ciency in delivering the food creases, Mr. Adarkar said.
The acquisition will help side Amazon third-party mar- and created habits,” he said. food-delivery app, Grubhub, itself. DoorDash expanded its DoorDash said it expects
Shopify “accelerate its road ketplace and its vast logistics DoorDash shares rose more fell during the first quarter. options during the health cri- order value in the current
map by assembling an end-to- network. than 7% in after-hours trading Grubhub is up for sale. sis to include grocers and con- June quarter of between $12.1
end logistics platform that The deal comes amid warn- following the release of the DoorDash has been one of venience stores, pinging con- billion and $12.5 billion, com-
manages inventory from port to ings by Shopify of slowing first-quarter results. the biggest winners of the sumers as they paid for food pared with Wall Street’s ex-
porch and across all sales chan- growth trends in the industry. Rival Uber Technologies pandemic. The app’s share in to ask them if they also pectation of $12.1 billion.
nels,” Shopify Chief Financial Since early 2021, the company
.
Officer Amy Shapero said. said surging demand that had
San Francisco-based Deliverr sent profits and sales soaring
Online Ad is expected to grow by 13% one of the contributors to the cope with the fallout from mo-
ly
was founded in 2017, joining a during the pandemic would this year, excluding political revenue slowdown. The war bile ad-tracking changes that
growing ecosystem of logistics slow as governments withdrew ad dollars, a significant slow- had “an outsize impact on Apple introduced last year
providers for e-commerce re-
tailers, and has been expanding
its quick-shipping services
stimulus and eased lockdowns.
Amazon last week reported
that sales growth in its flagship
on Giants See down from the 30% leap it
took last year, according to
WPP unit GroupM, one of the
YouTube ads relative to the
rest of Google,” Alphabet Chief
Financial Officer Ruth Porat
that make it harder for adver-
tisers to target consumers and
measure the efficacy of ads.
across major sales channels and
marketplaces.
In November, Deliverr picked
digital-sales operation had
stalled, and recent government
measures show the share of re-
Dropoff world’s largest ad buyers. Dig-
ital advertising has been
growing at a much faster pace
said during the company’s
earnings call last week. The
company said it saw a related
The change has hobbled the
digital-advertising model and
continues to be a pain point,
us ,
up $240 million in venture-cap- tail sales that occur online have than advertising on other plat- reduction in spending primar- causing many small and e-
l
ital funding led by Tiger Global been receding. Continued from page B1 forms—from TV to newspa- ily by brand advertisers in Eu- commerce companies to diver-
e
al a
Management, with other back- In step with other tech com- normal patterns as Covid-19 pers—and is expected to ac- rope. Meta said the war sify their spending across a
ing from 8VC, Activant Capital, panies, Shopify has seen its fears wane. count for 67% of total global caused a reduction in ad de- larger swath of players. Last
GLP, Brookfield Technology share price crumble in recent “After the start of Covid, ad spending this year, GroupM mand, both within Europe and quarter, Meta warned that the
ci on
Partners and Coatue Manage- months. Shares have lost more the acceleration of e-com- said. outside the region. changes would cost the com-
ment. That founding round than 70% of their value since merce led to outsized revenue “Once you are two-thirds of On Wednesday, Meta an- pany some $10 billion in 2022.
brought the company’s valua- January, trading as low as growth, but we’re now seeing the industry, it’s really hard to nounced a sharp slowdown in Players in digital advertis-
tion to $2 billion, more than $395.86 Thursday before set- that trend back off,” Meta CEO grow,” said Brian Wieser, hiring. ing are also facing increased
double the level at the previous tling at around $400. Mark Zuckerberg said during a GroupM’s global president of The slower growth comes competition from TikTok, the
er s
round. call with analysts last week to business intelligence. at a particularly vulnerable wildly popular app best known
Deliverr’s technology inte-  Heard on the Street: Pain discuss first-quarter results. Both Meta and Alphabet moment for the digital-ad for short viral videos that is
m er
grates third-party sellers—often comes before Gain .............. B12 Global digital ad spending cited the war in Ukraine as business, which is trying to owned by China’s ByteDance.
m rp
ng
Matchile
Brac t
e
FREE
co Fo
A GIFT SHE’LL
LOVE ALL YEAR
n-
Genuine Murano Necklace

$
only 39! Is mom the more practical type? Then ditch the flowers and
PLUS FREE Bracelet! candy and give her something she’ll use all year long —
no
a $99 value! Mom s FloorLiners will fit her vehicle

WeatherTech FloorLiner! Mom’s
ke a glove, whether she drives a sedan, SUV or truck. Make a
like
Raffinato ™
stop at weathertech.com to find the right fitt for
fo her today.
—Italy
Send Her Over The Rainbow

FLOORLINER™
700-year old legendary art form for the price of your dreams.
N ow I know how that little farm girl from

Kansas felt when she went over the rainbow
and awoke in a land of spectacular color. Look
rainbow. That’s why for a limited time you can
treat her to the The Murano Rainbow Necklace
for only $39. And, to help you double down on
what I found in the land of ahhs! romance, I’ll throw in the matching bracelet
absolutely FREE! As one of the largest importers
Approaching Burano Island off of northern of handcrafted Italian jewelry, we have a way of
Venice was like being swept away in a dream. making dreams that you dare to dream come true.
Known for its brightly-painted fisherman
houses that line the canals, I was greeted Satisfaction guaranteed or your money back.
with every color of the rainbow. Since before Enjoy the Murano Rainbow Necklace for 30
the Venetian Republic, Burano was home to days. If it doesn’t pass with flying colors, send it
fishermen and legend says that the houses back for a full refund of the item price. You can
were painted in bright hues so they could even keep the bracelet for your trouble.
see their way home when fog blanketed Limited Reserves. You could easily pay $300
the lagoon. or more for a Murano glass bead necklace, but
Inspiration struck. I wanted to capture this at $39 PLUS a FREE bracelet, these authentic
historical beauty in the centuries old art form of handcrafted pieces won’t last. For a remarkable
Murano. Still regarded as being the finest form deal, there’s no place like Raffinato.
craftsmanship in the world, Murano has evolved Jewelry Specifications:
into modern day fashion statements. • Made in Italy of genuine Murano
So I hopped on a vaporetto for a forty minute • Necklace: 23”L; Bracelet: 7”L; Lobster clasps
ride to Venice and sought out the impeccable Murano Rainbow Necklace $199 $39* + S&P
talents of one of Venice’s finest Murano artisans.
They’ve captured the vibrant colors of the iconic Receive the FREE matching bracelet with
fisherman houses in the perfect hand-formed your purchase of the Necklace — a $99 value!
beads of The Rainbow Murano Necklace. To *Special price only for customers using the offer code.
own a piece of authentic Murano is to own a
piece of fine art steeped in history. Each and
every piece is a one-of-a-kind masterpiece. 1-888-444-5949
I want to make it easy for you to send her over the Your Insider Offer Code: RFW171-01
Raffinato, 14101 Southcross Drive W., Ste 155, Dept. RFW171-01, Burnsville, MN 55337 www.raffinatoitaly.com Auto. Home. Pet. Find Your Fit. 1-800-441-6287
Made in the USA © 2022 MacNeil IP LLC
Raffinato™ | I M P E C C A B L E I TA L I A N D E S I G N A N D C R A F T S M A N S H I P
THE WALL STREET JOURNAL. * Friday, May 6, 2022 | B5
BUSINESS NEWS
Bausch Nasdaq Composite up more

than 3% Wednesday and down
5% Thursday.
Prices at The index has moved at

least 1% in either direction in
11 of the past 13 trading ses-
Low End sions.

Traditionally, volatility has
been considered the most cru-
cial indicator for the IPO mar-
Continued from page B1 ket.
Bausch is a fitting test case When a company launches
for the IPO market, which pro- its IPO, the management team
vides a crucial spigot of cash and its advisers spend several
and visibility to startups and days on a roadshow, meeting
Wall Street alike. The com- with fund managers to entice
pany is profitable and a well- them to buy the stock. A vola-
established name. tile market, with little visibil-
“It’s a real critical week for ity into the next day let alone
the IPO market,” said Jeff Zell, week, makes that tricky.
SCOTT EISEN/BLOOMBERG NEWS

senior research analyst at IPO There has been another,
Boutique. less well-appreciated factor
With so few IPOs so far this gumming up the gears of the
year, “it’s extremely important new-issue market, bankers say.
that this one not only gets out Correlation between indi-
on the right foot but trades vidual stocks in the S&P 500
steady in the aftermarket,” he has risen dramatically in re-
said. cent months as fears that ris-
Among those who will be ing interest rates could spark Wayfair on Thursday became the latest retailer to name a new CFO as the pandemic sales boom slows. A company warehouse.
New Finance Chiefs Emerge

watching closely are others on a recession lead to across-the-
the IPO runway. board selling.
Fund managers say they That makes it harder for
have met this year with execu- stock pickers and makes IPOs
tives at companies including less attractive, some analysts
To Take On Inflation Squeeze

Intel Corp.’s $50 billion-or- say.
more self-driving car unit Mo- Fund managers expect out-
bileye and Steinway Musical performance from IPOs, and if
Instruments Holdings Inc., stocks are nearly all moving in
which have said they are pur- unison, the odds of achieving
suing IPOs. that become longer.
Other companies consider- Over the three months be- BY KRISTIN BROUGHTON in recent months and retailers the year is, in fact, playing out, firm D.A. Davidson Cos.
ing listings this year include fore technology stocks started AND CHARITY L. SCOTT selling big-ticket items, such as it’s happening in a more muted Now, many e-commerce re-
ServiceTitan Inc. and Quick falling in December on infla- beds and appliances, have re- fashion than our normal sea- tailers, including Amazon.com
Quack Car Wash Holdings tion and interest-rate fears, Major U.S. retailers are ported lower demand. sonal curve,” he said. Inc. and Wayfair, are turning
LLC, according to people fa- the average stock moved in swapping out finance chiefs as “I do think this is a compli- Other retailers are also in- to physical stores in search of
miliar with the matter. the same direction as the S&P they confront high inflation cated time. That is part of the stalling new finance leaders. growth. Wayfair announced
It doesn’t help that markets 500 39% of the time, according and early signs of a more sus- reason why we’re announcing Storage-container maker Tup- late last year it would open
.
have whipsawed lately, with to Ned Davis Research. Since tained pullback in consumer my planned retirement now,” perware Brands Corp., which two stores under its AllMod-
the technology-stock-heavy then, that has jumped to 61%. spending. Wayfair’s Mr. Fleisher said, re- sells through an independent ern brand and one location un-
ly
E-commerce retailer Way- ferring to economic challenges sales force, on Wednesday der its Joss & Main brand.
fair Inc. on Thursday named facing companies. withdrew its guidance for the “The consumer environment
Kate Gulliver as its new chief The home-goods retailer on year after it reported falling is such that it looks like it could
on
financial officer to succeed Mi-
chael Fleisher, who has been
in the role since 2013 and
helped prepare the company’s
Thursday reported a third con-
secutive quarterly loss and said
revenue fell nearly 14% in the
first quarter from a year earlier
sales, and said it recruited
Mariela Matute as its new CFO
from avocado distributor Ca-
lavo Growers Inc.
get a lot more challenging over
the coming months and that
could be a very prolonged type
of situation,” said Steven Shem-
initial public offering in 2014. to $3 billion. Wayfair posted a Last month, retail giant Wal- esh, an analyst at investment
us ,
The announcement follows re- loss of $319 million, or $3.04 mart hired PayPal Holdings Inc. bank RBC Capital Markets.
l
cent CFO changes at other re- per share on a diluted basis. Ac- CFO John Rainey, while home- Changing economic condi-
e
al a
tailers, including Walmart Inc. tive customers, who placed an improvement chain Lowe’s Cos. tions might require new finance
The turnover comes as the order in the past 12 months, fell promoted Brandon Sink, its se- leadership, according to Cathy
SCOTT OLSON/GETTY IMAGES
boom in retail sales during the to 25.4 million in the quarter, nior vice president of retail fi- Logue, head of the CFO and fi-
ci on
pandemic—particularly for e- down 23.4% from a year earlier. nance, to CFO. nancial practice group at re-
commerce companies—shows Chief Executive Niraj Shah Retailers, especially those cruiting firm Stanton Chase.
signs of slowing. Higher prices told investors rising prices are operating online, are facing “The CFO who took them
for groceries, gas and other leading customers to be more difficult comparisons with through an IPO to where they
items are squeezing U.S. con- careful with their spending. prior-year results boosted by are today may not be the best
er s
sumers, who are facing infla- “While the typical seasonal strong consumer spending, leader to take them through
The Bausch + Lomb IPO was seen as a bellwether for the health tion at a four-decade high. pattern of gradually building said Tom Forte, a managing their next phase of growth,” Ms.
m er
of the new-listings market, which has stalled lately. Household spending has slowed demand that we expected for director at financial-services Logue said, referring to Wayfair.
m rp
co Fo
The Wall Street

Journal would
n-
like to thank the

no
sponsors of the
2022 CEO Council
May Summit for PERFECTION
IS EFFORTLESS
their generous support.
Presenting Sponsors
GET 8
Flavorful Grill Pack BURGERS
4
4
Bacon-Wrapped Filet Mignons (5 oz.)
Air-Chilled Boneless Chicken Breasts (5 oz.)
FREE
4 Boneless Pork Chops (6 oz.)
4 Gourmet Jumbo Franks (3 oz.)
4 Caramel Apple Tartlets (4 oz.)
1 jar Omaha Steaks Seasoning (3.1 oz.)
8 FREE Omaha Steaks Burgers (6 oz.)
CEO Council is by invitation.

Learn more at CEOCouncil.wsj.com
70758KTA separately $249.94
SPECIAL INTRODUCTORY PRICE
$ 9999
Order Now! OmahaSteaks.com/Flavorful7109 | 1.800.811.7832
Ask for your 8 FREE burgers with offer 70758KTA
Savings shown over aggregated single item base price. Photos exemplary of product advertised. Limit 2 on select
packages. 8 free 6 oz. burgers will be sent to each shipping address that includes (70758). Cannot be combined
with other offers and other restrictions may apply. Free product premiums may be substituted for product(s) of equal
or higher value. Offer valid while supplies last. Standard S&H may apply. Offer does not include expedited, overnight,
or surcharges for deliveries to Alaska, Hawaii, Canada, Puerto Rico, and the Virgin Islands. Minimum purchase may
be required per shipping address to qualify for free standard shipping to that address. Gift Cards, Certificates, Wine,
Last Minute Gifts, Gift Baskets, Fresh Seafood, Caviar, Gourmet Salame, Sugarfina, and Custom Cuts do not count
toward the minimum shipping requirement. Limited quantities available. All purchases acknowledge acceptance of
Omaha Steaks, Inc. Terms of Use. Visit OmahaSteaks.com/info/terms-of-use or call 1.800.228.9872
for a copy. Expires 06/30/22. ©2022 OCG | Omaha Steaks, Inc. | SRC0677
©2022 Dow Jones & Co. Inc. All rights reserved. 3DJ8885
B6 | Friday, May 6, 2022 * * THE WALL STREET JOURNAL.
BUSINESS NEWS
News Corp
Revenue
Bud Brewer Buoyed by Pricier Beer
AB InBev says
volumes rose across
Rises 7% much of the world
outside U.S. and China
On Realty, BY SAABIRA CHAUDHURI
Dow Jones Beer drinkers are so far

stomaching higher prices for
BY ALEXANDRA BRUELL their brews.
Budweiser owner Anheuser-
News Corp said revenue Busch InBev SA said Thursday
and segment earnings rose in it sold more beer at higher
the March quarter, driven by prices in the first quarter, help-
gains in its Dow Jones and ing the world’s biggest brewer
digital real-estate units. report better-than-expected
The New York-based media earnings.
company, which owns The How much companies can
Wall Street Journal, Harper- raise prices without losing cus-
Collins Publishers and news tomers has become a key ques-
organizations in the U.K. and tion across the consumer-goods
Australia, reported revenue of industry this year as makers of
$2.5 billion, up 7% from the everything from beer to sham-
MARK FELIX/BLOOMBERG NEWS

year-earlier period. poo seek to offset soaring input
Segment earnings, which costs. AB InBev’s results are the
exclude interest, taxes, depre- latest indication that drinkers
ciation, amortization, impair- have been willing to pay up. Ri-
ment and restructuring vals Heineken NV, Carlsberg
charges, among other items, A/S and Molson Coors Bever-
rose 20%. age Co. all recently reported
News Corp posted net higher first-quarter prices and
profit of $82 million, or 14 volumes, helped in part by the The company said volumes rose 2.8%, helping the brewer log a rise in sales to $13.24 billion, from $12.29 billion a year earlier.
cents a share, for the quarter, reopening of bars and restau-
compared with $79 million, or rants across the U.S. and much low, there is no reason to ex- AB InBev reported a 7.8% drinkers have for years been AB InBev’s sales by volume,
13 cents a share, a year earlier. of the world. pect them to trade down. In jump in revenue per hectoliter moving away from AB InBev’s change from a year earlier
Dow Jones, the publisher of Other consumer-goods com- some developing markets that in the first three months of the two blockbuster brands Bud
20%
the Journal, Barron’s and Mar- panies like Nestlé SA and are net commodity exporters, year from a year earlier. Despite and Bud Light—the brewer said
ketWatch, posted 16% revenue Procter & Gamble Co. have surging commodity prices are this, the company said volumes volumes declined 4.2%. The
growth, boosted by circulation also reported similar growth in also buoying the economy and rose 2.8%, helping the brewer company has been working to
and subscription gains as well volumes and prices, showing employment, he added. log a rise in sales to $13.24 bil- diversify away from these
as higher ad sales. that consumers so far have Mr. Doukeris said it was too lion, from $12.29 billion a year brands in the U.S., investing in 10
.
Excluding the acquisitions been willing to pay up for a early to say how consumers will earlier. Strong top-line growth Michelob Ultra and spirits-
of Investor’s Business Daily range of everyday items. react to a continued rise in allowed AB InBev to offset ris- based canned cocktails, which it
ly
and the Oil Price Information Several executives, however, prices. However, he noted that ing costs from commodity infla- said performed well.
Service business, currency have warned that as prices con- increases in beer prices are tion and its supply chain to re- Volumes also declined in 0
fluctuations and other items, tinue to rise, consumers are lower than the rate of inflation port a profit on an underlying China, with demand hit by
revenue grew by 9%. likely to trade down to cheaper
products.
AB InBev Chief Executive
Michel Doukeris said consumers
on and that the beverage tends to
perform well even as incomes
come under strain, since trad-
ing up to a pricier beer costs
basis—which strips out cur-
rency and one-time impacts—of
$1.2 billion, up from $1.1 billion
a year earlier. On a reported ba-
Covid-19 lockdowns. Across the
rest of the Americas and in Eu-
rope, volumes grew. “As long as
employment is good and the
–10
1Q 2022
+2.8%
3.7M in the U.S. have emerged from significantly less than with sis, profit fell to $95 million overall economy performs well
us ,
the pandemic flush with cash, other feel-good products like from $595 million as the com- and inflation doesn’t get totally
l
and that with unemployment cars or clothes. “When inflation pany took a $1.14 billion impair- out of control we should not –20
e
al a
Total subscriptions for The goes up and demand gets con- ment charge tied to its decision see a dramatic trade down or 2019 ’20 ’21 ’22
Wall Street Journal  Heard on the Street: Beer strained, usually beer trades up to exit Russia. slowdown in consumption,”
flexes pricing muscle.......... B12 not down,” he said. In North America—where said Mr. Doukeris. Source: the company
ci on
Lucid’s Losses Narrowed in Quarter Apollo

Digital advertising revenue
jumped 21% at Dow Jones,
driven by improvement in the
er s
financial-services and technol-

ogy categories, while print ad- BY NORA ECKERT crease prices starting in early Share and index performance, The company’s vehicle de- Posts Loss,
m er
vertising sales increased 18%, June for its first model, the year to date liveries increased to 360 in the
thanks to a rebound from pan-
demic-related weakness last
year.
Electric car maker Lucid
Group Inc. reported narrower
losses in the first quarter of
Air sedan, which it began sell-
ing last year. It plans to honor
pricing for buyers who re-
20%
10
first quarter, up from the 125
vehicles shipped in the last
quarter of 2021.
But Funds
Overall, ad revenue in- 2022, and said it would in- served models before that The auto maker recently
Stand Out
m rp
creased 20%. crease vehicle prices starting date. Depending on the config- 0 struck a deal with Saudi Ara-
“While the conflict in in June, citing a changing en- uration, prices for the all-elec- bia for the purchase of up to
Ukraine had a short-term im- vironment from when it first tric sedan are expected to in- –10 100,000 vehicles over a 10- BY MARIA ARMENTAL
pact on advertising, given that set pricing in September 2020. crease between 11% and 13% at year period. The Saudi gov- AND CHRIS CUMMING
certain advertisers did not Lucid said on Thursday that the beginning of June, the –20 S&P 500 ernment initially agreed to a
co Fo
want juxtaposition with war it recorded a net loss of $81.3 company said. 50,000-vehicle purchase, but Apollo Global Management
coverage, overall trends re- million in the January-to- Lucid reported $5.4 billion –30 may expand up to double that swung to a loss in the March
main favorable,” News Corp March period, compared with in cash on hand, down from amount during the period, Lu- quarter, but its private-equity
–40
Chief Executive Robert Thom- a $2.9 billion loss in the same $6.3 billion in the previous pe- cid said. portfolio outperformed the
son said on an earnings call. year-ago period. The company riod ending in December. –50
With an eye on increasing market.
The Journal averaged more stuck with its production out- The company’s price in- production, Lucid has said it The New York firm, which
than three million digital sub- look of 12,000 to 14,000 vehi- creases come as EV producers Lucid Group signed an agreement with the this year bought the rest of
–60
scriptions in the quarter, up cles in 2022, a forecast it re- such as Rivian Automotive Inc. Saudi government to build an annuity manager and insurer
Jan. Feb. March April May
from over 2.9 million in the duced this year, citing supply- and Tesla Inc. have also raised assembly plant in the country. Athene Holding Ltd. that it
previous quarter. chain disruptions and trouble prices on some of their models. Source: FactSet This plant will have the capac- didn’t already own, reported a
Including the print edition, getting parts such as glass and Startups such as Lucid won ity to produce 150,000 cars first-quarter loss of $870 mil-
the Journal averaged 3.7 mil- carpet. Lucid said it continues over investors last year and their factories to fulfill initial annually, the company has lion, or $1.50 a share, com-
lion subscriptions in the pe- to face logistics challenges, raised billions of dollars in orders, challenges that have said. pared with a profit of $679
n-
riod. citing factory shutdowns in capital amid a broader eupho- weighed on their stock prices. The auto maker rolled out million, or $2.81 a share, a
Total average subscriptions China related to Covid-19. ria on Wall Street for electric Lucid shares are down the Lucid Air in the fall of year earlier. The deficit,
to Dow Jones consumer prod- The company reported vehicles. While the first models about 51% since Jan. 1 and 2021. The fully electric car Apollo said, stemmed largely
ucts reached over 4.8 million, quarterly revenue of $57.7 mil- produced by these newcomers closed down 7% on Thursday. won the MotorTrend maga- from unrealized losses on re-
no
the company said. lion, up from $313,000 in the have been generally well re- The stock was flat in aftermar- zine award for 2021 Car of the insurance assets in its retire-
News Corp’s other news first three months of 2021. ceived, the companies are run- ket trading following the earn- Year, and boasts a 520-mile ment-services business as a
publications, which include Lucid said it plans to in- ning into problems ramping up ings release. range, the top in the industry. result of rising interest rates.
the New York Post, the Sun Apollo’s private-equity
and the Times in the U.K. and portfolio appreciated by
many papers in Australia, re-
ported a 5% increase in reve-
nue.
The company’s book-pub-
Kellogg Expects Prices to Increase nearly 8% in the quarter, in-
cluding 15% from Fund IX, the
firm said. That compares with
a 4.9% decline for the S&P
lishing unit, HarperCollins BY ANNIE GASPARRO 500. Adjusted net income,
Publishers, posted a 5% reve- AND DEAN SEAL which Apollo earlier called
nue increase, helped by the ac- distributable earnings, rose to
quisition of Houghton Mifflin Kellogg Co.’s chief executive $915 million, or $1.52 a share.
Harcourt’s Books and Media hinted that additional price in- Apollo bills itself as having
segment and strong perfor- creases are inevitable this year an investment strategy de-
mance by titles such as “Red amid worsening cost inflation signed to thrive in times of
Handed” by Peter Schweizer from lingering supply-chain turbulence. On a Thursday call
and “The Paris Apartment” by disruptions and the war in with analysts, Chief Executive
Lucy Foley. Segment earnings Ukraine. Marc Rowan said the economy
decreased 16%, due in part to “Ultimately, in an environ- had again entered a period of
GABBY JONES FOR THE WALL STREET JOURNAL
higher manufacturing and ment like this, which clearly disturbance that would play to
freight costs, as well as the we haven’t seen in 40 years, Apollo’s strengths.
impact from continuing sup- we aren’t going to be able to “The trends we’re seeing in
ply-chain and inflationary just not pass prices through to the marketplace—specifically,
pressures. consumers,” said CEO Steve rates up and volatility—histor-
The company’s digital real- Cahillane. “Productivity just ically have been very good for
estate services division re- simply can’t cover this type of our business,” Mr. Rowan said.
ported a 19% gain in revenue. inflation.” Co-president Scott Klein-
Segment earnings increased The maker of Frosted Flakes, man said the strong perfor-
17%. News Corp has a majority Eggos and Cheez-Its, Kellogg on mance by Apollo’s private-eq-
stake in REA Group Ltd., a Thursday posted a 15% rise in uity portfolio, in a quarter
publicly traded digital real-es- first-quarter earnings, thanks when public markets declined,
tate company, as well as an to price increases and steady The maker of Raisin Bran expects comparable sales to rise 4% this year, up from a prior view of 3%. showed that the firm’s ap-
80% stake in Move Inc., an on- sales growth for its snack proach should be back in
line real-estate business based brands. that could change later in the to a four-decade high of 8.5%. brands lost market share and vogue during the current tur-
in Santa Clara, Calif., that pri- Kellogg now expects its year. For Kellogg, price sensi- But the reaction among con- shelf space. bulence.
marily operates the website comparable sales to rise 4% tivity is starting to show sumers—switching to cheaper “We aren’t at all complacent, The strategy “hasn’t been
Realtor.com. this year, up from a prior view through in frozen meals and ce- brands or buying less food—is and we aren’t underestimating sexy over the last decade,” as
News Corp’s subscription- of 3%. The measure strips out real now, Mr. Cahillane said. less stark than in previous peri- the challenge of rebuilding our cheap money inflated asset
video-services unit, which in- effects from currency, acquisi- Snacks, such as its Pringles, are ods of inflation, Kellogg execu- business,” Mr. Cahillane said. prices across the board, he
cludes Foxtel, an Australian tions and divestitures. more resilient. tives said. For the period ended April 2, said. “But as we enter this
pay-TV provider, posted a 6% Kellogg’s shares rose 3.5% That isn’t surprising given Kellogg’s optimism for the Kellogg reported profit of $424 new economic regime change
decrease in revenue and a 13% on Thursday, closing at $70.23. the level of price increases in year comes despite challenges million, or $1.23 a share, versus where you can’t just rely on
drop in segment earnings. The The stock is up more than 11% the grocery store and every- with Kellogg’s U.S. cereal busi- $371 million, or $1.07, a year declining or 0% rates to allow
unit’s performance was over the past 12 months. where, Mr. Cahillane said. Food- nesses, which suffered from a earlier. Analysts polled by Fact- you to exit at ever-increasing
weighed down by the loss of So far, U.S. consumers have at-home prices were up 10% in factory worker strike and a Set recently forecast earnings multiples, this is exactly the
residential broadcast subscrib- mostly withstood food makers’ March, from a year earlier, ac- plant fire last year. In the first of 92 cents. Sales rose 2.4% to type of performance I would
ers and by foreign currency higher price tags. But Kellogg cording to the Consumer Price quarter, its U.S. cereal sales fell $3.67 billion, beating analyst expect to be seeing,” Mr.
fluctuations. and other industry giants say Index. Overall inflation surged 10% from a year earlier, and its estimates of $3.59 billion. Kleinman said.
THE WALL STREET JOURNAL. * NY Friday, May 6, 2022 | B7
COMMODITIES wsj.com/market-data/commodities
Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
Open
interest Open
Contract
Open
interest
Metal & Petroleum Futures Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Aug 175.550 175.550 173.650 174.375 –1.825 24,459 June'23 96.7600 96.7900 96.6300 96.6650 –.1400 645,188
June 8.355 8.913 s 8.117 8.783 .368 122,561 Cattle-Live (CME)-40,000 lbs.; cents per lb. Eurodollar (CME)-$1,000,000; pts of 100%
Contract Open July 8.457 8.965 s 8.178 8.841 .369 172,843 June 135.175 135.250 133.650 133.775 –1.050 116,896 May 98.4950 98.5350 98.4800 98.4900 –.0050 128,091
Open High hi lo Low Settle Chg interest
Sept 8.372 8.890 s 8.132 8.773 .361 88,486 Aug 137.125 137.200 135.450 136.025 –1.050 95,124 Sept 97.3250 97.3450 97.2750 97.3000 –.0250 1,033,441
Copper-High (CMX)-25,000 lbs.; $ per lb. Oct 8.356 8.880 s 8.114 8.767 .360 97,584 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 96.8350 96.8650 96.7450 96.7750 –.0800 1,364,884
May 4.3985 4.4200 4.2785 4.2850 –0.0435 4,512 Jan'23 8.655 9.142 s 8.418 9.053 .350 65,727 May 102.500 102.975 102.050 102.800 .200 1,825 Dec'23 96.6350 96.6750 96.5150 96.5550 –.1250 1,188,209
July 4.3670 4.4400 4.2765 4.2915 –0.0465 113,209 May 4.760 4.890 s 4.748 4.872 .076 60,266 June 105.600 107.525 105.325 107.075 1.975 69,238
Gold (CMX)-100 troy oz.; $ per troy oz. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
May 1897.00 1904.30 1875.40 1874.00 7.00 918 Currency Futures
Agriculture Futures May 1010.00 1033.40 993.80 1020.00 10.00 443
June 1884.10 1910.70 1872.30 1875.70 6.90 420,192 July 904.60 915.00 868.40 873.90 –35.80 1,644 Japanese Yen (CME)-¥12,500,000; $ per 100¥
July 1898.40 1910.20 1878.70 1879.00 6.90 141 Corn (CBT)-5,000 bu.; cents per bu. Milk (CME)-200,000 lbs., cents per lb. May .7748 .7768 .7663 .7671 –.0099 537
Aug 1891.30 1917.60 1879.60 1883.00 6.80 96,526 May 799.75 804.75 796.00 803.75 5.25 3,673
May 24.81 25.09 24.72 24.94 .22 5,405 June .7753 .7776 .7669 .7678 –.0098 248,870
Oct 1910.00 1924.80 1888.80 1890.70 6.60 13,023 July 794.25 802.00 791.00 797.50 3.25 655,557
Oats (CBT)-5,000 bu.; cents per bu. June 24.40 24.96 24.23 24.66 .36 5,008 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Dec 1907.50 1933.50 1896.50 1899.50 6.50 30,870
689.50 –19.25 2
Cocoa (ICE-US)-10 metric tons; $ per ton. May .7848 .7866 .7772 .7778 –.0064 653
Palladium (NYM) - 50 troy oz.; $ per troy oz. May
May 2,519 –69 45
July 676.25 678.75 648.75 659.50 –19.25 2,063 June .7849 .7865 .7770 .7777 –.0066 136,986
May 2175.30 –58.00 1
July 2,580 2,584 2,505 2,511 –69 105,322 British Pound (CME)-£62,500; $ per £
June 2241.50 2277.00 2159.50 2177.40 –58.60 5,637 Soybeans (CBT)-5,000 bu.; cents per bu.
Platinum (NYM)-50 troy oz.; $ per troy oz. May 1682.50 1699.50 1674.50 1678.50 8.75 1,866 Coffee (ICE-US)-37,500 lbs.; cents per lb. May 1.2608 1.2632 t 1.2326 1.2350 –.0227 927
July 1643.00 1667.00 1640.00 1647.00 6.50 321,844 May 218.50 218.50 218.00 218.40 –2.80 119 June 1.2631 1.2635 t 1.2325 1.2350 –.0227 265,230
May 979.50 979.50 979.50 971.80 –6.40 43
Soybean Meal (CBT)-100 tons; $ per ton. July 221.00 222.90 216.10 217.25 –3.55 96,666 Swiss Franc (CME)-CHF 125,000; $ per CHF
July 983.00 993.10 962.80 973.40 –6.20 55,778
Silver (CMX)-5,000 troy oz.; $ per troy oz. May 431.40 435.10 425.10 426.90 –1.40 965 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. June 1.0303 t 1.0129
1.0319 1.0141 –.0141 49,755
418.40 426.40 418.40 419.90 1.70 182,388 July 18.74 18.88 18.61 18.78 .16 356,214
May 23.120 23.245 22.370 22.400 0.038 2,884 July Sept 1.0380 t 1.0199
1.0380 1.0210 –.0142 231
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Oct 18.85 18.97 18.74 18.91 .13 181,627
July 23.040 23.345 22.325 22.443 0.041 113,245 Australian Dollar (CME)-AUD 100,000; $ per AUD
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 86.50 –.58 257 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. May .7256 .7267 .7080 .7093 –.0141 210
June 107.58 111.37 106.97 108.26 0.45 240,833 July 82.37 83.78 81.17 81.85 –.58 162,816 July 36.60 .10 875
June .7260 .7271 .7082 .7096 –.0141 149,381
July 106.07 109.77 105.45 106.74 0.52 177,297 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 36.50 .20 2,320
Cotton (ICE-US)-50,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN
Sept 102.32 105.62 101.58 102.84 0.35 107,172 May 16.73 16.73 16.64 16.70 –.02 15
May 152.02 –6.00 18 May .04916 –.00054 10
Dec 96.77 99.66 96.20 97.31 0.27 248,398 July 17.13 17.36 16.78 17.08 –.02 7,862
154.95 155.24 148.76 148.76 –6.00 94,685 June .04955 .04964 .04887 .04890 –.00054 154,817
June'23 88.85 91.10 88.49 89.41 0.28 122,639 Wheat (CBT)-5,000 bu.; cents per bu. July
Dec 83.70 85.56 83.22 84.24 0.26 130,822 May 1096.00 30.00 394 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per €
1079.00 1121.75 1077.25 1106.50 30.00 176,561 May 187.30 8.75 688 May 1.0630 1.0645 1.0498 1.0519 –.0103 2,009
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. July
June 4.2098 4.2455 4.0200 4.0413 –.1557 63,205 Wheat (KC)-5,000 bu.; cents per bu. July 174.90 177.35 170.45 173.30 –2.25 9,751 June 1.0640 1.0659 1.0509 1.0532 –.0104 685,906
July 3.8877 3.9282 s 3.7914 3.8204 –.0618 47,794 May 1165.75 53.25 31
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. July 1123.25 1180.00 1123.25 1177.00 53.75 98,201 Interest Rate Futures Index Futures
June 3.6624 3.7222 s 3.6069 3.6587 .0064 107,755 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mini DJ Industrial Average (CBT)-$5 x index
July 3.5729 3.6390 s 3.5290 3.5800 .0125 64,378 May 162.000 162.000 159.825 160.325 –1.925 4,590 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
June 157-110 158-080 152-190 153-190 –4-27.0 1,275,388 June 33926 34020 32589 32910 –1059 78,630
Sept 152-250 –4-27.0 2 Sept 33930 34011 32595 32908 –1058 705
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Mini S&P 500 (CME)-$50 x index
Bonds | wsj.com/market-data/bonds/benchmarks June
Sept
139-190 140-030 136-190 137-090 –2-28.0 1,165,354
136-110 –2-27.0 20,503
June
Sept
4289.75
4291.25
4300.75
4304.50
4099.25
4103.25
4143.25 –152.00 2,145,979
4147.00 –152.50 20,075
Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini S&P Midcap 400 (CME)-$100 x index
Tracking Bond Benchmarks June 118-295 119-095 117-260 118-020 –1-03.0 3,636,723 June
Sept
2605.60 2611.90 2483.50 2509.20 –97.00
2517.00 –97.00
55,000
3
Sept 118-190 118-255 117-070 117-145 –1-05.0 18,677
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini Nasdaq 100 (CME)-$20 x index
highs and lows for different types of bonds June 112-245 112-305 112-037 112-085 –19.2 3,841,985 June t 12705.25 12858.00
13500.25 13548.00 –673.25 226,756
Sept 111-257 –20.2 9,788 Sept t 12744.75 12894.50
13543.00 13582.00 –675.00 2,639
Total Total
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Mini Russell 2000 (CME)-$50 x index
return YTD total Yield (%) return YTD total Yield (%) June 1943.30 1950.80 1844.10 1868.10 –79.10 496,052
June 105-170 105-187 105-107 105-118 –6.9 2,229,838
close return (%) Index Latest Low High close return (%) Index Latest Low High Sept 1948.80 1951.50 1846.80 1869.60 –79.10 443
Sept 104-301 –6.9 2,207
Mortgage-Backed Bloomberg Fixed Income Indices 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini Russell 1000 (CME)-$50 x index
Broad Market Bloomberg Fixed Income Indices June 2323.50 2363.40 2256.60 2278.90 –88.00 13,347
May 99.2300 99.2325 99.2300 99.2300 .0000 366,706
2016.24 -10.1 U.S. Aggregate 3.540 1.340 3.570 2000.98 -8.9 Mortgage-Backed 3.580 1.590 3.700 July 98.5650 98.5700 98.5500 98.5550 –.0150 319,209 U.S. Dollar Index (ICE-US)-$1,000 x index
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% June 102.57 103.97 s 102.38 103.80 1.21 54,337
U.S. Corporate Indexes Bloomberg Fixed Income Indices 1966.66 -8.0 Ginnie Mae (GNMA) 3.610 1.610 3.720 June 85-150 –1-04.0 13,397 Sept 102.41 103.71 s 102.22 103.56 1.21 531
2951.62 -13.4 U.S. Corporate 4.400 1.910 4.410 1177.99 -9.0 Fannie mae (FNMA) 3.580 1.580 3.700 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
March 99.4875 99.4900 99.4850 99.4875 –.0025 524,901 Source: FactSet
2820.65 -8.2 Intermediate 4.100 1.260 4.140 1805.40 -9.4 Freddie Mac (FHLMC) 3.580 1.570 3.690
4013.69 -21.4 Long term 4.930 2.900 4.930 549.83 -8.7 Muni Master 3.028 0.687 3.028
580.03 -14.1 Double-A-rated 3.870 1.650 3.870 386.84 -9.0 7-12 year 3.028 0.687 3.028 Cash Prices | wsj.com/market-data/commodities Thursday, May 5, 2022
780.52 -13.7 Triple-B-rated 4.690 2.110 4.700 438.70 -10.8 12-22 year 3.474 1.000 3.474 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
.
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
High Yield Bonds ICE BofA 420.03 -13.5 22-plus year 3.948 1.443 3.948
ly
months.
477.60 -8.5 High Yield Constrained 7.161 3.796 7.233 Global Government J.P. Morgan† Thursday Thursday Thursday
460.72 -8.5 Triple-C-rated 11.931 6.304 11.931 552.33 -7.9 Global Government 2.090 0.720 2.090
Energy Iron Ore, 62% Fe CFR China-s 145.8 Wheat,Spring14%-pro Mnpls-u 13.8975
Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 11.0725
3176.43 -8.6 High Yield 100 6.696 3.162 7.438 769.94 -8.2 Canada 2.940 1.230 2.940
418.14
320.05
-9.1
-8.3
Global High Yield Constrained 7.191 3.968 7.193
Europe High Yield Constrained 5.420 2.304 5.420
U.S Agency Bloomberg Fixed Income Indices
367.54
689.33
492.11
-9.4
-9.3
-8.3
on EMU§
France
Germany
1.744 0.163 1.744
1.540 0.080 1.540
0.960 -0.410 0.960
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 119.300
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 15.550
Gold, per troy oz

Metals
Steel, HRC USA, FOB Midwest Mill-s
Battery/EV metals
BMI Lithium Carbonate, EXW China, =99.2%-v,w
BMI Lithium Hydroxide, EXW China, =56.5% -v,w
BMI Cobalt sulphate, EXW China, >20.5% -v,m
1400
72175
72775
17100
Wheat - Hard - KC (USDA) $ per bu-u
Wheat,No.1soft white,Portld,OR-u
Food
Beef,carcass equiv. index
11.8200
11.1250
Engelhard industrial 1903.00 BMI Nickel Sulphate, EXW China, >22%-v,m 6916 choice 1-3,600-900 lbs.-u 228.01
us ,
1725.46 -6.0 U.S Agency 3.010 0.640 3.030 288.50 -2.1 Japan 0.570 0.260 0.600 Handy & Harman base 1892.30 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 730 select 1-3,600-900 lbs.-u 216.69
l
Handy & Harman fabricated 2100.45 Broilers, National comp wtd. avg.-u,w 1.6923
1521.34 -5.0 10-20 years 2.950 0.520 2.980 536.83 -9.9 Netherlands 1.210 -0.290 1.210 Fibers and Textiles Butter,AA Chicago-d 2.6600
e
LBMA Gold Price AM *1868.70
al a
3482.62 -16.9 20-plus years 3.780 1.890 3.780 927.10 -10.7 U.K. 2.010 0.720 2.040 LBMA Gold Price PM *1863.65 Cheddar cheese,bbl,Chicago-d 238.00
Burlap,10-oz,40-inch NY yd-n,w 0.8550
Krugerrand,wholesale-e 1950.21 Cheddar cheese,blk,Chicago-d 235.00
2590.19 -10.2 Yankee 4.000 1.510 4.030 783.30 -14.8 Emerging Markets ** 6.897 4.516 6.897 Cotton,1 1/16 std lw-mdMphs-u 1.4776
Maple Leaf-e 1968.96 Milk,Nonfat dry,Chicago lb.-d 174.00
ci on
Cotlook 'A' Index-t *168.70

*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds American Eagle-e 1968.96 Coffee,Brazilian,Comp-y 2.2067
Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.8869
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan Mexican peso-e 2268.93 Wool,64s,staple,Terr del-u,w 3.57
Austria crown-e 1841.07
Eggs,large white,Chicago-u 2.5550
Grains and Feeds Flour,hard winter KC-p 32.25
Austria phil-e 1968.96
Global Government Bonds: Mapping Yields Silver, troy oz. Barley,top-quality Mnpls-u n.a.
Hams,17-20 lbs,Mid-US fob-u 0.87
Hogs,Iowa-So. Minnesota-u 98.23
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Engelhard industrial 23.1500 Bran,wheat middlings, KC-u 179 Pork bellies,12-14 lb MidUS-u n.a.
er s
Handy & Harman base 22.4550 Corn,No. 2 yellow,Cent IL-bp,u 7.8400 Pork loins,13-19 lb MidUS-u 1.2589
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Handy & Harman fabricated 28.0690 Corn gluten feed,Midwest-u,w 229.7 Steers,Tex.-Okla. Choice-u 140.00
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points LBMA spot price *£18.0500 Corn gluten meal,Midwest-u,w 687.5 Steers,feeder,Okla. City-u,w 180.25
m er
Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago (U.S.$ equivalent) *22.5950 Cottonseed meal-u,w 355
2.500 U.S. 2 2.722 s l 2.614 2.502 0.157 Coins,wholesale $1,000 face-a 19510 Hominy feed,Cent IL-u,w 175 Fats and Oils
1.875 10 3.066 s l 2.914 2.554 1.584 Other metals Meat-bonemeal,50% pro Mnpls-u,w 375 Degummed corn oil, crude wtd. avg.-u,w 76.2500
LBMA Platinum Price PM *972.0 Oats,No.2 milling,Mnpls-u 7.0800 Grease,choice white,Chicago-h 0.7300
2.750 Australia 2 2.726 t l 2.912 1.968 0.096 0.6 15.6 -6.1 Platinum,Engelhard industrial 995.0 Rice, Long Grain Milled, No. 2 AR-u,w 31.25 Lard,Chicago-u n.a.
m rp
1.000 10 3.393 t l 3.545 2.859 1.692 48.0 58.3 11.6 Palladium,Engelhard industrial 2260.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.9442
Aluminum, LME, $ per metric ton *2929.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 456.90 Tallow,bleach;Chicago-h 0.8050
0.000 France 2 0.281 s l 0.258 0.035 -0.656 -244.1 -249.8 -81.3
Copper,Comex spot 4.2850 Soybeans,No.1 yllw IL-bp,u 16.5000 Tallow,edible,Chicago-u n.a.
0.000 10 1.568 s l 1.509 1.132 0.136 -134.5 -145.4 -144.0
0.000 Germany 2 0.291 s l 0.274 -0.020 -0.691 -242.9 -248.2 -84.8 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
0.000 10 1.048 s l 0.973 0.619 -0.225 -186.5 -199.0 -180.0 Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 5/4
co Fo
Source: Dow Jones Market Data

0.000 Italy 2 0.969 s l 0.958 0.407 -0.285 -175.1 -179.9 -44.1
0.950 10 3.024 s l 2.960 2.242 0.902 11.1 -0.2 -67.4
0.005 Japan 2 -0.047 l -0.047 -0.041 -0.124 -276.7 -280.3 -28.1 Exchange-Traded Portfolios | WSJ.com/ETFresearch
0.200 10 0.230 l 0.230 0.211 0.095 -268.3 -273.3 -148.1
Closing Chg YTD
0.000 Spain 2 0.670 s l 0.667 0.259 -0.516 -205.0 -208.9 -67.2 Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
0.700 10 2.112 s l 2.076 1.599 0.446 -80.1 -88.6 -113.0 Thursday, May 5, 2022 Closing Chg YTD VangdS&P500ETF VOO 380.49 –3.51 –12.8
ETF Symbol Price (%) (%) VangdST Bond BSV 76.96 –0.21 –4.8
0.125 U.K. 2 1.544 t l 1.624 1.455 0.061 -117.6 -113.2 -9.5 Closing Chg YTD
VangdSTCpBd VCSH 76.81 –0.32 –5.5
ETF Symbol Price (%) (%) VangdFTSEAWxUS VEU 53.22 –3.27 –13.2
4.250 10 1.967 t l 1.970 1.657 0.821 -99.3 -75.5 VangdShtTmInfltn VTIP 50.46 –0.39 –1.8
-94.6 CnsmrDiscSelSector XLY 160.18 –5.60 –21.6 VangdGrowth VUG 248.81 –4.99 –22.5
VangdShortTermTrea VGSH 58.95 –0.10 –3.1
Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close CnsStapleSelSector XLP 76.64 –1.89 –0.6 VangdHlthCr VHT 239.00 –2.27 –10.3 VangdSC VB 196.01 –3.78 –13.3
DimenUSCoreEq2 DFAC 25.63 –3.39 –11.5 VangdHiDiv VYM 109.41 –2.18 –2.4 VangdTaxExemptBd VTEB 49.77 –0.28 –9.4
EnSelectSectorSPDR XLE 80.52 –1.50 45.1 VangdIntrCorpBd VCIT 81.16 –1.04 –12.5 VangdTotalBd BND 75.57 –1.00 –10.8
Corporate Debt FinSelSectorSPDR XLF 34.99 –2.91 –10.4 VangdLC VV 189.45 –3.70 –14.3 VangdTotIntlBd BNDX 50.56 –0.53 –8.3
HealthCareSelSect XLV 130.19 –1.94 –7.6 VangdMC VO 219.09 –3.55 –14.0
n-
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific VangdTotIntlStk VXUS 55.16 –3.19 –13.2
IndSelSectorSPDR XLI 96.17 –2.61 –9.1 VangdMC Val VOE 143.80 –2.77 –4.3 VangdTotalStk VTI 207.62 –3.69 –14.0
expectations InvscQQQI QQQ 313.00 –5.04 –21.3 VangdMBS VMBS 47.76 –0.95 –9.6 VangdTotlWrld VT 92.86 –3.41 –13.6
InvscS&P500EW RSP 148.61 –3.01 –8.7
Investment-grade spreads that tightened the most… iShCoreDivGrowth DGRO 50.97 –2.67 –8.3
VangdRealEst VNQ 101.10 –2.67 –12.9 VangdValue VTV 142.57 –2.18 –3.1
Spread*, in basis points iShCoreMSCIEAFE IEFA 64.04 –3.19 –14.2

Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
no
iShCoreMSCIEM IEMG 51.18 –3.67 –14.5

iShCoreMSCITotInt IXUS 61.38 –3.40 –13.5
Mitsubishi UFJ Financial MUFG 2.801 3.26 July 18, ’24 55 –28 85 iShCoreS&P500 IVV 415.45 –3.55 –12.9
Stifel Financial SF 4.250 3.75 July 18, ’24 102 –10 n.a. iShCoreS&P MC IJH 250.69 –3.69 –11.4 MINISTERIO DE SALUD
iShCoreS&P SC IJR 100.08 –3.57 –12.6
HSBC Holdings HSBC 4.375 4.46 Nov. 23, ’26 152 –9 157 iShS&PTotlUSStkMkt ITOT 92.08 –3.70 –13.9
Royal Bank of Canada RY 2.550 3.25 July 16, ’24 56 –9 61 iShCoreTotalUSDBd IUSB 47.19 –1.01 –10.8 NATIONAL AND INTERNATIONAL PUBLIC TENDER Nº 410
iShCoreUSAggBd AGG 102.00 –0.99 –10.6
Pfizer PFE 4.125 4.26 Dec. 15, ’46 112 –8 120 iShSelectDividend DVY 126.07 –1.90 2.8 Object: Acquisition of low and medium complexity
Skandinaviska Enskilda Banken … 1.200 3.78 Sept. 9, ’26 82 –8 76
iShESGAwareUSA ESGU 92.27 –3.75 –14.5 equipment and instruments.
iShEdgeMSCIMinUSA USMV 73.16 –2.60 –9.6
Anheuser–Busch Inbev Worldwide ABIBB 4.950 5.09 Jan. 15, ’42 175 –7 178 iShEdgeMSCIUSAQual QUAL 123.69 –4.00 –15.0 Destination: New Hospital of San Martín de los Andes,
iShGoldTr IAU 35.67 –0.42 2.5 dependent on the Sanitary Zone IV. Province of Neuquén,
Bank of America BAC 5.000 4.92 Jan. 21, ’44 155 –7 158 Argentinian Republic.
iShiBoxx$InvGrCpBd LQD 111.76 –1.53 –15.7
iShJPMUSDEmgBd EMB 90.57 –1.50 –17.0 Electronic File: EX-2022-00303274-NEU-DESP#MS
…And spreads that widened the most iShMBSETF MBB 97.20 –1.08 –9.5 Physical File: No. 8600-072276/2022
iShMSCI ACWI ACWI 91.54 –3.41 –13.5
DECTO-2022-744-E-NEU-GPN
Northern Trust NTRS 3.950 3.65 Oct. 30, ’25 73 19 65 iShMSCI EAFE EFA 67.93 –3.22 –13.7
iShMSCIEmgMarkets EEM 41.50 –3.69 –15.0
Estimated amount: $ 442,620,430.
Bank of America BAC 4.200 3.64 Aug. 26, ’24 94 17 82 iShMSCIEAFEValue EFV 47.56 –2.64 –5.6 Date, time and place of opening: May 12, 2022 - Time: 12:00
Novartis Capital NOVNVX 3.400 2.95 May 6, ’24 25 15 n.a. iShNatlMuniBd MUB 106.13 –0.24 –8.7 Undersecretary of Health (C.A.M.), located at 1245 Antártida
iSh1-5YIGCorpBd IGSB 50.86 –0.39 –5.6 Argentina St. (8300) Neuquén City, Province of Neuquén,
HSBC Holdings HSBC 3.900 4.42 May 25, ’26 141 14 134 iShPfd&Incm PFF 33.50 –1.93 –15.0 Argentinian Republic – General Directorate of Purchases – via
iShRussell1000Gwth IWF 242.68 –4.84 –20.6 Zoom ID.
UBS UBS 1.250 4.13 June 1, ’26 108 13 92 iShRussell1000Val IWD 158.01 –2.46 –5.9 Availability of specifications: Official Website of the Neuquén
Banco Santander SANTAN 5.179 4.60 Nov. 19, ’25 170 11 166 iShRussell2000 IWM 185.67 –4.06 –16.5 Province https://licitaciones.neuquen.gov.ar/ and Neuquén
iShRussellMid-Cap IWR 72.25 –3.53 –13.0 Ministry of Health www.saludneuquen.gob.ar/licitaciones.
UnitedHealth UNH 2.375 3.05 Aug. 15, ’24 33 11 32 iShRussellMCValue IWS 113.52 –2.95 –7.2
NO FEE.
PacifiCorp BRKHEC 6.000 5.03 Jan. 15, ’39 165 10 n.a. iShRussell1000 IWB 228.32 –3.64 –13.7
iShS&P500Growth IVW 66.76 –4.75 –20.2
iShS&P500Value IVE 149.28 –2.32 –4.7
High-yield issues with the biggest price increases… iShShortTreaBd SHV 110.16 –0.02 –0.2
Bond Price as % of face value iShSilver SLV 20.78 –2.35 –3.4
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week iShTIPSBondETF TIP 118.49 –1.05 –8.3
iSh1-3YTreasuryBd SHY 82.89 –0.17 –3.1
Venture Global Calcasieu Pass VENTGL 4.125 5.26 Aug. 15, ’31 91.730 0.63 92.000 iSh7-10YTreasuryBd IEF 101.67 –1.00 –11.6
Prime Security Services Borrower PRSESE 5.750 6.67 April 15, ’26 96.875 0.63 96.962 iSh20+YTreasuryBd TLT 115.37 –2.74 –22.1
iShUSTreasuryBdETF GOVT 23.92 –0.79 –10.3
Occidental Petroleum OXY 6.450 5.65 Sept. 15, ’36 107.750 0.45 109.125 JPM UltShtIncm JPST 50.18 –0.03 –0.6 MINISTERIO DE SALUD
OneMain Finance OMF 6.875 6.34 March 15, ’25 101.369 0.37 101.850 ProShUltPrQQQ TQQQ 35.86 –14.90 –56.9
SPDRBlm1-3MTB BIL 91.44 ... 0.01
Telecom Italia TITIM 5.303 6.38 May 30, ’24 97.950 0.33 98.550 SPDR Gold GLD 175.13 –0.38 2.4 NATIONAL AND INTERNATIONAL PUBLIC TENDER Nº 411
SPDRS&P500Value SPYV 40.03 –2.41 –4.7
Howmet Aerospace HWM 5.950 5.92 Feb. 1, ’37 100.250 0.26 102.000 Object: Acquisition of high complexity equipment
SPDRPtfS&P500 SPLG 48.66 –3.57 –12.8
Navient NAVI 6.750 7.36 June 15, ’26 97.875 0.19 99.000 SchwabIntEquity SCHF 33.93 –3.11 –12.7 and measurement instruments.
SchwabUS BrdMkt SCHB 48.64 –3.74 –13.9
Ford Motor F 4.750 6.45 Jan. 15, ’43 80.750 0.18 81.750 Destination: New Hospital of San Martín de los Andes,
SchwabUS Div SCHD 76.85 –2.49 –4.9
SchwabUS LC SCHX 49.09 –3.71 –13.7
dependent on the Sanitary Zone IV. Province of Neuquén,
Argentinian Republic.
…And with the biggest price decreases SchwabUS LC Grw SCHG 64.41 –5.11 –21.3
Electronic File: EX-2022-00303570-NEU-DESP#MS
SchwabUS SC SCHA 43.25 –3.97 –15.5
Rite Aid RAD 7.700 18.37 Feb. 15, ’27 67.000 –3.33 70.000 Schwab US TIPs SCHP 58.00 –1.07 –7.8 Physical File: No. 8600-072277/2022
SPDR DJIA Tr DIA 330.24 –3.04 –9.1 DECTO-2022-762-E-NEU-GPN
Occidental Petroleum OXY 6.200 6.03 March 15, ’40 101.785 –2.22 105.000 SPDR S&PMdCpTr MDY 458.46 –3.71 –11.4 Estimated amount: $ 394.572.400.
–2.11 SPDR S&P 500 SPY 413.81 –3.55 –12.9
Transocean RIG 6.800 12.70 March 15, ’38 60.138 61.250 Date, time and place of opening: May 19, 2022 - Time: 12:00
SPDR S&P Div SDY 125.44 –2.46 –2.9
6.875 Nov. 1, ’35 –1.38 98.500
Undersecretary of Health (C.A.M.), located at 1245 Antártida
Bath & Body Works BBWI 7.42 95.375 TechSelectSector XLK 141.71 –4.81 –18.5
UtilitiesSelSector XLU 71.64 –1.02 0.1
Argentina St. (8300) Neuquén City, Province of Neuquén,
Nokia Oyj NOKIA 6.625 5.57 May 15, ’39 111.478 –1.12 n.a. VanEckGoldMin GDX 34.63 –3.21 8.1
Argentinian Republic – General Directorate of Purchases – via
Zoom ID.
Ford Motor Credit … 4.389 5.69 Jan. 8, ’26 95.750 –1.08 96.875 VangdInfoTech VGT 366.73 –5.11 –20.0
VangdSC Val VBR 166.98 –3.19 –6.6 Availability of specifications: Official Website of the Neuquén
CSC Holdings CSCHLD 5.250 6.36 June 1, ’24 97.875 –0.88 98.500 VangdExtMkt VXF 147.42 –4.50 –19.4 Province https://licitaciones.neuquen.gov.ar/ and Neuquén
7.650 March 15, ’42 –0.88 n.a. VangdSC Grwth VBK 218.71 –4.84 –22.4 Ministry of Health www.saludneuquen.gob.ar/licitaciones.
Lumen Technologies LUMN 9.34 84.875
VangdDivApp VIG 153.85 –2.96 –10.4 NO FEE.
*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. VangdFTSEDevMk VEA 44.29 –3.19 –13.3
VangdFTSE EM VWO 42.51 –3.63 –14.1
Note: Data are for the most active issue of bonds with maturities of two years or more
Source: MarketAxess VangdFTSE Europe VGK 57.61 –3.27 –15.6
B8 | Friday, May 6, 2022 * THE WALL STREET JOURNAL.
MARKETS DIGEST
EQUITIES
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
32997.97 t 1063.09, or 3.12% Trailing P/E ratio 18.75 29.81 4146.87 t 153.30, or 3.57% Trailing P/E ratio * 24.14 39.76 12317.69 t 647.16, or 4.99% Trailing P/E ratio *† 30.01 37.48
High, low, open and close for each P/E estimate * 17.50 20.41 High, low, open and close for each P/E estimate * 18.62 23.07 High, low, open and close for each P/E estimate *† 23.22 29.01
trading day of the past three months. Dividend yield 2.14 1.73 trading day of the past three months. Dividend yield * 1.46 1.37 trading day of the past three months. Dividend yield *† 0.78 0.71
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

35900 65-day moving average 4625 65-day moving average 15000
65-day moving average

35200 4525 14500
34500 4425 14000
Session high 33800 4325 13500

DOWN UP
t
Session open Close

33100 4225 13000
Close Open
t
Session low 32400 4125 12500
Bars measure the point change from session's open

31700 4025 12000
Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index
Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,079,438,554 15,849,132
Industrial Average 33854.17 32685.10 32997.97 -1063.09 -3.12 36799.65 32632.64 -4.5 -9.2 7.6 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 56,538,480 940,328
Transportation Avg 15457.48 14940.14 15084.10 -449.28 -2.89 17039.38 14000.78 -4.1 -8.5 11.2 Most-active issues in late trading Decl. volume*1,007,330,471 14,817,384
Utility Average 1011.98 989.93 998.27 -13.03 -1.29 1071.75 869.74 9.8 1.8 8.4 Volume After Hours Issues traded 3,436 287
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 42966.13 41357.80 41776.56 -1609.30 -3.71 48929.18 41679.16 -4.3 -14.1 11.2 Advances 395 48
SPDR S&P 500 SPY 10,569.6 414.26 0.45 0.11 429.22 411.91
Barron's 400 996.59 951.30 961.81 -34.78 -3.49 1127.20 943.84 -4.6 -13.1 10.2 Declines 2,933 229
Invesco QQQ Trust I QQQ 10,369.9 313.90 0.90 0.29 314.88 311.75
Unchanged 108 10
Nasdaq Stock Market iShares MSCI Emg Markets EEM 5,147.1 41.50 … unch. 41.60 41.50 New highs 53 2
Nasdaq Composite 12787.52 12183.56 12317.69 -647.16 -4.99 16057.44 12317.69 -9.6 -21.3 14.7 Xtrkr EM Carbon Reduction EMCR 4,000.0 27.68 -0.26 -0.93 27.68 27.68 New lows 379 32
Nasdaq-100 13344.79 12710.59 12850.55 -685.16 -5.06 16573.34 12850.55 -5.6 -21.3 17.9 Block SQ 3,861.1 103.72 8.17 8.55 108.45 91.00 Closing Arms† 1.95 1.83
Coty Cl A COTY 3,776.1 7.40 -0.02 -0.27 7.43 7.39 Block trades* 4,830 157
S&P
.
Vanguard Total World Stk VT 3,458.4 93.50 0.64 0.69 94.00 92.10
500 Index 4270.43 4106.01 4146.87 -153.30 -3.57 4796.56 4063.04 -1.3 -13.0 12.1 Nasdaq NYSE Arca
ly
Apple AAPL 2,825.7 157.63 0.86 0.55 166.63 156.77
MidCap 400 2592.15 2490.00 2514.75 -95.31 -3.65 2910.70 2500.26 -8.2 -11.5 8.3 Total volume*5,237,002,898 501,008,737
SmallCap 600 1259.20 1207.46 1221.76 -45.45 -3.59 1466.02 1214.72 -10.3 -12.8 7.3 Percentage gainers… Adv. volume* 899,069,586 65,759,546
iRhythm Technologies IRTC 81.5 152.07 33.95 28.74 154.01 117.95 Decl. volume*4,312,040,803 434,813,112
Other Indexes
Russell 2000
NYSE Composite
Value Line
1935.64 1849.45 1871.15 -78.77
16119.61 15515.98 15652.61 -467.00
608.74 580.53 586.18 -22.56
-4.04
-2.90
-3.71
on 2442.74 1864.10
17353.76 15609.28
696.40 584.68
-16.5
-4.9
-12.0
-16.7
-8.8
-12.8
5.1
6.3
2.0
Funko Cl A
ChemoCentryx
Opendoor Technologies OPEN
FNKO
CCXI
263.2
288.0
2,451.9
21.22
18.40
8.27
4.50
2.76
1.12
26.91
17.65
15.66
25.99
18.90
8.38
16.72
15.64
7.13
Issues traded
Advances
Declines
Unchanged
4,939
780
3,934
225
1,721
144
1,569
8
NYSE Arca Biotech 4844.21 4613.77 4665.55 -178.66 -3.69 6022.37 4631.80 -14.8 -15.5 -0.8
Gritstone bio GRTS 291.4 2.87 0.29 11.24 2.93 2.58
New highs 21 35
us ,
NYSE Arca Pharma 836.37 815.54 823.04 -13.33 -1.59 887.27 714.12 14.8 -0.5 11.8 ...And losers New lows 640 385
l
KBW Bank 115.47 111.70 113.70 -3.20 -2.74 147.56 110.06 -14.0 -14.0 3.5 885.4 124.90 -27.34 -17.96 158.00 115.76 Closing Arms† 0.95 0.45
e
Bill.com Holdings BILL
al a
PHLX§ Gold/Silver 147.23 138.50 140.48 -5.51 -3.77 167.76 117.06 -8.7 6.1 26.9 Cloudflare NET 1,490.6 65.01 -12.80 -16.45 79.99 62.51 Block trades* 24,993 1,575
PHLX§ Oil Service 80.84 75.06 77.62 -2.54 -3.17 87.06 48.31 32.2 47.2 -5.3 Zillow Group Cl A ZG 236.3 35.30 -3.75 -9.60 41.59 34.00 * Primary market NYSE, NYSE American NYSE Arca only.
ci on
PHLX§ Semiconductor 3105.50 2965.73 3005.53 -158.25 -5.00 4039.51 2851.15 -2.0 -23.8 24.1 Zillow Group Cl C Z 511.7 36.20 -3.58 -9.00 42.15 34.88 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 33.20 25.78 31.20 5.78 22.74 36.45 15.01 69.7 81.2 34.3 fuboTV FUBO 1,558.0 3.75 -0.37 -8.98 4.23 3.70 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

er s
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
m er
World MSCI ACWI 650.08 –17.00 –2.55 –13.9 Hudson Technologies HDSN 9.06 1.92 26.89 9.22 1.83 306.3 Edible Garden EDBL 2.89 -2.11 -42.20 5.00 2.46 ...
MSCI ACWI ex-USA 297.14 –2.05 –0.68 –13.7 JE Cleantech Holdings JCSE 7.24 1.44 24.83 23.99 3.61 ... BioAtla BCAB 2.40 -1.68 -41.18 51.83 2.33 -94.7
MSCI World 2784.12 –80.31 –2.80 –13.9 Intercept Pharmaceuticals ICPT 19.59 3.40 21.00 22.36 11.60 15.2 Nephros NEPH 2.53 -1.73 -40.59 11.67 2.48 -67.5
MSCI Emerging Markets 1058.72 –5.12 –0.48 –14.1 Nuvectis Pharma NVCT 13.98 2.38 20.52 14.39 3.08 ... Singularity Future Tech SGLY 4.80 -1.95 -28.89 19.86 2.09 23.1
m rp
Americas MSCI AC Americas 1584.17 –59.21 –3.60 –13.3 Direxion Dly DJ Bear 3X WEBS 37.92 6.24 19.70 38.92 13.12 68.0 Wayfair Cl A W 67.45 -23.31 -25.68 339.56 65.32 -76.4
Canada S&P/TSX Comp 20696.17 –488.78 –2.31 –2.5 Elevation Oncology ELEV 3.65 0.60 19.67 16.22 2.28 ... Inseego INSG 2.31 -0.76 -24.67 10.99 2.25 -71.6
Latin Amer. MSCI EM Latin America 2255.55 –57.79 –2.50 5.9 MicroSect FANG+ -3X Invr FNGD 66.47 10.47 18.70 84.80 32.50 -4.2 Sprouts Farmers Market SFM 23.75 -7.60 -24.24 35.34 21.18 -9.9
Brazil BOVESPA 105304.19 –3039.55 –2.81 0.5 Axogen AXGN 9.77 1.51 18.28 23.94 6.87 -55.8 SAI.TECH Global SAI 6.78 -2.09 -23.53 12.60 6.57 ...
Chile S&P IPSA 3060.69 –21.30 –0.69 9.1 Direxion S&P Biotech Bear LABD 55.46 8.51 18.13 59.94 16.67 117.4 Sidus Space SIDU 1.97 -0.59 -23.05 29.70 1.92 ...
co Fo
Mexico S&P/BMV IPC 50529.95 –902.68 –1.76 –5.1 Cyngn CYN 3.74 0.57 17.98 9.91 1.08 ... Educational Dev EDUC 4.85 -1.44 -22.91 17.74 4.38 -71.4
EMEA STOXX Europe 600 438.26 –3.11 –0.70 –10.2 CPI Card Group PMTS 13.75 2.07 17.72 38.92 10.18 -17.9 Forge Global FRGE 27.00 -7.67 -22.12 47.50 9.10 171.4
Eurozone Euro STOXX 414.87 –3.30 –0.79 –13.4 Silicon Motion Tech ADR SIMO 95.16 13.96 17.19 98.65 58.86 47.0 Dingdong (Cayman) ADR DDL 4.11 -1.14 -21.71 46.00 2.51 ...
Belgium Bel-20 4097.20 31.86 0.78 –4.9 MicroSectors FANG -3x Inv BERZ 32.77 4.79 17.12 38.67 15.32 ... Avid Technology AVID 25.42 -6.79 -21.08 40.48 23.72 -7.9
Denmark OMX Copenhagen 20 1743.10 1.67 0.10 –6.5 Kingstone KINS 4.83 0.70 16.95 8.73 3.95 -44.2 Hain Celestial Group HAIN 26.53 -7.04 -20.97 48.88 26.44 -35.1
–11.0 DHI Group DHX 6.14 0.84 15.85 6.62 2.75 103.3 Casa Systems CASA 4.16 -1.09 -20.76 9.75 3.68 -49.6
France CAC 40 6368.40 –27.28 –0.43
Germany DAX 13902.52 –68.30 –0.49 –12.5
Israel Tel Aviv 1936.56 … Closed –2.1
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 23759.71 –142.35 –0.60 –13.1 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 696.19 –2.49 –0.36 –12.8
0.52 –29.8 ProShares UltraPro QQQ TQQQ 226,637 97.2 35.86 -14.90 91.68 34.52 Mountain Crest Acqn V MCAG 739 9748 9.84 -0.20 9.95 9.71
Russia RTS Index 1119.92 5.79
ProSh UltraPro Shrt QQQ SQQQ 174,643 77.8 47.95 14.74 65.85 28.15 Atl Coastal Acqn II Cl A ACAB 739 9471 9.95 0.00 10.01 9.87
South Africa FTSE/JSE All-Share 69682.65 –674.93 –0.96 –5.5
n-
Spain IBEX 35 8434.70 –65.80 –0.77 –3.2 SPDR S&P 500 SPY 171,771 60.9 413.81 -3.55 479.98 404.00 BlackRock US Carbon LCTU 2,768 8384 46.07 -3.65 54.74 45.39
–22.1 Invesco QQQ Trust I QQQ 153,687 98.9 313.00 -5.04 408.71 309.62 FT Horizon Mgd Vol Dev HDMV 609 7741 29.47 -3.17 32.92 28.70
Sweden OMX Stockholm 808.21 –9.84 –1.20
–7.8
Advanced Micro Devices AMD 152,875 43.5 93.87 -5.58 164.46 72.50 SVF Investment 2 SVFB 3,991 7109 9.81 0.00 10.38 9.68
Switzerland Swiss Market 11877.27 –2.97 –0.02
Turkey BIST 100 2466.26 35.71 1.47 32.8 Apple AAPL 130,050 45.3 156.77 -5.57 182.94 122.25 FT Horizon Mgd Vol Dom HUSV 939 5570 33.48 -2.53 36.05 31.27
no
U.K. FTSE 100 7503.27 9.82 0.13 1.6 Better Therapeutics BTTX 121,632 5343.6 2.34 7.83 29.40 0.91 Better World Acquisition BWAC 2,611 5114 10.30 0.10 10.50 9.90
U.K. FTSE 250 20089.96 –129.52 –0.64 –14.4 Finl Select Sector SPDR XLF 101,010 43.4 34.99 -2.91 41.70 33.84 Hlthcr Svcs Acqn Cl A HCAR 1,200 3999 9.85 -0.25 10.31 9.62
NIO ADR NIO 95,393 35.7 15.38 -15.17 55.13 13.01 Digital Health Acqn DHAC 848 3481 10.01 0.00 10.51 9.81
Asia-Pacific MSCI AC Asia Pacific 167.11 –0.24 –0.14 –13.5 MULN 91,303
Mullen Automotive -31.2 1.31 1.55 15.90 0.52 Intelligent Medicine Cl A IQMD 1,201 3278 10.01 0.02 10.93 9.86
Australia S&P/ASX 200 7364.70 60.02 0.82 –1.1
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3067.76 20.70 0.68 –15.7 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 20793.40 –76.12 –0.36 –11.1
0.06
Scan this code Track the
India S&P BSE Sensex 55702.23 33.20 –4.4
Japan NIKKEI 225 26818.53 … Closed –6.9
to get real-
time U.S.
Markets
Compare the
CURRENCIES & COMMODITIES
Singapore Straits Times 3343.57 –5.70 –0.17 7.0 stock quotes performance of
South Korea KOSPI 2677.57 … Closed –10.1 and track selected global stock indexes,
Currencies
Taiwan TAIEX 16696.12 130.29 0.79 –8.4 most-active bond ETFs, currencies and U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1643.30 –8.99 –0.54 –0.9 stocks, new highs/lows and commodities at
US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data mutual funds. wsj.com/graphics/track-the-markets Thurs YTDchg Thurs YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004356 22956 0.4
CREDIT MARKETS Argentina peso .0086116.1330 13.1 Europe
Brazil real .1989 5.0269 –9.8 Czech Rep. koruna .04287 23.327 6.6
Canada dollar .7791 1.2835 1.5 Denmark krone .1417 7.0588 7.9
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001160 862.30 1.2 Euro area euro 1.0542 .9486 7.9
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000244 4091.33 0.6 Hungary forint .002767 361.45 11.3
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007638 130.93 0.9
A consumer rate against its 5-year CDs Mexico peso .0494 20.2379 –1.3 Norway krone .1054 9.4896 7.7
benchmark over the past year Tradeweb ICE 3.50% Uruguay peso .02423 41.2750 –7.7 Poland zloty .2244 4.4570 10.7
Bankrate.com avg†: 0.77% 20% Asia-Pacific Russia ruble .01538 65.000 –13.1
Thursday Close
1.21% Sweden krona .1005 9.9493 9.9
t
State Bank of India California 2.80 Australian dollar .7112 1.4061 2.2
0.75% Los Angeles, CA 877-707-1995 10 WSJ Dollar Index Switzerland franc 1.0151 .9851 8.0
s China yuan .1502 6.6557 4.7
Five-year CD yields 2.10 Euro Turkey lira .0673 14.8646 11.6
CFG Community Bank 2.00% s Hong Kong dollar .1274 7.8494 0.7
t 0.50 0 Ukraine hryvnia .0335 29.8500 9.1
1.40 India rupee .01307 76.507 2.7
Baltimore, MD 888-205-8388 UK pound 1.2359 .8091 9.5
One Indonesia rupiah .0000690 14497 1.7
t
2.02%
t
Federal-funds 0.25 First Internet Bank of Indiana –10 Japan yen .007683 130.16 13.1 Middle East/Africa
year ago 0.70
target rate Indianapolis, IN 888-873-3424 Yen Kazakhstan tenge .002339 427.59 –1.7 Bahrain dinar 2.6529 .3770 unch
s
0.00 Colorado Federal Savings Bank 2.15% 0.00 –20 Macau pataca .1236 8.0910 0.7 Egypt pound .0541 18.4756 17.6
Malaysia ringgit .2300 4.3485 4.4 Israel shekel .2925 3.4188 10.0
Greenwood Village, CO 877-484-2372 1 3 6 1 2 3 5 7 10 20 30 2021 2022
–0.25 New Zealand dollar .6427 1.5559 6.4 Kuwait dinar 3.2616 .3066 1.3
TAB Bank 2.15% month(s) years
M J J A S O N D J F M AM Pakistan rupee .00539 185.700 5.4 Oman sul rial 2.5971 .3850 0.01
Ogden, UT 800-355-3063 maturity Philippines peso .0190 52.555 3.0 Qatar rial .2747 3.641 –0.04
2021 2022
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7225 1.3840 2.6 Saudi Arabia riyal .2666 3.7510 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007877 1269.56 6.8 South Africa rand .0626 15.9829 0.3
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0027027 370.00 82.3
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 0.75-1.00 0.25-0.50 0.00 l 1.00 -1.50 Taiwan dollar .03370 29.672 7.1
Yield (%) 52-Week Total Return (%) Thailand baht .02910 34.370 3.4 WSJ Dollar Index 95.88 1.07 1.13 7.07
Prime rate* 4.00 3.50 3.25 l 4.00 -1.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 1.37 1.29 0.11 l 1.41 -1.19 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2170.030 2.970 2.800 2.970 0.780 –8.329 0.209
Money market, annual yield 0.08 0.08 0.07 l 0.08 -0.57
Five-year CD, annual yield 0.77 0.61 0.41 l 0.77 -1.24 U.S. Treasury Long, Bloomberg 3537.360 3.280 3.030 3.280 1.720 –15.486 –0.350 Commodities
30-year mortgage, fixed† 5.54 5.50 3.00 l 5.58 1.34 Aggregate, Bloomberg 2016.240 3.540 3.400 3.570 1.340 –9.360 0.162 Thursday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 4.76 4.74 2.28 l 4.76 1.09 Fixed-Rate MBS, Bloomberg 2000.980 3.580 3.520 3.700 1.590 –9.337 –0.876
Jumbo mortgages, $647,200-plus† 5.54 5.48 3.03 l 5.59 1.15 DJ Commodity 1219.38 4.81 0.40 1264.48 853.12 37.06 28.87
High Yield 100, ICE BofA 3176.428 6.696 6.803 7.438 3.162 –6.084 1.493 Refinitiv/CC CRB Index 313.87 -0.40 -0.13 315.95 200.00 52.92 35.07
Five-year adj mortgage (ARM)† 3.74 3.63 2.82 l 3.74 -0.65
Muni Master, ICE BofA 549.828 3.028 2.905 3.028 0.687 –8.009 0.283 Crude oil, $ per barrel 108.26 0.45 0.42 123.70 62.05 67.30 43.94
New-car loan, 48-month 4.34 4.31 3.41 l 4.34 -0.42
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 783.295 6.897 6.685 6.897 4.516 –13.941 –1.668 Natural gas, $/MMBtu 8.783 0.368 4.37 8.783 2.886 199.97 135.47
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. 1874.00 7.00 0.37 2040.10 1721.50 3.22 2.54
THE WALL STREET JOURNAL. * Friday, May 6, 2022 | B9
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. CAE CAE 24.05 -0.64 s DevonEnergy DVN 67.15 -0.59 Gaming&Leisure GLPI 45.32 -0.41 s Kellogg K 70.23 2.38 ON Semi ON 55.23 -3.69 SunComms SUI 166.61 -3.08
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. CaesarsEnt CZR 62.95 -3.44 DexCom DXCM 379.29 -26.74 Garmin GRMN 108.75 -5.45 KeurigDrPepper KDP 37.06 -0.16 t OpenText OTEX 38.76 -2.17 SunLifeFinancial SLF 49.82 -1.34
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four CamdenProperty CPT 150.55 -2.24 Diageo DEO 195.07 -5.75 Gartner IT 259.55 -20.51 KeyCorp KEY 19.78 -0.50 Oracle ORCL 72.80 -2.41 s SuncorEnergy SU 36.91 -0.48
that include primary market trades as well as quarters. Cameco CCJ 24.48 -1.90 DiamondbkEner FANG 138.59 -3.90 Generac GNRC 260.52 -1.26 KeysightTechs KEYS 140.91 -5.69 Orange ORAN 12.14 -0.14 Suzano SUZ 10.52 0.05
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. CampbellSoup CPB 48.62 0.62 Dick's DKS 97.41 -5.30 GeneralDynamics GD 239.24 -3.68 KilroyRealty KRC 67.24 -3.39 Organon OGN 34.87 1.68 Switch SWCH 30.43 -1.21
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing CIBC CM 109.19 -3.37 DiDiGlobal DIDI 1.94 -0.08 GeneralElec GE 78.59 -1.84 KimberlyClark KMB 136.68 -2.46 Orix IX 90.34 -2.67 SynchronyFin SYF 39.33 -0.81
Nasdaq ISE. standards CanNtlRlwy CNI 118.35 -4.42 DigitalRealty DLR 141.36 -3.30 GeneralMills GIS 70.75 -0.06 KimcoRealty KIM 24.20 -1.11 OtisWorldwide OTIS 74.68 -1.92 SyneosHealth SYNH 73.78 -1.93
The list comprises the 1,000 largest companies lf-Late filing CanNaturalRes CNQ 63.81 -1.83 DiscoverFinSvcs DFS 115.44 -5.14 GeneralMotors GM 39.95 -1.22 KinderMorgan KMI 18.85 -0.43 s Ovintiv OVV 55.13 -1.59 Synopsys SNPS 282.34 -16.85
based on market capitalization. q-Temporary exemption from Nasdaq CanPacRlwy CP 72.87 -2.21 Disney DIS 112.61 -3.58 Genmab GMAB 33.32 -0.23 Knight-Swift KNX 50.22 -0.43 OwensCorning OC 95.06 -2.71 Sysco SYY 83.63 -2.57
Underlined quotations are those stocks with requirements. Canon CAJ 22.89 -0.46 t dLocal DLO 22.06 -2.46 t Genpact G 38.43 -2.27 Kohl's KSS 57.37 -1.38 PDC Energy PDCE 73.09 -3.67
large changes in volume compared with the t-NYSE bankruptcy CapitalOne COF 130.33 -3.97 DocuSign DOCU 80.93 -7.58 GenuineParts GPC 130.30 -4.88 KoninklijkePhil PHG 26.08 -0.60 PG&E PCG 12.61 -0.42 T U V
issue’s average trading volume. v-Trading halted on primary market. CardinalHealth CAH 57.87 -2.62 DolbyLab DLB 75.43 -3.16 Gerdau GGB 5.55 0.01 KoreaElcPwr KEP 8.84 -0.28 PLDT PHI 37.25 0.77
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being Carlisle CSL 262.09 -10.75 KraftHeinz KHC 43.14 -0.18 TC Energy TRP 54.89 -1.11
DollarGeneral DG 233.64 -8.27 GileadSciences GILD 61.35 -0.73 PNC Fin PNC 168.87 -4.85
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, Kroger KR 53.85 -1.92 TD Synnex SNX 103.05 -2.53
Carlyle CG 38.39 -2.15 DollarTree DLTR 161.44 -4.37 GitLab GTLB 47.79 -6.29 POSCO PKX 55.87 -2.95
previous closing price was $2 or higher. or securities assumed by such companies. LKQ LKQ 50.80 -1.92 TE Connectivity TEL 127.65 -3.52
CarMax KMX 92.38 -7.80 DominionEner D 83.04 0.53 GSK GSK 44.39 -0.77 PPG Ind PPG 131.57 -5.77
LPL Financial LPLA 184.44 -9.33 Telus TU 24.64 -0.53
Carnival CCL 16.54 -1.19 Domino's DPZ 341.69 -11.51 GlobalPayments GPN 125.89 -7.79 PPL PPL 28.80 -0.09
L3HarrisTech LHX 241.48 -0.32 Ternium TX 40.80 -3.11
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Carnival CUK 15.15 -1.20 t DoorDash DASH 73.15 -8.49 GlobalFoundries GFS 54.93 -1.58 PTC PTC 112.15 -5.86
LabCorp.ofAmerica LH 251.95 -1.75 TFI Intl TFII 84.28 -1.98
changes in the closing prices from 4 p.m. the previous day. CarrierGlobal CARR 37.96 -1.45 Dover DOV 135.23 -3.01 t Globant GLOB 203.95 -12.19 Paccar PCAR 85.20 -2.81
LamResearch LRCX 481.32 -24.60 TJX TJX 61.71 -2.36
t Carvana CVNA 48.92 -10.73 Dow DOW 68.47 -2.14 GlobeLife GL 99.46 -2.63 PackagingCpAm PKG 163.05 -2.56
LamarAdv LAMR 107.19 -2.25 T-MobileUS TMUS 129.56 -2.81
Thursday, May 5, 2022 CaseysGenStores CASY 203.00 -4.36 Doximity DOCS 38.69 -1.97 GoDaddy GDDY 78.30 -3.82 PalantirTech PLTR 10.12 -0.86
Net Net LambWeston LW 63.43 -2.22 PaloAltoNtwks PANW 529.64 -23.63
TPG TPG 26.01 -1.47
Catalent CTLT 100.65 -3.43 DrReddy'sLab RDY 51.01 -1.93 GoldFields GFI 12.76 -0.91
Net Stock Sym Close Chg Stock Sym Close Chg Caterpillar CAT 215.93 -6.66 Dropbox DBX 21.30 -1.10 LasVegasSands LVS 35.55 -1.51 ParamountA PARAA 32.03 -0.53 TRowePrice TROW 127.35 -7.41
GoldmanSachs GS 313.07 -11.04
Stock Sym Close Chg DukeEnergy DUK 110.05 -0.46 Lear LEA 130.80 -6.54 ParamountB PARA 29.72 -0.46 TaiwanSemi TSM 92.15 -3.84
AmericanFin AFG 148.51 2.73 BankofAmerica BAC 37.54 -1.08 Celanese CE 151.55 -4.53 Grab GRAB 3.03 -0.15
s DukeRealty DRE 51.02 -1.99 t Leidos LDOS 104.06 -0.72 ParkerHannifin PH 276.16 -14.42 TakeTwoSoftware TTWO 120.23 -4.53
AmHomes4Rent AMH 37.36 -0.94 BankofMontreal BMO 105.43 -3.12 CenovusEnergy CVE 20.16 -0.01 Graco GGG 61.90 -2.71
A B C AIG AIG 62.12 -1.82 BankNY Mellon BK 44.10 -0.70 Centene CNC 84.82 1.91 DuPont DD 66.14 -2.64 Grainger GWW 483.14 -21.91 Lennar B LEN.B 66.40 -4.15 Paychex PAYX 124.59 -7.88
t
TakedaPharm TAK 14.46 -0.30
Tapestry TPR 31.48 -1.77
CenterPointEner CNP 30.94 -0.40 DutchBros BROS 45.74 -3.42 Grifols GRFS 11.29 -0.10 Lennar A LEN 78.80 -4.63 PaycomSoftware PAYC 301.05 -27.15
ABB ABB 29.56 -0.97 AmerTowerREIT AMT 241.48 -4.16 BkNovaScotia BNS 64.29 -1.20 TargaResources TRGP 74.70 -3.32
CentraisElBras EBR 7.73 -0.32 t Dynatrace DT 37.07 -4.24 HCA Healthcare HCA 224.19 -0.61 LennoxIntl LII 213.52 -8.33 Paylocity PCTY 188.87 -20.53
AECOM ACM 71.59 -1.20 AmerWaterWorks AWK 148.36 -4.14 Barclays BCS 7.58 -0.33 Target TGT 230.76 -6.67
Ameriprise AMP 270.70 -12.82 BarrickGold GOLD 22.56 -0.63 t CeridianHCM CDAY 56.47 -4.77 ENI E 28.49 -0.73 HDFC Bank HDB 53.40 -1.85 LeviStrauss LEVI 18.25 -0.63 PayPal PYPL 85.43 -7.29
AES AES 21.33 -0.59 Cerner CERN 94.12 -0.25 HF Sinclair DINO 42.22 -0.75 LiAuto LI 21.67 -1.92 TataMotors TTM 27.30 -0.77
AmerisourceBrgn ABC 155.19 -1.60 Bath&BodyWks BBWI 54.06 -0.33 EOG Rscs EOG 123.42 -1.35 PembinaPipeline PBA 38.18 -0.90
Aflac AFL 58.03 -1.65 ChangeHlthcr CHNG 23.55 -0.17 HP HPQ 37.91 -1.48 LibertyBroadbandC LBRDK 113.51 1.06 TeckRscsB TECK 40.81 -1.92
t Ametek AME 122.17 -4.96 BaxterIntl BAX 72.99 -0.21 EPAM Systems EPAM 346.00 33.40 PenskeAuto PAG 111.84 -2.69
AGCO AGCO 130.83 -5.17 CharlesRiverLabs CRL 248.19 -9.32 HSBC HSBC 31.44 -1.51 LibertyBroadbandA LBRDA 108.67 -0.43 TeledyneTech TDY 417.96 -9.98
Amgen AMGN 234.35 -1.75 BectonDicknsn BDX 259.64 6.10 EQT EQT 41.92 -1.03 Pentair PNR 51.45 -2.34 t
AMC Ent AMC 14.69 -1.03 CharterComms CHTR 456.20 7.86 Halliburton HAL 36.69 -1.39 LibertyGlobal A LBTYA 23.32 -0.45 Teleflex TFX 277.78 -8.87
Amphenol APH 71.16 -2.78 BeiGene BGNE 159.48 -3.52 EastWestBncp EWBC 74.32 -2.68 PepsiCo PEP 170.39 -3.47
Ansys ANSS 272.67 -16.04 CheckPoint CHKP 122.94 -3.98 HartfordFinl HIG 72.01 -1.25 LibertyGlobal C LBTYK 24.43 -0.45 Ericsson ERIC 7.98 -0.44
AnalogDevices ADI 158.24 -6.53 BentleySystems BSY 38.57 -2.69 EastGroup EGP 169.10 -9.97 PerformanceFood PFGC 48.86 -2.60
APA APA 41.30 -3.90 Chemed CHE 501.88 -3.80 Hasbro HAS 92.08 -2.07 LibertyFormOne A FWONA 56.08 -1.88 TelefonicaBras VIV 10.14 -0.52
Anaplan PLAN 65.60 -0.06 Berkley WRB 68.06 -0.95 EastmanChem EMN 105.67 -2.38 PerkinElmer PKI 147.92 -9.16 Telefonica TEF 4.96 -0.03
ASETech ASX 6.57 -0.33 CheniereEnergy LNG 142.80 -3.50 Eaton ETN 148.38 -1.55 HashiCorp HCP 46.33 -8.21 LibertyFormOne C FWONK 60.82 -2.22 PetroChina PTR 50.46 -0.84
AngloGoldAsh AU 19.94 -1.14 BerkHathwy A BRK.A 481400-12943 TelekmIndonesia TLK 32.38 -0.58
ASML ASML 564.17 -28.47 CheniereEnerPtrs CQP 56.46 -1.06 t eBay EBAY 48.04 -6.38 HealthpeakProp PEAK 31.48 -0.80 LibertyBraves A BATRA 26.28 -0.19 PetroleoBrasil PBR 13.65 -0.36
AB InBev BUD 57.08 -1.25 BerkHathwy B BRK.B 318.68 -8.12 Tenaris TS 30.84 -1.07
AT&T T 19.95 ... ChesapeakeEner CHK 95.57 0.59 Ecolab ECL 166.69 -7.18 Heico HEI 137.16 -5.86 LibertyBraves C BATRK 25.08 -0.29 PetroleoBrasilA PBR.A 12.66 -0.33
AnnalyCap NLY 6.68 -0.08 BerryGlobal BERY 57.82 -1.94 TencentMusic TME 4.24 -0.31
AbbottLabs ABT 113.01 -2.69 s Chevron CVX 166.26 -1.33 Ecopetrol EC 16.34 -0.71 Heico A HEI.A 112.47 -4.38 LibertySirius C LSXMK 42.00 -0.70 Pfizer PFE 48.45 -1.21
AnteroResources AR 37.70 -0.96 BestBuy BBY 92.21 -5.58 TenetHealthcare THC 74.48 -1.01
AbbVie ABBV 152.18 0.59 ChewyA CHWY 28.98 -3.53 EdisonInt EIX 68.82 -1.54 HenrySchein HSIC 83.44 -2.98 LibertySirius A LSXMA 41.93 -0.67 PhilipMorris PM 99.77 -0.79
Anthem ANTM 506.86 -3.43 Bilibili BILI 21.50 -2.57 Teradyne TER 108.51 -5.66
Abiomed ABMD 272.25 -22.96 ChinaEastrnAir CEA 16.49 -1.01 EdwardsLife EW 103.36 -5.29 Hershey HSY 223.84 -1.49 LifeStorage LSI 126.04 -5.71 s Phillips66 PSX 94.52 -1.65
Aon AON 286.55 -5.55 Bill.com BILL 152.24 -23.21 Tesla TSLA 873.28 -79.34
Accenture ACN 298.70 -16.16 ChinaLifeIns LFC 7.18 -0.25 t ElancoAnimal ELAN 24.18 -0.82 HertzGlobal HTZ 20.35 -0.37 EliLilly LLY 292.37 -2.53 Pinduoduo PDD 40.28 -5.07
AptIncmREIT AIRC 46.13 -1.66 Bio-Techne TECH 386.15 -9.69 TetraTech TTEK 133.12 -8.77
ActivisionBliz ATVI 78.76 -0.48 ChinaPetrol SNP 49.89 -1.07 ElbitSystems ESLT 206.11 -5.74 Hess HES 109.57 -1.92 LincolnElectric LECO 135.75 -3.62 PinnacleWest PNW 72.80 -1.42
ApolloGlbMgmt APO 53.37 -0.29 Bio-RadLab A BIO 507.45 -6.13 TevaPharm TEVA 7.91 -0.42
Adobe ADBE 400.51 -22.84 ChinaSoAirlines ZNH 26.45 -2.24 ElectronicArts EA 119.61 -4.11 HessMidstream HESM 29.80 -0.99 LincolnNational LNC 59.02 -6.05 Pinterest PINS 22.63 -1.57
Apple AAPL 156.77 -9.25 Biogen BIIB 201.18 -8.92 TexasInstruments TXN 170.28 -5.95
AdvanceAuto AAP 201.33 -6.30 Chipotle CMG 1369.86 -64.67 EmersonElec EMR 89.23 -2.11 HewlettPackard HPE 15.95 -0.14 Linde LIN 312.61 -9.63 PioneerNatRscs PXD 256.48 3.70
ApplMaterials AMAT 113.47 -5.34 BioMarinPharm BMRN 81.97 -2.68 TexasPacLand TPL 1404.15 -20.76
AdvDrainageSys WMS 101.72 -5.76 t ChoiceHotels CHH 134.08 -4.35 Enbridge ENB 44.58 -0.61 HighwoodsProp HIW 40.30 -0.89 LithiaMotors LAD 297.70 -11.63 PlainsAllAmPipe PAA 10.93 -0.18
Applovin APP 36.48 -3.83 BioNTech BNTX 141.92 -9.92 Textron TXT 69.72 -2.50
AdvMicroDevices AMD 93.87 -5.55 Chubb CB 208.00 -5.96 t Endeavor EDR 20.00 -1.83 Hilton HLT 149.89 -1.50 LiveNationEnt LYV 95.13 -4.24 PlainsGP PAGP 11.65 -0.30
Aptargroup ATR 112.80 -3.95 BlackKnight BKI 71.81 -1.03 ThermoFisherSci TMO 550.51 -12.47
Aegon AEG 5.06 -0.25 ChunghwaTel CHT 41.96 -0.12 EnelAmericas ENIA 5.31 -0.06 Hologic HOLX 74.77 -0.93 LloydsBanking LYG 2.13 -0.19 Playtika PLTK 16.57 -1.28
Aptiv APTV 104.63 -5.79 BlackRock BLK 633.81 -31.42 ThomsonReuters TRI 94.66 -2.91
AerCap AER 47.36 -1.22 Church&Dwight CHD 94.78 -1.75 s EnergyTransfer ET 11.88 -0.20 HomeDepot HD 299.11 -16.20 LockheedMartin LMT 443.15 -2.59 PlugPower PLUG 21.26 -2.14
Aramark ARMK 35.85 -1.38 Blackstone BX 104.96 -6.64 3M MMM 149.46 -4.77
AffirmHldgs AFRM 27.02 -4.74 ChurchillDowns CHDN 201.18 -6.63 EnphaseEnergy ENPH 181.14 -10.80 HondaMotor HMC 26.35 -0.77 Loews L 63.76 -1.09 Pool POOL 400.56 -16.36
ArcelorMittal MT 27.53 -2.15 Block SQ 95.55 -11.24 t LogitechIntl LOGI 63.16 -2.72 Toast TOST 16.45 -1.81
AgilentTechs A 122.15 -4.15 Ciena CIEN 54.74 -2.71 Entegris ENTG 114.60 -5.94 Honeywell HON 197.87 -7.98 PrincipalFin PFG 71.51 -1.90
ArchCapital ACGL 46.45 -0.86 BlueOwlCapital OWL 12.14 -0.39 Toro TTC 81.54 -2.33
agilon health AGL 18.01 -1.33 Cigna CI 252.08 -3.59 Entergy ETR 118.30 -0.36 HorizonTherap HZNP 92.39 -3.28 Lowe's LOW 195.92 -11.24 ProcoreTech PCOR 51.23 -3.04
ArcherDaniels ADM 89.41 -1.74 Boeing BA 150.47 -6.50 TorontoDomBk TD 72.78 -1.25
AgnicoEagle AEM 58.09 -1.52 CincinnatiFin CINF 125.85 -1.49 EnterpriseProd EPD 26.61 -0.36 HormelFoods HRL 51.57 -0.68 Lucid LCID 18.85 -1.41 Procter&Gamble PG 154.46 -2.90
AresMgmt ARES 69.21 -2.79 BookingHldgs BKNG2171.91 68.58 TotalEnergies TTE 52.49 -0.27
AirProducts APD 235.98 -11.51 arGEN-X ARGX 320.34 27.41
Cintas CTAS 386.74 -14.29 Equifax EFX 208.23 -4.39 DR Horton DHI 71.15 -4.42 LufaxHolding LU 5.27 -0.33 Progressive PGR 112.41 -3.43
BoozAllen BAH 85.42 -1.25 CiscoSystems CSCO 49.61 -1.97 Equinix EQIX 713.39 -18.75 s HostHotels HST 19.75 -0.38 lululemon LULU 343.60 -21.07 ToyotaMotor TM 169.93 -4.92
Airbnb ABNB 143.09 -13.09 AristaNetworks ANET 110.98 -6.81 BorgWarner BWA 38.10 -0.88 Prologis PLD 144.98 -7.30
Citigroup C 51.31 -0.92 Equinor EQNR 34.82 -1.16 HowmetAerospace HWM 35.42 -1.12 LumenTech LUMN 10.74 0.09 TractorSupply TSCO 204.22 -8.41
AkamaiTech AKAM 98.67 -4.10 ArrowElec ARW 124.47 -0.18 BostonProps BXP 119.67 -3.26 PrudentialFin PRU 107.74 -3.83
CitizensFin CFG 40.59 -0.90 Equitable EQH 29.61 -1.39 HuanengPower HNP 19.32 -1.86 Lyft LYFT 22.03 0.47 TradeDesk TTD 55.16 -7.33
Albemarle ALB 236.50 21.03 AspenTech AZPN 167.50 -2.52 t Prudential PUK 23.86 -1.83
BostonSci BSX 42.03 -0.72 CitrixSystems CTXS 101.40 -0.30 EquityLife ELS 73.40 -1.90 Huazhu HTHT 29.02 -2.34 LyondellBasell LYB 111.43 -4.57 t Tradeweb TW 65.65 -3.59
Albertsons ACI 30.12 -1.69 Assurant AIZ 189.43 2.56 BristolMyers BMY 76.25 -0.06 PublicServiceEnt PEG 68.89 -0.38
TraneTech TT 136.69 -4.52
Alcoa AA 63.46 -4.50
Clarivate CLVT 14.78 -0.85 EquityResdntl EQR 77.82 -2.41 Hubbell HUBB 196.88 -3.32 PublicStorage PSA 349.27 -5.90
AstraZeneca AZN 64.95 -1.80
Alcon ALC 70.62 -1.78 Atlassian TEAM 212.71 -21.99
BritishAmTob BTI 41.26 -0.87
BrixmorProp BRX 24.44 -1.15
Cleveland-Cliffs CLF 25.03 -1.98 ErieIndemnity A ERIE 170.01 -3.57 t HubSpot HUBS 341.21 -51.00 M N PulteGroup PHM 43.30 -2.56
TransDigm TDG 597.64 -24.09
Clorox CLX 148.27 -1.36 EssentialUtil WTRG 44.58 -1.08 Humana HUM 434.00 -8.34 TransUnion TRU 85.05 -2.83
AlexandriaRlEst ARE 179.18 -5.13 AtmosEnergy ATO 115.04 -0.27 Broadcom AVGO 579.99 -23.67 M&T Bank MTB 172.14 -3.95 PureStorage PSTG 27.78 -2.22 Travelers TRV 172.01 -3.44
Alibaba BABA 94.64 -6.77 Autodesk ADSK 198.39 -5.36 Cloudflare NET 77.81 -12.59 EssexProp ESS 316.55 -6.82 JBHunt JBHT 175.67 -2.76 Qiagen QGEN 46.08 -0.63
BroadridgeFinl BR 143.07 -6.28 Coca-Cola KO MGM Resorts MGM 39.30 -1.73 t Trimble TRMB 63.27 -6.69
AlignTech ALGN 283.72 -27.17 ADP ADP 218.56 -10.32 64.51 -0.52 EsteeLauder EL 241.83 -15.43 HuntingtonBcshs HBAN 13.61 -0.29 t Qorvo QRVO 108.84 -10.50
BrookfieldMgt BAM 49.21 -2.70 Coca-ColaEuro CCEP 49.53 -2.02 t Etsy HuntingIngalls HII 219.74 -2.40 MPLX MPLX 32.39 -1.03 Trip.com TCOM 22.42 -1.18
Alleghany Y 834.75 -1.26 AutoNation AN 122.86 -3.28 ETSY 90.93 -18.40 t Qualcomm QCOM 141.64 -7.41
BrookfieldInfr BIP 61.14 -0.93 t Cognex CGNX 61.01 -7.11 Huntsman HUN 34.61 -0.96 MSCI MSCI 416.05 -16.69 TruistFinl TFC 49.45 -1.31
Allegion ALLE 113.76 -4.70 AutoZone AZO 1973.09 -81.49 EverestRe RE 284.14 -2.06 QualtricsIntl XM 18.33 -0.69
BrookfieldRenew BEPC 36.31 -1.26 MagellanMid MMP 48.90 -2.13 Twilio TWLO 116.73 -1.75
AlliantEnergy LNT 58.86 -0.35 Avalonbay AVB 216.72 -5.76 CognizantTech CTSH 73.60 -10.76 Evergy EVRG 68.28 -0.45 HyattHotels H 86.47 -3.75 QuantaServices PWR 120.99 -0.29
Brown&Brown BRO 58.96 -2.55 t MagnaIntl MGA 59.94 -2.88 Twitter TWTR 50.36 1.30
Allstate ALL 131.58 -2.10 Avangrid AGR 44.23 -0.52 CoinbaseGlbl COIN 114.25 -15.90 EversourceEner ES 89.82 1.25 IAC/InterActive IAC 81.78 -5.07 QuestDiag DGX 136.18 -2.86
Brown-Forman A BF.A 61.33 -2.39 ManhattanAssoc MANH 126.00 -6.43 TylerTech TYL 380.21 -13.28
AllyFinancial ALLY 43.18 -0.41 Avantor AVTR 30.72 -1.28 ColgatePalm CL 76.09 -0.91 ExactSciences EXAS 56.23 -3.11 ICICI Bank IBN 18.85 -0.53
Brown-Forman B BF.B 65.19 -2.06 ManulifeFin MFC 19.39 -0.61 TysonFoods TSN 90.90 -1.33
AlnylamPharm ALNY 136.74 -6.69 AveryDennison AVY 179.27 -6.14 Bruker BRKR 60.84 -3.01
Comcast A CMCSA 40.38 -1.24 Exelon EXC 46.90 -1.02
t
ICL Group ICL 11.14 -0.55
s MarathonOil MRO 27.68 -0.01 R S UBS Group UBS 17.19 -0.68
Alphabet A GOOGL 2330.11-115.11 AvisBudget CAR 273.70 -17.51 Comerica CMA 82.93 -2.96 t Expedia EXPE 139.50 -10.06 IdexxLab IDXX 385.11 -26.20 s
BuildersFirst BLDR 65.91 -2.70 MarathonPetrol MPC 94.10 -2.25 RELX RELX 29.25 -0.69 UDR UDR 50.61 -1.45
Alphabet C GOOG 2334.93-116.57 t AxonEnterprise AXON 99.51 -16.03 CommerceBcshrs CBSH 70.14 -1.37 ExpeditorsIntl EXPD 109.06 -1.75 ING Groep ING 9.57 -0.32
Bunge BG 114.82 -3.86 MaravaiLifeSci MRVI 28.55 -1.96 t RH RH 309.21 -30.49 UGI UGI 37.10 ...
Altria MO 55.95 -0.45 BCE BCE 53.79 -0.71 ConagraBrands CAG 35.42 -0.27 ExtraSpaceSt EXR 189.70 -5.87 Invesco IVZ 18.85 -1.10
BurlingtonStrs BURL 207.91 -6.41 Markel MKL 1336.53 -32.26 US Foods USFD 37.19 -1.68
t AlumofChina ACH 10.62 -0.75 BHP Group BHP 65.79 -3.48 Concentrix CNXC 148.67 -8.54 s ExxonMobil XOM 90.31 -1.39 IQVIA IQV 215.32 -7.47 RPM RPM 84.89 -2.12
CBRE Group CBRE 81.77 -3.80 MarketAxess MKTX 275.97 -4.77 t Uber UBER 26.83 -1.27
.
t Amazon.com AMZN 2328.14-190.43 t Confluent CFLT 28.25 -5.20 F5 FFIV 170.63 -7.29 IcahnEnterprises IEP 53.41 -0.35 RalphLauren RL 100.21 -7.37
BJ'sWholesale BJ 63.21 -4.04 CDW CDW 171.21 -5.90 Marriott MAR 177.66 -3.58 Ubiquiti UI 275.82 -13.41
ConocoPhillips COP 102.86 -1.00 FMC FMC 118.54 -3.99 Icon ICLR 227.75 -3.61 RangeResources RRC 30.70 -1.34
Ambev ABEV 2.71 -0.18 BP BP 31.22 -0.63 CF Industries CF 100.29 -1.74 Marsh&McLen MMC 161.20 -2.24 UiPath PATH 17.63 -1.49
ly
ConEd ED 92.66 -0.84 FactSet FDS 382.65 -16.70 IDEX IEX 189.76 -7.73 RaymondJames RJF 99.27 -3.96
Amcor AMCR 12.64 -0.48 Baidu BIDU 124.08 -7.87 CGI GIB 79.39 -2.99 MartinMarietta MLM 356.14 -21.43 RaytheonTech RTX 96.32 -1.44 UltaBeauty ULTA 396.63 -12.01
ConstBrands A STZ 251.91 -1.69 FairIsaac FICO 362.67 -15.75 IllinoisToolWks ITW 208.17 -4.84
Amdocs DOX 79.41 -1.77 BakerHughes BKR 32.02 -0.82 CH Robinson CHRW 106.37 -4.18 t MarvellTech MRVL 58.29 -4.62 RealtyIncome O Unilever UL 44.82 -1.08
t ConstBrands B STZ.B 285.67 7.10 Fastenal FAST 54.18 -3.07 Illumina ILMN 291.72 -15.96 67.10 -1.48
Amerco UHAL 541.52 -20.50 Ball BLL 76.80 -6.42 CME Group CME 213.27 -7.39 Masco MAS 54.04 -1.77 RegalRexnord RRX 131.27 -4.73 UnionPacific UNP 231.48 -5.61
ConstellationEner CEG 60.16 -1.65 FederalRealty FRT 117.58 -4.07 ImperialOil IMO 52.51 -0.62
Ameren AEE 93.25 -0.61 BancoBilbaoViz BBVA 4.82 -0.38 CMS Energy CMS 67.48 -0.90 ContinentalRscs CLR 61.01 0.65 Mastercard MA 353.37 -15.15 RegencyCtrs REG 69.57 -3.39 UnitedAirlines UAL 48.90 -3.00
FedEx FDX 207.24 -2.25 Incyte INCY 77.28 -3.44
AmericaMovil A AMOV 19.47 -0.22 BancoBradesco BBDO 2.91 -0.15 CNA Fin CNA 45.59 -0.84 t MatchGroup MTCH 76.88 -7.00 UnitedMicro UMC 8.04 -0.37
Cooper COO 347.89 -14.59 t Ferguson FERG 120.60 -5.75 Infosys INFY 20.31 -0.30 RegenPharm REGN 639.37 -21.49
AmericaMovil AMX 19.21 -0.56 BancodeChile BCH 20.29 -0.36 CNH Indl CNHI 14.47 -0.45 Mattel MAT 26.52 -0.45
AmerAirlines AAL 18.54 -1.08
AmCampus ACC 64.70 -0.23
AEP AEP 99.66 -1.06
AmerExpress AXP 171.01 -6.81
BancSanBrasil BSBR 6.37 -0.24
BcoSantChile BSAC 19.69 -0.11
BancoSantander SAN 2.82 -0.21
BanColombia CIB 38.23 -1.46
CRH
CSX
CVS Health CVS 97.73 -2.84
on
CRH 39.62 -1.85
CSX 34.65 -0.85
CadenceDesign CDNS 149.40 -8.94

Copart
Corning
Corteva
Cosan
CoStar
Costco
CPRT 113.09 -5.74
GLW 36.53 -0.74
CTVA 58.04 -1.10
CSAN 15.22 -0.99
CSGP 61.00 -3.60
COST 517.32 -27.11
Ferrari
FidNatlFin
RACE 202.06 -9.69
FNF 40.80 -1.72
FidNatlInfo FIS 100.60 -3.70
FifthThirdBncp FITB 37.98 -1.51
FirstCitizBcshA FCNCA 662.23 -23.01
FirstHorizon FHN 22.34 -0.21
t
t
IngersollRand IR
Insulet
Intel
45.53 -1.46
PODD 226.91 -20.10
INTC 44.60 -1.57
InteractiveBrkrs IBKR 57.42 -2.43
ICE ICE 101.63 -8.23
InterContinentl IHG 62.26 -4.23
McCormick MKC 96.44 -3.01
McCormickVtg MKC.V 96.49 -0.82
McDonalds MCD 248.92 -5.40
McKesson MCK 315.23 -4.53
MedicalProp MPW 18.62 -0.34
Medtronic MDT 104.55 -1.28
RegionsFin RF
ReinsGrp
RelianceSteel RS
Repligen
21.45 -0.60
RGA 110.17 -0.68
197.55 -13.88
RGEN 158.51 -9.23
RepublicSvcs RSG 130.33 -3.24
ResMed RMD 203.73 -1.51
t
UPS B
US Steel
UPS 179.79 -4.01
UnitedRentals URI 303.20 -17.31
US Bancorp USB 49.24 -1.29
X 27.85 -2.36
UnitedTherap UTHR 186.99 0.63
UnitedHealth UNH 494.72 -12.90
s CoterraEnergy CTRA 31.87 -0.90 FirstIndRlty FR 53.63 -2.13 IBM IBM 135.92 -1.48 RestaurantBrands QSR 53.27 -1.04 UnitySoftware U 62.02 -7.39
MercadoLibre MELI 913.22-109.99
us ,
t FirstRepBank FRC 149.26 -7.24

Borrowing Benchmarks t Coupang
Credicorp
CPNG 11.99 -1.38
BAP 132.80 -10.11 FirstSolar FSLR 76.41 -2.29
IntlFlavors
IntlPaper
IFF 122.75 -3.74
IP 48.11 -0.38
Merck
MetaPlatforms FB
MRK 88.01 -0.51
208.28 -15.13
t
RexfordIndlRealty REXR 73.72 -2.69
RingCentral RNG 81.30 -7.46
UniversalHealthB UHS 126.29 -3.66
Upstart UPST 89.04 -4.53
t
l
CreditAcceptance CACC 605.01 -35.92 FirstEnergy FE 42.48 -0.78 Interpublic IPG 33.15 -1.26 RioTinto RIO 68.97 -2.84 VF VFC 49.09 -2.96
wsj.com/market-data/bonds/benchmarks 6.75 -0.49 Fiserv FISV 99.55 -2.99 Intuit INTU 409.86 -38.06
MetLife MET 67.50 -0.81 Rivian RIVN 30.71 -3.21 VICI Prop VICI 29.76 -0.89
e
CreditSuisse CS MettlerToledo MTD 1311.35 -68.27
al a
CrowdStrike CRWD 180.98 -19.41 FiveBelow FIVE 151.51 -10.59 t IntuitiveSurgical ISRG 233.98 -12.33 RobertHalf RHI 98.74 -3.10 VailResorts MTN 249.78 -11.19
MicrochipTech MCHP 68.10 -2.60 Vale VALE 16.01 -0.59
Money Rates May 5, 2022 CrownCastle CCI 181.59 -2.85
CrownHoldings CCK 109.26 -5.24
Five9 FIVN 108.97 -6.18
FleetCorTech FLT 243.68 -10.42
InvitatHomes INVH 38.12 -0.63
IronMountain IRM 54.58 -0.06
MicronTech MU
Microsoft
71.29 -2.33
MSFT 277.35 -12.63
Robinhood
Roblox
HOOD 10.61 -0.29
RBLX 30.44 -4.44 s ValeroEnergy VLO 125.83 -2.40
VeevaSystems VEEV 178.45 -9.74
CubeSmart CUBE 45.99 -1.56 Flex FLEX 17.22 -0.52 ItauUnibanco ITUB 4.60 -0.18 RocketCos. RKT 8.76 -0.89
ci on
MidAmApt MAA 186.36 -3.94 Ventas VTR 57.00 -0.75

Key annual interest rates paid to borrow or lend money in U.S. and Cullen/Frost CFR 130.75 -5.85 Floor&Decor FND 79.46 -7.65
FomentoEconMex FMX 71.06 -2.08 J K L Middleby MIDD 158.12 -4.79
Rockwell ROK 214.44 -7.91
RogersComm B RCI 53.01 -0.99 VeriSign VRSN 175.75 -10.73
Cummins CMI 204.03 -4.72 MitsubishiUFJ MUFG 5.87 -0.15
international markets. Rates below are a guide to general levels but FordMotor F 14.53 -0.45
MizuhoFin MFG 2.38 -0.07 Roku ROKU 102.45 -7.56 VeriskAnalytics VRSK 187.92 -5.61
don’t always represent actual transactions. D E F Fortinet FTNT 284.52 -2.85 JD.com JD 59.39 -3.79
JPMorganChase JPM 123.92 -3.18 Moderna MRNA 142.02 -13.03 Rollins ROL 33.42 -0.65 Verizon VZ 47.84 -0.53
Fortis FTS 48.05 0.10 RoperTech ROP 443.50 -20.89 VertxPharm VRTX 266.37 -7.33
DCP Midstream DCP 34.73 -1.51 Jabil JBL 58.41 -1.98 MohawkInds MHK 153.10 -4.73 Viatris VTRS 10.05 -0.47
Fortive FTV 61.08 -1.63 RossStores ROST 99.89 -4.03
Week —52-WEEK— DISH Network DISH 27.48 -1.91 JackHenry JKHY 186.13 -1.83 MolinaHealthcare MOH 311.56 -0.54 Visa V 205.24 -9.28
Inflation Latest ago High Low DTE Energy DTE 128.83 -1.93
FortBrandsHome FBHS 72.98 -4.35
JacobsEngg J 137.57 -4.86 MolsonCoorsA TAP.A 58.60 -1.57 RoyalBkCanada RY 101.74 -2.39
Vistra VST 25.41 -0.51
FoxA FOXA 36.54 -0.50 MolsonCoorsB TAP 52.64 -0.60 RoyalCaribbean RCL 73.59 -4.22
March index Chg From (%) DXC Tech DXC 29.73 -1.16 FoxB FOX 33.72 -0.65 JamesHardie JHX 28.74 -1.25 t VMware VMW 104.52 -5.33
er s
Mondelez MDLZ 65.23 -0.96 RoyalGold RGLD 132.58 -0.63

level Feb. '22March '21 Bid 0.8300 0.3300 0.8300 0.0300 Danaher DHR 251.91 -4.72 Franco-Nevada FNV 151.73 -4.36 JazzPharma JAZZ 153.22 -4.21
RoyaltyPharma RPRX 40.77 -2.43 Vodafone VOD 15.47 -0.40
Darden DRI 127.51 -3.97 JefferiesFin JEF 32.67 -0.65 MongoDB MDB 315.93 -44.63 t VornadoRealty VNO 37.28 -0.84
Offer 0.8500 0.3800 0.8500 0.0500 DarlingIngred DAR 75.41 -2.11
FranklinRscs BEN 25.04 -1.76
J&J JNJ 176.76 -3.44 MonolithicPower MPWR 451.98 -27.21 RyanSpecialty RYAN 37.05 -0.82
FreeportMcM FCX 39.64 -1.66 Ryanair RYAAY 86.00 -2.65 VulcanMatls VMC 177.08 -8.35
U.S. consumer price index Datadog DDOG 111.87 -7.13 JohnsonControls JCI 54.18 -2.34 MonsterBev MNST 83.04 -3.61
m er
Treasury bill auction FreseniusMed FMS 30.90 -0.04 SAP SAP 99.82 -2.74
All items 287.504 1.34 8.5 DaVita DVA 106.94 -3.86 FullTruck YMM 6.54 -0.60 JonesLang JLL 209.68 -11.57 Moody's MCO 304.01 -13.40
t S&P Global SPGI 346.90 -17.42 W X Y Z
DeckersOutdoor DECK 258.99 -20.09 JuniperNetworks JNPR 31.78 -1.14 MorganStanley MS 84.94 -2.28
Core 289.305 0.43 6.5 4 weeks 0.490 0.480 0.500 0.000 Morningstar MORN 252.71 -8.99 SBA Comm SBAC 342.37 -9.37 WEC Energy WEC 101.07 -0.49
13 weeks 0.910 0.890 0.910 0.015
Deere
DellTechC
DE 383.04 -13.31
DELL 47.26 -1.55
G H I KB Fin KB 46.79 -1.74
KE Holdings BEKE 13.23 -1.18 Mosaic MOS 64.73 -2.39 SEI Investments SEIC 56.19 -1.68 WEX WEX 162.87 -7.97
SK Telecom SKM 25.82 -0.25
International rates 26 weeks 1.420 1.370 1.420 0.030 DeltaAir DAL 42.13 -1.72 GFLEnvironmental GFL 28.86 -0.63 KKR KKR 55.36 -1.99 MotorolaSol MSI 210.39 -8.99
SLGreenRealty SLG 69.35 -1.74
W.P.Carey WPC 78.34 -1.44
DentsplySirona XRAY 40.81 -1.14 Gallagher AJG 164.99 -5.38 KLA KLAC 333.40 -15.98 t NICE NICE 195.68 -15.29 t SS&C Tech SSNC 63.14 -3.13
WPP WPP 62.05 -3.01
NIO 15.38 -2.75 Wabtec WAB 91.66 -3.08
m rp
DeutscheBank DB 9.89 -0.75 GameStop GME 119.13 -7.95 Kanzhun BZ 21.43 -1.42 NIO
Week 52-Week Secondary market NOV NOV 18.79 -0.54
StoreCapital STOR 27.75 -0.51 WalgreensBoots WBA 43.78 -0.68
Latest ago High Low SVB Fin SIVB 513.37 -24.14 Walmart WMT 152.74 -1.32
NRG Energy NRG 37.71 -0.54
Fannie Mae Salesforce CRM 172.30 -13.18 WarnerBrosA WBD 18.88 -0.78
NVR NVR 4446.00-239.09 Sanofi SNY 51.48 -1.01
Prime rates NXP Semi NXPI 178.37 -7.55 t WarnerMusic WMG 29.13 -1.57
30-year mortgage yields
U.S. 4.00 3.50 4.00 3.25 30 days 4.721 4.679 4.863 2.216
Dividend Changes Nasdaq NDAQ 154.90 -5.20
NationalGrid NGG 74.18 -0.83
Sasol SSL 24.16 -1.24
Schlumberger SLB 42.08 -0.52
WasteConnections WCN 127.40 -3.71
WasteMgt WM 158.64 -3.69
Canada 3.20 3.20 3.20 2.45 NatlRetailProp NNN 44.24 -0.87
SchwabC SCHW 69.85 -1.51 Waters WAT 333.24 -9.23
60 days 4.810 4.748 4.944 2.261 Amount Payable / Sea SE 81.91 -8.26
Japan 1.475 1.475 1.475 1.475 NatlStorage NSA 55.11 -2.07 Watsco WSO 260.24 -13.63
Company Symbol Yld % New/Old Frq Record Seagate STX 82.72 -3.73 t Wayfair W 67.45 -23.31
co Fo
NatWest NWG 5.27 -0.43

Policy Rates Other short-term rates NetApp NTAP 73.11 -3.59
Seagen SGEN 128.69 -3.96 WebsterFin WBS 49.44 -2.02
Increased SealedAir SEE 64.80 -3.68 WellsFargo WFC 44.76 -0.97
NetEase NTES 91.19 -5.79
Euro zone 0.00 0.00 0.00 0.00 Week 52-Week Broadstone Net Lease BNL 5.4 .27 /.265 Q Jul15 /Jun30 Netflix NFLX 188.32 -15.69
Sempra SRE 161.12 -3.39 Welltower WELL 89.97 -0.25
Switzerland 0.00 0.00 0.00 0.00 SensataTechs ST 46.44 -1.56 WestFraserTimber WFG 92.50 -1.06
Latest ago high low Expeditors Intl of Wash EXPD 1.2 .67 /.58 SA Jun15 /Jun01 Neurocrine NBIX 85.28 -3.12 t SentinelOne S 29.29 -3.51 WestPharmSvcs WST 314.76 -3.68
Britain 1.00 0.75 1.00 0.10 Farmland Partners FPI 1.6 .06 /.05 Q Jul15 /Jul01 NewFortressEner NFE 45.65 1.28 ServiceCorp SCI 69.54 -2.17
NewellBrands NWL 22.59 -0.69 WestAllianceBcp WAL 80.25 -2.88
Australia 0.35 0.10 0.35 0.10 Call money Innospec IOSP 1.3 .63 /.59 SA May26 /May17 ServiceNow NOW 469.33 -30.13 WesternDigital WDC 61.19 -1.67
Newmont NEM 72.34 -1.05
2.75 2.25 2.75 2.00 Northern Oil & Gas NOG 2.8 .19 /.14 Q Jul29 /Jun29 t ShawComm B SJR 28.89 -0.07 WesternMidstrm WES 25.15 -0.83
Overnight repurchase NewsCorp B NWS 19.59 -1.19
PepsiCo PEP 2.7 1.15 /1.075 Q Jun30 /Jun03 t Shell SHEL 56.94 -0.03 s Westlake WLK 138.79 -1.54
NewsCorp A NWSA 19.73 -1.12 SherwinWilliams SHW 276.95 -5.58
0.78 0.27 0.78 -0.02 WestRock WRK 54.19 1.43
U.S. Commercial paper (AA financial) NextEraEnergy NEE 71.84 -1.22 ShinhanFin SHG 32.97 -1.09 Weyerhaeuser WY 40.65 -1.57
Initial NielsenHoldings NLSN 26.71 -0.05 t
90 days 1.05 1.00 1.28 0.06 Shopify SHOP 413.09 -72.40 WheatonPrecMet WPM 44.29 -1.56
U.S. government rates Lifevantage LFVN 2.8 .03 May31 /May17 t Nike NKE 118.63 -7.43 Sibanye-Stillwater SBSW 12.61 -1.46 Whirlpool WHR 190.03 -8.16
NiSource NI 29.31 -0.36
Libor Foreign Nokia NOK 5.11 -0.22
SignatureBank SBNY 245.97 -17.38 Williams WMB 35.91 -0.98
Discount SimonProperty SPG 122.34 -2.24 Williams-Sonoma WSM 132.35 -9.82
One month 0.84486 0.80000 0.84514 0.07263 Amcor AMCR 3.8 .12 Q Jun14 /May25 NomuraHoldings NMR 3.78 -0.14
SiriusXM SIRI 6.13 -0.08 WillisTowers WTW 216.13 -4.02
1.00 0.50 1.00 0.25 Nordson NDSN 213.39 -9.07
Three month 1.37071 1.28600 1.40614 0.11413 ARKO ARKO 1.0 .02 Q Jun15 /May31 NorfolkSouthern NSC 256.87 -6.56
Skyworks SWKS 107.44 -6.09 WillScotMobile WSC 34.66 -1.97
Assured Guaranty AGO 1.7 .25 Q Jun01 /May18 SmithAO AOS 58.93 -2.71 t Wipro WIT 6.34 -0.15
Federal funds Six month 1.97214 1.84814 2.01957 0.14663 NorthernTrust NTRS 106.65 -2.22
Smith&Nephew SNN 32.56 -1.00 Wolfspeed WOLF 86.50 -15.02
One year 2.67214 2.54914 2.74843 0.21950 AXIS Capital Holdings AXS 2.9 .43 Q Jul15 /Jun30 NorthropGrum NOC 466.66 4.09
Effective rate 0.8500 0.3400 0.8500 0.0500 AXIS Capital Pfd. E AXSpE 6.4 .34375 Q Jul15 /Jun30 NortonLifeLock NLOK 24.11 -0.93
Smucker SJM 137.60 -1.45 WooriFin WF 35.81 -1.41
t
n-
Snap SNAP 27.27 -2.89 Workday WDAY 195.82 -11.94

High 0.9500 0.4000 0.9500 0.0700 Banco Latinamer BLX 6.8 .25 Q Jun01 /May16 NorwegCruise NCLH 18.96 -1.41
Low 0.8300 0.3100 0.8300 0.0100 Secured Overnight Financing Rate Novartis NVS 86.21 -2.06
SnapOn SNA 221.97 -5.98 WyndhamHtls WH 84.29 -2.52
Barrick Gold GOLD 1.8 .10 Q Jun15 /May27 t Snowflake SNOW 166.18 -19.82 WynnResorts WYNN 68.49 -3.47
0.30 0.28 0.30 0.01 NovoNordisk NVO 112.79 -1.12
Brookfield Infr Pfd. A 13 BIPpA 6.7 .32031 Q Jun15 /May31 Novocure NVCR 80.20 -1.80 SOQUIMICH SQM 80.27 -0.02 XP XP 21.43 -0.40
Notes on data: Brookfield Infr Pfd. A 14 6.9 .3125 Q Jun15 /May31 SolarEdgeTech SEDG 266.23 -18.37 XcelEnergy XEL 72.79 -0.61
Value 52-Week BIPpB NuHoldings NU 5.42 -0.35
Sony SONY 84.93 -3.59 XPeng XPEV 23.11 -3.61
U.S. prime rate is the base rate on corporate Latest Traded High Low Centerra Gold CGAU 2.5 .0545 Q Jun01 /May18 Nucor NUE 140.82 -13.71
Southern SO 74.06 -0.51 Xylem XYL 86.28 -4.02
no
loans posted by at least 70% of the 10 largest Enbridge ENB 6.0 .6691 Q Jun01 /May13 Nutrien NTR 103.52 -3.79
SoCopper SCCO 62.59 -2.34 YumBrands YUM 115.62 -2.87
U.S. banks, and is effective May 5, 2022. Other DTCC GCF Repo Index Nuvei NVEI 51.25 -5.64
Fresh Del Monte Produce FDP 2.5 .15 Q Jun10 /May18 SouthwestAir LUV 47.00 -1.07 YumChina YUMC 40.74 -1.82
prime rates aren’t directly comparable; lending NVIDIA NVDA 188.44 -14.90 SouthwesternEner SWN 7.52 -0.34 ZimIntShipping ZIM 65.67 0.78
Treasury 0.766 36.920 0.766 -0.006 Janus Henderson Group JHG 5.7 .39 Q May31 /May16
practices vary widely by location; Discount rate SPLK 112.04 -10.87 ZTO Express ZTO 26.68 -1.30
is effective May 5, 2022. Secured Overnight MBS 0.816 44.200 0.816 0.008 Natural Health Trends NHTC 11.1 .20 Q May27 /May17 O P Q Splunk
Spotify SPOT 105.59 -6.96 t ZebraTech ZBRA 347.75 -20.12
Pyxis Tankers Pfd. A PXSAP 10.8 .1615 M May20 /May13 Zendesk ZEN 117.73 -5.92
Financing Rate is as of May 4, 2022. DTCC GCF OGE Energy OGE 39.34 -0.34 StanleyBlackDck SWK 123.61 -7.28
Weekly survey Waste Connections WCN 0.7 .23 Q Jun01 /May18 ONEOK OKE 64.05 -3.30 Starbucks SBUX 77.48 -4.16 Zillow C Z 39.78 -4.36
Repo Index is Depository Trust & Clearing
OReillyAuto ORLY 603.55 -24.53 StarwoodProp STWD 23.83 -0.39 Zillow A ZG 39.05 -4.06
Corp.'s weighted average for overnight trades in Latest Week ago Year ago Special s OccidentalPetrol OXY 62.29 0.72 StateStreet STT 71.22 -1.54 ZimmerBiomet ZBH 122.54 -3.78
applicable CUSIPs. Value traded is in billions of Dorian LPG LPG ... 2.50 Jun02 /May16 t Okta OKTA 111.17 -9.34 SteelDynamics STLD 81.41 -8.10 ZionsBancorp ZION 57.41 -2.07
U.S. dollars. Federal-funds rates are Tullett Freddie Mac Olaplex OLPX 13.34 -1.11 Stellantis STLA 13.42 -0.69 Zoetis ZTS 171.45 -5.41
Prebon rates as of 5:30 p.m. ET. Sources: FactSet; Dow Jones Market Data
OldDomFreight ODFL 283.30 -7.72 Steris STE 226.97 -5.37 ZoomVideo ZM 100.84 -8.14
30-year fixed 5.27 5.10 2.96 s Olin OLN 64.19 -0.33 STMicroelec STM 36.75 -2.17 ZoomInfoTech ZI 49.61 -4.50
Sources: Federal Reserve; Bureau of Labor KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
Statistics; DTCC; FactSet; 15-year fixed 4.52 4.40 2.30 Omnicom OMC 77.88 -1.74 Stryker SYK 241.36 -4.61 Zscaler ZS 190.41 -18.52
Tullett Prebon Information, Ltd. Five-year ARM 3.96 3.78 2.70 spin-off. OnHolding ONON 23.24 -2.49 SumitomoMits SMFG 5.97 -0.16 Zynga ZNGA 8.32 -0.18
New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
CVR Energy CVI 33.88 -0.1 ExxonMobil XOM 92.05 -1.5 MountainCrestAcqnV MCAG 9.95 -0.2 RingEnergy REI 5.05 -0.2 US12mthNtlGas UNL 26.57 3.7 Abcam ABCM 14.29 -5.8
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low
CenovusEnergy CVE
CenovusEnergyWt CVE.WS
20.45
15.30
...
0.6
FirstGuarBcshs FGBI
GraphicPkg GPK
27.43
22.71
3.4
-1.9
NOW
NaturalResPtrs NRP
DNOW 12.55
50.82
-5.0
3.5
SandRidgeEnergy SD
SignalHillAcqn SGHLU
21.26
10.43
-0.9
0.5
UnvlTechInst UTI 11.45 -8.7 Lows AbeonaTherap ABEO 0.18 -9.3
AberdeenIncmPfdA ACPpA 21.71 -4.5
ValarisWt VAL.WS 9.82 -2.8 AAON AAON 47.50 -4.3
in the latest session. % CHG-Daily percentage change from the previous trading session. CivitasRsrcs CIVI 67.61 0.5 GulfportEnergy GPOR 101.89 -3.8 NexPointRealEst NREF 24.33 1.0 SiliconMotion SIMO 98.65 17.2 Absci ABSI 5.15 -10.8
Valaris VAL 60.48 1.6 AC Immune ACIU 3.24 -6.8 AccretionAcqnRt ENERR 0.06 -20.0
Coherent COHR 278.34 -0.9 HNR Acqn Wt HNRA.WS 0.65 51.4 NoEuroOil NRT 20.72 -3.9 SolarisOilfield SOI 12.63 -2.2
CornerstoneBldg CNR 24.50 -0.2 Helm&Payne HP 50.89 -4.2 NuvectisPharma NVCT 14.39 20.5 SoundPointA SPCM 10.08 0.4 ValeroEnergy VLO 129.14 -1.9 ADC Therap ADCT 11.01 -7.7 Accuray ARAY 2.39 -5.9
Thursday, May 5, 2022 AG Mortgage PfdB MITTpB 19.48 0.2
CoterraEnergy CTRA 33.00 -2.7 HostHotels HST 21.63 -1.9 OccidentalPetrolWt OXY.WS 42.70 2.3 SuburbanPropane SPH 17.75 -1.7 Valhi VHI 38.63 9.4 AcelRxPharm ACRX 0.20 -6.5
52-Wk % 52-Wk % 52-Wk % Crypto1AcqnA DAOO 9.99 -0.1 HudsonTech HDSN 9.22 26.9 OccidentalPetrol OXY 64.50 1.2 SuncorEnergy SU 37.93 -1.3 VickersVantageI VCKA 10.21 0.1 AG Mortgage PfdA MITTpA 20.34 -2.6 AcordaTherap ACOR 1.17 -3.4
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg CumulusMedia CMLS 15.67 8.0 Kellogg K 71.05 3.5 Olin OLN 65.30 -0.5 SuperMicroComp SMCI 58.34 -6.5 AGNC InvtPfdE AGNCO 23.15 -0.6 Adagene ADAG 3.43 -1.7
WescoIntl WCC 144.43 5.7
DelekUS DK 29.27 -2.6 KensingtonCapIV KCA.U 10.58 0.1 Ovintiv OVV 57.60 -2.8 TalosEnergy TALO 21.37 -4.7 AlxOncology ALXO 10.60 -9.2 ADialPharm ADIL 1.32 -3.6
AlsetCapAcqnRt ACAXR 0.24 17.5 BiotechAcqnA BIOT 9.96 ... Westlake WLK 141.19 -1.1
Highs AmplifyEnergy AMPY 7.66 -2.6 BlueLinx BXC 100.01 -0.5
DevonEnergy DVN
DorianLPG LPG
68.87
17.42
-0.9
11.9
KimbellRoyalty KRP
MGP Ingredients MGPI
17.78
102.88
1.7
1.0
PBF Energy PBF
PatriaLatAmOppAcqn PLAO
32.41
10.35
-1.0
0.1
TetraTech
TItanIntl
TTI
TWI
4.67
17.60
...
-6.8
WinVestAcqn WINV 9.96 ...
ATAI Life
A2ZSmartTech AZ
ATAI 3.98
3.99
-8.4
-9.1
AditEdTechWt ADEX.WS 0.22 -13.5
Adtran ADTN 16.30 -4.4
AN2 Therap ANTX 19.60 2.1 AnteroResources AR 39.24 -2.5 byNordicAcqnWt BYNOW 1.95 -2.8 EnergyTransfer ET 12.48 -1.7 MarathonOil MRO 29.00 ... PatriaLatAmOppWt PLAOW 0.20 0.5 TrepontAcqnI A TACA 10.09 ... WorldQuantumGwthUn WQGA.U 10.61 -0.2 AVROBIO AVRO 0.85 -7.0 AegleaBioTherap AGLE 1.40 1.3
AlphaMetal AMR 175.96 3.4 Avnet AVT 47.30 0.7 CONSOL Energy CEIX 52.67 4.0 EnLinkMid ENLC 11.27 -6.2 MarathonPetrol MPC 96.90 -2.3 Phillips66 PSX 96.76 -1.7 US NatGas UNG 30.24 3.8 ZaniteAcqnA ZNTE 10.78 3.7 AXIS CapPfdE AXSpE 21.22 -2.7 Continued on Page B10
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
Stock 231.71 -5.99 -4.7 Contra 14.72 -0.67-20.5 CapApInst NA ... NA ParnEqFd 54.55 -1.81-13.9 BalAdml 42.63 -1.12-12.3 TxMCapAdml213.90 -8.19-13.5 MdCpVlAdml 74.55 -2.05 -3.8
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. DoubleLine Funds ContraK 14.78 -0.66-20.5 Harding Loevner PGIM Funds Cl Z CAITAdml 11.09 -0.02 -8.4 TxMIn r 14.26 -0.42-13.1 SmValAdml 71.77 -2.37 -6.2
TotRetBdI 9.46 -0.06 -8.1 CpInc r 10.14 -0.07 -8.5 IntlEq NA ... NA HighYield 4.95 -0.01 NA CapOpAdml r166.00 -6.57-14.3 USGroAdml 118.98 -7.64-29.4 TotBd2 9.84 -0.08-10.3
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e Edgewood Growth Instituti GroCo 27.60 -1.57-24.3 Invesco Funds Y TotalReturnBond 12.72 -0.11 NA DivAppIdxAdm 41.75 -1.28-10.0 ValAdml 55.59 -1.26 -2.6 TotIntlInstIdx r118.72 -3.47-13.1
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, DevMktY
EdgewoodGrInst 41.06 -2.34-32.1 GrowCoK 27.71 -1.57-24.3 35.85 -1.08-23.8 PIMCO Fds Instl EMAdmr 35.60 -1.00-12.9 WdsrllAdml 73.88 -2.30 -9.8 TotItlInstPlId r118.75 -3.47-13.0
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r InvGrBd TotSt
Fidelity 10.40 -0.08 -9.8 John Hancock AllAsset 11.80 -0.14 NA EqIncAdml 90.66 -2.03 -1.1 WellsIAdml 64.34 -0.89 -7.7 101.01 -3.88-13.8
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not 500IdxInstPrem144.07 -5.31-12.6 LowP r 50.53 -1.48 -6.1 BondR6 14.28 -0.10-10.6 ShortT ExplrAdml 97.48 -4.27-18.1 VANGUARD INSTL FDS
available due to incomplete price, performance or cost data. NE-Not released by Lipper; 9.64 ... -1.1 WelltnAdml 73.12 -1.76-12.4
Contrafund K6 18.52 -0.82-20.3 Magin 12.02 -0.53-21.8 John Hancock Instl TotRt 9.11 -0.08-10.6 ExtndAdml 111.86 -5.24-19.3 WndsrAdml 79.16 -2.44 -2.9 BalInst 42.64 -1.12-12.3
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. ExtMktIdxInstPre 70.08 -3.28-19.3 NASDAQ r 155.32 -8.15-21.1 DispValMCI 26.38 -0.81 -4.7 PIMCO Funds A GNMAAdml 9.64 -0.08 -8.1 DevMktsIndInst 14.28 -0.42-13.1
VANGUARD FDS
FidSerToMarket 13.72 -0.53-13.7 OTC 15.01 -0.80-23.4 JPMorgan I Class IncomeFd 10.95 -0.07 NA GrwthAdml 128.02 -6.80-22.4 DivdGro 35.92 -0.95 -6.1 DevMktsInxInst 22.31 -0.66-13.1
Thursday, May 5, 2022 GrowthCompanyK6 17.32 -0.98-24.3 Puritn 23.86 -0.60-12.0 CoreBond 10.67 -0.07 -9.0 PIMCO Funds I2 HlthCareAdml r 84.93 -1.98 -8.1 IntlVal 36.93 -1.14-11.2 ExtndInst 111.85 -5.24-19.3
Net YTD Net YTD Net YTD InflPrBdIndInsPr 10.45 -0.10 -6.4 SAIUSQtyIdx 16.40 -0.63-13.5 EqInc 22.94 -0.52 -3.3 Income 10.95 -0.07 NA HYCorAdml r 5.40 -0.02 -7.9 LifeCon NA ... NA GrwthInst 128.02 -6.81-22.4
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret IntlIdxInstPrem 42.51 -1.28-13.8 SrsEmrgMkt 16.88 -0.66-19.7 JPMorgan R Class PIMCO Funds Instl InfProAd 26.42 -0.25 -6.0 LifeGro NA ... NA InPrSeIn 10.76 -0.10 -6.1
MidCpInxInstPrem 27.94 -1.02-12.7 SrsGlobal 13.08 -0.41-13.1 CoreBond 10.68 -0.08 -9.1 IncomeFd 10.95 -0.07 NA IntlGrAdml 101.43 -4.98-27.2 LifeMod NA ... NA InstIdx 351.60-12.96-12.6
American Century Inv Artisan Funds MktNeutI 14.00 -0.15 -3.6 SAIUSLgCpIndxFd 19.87 -0.73-12.6 SrsGroCoRetail 15.53 -0.87-23.9 Lord Abbett A ITBondAdml 10.57 -0.08-10.5 InstPlus 351.60-12.96-12.6
Ultra NA ... NA IntlVal Inst 39.05 -1.04 -7.9 Columbia Class I Price Funds PrmcpCor 30.51 -0.88 -9.3
SeriesBondFd 9.31 -0.08-10.1 SrsIntlGrw 15.05 -0.46-21.3 ShtDurIncmA p 3.98 -0.01 -3.5
BlChip 130.72 -7.70-26.5 ITIGradeAdml 8.71 -0.06-11.7 InstTStPlus 73.52 -2.82-13.8
American Funds Cl A Baird Funds DivIncom I 29.62 -0.70 -5.9 STAR NA ... NA
SeriesOverseas 11.35 -0.35-21.2 SrsIntlVal 10.34 -0.31 -7.4 Lord Abbett F
DivGro 66.53 -1.81-10.0 LarCapAd 95.69 -3.66-13.8 MidCpInst 59.97 -2.16-13.7
AmcpA p 35.10 -1.53-22.8 AggBdInst 10.11 -0.08-10.5 Dimensional Fds ShtDurIncm 3.98 TgtRe2015 NA ... NA
SerLTTreBdIdx 6.71 -0.17-20.6 TotalBond 9.91 -0.07 -9.7 ... -3.2
Growth 75.58 -4.16-28.9
LTGradeAdml 8.56 -0.16-20.6 MidCpIstPl 295.78-10.65-13.7
AMutlA p 50.88 -1.15 -3.9 CorBdInst 10.38 -0.08-10.3 5GlbFxdInc 10.08 -0.01 -5.8 SmCpIdxInstPrem 23.07 -0.97-16.3 Lord Abbett I TgtRe2020 NA ... NA
Fidelity SAI MidCpAdml 271.49 -9.77-13.7 RealEstaInstl 22.17 -0.61-12.3
BalA p 30.34 -0.64 -9.1 BlackRock Funds EmgMktVa 29.40 -0.71 -5.0 ShtDurInc p 3.97 -0.01 -3.4
HelSci 86.72 -2.36-16.7 TgtRe2025 NA ... NA
TMktIdxInstPrem115.27 -4.43-13.7 TotalBd 9.38 -0.07 -9.4 MuHYAdml 10.61 -0.03-10.6 SmCapInst 93.92 -3.72-13.1
BondA p 12.02 -0.09 -9.6 HiYldBd Inst 7.10 -0.04 -7.9 EmMktCorEq 22.44 -0.57-10.3 LgCapGow I 54.18 -2.94-26.3 TgtRe2030 NA ... NA
TotalMarketIndex 14.51 -0.56-13.5 Fidelity Selects Metropolitan West MuIntAdml 13.41 -0.02 -8.1 SmCapIstPl 271.08-10.75-13.1
CapIBA p 65.82 -1.22 -5.6 BlackRock Funds A IntlCoreEq 14.22 -0.44-11.5 USBdIdxInstPrem 10.69 -0.09-10.1 Softwr r 23.17 -1.23-19.9 TotRetBdI 9.68 -0.08-10.7 MidCap 94.84 -3.58-19.2
MuLTAdml 10.75 -0.02-10.5 TgtRe2035 NA ... NA STIGradeInst 10.16 -0.03 -5.1
CapWGrA 53.99 -1.56-14.9 GlblAlloc p 18.73 +0.03-10.0 IntSmCo 18.60 -0.58-14.5 Fidelity Freedom Tech r 21.32 -1.22-24.6 TRBdPlan 9.08 -0.07-10.7 NHoriz 52.31 -2.88-31.9
MuLtdAdml 10.65 -0.01 -4.2 TgtRe2040 NA ... NA STIPSIxins 25.33 -0.08 -0.7
EupacA p 51.74 -1.62-20.1 BlackRock Funds III IntSmVa 19.58 -0.60 -8.4 FF2020 14.71 -0.33-11.7 First Eagle Funds MFS Funds R2020 19.85 -0.38-10.6
MuShtAdml 15.55 ... -1.8 TgtRe2045 NA ... NA TotBdInst 9.97 -0.08-10.2
FdInvA p 65.90 -2.12-13.0 iShS&P500IdxK488.17-17.98-12.6 LgCo 29.53 -1.08-12.6 FF2025 13.52 -0.32-12.1 GlbA 61.37 -1.32 -4.9 IIE 28.53 -0.78-14.7 R2025 17.27 -0.37-11.5 PrmcpAdml r150.41 -4.88-11.2 TgtRe2050 NA ... NA TotBdInst2 9.84 -0.08-10.3
GwthA p 58.23 -2.76-21.6 BlackRock Funds Inst US CoreEq1 32.31 -1.16-11.1 FF2030 16.92 -0.43-12.5 Franklin A1 MFS Funds Class I R2030 25.76 -0.64-12.6 RealEstatAdml143.24 -3.96-12.3 TgtRe2060 NA ... NA TotBdInstPl 9.97 -0.08-10.2
HI TrA p 9.63 -0.03 -7.0 EqtyDivd 21.34 -0.50 -1.2 US CoreEq2 29.38 -1.04-10.8 FF2035 14.69 -0.43-13.3 IncomeA1 p 2.42 -0.03 -2.1 GrowthI 148.68 -6.67-23.5 R2040 28.09 -0.86-14.3 SmCapAdml 93.92 -3.72-13.1 TgtRet2055 NA ... NA TotIntBdIdxInst 30.39 -0.10 -7.9
ICAA p 45.24 -1.45-12.4 StratIncOpptyIns 9.72 -0.02 -3.5 US Small 41.26 -1.46-12.2 FF2040 10.50 -0.35-13.8 FrankTemp/Frank Adv ValueI 50.19 -1.15 -7.8 Schwab Funds SmGthAdml 76.93 -3.85-22.3 TgtRetInc NA ... NA TotStInst 101.05 -3.88-13.8
IncoA p 24.53 -0.40 -4.5 Bridge Builder Trust US SmCpVal 41.71 -1.21 -3.9 Freedom2025 K 13.50 -0.32-12.1 IncomeAdv 2.40 -0.03 -2.0 Northern Funds 1000 Inv r NA ... NA STBondAdml 10.09 -0.03 -4.4 WellsI 26.56 -0.37 -7.7 ValueInst 55.59 -1.26 -2.6
N PerA p 53.11 -2.20-20.0 CoreBond 9.31 -0.07-10.0 US TgdVal 28.92 -0.90 -4.1 Freedom2030 K 16.91 -0.43-12.5 FrankTemp/Franklin A StkIdx NA ... NA S&P Sel NA ... NA STIGradeAdml 10.16 -0.03 -5.1 Welltn 42.34 -1.03-12.4 WCM Focus Funds
NEcoA p 46.73 -2.06-24.4 CorePlusBond 9.23 -0.07 -9.9 USLgVa 44.05 -1.12 -4.0 Freedom2035 K 14.68 -0.43-13.2 Growth A p 119.01 -5.41-20.9 Nuveen Cl I TSM Sel r NA ... NA STIPSIxAdm 25.31 -0.08 -0.7 WndsrII 41.64 -1.29 -9.8 WCMFocIntlGrwIns 20.43 -0.75-26.2
NwWrldA 69.40 -2.29-19.3 Intl Eq 11.19 -0.38-16.4 Dodge & Cox Freedom2040 K 10.51 -0.34-13.7 RisDv A p 86.49 -2.33-10.6 HYMunBd 15.95 -0.04 NA TIAA/CREF Funds TotBdAdml 9.97 -0.08-10.2 VANGUARD INDEX FDS Western Asset
SmCpA p 60.16 -2.49-24.8 LargeCapGrowth 18.71 -0.86-20.5 Balanced 102.29 -1.95 -5.5 Fidelity Invest Guggenheim Funds Tru Old Westbury Fds EqIdxInst 29.56 -1.13-13.5 TotIntBdIdxAdm 20.25 -0.07 -7.9 ExtndIstPl 276.04-12.92-19.3 CoreBondI 11.34 -0.11 NA
TxExA p 12.25 -0.03 -9.0 LargeCapValue 16.47 -0.41 -4.4 Income 12.76 -0.08 -8.8 Balanc 26.56 -0.79-12.4 TotRtnBdFdClInst 25.08 -0.21-11.2 LrgCpStr 15.50 -0.55 NA VANGUARD ADMIRAL TotIntlAdmIdx r 29.69 -0.86-13.1 IdxIntl 17.75 -0.52-13.1 CorePlusBdI 10.10 -0.12 NA
WshA p 56.01 -1.52 -7.1 Calamos Funds Intl Stk 44.27 -1.35 -6.4 BluCh 135.67 -7.95-26.1 Harbor Funds Parnassus Fds 500Adml 383.11-14.11-12.6 TotStAdml 101.04 -3.88-13.8 MdCpGrAdml 84.24 -3.89-23.0 CorePlusBdIS 10.10 -0.12 NA
NEW HIGHS AND LOWS WSJ.com/newhighs
Continued From Page B9 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
Stock Sym Hi/Lo Chg ArborRltyPfdF ABRpF 23.28 -1.5 BenitecBiopharm BNTC 1.26 -9.0 CallawayGolf ELY 20.43 -4.8 ConcretePumping BBCP 5.04 ... EdibleGarden EDBL 2.46 -42.2 FirstHorizonPfdD FHNpD 24.01 -2.2 GranitePointPfdA GPMTpA 22.15 -1.7 InnovativeIndProp IIPR 138.45 -5.5 LakeshoreI Wt LAAAW 0.04 -22.0
Arcellx ACLX 8.13 0.2 BicycleTherap BCYC 21.20 -5.6 CalliditasTherap CALT 13.70 -4.4 Confluent CFLT 27.43 -15.5 EdifyAcqnWt EACPW 0.13 -3.0 FirstRepBkPfdH FRCpH 20.29 -1.6 GraybugVision GRAY 0.92 -1.7 InnovativeIntlWt IOACW 0.15 -5.1 LancasterColony LANC 135.82 -6.7
AethlonMedical AEMD 1.05 -9.4
ArchCapitalPfdG ACGLN 18.56 -2.4 Big5SportingGds BGFV 14.01 -2.2 Calyxt CLXT 0.37 -8.2 ConnectBiopharma CNTB 0.68 -14.7 EducDev EDUC 4.38 -22.9 FirstRepBkPfdK FRCpK 16.49 -3.0 GreenBrickPfdA GRBKpA 23.20 -0.9 Inogen INGN 23.47 -5.5 LatchWt LTCHW 0.45 -11.3
AffiliatedNts61 MGRD 17.10 -2.7
AffiliatedMgrDeb MGR 23.24 -2.1 ArgusCapitalWt ARGUW 0.20 -2.3 BigLots BIG 30.45 -4.2 Cannae CNNE 21.70 -5.2 Constellium CSTM 15.34 -6.7 EffectorTherap EFTR 2.80 -4.3 FirstRepBank FRC 145.94 -4.6 GreenwichLife GLSI 10.84 -8.4 Inseego INSG 2.25 -24.7 LeapTherap LPTX 1.19 -8.2
AffiliatedNts60 MGRB 18.75 -2.1 ArmstrongWorld AWI 82.31 -4.8 BioAtla BCAB 2.33 -41.2 CanooWt GOEVW 0.79 -13.2 Cooper COO 344.03 -4.0 ElancoAnimal ELAN 23.97 -3.3 FirstRepBkPfdM FRCpM 16.50 -3.0 Gritstone GRTS 2.53 -5.8 InsightAcqnWt INAQ.WS 0.28 -1.8 LegatoMergerIIWt LGTOW 0.29 -9.4
Agenus AGEN 1.71 -7.9 ArrowrootAcqnWt ARRWW 0.12 -10.6 BioLifeSols BLFS 12.03 -6.7 Canoo GOEV 4.42 -8.6 CooTekCayman CTK 0.12 -5.0 ElancoAnimalUn ELAT 38.13 -3.1 FirsthandTechVal SVVC 3.00 0.3 GromSocialEnts GROM 0.71 -1.1 InspiraTech IINN 2.02 -5.4 LendingTree TREE 71.27 5.0
AirspanNetworksWt MIMO.WS 0.16 -11.2 Arteris AIP 9.80 -11.5 BioPlusAcqnWt BIOSW 0.15 -30.9 CapitolFedFin CFFN 9.44 -2.6 CostamarePfdE CMREpE 25.52 -0.6 Elastic ESTC 66.14 -9.7 FirstService FSV 118.89 -3.1 GroupNineWt GNACW 0.11 -2.5 InspiraTechWt IINNW 0.31 -25.6 LianBio LIAN 2.60 -10.9
Akerna KERN 0.64 -3.0 Arvinas ARVN 47.27 -9.9 Bioventus BVS 9.15 -4.9 Capri CPRI 44.34 -7.3 Coupang CPNG 11.91 -10.3 electroCore ECOR 0.40 -2.5 FlexShopper FPAY 1.00 -2.9 GpoAvalAcc AVAL 3.93 -1.7 Inspirato ISPO 5.26 -6.9 LibertyBroadPfdA LBRDP 25.81 -3.5
AlamoGroup ALG 121.29 -6.2 Asana ASAN 25.81 -11.3 BirdGlobal BRDS 1.54 -11.4 CaraTherap CARA 8.23 -4.0 Crexendo CXDO 2.50 0.8 ElysGameTech ELYS 1.44 -3.2 Forestar FOR 15.59 -4.7 GrupoTelevisa TV 8.54 -5.8 InstilBio TIL 6.69 -6.1 LibertyLatAmA LILA 8.60 -8.9
Alector ALEC 9.18 -6.7 AsensusSurg ASXC 0.39 -10.4 BitNile NILE 0.35 -8.9 CarLotzWt LOTZW 0.13 -13.3 CrownElectrokin CRKN 1.02 -9.3 Emcore EMKR 3.05 -14.7 FormaTherap FMTX 7.13 -11.5 Guidewire GWRE 79.77 -5.9 IntegraLifeSci IART 59.05 -3.3 LibertyLatAmC LILAK 8.57 -8.8
AlerisLife ALR 1.50 -6.7 AslanPharm ASLN 0.55 -4.6 BlackDiamond BDTX 2.21 -5.9 CarLotz LOTZ 0.84 -8.6 CrucibleAcqnWt CRU.WS 0.17 -18.8 EmpowerIWt EPWR.WS 0.08 8.8 FortistarSustWt FSSIW 0.22 -3.8 HEXO HEXO 0.35 -4.6 IntegralAcqn1Wt INTEW 0.15 -8.7 LifetimeBrands LCUT 11.58 -6.7
AligosTherap ALGS 1.07 -11.3 AstreaAcqnWt ASAXW 0.09 3.9 BlackMountainWt BMAC.WS 0.15 -25.9 Cars.com CARS 10.57 -7.3 Curis CRIS 0.91 -9.0 Endeavor EDR 18.81 -8.4 FortressTransport FTAI 18.51 0.7 H.I.G.AcqnWt HIGA.WS 0.24 -11.1 InteractiveBrkrs IBKR 56.55 -4.1 LigandPharm LGND 88.11 -5.5
AlkalineWater WTER 0.55 -24.8 AthenePfdB ATHpB 21.66 -1.8 Blackbaud BLKB 52.22 -6.6 Carter's CRI 80.14 -5.7 CycloTherap CYTH 2.27 -9.8 EnergyFocus EFOI 1.00 -7.2 4D Molecular FDMT 10.67 -8.7 HTG Molecular HTGM 0.76 -8.1 ICE ICE 100.89 -7.5 LiqTechIntl LIQT 1.26 -3.8
AlkamiTech ALKT 11.57 -9.4 AthenePfdD ATHpD 19.00 -3.6 BlackLine BL 61.73 -8.6 Carvana CVNA 47.45 -18.0 CymaBayTherap CBAY 1.99 -9.0 EnjoyTechWt ENJYW 0.11 5.1 FrazierLifesWt FLACW 0.13 -25.4 HUTCHMED(China) HCM 11.01 -9.5 IntlMediaAcqnWt IMAQW 0.14 -18.8 LiquiditySvcs LQDT 14.03 -2.3
Allakos ALLK 3.48 -6.8 AtlanticusNts26 ATLCL 24.51 1.0 BlinkCharging BLNK 17.91 -7.6 CastleBiosci CSTL 21.48 -9.8 CyteirTherap CYT 1.94 -18.0 EnlivexTherap ENLV 3.65 -8.9 FreedomI Wt FACT.WS 0.26 -20.0 Hagerty HGTY 8.54 -2.2 IntuitiveSurgical ISRG 231.13 -5.0 LivaNova LIVN 64.54 -12.3
AllarityTherap ALLR 1.42 -1.3 AtossaTherap ATOS 0.96 -5.6 BlockchainMoonRt BMAQR 0.12 -42.7 Cazoo CZOO 1.06 -18.6 CytomXTherap CTMX 1.56 -5.8 EntergyBds66 ENO 23.80 -0.9 FrequencyElec FEIM 7.67 -2.8 HainCelestial HAIN 26.44 -21.0 InvescoMtg IVR 1.66 -9.1 LiveRamp RAMP 28.29 -7.0
AllenaPharm ALNA 0.10 -24.1 AtriCure ATRC 48.20 -7.2 BoltBiotherap BOLT 1.47 -7.5 Centogene CNTG 3.12 2.9 DIRTT Envl DRTT 0.92 -7.8 EpiphanyTechWt EPHYW 0.21 -14.5 FreshDelMonte FDP 23.42 -2.7 HamiltonLaneI Wt HLAHW 0.16 -5.3 InvestcorpEur I Wt IVCBW 0.15 -24.1 loanDepot LDI 2.74 -4.7
AlliedEsports AESE 1.42 -7.4 AuburnNatlBncp AUBN 30.22 -0.5 Braskem BAK 15.73 -5.7 CentralGarden CENT 42.24 -0.5 DTE EnergyDeb80 DTB 18.64 -3.4 EssentialProp EPRT 22.69 -3.2 Freshpet FRPT 68.06 -14.5 Hanesbrands HBI 12.70 -10.4 IonQWt IONQ.WS 1.35 -23.1 LogicMark LGMK 1.56 -14.6
AllstatePfdI ALLpI 20.02 -3.8 AudioEye AEYE 3.80 -3.3 BridgelineDigital BLIN 1.31 -8.1 CntlValCmntyBk CVCY 18.23 -4.3 DAVIDsTEA DTEA 2.17 -4.3 Etsy ETSY 88.88 -16.8 FrontierInvtWt FICVW 0.11 -13.3 HappinessDevt HAPP 0.23 -6.0 IonQ IONQ 6.18 -16.9 LogitechIntl LOGI 62.25 -4.1
AlphaPtrsWt APTMW 0.15 17.8 AustinGold AUST 3.49 -14.9 BrightHorizons BFAM 91.66 -8.7 CenturyTherap IPSC 10.46 -14.0 DeepLakeCapWt DLCAW 0.16 8.4 EvofemBiosci EVFM 0.11 -32.9 FultonFinlPfdA FULTP 20.25 -2.7 HarrowHealth HROW 6.25 -2.9 Iridex IRIX 3.39 -8.2 LoyaltyVentures LYLT 9.95 -6.5
AlphaStarRt ALSAR 0.14 -0.6 Avalara AVLR 69.14 -13.0 BrightMindsBio DRUG 0.85 1.6 CeridianHCM CDAY 54.76 -7.8 Deluxe DLX 25.75 -6.7 ExelaTechPfdB XELAP 6.75 -10.0 FusionAcqnIIWt FSNB.WS 0.12 -10.4 HartfordFinPfdG HIGpG 24.99 -1.2 iSpecimen ISPC 3.06 -5.2 LuminarTech LAZR 11.12 -9.0
AlphaTeknova TKNO 10.02 -2.6 AvaloTherap AVTX 0.31 -16.3 BrighthousePfdB BHFAO 24.70 -0.9 ChannelAdvisor ECOM 13.47 -6.2 DenaliTherap DNLI 23.39 -10.3 ExelaTech XELA 0.31 -5.9 FuweiFilms FFHL 5.23 -10.6 HarvardBioSci HBIO 4.10 -11.0 IterumTherap ITRM 0.24 -6.2 LunaInnov LUNA 5.31 -5.1
AltairEngg ALTR 52.62 -4.1 AveannaHealth AVAH 2.73 -6.4 BrighthouseFinlPfC BHFAN 19.68 -3.9 SchwabPfdD SCHWpD 24.76 -1.6 Denny's DENN 10.50 -4.7 Expedia EXPE 135.00 -6.7 GH Research GHRS 11.79 -12.7 HealthAssurWt HAACW 0.40 -6.2 IvedaSolutions IVDA 1.47 -11.6 MFAFinPfdB MFApB 23.17 -2.3
AltimarIIIWt ATAQ.WS 0.33 1.0 AvidBioservices CDMO 12.66 -9.4 BrightSpire BRSP 7.97 -4.7 ChathamLodgPfd CLDTpA 22.07 -1.5 DiamondHeadWt DHHCW 0.21 14.5 Exscientia EXAI 9.24 -11.3 GMedInnov GMVD 0.90 -8.9 HealthCatalyst HCAT 15.22 -7.7 J&JSnackFoods JJSF 123.35 -5.0 MSCI MSCI 405.23 -3.9
Altimmune ALT 4.30 -6.2 AxonEnterprise AXON 96.32 -13.9 Brink's BCO 55.81 -5.7 Check-Cap WtC CHEKZ 0.06 32.1 DieboldNixdorf DBD 3.92 -7.0 Eyenovia EYEN 2.19 -4.7 GT Biopharma GTBP 1.71 -9.9 HlthcrSvcsWt HCARW 0.14 -25.0 JBG SMITH Prop JBGS 25.32 -3.7 MacondrayCapIWt DRAYW 0.15 6.8
AlumofChina ACH 10.50 -6.6 AxosFinancial AX 36.79 -5.5 Broadstone BNL 19.53 -3.8 ChemomabTherap CMMB 2.90 -3.1 DigitalBrands DBGI 0.48 -8.0 FastAcqnII Wt FZT.WS 0.25 -9.8 GabelliDivPfdH GDVpH 24.37 -0.3 Helbiz HLBZ 1.32 -4.9 JawsJuggernautWt JUGGW 0.52 -6.0 Macrogenics MGNX 5.03 -19.6
Amarin AMRN 1.34 -13.5 AyalaPharm AYLA 2.38 -3.3 BrookfieldBRP Nts BEPH 16.90 -0.9 CherryHillPfdB CHMIpB 22.75 -1.5 DigitalHlthWt DHACW 0.09 -0.7 F45Training FXLV 7.77 -9.7 GabelliDivPfdK GDVpK 18.39 -0.9 HennessyCapInvVIWt HCVIW 0.46 -6.1 JerashHldgs JRSH 5.32 -10.9 MaidenPfdC MHpC 5.99 -9.1
Amazon.com AMZN2301.45 -7.6 BarkWt BARK.WS 0.42 -6.6 BrookfldBRP4.875Nt BEPI 17.75 -2.9 ChromaDex CDXC 1.81 -7.1 DigitalOcean DOCN 34.25 -18.1 FS Bancorp FSBW 28.81 -2.5 GabelliEqPfdG GABpG 22.81 -2.0 HeronTherap HRTX 4.28 -9.4 JohnsonOutdoors JOUT 75.00 -4.2 MalaccaStraitsWt MLACW 0.06 -35.0
Ambarella AMBA 77.46 -9.3 BIPBermudaNts BIPI 18.75 -3.3 BrookfieldBus BBUC 22.72 -6.9 Cimpress CMPR 48.27 -11.9 dLocal DLO 21.85 -10.0 FstarTherap FSTX 2.43 -7.1 GencorIndustries GENC 9.66 -2.0 Heska HSKA 101.64 -6.9 Joint JYNT 27.17 -7.1 MarinusPharma MRNS 5.76 -1.1
Amedisys AMED 116.67 -4.9 BitMining BTCM 1.52 -11.5 BrookfieldBusPtr BBU 21.70 -3.0 CircorIntl CIR 18.23 -7.3 dMYTechGrpVIWt DMYS.WS 0.50 -12.1 FTACZeusAcqnWt ZINGW 0.23 -6.9 GeneticTechs GENE 1.50 -4.3 HighTide HITI 3.22 -7.7 JounceTherap JNCE 4.79 -6.9 Maris-TechWt MTEKW 0.22 15.3
AmOutdoorBrands AOUT 12.22 -3.9 BM Tech BMTX 6.93 -2.7 BrookfieldFinNts BAMI 18.00 -1.5 CitigroupPfdK CpK 25.53 -0.9 Doma DOMA 1.65 -7.2 FarPeakAcqnWt FPAC.WS 0.68 -6.8 GenoceaBiosci GNCA 0.24 -5.7 HighwayHldgs HIHO 2.25 -0.1 JourneyMed DERM 3.57 -6.4 MarketWise MKTW 3.52 -3.2
AmerSoftware AMSWA 16.10 -4.1 BM Tech Wt BMTX.WS 0.83 -10.4 BrookfieldFinNts BAMH 17.87 -2.2 Citizens CIA 2.50 -9.6 DomaWt DOMA.WS 0.13 -5.9 FaradayFutureWt FFIEW 0.25 -7.5 Genpact G 37.68 -5.6 Honest HNST 3.83 -10.5 JPMorganPfdDD JPMpD 23.75 -1.4 MarkforgedWt MKFG.WS 0.42 -9.4
AmVirtualCloud AVCT 0.57 -9.0 BRF BRFS 2.39 -8.5 BrooklynImmuno BTX 0.94 -6.7 ClassAccelWt CLAS.WS 0.14 -9.8 DoorDash DASH 70.04 -10.4 Farfetch FTCH 9.80 -10.4 GeoVaxLabsWt GOVXW 0.35 -4.7 HookerFurnishings HOFT 16.71 -2.1 KinsTechWt KINZW 0.05 0.1 Marygold MGLD 1.21 ...
Ametek AME 121.34 -3.9 B.RileyNts2026 RILYK 24.26 -2.4 BurfordCapital BUR 8.11 -3.7 ClearOne CLRO 0.60 4.2 DouglasElliman DOUG 5.71 -5.2 FateTherap FATE 26.82 -11.4 GigCapital5Wt GIA.WS 0.11 -6.3 HorizonGlobal HZN 3.44 -0.8 KKRRealEstFinPfdA KREFpA 22.90 0.1 Matterport MTTR 5.23 -6.0
AmicusTherap FOLD 6.45 -7.7 B.RileyPrin250Wt BRIVW 0.34 -16.0 ButterflyNtwk BFLY 3.07 -6.4 ClimateRock CLRCU 10.04 -0.2 DukeEnerDeb78 DUKB 24.78 -1.2 FedAgricPfdG AGMpG 19.31 -1.7 Gildan GIL 31.32 -11.6 HubSpot HUBS 333.71 -13.0 KoreGroup KORE 4.50 -11.2 Maximus MMS 66.78 -7.3
Amplitech AMPG 2.43 -5.4 Babylon BBLN 1.18 -15.6 CF Acqn IV Wt CFIVW 0.25 -12.8 CodereOnlineWt CDROW 0.30 -14.4 Dun&Bradstreet DNB 15.18 -4.5 FedAgricMtgPfdC AGMpC 25.50 -3.6 GinkgoBioworksWt DNA.WS 0.56 -16.0 HudsonPacificPfdC HPPpC 17.39 -4.4 KVH Inds KVHI 7.79 -3.4 Mediaco MDIA 2.31 1.2
AnaptysBio ANAB 20.56 -11.1 Ball BLL 74.13 -7.7 CFAcqnVII Wt CFFSW 0.25 -1.3 Cognex CGNX 59.73 -10.4 DyadicInt DYAI 1.74 -12.6 Ferguson FERG 119.91 -4.6 GladstonePfdG GOODO 23.00 -0.6 HuntCosI Wt HTAQ.WS 0.17 -12.8 Kaltura KLTR 1.43 -4.6 MeiraGTx MGTX 9.61 -7.1
Anghami ANGH 7.64 -7.9 BankofAmPfd2 BMLpH 18.26 -1.3 CI Financial CIXX 12.67 -4.4 Cohbar CWBR 0.20 -10.1 Dynatrace DT 36.44 -10.3 FibroGen FGEN 8.68 -8.3 GlassHousesWt GLHAW 0.20 3.4 Hydrofarm HYFM 8.16 -10.3 Kamada KMDA 4.91 -0.4 MelcoResorts MLCO 5.12 -8.6
AngioDynamics ANGO 19.95 -4.5 BankofAmPfdE BACpE 20.80 -0.6 CMSEnerDeb78 CMSA 23.82 -2.5 ColumbiaSportswr COLM 78.93 -4.4 E-HomeHousehold EJH 0.49 -8.7 FidelityD&D FDBC 36.39 -4.6 Global-EOnline GLBE 21.17 -8.9 IAC/InterActive IAC 80.48 -5.8 KatapultWt KPLTW 0.18 -12.5 MetaFinancial CASH 41.74 -4.4
AnikaTherap ANIK 20.25 -7.0 BankofAmPfdL BMLpL 20.05 -0.8 CMSEngyPfdC CMSpC 17.55 -2.4 CommVaultSys CVLT 58.66 -5.3 E.MergeTechWt ETACW 0.12 -5.7 FieldTripHealth FTRP 0.92 -3.1 Globant GLOB 199.93 -5.6 IdexxLab IDXX 377.43 -6.4 KelsoTechs KIQ 0.36 -5.4 MetenHolding METX 0.09 -15.2
ApartmtInv AIV 5.97 -4.1 BankHawaiiPfdA BOHpA 19.07 -2.2 CN Energy CNEY 1.32 -4.9 CompassDigitalWt CDAQW 0.28 -34.6 EsgenAcqnWt ESACW 0.20 -20.0 FiestaRestaurant FRGI 6.22 -5.7 GloryStarNewMedia GSMG 0.76 -9.0 IG Acqn Wt IGACW 0.21 -4.3 KensingtonV Wt KCGI.WS 0.35 -6.6 Metlife pfA METpA 22.10 -1.0
APi Group APG 16.93 -7.2 BankFinancial BFIN 10.07 -1.4 CompassPath CMPS 8.75 -7.7 CompassPfd CODIpB 25.12 -0.8 ESM Acqn Wt ESM.WS 0.26 -14.9 FifthThirdPfdB FITBP 24.56 -3.1 GlycoMimetics GLYC 0.67 -9.6 Ideanomics IDEX 0.67 -6.8 KingswoodWt KWAC.WS 0.04 21.1 MicroStrategy MSTR 305.60 -14.2
AppliedGenetic AGTC 0.86 -4.0 BannerAcqn BNNRU 8.93 -0.2 Curo CURO 9.04 -7.3 CompassDiversif CODI 20.37 -3.0 EagleBncpMT EBMT 19.32 -2.8 FinServ II Wt FSRXW 0.23 -25.6 GoldRoyaltyWt GROY.WS 0.30 -25.5 Illumina ILMN 287.73 -5.2 KintaraTherap KTRA 0.21 -21.3 MidAmerAptPfdI MAApI 59.60 -0.3
Applovin APP 35.88 -9.5 Barnes&NobleEduc BNED 2.70 -9.0 CableOne CABO 1084.53 -4.3 ComputeHlthWt CPUH.WS 0.36 -10.2 EaglePointNts31 ECCW 25.05 0.2 FirstCapital FCAP 33.55 -5.0 GoldenPathWt GPCOW 0.05 -7.7 Immunic IMUX 6.15 -9.4 KioraPharm KPRX 0.41 -3.6 MidwestHolding MDWT 11.00 -1.8
ApreaTherap APRE 1.37 -7.2 BauschHealth BHC 16.45 -7.4 CadenceBkPfdA CADEpA 23.16 -2.0 comScore SCOR 1.90 -6.3 Eargo EAR 2.49 -16.7 FirstCitizenPfdC FCNCO 22.01 -0.6 GoldenbridgeRt GBRGR 0.04 -8.6 IndepBankMI IBCP 19.22 -3.0 Kirkland's KIRK 6.85 -4.5 MillerIndustries MLR 26.22 -2.5
APxAcqnI Wt APXIW 0.18 -21.1 BayFirstFinancial BAFN 17.05 -5.1 Caesarstone CSTE 9.09 -6.6 ComtechTel CMTL 12.60 -4.1 EastRscsAcqnWt ERESW 0.14 3.4 FirstCitizensPfdA FCNCP 22.50 -2.7 GoodRx GDRX 12.53 -9.0 IndLogistics ILPT 14.71 -4.9 KronosBio KRON 4.59 -5.8 Mind CTI MNDO 2.52 -1.0
ApyxMedical APYX 3.57 -5.6 BeamTherap BEAM 36.20 -14.3 CalavoGrowers CVGW 31.60 -7.1 ConcordAcqnIIWt CNDA.WS 0.37 -15.5 Eastern EML 22.50 -3.0 FirstEagleAltNts26 FCRX 24.00 -1.7 GoresIX Wt GHIXW 0.52 -6.7 Infinera INFN 6.31 -6.1 KymeraTherap KYMR 19.23 -9.2 MiNK Therap INKT 2.04 -7.6
Aravive ARAV 1.29 -7.5 BenessereCapWt BENEW 0.35 -17.0 CalWtrSvc CWT 50.00 -2.3 ConcordAcqnIIIWt CNDB.WS 0.29 -11.7 eBay EBAY 47.29 -11.7 FirstHorizonPfdC FHNpC 25.49 0.1 Graco GGG 61.44 -4.2 InflectionPointUn IPAXU 9.78 -0.9 LXP Industrial LXP 11.75 -5.4 Continued on Page B11
ADVERTISEMENT
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
BIDS & PROPOSALS CLASS ACTIONS
This announcement is neither an offer to purchase nor a solicitation of an offer to sell the common shares of Imperial Oil Limited. The Offer (as defined below) is made solely by UNITED STATES DISTRICT COURT
the Offer to Purchase, dated May 6, 2022, and the accompanying Issuer Bid Circular, and the related Letter of Transmittal, and Notice of Guaranteed Delivery and any amendments DISTRICT OF MASSACHUSETTS
or supplements thereto. The Offer is not being made to, nor will tenders be accepted from or on behalf of, holders of the Shares (as defined below) in any jurisdiction in which
the making or acceptance of offers to sell the Shares would not be in compliance with the laws of that jurisdiction. In any jurisdiction where the securities, blue sky, or other laws
require the Offer to be made by a licensed broker or dealer, the Offer shall be deemed made on behalf of Imperial Oil Limited by the Dealer Manager (as defined below) or one or FADI DAHHAN, Individually and on Behalf of All ) No. 1:17-cv-10511-IT
more brokers or dealers registered under the laws of such jurisdiction. Others Similarly Situated, )
.
) CLASS ACTION
Plaintiff, )
ly
vs. ) SUMMARY NOTICE OF (I) PROPOSED
) SETTLEMENT AND PLAN OF ALLOCATION;
OVASCIENCE, INC., et al., ) (II) SETTLEMENT HEARING; AND (III) MOTION
Notice of Offer to Purchase for Cash )
by FOR ATTORNEYS’ FEES AND LITIGATION
Imperial Oil Limited
Defendants. ) EXPENSES
of
Up to C$2,500,000,000 in Value of its Common Shares
on
At a Purchase Price of Not Less Than C$62.00 per Common Share
And Not More Than C$78.00 per Common Share
Imperial Oil Limited, a Canadian corporation (the “Company”), is offering to purchase for cancellation a number of the Company’s common shares (each, a “Share”), having an
aggregate purchase price not exceeding C$2,500,000,000 pursuant to: (i) auction tenders in which the tendering shareholders specify the number of Shares being tendered at a
TO: All persons or entities who purchased or acquired OvaScience, Inc. (“OvaScience”) common stock
between December 17, 2014 and September 28, 2015, inclusive (the “Class”)1
PLEASE READ THIS NOTICE CAREFULLY; YOUR RIGHTS WILL BE AFFECTED BY THE
specified price (the “Auction Price”) of not less than C$62.00 and not more than C$78.00 per Share in increments of C$0.25 per Share (the “Auction Tenders”), (ii) purchase price SETTLEMENT OF A CLASS ACTION LAWSUIT PENDING IN THIS COURT.
us ,
tenders, in which the tendering shareholders do not specify a price per Share, but rather agree to have a specified number of Shares purchased at the Purchase Price (as defined
below) to be determined pursuant to the Offer to Purchase (as defined below) (the “Purchase Price Tenders”), or (iii) proportionate tenders, in which the tendering shareholders YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the
l
do not specify a price per Share, but rather agree to have a number of Shares purchased at the Purchase Price to be determined pursuant to the Offer to Purchase that will result
in them maintaining their respective proportionate Share ownership (the “Proportionate Tenders), upon the terms and subject to the conditions described in the Offer to Purchase, United States District Court for the District of Massachusetts (the “Court”), that Lead Plaintiff and Class Representative
e
al a
dated May 6, 2022 (the “Offer to Purchase”), and the accompanying Issuer Bid Circular (the “Issuer Bid Circular”) and the related Letter of Transmittal (the “Letter of Transmittal”) Freedman Family Investments LLC, on behalf of itself and the Court-certified Class in the above-captioned securities
and notice of guaranteed delivery (the “Notice of Guaranteed Delivery”) (which together, as they may be amended and supplemented from time to time, constitute the “Offer”). class action (the “Action”), has reached a proposed settlement of the Action with defendants OvaScience, Michelle Dipp,
THE OFFER WILL EXPIRE AT 5:00 P.M., CALGARY TIME, ON JUNE 10, 2022, OR AT SUCH LATER TIME AND DATE TO WHICH THE OFFER Jeffrey E. Young, Longwood Fund, L.P., Longwood Fund, GP, LLC, and Richard Aldrich (collectively, “Defendants”)
MAY BE EXTENDED BY THE COMPANY (THE “EXPIRATION DATE”), UNLESS WITHDRAWN.
ci on
The Offer is not conditional upon any minimum number of Shares being properly deposited under the Offer. The Offer is, however, subject to other conditions as set forth in the for $15,000,000 in cash that, if approved, will resolve all claims in the Action.
Offer to Purchase.
Upon the terms and subject to the conditions of the Offer, the Company will determine a single price per Share (the “Purchase Price”), not less than C$62.00 and not more than A hearing will be held on July 26, 2022, at 2:45 p.m., before the Honorable Indira Talwani either in person at the
C$78.00 per Share (in increments of C$0.25 per Share), that the Company will pay for Shares properly tendered to and not properly withdrawn from the Offer, taking into account United States District Court for the District of Massachusetts, John Joseph Moakley U.S. Courthouse, 1 Courthouse
the Auction Prices and the number of Shares deposited pursuant to Auction Tenders and Purchase Price Tenders. The Purchase Price will be the lowest price that enables the Way, Boston, MA 02210, or by telephone or video conference (at the discretion of the Court) to, among other things:
Company to purchase that number of Shares pursuant to valid Auction Tenders and Purchase Price Tenders having an aggregate purchase price not to exceed an amount (the
“Auction Tender Limit Amount”) equal to (i) C$2,500,000,000 less (ii) the product of (A) C$2,500,000,000 and (B) a fraction, the numerator of which is the aggregate number of (i) determine whether the proposed Settlement on the terms and conditions provided for in the Stipulation and
Shares owned by shareholders making valid Proportionate Tenders, and the denominator of which is the aggregate number of Shares outstanding at the time of the Expiration Date. Agreement of Settlement dated March 4, 2022 (the “Stipulation”) is fair, reasonable, and adequate to the Class, and
All Shares the Company purchases in the Offer will be acquired at the same purchase price regardless of whether any shareholder tenders at a lower price. Only Shares properly should be finally approved by the Court; (ii) determine whether the Action should be dismissed with prejudice against
er s
tendered at prices at or below the Purchase Price and not properly withdrawn will be purchased. However, because of “odd lot” priority and proration described in the Offer to
Purchase, the Company may not purchase all of the Shares tendered at or below the Purchase Price if the aggregate purchase price for Shares validly tendered and not withdrawn Defendants, and the Releases specified and described in the Stipulation and the Settlement Notice should be granted;
pursuant to Auction Tenders at Auction Prices at or below the Purchase Price and Purchase Price Tenders (the “Auction Tender Purchase Amount”) is greater than the Auction (iii) determine whether the proposed Plan of Allocation should be approved as fair and reasonable; (iv) determine
Tender Limit Amount. Shares not purchased in the Offer will be recredited or returned to the depositing shareholders at the Company’s expense promptly after the Expiration Date whether Lead Counsel’s motion for attorneys’ fees and Litigation Expenses (including an award to the Lead Plaintiff)
m er
of the Offer. The Company reserves the right, in its sole discretion, to change the purchase price range per Share and to increase or decrease the value of Shares sought in the
Offer, subject to applicable law. should be approved; and (v) consider any other matters that may properly be brought before the Court in connection
As of May 2, 2022, there were 669,143,714 Shares issued and outstanding. At the maximum purchase price of C$78.00 per Share, the Company could purchase 32,051,282 Shares with the Settlement.
if the Offer is fully subscribed, which would represent approximately 4.8% of the issued and outstanding Shares as of May 2, 2022. At the minimum purchase price of C$62.00 per
Share, the Company could purchase 40,322,580 Shares if the Offer is fully subscribed, which would represent approximately 6% of the issued and outstanding Shares as of May 2, If you are a member of the Class, your rights will be affected by the Settlement, and you may be entitled to share
2022. The Shares are listed and posted for trading on the Toronto Stock Exchange (the “TSX”) under the symbol “IMO” and have unlisted trading privileges on the NYSE American in the Net Settlement Fund. If you have not yet received the full printed Notice of (I) Proposed Settlement and Plan of
LLC (“NYSE American”) under the symbol “IMO”. Shareholders are urged to obtain current market quotations for the Shares before deciding whether and at what purchase price
or purchase prices to tender their Shares. Allocation; (II) Settlement Hearing; and (III) Motion for Attorneys’Fees and Litigation Expenses (the “Settlement Notice”)
m rp
The Company expressly reserves the right, in its sole discretion, at any time and from time to time, to extend the period of time during which the Offer is open or to vary the terms and the Proof of Claim and Release Form (the “Claim Form”), you may obtain copies of these documents by contacting
and conditions of the Offer by giving written notice, or oral notice to be confirmed in writing, of extension or variation to Computershare Investor Services, Inc., the depositary the Claims Administrator at OvaScience Securities Litigation, c/o Gilardi & Co. LLC, P.O. Box 43312, Providence, RI
for the Offer (the “Depositary”), and by causing the Depositary to provide to all shareholders, where required by law, as soon as practicable thereafter, a copy of the notice in the 02940-3312, 1-866-757-7818, [email protected]. Copies of the Settlement Notice and Claim
manner set forth in the Offer to Purchase. Promptly after giving notice of an extension or variation to the Depositary, but, in the case of an extension, no later than 9:00 A.M.,
Calgary time, on the next Business Day (defined herein as any day other than a Saturday, a Sunday, a statutory holiday in Calgary, Alberta or Toronto, Ontario and a United States Form can also be downloaded from the website for the Action, www.OvaScienceSecuritiesLitigation.com.
federal holiday) following the last previously scheduled or announced Expiration Date, the Company will make a public announcement of the extension or variation and provide or
cause to be provided notice of such extension or variation to the TSX, NYSE American and the applicable Canadian securities regulatory authorities. If you are a Class Member, in order to be eligible to receive a payment under the proposed Settlement,
The Offer will expire at 5:00 P.M., Calgary time, on June 10, 2022, unless the Company exercises its right, in its sole discretion, to extend the period of time during which the you must submit a Claim Form postmarked (if mailed), or online through the Settlement website,
Offer will remain open. Beneficial owners should be aware that their broker, dealer, commercial bank, trust company or other nominee may establish its own earlier deadlines for www.OvaScienceSecuritiesLitigation.com, no later than August 22, 2022. If you are a Class Member and do
co Fo
participation in the Offer. Accordingly, beneficial owners wishing to participate in the Offer should contact their broker, dealer, commercial bank, trust company or other nominee
as soon as possible in order to determine the times by which such owner must take action in order to participate in the Offer. not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the
In accordance with the instructions to the Letter of Transmittal, shareholders wishing to tender Shares must indicate whether he or she tenders Shares pursuant to an Auction Settlement, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.
Tender, a Purchase Price Tender or a Proportionate Tender. If electing to tender his or her Shares pursuant to an Auction Tender, the tendering shareholder must specify the number
of Shares that it wishes to sell and the price, not greater than C$78.00 nor less than C$62.00 per Share, at which he or she is willing to sell his or her Shares to the Company in If you are a Class Member that did not previously request exclusion from the Class in response to the Notice of
the Offer. All Shares tendered by a shareholder who fails to specify any Auction Tender price for its Shares, or fails to indicate that he or she has tendered its shares pursuant to a Pendency of Class Action, and wish to exclude yourself from the Class, you must submit a written request for exclusion
Purchase Price Tender or a Proportionate Tender, will be considered to have been tendered pursuant to a Purchase Price Tender. A shareholder who makes an invalid Proportionate in accordance with the requirements set by the Court and the instructions set forth in the Settlement Notice so that it is
Tender, including by tendering an insufficient number of Shares, will be deemed to have made a Purchase Price Tender. Shareholders wishing to tender Shares must follow the
procedures set forth in the Offer to Purchase, Issuer Bid Circular and in the related Letter of Transmittal (and, if applicable, the Notice of Guaranteed Delivery). postmarked no later than July 5, 2022. If you properly exclude yourself from the Class, you will not be bound by any
The Purchase Price will be payable in Canadian dollars; however, shareholders may elect to receive the Purchase Price in United States dollars as described in the Offer. The risk of judgments or orders entered by the Court, whether favorable or unfavorable, and you will not be able to share in the
any fluctuation in exchange rates, including risks relating to the particular date and time at which funds are converted, will be borne solely by the shareholder wishing to receive distribution of the Net Settlement Fund.
payment in United States dollars.
If the Auction Tender Purchase Amount is less than or equal to the Auction Tender Limit Amount, the Company will purchase at the Purchase Price all Shares so tendered pursuant to Any objections to the proposed Settlement, the proposed Plan of Allocation, and/or Lead Counsel’s application for
Auction Tenders at or below the Purchase Price and Purchase Price Tenders. If the Auction Tender Purchase Amount is greater than the Auction Tender Limit Amount, the Company attorneys’ fees and expenses, must be filed with the Court and delivered to Lead Counsel and counsel for Defendants
will purchase a portion of the Shares so tendered pursuant to Auction Tenders at or below the Purchase Price and Purchase Price Tenders, as follows:
• first, the Company will purchase all Shares tendered at or below the Purchase Price by shareholders who own fewer than 100 Shares (the “Odd Lot Holders”) at
such that they are received no later than July 5, 2022, in accordance with the instructions set forth in the Settlement
the Purchase Price; and Notice.
• second, the Company will purchase at the Purchase Price on a pro rata basis that portion of the Shares tendered pursuant to Auction Tenders at or below the
Purchase Price and Purchase Price Tenders having an aggregate purchase price, based on the Purchase Price, equal to (A) the Auction Tender Limit Amount, Please do not contact the Court, the Clerk’s office, OvaScience, any other Defendants in the Action, or their
less (B) the aggregate amount paid by the Company for Shares tendered by Odd Lot Holders. Regardless of proration, the Company will always purchase at the counsel regarding this notice. All questions about this notice, the proposed Settlement, or your eligibility to
Purchase Price, payable in cash (subject to applicable withholding taxes, if any), a number of Shares from shareholders making valid Proportionate Tenders that participate in the Settlement should be directed to the Claims Administrator or Lead Counsel.
n-
results in such tendering shareholders maintaining their respective proportionate Share ownership in the Company following completion of the Offer (subject
to nominal differences due to the quantity of Shares purchased from such shareholders being rounded down to the nearest whole number of Shares to avoid the
purchase of fractional Shares). Requests for the Settlement Notice and Claim Form should be made to:
Payment for Shares accepted for payment pursuant to the Offer will be made only after timely receipt by the Depositary of (i) the share certificates for all Shares proposed to
be taken up in proper form for transfer, together with a properly completed and duly executed Letter of Transmittal (or a manually executed photocopy thereof) or, in the case
OvaScience Securities Litigation
of a book-entry transfer, a Book-Entry Confirmation or an Agent’s Message (each as defined in the Offer to Purchase), as applicable, in lieu thereof relating to such Shares, with c/o Gilardi & Co. LLC
signatures that are guaranteed if so required in accordance with the Letter of Transmittal, and (ii) any other documents required by the Letter of Transmittal. P.O. Box 43312
no
In the event of proration of Shares deposited pursuant to the Auction Tenders and Purchase Price Tenders, the Company will determine the proration factor and pay for those Providence, RI 02940-3312
deposited Shares accepted for payment as soon as practicable after the Expiration Date. However, the Company does not expect to be able to announce the final results of any such 1-866-757-7818
proration until approximately three (3) Business Days after the Expiration Date.
Deposits of Shares are irrevocable, except that Shares may be withdrawn by the shareholder (a) at any time if the Shares have not been taken up by the Company before actual [email protected]
receipt by the Depositary of a notice of withdrawal in respect of such Shares, (b) at any time before the expiration of ten (10) days from the date that a notice of change or variation www.OvaScienceSecuritiesLitigation.com
(unless (i) the Company has taken up the Shares deposited pursuant to the Offer before the date of the notice of change or variation, (ii) the variation consists solely of an increase
in the consideration offered for those Shares pursuant to the Offer where the time for deposit is not extended for greater than ten (10) days, or (iii) the variation consists solely Inquiries, other than requests for the Settlement Notice and Claim Form, may be made to Lead Counsel:
of the waiver of a condition of the Offer) has been given in accordance with the terms of the Offer to Purchase; or (c) at any time if the Shares have been taken up but not paid for
by the Company within three (3) Business Days of being taken up. Ellen Gusikoff Stewart, Esq.
For a withdrawal to be effective, a written or printed copy of a notice of withdrawal must be actually received by the Depositary by the applicable date specified above at the Robbins Geller Rudman & Dowd LLP
place of deposit of the relevant Shares. Any such notice of withdrawal must be signed by or on behalf of the person who signed the Letter of Transmittal or Notice of Guaranteed 655 West Broadway, Suite 1900
Delivery in respect of the Shares being withdrawn or, in the case of shares tendered in accordance with the procedures for book-entry transfer described in the Offer to Purchase,
any notice of withdrawal must be signed by such participant in the same manner as the participant’s name is listed on the applicable Book-Entry Confirmation or on the applicable San Diego, CA 92101-8498
Agent’s Message, and must specify the name of the person who deposited the shares to be withdrawn, the name of the registered holder, if different from that of the person who 1-800-449-4900
deposited such shares, and the number of shares to be withdrawn. If the certificates for the Shares deposited pursuant to the Offer have been delivered or otherwise identified [email protected]
to the Depositary, then, prior to the release of such certificates, the depositing shareholder must submit the serial numbers shown on the particular certificates evidencing the
shares to be withdrawn and the signature on the notice of withdrawal must be guaranteed by an Eligible Institution (as defined in the Offer to Purchase), except in the case of
shares deposited by an Eligible Institution. All questions as to the form and validity (including time of receipt) of notices of withdrawal will be determined by the Company, in its Dated: April 1, 2022 BY ORDER OF THE COURT
sole discretion, which determination shall be final and binding. None of the Company, the Depositary, RBC Capital Markets, as dealer manager (the “Dealer Manager”) or any other United States District Court
person shall be obligated to give any notice of any defects or irregularities in any notice of withdrawal and none of them shall incur any liability for failure to give any such notice. District of Massachusetts
Generally, if a shareholder is a Resident Shareholder (as defined in the Offer to Purchase), Shares will be considered to be capital property to the Resident Shareholder provided that
the Resident Shareholder does not hold the Shares in the course of carrying on a business and has not acquired the Shares in one or more transactions considered to be an adventure
or concern in the nature of trade. A Resident Shareholder whose Shares might not otherwise qualify as capital property may, in certain circumstances, make an irrevocable election
under subsection 39(4) of the Income Tax Act (Canada) (the “Tax Act”) to have the Shares and every other “Canadian security”, as defined in the Tax Act, owned by such Resident
Shareholder in the taxation year of the election and in all subsequent taxation years deemed to be capital property. Resident Shareholders are advised to consult their own tax
1 Certain persons and entities are excluded from the Class by definition and others are excluded pursuant to request.
advisors to determine if this election is appropriate in their particular circumstances. The full definition of the Class including a complete description of who is excluded from the Class is set forth in the
A Resident Shareholder who disposes of Shares pursuant to the Offer will be deemed to receive a taxable dividend on a separate class of shares comprising the Shares so sold equal full Settlement Notice referred to above.
to the excess of the amount paid by the Company for the Shares, being the Purchase Price, over their paid-up capital for purposes of the Tax Act. The Company estimates that on
the Expiration Date the paid-up capital per Share should not exceed $1.75 for purposes of the Tax Act. As a result, the Company expects that a Resident Shareholder who disposes
of Shares under the Offer will be deemed to receive a taxable dividend. The exact quantum of the deemed dividend cannot be guaranteed.
A Non-Resident Shareholder (as defined in the Offer to Purchase) who disposes of Shares pursuant to the Offer will be deemed to receive a dividend equal to the excess of
the amount paid by the Company for the Shares, being the Purchase Price, over their paid-up capital for Canadian income tax purposes. As a result, the Company expects that
Non-Resident Shareholders who dispose of Shares under the Offer will be deemed to receive a dividend. The Company estimates that on the Expiration Date the paid-up capital
per Share should not exceed $1.75 for purposes of the Tax Act. The exact quantum of the deemed dividend cannot be guaranteed. Any such dividend will be subject to Canadian
withholding tax at a rate of 25% or such lower rate as may be provided under the terms of an applicable Canadian tax treaty.
BUSINESS OPPORTUNITIES BUSINESS OPPORTUNITIES BUSINESS OPPORTUNITIES
Generally, the purchase of shares from a shareholder that is a U.S. Holder (as defined in the Issuer Bid Circular) will be a taxable transaction for U.S. federal income tax purposes.
As a consequence of any such purchase, a U.S. Holder will, depending on the U.S. Holder’s particular circumstances, be treated either as having sold its Shares or as having received
a distribution in respect of such Shares.
All shareholders should read carefully the Offer to Purchase and the accompanying Issuer Bid Circular for additional information regarding the income tax consequences of Well established/branded Seattle software firm ACCREDITED INVESTORS or BROKER DEALER
participating in the Offer and should consult their financial and tax advisors. est.in 1989 seeking old school or semi-retired
The Board of Directors has approved the Offer. However, none of the Company, the Special Committee (as defined in the Offer to Purchase) or the Board of Directors, the Dealer tech sales men/women with a book of business “DIGITAL COUPON REDEMPTIONS
Manager or the Depositary makes any recommendation to any shareholder as to whether to deposit or refrain from depositing Shares under the Offer. Shareholders are urged to to assist in securing large scale enterprise
evaluate carefully all information in the Offer, consult their own financial, legal, investment and tax advisors and make their own decisions as to whether to deposit Shares under contracts in the tech, medical, crypto, and or TO SURPASS 90 BILLION IN 2022”
the Offer, how many Shares to deposit and whether to specify a price and, if so, at what price to deposit such Shares. No director or officer of the Company has advised the Company government space.
that he or she intends to deposit Shares under the Offer. VISIT PILOT PROGRAM - on your cell phone only
The information required to be disclosed by Rule 13e-4(d)(1) of the Securities Exchange Act of 1934, as amended, is contained in the Offer to Purchase and is incorporated herein by 8% COMMISSION!! myqrdiscount.com - division of Savvywellness
reference. The Company is also filing with the Securities and Exchange Commission an Issuer Tender Offer Statement on Schedule TO, which includes certain additional information Very lucrative, must have book of business.
relating to the Offer.
425-256-2815 ask for Phil Anderson SR VP Call 818-949-1044 to discuss investment
Copies of the Offer to Purchase, accompanying Issuer Bid Circular and the related Letter of Transmittal and Notice of Guaranteed Delivery are being mailed to all holders of the
Shares, including brokers, dealers, commercial banks and trust companies whose names, or the names of whose nominees, appear on the Company’s shareholder list or, if applicable,
who are listed as participants in a clearing agency’s security position listing for subsequent transmittal to beneficial owners of Shares. The Offer is explained in detail in those
materials.
Questions or requests for assistance may be directed to the Depositary or the Dealer Manager, at their respective addresses, telephone numbers and emails, as applicable and as RESIDENTIAL REAL ESTATE
set forth below. Copies of the Offer to Purchase, accompanying Issuer Bid Circular, the Letter of Transmittal, the Notice of Guaranteed Delivery and other related materials will
be furnished promptly by the Depositary at the Company’s expense. Shareholders may also contact their broker, dealer, commercial bank, trust company or other nominee or trust
company for assistance concerning the Offer.
The Depositary for the Offer is:
Computershare Investor Services Inc.
Regular Mail
Computershare Investor Services Inc.
THEMARKETPLACE
P.O. Box 7023 ± !" # $%%&'(!"
31 Adelaide Street East
Toronto, ON M5C 3H2
Attention: Corporate Actions
' ) * +
,"
ADVERTISE TODAY
By Registered Mail or Hand Carrier
100 University Avenue

8th Floor
Toronto, ON M5J 2Y1

(800) 366-3975
Attention: Corporate Actions

Telephone (outside North America): 1 (514) 982-7555
Toll-Free (within North America): 1 (800) 564-6253 For more information visit:
Email: [email protected]
The Dealer Manager for the Offer is: wsj.com/classifieds
RBC Capital Markets
Royal Bank Plaza, South Tower
200 Bay Street, 4th Floor !" #
Toronto, ON M5J2W7
Email: [email protected] $ %& © 2022 Dow Jones & Company, Inc.
All Rights Reserved.
THE WALL STREET JOURNAL. Friday, May 6, 2022 | B11
MARKETS
Bitcoin
And Other
Treasury Bond Selloff Intensifies
Yield on benchmark lative investments such as 10-year U.S. Treasury yield Investors “are calling the trading solutions at Wallach-
Digital 10-year note settles at

3.066%, highest close
cryptocurrencies and shares of
unprofitable tech companies.
Rising Treasury yields,
3.25% Thursday
3.066%
Fed’s bluff,” said Priya Misra,
head of global rates strategy at
TD Securities in New York. Es-
Beth Capital, said he was see-
ing money rush out of long-
term corporate bonds and junk
Money Fall since November 2018

which are largely influenced by
expectations for future Fed pol-
icies, push up borrowing costs
3.00
2.75
sentially, she said, they are
“saying inflation is a problem
so [the] Fed will need to hike
bonds and into less-risky forms
of debt. The SPDR Portfolio
Long Term Corporate Bond
BY PAUL VIGNA BY SAM GOLDFARB across the economy. They also more and kill the economy,” ETF slid 2.7%, its worst one-
can hurt demand for riskier though she added she wasn’t day decline since the pan-
Cryptocurrency prices slid A new burst of selling in stocks by reducing the value 2.50 sure why the selling was so demic-fueled market selloff on
Thursday along with major bonds pushed the 10-year Trea- that investors place on their fu- concentrated on Thursday. March 19, 2020. The iShares
stock-market indexes. sury yield well above 3% Thurs- ture earnings. It already has been a very High Yield Bond Factor ETF
Bitcoin fell to $36,431.57 at 5 day, a day after Federal Re- On Wednesday, investors got 2.25 hard 2022 for bond investors. shed 1.9%, its worst one-day
p.m. ET, down 8.4% from serve Chairman Jerome Powell a rare reprieve when Mr. Pow- The Bloomberg U.S. Aggregate decline since June 11, 2020.
Wednesday, according to Dow had seemed to calm markets by ell helped lift both stock and 2.00 bond index—largely U.S. Trea- Some investors cautioned
Jones Market Data. Ethereum playing down the chances of a bond prices by saying officials surys, highly rated corporate against reading too much into
fell 6.4% to $2,754.37. supersize interest-rate increase weren’t giving serious consid- bonds and mortgage-backed se- Thursday’s yield jump. Early in
Of the top 30 cryptocurren- in the coming months. eration to a rate increase of 1.75 curities—had returned minus the day, several analysts said
cies listed by CoinDesk, 29 were Treasury yields, which rise three-quarters of a percentage 9.4% this year as of Wednesday. the increase in Treasury yields
down on the day. Apart from a when bond prices fall, started point, after the central bank 1.50 On Thursday, the yield on could at least partially be as-
brief selloff in January, bitcoin’s climbing early in the U.S. trad- had just lifted rates a half the benchmark 10-year U.S. cribed to a lbatch of new cor-
Jan. 2022 March May
price hasn’t been this low since ing session and then kept on point. Treasury note settled at porate-bond sales that were
last July, when it traded as low going—taking on their own On Thursday, though, some Source: Dow Jones Market Data 3.066%, its highest close since announced in the morning.
as $29,000. The largest crypto- momentum and contributing to investors and analysts empha- November 2018, up from Large, sudden moves in bond
currency is now down about a sharp decline in stocks, which sized that despite Mr. Powell’s meetings. A few said investors 2.914% Wednesday. The yield prices also are often exacer-
47% from its November record had rallied earlier in the week. comments, inflation is still run- are now even more worried on the 30-year bond climbed bated by technical factors in-
high of $68,991. The move marked the latest ning extremely hot and the Fed that the central bank wouldn’t even further, logging its big- cluding hedge funds being
Investors have been unwind- leg of a monthslong slide that is still expected to raise its do enough in the near term to gest one-day increase in more forced to close out bets as
ing their most speculative bets has dragged down a swath of benchmark federal-funds rate control inflation and would than two years to 3.159%. yields cross certain thresholds.
as the Federal Reserve has other assets, from relatively by half a percentage point at have to raise rates even higher As the bond rout deepened, —Akane Otani contributed
moved to end its ultralow-inter- safe corporate bonds to specu- each of its next two policy over the longer term. Mohit Bajaj, director of ETF to this article.
est-rate policies. On Wednesday,
the central bank announced a
half-point rate increase. Fed
Chairman Jerome Powell said
there may be half-point rate in-
Dividends Another reason dividend-
paying stocks are doing so
well?
creases in the summer months,
but that officials aren’t consid-
ering a three-fourths of a per-
Draw the
It has nothing to do with
dividends them-
selves.Many dividend payers
centage point increase. That
drove stocks higher on Wednes-
day, but they gave back those
Investors are energy companies, whose
shares have jumped this year
as crude prices have taken off.
.
gains on Thursday, with the Oil-and-gas companies, for
Nasdaq Composite down 5%. Continued from page B1 instance, make up around 7.4%
ly
Over the past two years, economic surge but because of the Vanguard High Divi-
more professional traders have accelerating inflation is forc- dend ETF, said Jack Ablin,
found their way into crypto ing the Federal Reserve to act chief investment officer and
ANDREW HARRER/BLOOMBERG NEWS

markets. The effect has been
that crypto assets have traded
more in line with other risk as-
sets, like growth and tech
quickly torein in price pres-
sures. Some investors worry
the Fed’s increases could cause
a recession.
on founding partner at Cresset
Capital. That has been a boost
to the fund in a year where
the S&P 500 energy sector has
stocks. That has drawn investors risen 45%.
us ,
The tech-heavy Nasdaq Com- into shares of big dividend After a good run, some in-
l
posite Index has fallen more payers, which promise to de- vestors who had put money in
e
al a
than 21% this year, while bitcoin liver a steady stream of cash dividend-paying stocks say
is also down 21%. Thursday’s in the near term. they are now looking for bar-
selloff comes on top of what A bonus? Many dividend The rise in stock prices of energy companies has given a lift to the dividend-paying sector. gains elsewhere.
ci on
was a bad April for crypto payers are in industries like The market reversal has
prices as well. Bitcoin’s market utilities, telecommunications fallen this year. For years, in- which includes technology- the high-dividend players has gone so far that Megan Horne-
value fell 17% to $716 billion, ac- and consumer staples, which vestors had piled into shares driven companies like Netflix been the ‘nowhere to hide’ man, chief investment officer
cording to research firm Cryp- consumers tend to rely on of fast-growing companies, Inc., Alphabet Inc. and Face- narrative in the markets this at Verdence Capital Advisors,
toCompare. With Thursday’s year round, regardless of the wagering the premium they book parent Meta Platforms year,” said Art Hogan, chief said the firm is no longer
er s
selloff, bitcoin’s total market economic environment. paid for them would be justi- Inc., is down 24%. market strategist at National looking to shift more money
value has fallen to about $690 That has made them espe- fied by their better-than-aver- “Part of the popularity of Securities Corp. into the bet.
m er
billion, according to CoinDesk. cially attractive to investors age earnings.

The unwinding of risk assets who are worried the Fed won’t That was especially true in
has hit the cryptos particularly be able to combat inflation an environment where interest
hard, driving down everything without significantly raising rates had fallen to historic
from bitcoin to NFTs. It started unemployment. lows, making bonds look less
m rp
to have an effect on companies “I don’t want high risk. I attractive.

in the industry. Crypto compa- want a cereal company with a Investors have largely shied
nies were surging early in the dividend that I know is com- away from growth stocks this
year. But the momentum has ing,” said Steve Chiavarone, year. The S&P 500 technology
faded sharply since then. senior portfolio manager and sector is down 19%. The com-
co Fo
head of multiasset solutions at munication-services sector,

Federated Hermes.
AUCTION RESULTS Froot Loops maker Kellogg Performance this year
Here are the results of Thursday's Treasury auctions.
All bids are awarded at a single price at the market- Co., which has a dividend yield
clearing yield. Rates are determined by the difference 10%
between that price and the face value. of 3.3%, is up 9% this year.
FOUR-WEEK BILLS
Mr. Chiavarone said Feder- iShares Core High
Applications $110,658,600,700 ated Hermes has been recom- Dividend ETF
5
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
$38,479,722,700
$758,381,200
$747,500,000
99.961889
(0.490%)
mending that clients take an
overweight position in divi-
dend-paying stocks.
0
Get More WSJ
Coupon equivalent
Bids at clearing yield accepted
Cusip number
0.497%
7.19%
912796V89
It is the call in which they
have the highest conviction
this year, he added. –5
S&P 500
With QR Codes
n-
The bills, dated May 10, 2022, mature on June 7, 2022.

In recent weeks, analysts at
EIGHT-WEEK BILLS Bank of America Corp. and
Applications $109,633,698,900
Goldman Sachs Group Inc. –10
DIVE DEEPER INTO THE STORY
Accepted bids $32,983,057,900
" noncompetitively $252,585,100 have also issued recommenda-
$496,000,000
no
" foreign noncompetitively

tions for clients to invest in
Auction price (rate) 99.889556
(0.710%) dividend-paying stocks. –15
WITH WSJ ’ S DIGITAL CONTENT
Coupon equivalent 0.721%
The rise in dividend-paying
Bids at clearing yield accepted 14.33% Jan. 2022 March May
Cusip number 912796W88 stocks comes as nearly every
The bills, dated May 10, 2022, mature on July 5, 2022. other part of the market has Source: FactSet
For select articles in the newspaper, you can now
scan adjacent QR codes to easily access audio,
New Highs and Lows Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
video and more related to the story you’re reading.
Continued From Page B10 52-Wk % 52-Wk % SoYoungIntl SY 1.26 -13.5 TurtleBeach HEAR 14.32 -19.9
Scan these codes in three simple steps:
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg SolenoTherap SLNO 0.17 -5.3 22ndCentury XXII 1.78 -5.7
Stock Sym Hi/Lo Chg OwlRock SolidBiosci SLDB 0.50 -9.8 TwoHarborsPfdB TWOpB 22.54 -1.3
ORCC 13.41 -6.6 QurateRetailPfd QRTEP 79.18 -2.3
SomaLogicWt SLGCW 1.22 -10.3 US Lime&Min USLM 108.22 -2.5
MinorityEqualWt MEOAW 0.09 -23.2
OxbridgeAcqnWt OXACW 0.15 -0.1 RaptTherap RAPT 13.03 -10.8
Sonder SOND 3.51 -10.7 Unifi UFI 13.79 -3.6 1 With your Apple or
OxfordSquareNt26 OXSQZ 24.69 -0.9 REGENXBIO RGNX 23.66 -14.9
Missfresh MF 0.32 -9.4 SonicFoundry SOFO 2.05 1.4 UNF 164.79 -3.4
MisterCarWash MCW 13.77 -5.3 OxusAcqnWt OXUSW 0.13 -12.5 RF Acqn Wt RFACW 0.11 -0.2
SotherlyHotels SOHO 1.84 -2.1
Unifirst
UniqueFabricating UFAB 1.35 -1.5
Android device, open
0.33 -13.7 OysterEntsWt OSTRW 0.14 -30.3 RGC Resources RGCO 20.07 -1.3
MTC
MMTec
ModivCare MODV 94.03 -6.0 PG&E6%Cum.Pfd. PCGpA 23.10 -1.2 RH RH 304.72 -9.0
SouthernNts77 SOJC
SouthernNts2020C SOJE
21.64 -1.0
18.78 -3.1
Unisys
UnitySoftware U
UIS 12.58 -5.8
60.46 -10.6
the camera app.
Moelis MC 42.85 -3.0 PLBY Group PLBY 8.46 -5.4 Radware RDWR 25.67 -5.1
SpirePfdA SRpA 24.29 -2.2 UnivElectro UEIC 27.02 -7.5
PVH PVH 65.65 -7.8 RainTherap RAIN 2.72 -16.3
Mogo
MolecularTemp MTEM
MOGO 1.75 -10.1
1.55 -8.1 PacGE pfC PCGpC 20.25 -2.2 RalphLauren RL 98.88 -6.9
SpiritRealtyPfdA SRCpA 23.43 -1.9 UniversalHealth UHT 48.22 -1.3
2 Point it at the
SpiritRealtyCap SRC 41.43 -4.0 UplandSoftware UPLD 13.47 -11.9
PacGE pfE PCGpE 19.12 -9.4 Ranpak PACK 14.51 -3.8
MoneyLion ML 1.74 -9.7
PacGE pfB PCGpB 22.05 -0.2 RealReal REAL 5.10 -11.8
StandardMotor SMP 40.22 -3.4 urban-gro UGRO 6.71 -6.3 QR code.
MoneyLionWt ML.WS 0.23 -4.0 StarEquity STRR 0.89 -6.6 UtzBrands UTZ 13.43 -6.2
MonoparTherap MNPR 2.01 -3.5 ParTechnology PAR 32.31 -7.0 Recruiter.comWt RCRTW 0.31 -13.9
StealthBioTher MITO 0.21 -21.4 VF VFC 48.70 -5.7
MorphoSys MOR 4.66 -4.6 ParatekPharma PRTK
Park-Ohio PKOH
2.03 -0.9
9.41 -6.3
RedRobin
RedwoodsAcqn RWOD
RRGB 10.84 -8.2
9.85 -0.2
StepStone STEP 24.77 -4.2 VOXX Intl VOXX 7.29 -4.0 3 Tap the pop-up
MotorcarParts MPAA 14.58 -5.4 Stereotaxis STXS 2.28 -8.0 Valens VLNS 0.86 -9.3
MotorsportGames MSGM 0.81 -6.8 PartnerRePfdJ PREpJ 19.13 -4.0
14.48 -14.8
Reed's REED 0.21 -7.0
2.62 -7.2
StifelFinlPfdB SFpB 24.53 -2.7 Valneva VALN 24.12 -4.9 notification to open
MySize MYSZ 0.23 -8.7 Paymentus PAY RekorSystems REKR StrongholdDig SDIG 3.31 -10.2 VandaPharm VNDA 9.62 -4.2
Myomo MYO 2.76 -4.5 Peloton PTON 16.67 -9.1 Renalytix RNLX 4.70 -8.2
StudioCity MSC 2.70 -2.5 Vapotherm VAPO 3.93 -6.9 the digital extras.
NGM Biopharm NGM 11.49 -0.7 PA Reit PEI 0.49 3.6 RexfordIndPfdC REXRpC 23.50 -1.6 SummitTherap SMMT 1.20 -6.2 18.39 -15.3
Veracyte VCYT
NICE NICE 194.32 -7.2 Penumbra PEN 151.43 -10.0 RhinebeckBncp RBKB 9.62 -0.1 SunstoneHotelPfdI SHOpI 19.76 -4.5 Vericel VCEL 27.28 -8.1
NamTaiProperty NTP 5.40 -12.8 PerceptionCapIIWt PCCTW 0.07 -35.6 RhythmPharm RYTM 4.66 -12.2
NatlResearch NRC 30.93 -2.6 PerellaWeinberg PWP 6.24 -18.1 RingCentral RNG 79.57 -8.4
SunstonePfdH SHOpH
SuperCom SPCB
21.56 -3.1
0.39 -9.3
VerisResidential VRE
Veritone VERI
14.36 -7.7
9.60 -7.6 T R Y T H I S capability today by scanning the QR
NatlRurUtilNt2064 NRUC 23.05 -2.0 PerellaWeinbergWt PWPPW 0.71 -33.1 RiverNorthPfdB OPPpB 20.21 -0.5 SuperiorGroup SGC 15.18 -3.1 VersaBank VBNK 9.68 -1.2
Natura&Co NTCO 6.50 -5.9 PerimeterSolns PRM 8.86 -8.2 RocketPharm RCKT 9.81 -10.3 Surmodics SRDX 36.18 -6.4 VersusSystems VS 0.81 -9.6 code above to visit our website.
nCino NCNO 33.47 -8.2 PeriphasCapWt PCPC.WS 0.50 -24.1 RockyMtnChoc RMCF 5.61 -5.6 SutroBioph STRO 5.87 -7.2 VersusSystemsWt VSSYW 0.21 -59.6
Nephros NEPH 2.48 -40.6 Perrigo PRGO 32.03 -2.8 RoivantSciencesWt ROIVW 0.45 -4.2 SynchronyPfdA SYFpA 19.34 -2.4 VerveTherap VERV 13.76 -10.0
NerdyA NRDY 3.40 -7.0 Personalis PSNL 5.21 -9.9 RumbleON RMBL 18.14 -6.5 TelusIntl TIXT 20.83 -4.1 VeryGoodFood VGFC 0.22 -3.3
NeuBaseTherap NBSE 1.06 -8.9 PhenixfinNts2028 PFXNZ 23.10 -1.9 Sai.TechGlobal SAI 6.57 -23.5 TFF Pharm TFFP 4.66 -6.2 Vimeo VMEO 9.15 -6.1
Nevro NVRO 55.22 -11.6 PhibroAnimal PAHC 17.28 -9.1 S&P Global SPGI 343.98 -4.8 TPBAcqnIWt TPBAW 0.28 -10.5 VirTra VTSI 4.91 -4.1
NYTimes A NYT 35.73 -9.2 Phreesia PHR 18.61 -14.2 SCE III Pfd SCEpH 22.10 1.1 TTEC TTEC 66.31 -9.1 VirtusAllCvPfdA NCVpA 23.52 -1.0
NewsCorp B NWS 19.33 -5.7 PineappleEner PEGY 2.72 -7.3 SCP&COHlthcrWt SHACW 0.13 -12.5 TabulaRasaHlth TRHC 3.19 -14.1 VirtusAllCvPfdA NCZpA 23.01 -2.1
NewsCorp A NWSA 19.40 -5.4 PlanetGreen PLAG 0.53 -16.9 SJW Group SJW 57.42 -2.8 TalkspaceWt TALKW 0.11 -8.0 VirtusInvtPtrs VRTS 172.54 -4.2
NextCure NXTC 3.85 -2.5 PliantTherap PLRX 5.10 -4.8 SLR Invt SLRC 16.02 -2.7 Talkspace TALK 1.23 -3.0 VivoPowerIntl VVPR 1.20 -7.7
Nextdoor KIND 4.00 -11.5 PonoCapitalWt PONOW 0.08 -19.0 SoarTechAcqnWt FLYA.WS 0.16 -13.9 TangoTherap TNGX 6.55 -6.3 VMware VMW 103.22 -4.9
NextPlat NXPL 1.94 -2.4 PoseidaTherap PSTX 2.64 -9.5 SS&C Tech SSNC 62.71 -4.7 Tapestry TPR 30.99 -5.3 VornadoRealty VNO 36.69 -2.2
Nike NKE 116.52 -5.9 Poshmark POSH 10.56 -3.8 SVF Invt Wt SVFAW 0.43 -2.2 TarsusPharm TARS 11.76 -6.7 Vroom VRM 1.42 -10.1
NomadFoods NOMD 17.97 -3.7 PowerREIT PW 22.35 -4.7 SachemNts2027 SCCE 24.00 -1.6 TechTarget TTGT 62.64 -7.7 VyGlblGrowthWt VYGG.WS 0.49 -3.5
NorthAmConstr NOA 11.80 -4.0 Precigen PGEN 1.26 -7.8 SafeguardSci SFE 4.01 -1.4 Teleflex TFX 273.16 -3.1 WaveLifeSci WVE 1.60 -9.8
NorthernLightsWt NLITW 0.15 -6.3 PrecisionBio DTIL 1.91 -12.7 SallyBeauty SBH 14.35 -6.8 10XCapVentureAcqnIIIWt VCXB.WS 0.16 -5.8 W.R.BerkleyDeb61 WRBpH 18.75 -2.0
NovaLifestyle NVFY 0.99 -3.3 PreludeTherap PRLD 4.20 -6.9 SandbridgeX2Wt SBII.WS 0.25 -9.6 TenayaTherap TNYA 7.67 -12.0 Waitr WTRH 0.24 -4.8
NovaGoldRscs NG 5.84 -7.2 PriorityIncmPfdI PRIFpI 24.29 -0.9 Sanfilippo JBSS 72.64 -1.8 Tennant TNC 60.35 -4.1 WarbyParker WRBY 21.36 -8.0
NuCana NCNA 0.66 -4.9 PriorityIncmFdPfdJ PRIFpJ 22.40 -3.8 SaratogaNts2027 SAT 24.54 -0.1 TerritBanc TBNK 22.18 -0.8 WarnerMusic WMG 27.88 -5.1
NurixTherap NRIX 10.07 -10.4 ProQR Therap PRQR 0.66 -4.3 SarcosTech&Robotic STRC 4.13 -5.2 TheBancorp TBBK 20.25 -8.1 Wayfair W 65.32 -25.7
Nuwellis NUWE 0.70 -5.7 ProspectCapPfdA PSECpA 18.18 -4.7 ScholarRock SRRK 6.44 -5.4 The9 NCTY 2.11 -12.3 WejoWt WEJOW 0.28 2.8
NuZee NUZE 1.49 -4.5 ProspectorCapWt PRSRW 0.17 -16.2 SemlerScientific SMLR 31.79 -5.1 TherapeuticsMD TXMD 0.17 -5.8 Wendy's WEN 18.70 -2.7
Nyxoah NYXH 14.49 -7.7 ProtagenicWt PTIXW 0.11 -35.3 SenesTech SNES 0.60 -4.9 ThermoGenesis THMO 0.44 -4.7 WesternAcqnWt WAVSW 0.11 16.7
OfficePropIncm OPI 20.41 -4.6 Proterra PTRA 6.05 -4.6 Senseonics SENS 1.32 -7.6 Tilly's TLYS 8.44 -4.9 WholeEarthBrds FREE 6.55 -3.6
OilDriAmerica ODC 24.25 -0.2 Prudential PUK 23.69 -7.1 SentinelOne S 28.96 -10.7 TioTechA Wt TIOAW 0.20 -9.1 WintrustFinPfd WTFCM 24.59 -1.6
Okta OKTA 109.90 -7.8 PublicStoragePfQ PSApQ 18.00 -1.5 SeresTherap MCRB 4.07 -7.8 TradeUPAcqnWt UPTDW 0.17 -48.6 Wipro WIT 6.26 -2.3
OlemaPharm OLMA 2.35 -11.1 PublicStoragePfdS PSApS 18.35 -3.9 ServiceProperties SVC 6.74 -13.8 Tradeweb TW 64.80 -5.2 WolverineWwide WWW 18.82 -6.1
OmegaFlex OFLX 105.01 -5.4 PublicStoragePfF PSApF 23.53 -2.5 ShakeShack SHAK 55.19 -6.4 TremorIntl TRMR 11.15 -5.4 Workday WDAY 193.16 -5.7
OmegaTherap OMGA 2.96 -1.5 PublicStoragePfG PSApG 23.13 -1.7 ShiftTech SFT 1.20 -7.5 Trex TREX 55.00 -9.9 WorksportWt WKSPW 0.32 -32.8
Omeros OMER 3.04 -11.7 PublicStoragePfK PSApK 22.18 -2.7 ShiftPixy PIXY 0.32 -7.8 TribeCapGrwI Wt ATVCW 0.33 -31.6 WorthingtonInds WOR 46.03 -3.3
OnconovaTherap ONTX 1.35 -2.8 PublicStoragePfJ PSApJ 21.38 -1.9 Shopify SHOP 395.86 -14.9 TriMas TRS 27.32 -3.9 X4 Pharm XFOR 1.11 -7.3
Oncorus ONCR 1.12 -8.8 PublicStoragePfdL PSApL 21.21 -3.1 Shyft SHYF 23.62 -6.5 Trimble TRMB 62.00 -9.6 XOMA XOMA 17.89 -4.1
OnyxAcqnIWt ONYXW 0.16 -15.8 PureCycle PCYO 10.10 -1.5 SidusSpace SIDU 1.92 -23.0 TrinityPlace TPHS 1.10 -5.4 XTL Biopharm XTLB 1.84 0.3
OpenText OTEX 38.02 -5.3 PurpleInnovation PRPL 3.75 -4.8 SierraBancorp BSRR 21.55 -1.7 TritonIntlPfdD TRTNpD 24.12 -1.1 Xencor XNCR 24.30 -4.9
OpGen OPGN 0.43 -3.5 PyxisOncology PYXS 2.24 -4.4 SiriusPoint SPNT 5.50 -1.5 trivago TRVG 1.88 -5.4 Yoshitsu TKLF 1.77 -5.8
OptimizeRx OPRX 26.88 -6.5 QSAM Bio QSAM 4.20 -4.3 SiteOneLandscape SITE 129.20 -9.0 TroikaMedia TRKA 0.41 -10.2 ZW DataAction CNET 0.42 -4.9
OrbitalEnergy OEG 1.04 -8.6 Q2Holdings QTWO 44.83 -5.3 SixFlags SIX 33.98 -5.1 TScanTherap TCRX 1.78 -7.5 ZealandPharma ZEAL 10.68 -6.1
OrchardTherap ORTX 0.50 -7.4 Qorvo QRVO 106.91 -8.8 Skillsoft SKIL 4.84 -3.1 Tucows TCX 52.89 -4.5 ZebraTech ZBRA 344.05 -5.5
OricPharm ORIC 3.10 -6.8 Quantum QMCO 1.80 -6.7 SmartRent SMRT 4.28 -9.0 Tuniu TOUR 0.58 -5.9 ZeppHealth ZEPP 2.31 -4.8 QR Code® is a registered trademark of Denso Wave Incorporate © 2022 Dow Jones & Co., Inc. All rights reserved. 3DJ8739
OrthoPediatrics KIDS 41.63 -10.5 Quhuo QH 0.42 2.0 SmithMicro SMSI 2.81 -11.3 Tupperware TUP 10.01 -12.8 ZiffDavis ZD 85.26 -5.6
OutsetMedical OM 31.61 -18.5 QuotientTech QUOT 4.84 -9.7 Snowflake SNOW 162.51 -10.7 TurningPoint TPB 28.71 -7.1 Zuora ZUO 11.54 -6.3
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE
HSBC Split Won’t Fix Political Woes

Shopify’s quarterly revenue,
change from a year earlier
120%
100
Two HSBCs with different constituencies might find life easier, but political land mines would remain 80
60
HSBC, Europe’s most valuable to appease Hong Kong or mainland was especially irked, according to a tions breaching such sanctions—or,
bank, makes most of its money in Chinese authorities, for example by Financial Times report citing anony- potentially, future sanctions on 40
Asia but is headquartered in the expressing support for Hong Kong’s mous sources, by the dividend cut China in the event of an invasion of
U.K. Now its largest shareholder, draconian national security law in forced on HSBC during the pan- Taiwan—would risk being cut off 20
China’s Ping An Insurance, is push- 2020, it has run afoul of Western demic by British regulators. A sepa- from the dollar-payments system by
ing for strong measures to rectify politicians. When it cooperated with rate Asia-focused business head- U.S. regulators. 0
this unwieldy arrangement—includ- the U.S. investigation of Huawei for quartered in Hong Kong might have And while some recent events 2015 ’16 ’17 ’18 ’19 ’20 ’21 ’22
ing a potential spinoff of the Asian sanctions-busting, Chinese state me- taken a different tack, given the might chip away at the dollar’s
business. dia went on the attack. pandemic’s less-devastating toll on dominance—i.e. Western moves to Source: the company
HSBC is involved in a major re- An arrangement less firmly in the most large East Asian economies freeze Russian reserve assets—oth-
structuring effort to tilt its business
further toward Asia, which ac-
counted for 65% of pretax profits in
no-man’s-land between West and
East—or with different, separate po-
sitions on opposite sides of the
and their different political constitu-
encies.
Regarding the largest, hairiest el-
ers could help cement it further.
Weaker demand growth for yuan-
denominated assets over the next
Shopify’s
Pain Comes
2021. Slow progress toward this trenches—thus has a certain logic. ephant in the room, though—U.S. several years seems likely as U.S.
goal—and a share price that remains But if the goal is to insulate a Hong and European sanctions enforce- bond yields soar, Chinese growth
mired below prepandemic levels, in Kong-headquartered Asian HSBC ment—a separate Asian business faces rising cyclical and structural
Long Before
contrast to some sizable Asian rivals from Western political risk, a split wouldn’t provide much cover. headwinds and China’s central bank
like Singapore’s DBS, might be one would be a partial solution at best HSBC’s massive trade-finance busi- acts to support its economy.
factor spurring demands for more and would do little to protect the ness and other cross-border opera- Two different HSBCs, both more
Any Gain
radical action from Ping An, which new company from the thorniest is- tions remain heavily dependent on directly beholden to different politi-
owns about 8% of the company. sues involving current and possible access to the global dollar system. cal constituencies, might find it eas-
Lurking in the background, future U.S. sanctions. Western governments have re- ier to please some shareholders and
though, is geopolitics: As relations A split, if it does eventually mate- sponded to Russia’s invasion of defuse public-relations disasters of
between China and Western democ- rialize, might help with some of the Ukraine by imposing tough restric- the more moderate variety. The big-
racies have deteriorated, HSBC in- more prosaic or small-scale regulations on trade, including on high- gest political risks, however, would
creasingly has found itself in the tory issues the bank’s contorted technology exports and imports of remain. Firm invests heavily in
crossfire. When the bank has acted East-West structure creates. Ping An Russian oil. Any financial institu- —Nathaniel Taplin an e-commerce slump
Shopify picked a tough time to
Shell’s Outlook Fails to Sway Politicians

go into investment mode.
.
The Canadian e-commerce up-
start unveiled a plan this year to
ly
build up its own logistics network
to help its merchant partners better
Shell’s messaging that the en- compete against Amazon.com. That
ergy industry faces highly uncer-
tain times seems aimed at politi-
cians and consumers. But it is
getting through more clearly to in-
on plan involved a massive boost to its
annual capital expenditures. The
next step was unveiled Thursday as
part of Shopify’s first-quarter re-
vestors. sults—the $2.1 billion acquisition of
us ,
High commodity prices and fulfillment technology provider De-

l
war-linked volatility helped the liverr. Shopify’s largest prior acqui-

e
al a
company generate record net sition was the $450 million pickup
profit and $14.8 billion in cash of 6 River Systems in 2019.
flow from operations in the first Shopify’s ambitions are running
ci on
BEN STANSALL/AGENCE FRANCE-PRESSE/GETTY IMAGES
quarter. Shell paid down debt, head-first into a marketwide e-com-

raised dividends and increased ex- merce slump. Inflation, supply-
pectations for shareholder returns chain challenges, soaring gas prices
later this year. The stock rose 3.8% and customers walking back into
in European trading. stores following two years of pan-
er s
The possibility of a U.K. windfall demic have combined to make

tax looms. In Thursday’s call with things tough for online sellers. Am-
m er
reporters, Shell emphasized its azon.com is feeling the pain; the

role in ensuring energy security company last week reported its
and plans to invest up to £25 bil- slowest growth in 12 years for the
lion, equivalent to about $32 bil- first quarter, along with a sharp
lion, in the U.K. over the next de- drop in operating earnings.
m rp
cade, mostly in low-carbon energy. For Shopify, that slump has led
Chief Executive Ben van Beurden first-quarter revenue growth to
also sought to dampen expecta- High commodity prices and war-linked volatility helped the company generate record profit in the first quarter. slow to 22% year over year to $1.2
tions about the company’s future billion. That was about 3% shy of
performance. Shell’s quarterly cash flow from operations tainty, but most factors are tail- Wall Street’s forecasts and its slow-
co Fo
“It is actually probably the $20 billion

winds for oil and gas prices, lock- est growth on record. Gross mer-
hardest quarter to call what is go- downs and OPEC being the chandise volume—a measure of the
ing to happen next [for prices]. 15 exceptions. The green transition total value of orders on the com-
The only thing I can say with some isn’t likely to shift near-term de- pany’s platform—also came in at a
high degree of confidence is that it 10 mand and the reactions will proba- record low growth rate of 16% year-
will be a rocky ride,” he said. bly be mixed: Europe seems to be over-year and below analysts’ tar-
Despite the warning and spend- 5 speeding up, while nations with oil gets. Heavy spending also took its
ing promises, record profits for 0 and gas reserves may slow down. toll—Shopify’s adjusted operating
both Shell and BP have increased A crucial factor is that publicly income slid 85% from a year earlier
2009 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22
public pressure on the British gov- listed producers continue to show to about $32 million, and adjusted
ernment to hit up the industry, as Enterprise value to Ebitda* serious capital discipline, prioritiz- per-share earnings of 20 cents was
local households struggle with ing buybacks and deleveraging de- less than a third of the 64 cents
10 times
soaring home energy bills, high spite soaring prices and calls from projected by Wall Street.
n-
prices at the pump and broader 8 politicians to drill more. It all adds Shopify’s share price thus slid
cost inflation. So far, Boris John- up to an uncertain and volatile more than 17% Thursday morning
6
son’s Conservative government has outlook, but on balance one following the results, and ended
resisted calls from opposition par- 4 skewed toward tight markets and down more than 14%—a notable
no
ties for a one-off levy, but the Brit- 2 relatively high prices. drop for a stock already down 65%
ish prime minister is given to That should be good news for for the year. Like other companies
pleasing crowds and there are 0 TotalEnergies BP Shell Exxon Mobil Chevron
the sector, but investors aren’t whose business exploded early in
precedents for this type of tax in 2010 ’20 2010 ’20 2010 ’20 2010 ’20 2010 ’20 bullish. Shell shares trade at an the pandemic, Shopify’s past few
the U.K. *Earnings before interest, tax, depreciation and amortization enterprise value of 3.7 times earn- quarters have faced challenging
Mr. van Beurden is right that Sources: S&P Capital IQ (cash flow); FactSet (value to Ebitda) ings before interest, tax, deprecia- growth comparisons. But Shopify
the outlook is foggy. The war in tion and amortization—at the bot- also has a unique challenge trying to
Ukraine has prompted escalating and gas are shifting as Europe two wild cards: Covid-related lock- tom end of the historic range. help its merchant partners compete
sanctions on Russia, most recently scrambles to wean itself off Rus- downs in China, which can greatly Investors seem to agree with Mr. against Amazon’s logistics might
including a possible EU ban on its sian fuels. Energy security has affect demand, and the outside van Beurden that current profit with a fraction of the resources. So
oil. There is the prospect of retali- shot up the public agenda, causing chance that OPEC increases sup- levels are unsustainable. If only he the company’s plan to build up a
ation from Moscow. Whatever hap- some to rethink the pace of the ply. could get the message out to the warehouse network to enable deliv-
pens, global supply lines for oil energy transition. There are also That is a great deal of uncer- public. —Rochelle Toplensky ery to more than 90% of the U.S.
population in two days or less made
some sense, even given the costs.
But Amazon now offers same-
day delivery in many major mar-
Beer Flexes Pricing Muscle Despite Underdog Status kets. And the tech giant just went
through a massive expansion of its
already massive operation; Chief
Executive Andy Jassy said in Ama-
Beer’s pricing muscles may not shares in global distillers Diageo, also done a slightly better job of Justice Department examine how zon’s annual shareholder letter last
be as big as liquor’s but they are Campari, Pernod Ricard and increasing the “mix” component of acquisitions of craft beers by ma- month that the company doubled
limber. Rémy Cointreau today trade at a their growth as they focused on jor brewers have affected prices the size of its fulfillment network in
Budweiser’s owner Anheuser- 60% premium on average to big selling more of their premium and innovation in the U.S. beer the past 24 months. That expan-
Busch InBev is the latest beer brewers, up from 30% just before brands. market. sion, along with the current e-com-
company to report better-than-ex- the Covid-19 crisis began. Liquor companies in the U.S. Granted, brewers may not al- merce slump, has left Amazon with
pected results for the first three A booming at-home cocktail have been taking market share ways be in such a strong position excess capacity of its own that it is
months of 2022, after strong sales trend in the U.S. during lockdowns from beer and wine for years, so as in the first quarter. The Euro- racing to fully use.
from Heineken and Carlsberg. swayed shareholders’ tastes early have got by just fine selling in pean on-trade roared back to life That won’t make things any eas-
Brewers’ pricing power has in the crisis, but pricing power is higher volumes. The result is that as the pandemic receded and ier for Shopify. The company
been good considering consumers increasingly important as inflation even though liquor companies drinkers returned to bars and res- doesn’t give precise revenue fore-
are being pinched on all sides by takes hold. In theory, the expen- probably do have a lot of untapped taurants. casts, but Tyler Radke of Citigroup
inflation. AB InBev, the world’s sive liquor brands preferred by pricing power, distributors and re- Consumers’ willingness to pay noted Shopify’s latest report pro-
biggest beer company, raised wealthy consumers should be able tailers are less used to taking con- more for drinks consumed outside jected new merchants joining its
prices almost 8% in the three to charge more without hurting sistent increases from them, espe- the home helps all alcohol compa- platform this year to be “at a level
months through March compared demand. cially for more commoditized, non- nies, especially those like Heineken comparable to that in 2021”—a
with the same period last year, Brewers may turn out to be bet- aged spirits like gin or vodka. that have large exposure to the re- change from its prediction three
and still managed to sell 2.8% ter at raising prices little and of- The beer industry is more con- gion’s nightlife venues. months ago for a faster rate of new
more beer, the company reported ten, however. As beer volumes centrated world-wide—a potential Brewers have high fixed costs so merchant growth this year. The e-
Thursday. No. 2 player Heineken have for years been weak in ma- advantage in negotiations with re- need to increase what they charge commerce market is unlikely to get
squeezed 18% more revenue from ture markets, pricing has long tailers. The top five players in the to protect their profit margins better soon. Amazon last week pro-
each liter of beer it sold over the been an important component of beer business control 54% market from input cost inflation. So far, jected its third consecutive quarter
same period by charging more and beer brands’ growth. Data from share globally, compared with 25% the signs are positive. Beer may be of single-digit sales growth in the
promoting its premium brands. Bernstein shows that between for the five biggest liquor busi- less fashionable than cocktails June quarter, which would be its
Investors have shown a clear 2010 and 2019, brewers raised nesses, Euromonitor data shows. among investors, but price in- first such run ever. Shopify needs
preference for liquor stocks since prices by 1.7% annually in the U.S., The U.S. beer business is so con- creases are going down fine with to get a lot more clicks when there
the beginning of the pandemic. As almost double the rate of liquor solidated that the U.S. Treasury in drinkers. are fewer to be had.
a multiple of projected earnings, companies. Beer businesses have February recommended that the —Carol Ryan —Dan Gallagher
MANSION
$170 Million $13.06 Million

A 3-acre Richard Neutra-
compound on La designed house
Gorce Island in in Palm Springs
Miami lists. M2 sets record. M3
HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, May 6, 2022 | M1
Welcome to
Hollywoodland.
Please Go Away.
Below the Hollywood sign, a once ‘private, secret’
L.A. enclave has become a home-buying hotspot
and overrun by tourists. Some residents fight back.
BY NANCY KEATES “This place has been a refuge.

There’s still a sense of community,
I
t’s 9 a.m. on an April Sun- and I feel fortunate to live here,
day, and Eric Smith is drink- but the genie is out of the bottle,”
ing tea, looking out over Los says the 50-year-old documentary
Angeles from the balcony of director and photographer. He
his two-level, midcentury bought his 1,527-square-foot, two-
modern in a tree-filled, mountain- bedroom house—where Peter Tork
ous neighborhood called Holly- of the Monkees lived in the 1960s,
woodland—just a few hundred feet in 2003 for $615,000 because it
below the iconic Hollywood sign. was an oasis of nature, yet still
The only moving object on the close to all the Hollywood studios.
street is a coyote, skulking Hollywoodland began as a
9
around the corner. 1920s real-estate develop-
But he knows the ment, famously adver-
peace won’t last. tised with an enor-
homes have sold
Soon, hordes of tour- mous, lit-up
with a median price
ists following GPS to HOLLYWOODLAND sign
of $2.15 million
the sign will start clog- in the hills above it. (In
.
in 2022
ging the windy, narrow 1949, “Land” was
ly
thoroughfares. At the bot- dropped.) It was touted as
tom of the hill, there’s already a a place where buyers could es-
line, largely composed of teenage cape the stress and “dangerous
$615,000
Price paid in 2013
on girls, snaking down the sidewalk
outside the Beachwood Café, made
corners” of the city below without
forfeiting easy access to work.
famous by its mention in the Harry Prices for lots ranged from $2,500
Styles song “Falling.” to $55,000 ($42,000 to $924,000
us ,
$1.63*
The cliff-like, and seemingly un- in today’s dollars.)
buildable, small lot next to Mr. Restrictions stipulated that
l
e
Smith’s house was purchased for homes be designed with a Euro-
al a
MILLION $305,000 by a developer from pean influence: only French Nor-

Estimated value today China. He worries there will soon be mandy, Tudor English, Mediterra-
ci on
*According to Zillow a big spec house there—something nean and Spanish allowed. Like
the neighborhood’s homeowner’s many developments at the time,
association can do little to stop. Please turn to page M8
er s
m er
m rp
co Fo
ADAM AMENGUAL FOR THE WALL STREET JOURNAL (4); DAN SOLOMON (PALM SPRINGS)
Eric Smith, a
documentary
director and
photographer,
on his home’s
balcony in the
Hollywoodland
neighborhood.
n-
He bought the
1,527-square-
foot house
because it was
no
an oasis of
nature, yet still
close to all the
Hollywood
studios.
A Little Bit of the

Future Comes to Texas
They set out to build a simpler family home, but ended up
JUSTIN CLEMONS FOR THE WALL STREET JOURNAL (2); WALT DISNEY CO./EVERETT COLLECTION (TRON LEGACY)
creating a property inspired by the movie ‘TRON: Legacy’

BY HANNAH SELINGER
MICHAEL SHAUN JACKSON found

inspiration in a somewhat unlikely
place: the 2010 film “TRON: Leg-
acy,” a dystopian film set almost 30
years in the future.
The futuristic film’s design capti-
vated Mr. Jackson, 49, who works
in the construction industry. “I was
fascinated by the geometric shapes,
clean lines, LED-lighting accents,”
he says.
Mr. Jackson and his wife, Andrea
Ganesh Jackson, 33, a software en-
gineer, purchased a 1,500-square-
foot teardown home on 0.18 acre in
the Greenway Parks neighborhood
of Dallas in 2018 for $286,000 and Michael Shaun Jackson in front of his Greenway Parks home.
started what would become an am-
bitious, futuristic new build. the original plan, which was to $800,000. The Jacksons’ home,
The living room and Ferrari
The resulting home, designed by build a more modest, albeit futuris- completed in the fall of 2020,
Mr. Jackson, was a departure from tic home within a smaller budget of Please turn to page M4
M2 | Friday, May 6, 2022 NY THE WALL STREET JOURNAL.
PRIVATE PROPERTIES
A Miami Beach Compound Lists

A waterfront compound in Mi-
ami Beach is coming on the mar-
ket for $170 million. If it sells for
that amount, the property will be
the most expensive ever sold in
Florida.
The property is located on La
Gorce Island, a guard-gated com-
munity connected by bridge to
Miami Beach. Set on nearly 3
acres, the gated
estate com- FOR SALE
$170
prises four par-
cels and has ap-
proximately 600
feet of water MILLION
frontage on Bis- 600 ft. of
cayne Bay, ac- waterfront,
cording to list- 4 houses
ing agents Jill
Eber and Jill Hertzberg of Cold-
JILLS ZEDER GROUP/1 OAK STUDIOS (3)

well Banker Realty. There are
houses on three of the four par-
cels, each with its own dock. The
fourth parcel has a private park
with a marble gazebo.
The properties were purchased
in the 1980s by the late M. Lee
Pearce, a doctor, entrepreneur and
philanthropist who died in 2017.
Dr. Pearce built and owned hospi- turned a free-standing garage on

tals and medical facilities, as well the property into a 5,000-bottle
as banks, according to Chuck wine storage area, Mr. Douglas
Douglas, president of the Dr. M. said.
Lee Pearce Foundation and the In 1986, Dr. Pearce purchased
trustee of the entity that owns three additional lots. He tore
the property. down an existing home on one lot
.
In all, Dr. Pearce spent roughly to create the private park, but he
ly
$3.1 million for the four contigu- kept two homes on the other par-
ous properties. He purchased the cels. He used one for entertaining
first one for $550,000 in 1983, re- and staff. Around 2010, he reno-
on
Total cost of the four properties in the 1980s: $3.1 million
cords show. He lived there for de-
cades, in a two-bedroom house
with a separate guesthouse. He
vated the other existing house
and lived there for several years.
—E.B. Solomont
us ,
l
e
al a
Actress Reese Witherspoon

ci on
Flips a Home in Los Angeles

JEFF KRAVITZ/FILMMAGIC/GETTY IMAGES (WITHERSPOON); SIMON BERLYN/SOTHEBY’S INTERNATIONAL REALTY (2)
er s
Actress and producer Reese the garden, which includes a bar, a

Witherspoon has sold a Los Ange- pool and spa area and a limestone
m er
les home for $21.5 million, accord- barbecue, the listing says.
ing to a person familiar with the Graham J. Larson of Sotheby’s
deal. International Realty had the list-
The sale represents a signifi- ing, while Danny Brown of Com-
m rp
cant uptick in the value of the pass represented the buyer.

gated Brentwood estate: a trust Ms. Wither-
tied to Ms. Witherspoon paid SOLD spoon, who rose
$21.5
$15.895 million for the property in to fame with
2020, records show. starring roles in
co Fo
The house, a traditional English

country-style estate in the lower MILLION movies like
“Election,”
Mandeville Canyon area, came on 3 acres, “Sweet Home
the market for $25 million in early sic stonework and Tudor detailing, swimming pool Alabama” and
March and found a buyer in less A formal two-story entry foyer and spa “Legally
than a month, according to the has black-and-white marble and Blonde,” has
listings website Zillow. Ms. With- limestone flooring. The house also more recently developed a reputa-
erspoon renovated the circa 1990s has a white-oak staircase and a tion as a Hollywood producer
house after buying it. She didn’t family room with a four-seat bar, through the company she
respond to requests for comment. according to the listing. The sec- founded, Hello Sunshine, which
The roughly 3-acre property ond floor includes an “owner’s has produced shows like “Big Lit-
has a private driveway surrounded wing,” where the primary suite tle Lies,” “Little Fires Every-
n-
by heavy landscaping, according has two bathrooms and two walk- where” and “The Morning Show.”
2020 purchase price: $15.895 million
to the listing. The house has clas- in closets. French doors open to —Katherine Clarke
no
Spectacular Oceanfront
Premier Heights SEAGIRT, NJ
Location.
26 SEA VIEW AVENUE

89 Monte Vista Avenue, Ridgewood, NJ 07450
PIEDMONT, CALIFORNIA
Six bedroom, center hall brick colonial situated
Completely updated, gated estate by famed
on gorgeous landscaped property. Just minutes
architect Gardner Dailey built on a rare site of
to schools, Village and NYC transportation.
2.75 acres in a peaceful San Francisco Bay Area “Southern Comfort” abounds in this New Orleans designed home with white pillar
Listed at $1,995,000 columns, yellow awnings and cast aluminum railings. Impeccable landscaping is
residential community. perfect complement to host & entertain parties for large number of guests. An
extra bonus is the carriage house above the extra large garage.
Frances Hanson Ekblom Broker Associate
637 Ocean Ave. Seagirt, NJ • MLS# 22205687
Principal Agent M: 201.602.4683 This property is not in a flood zone and has had no storm damage over the last 60 years.
Price requested - $12,900,000.00
Frances & Partners is a team of real estate agents affiliated with Compass, a
licensed real estate broker and abides by Equal Housing Opportunity laws. All
material presented herein is intended for informational purposes only. Information 212 N long Beach Blvd Surf City NJ 08008
is compiled from sources deemed reliable but is subject to errors, omissions, PiedmontsFinestEstate.com 609.494.3800
changes in price, condition, sale, or withdrawal without notice. Photos may be
Agent: Keavy Franzoni
virtually staged or digitally enhanced and may not reflect actual property conditions. 650.485.3476 | Michael Dreyfus | Lic. #01121795
1 Franklin Avenue, Suites 2-3 Ridgewood NJ 07450 O: 551.284.0175. Call: 732.948.8172
EACH OFFICE IS INDEPENDENTLY OWNED AND OPERATED.
THE WALL STREET JOURNAL. Friday, May 6, 2022 | M3
PRIVATE PROPERTIES
SLIM AARONS/GETTY IMAGES (1970); DAN SOLOMON (2)

.
The Modernist ‘Poolside Gossip’ House
ly
Sells for a Record Price in Palm Springs on
us ,
The Modernist Palm Springs

l
e
home that appeared in “Poolside
al a
Gossip,” a popular 1970 photo-

graph by Slim
I
ci on
Aarons, has sold off-

market for $13.06
UPDATE million, according to
listing agent Gerard
Bisignano of Vista Sotheby’s In-
er s
ternational Realty.
The deal sets a record for Palm
m er
Springs, Mr. Bisignano said. De-

signed by architect Richard Neu-
tra, the house most recently asked
$16.95 million after first listing
m rp
for $25 million in October 2020,

said Mr. Bisignano, who also rep-
resented the buyer. He declined to
identify the buyer but said he is a
The original asking price was $25 million.
European businessman who has a
co Fo
“deep and rich apprecia-

tion of Modernist archi- SOLD ego Chargers. When water, the circa-1935 Frank Lloyd The home has guest, service which sold for $13 million in 2016,
tecture.” Mr. Aarons photo- Wright-designed house in Penn- and main-bedroom wings branch- said Mr. Bisignano. Luxury single-
The seller was Brent
R. Harris, former manag-
$13.06 graphed the house, it sylvania. ing off from a central living and family homes in the greater Palm
ing director at California- MILLION was owned by the so-

cialite Nelda Linsk,
Mr. Harris gave the Palm
Springs house a five-year restora-
dining room, he said. The roughly
3-acre property has a pool, pool
Springs area sold twice as quickly
in March as they did the same
based money manager 5 bedrooms, who also appeared in tion when he first purchased it, pavilion and tennis court. time last year, for 22% more a
Pacific Investment Man- 3,200 sq. ft. the photo. removing alterations to reveal Mr. Harris sold because he felt square foot, according to the Insti-
agement Co., who pur- The five-bedroom, original materials, and replacing like it was time to pass the prop- tute for Luxury Home Marketing.
chased the property in the 1990s. roughly 3,200-square-foot home sections of the house using the erty on to someone else, said Mr. —Sarah Paynter
The property has also been owned was built in 1946 for American original manufacturers and crafts- Bisignano.
by “Copacabana” singer Barry Ma- department store entrepreneur men, said Mr. Bisignano. Mr. Har- The previous record in Palm Jenna Bush Hager lists NYC
n-
nilow and the late Eugene Klein, Edgar J. Kaufmann Sr., who was ris also completed a recent reno- Springs was held by the former condo for $5.375 million. M12
the onetime owner of the San Di- also the original owner of Falling- vation, Mr. Bisignano said. home of comedian Bob Hope,
no
SUNSHINE
350
D A Y S
YEAR
How’s this
h ffor an alternate
l reality?
l y
A home at The Ritz-Carlton Residences, Dove Mountain is like nothing else. Surrounded by the magnificent Sonoran
Desert of Southern Arizona is a community of luxury homes with the 5-Star services of the nearby Ritz-Carlton resort
hotel. More than picturesque, it’s an active, enthralling place. Your home (or second home) here is just north of
Tucson, the first UNESCO Capital of Gastronomy in America and the center of a chic metropolis of a million-plus
where creativity, culture, and adventure abound. Distinctive single-family homes from $1.5 million to over $5 million
with custom homesites also available. Championship golf. 45 miles of trails. World-class spa and every amenity.
Tucson, Arizona
(877) 451-7205 | TheResidencesDoveMountain.com
The Ritz-Carlton Residences, Dove Mountain is not owned, developed or sold by The Ritz-Carlton Hotel Company, L.L.C. Dove Mountain Investors, LLC uses The Ritz-Carlton marks under license from The Ritz-Carlton Hotel Company, L.L.C.
Access to and use of the recreational amenities of The Golf Club at Dove Mountain requires payment of monthly Club membership dues. This is not an offer of solicitation where prohibited by law. Prices, plans, amenities, availability and
improvements referenced herein are subject to change without notice. Sales are conditional upon buyer’s receipt and acceptance of the Arizona Subdivision Public Report.
M4 | Friday, May 6, 2022 THE WALL STREET JOURNAL.
MANSION
Bringing the Bookmatched porcelain wall: $25,000
Future Home $1.35

Continued from page M1 MILLION
ended up costing $1.35 million. Cost to build
“The cost shifted dramatically,
because I had access to 3-D design
programs that a friend of mine
was experimenting with,” Mr.
Jackson says. “I kept brainstorm-
ing, and coming up with fun ideas
to test in the program, and they
tested so well that I had to imple-
ment them into the actual build.”
The home has three-bedrooms
and 3½ bathrooms, and totals
4,120 square feet.
In the primary bath, the center-
piece—a floating tub underlit by
LED and titanium fire glass—was
inspired by an image that Mr.
Jackson saw in a design maga-
zine. The light colors can change Ferrari: $375,000
and pulsate, in case, Mr. Jackson
says, “we want to have a disco
bath party.”
Three objects dominate the liv-
ing room space: a motorized 75-
inch Sony television built into the
living room floor that can be re-
tracted when not in use; a serpen-
Italian porcelain flooring: $12,000 Custom sofa: $26,000
tine custom couch—one of the
many furniture pieces that Mr.
Jackson designed specifically for
the house; and a white 2021 Fer- A still from the 2010 film ‘TRON: Legacy,’ below, which captured Mr.
rari F8 Tributo Spider with red Jackson’s imagination and inspired his designs for the home. The kitchen,
leather interior. left, is designed to resemble the Recognizer, a spaceship from the movie.
“Ferrari is an Italian master-
piece of engineering and design,”
says Mr. Jackson, “and I love to
.
look at them, drive them, and race
ly
them.” The car, he says, techni-
cally resides in the three-car ga-
rage, which can be viewed
through a large picture window
that acts as one of the living room
walls.
Above the fireplace hang slabs
on
us ,
of bookmatched porcelain.
Throughout the home’s main
l
Quartzite countertops: $12,000

e
floor, massive 32-by-32-inch por-
al a
Miele appliances $38,000

celain floor tiles offer an ice-cool
look that treads the line between
ci on
mausoleum
JUSTIN CLEMONS FOR THE WALL STREET JOURNAL (4); WALT DISNEY CO./EVERETT COLLECTION (TRON LEGACY)
and space cap-
sule.
The kitchen
has quartzite
er s
countertops Murano crystal

and more Ital- chandelier: $38,000
m er
ian porcelain,
continued in
the flooring, as
well as Miele
m rp
appliances. Its
design took
notes more di-
Floating tub: $9,000
rectly from the
film, borrow- Fendi Casa alligator-
co Fo
ing from an embossed table: $20,000

aerial security transport space- Jackson says. “They are instru-
ship known as the Recognizer; a mental in contributing to the
satin-black diamond-panel ex- overall futuristic look and feel.”
haust system was designed to re- A game room features custom
semble the spaceship itself. tufted turquoise walls and floors
A dining space has crystal carpeted in a zebra print. It is
chairs and an alligator-embossed here that Mr. Jackson displays his
Fendi Casa crystal chairs:
table, both from Fendi Casa, and AC/DC, Kiss and Iron Maiden pin-
$3,800 a piece
is lighted from above by an Italian ball machines, as well as a Gibson
Murano glass chandelier, meant to Custom Flying V Guitar.
look like it is melting. “You can The Jacksons have a sense of
n-
see these chairs from most van- humor about the home. “I know The home is designed so that the dining room chairs and chandelier, which appears to be melting down over the
tage points of the home,” Mr. Please turn to page M5 table, can be seen from many other points throughout the house, says Mr. Jackson.
no
It’s not just about coloring a page...

It’s about showing your true colors.
Monitor
the Market A place to become... An artist, a business leader, a
teacher. If kids and teens can dream it, Boys & Girls Clubs
Build a custom watchlist to track can help them become it. Because at our Clubs, it’s not
magic that makes dreams come true, it’s the people. Like our
companies and indexes you care about. Youth Development Professionals who ensure our youth have
a place to feel physically and emotionally safe. A place to
belong. A place to have fun. A place to learn and grow on their
WSJ.COM/BUILDWATCHLIST path to a Great Future.
© 2022 Dow Jones & Company, Inc. All rights reserved. 4DJ8693
GreatFutures.org
THE WALL STREET JOURNAL. NY Friday, May 6, 2022 | M4A
Palm Beach, Florida

BRAND NEW DIRECT
OCEANFRONT ESTATE
A truly stunning beachfront estate
is now complete and ready for occupancy.
____________________________
This private seven-bedroom compound

has exquisite finishes in both main and guest houses.
_____________________
Family and chef’s kitchens, large screening room,

home gym and oceanfront office.
________________
Custom interiors by Clements Design, Los Angeles

and can be purchased completely furnished.
________________
$115,000,000
Broker has investment interest in this property.
.
ly
AN AMAZING MANALAPAN COMPOUND
on A Marc-Michaels designed estate with more than

23,000 total square feet on more than 2 acres.
____________________________
us ,
l
Several bedrooms in both the main and guest houses.

e
al a
_____________________
ci on
Special features include a temperature-controlled wine

room, exercise facility, outdoor oceanfront loggia with
summer kitchen and boat dock with lift.
________________
er s
Certainly a fabulous direct ocean to lakefront family

m er
compound offered in perfect move-in condition and

ready for family use.
___________
m rp
$106,000,000
Select furnishings available.
co Fo
DIRECT LAKEFRONT ACREAGE

n-
A unique opportunity to own a gracious

estate prime for renovation or new construction.
no
________________________
More than two acres with 218 feet on

the water with stunning panoramic views.
________________
A major family compound nestled in the

heart of the estate section of the island.
________
$79,000,000
“The very best selection of properties I’ve ever had.”

-Lawrence Moens
Lawrence A. Moens Associates, Inc.

Specializing in Palm Beach’s Finest Residential Properties
245 Sunrise Avenue, Palm Beach, FL 33480 • Office: (561) 655-5510 • Fax: (561) 655-6744
www.moensrealestate.com
M4B | Friday, May 6, 2022 NY THE WALL STREET JOURNAL.
.
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
no
YOU’RE THINKING PO OL, PATIO, PARTIES.
WE’RE THINKING CONTRACT, CONTINGENCIES

AND CLOSING DATE.
A talented agent is always thinking three steps ahead. And talent is what you need
today in the complex world of getting a high-stakes transaction to closing. Time and
again, the agents of Brown Harris Stevens show why they are one of the Top 10 Power
Brokerages in the country. Mastery OF THE Craft
New York City | Hamptons | Connecticut | Palm Beach | Miami | New Jersey | Hudson Valley
MANSION
Conversation pit
Custom tufted walls: $10,000
how over-the-top it is,” Mr. Jack- The game room, above, includes
son says. pinball machines and custom-made
Fire pit with water feature: $50,000
“On the weekends, when I’m furniture. The bedroom, below, has
home, I just kind of walk around mirrored walls.
the house and check it out.” Mr.
Jackson recognizes that his Tron- and fashion,” she says. “So every-
esque build may not be for every- Outdoor dining space thing he designed, I loved.”
one. “I’m an eccentric guy,” he She says, however, that she
says. could use a little more closet
Mr. Jackson says that friends space.
and family also enjoy the home’s “I really wasn’t planning on
spirited feel, as well as what the getting this out of control and
couple refers to as its “conversa- this ambitious in a design,” Mr.
tion pit,” a sunken fire pit and Jackson says. “If I had known I
water feature in the home’s back- was going to end up spending this
yard that serves as a gathering kind of money building a house
space. this big and then doing all these
Although many homes in Dallas design features, I would’ve bought
have pools, the Jacksons made the a bigger lot.”
decision not to add one.
“Everybody’s always just stand-
.
ing around, drinking cocktails and
JUSTIN CLEMONS FOR THE WALL STREET JOURNAL (5); NO CREDIT (TRON LEGACY)
ly
The Recognizer
socializing, and nobody really gets
in the pool,” Mr. Jackson says.
“We put the fireplace in there, we
put pillows out there and stuff.
People use it.”
The choices they made in the
home, they say, are easier to live
on
us ,
in than others may assume. “It’s

comfortable, believe it or not,”
l
e
Mr. Jackson says. “It has a really
al a
good energy to it. It’s very bright.

Lots of windows. We really enjoy
ci on
living here.”
Although the dream of stepping
into the future was initially Mr.
Jackson’s, Mrs. Jackson says that
she, too, shares his aesthetic.
er s
“We both have similar likes and Andrea and Michael Shaun Jackson, above. Their initial plans for a smaller
tastes in architecture and design home kept growing as Mr. jackson added more Tron-like elements.
m er
m rp
co Fo
n-
no
MANSION
CONSTRUCTION
COSTS
$4.7
MILLION
LOT, IN 2013
$3.8
MILLION
KYOKO FIERRO FOR THE WALL STREET JOURNAL (6)

INSIDE STORY
.
Now These Are Water Views!
ly
on
us ,
Retired architect Min Xia Wang built a 10,700-square-foot mansion in West Vancouver with stunning vistas of Howe Sound
l
e
al a
BY J.S. MARCUS large, open-plan lower floor with
L
an expanse of southwest-fac-
ci on
ong on inspiration and ing glass doors and windows, at a

short on maintenance are cost of $622,000. Incorporating
the calling cards of a Ca- two sitting areas, a dining area,
nadian mansion built for two kitchens and a wet bar, the
retired architect Min Xia Wang. open-plan level leads to a deck
er s
The 10,700-square-foot home, and the reflecting pond, providing

perched on a cliff overlooking the striking views of the sunsets over
m er
mouth of British Columbia’s Howe the bay.

Sound, has a Swiss-made facade The home’s two primary bed-
of fiber and cement that can hold rooms are upstairs, with three
its own in the area’s rainy climate. guest bedrooms spread over both
m rp
The design also features a wrap- levels. A separate two-bedroom

around reflecting pond and two wing has its own entrance and
art studios. can be used for guests, staff, or as
Ms. Wang, 52, who is also a source of rental income. The
known as Helen Wang, built her house has eight full bathrooms
co Fo
home on a two-thirds-acre lot in and a powder room.

West Vancouver, a mountain- Ms. Wang settled into the fin-
ous municipality connected by ished house in late 2019, four
bridge to the heart of the years after breaking ground
city. Now one of Canada’s wealthi- on the project, and has often had
est communities, West Vancou- the mansion to herself. “Before I
Floors of tile, buffed concrete and wood: $140,000
ver was once a vacation getaway moved in, I was scared that it was
for locals. too huge, but now I feel calm and
When Ms. Wang bought her lot very comfortable here,” she says. and a sense of privacy, says Lisa Ms. Wang put
in 2013 for 4 million Canadian Ms. Wang, who is from Hang- Bovell, a studio principal. Italian designer
dollars, or about $3.8 million zhou, China, and moved to Van- The reflecting pond just out- furniture in the
then, it came with a dilapidated couver in 2011, may have retired side “allows you to feel like you’re main sitting
n-
1950s cabin-style bungalow that from her own architectural prac- floating,” she adds. And the direct area, above.
she tore down. She then spent tice, but she is embarking on a views over the sound, which leads Left, the
$4.7 million to build her mansion, new career as an artist. She has down to the Strait of Georgia and reflecting pond
working with Vancouver’s McLeod equipped the house with a subter- the long coast of Vancouver Is- is also for
no
Bovell, a design studio specializ- ranean ceramics studio and a kiln. land, gives frequent glimpses of swimming.
ing in upscale residential proj- She can otherwise fire up her whales, seals and cruising eagles. Below, one of
ects. imagination in a separate painting The tea room is also where Ms. two kitchens.
Ms. Wang occasionally shares studio, a bamboo courtyard and a Wang plays the guqin, the tradi- The other one
the eight-bedroom home with her Zen-inspired tea room that proj- tional lyre-like Chinese instru- has five wok
Reflecting pool/hot tub: $217,800
24-year-old daughter, Xin Yue ects out over the reflecting pond. ment. The room opens to the stations.
Wang, who now resides in New In designing the tea room, pond, which the Wangs also use
York City, where she is training to which cost about $21,000, the as a swimming pool in warm
be an architect. The heart of the goal of McLeod Bovell was to give weather. Ms. Wang spent
angular, two-story structure is the the space a connection to nature $218,000 on the pond and an ad-
jacent sunken hot tub.
Greater Vancouver is located in
a coastal rainforest zone that, de-
spite mild temperatures, can
wreak havoc on housing stock.
Ms. Bovell and her design partner
Matthew McLeod addressed the
challenging conditions by using
the tinted fiber-cement cladding,
which cost nearly $260,000. The
price was significantly more than
the local softwoods typically used
to clad homes here, says Mr.
McLeod, but the Swiss import is
“much more durable, and largely
maintenance free.”
For a sunken outdoor seating
area and other external spots,
Swiss composite cladding: $295,600 The open, Western-style kitchen: $148,000
such as the garage doors, the de-
signers chose high-performance
Retired China- modified wood imported from the five wok stations and enhanced ble-height space near the en-
born architect Netherlands, which is suitable for ventilation. Ms. Wang spent trance, where she hung a custom
Min Xia Wang, lining canals. $148,000 on the Western kitchen, light fixture from Bocci, a high-
52, moved to Back inside the house, the de- which includes a breakfast bar end company based in Vancouver.
Vancouver in sign duo used feng shui principles and decorative oak paneling, and Made up of some 30 pendulous
2011. She built to plan the entryway, carefully po- $58,400 on the closed-off cooking light sources, the piece cost
her eight- sitioning the staircase out of view space, which has a stove imported $15,600. Poured board-form con-
bedroom home of the main door, which the Chi- from China. crete and rough-hewn concrete
on a cliff that nese system views as more har- When it came time to furnish panels decorate numerous areas
overlooks the monious. her mansion, Ms. Wang looked to in the house, both upstairs and
mouth of They created two separate Italy, creating the main sitting down.
British kitchens—a wide-open Western area out of a suite of furniture “Like most architects,” says the
Columbia’s kitchen with Gaggenau appliances from Minotti. younger Ms. Wang, of both herself
Howe Sound. that the Wangs use for baking, Ms. Wang searched closer to and her mother, “We just love
and a rear Chinese kitchen with home to decorate a dramatic dou- concrete.”
THE WALL STREET JOURNAL. NY Friday, May 6, 2022 | M6A
Special Advertising Feature
Beyond NYC
PHOTO COURTESY OF TERRY HOLLAND
Goodbye NYC, PHOTO COURTESY OF HOULIHAN LAWRENCE
Hello New Life!
.
ly
PHOTO BY DAVID GRUOL PHOTO BY CARMEN NATALE
A vista of the Catskills, plus 50 acres and lots of space for home offices, this Dutchess County dream home is for sale through Houlihan Lawrence (top). An elegant country lifestyle
on
not far from New York awaits the family who purchases this $3.9 million house in Mendham, New Jersey, listed by Turpin Realtors (bottom left). This estate in Far Hills, New Jersey,
has over 10 acres and a history that stretches back to the 19th century. It’s been restored to its previous grandeur and is for sale by Turpin Realtors (bottom right).
us ,
Crowded apartments and makeshift offices are sending Millennials into houses
l
e
al a
by Julie Bennett
ci on
T
John Turpin, president and broker of reno longer works for them. Patrick Kirwan
he real estate markets cord for Turpin Realtors in Far Hills, New and his wife, Andi Henke, had moved into a
Jersey, explains, “For much of the 20th two-bedroom apartment on the Upper East
outside NewYork may be century, there was a metaphorical con- Side and planned to stay there for three to
er s
veyor belt moving buyers from the east, five years. “But in September 2020, we had
in Manhattan, toward the west into New a baby and having a newborn in an apart-
still reeling from the high Jersey.” First, to a commuter suburb, then
m er
ment when you’re working from home is a

further west into rural areas with more land bit of an adventure,” Kirwan laughs.
prices and low inventories caused by and bigger homes. These moves generally Henke says they were “casually tour-
coincided with the buyers’ stages in life. ing through northern New Jersey when we
m rp
pandemic buying, but one thing has COVID-19 interrupted that cycle, with found Chatham and fell in love with the
buyers of all ages fleeing cities and head- town. Coincidentally, some of Pat’s college
returned to normal — the profile of ing straight for suburban and rural areas. friends had already moved there.” Still feel-
Usually we see approximately 29% of the ing casual, they asked a realtor from Turpin
buyers in Larchmont, New York, com-
co Fo
today’s buyer. to show them some houses. “We walked

ing from Manhattan, observes Debbie into a Cape Cod-style home,” Kirwan re-
Doern, the senior vice president of sales for lates, “and everything was a good fit, so we
Houlihan Lawrence. During the peak of the
impulsively made an offer that night.”
pandemic, that number jumped to 50%; it’s
They moved in late last winter. “We love
now beginning to revert to normal range.
the house,” Henke exclaims. “We bought it
TOO CLOSE FOR COMFORT when everything was frozen over, and had
And new buyers, again, tend to be cou- no clue about our beautifully landscaped
ples at the stage in life when a city apartment backyard until later.”
Continued on M6F
n-
The Wall Street Journal news organization was not involved in the creation of this content.
no
Your Own Private 3,500 Acre Outdoor Estate
Enjoy the most amenity rich, four-season private sporting destination and
lifestyle community in America. Located in Richmond, Rhode Island, The
Preserve is set among 3,500 protected acres where the journey from refined
luxury to pristine nature is a simple matter of opening your front door. Your
Preserve home encompasses every imaginable contemporary luxury within
multiple different environments. Some of the home-owner benefits are:
• Gated, secure community
• Fully furnished residences
• Sporting clays and the largest indoor range in the U.S.
• Nature trails, rock climbing, golf, equestrian, zipline, fishing & more
Now Available!
• Concierge medicine & the OH! Spa
Introductory Pricing • Three fine dining venues on property
Tiny Homes Starting at $1.1M • Landscaping and snow removal
to Luxury Homes at $5M • Only 130 miles from New York and 1½ hours from Boston
Call 401-539-4653 ext. 5 to Schedule Your Tour Today
All rights reserved. The Preserve Sporting Club & Residences reserves the right for price changes, errors and misprints. Restrictions apply.
87 Kingstown Road, Richmond, Rhode Island 02898 l PreserveSportingClub.com l 401.539.4653 l [email protected]

M6B | Friday, May 6, 2022 NY THE WALL STREET JOURNAL.

Beyond NYC
PHOTO BY RHONDA CYR, COURTESY OF WILLIAM PITT/JULIE B. FEE SOTHEBY’S

If you love culture, quaint towns and great restaurants, plus quiet views of lakes and mountains, a vacation home in the Berkshires may be perfect for your family.
Vacation Near Concerts

or Climbing Walls
.
ly
Finding a second home that fits your passions
on
by Julie Bennett
us ,
I s your idea of a vacation climbing rock walls, hiking trails, shooting clay pigeons, riding horses and cruising in
l
e
al a
a luxury Bentley SUV over boulders and logs, all in one day? Then a weekend getaway at The Preserve Sporting
Club and Residences in Richmond, Rhode Island, may be perfect for you.
ci on
Lucas Cowan, The Preserve’s real estate to-table restaurants and picturesque small
and membership sales executive, reports, towns. Because the area attracts so many
“Our members come from a wide demo- sophisticated people, local realtor Gladys
er s
graphic, from age 25 to their 80s, including Montgomery with William Pitt Sotheby’s
people from around the globe who have International Realty calls it “a cultural out-
m er
heard about our shooting facilities.” post of New York.”

Founder and chairman Paul Mihailides Montgomery lists 23 performing arts
pictured this more than 3,500-acre resort, companies in her Berkshire LifeStyle Guide,
m rp
with its indoor and outdoor shooting ranges, including Tanglewood, the summer home
plus upland and tower hunting, fly-fishing of the Boston Symphony Orchestra; Jacob’s
ponds, swimming pool and par-three golf Pillow Dance Festival; Shakespeare &
course, well before the pandemic, Cowan Company; and the Williamstown Theatre
says. “But when COVID-19 struck, we had Festival. The visual arts are represented in the
co Fo
only six residences finished. We now have 60 Massachusetts Museum of Contemporary

units completed and only a handful are still Art, the Norman Rockwell Museum and oth-
for sale.” er institutions. Excellent restaurants abound.
Residences include “Tiny Homes,” four- “We experienced a tsunami of families
story townhouses, large family homes and wanting to get out of Boston and New York
luxury suites in the Hilltop Lodge, with prices when the pandemic began,” she says. “The
ranging from $1 million to over $10 million. pace has slowed, but people are still look-
ing for second homes with three or four bed-
VISITORS WELCOME PHOTO COURTESY OF THE PRESERVE SPORTING CLUB AND RESIDENCES
rooms where they can vacation year round
Unlike other resort-style communities, all and entertain family and guests. Many mil-
The Preserve Sporting Club and Residences in Richmond, Rhode Island, contains
Preserve residences are sold only when they lennial buyers are seeking investment prop-
n-
the longest indoor private shooting range in the country, plus thousands of outdoor
are completed and fully furnished, Cowan acres for other activities. erties, because the Berkshires are great as
reports. When homeowners are not on site, short-term rentals.”
they may choose to place their units into the
HOME AWAY FROM HOME
no
resort’s rental pool, where they are rented

Another great thing, adds a woman who
out to visitors from around the world who
purchased a home there recently, “is that it’s
want to try out the resort’s activities. The
only a two-hour drive from our main home
Preserve Sporting Club currently offers Play
in Cambridge. We’ve always loved getting out
& Stay Packages that include meals and resort
here in the summer, but now that we have
activities for two and start at $1,475 a night.
two little girls, it’s not fun or practical to stay
To become a real estate owner at The
in a hotel. We worked with Gladys last sum-
Preserve’s Sporting Club & Residences, you
mer, could not find anything and had driven
must first apply for membership, Cowan
back home when she called us about this
says. Some guests choose to have a property
house. We drove back out the next day and
tour during their stay to find out more about
made an offer.”
membership and real estate. Often they
“Houses are still often selling for way
begin the application process before over the asking price, and prospective buy-
they check out. ers are getting more realistic,” says Cindy
“Our goal is to offer as many white-glove Welch, a project manager for LandVest in the
outdoor activities as possible,” Cowan re- PHOTO COURTESY OF THE PRESERVE SPORTING CLUB AND RESIDENCES
Berkshires. “Every buyer, it seems, starts out
marks. “Most recently, we built a 2.2-mile Who wants to sit on a beach when you can soar over fields and streams at The
wanting big acreage or property on a lake or
track in association with Bentley Motors to Preserve Sporting Club and Residences?
both. As they explore more of the Berkshires
demonstrate the capabilities of the luxurious they realize they could be overlooking prime
Bentley Bentayga. This was a members-only locations in less populated towns like New
event and is one of many that we will hold Marlborough or Monterey. Some are even
throughout the year. crossing the border into Columbia County in
The Preserve membership is also very New York.”
involved in the evolution of the property. Another couple, whose main home is on
Suggestions are always welcome on what Nantucket, had searched for several years
should be built and added next. “There is a before buying a unique house on lots of land
close-knit family atmosphere here at The from Welch this spring. “My husband is a real
Preserve,” Cowan says. “Our members are outdoorsman so we love the mountains, but
the core of our operations so their input is al- it’s also really important to have culture, art,
ways taken to heart.” music, restaurants and access to interesting
BETTER DAYS IN THE BERKSHIRES people doing interesting things,” the wife ex-
What could be
If you prefer a more artful vacation vibe, plains. “You can’t beat the Berkshires’ prox-
more lovely than
check out western Massachusetts. The dining on your own imity to Boston and New York. We love to
wisteria-covered entertain and want to be close to the Turnpike
Berkshire region features mountains, lakes
porch, near your so our friends and family in the New York
and other gorgeous scenery, plus several
pool and with sight City area can visit. I’m already picturing this
colleges, concert venues, Equity theater of the Berkshire as a climate change-resistant gathering place
companies, art museums and galleries, farm- Mountains? and retreat.”
PHOTO BY TERRY HOLLAND FOR LANDVEST
THE WALL STREET JOURNAL. NY Friday, May 6, 2022 | M6C
For your piece of paradise

beyond the city
14 Sullivan Road, Sandisfield, MA 91 Sergio Franchi Drive, Stonington, CT 106 Premium Point, Larchmont, NY
ATWATER POND 200-ACRE ESTATE OF WORLD-RENOWNED TENOR HAMPTONS ALTERNATIVE 30 MIN FROM NYC
$18,000,000 | 7 Beds | 5 Baths | 3,800 Sq.Ft. $12,600,000 I 7 Beds I 5.1 Baths I 6,300 Sq.Ft. $11,400,000 I 6 Beds I 7.2 Baths I 7,792 Sq.Ft.
Gladys Montgomery 413.822.0929 Tammy Tinnerello 860.867.6120 Mimi Magarelli 914.715.3511
.
ly
5-1 Pilgrim Landing Road, Old Lyme, CT
48 ACRE ESTATE KNOWN AS “QUARRY HOUSE”
on 11 Carriage Trail, Tarrytown, NY
STUNNING PANORAMIC HUDSON RIVER VIEWS
15 Pettipaug Avenue, Old Saybrook, CT
FENWICK CHARMER BUILT IN 1880
us ,
$8,200,000 I 6 Beds I 7.1 Baths I 5,158 Sq. Ft. $7,995,000 | 6 Beds | 7.2 Baths | 15,456 Sq. Ft. $5,700,000 | 11 Beds | 9.4 Baths | 5,571 Sq. Ft.
l
Colette Harron, Beth Cote 860.460.6901 Colette Harron 860.304.2391

e
HCH Team at Julia B. Fee Sotheby’s Int’l Realty 914.295.3535
al a
ci on
er s
m er
m rp
1981 Broadway/Route 9W, West Park, NY 36 Dans Highway, New Canaan, CT 1 Canfield Crossing, Norwalk, CT
NORMAN JAFFE’S “HAMPTONS ON HUDSON” DAZZLING 5.32 ACRE ESTATE ON PRIVATE LANE DIRECT WATERFRONT WITH STUNNING VIEWS
co Fo
$5,500,000 | 6 Beds | 7.2 Baths | 8,226 Sq. Ft. $3,975,000 | 6 Beds | 7.2 Baths | 6,642 Sq. Ft. $3,500,000 I 5 Beds I 6.2 Baths I 6,243 Sq. Ft.
Jessica Chan 347.537.9623 Inger Stringfellow 203.321.9361 Holly Giordano 917.450.0623
n-
no
431 Valley Road, New Canaan, CT 123 Chestnut Street, Williamstown, MA 283 Main Street, Ridgefield, CT
BAUHAUS-INSPIRED MIDCENTURY HOME BORDERING 8,000 PROTECTED ACRES LUXURY MEETS MODERN ON MAIN
$3,400,000 | 5 Beds | 4 Baths | 3,886 Sq. Ft. $3,200,000 | 4 Beds | 4.2 Baths | 7,289 Sq. Ft. $2,800,000 | 4 Beds | 4.2 Baths | 5,800 Sq. Ft.
Inger Stringfellow 203.321.9361 Jeff Loholdt 413.652.7423 Mary Phelps 203.546.0315
222 Ide Road, Williamstown, MA 161 Ogden Lord Road, Marlborough, CT 477 Seaside Avenue, Westbrook, CT
NEAR WILLIAMS COLLEGE AMAZING CUSTOM STEEL MODERN HOME ELEVATED RANCH WITH WATER VIEWS
$2,250,000 | 7 Beds | 7.1 Baths | 7,215 Sq. Ft. $1,495,000 | 4 Beds | 3 Baths | 7,171 Sq. Ft. $1,250,000 | 3 Bed | 2.1 Baths | 1,852 Sq. Ft.
Jeff Loholdt 413.652.7423 Kevin Geysen 860.805.0000 Kevin Geysen 860.805.0000
williampitt.com SCAN TO VIEW

Each Office is Independently Owned and Operated.
OUR PROPERTIES
M6D | Friday, May 6, 2022 NY THE WALL STREET JOURNAL.

Beyond NYC
PHOTO BY VHT FOR WILLIAM PITT JULIA B SOTHEBY’S

If you want to arrange your clothes in a closet this size, you may have to make a move the minute
the surrounding house hits the market.
How to Increase Your

Odds in the Current
REAL ESTATE
MARATHON
.
ly
on
PHOTO BY HALSEY FULTON FOR LANDVEST PHOTO BY HALSEY FULTON FOR LANDVEST
us ,
An estate surrounded by New England views and land is at the top of many wish lists, but you The first one to the end of this pier may have paid cash for the house it belongs to.
l
have to play by new rules to win one.

e
al a
“Sellers have a tremendous amount of leverage ily from Arizona to Connecticut in 2019. Cyd Hamer, a
Tips from top right now,” says Terry Boyle, a LandVest project man- broker with William Pitt Sotheby’s International Realty,
ci on
ager who handles high-end waterfront properties in found them a rental in Wilton. Two years later, she sold
brokers to help Rhode Island. “And every good broker has a list of six, them a house “that’s a perfect fit,” the buyer says.
eight, maybe even 10 qualified buyers.” Find a local realtor. If you don’t know a market,
you snag a home How can you become the prospective buyer who find a realtor who does. “You need a broker who keeps
er s
wins the bidding war, the first buyer a broker calls their eyes and ears out for you,” Welch says. “I often
by Julie Bennett when a house hits the market? We asked a number meet prospective buyers when they like one of my list-
m er
of top brokers in the states and counties around New ings and contact me. It is all about establishing a solid
T he pandemic may be waning,

but nothing is tamping down
York City for their advice.
Decide what you want and where you want it. “If
working relationship between buyer and broker.”
“The value in working with a local real estate agent
m rp
you’re particular — and, say, want an oceanfront is their extensive knowledge, including knowing what
today’s hot real estate market. So property with a dock in Jamestown — be particular,” properties have sold and whether a house is priced
Boyle says. “Let your broker know so you don’t waste too high,” says Debbie Doern, senior vice president of
many NewYork City families want time looking at something else.” sales for Houlihan Lawrence.
And if you don’t know what you want, spend time “Real estate is a collaborative business,” Boyle re-
co Fo
to move to the suburbs or more rural driving through target communities and research veals. “I reach out to other brokers all the time to let
towns and available homes online. “An out-of-state them know I have a well-qualified buyer looking for
areas that every house that comes buyer I worked with had no idea where he wanted to something specific. LandVest has offices all over New
be,” says Cindy Welch, a LandVest project manager in England, and if a buyer cares more about the house
on the market, from a four-bedroom the Berkshires. “One day, he’d ask me to send a listing than the location, I’m able to refer them to someone
in Connecticut, the next he wanted to see a house in in Maine, for example.”
Colonial in Rye to a 50-acre farm in Chatham, New York.” Be decisive. “If you’re not the first to make a bid,
Dutchess County, receives multiple If you are still unsure, forget about buying now and you can be too late in a matter of minutes,” Boyle says.
rent something first. “It’s scary to put an offer on a “It’s essential to have as few hurdles as possible, but
offers, usually above the asking price. house If you don’t have time to scope out neighbor- sometimes time zones and logistics are a challenge.
hoods first,” says one transplant, who moved his fam- A few mornings ago, I got a notice at 2 a.m. that a $3
n-
million property in Little Compton just came on the

market. By the time my buyers got up, it was sold.”
Be willing to compromise. “During the pandem-
no
ic, buyers wanted move-in condition,” says Gladys

Close, yet worlds apart Montgomery, a William Pitt Sotheby’s broker in the
Berkshires. “They didn’t want to have contractors
in their homes or do the work themselves. Now that
things have calmed down, some successful buyers
are purchasing houses that have 85% of what they
want.” If there’s no pool, for example, put one in your-
self next year.
Decide what you can spend and have it available.
Bernardsville, NJ | $4,900,000 | 7 Beds | 8.3 Baths | 15± Acres | Views Bernardsville, NJ | $12,000,000 | 8 Beds | 12.2 Baths | 13± Acres
Ashley Christus, Sales Associate | Cell: 908-625-4116 Gerry-Jo Cranmer, Broker Associate | Cell: 908-400-2346
It is wise for buyers to have a stock portfolio or other
investments or assets you can sell or borrow against
to cover the cost of the house at closing.
“Sellers do not want contingencies,” Doern dis-
closes. “When 20 people are bidding on a house, sell-
ers will often choose the offer with the least risk, even
if it’s not the highest bid.”
Know the lingo. “Right now, with low inventory cou-
Tewksbury Twp., NJ | $1,875,000 | 5 Beds | 5.3 Baths | 3.83± Acres Chester Twp., NJ | $7,950,000 | 6 Beds | 8.2 Baths | 9.47± Acres
Elizabeth “Lisa” Winter, Sales Associate | Cell: 908-894-8578 Molly C. Tonero, Sales Associate | Cell: 908-256-6724 pled with outsized demand, it’s a game of musical chairs
and there are not enough chairs,” Hamer says. “You can
be successful at securing a home for your family, but
you need to be prepared to play by new rules.”
• Escalation clauses. Instead of offering one price,
buyers can submit multiple bids to stay competitive.
“You offer, say, $500,000, then $10,000 more than the
Tewksbury Twp., NJ | $2,595,000 | 7 Beds | 6.1 Baths | 33.16± Acres Tewksbury Twp., NJ | $1,950,000 | 4 Beds | 3.2 Baths | 24± Acres | Views highest bidder until you win the bid or reach your fi-
Mary Licata, Sales Associate | Cell: 908-442-3434 Ashley Christus, Sales Associate | Cell: 908-625-4116 nal cap, which might be $550,000,” Doern explains.
• Off-market sales. Ellen Stern, with Julia B. Fee
Sotheby’s in Westchester County, says some promi-
nent sellers today, “don’t like the public nature of their
homes being on a multiple listing service, with its de-
tails available on dozens of websites.” Instead, they list
with a single broker who can show it to their clients
Peapack-Gladstone, NJ | $1,995,000 | 4 Beds | 4.3 Baths | 33± Acres | Views Tewksbury Twp., NJ | $2,149,000 | 6 Beds | 7.1 Baths | 3.07± Acres and the clients of local colleagues. If you have demon-
Ashley Christus, Sales Associate | Cell: 908-625-4116 Gerry-Jo Cranmer, Broker Associate | Cell: 908-400-2346
strated that you are an agreeable, decisive buyer with
a specific set of desires for a new home and cash at
the ready, you will be among the first to be notified of
877-788-7746 TurpinRealtors.com such opportunities.
Equal Housing Opportunity

THE WALL STREET JOURNAL. NY Friday, May 6, 2022 | M6E
No.
1 Brokerage
North of NYC
NEW C ANA AN, C T · $9,800,000 G REENWICH, C T · $7,600,000

Uncompromising brick and oak timbered French/ Timeless five-bedroom Colonial boasts a
Normandy-inspired masterpiece on four acres. sundrenched interior with chic and classic details.
WEB# WS1721410 | M 203.856.6265 WEB# WS2998922 | M 203.526.6007
G REENWICH, C T · PRICE UPON REQU EST

Perfectly situated on a stunning peninsula. 732’ of
water frontage on Long Island Sound. 1.6 acres within
the guarded Belle Haven Association. 6 bedrooms, 7.2
A MENIA , NY · $7,495,000 baths, 12,972 square feet. Two beaches, heated pool, G REENWICH, C T · $6,495,000
A private hilltop estate with 173-acres of dock, boathouse. Extensive outdoor living spaces. 2016 custom six bedroom seven bath Hamptons -
countryside views of pastures and forests. WEB# WS3003242 | M 203.536.4997 style Colonial on 4.3 park-like acres. Stunning.
WEB# WS2998092 | M 917.680.8933 WEB# WS3006152 | M 203.536.4997
B RONX VILLE , NY · $5,995,000 RYE , NY · $5,950,000 ARMONK, NY · $5,789,000 WOODSTOCK , NY · $4,950,000 G REENWICH, C T · $4,850,000
State-of-the-art upgrades and meticulously A stunning blend of architectural detail and Magnificent 12,827 square foot home on 2.42 acres This six bedroom country estate is set high on Elegant five-bedroom Colonial graces a gorgeous
sourced bespoke finishes elevate this Tudor. modern flair with 6 bedrooms and 5.1 baths. with a pool, putting green and theater. Hutchin Hill on nearly 72 acres of complete privacy. 1.38 acre on private lane near town.
WEB# WS2903302 | M 914.715.6052 WEB# WS3000052 | M 914.391.2655 WEB# WS2903632 | M 415.272.8788 WEB# WS3001332 | M 917.755.2640 WEB# WS3006032 | M 203.526.6007
.
ly
SC AR SDALE, NY · $ 4,750,000
Fabulous, renovated Fox Meadow Colonial with
G REENWICH, C T · $4,595,000
on
A sublime pallet of chic, modern elegance on quiet
CLINTON CORNER S, NY · $ 4,500,000
Modern, elegant and private best describe this
RIVER SIDE , C T · $3,995,000
Exquisitely renovated 1910 Colonial with charming
M A M ARONECK , NY · $3,499,999
Steps down to your private yard and Long Island
large entertaining spaces and oversized pool. street a few blocks from Greenwich Ave. newly built home on 49.5 rolling acres. architectural details set on a manicured .93-acre. Sound for views of the NYC Skyline.
us ,
WEB# WS2897112 | M 914.629.1940 WEB# WS3000342 | M M 203.400.4431 WEB# WS3002802 | M 917.680.8933 WEB# WS3006042 | M 203.561.9373 WEB# WS3000132 | M 914.671.1111
l
e
al a
ci on
SC AR SDALE, NY · $3,200,000 HARRISON, NY · $3,100,000 L ARCHMONT , NY · $2,999,999 GARRISON, NY · $2,999,000 POUND RIDG E , NY · $2,995,000
er s
20 Kensington Road sits on one of the most A home for all seasons in Sterling Ridge with Exceptional light-filled Tudor, tucked back on a Mid-Century design set on a lovely bucolic parcel, Prime location. New, five bedroom house on six
beautiful streets and best locations in town. stunning property (1.1 acres). beautifully landscaped .74 acre. overlooking Constitution Marsh & the Hudson River. acres, construction by Pound Ridge’s top builder.
m er
m rp
KINDERHOOK , NY · $2,950,000 SC AR SDALE, NY · $2,875,000 B RONX VILLE , NY · $2,850,000 NEW C ANA AN, C T · $2,850,000 B RONX VILLE , NY · $2,795,000
With a colorful and historical provenance now Estate living on 2.8 acres with heated pool, this grand Surrounding parkland, this sunny Colonial is Updated spacious Colonial with show-stopping “Hillside Cottage” offers dramatic vaulted ceiling,
co Fo
ready for today’s style of modern living. Colonial is renovated with all modern amenities. appointed with wonderful Old World details. pool, outdoor kitchen and ideal location. super sized cooks kitchen with nine foot island.
POUND RIDG E , NY · $2,650,000 PELHA M , NY · $2,575,000 L ARCHMONT, NY · $2,495,000 B EDFORD HILL S, NY · $2,495,000 TARRY TOWN, NY · $1,999,990
Immaculate five plus bedroom Colonial in Rare opportunity to enjoy the benefits of new New construction. 4,620 square foot home being Beautiful Manor house and spectacular guest Home sits majestically above the Hudson River
move-in condition with pool and spa. construction in prestigious Pelham Manor. built in Larchmont on a Dead-end Street. cottage in sought after Bedford estate area. and boasts breathtaking panoramic views.
n-
no
RED HOOK, NY · $1,810,000 RYE , NY · $1,799,000 PURCHA SE , NY · $1,7 75,000 ARMONK, NY · $1,729,000 B RONX VILLE , NY · $1,675,000
Modern residence with high ceilings, oversized Walk to town, train and school from this Geothermal energy efficient home located on a Privately set back from the road, quality-built Cotswold jewel with wood burning fireplace,
window walls and plentiful acres of land. renovated to perfection four-bedroom Colonial. level acre. The perfect weekend retreat. home in the Byram Hills school district. French doors to large patio and fenced in yard
OSSINING , NY · $1,500,000 K ATONAH, NY · $1,500,000 PELHA M , NY · $1,485,000 HOPEWELL JUNCTION, NY · $1,450,000 COLD SPRING , NY · $1,400,000
Welcome to Moose Crossing, a custom Teatown Lake Beautiful custom built five-bedroom Colonial, set Get Ready for Summer. Terrific Spacious Colonial Beautiful East Fishkill Homestead set on 16.33 Contemporary home set in nature and adjacent to
estate featured on the Garden Conservancy tour. on over three acres with in ground pool. in the Manor is situated on a half acre. rolling acres. land preserves. Pool and sport court.
WEB# WS3004812 | M 914.671.7730 \WEB# WS3005452 | M 914.261.6967 WEB# WS3001422 | M 914.548.8350 WEB# WS2897222 | M 845.797.5300 WEB# WS2994902 | M 914.548.1843
BR ANFORD C T $1,300,000 MOUNT KISCO • $1,199,000 OSSINING , NY · $985,000 NE W ROCHELLE , NY · $879,000 BREWSTER , NY · $725,000
Fully remodeled four-bedroom open concept Move right in to this freshly painted, light-filled Roaring 20’s Colonial built for entertaining on A sprawling, custom built 1974 home in the Charming English Tudor nestled on a lush corner
design, completely furnished home. Colonial in a double cul-de-sac location. beautiful property. Gunite pool and spa. sought-after Wykagyl section of New Rochelle. lot awaits its new owner.
WEB# WS2999522 | M 203.676.8193 WEB# WS3006732 | M 914.263.6123 WEB# WS3004612 | M 914.656.2017 WEB# WS2896642 | M 914.548.1628 WEB# WS3003002 | M 973 464 6434
Spring... A Time For

New Beginnings
B ROWSE OU R COLLEC TION OF
HOPEWELL JUNCTION, NY · $725,000 BREWSTER, NY · $724,000 STORMVILLE, NY · $649,000
P R E M I E R P R O P E R T I E S N O R T H O F N YC
Original owners have lovingly cared for this Beautiful front porch colonial with picturesque Meticulously maintained southern Dutchess
thoughtfully designed, extra special home. four season views in a park like setting. Colonial set privately on over two acres.
WEB# WS3006052 | M 845.598.4944 WEB# WS2996192 | M 914.441.3512 WEB# WS3005812 | M 845.518.2731
Simply activate the camera on your phone or tablet, and hold it over the QR code.
HOULIHANL AWRENCE @HOU LIHAN RE @HOU LIHAN L AWRENCE Source: OKMLS, MHMLS, SmartMLS, GMLS, 1/1/2021-12/31/2021, Westchester, Putnam, Dutchess Counties NY, Greater Greenwich, Darien, New Canaan, total dollar volume sold/rented combined.
H O U L I H A N L A W R E N C E . T H E P O W E R O F L E A D E R S H I P.
M6F | Friday, May 6, 2022 NY THE WALL STREET JOURNAL.
PHOTO BY VHT FOR WILLIAM PITT JULIA B SOTHEBY’S

This waterfront estate in Westport, Connecticut, has it all — a pool, adjacent golf course, gym, home theater, and eight bedrooms, plus an elevator to move you easily from one floor to the other.
Continued from M6A
“It also has a nice finished basement that was not magical,” she continues. “After navigating subways TURNING TIDES?
on our list of must-haves,” Kirwan adds. “Now that with a stroller, I can drive my car to the grocery The pandemic had another impact on Dutchess
we are having a second child, it’s become one of our store and put everything in the trunk. And it’s easy County, just north of New York City in the Hudson
favorite parts of the house.” Since then, even more of to make friends. We’ve met so many families with River Valley. Katherine Jennings, the manager of
Patrick’s buddies have moved to Chatham, too. toddlers and new babies like us. And now we have Houlihan Lawrence’s office in Millbrook, reports
a basement that’s the size of our beloved city apart- that local towns became hot spots for short-term
ABSOLUTELY NECESSARY ment, a home office and a huge backyard where our
Ellen Stern, a broker with Julia B. Fee Sotheby’s rentals. According to news reports, the total amount
son can run and play.” spent with Airbnb and VRBO there doubled in 2021,
in New York’s Westchester County, says commuter
suburbs like Rye, Scarsdale and Larchmont were GOING EAST compared to 2020.
always popular with young couples, but many had In nearby Fairfield County, Connecticut, Cyd Another change: Lower income workers can no
been priced out of the market. “We are seeing a lot of Hamer with William Pitt Sotheby’s International longer find rental housing, she says. “And with new
Millennials again, many of whom have never owned Realty notes that older couples staying put, instead people in the area who can afford to go out to eat,
a house before. Some couples have significant sav- of downsizing out of larger homes, have slowed the seasonal restaurants and other businesses stay open
ings and are skipping starter homes for more sub- normal influx of Millennials into well-known local all year, creating a huge demand on local labor.
.
stantial properties,” she says. towns like Westport and Greenwich. “I am introduc- Wages went up astronomically and some small busi-
ly
“The pandemic accelerated our timeline,” says ing young families to neighboring communities like nesses had to close,” Jennings says.
Ashley McManus. “My husband Ryan and I were liv- Weston and Wilton,” she says. “If parents don’t have She believes the pandemic cycle is slowing down.
ing in the East Village with an 8-month-old son, and to commute into New York every day, towns farther People who had put off downsizing, because they
the walls were caving in on us. We’d created a make-
shift office for Ryan in our bedroom, by propping
up our coffee table between boxes. I was taking all
on from our train stations are doable.”
When one man and his family moved east from
Arizona, “We weren’t brave enough to buy a house
had nowhere else to go or because their adult chil-
dren had moved home during the pandemic, may be
ready to sell. “I believe a lot of inventory will come
my video calls in our bathroom, sitting on the edge sight unseen, so Cyd found us a house to rent for a on the market this summer,” she says.
us ,
of the tub. The sink, with a pillow over it, was my year. We were patient, and in December she took us Turpin, too, is optimistic. “As robust as our mar-
l
ket is, we have noticed a slight easing in the urgency

e
computer desk.” to a house in Wilton with floor-to-ceiling windows in
al a
A mutual friend introduced them to Stern, who the family room on a cul-de-sac where our children around new listings lately, especially in towns fur-
showed them seven houses in Rye on the first day re- can ride their bikes and scooters.” ther west of the city. This is just the kind of breather
ci on
altors could take prospective buyers on actual tours. “We never could have bought a house in a to- the market needs to remain healthy and move to-
“Since the market was changing so fast, we were tally different climate without her help,” he says. “In ward balance again.”
looking at forever homes, and by the end of the day Arizona, all anyone is concerned about is the air
we put in an offer on one,” McManus says. conditioning. Here, there are things like septic sys- Julie Bennett is a freelance writer specializing in
franchising, small business and lifestyle issues.
er s
“Rye has so aligned with our lives it’s almost tems and furnaces to consider.”
m er
m rp
co Fo
n-
no
Privacy on Point
Deer Isle, Maine | Stonescape
North Haven, Maine | Amesbury Point | 3.09± Acres | 3,272 sq. ft. | deep water dock | $3,775,000 | Terry Sortwell • 207-236-3543 • [email protected]
South Dartmouth, MA | $2.95M | 475 Potomska Road | 6.35± Acres New Marlborough, MA | $1.495M | Cassilis Farm Estate | 20± Acres Rockport, ME | $2.795M | Rockport Harbor Views | 9,500 sq. ft.
Betsy Lawrence • 508-317-8669 • [email protected] Cindy Welch • 413-329-3999 • [email protected] Joseph Sortwell • 207-706-6294 • [email protected]
Lexington, MA | $8M | 85 & 87 Hancock Street | 3.3± Acres Southwest Harbor, ME | $2.9M | The View | 1.1± Acres Great Cranberry, Maine | $1,450,000 | Fish Point | 0.9± Acres
Abby Gurall White • 617-851-0195 • [email protected] Scott McFarland • 207-266-4538 • [email protected] Story Litchfield • 207-276-3840 • [email protected]
HQ: Ten Post Office Square, Boston, MA | Phone: 617-723-1800 Sound Advice, Exceptional Results | www.landvest.com
THE WALL STREET JOURNAL. NY Friday, May 6, 2022 | M7
MANSION
RITA VARRIALE My heel got caught in

Associate broker, the mesh and I fell into
Daniel Gale Sotheby’s this pool of dirty water.
International Realty, The minister jumped
Glen Head/Old in to get me out. Thank
Brookville, N.Y. God he was a good Sa-
maritan, I don’t know if
I was showing a home in someone else would
Old Brookville, an estate have jumped in after me.
that had been empty for We were hysterical,
a while. My clients were a laughing afterward. He
minister and his wife, said he wished he had a
lovely people. I had shown camera.
them several homes. They The couple didn’t buy
called me and wanted to that house, they bought
see this property, but I one that was for-sale-by-
didn’t have time to pre- owner. But the minister
view it. So I just went out said, “Rita, we owe you
and showed it to them. big-time. When we sell
We had done the inside this house, we’ll defi-
of the house and were nitely give you the list-
taking a walk around the ing.”
grounds. The landscaping And they did. I sold it
was overgrown. There for around $3 million.
was a pool that had a —Edited from interviews
LENI KAUFFMAN (2)
mesh cover,
but you
couldn’t see it.
It was the fall
and the pool
was com-
IN THE TRENCHES | AMY GAMERMAN pletely covered
Home Showings That

with leaves. I
walked right
over it, wear-
ing a long skirt
Went Not So Swimmingly

and heels.
The cover
wasn’t really
secured well.
.
Q
ly
Has anyone ever fallen in was tired—he’d had a long
day at work—but they were
He was standing with his
back to the pool, maybe
this guy doesn’t panic, I
hope he can swim. The teen-
tried to explain without
making her husband look
a pool during a showing? loving it so far. The kids re- planning what he was going age daughter couldn’t stop like a fool. I totally blamed
SABINA DINESCU
Luxury real-estate agent,
Douglas Elliman Real Estate,
dogs. They were muscular
dogs, big and husky. One
was white, the other was
on ally liked it, especially when I
told them it was an ideal
house to have their friends
over and have parties.
to do with the house, who
knows. The sun was coming
down. It was dusky and re-
ally beautiful, with birds fly-
laughing, she was hysterical.
I’m like, “Are you OK? I’m so
sorry!”
He said, “Oh yes, I’m fine.”
the dog. Then I ran and got
him three or four towels,
and he dried off as best he
could. We eventually had to
us ,
Coral Gables, Fla. black. They would bark and We walked onto the back- ing through. I made a joke, I think he was embarrassed. finish the showing. He had
l
follow people around. Some yard and I’m highlighting the like, “I promise, I didn’t hire He got out of the pool drip- to take his shoes off and
e
The listing was in Palmetto people find that annoying. parts I thought were the those birds!” ping wet, just sopping wet. leave them outside. He
al a
Bay, a huge house in the The buyer came after best. There was a really cool Then one of the dogs, the He was in his work clothes, squeezed the water out of
Mediterranean style on the work with his wife and their treehouse that came down big black one, comes walking not a full-blown suit but his socks and went through
ci on
water, with lots of trees. two kids, a 10-year-old boy to a trampoline, so the kids over onto the pool deck. I slacks, dress shirt, nice belt. I the house barefoot.
There was a pool in the back and a teenage daughter. were looking at that, and the guess his nose touched the could tell his shoes were nice. They did make an offer,
with a covered patio and a They looked at the foyer, wife became preoccupied guy’s leg. He got super star- The wife eventually but it wasn’t the one the
pool deck. It’s a really beauti- then went straight to the with the amount of storage tled, took a step back and comes back and doesn’t un- seller went with. To this day,
ful home, one of my favor- kitchen, which has French under the patio stairs. The fell into the pool. derstand what happened be- I haven’t told the owner that
er s
ites to show, with the excep- doors that open onto the pa- husband seemed almost A million things were go- cause she was looking at the a buyer fell in the pool on
tion of the owner’s two tio. You could tell the guy mesmerized by the water. ing through my mind: I hope storage under the stairs. I her property.
m er
m rp
co Fo
n-
no
Privacy on Point
Deer Isle, Maine | Stonescape
North Haven, Maine | Amesbury Point | 3.09± Acres | 3,272 sq. ft. | deep water dock | $3,775,000 | Terry Sortwell • 207-236-3543 • [email protected]
South Dartmouth, MA | $2.95M | 475 Potomska Road | 6.35± Acres New Marlborough, MA | $1.495M | Cassilis Farm Estate | 20± Acres Rockport, ME | $2.795M | Rockport Harbor Views | 9,500 sq. ft.
Betsy Lawrence • 508-317-8669 • [email protected] Cindy Welch • 413-329-3999 • [email protected] Joseph Sortwell • 207-706-6294 • [email protected]
Lexington, MA | $8M | 85 & 87 Hancock Street | 3.3± Acres Southwest Harbor, ME | $2.9M | The View | 1.1± Acres Great Cranberry, Maine | $1,450,000 | Fish Point | 0.9± Acres
Abby Gurall White • 617-851-0195 • [email protected] Scott McFarland • 207-266-4538 • [email protected] Story Litchfield • 207-276-3840 • [email protected]
HQ: Ten Post Office Square, Boston, MA | Phone: 617-723-1800 Sound Advice, Exceptional Results | www.landvest.com
MANSION
Estimated value today: $3.75 million
Below the
Sign
Continued from page M1
deeds also restricted cove-
nants by race, allowing only
Caucasians.
The neighborhood is Linda Doe and her husband, real estate agent Crosby Doe, above, bought this 4,869-square-
somewhat more diverse now, foot castle-like Mediterranean in 1982. The house, which was built in 1927 and has no air
both in its population and its conditioning, is an ongoing project.
architecture, but it still has
an insular, removed feel. danger as a concern, since Sign every year, spending
Once home to A-list stars in- Hollywoodland is encircled approximately $4 billion
cluding Humphrey Bogart, by the roughly 4,000-acre while in L.A., according to
Madonna and the writer Al- Griffith Park. They argue Tourism Economics. Adam
dous Huxley, residents now that tourists drop lighted Burke, president and CEO
tend more toward behind- cigarettes despite “No Smok- of Los Angeles Tourism &
the-scenes creatives, like ing” signs posted by the city Convention Board says the
classical musicians and and the traffic means emer- Hollywood sign is key to
screenwriters, real-estate gency vehicles won’t be able the city’s economy. “It’s in-
agents and homeowners say. to get through the congested credibly important in at-
“It used to be overlooked streets. Some have suggested tracting visitors from
compared with the rest of erecting gates at the neigh- around the world,” he says.
.
Hollywood Hills. You had to borhood’s base or even mov- The core Hollywoodland
ly
know L.A. well enough to ing the sign. neighborhood begins
come and explore this
area,” says Greg Holcomb, a
real-estate agent with on “We, and the ani-
mals who live here,
have our lives at
23% Increase in
far north of Holly-
wood Boulevard, just
past stone gates
Douglas Elliman, whose stake,” says Linda median sales erected for the origi-
listing for a 2,083-square- Doe, who with her price since nal development, in
foot house got eight offers husband, real-estate 2020, to the portion of Beach-
us ,
in a week, all over its agent Crosby Doe, $1.9 million wood Canyon that
$2.295 million asking price. bought a 4,869- stretches from West-
l
e
Recent home sales statis- square-foot castle- shire Drive up to the
51
al a
tics reflect that a turnover like Mediterranean in part of Mulholland

is occurring. Activity has 1982 that was built Highway that’s di-
ci on
picked up sharply since The house designed by Dino Williams, whose family built the Hollywoodland village. Mr. in 1927. Homes sold rectly below the sign.
2020, when the number of Williams’s daughter Alexa Williams still lives in the house. Ms. Doe says she in 2021, 9% Referred to as “above
homes sold jumped 60% and doesn’t want to build of the whole the gates” to demark
the median sales price in- walls on her property neighborhood it from the flatter,
creased 23%, to $1.9 million, because she wants to less affluent area
20
er s

according to data compiled keep the wildlife cor- with more multifam-
by Realtor.com. In 2021, 51 ridors open. She ily housing below, it
m er
homes sold in Hollywood- tried putting up “No Homes sold has about 110 vacant
land (compared with 20 in Trespassing” signs in 2019 lots and 580 homes,
2019)—about 9% of all the and chains, spending many storybook-
houses in the neighborhood. about $2,000. But one morn- style, with whimsical exteri-
m rp
“It was a private, secret ing she woke up and they ors and even drawbridges.
enclave, which is now not were gone, the chains cut, The original map from the
as secret and private as it she says. Hollywoodland development
used to be,” says Patricia Opponents of the re- planned for 1175 lots, but
Carroll of Hollywoodland strictions say some res- some of those lots were un-
co Fo
Realty Co. So far this year, CA

Hollywood Sign
idents just want to buildable, some roads were
nine homes have sold with Sunset
keep other people never developed and some of
a median price of $2.15 mil- Lake
Hollywood
Ranch
Hollywood
out of their the land was deeded to Grif-
Griffith Park
lion, she says. Park
neighborhood. fith Park.
As the neighborhood ap- Hollywoodland
“We don’t want At its base is the “vil-
proaches its 100th anniver- Hollywood
Stairs
to understate lage”—a stone courtyard
Griffith
sary in 2023, some residents Observatory the seriousness with old-fashioned lamp
Beachwood
are fighting to keep it cohe- ask directions to the sign. ing the famous, so-called Hollywood
Cafe of the safety posts and a building with
sive. One ongoing battle is Though the city has im- Brad Pitt of mountain lions, Reservoir
and environmen- five merchants, including the
the sheer number of tourists posed nonresident parking P-22, who was photo- tal impacts. But Beachwood Café and a gro-
who traverse it daily, stop- restrictions and put in a graphed in front of the Hol- LOS ANGELES we want equitable cery, which is still owned by
ping to take selfies along gate in one section, some lywood sign) is still threat- access for the public, the same Greek immigrant
n-
the way and knocking on say that’s not enough. They ened by the influx of cars. whether they live there family who built it. “We’re
doors to use bathrooms and argue the wildlife (includ- Residents also cite fire or not,” says Gerry Hans, hanging on. We’re good,”
president of the nonprofit says one of the scions, Greg-
organization Friends of ory Paul Williams.
no
Griffith Park, which is sup- Mr. Williams’s sister, Al-

porting alternative means exa Williams, 65, who lives
of traverse to the Park, in- in the midcentury modern
cluding shuttle buses or her father designed, is less
new access trails. sanguine about the current
Some 10 million tourists environment. She longs for
(not including L.A.resi- the time when there wasn’t
dents) visit the Hollywood the constant buzz of tourism
Sound Thinking
Audio storytelling on news you
care about, at home or on the go.
Browse our Podcasts:

WSJ.COM/LISTEN
ADAM AMENGUAL FOR THE WALL STREET JOURNAL (9); JASON LEE (MAP)
Price paid in 1982: $210,000

© 2022 Dow Jones & Company, Inc. All rights reserved. 4D8702
Sold in 2022: $ 2.2 million
Fran and Bill Reichenbach’s 1927 Spanish-style house got 11

offers and sold for $400,000 over asking.
THE WALL STREET JOURNAL. NY Friday, May 6, 2022 | M9
MANSION
1923
Hollywoodland
opened
$4
$55,000 BILLION
Approximate amount the
Cost of the priciest
lots ($924,000 in 10 million tourists who
today’s dollars) visit the Hollywood sign
annually spend while
in L.A.
580
homes in the core
Hollywoodland
neighborhood
helicopters and sirens of res- band, Tim O’Brien, moved to “I think there would be “That was important to the bach is entitled to her opin- there’s a comprehensive plan
cue vehicles saving people Hollywoodland in 1980, buy- pitchforks if someone tried seller,’ she says. ion, but that “with 17-foot- to address the traffic, says
who get hurt trying to climb ing her three-bedroom, that,” he says. The seller, Fran Reichen- wide streets and almost no Leo Braudy, professor of
up to the sign. “It was fabu- 2,478-square-foot home for Naomi Rosestone, an bach, 70, whose husband, Bill sidewalks, it would be insane English and Art History at
lous then compared with $280,000, because it re- agent with Rodeo Realty, Reichenbach, bought the to compromise safety.” the University of Southern
how it sucks now,” says Ms. minded her of growing up in says she is sensitive to the house in 1982 for $210,000, “You knew the Holly- California, who wrote “The
Williams. rural Wisconsin. concern about disruption. says she will miss her neigh- wood sign was there when Hollywood Sign: Fantasy and
The Hollywood Home- The demand for property Her mission when recently bors—but her definition of you bought your house,” Reality of an American
owners Association is trying presents a dilemma for selling a three-bedroom, community often clashed says Ms. Reichenbach, who Icon.”
hard to retain a sense of some. Jon Ernst, 54, a mu- 2,271-square-foot 1927 with the HHA. While she moved to Fletcher, N.C., People will keep trekking
community. It’s hosting de- sician, bought a three-bed- Spanish-style house for agreed with the need for buying a house for what, up there because the sign, he
cades-old traditional events, room, 1,380-square-foot $400,00 over its $2.2 mil- more traffic support, bath- she says, was a third of the says, represents a quest for
such as marionette puppet Spanish-style house built in lion listing price, getting 11 rooms and security, she price they got when they self-enhancement, and the
shows and concerts with 1925 for $460,000 in 2000 offers in a few days on the didn’t like the sense of enti- sold their Hollywoodland fact that it’s on a steep hill
neighborhood musicians. A which he now rents, having market, was to sell it to tlement she heard in some of home. above a storybook-like
neighborhood cookbook has bought a bigger, 3,500- someone she believed the residents who wanted to The conflict between the neighborhood just reinforces
recipes from “citizens of square-foot, three-bedroom would “carry on the tradi- restrict access. Ms. O’Brien residents and the tourists that. “It’s the perfect image
Hollywoodland.” (One entry: a few doors away for $1.2 tions” of the community. responds that Ms. Reichen- will likely continue until of aspiration,” he says.
FROM TOP LEFT: UNDERWOOD ARCHIVES/GETTY IMAGES; ADAM AMENGUAL FOR THE WALL STREET JOURNAL (4)
the “Silver Dawn” includes 1 million in 2004.

cup gin; 1 cup small ice, with Mr. Ernst believes he
instructions to combine in a could get over a $1 million
Price paid 1980: $280,000
metal container.) (Zillow estimates it’s worth
“A lot of us have thought at least $1.56 million) if he
about moving, but where sold his rental, but it might
.
would we move to? We love go to a developer, who
ly
this community,” says Chris- could build multiple
tine Mills O’Brien, president houses—something he says
of the HHA. She and her hus- the neighbors would fight.
on
us ,
l
e
al a
ci on
Christine Mills O’Brien at

er s
her 2,478-square-foot,
three-bedroom home.
m er
m rp
Brooklyn’s Top-Selling Building

Three Years in a Row!
co Fo
2 BEDROOMS FROM $2,000,000

3 BEDROOMS FROM $2, 300,000
4 BEDROOMS FROM $ 3, 4 50,000
n-
no
“ Early detection gave us time to

adapt together, as a family.”
If you’re noticing
changes, it could Immediate
be Alzheimer’s. Occupancy
Now Available!
Talk about visiting

Global design,
a doctor together. rooted in Brooklyn.
Architecture by Studio Gang. 1 1 H OY T B R O O K LY N .C O M
ALZ.org/TimeToTalk Interiors by Michaelis Boyd.

Landscape by Hollander Design.
Sales Gallery
11 Hoyt Street, Brooklyn, NY
TWO DISTINCTIVE INTERIOR FINISH PALETTES [email protected]
TO CHOOSE FROM AND OVER 55,000 SQUARE FEET +1 (347) 657-3096
OF INDOOR AND OUTDOOR AMENITIES.
THE COMPLETE OFFERING TERMS ARE IN AN OFFERING P LAN AVAILABLE FRO M SPONSOR. FILE NO. CD18-0132 .
MANSION
HOUSE CALL | TITUS WELLIVER One day, my dad asked what I
thought about most. I said acting.
He said that’s what I had to do. So
Three Tragedies I packed a duffle bag and camped

out on friends’ sofas in New York
for a few weeks. I found a con-
That Led Him

struction job and took classes at
the HB Studio.
Then I attended the undergrad-
uate drama program at NYU. My
To Art and Acting first paying job as an actor came

when I was 19, in “The White
Snake” at the Eye and Ear Theater
Company. In 1989, I moved out to
L.A. My first film role was in
“Navy SEALs.” I had a walk-on
The ‘Bosch: Legacy’ star on his famous father scene where I played a redneck in
and illustrator mother who nudged him to perform a bar.
Today, my fiancée, Samantha
Edge, and I divide our time be-
B
oth of my parents were was warm and nurturing. The tween our homes in Topanga, Ca-
artists. My father, Neil, homes where I spent the most lif., and our Connecticut farm-
was a well-known land- time growing up were in Philadel- house.
scape painter and my phia and, in my teens, our house I’m very happy. We’ve formed
mother, Norma, was a sought-af- near Bangor, Maine. Edgewell Street Productions and
ter fashion illustrator. I was In Philadelphia, my mother, are developing films and TV proj-
named after Rembrandt’s son and Norma, lived in a lovely three- ects. It’s wonderful to work with a
had to deal with every horrible story row house on St. Mark’s person you love and share ideas.
derivation at school. Square. I was close with my mom. Toward the end of my dad’s life
As a child, I spent much of my She worked for Ship’n Shore, a in 2005, I asked him what he
spare time in my parents’ art stu- women’s clothing company, and thought of my latest series of
dios, especially landscapes. He looked and said,
if I wanted to “They’re beautiful.” I said, “Re-
talk to them. ally?” He said, “Don’t be an ass.
I never Do you think I’d tell you they were
knew my par- good if they weren’t?” That was
ents as mar- all I needed from him.
ried. They —As told to Marc Myers
CLOCKWISE FROM TOP: CHLOE AFTEL FOR THE WALL STREET JOURNAL (2); TITUS WELLIVER (FAMILY PHOTO)
split up before Titus Welliver, above, at home in Topanga, Calif., with some of his
I was born but landscape paintings, and, left, at age 8 near his family home in Maine. Titus Welliver, 60, is an actor
lived near each whose films include “The Town,”
other in New family photographs. We all was it, I was hooked. “Gone Baby Gone,” “Argo” and
York and then crammed into a nearby guest- I attended Bennington College, “Transformers: Age of Extinction.”
.
in Philadel- house. My stepsister was born where I majored in partying. At He is best known for his starring
ly
phia. When we soon after but died three months the end of the year, my grades role in Prime Video’s “Bosch”
were little, my later in 1976 from sudden infant were so bad the school urged me and in the new spinoff, “Bosch:
older brother, death syndrome. to take the next semester off. Legacy,” on Amazon Freevee.
Silas, and I al-
ternated weeks
with our father and mother.
Being in their studios allowed
on
drew the latest styles for New
York department-store ads. At
That fall I went off to Oak
Grove-Coburn, a boarding school
in Vassalboro, Maine. In October, I
received a call that Polly wasn’t
TITUS AT HOME
us ,
me to watch the evolution of their night, she’d put us to bed and go well. She died four days later pentine or oil paint,
art from start to finish, and the on working until 1 a.m. from a staph infection.
l
I’m immediately
e
tireless work required to be an For elementary school, I had Those three losses were devas- Moved by Dad’s transported back to
al a
artist. attended Philadelphia’s St. Peter’s tating. What kept me from grow- praise? Yes, but also his studio.
When I was born, my dad School. But in rural Maine, I went ing dark was Oak Grove-Coburn, a motivated and encour-
ci on
taught at Yale. Then when I was to a public school where the text- progressive place with wonderful, aged. Presence? I feel my
4, he was wooed by the University books were outdated by 15 years. nurturing teachers. dad whenever I step
of Pennsylvania to chair its gradu- It was two different worlds. When I was 14, my mom moved Still painting?  Yes, I back to look at what
ate school of fine arts. We moved When I was 13 and living in to Boston, so I had a summer with have stand-alone stu- I’ve completed.
to West Philadelphia. Maine, my father’s studio burned her. She signed me up for classes dios at both houses.
er s
My father remarried, and I down along with all his paintings, at the city’s Actors Workshop. I Lesson? As with art, there are no
loved my stepmother, Polly. She some works by famous artists and went to the first class and that Dad reminder? When I smell tur- shortcuts with acting.
m er
ADVERTISEMENT
m rp
co Fo
WHITETAIL CLUB - MCCALL, IDAHO

The Highlands at Whitetail Club. Stunning mountain-modern,
5-bedroom, 3-car garage luxury home in the wilds of Western Idaho with
majestic views of the awe-inspiring landscape. The lakefront clubhouse,t he
single-track mountain bike trail system, Nordic ski trails, indoor tennis &
fitness center,& championship golf course are all outside your doorstep.
Starting at just over $2,000,000
Whitetail Club Realty, LLC.

phone: 877.634.1725
n-
SAN ANTONIO CENTRAL VALLEY, COSTA RICA 55+ LIVING IN 3 GREAT FLORIDA LOCATIONS DANA POINT, CALIFORNIA
no
This magnificent compound located in a million-dollar area has two The Florida lifestyle of your dreams can be yours at Valencia, where Perfectly located in Dana Point’s Lantern District, this mid-century modern
separate homes: 668 SqM and 558 SqM. Located in the hills above Escazu, gorgeous new homes, world-class amenities, and an exciting lifestyle await! home embodies stylish coastal living. The property boasts original oak
Costa Rica Central Valley, a mecca for Ex Pats. Each home has stunning Enjoy a magnificent clubhouse, resort-style pool, pickleball, and so much flooring, an abundance of natural light, and a breathtaking view capturing
vistas, new kitchens, walk-in closets, 4 oversized bedrooms and baths. more. Single-family homes include luxury standard features. 3 amazing the ocean, coastline, and city lights. Don’t miss the opportunity to own this
Property is almost a Hectare with a professional Tennis court. Impeccably locations – Boynton Beach, Naples, and Port St. Lucie. Experience the best wonderful property, located just steps to restaurants, shops, the Historic Dana
maintained. Minutes from shopping, banks, restaurants and private schools. today! Call or visit for more. Point Harbor, and countless beautiful beaches. DRE NO. 01223768
$2.4M over 3 years From the $400s to over $1 million ValenciaLiving.com $2,795,000 JOHNSTANALAND.COM
Villa Real Estate
Leopold DeBeer GL Homes John Stanaland
phone: 323.747.5190 or 011 506 8916 0001 email: [email protected] phone: 800.495.6406 phone: 949.689.9047 [email protected]
WHITETAIL CLUB - MCCALL, IDAHO WHITETAIL CLUB - MCCALL, IDAHO

The Highlands at Whitetail Club. Stunning mountain-modern, The Highlands at Whitetail Club. Stunning mountain-modern,
5-bedroom, 3-car garage luxury home in the wilds of Western Idaho with 5-bedroom, 3-car garage luxury home in the wilds of Western Idaho with
majestic views of the awe-inspiring landscape. The lakefront clubhouse,th e majestic views of the awe-inspiring landscape. The lakefront clubhouse,t he
single-track mountain bike trail system, Nordic ski trails, indoor tennis & single-track mountain bike trail system, Nordic ski trails, indoor tennis &
fitness center,& championship golf course are all outside your doorstep. fitness center,& championship golf course are all outside your doorstep.
Starting at just over $2,000,000 Starting at just over $2,000,000
Whitetail Club Realty, LLC. Whitetail Club Realty, LLC.

phone: 877.634.1725 phone: 877.634.1725
ROSEBURG, OREGON AQUIDNECK CLUB - PORTSMOUTH, RI NORTHERN BLACK HILLS, WYOMING

Vacant Land For Sale: Located in Southern Oregon’s Umpqua River Valley. Stunning 9,300 sf architect-designed coastal retreat delivers a lifestyle Gorgeous Custom home on private 3.2 mile stretch of blue-ribbon
647.30 acres consisting of a 58.68 acre parcel with R-6 zoning, a 5.01 acre that caters to entertaining and comfort with flawless finishes and attention to trout stream. Enjoy the sound of a bubbling creek & sights of deer & turkey
parcel with R-7.5 and MR14 zoning, a 4.44 acre parcel with MR14 zoning, detail. The grand foyer boasts marble floors and a sweeping staircase with from your deck and 360° views. 2100+ sf living space, incl. 2 master
a 22.17 acre parcel with R-6 & RS zoning and a 560.01 acre parcel with FF intricate iron railing. Chef’s kitchen, two living rooms each flanked by dining bedrooms, 2½ bathrooms, + study. Also includes 2,550+ sf of heated shops/
zoning. All properties are contiguous. areas, two first-floor, en-suite bedrooms, principal suite with marble bath, plus garages. Access to 400+ acres with only 25 homes; private for 95 years!
3 additional bedrooms. Lower level features a theatre room and home gym.
$2,295,000 Rogue-Property.com $4,750,000 GustaveWhite.com $1,450,000 https://img.gg/fWNmQv6
RE/MAX Integrity Western Properties

Jody Tatone Gustave White Sotheby’s International Realty Jeb Hughes
phone: 541.430.5430 phone: 401.849.3000 phone: 605.645.9090
To Advertise email [email protected] or visit classifieds.wsj.com

ADVERTISEMENT
Distinctive Properties
To advertise: email [email protected] or WSJ.com/classifieds
VIRGINIA
PROJECTED
OPENING
2024
defy expectations.
.
ly
DISCOVER LUXURY OF A DIFFERENT KIND
on
Introducing The Mather in Tysons, Virginia—
us ,
a forward-thinking destination for those 62 and better.

l
e
al a
Forget what you thought you knew about senior living.

Inquire today.
ci on
(703) 348.8522 | themathertysons.com D e l i g ht • R e ve l • A s pi re

er s
4/22 PB WSJ
m er
FITNESS CENTER • EXERCISE STUDIO • INDOOR POOL • SPA • RESTAURANTS • EVENT LAWN • WALKING PATHS • CONCIERGE • ROOFTOP CLUBROOM • DOG PARK
m rp
AUCTION FLORIDA
co Fo
The Bristol #2003, West Palm Beach

real estate
DISTINCTIVE auctions
PROPERTIES
2 Parcels Sell
SELECT RESIDENTIAL LISTINGS
n-
Separately in May!
FRIDAYS IN MANSION 60 Walker Lane, Queensbury, NY

• 2.10+/- Ac. Vacant Land.
• 3.62+/- Ac. 1,837+/- sf 3BR 2BA
Stunning 3BR/5.1BA plus office Intracoastal front condo in the highly
sought-after Bristol building. This pristine South facing unit boasts lots
no
built in 1960 on 3.62+/- ac.

of natural light and over 7,000 total sq. ft. | Exclusive Offering
Bid Online Only May 16 - 18 at Christian Angle Real Estate | 561-629-3015
auctionnetwork.com
www.AngleRealEstate.com | [email protected]
LIST YOUR PROPERTY TODAY

CALIFORNIA CALIFORNIA
Prefer Not to Wait for the Auction?
(800) 366-3975 | [email protected] Submit a Pre-Auction Offer!
918.509.4908
For more information visit: wsj.com/classifieds williamsauction.com/NY
NY PHILIP R. HEILIGER RE LIC 10311207661. WILLIAMS
& WILLIAMS MRKTG SRVCS, INC. RE LIC BERKELEY • CA
109911428. 5% BUYER’S PREMIUM.
BERKELEY • CA 84 VICENTE ROAD

203 HILLCREST ROAD
MASSACHUSETTS
⊲ OPEN SUN 2-4:30PM ⊳

Real Estate Beautiful Mediterranean with extensive
⊲ OPEN SUN 2-4:30PM ⊳ updating while preserving original charm
AUCTIONS This large and lovely Claremont traditional
has been beautifully updated and opens to
& special details throughout. Master retreat
with Bay views, sitting room and separate
expansive gardens. The location provides office/nursery. Adjacent lot also available!
CANTON, MA easy access to shops, schools and the SF
express bus line. Truly a home for a lifetime!
3BR • 2+BA • $2,150,000
5++BR • 3.5BA • $3,495,000 Bebe McRae
Bebe McRae Alexis Thompson
510.928.3912
Alexis Thompson CALDRE#00875159/#01849227
510.928.3912
CALDRE#00875159/#01849227
FLORIDA
ORGANIC RANCH
ON 82 ACRES
2338 Washington St., Units 2-5
4 RESIDENTIAL CONDOS Lifestyle Property
3 to be Sold Absolute SAN DIEGO CALIFORNIA
Great for Corporate Compound!
Sat., May 14 at 12pm Palomar Mountain Views
Property Tour: Sat, May 7 (12pm-2pm) Citrus & Avocados / Very Private
8 Wells / Pond / 2 Reservoirs SARASOTA, FL - $1,350,000
3 Seasonal Streams / 1 of a Kind!
Close to Pauma Valley CC & Airport. Newly renovated, 2-story home, 4 BR, 5.5 BA.
Great Income Potential! Large, 2-car garage. Move-in ready.
Furnished. Heated saltwater pool/spa.
3,811 AC SF. Call owner 941-539-1206.
Info, Full Terms, Broker Reg & More at:
$3.5Million USD
JJManning.com Please Text https://luxuryhospitalityconsult.
com/2022/04/16/5478-golf-pointe-dr-
© 2022 Dow Jones & Company, Inc. All Rights Reserved. 800.521.0111 MA Co Lic# 3184 760-481-4575 sarasota-fl-34243-mls-a4530394/
PRIVATE PROPERTIES
Jenna Bush Hager Lists New York Condo

Jenna Bush Hager, the “Today” Hagers were selling, but a person
Purchase price in 2015: $4.58 million
show host and daughter of former familiar with the situation said
President George W. Bush, is list- the couple is relocating to Con-
ing her New York City apartment necticut’s Fairfield County. They
for $5.375 million. also own a home on the North
The Tribeca condo, in a bou- Shore of Long Island.
tique building with interiors de- Ms. Goldworm and Ms.
signed by architect Annabelle Scott said they expect
Selldorf’s firm, spans about 2,500 significant demand for
JOEL PITRA/DDREPS FOR SOTHEBY’S INTERNATIONAL REALTY; ASSOCIATED PRESS (BUSH HAGER)
square feet with four bedrooms, the property given the

according to listing brokerage So- prolonged uptick in
theby’s International Realty. The the Manhattan mar-
apartment is accessed via a pri- ket this year.
vate elevator vestibule and has a “In general, we’re
large open-plan living and dining seeing record levels
room with a wall of windows. The of volume in terms of
primary bedroom suite has a sep- transactions,” Ms. Gold-
arate dressing area and a large worm said.
custom closet space, Sotheby’s Ms. Bush Hager, 40, is co-
said. host of “Today with Hoda &
Ms. Bush Hager and Jenna” on NBC’s flagship morning
her husband, Henry show alongside Hoda Kotb. Her
FOR SALE
Hager, purchased the husband, 43, is a managing direc-
apartment for about
$4.58 million in 2015, $5.375 tor at Waterous Energy Fund, a
private-equity firm specializing in
records show. They MILLION oil and gas investments. The two
have customized it to 2,500 sq. ft., have three young children.
their own tastes: the 4 bedrooms dor leading to the Listing photos show more of living room adds a burst of color. —Katherine Clarke
living room has a wall bedrooms. (The se- the couple’s quirky style. A dou- The listing agents,
of bookcases with a cret doorway isn’t ble-height bunk bed with a canopy Amanda Cannon Goldworm and  See more photos of notable
sliding library ladder, as well as a the only way to access the bed- reaches all the way to the ceiling, Megan Duryea Scott of Sotheby’s, homes at WSJ.com/RealEstate.
hidden door that opens to a corri- rooms, the listing agents said.) while an animal print sofa in the declined to comment on why the Email: [email protected]
ADVERTISEMENT
Distinctive Properties
To advertise: email [email protected] or WSJ.com/classifieds
.
VIRGINIA
ly
on
us ,
l
e
al a
NEAR CHARLOTTESVILLE, VIRGINIA
ENGAGE
ci on
er s
m er
10.3MM
m rp
GREENFIELDS FARM AFFFLUENT REEADERS WIITH

763-acre equestrian estate with impressive c. 1904 manor home. This
ANEET WOORTH OFF $11MM+
co Fo
country estate offers ample equestrian, farming, and/or recreation

opportunities with the ideal mix of woodland, pastureland and
cropland along with streams, and ponds. Equestrian facilities include:
48-stall horse barn, indoor riding arena, fenced paddocks, and other
dependencies. 25 miles from UVA. MLS#623792 $6,295,000
n-
no
ROUND HILL
Magnificent panoramic views of the Blue Ridge Mountains and scenic
Rivanna Reservoir frontage is offered from this spectacular 120-
acre Albemarle County estate featuring a 5 bedroom manor home,
over 10,000 square feet with wonderful indoor and outdoor spaces.
Excellent location and within close proximity to the city limits and
the Charlottesville-Albemarle airport! MLS#625402 $5,450,000
Steve McLean| 434.981.1863| [email protected] YOUR PROPERTY HAS A HOME IN MANSION.

503 Faulconer Drive | Charlottesville | VA 22903
office: 434.295.1131 | fax: 434.293.7377
web: www.mcleanfaulconer.com
For more information on advertising opportunities,
please contact: [email protected]
CALIFORNIA NEW YORK

NOTABLE
COMMERCIAL
OAKLAND • CA PROPERTIES
47 SCHOONER HILL EVERY WEDNESDAY
LIST YOUR
PROPERTY TODAY
⊲ OPEN SUN 2-4:30PM ⊳ 5 Beds, 6 Baths on 1/2 Acre.

Stunning Bay views from this Hiller Highlands Stucco/cement walls, Slate Roof.
town house! 3BR/3BA plus excellent loft (800) 366-3975
French Tudor.
space/Zoom room & two-car garage with For Sale By Owner. [email protected]
For more information visit:
interior access. Automatically available $2,000,000 wsj.com/classifieds
membership to the Highlands Country Club! Call Vito 516-423-1547
3BR • 3BA • $1,495,000
Bebe McRae Source: Ipsos Affluent Survey USA Spring 2022 Adults 18 or older, HHI $125,000+.
Alexis Thompson © 2022 Dow Jones & Company, Inc. All Rights Reserved.
510.928.3912
CALDRE#00875159/#01849227 © 2022 Dow Jones & Company, Inc.
All Rights Reserved.
NORTH TEXAS’ # 1 LUXURY BROKERAGE
Nothing compares.
CEO Robbie Briggs on ‘some of the most benevolent people in North Texas’
BRIGGSFREEMAN.COM
N
FROM MY o one gives back like this bunch. they receive. We have been able to make Day Home Tour: Mark your calendars: This
PERSPECTIVE I’m proud to work alongside cash donations to area food banks and one is Saturday, May 7, and Sunday, May 8.
some of the most benevolent other helping organizations. This year, we Because we have agents who are the most
people in North Texas: our will be giving to Tarrant Area Food Bank famous experts on this special area of Dallas,
agents and staff. On their own, they give to and OurCalling, a local outreach group we love being a part of this equally famous
charities, volunteer in their communities that helps with everything from addiction home tour, which benefits the district. This
and serve on boards of all kinds. recovery to mentoring. year, come see six historic homes and one
Together, they do even more. On UP All Night: This is a very fun annual great garden; the details are at sahd.org.
behalf of our brokerage, they work all year overnight campout (tents and all) for kids This is just a sampling of the support
on everything from clothing drives to food and parents, which benefits University Park and sponsorships that our agents and our
drives to the Salvation Army Angel Tree Elementary School. brokerage are able to give to area charities
gift drive. In recognition — and awe — of Our Fort Worth contemporary art and folks who deserve some love. That’s
this immense spirit, I want to rattle off just show and sale: For this inaugural agent- why we call our unique program Love
some of the people and charities who have organized event, we partnered with Fort Your Neighbors. Come read about it at
recently benefited from our agents’ time and Worth gallery Artspace111 to promote works briggsfreeman.com/love.
ROBBIE BRIGGS In fact, I’d love for you to be a part of it.
hard-earned money. of several contemporary Texas artists, all in a
CEO Love Your Neighbors: This is our modernist space: our own Fort Worth office.
Briggs Freeman Sotheby’s WHAT THE CEO SAYS
own year-round program for giving back, A portion of the proceeds benefited Saving
International Realty
funded by agents who voluntarily donate Hope Animal Rescue. Don’t miss Robbie Briggs’ weekly thoughts,
[email protected] a percentage of every sales commission Swiss Avenue Historic District Mother’s always on briggsfreeman.com/blog
NORTH DALLAS / DALLAS TEXAS CARUTH HILLS / DALLAS TEXAS / HPISD SOPRIS MOUNTAIN RANCH / BASALT COLORADO / 35+ ACRES
$ $
11743 El Hara Circle / 1,625,000 7642 Bryn Mawr Drive / 3,450,000 4935 W. Sopris Creek Road / $4,845,000
.
ly
on
us ,
l
VICKI FOSTER / 214-642-8966 / [email protected] FAISAL HALUM / 214-240-2575 / [email protected] TED BORCHELT / 970-309-3626 / [email protected]
e
al a
ci on
FOREST HILLS / DALLAS TEXAS

8214 San Fernando Way / $2,400,000
© 2022 Sotheby’s International Realty.All Rights Reserved. Sotheby’s International Realty® is a registered trademark and used with permission. Each Sotheby’s International Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc.The Sotheby’s International Realty network fully supports
the principles of the Fair Housing Act and the Equal Opportunity Act. All images are a combination of photography and artist renderings.The artist representations and interior decorations, finishes, appliances and furnishings are provided for illustrative purposes only. Prices and features are subject to change.
CONTRACT PENDING
er s
m er
m rp
This is big. JL FORKE / 214-695-8255 / [email protected]

JENNIFER SHINDLER / 214-215-5181 / [email protected]
co Fo
OAK LAWN / DALLAS TEXAS

Big ranches. Big results. The #1 team at Briggs Freeman 4435 Bowser Avenue / $700,000
Sotheby’s International Realty knows buyers, opportunities
and properties — from high-style getaways to hardworking
spreads. If you have thought about selling or buying land,
the TT Ranch Group is your team — and this is your time.
n-
no
KATHERINE ROBERTS / 214-457-7878 / [email protected]
ARLINGTON HEIGHTS / FORT WORTH TEXAS
214-396-9692 3709 Collinwood Avenue / $429,000

[email protected]
ttranchgroup.com
#1 ACROSS ALL TEAMS INDIVIDUALS AND DIVISIONS
TYLER THOMAS: 2022 TOP INDIVIDUAL COMPANYWIDE

TYLER THOMAS: 2022 TOP INDIVIDUAL RANCH AND LAND
$200+ MILLION IN SALES IN 2021
LARGEST RANCH AND LAND DEAL IN 2021
DAVID CHICOTSKY / 817-888-8088 / [email protected]
GOLD CREST CONDOMINIUMS / TURTLE CREEK / DALLAS TEXAS PRESTONWOOD / DALLAS TEXAS THE ACRES AT DESERT CREEK / BLUE RIDGE, TEXAS / COLLIN COUNTY
3601 Turtle Creek Boulevard #804 6710 La Manga Drive / $1,495,000 Lots from $150,000
Off-market sale
SOLD
LINDA BAKER / 214-704-0769 / [email protected]

ANN HENRY / 214-546-6712 / [email protected] POGIR / 214-244-3103 / [email protected] MICHAEL REYNOLDS / 972-878-4057 / [email protected]
214-350-0400 VIDEO TOURS ON BRIGGSFREEMAN.COM/TOUR FIND US ON SOCIAL MEDIA @BRIGGSFREEMAN AND #BRIGGSFREEMAN
Nothing compares.
PARADISE ISLAND, THE BAHAMAS CAVE CREEK, ARIZONA PARADISE VALLEY, ARIZONA LOS ANGELES, CALIFORNIA PEBBLE BEACH, CALIFORNIA
The Reef 2-918 & 920 7030 E. Lone Mountain Rd North 6215 North Casa Blanca Drive 178NCarmelina.com 3249 17 Mile Drive
$1,000,000 | SIRbahamas.com/id/47737 $4,900,000 | SothebysRealty.com/id/XNNEDZ $10,800,000 | SothebysRealty.com/id/PVQRVW $8,800,000 $12,000,000 | SothebysRealty.com/id/DMEWPN
Bahamas Sotheby's International Realty Russ Lyon Sotheby’s International Realty Russ Lyon Sotheby's International Realty Beverly Hills Brokerage Carmel Brokerage
NICK DAMIANOS FRANK AAZAMI JAN KABBANI CATHERINE ROSS NIC CANNING
[email protected] + .. [email protected] + .. [email protected] + .
. [email protected] + ..

[email protected] + ..
PIEDMONT, CALIFORNIA RANCHO SANTA FE, CALIFORNIA RANCHO SANTA FE, CALIFORNIA SAN FRANCISCO, CALIFORNIA SANTA CRUZ, CALIFORNIA
PiedmontsFinest.com 6590 Calle Reina 8052 Camino De Arriba 1925Gough-41.com OceanCliffRanch.com

$17,900,000 $14,750,000 | SothebysRealty.com/id/GB6WWW $5,250,000 | SothebyRealty.com/id/8HQ3R4 $4,950,000 $30,000,000
Golden Gate Sotheby's International Realty Pacific Sotheby's International Realty Pacific Sotheby's International Realty Golden Gate Sotheby's International Realty Golden Gate Sotheby's International Realty
MICHAEL DREYFUS ERIC IANTORNO ERIC IANTORNO PAUL WARRIN MICHAEL DREYFUS
[email protected] + .. [email protected] + .. [email protected] + .. [email protected] + . .
.
ly
TIBURON, CALIFORNIA GREENWICH, CONNECTICUT LYME, CONNECTICUT LYME, CONNECTICUT MADISON, CONNECTICUT
on
us ,
l
e
al a
BluffPointTiburon.com 15BayberryLane.com 22-2SeldenRoad.com 76JoshuatownRoad.com 17RockledgeDrive.com

ci on
$15,900,000 $7,995,000 $4,995,000 $4,250,000 $2,195,000

Golden Gate Sotheby's International Realty Greenwich Brokerage William Pitt Sotheby's International Realty William Pitt Sotheby's International Realty William Pitt Sotheby's International Realty
L. SARKISSIAN | M. SARKISSIAN | B. BULLOCK MARYANN GRABEL | STEVE ARCHINO JAMIE CHILDS JAMIE CHILDS MARGARET MUIR
[email protected] + .. [email protected] + .. [email protected] + . . [email protected] + . . [email protected] + ..

er s
MADISON, CONNECTICUT SANTA ROSA BEACH, FLORIDA SAVANNAH, GEORGIA GEORGETOWN, KENTUCKY RICHMOND, KENTUCKY
m er
m rp
co Fo
36LibertyStreetMadisonCT.com DuneAllenRetreat.com 1SGrant.com 4190 Paris Pike 1492 Champion Way

$1,995,000 $11,499,000 $2,925,000 $2,950,000 | SothebysRealty.com/id/CZ4Q7Q $2,900,000 | SothebysRealty.com/id/4FCEK4
William Pitt Sotheby's International Realty Scenic Sotheby's International Realty Daniel Ravenel Sotheby's International Realty Bluegrass Sotheby's International Realty Bluegrass Sotheby's International Realty
MARGARET MUIR RICHARD JABBOUR | GAYLE ADAMS ANNIE ROCKWELL THE LANE TEAM THE LANE TEAM
[email protected] +
.. [email protected] +
.
. [email protected] +
.
.
BOSTON, MASSACHUSETTS ST. LOUIS, MISSOURI NEW YORK, NEW YORK NEW YORK, NEW YORK NEW YORK, NEW YORK
n-
no
13 Thomas Park 611 East Polo Drive 27-29West69thSt.com 151East58PH55W.com 930ParkAve2N.com

$1,700,000 | SothebysRealty.com/id/EGZGNV $2,250,000 | SothebysRealty.com/id/YFELZB $23,900,000 $18,500,000 $9,750,000
Gibson Sotheby's International Realty Dielmann Sotheby's International Realty Downtown Manhattan Brokerage East Side Manhattan Brokerage East Side Manhattan Brokerage
MICHAEL L. CARUCCI THE WARNER HALL GROUP | ANN GOLD MICHAEL SIEGER SERENA BOARDMAN SHEILA ELLIS | PATRICIA A. WHEATLEY
[email protected] + .
. [email protected] + .. [email protected] +
..
[email protected] + . . [email protected] +

.
.
NEW YORK, NEW YORK NEW YORK, NEW YORK NEW YORK, NEW YORK NEW YORK, NEW YORK JAMESTOWN, RHODE ISLAND
415GreenwichStTHA.com 160West86st2A.com 12West72street14A.com 3East69th78A.com 597 Beavertail Road

$6,995,000 $6,250,000 $3,999,000 $2,950,000 $8,200,000 | SothebysRealty.com/id/FKDJK8
Downtown Manhattan Brokerage East Side Manhattan Brokerage East Side Manhattan Brokerage East Side Manhattan Brokerage Mott & Chace Sotheby's International Realty
HEATHER DELEONARDIS | ROBERT DELEONARDIS ESTHER BIER | MICHELE LLEWELYN NIKKI FIELD/JEANNE H. BUCKNAM JULIETTE R. JANSSENS/ALLISON B. KOFFMAN ERIN MARSH | JUDY CHACE
[email protected] +
..

[email protected] +
..
[email protected] + . . [email protected] +
.. [email protected] + ..
BLUFFTON, SOUTH CAROLINA AUSTIN, TEXAS AUSTIN, TEXAS ALEXANDRIA, VIRGINIA MCLEAN, VIRGINIA
16HamptonLn.com TheFourSeasons2902.com 1115W11th.com Robinson Landing 1130 Waverly Way

$5,400,000 $7,250,000 Price Upon Request $3,095,000 | SothebysRealty.com $29,900,000 | SothebysRealty.com/id/NGS8ZY
Daniel Ravenel Sotheby's International Realty Kuper Sotheby's International Realty Kuper Sotheby's International Realty TTR Sotheby's International Realty TTR Sotheby’s International Realty
TURNER & RUDD GROUP KUMARA WILCOXON KUMARA WILCOXON HEATHER COREY MARK LOWHAM
[email protected] + .. [email protected] + .. [email protected] + .

. [email protected] + .
.
© 2022 Sotheby’s International Realty. All Rights Reserved. The Sotheby’s International Realty trademark is licensed and used with permission. Each Sotheby’s International
Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc. The Sotheby’s International Realty network fully supports the
principles of the Fair Housing Act and the Equal Opportunity Act. All offerings are subject to errors, omissions, changes including price or withdrawal without notice.
SOTHEBYSREALTY.COM

For Mariupol Civilians, Days Passed Like A Blur': Stocks Dive in Dizzying About-Face

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

For Mariupol Civilians, Days Passed Like A Blur': Stocks Dive in Dizzying About-Face

Uploaded by

Copyright:

Available Formats

For personal, non-commercial use only. Do not edit, alter or reproduce.

he stock market took

For Mariupol Civilians,

 Bausch + Lomb priced  Bitcoin and other

its IPO at $18 a share, fall-

past two days daily performance

to its decision to exit Russia,

the prospect of the Supreme

half the amount Mr. Musk ing it undervalued Twitter.

A2 | Friday, May 6, 2022 THE WALL STREET JOURNAL.

WASHINGTON—Top U.S. New applications for un-

be finalized by the end of the benefits have remained near

Insurance Corp., also signed off “redlining”—banks’ historical

Mortgage Rates Reach 13-Year High

the federal-funds rate to a tar- –4 Jordan Kahn, chief investment

THE WALL STREET JOURNAL. * * * * Friday, May 6, 2022 | A3

SARAH PHIPPS/THE OKLAHOMAN/ASSOCIATED PRESS

Carbon Dioxide Hit Record in April

vaccine, compared with more

A4 | Friday, May 6, 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.

Court Aims to Keep

Oyez, Oyez,” will seek to de- tentially expanding the pool of

Parties Weigh Abortion Impact

Musk Adds said an investor with knowl-

$1 billion, the person said.

Twitter Bid particularly for the venture-

THE WALL STREET JOURNAL. * * * * * * Friday, May 6, 2022 | A5

Suspected Colombian Drug Lord Arraigned

KENA BETANCUR/AGENCE FRANCE-PRESSE/GETTY IMAGES

OUR NEW $600M

forced evacuations in the area

around Las Vegas, N.M., this week

as turbulent wind and bone-dry

combined with the Hermit Peaks

National Forest. Twenty percent of

by Thursday, according to officials.

secretary, elevating Jen Psaki’s

gay person to serve as White

Construction has begun

GOV. ANDY BESHEAR

A6 | Friday, May 6, 2022 * ***** THE WALL STREET JOURNAL.

IHS Struggles to Get Life-Saving Gear U.S. Found

Patients at greater risk

AMI VITALE FOR THE WALL STREET JOURNAL

EXPERIENCES OFFERS EVENTS INSIGHTS

Babbel Live includes full access to the Babbel App.

With 66% Off WSJ MEMBER EXCLUSIVE

REDEEM NOW AT WSJPLUS.COM/BABBEL3

THE WALL STREET JOURNAL. A Friday, May 6, 2022 | A7

Celebrate 12 Vintage Pink Prosecco

SAVE 10 Pure French Sauvignon Blanc

9 Rich Australian Blockbuster

7 Multi-Gold Portuguese Star

DISCOVER OUR TOP 12 WINES

Only $69.99 + Bonus Gifts

A SUMMERTIME WINE FOR EVERY OCCASION 5 Gold-Medal Bordeaux

THE CELEBRATION CONTINUES 4 Classy California Chardonnay

Order now to get them in time for National Wine Day

PLUS 2 BONUS BOTTLES & GLA

1 Napa Icon’s Classic Cabernet

ORDER NOW AT wsjwine.com/wineday

A8 | Friday, May 6, 2022 * *** THE WALL STREET JOURNAL.

THE UKRAINE CRISIS