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Business & Finance

he euro rallied from
early losses following
Italys referendum, but the
volatile day raised concerns
about the currencys future in
an era of populist politicians
and diverging economies. A1
Mexico awarded the

rights to develop offshoreoil deposits in an auction
that could generate $40
billion in investment. B1
Financial shares rallied,
lifting the Dow 45.82 points
to a fresh record of 19216.24
and the S&P 500 to its best
day in two weeks. B13
Amazon unveiled its first
small-format grocery store,
one of at least three brickand-mortar grocery formats
the company is exploring. B1
Republicans face pushback from state insurance
regulators and industry officials over interstate sales
of health insurance. A2
An Aetna-Humana deal
would harm consumers, the
Justice Department argued
as an antitrust trial began. B2
Several tech firms have
delayed their diversity reports
as the industry struggles to
show progress in hiring. B4
Uber is forming a division
to develop artificial-intelligence technology after agreeing to buy an AI startup. B4
World-Wide
China responded harshly
to Trumps attacks on its economic and security positions,
signaling a potentially more
adversarial relationship between Beijing and the U.S. A1
The president-elect said he
will nominate retired neurosurgeon and former rival Ben
Carson as HUD secretary. A4
A Trump spokesman said
the incoming administration
backs the construction of the
Dakota Access Pipeline. A3
Trump met with Gore, as
the president-elects children urge him to seize on
conservation as an issue. A4
Italys president accepted
Renzis resignation as premier and is likely to back a
caretaker government. A8
A South Carolina judge
declared a mistrial in the
trial of a police officer for
the fatal shooting of an unarmed black man. A3
The U.S. is pushing to preserve the alliance of Kurdish
and Iraqi forces fighting
Islamic State in Mosul. A7
Libyan forces backed by
U.S. airstrikes retook the
coastal city of Sirte from
Islamic State. A7
Aleppo civilians said
their situation is growing
increasingly desperate as
Syrian forces advance. A7
Japans Abe will visit Pearl
Harbor to pay tribute to the
victims of the attack, the first
Japanese leader to do so. A6
The verbal confrontation between President-elect Donald

Trump and the Chinese government escalated on Monday, as
China responded harshly to attacks by Mr. Trump on its economic and security positions.
Italy Voters Deliver Blow

To Battered Euro Project
BY GEORGI KANTCHEV
teo Renzi. Mr. Renzis antagonists, the antiestablishment 5

Star Movement, have questioned the common currency
and called for a nonbinding
referendum on Italys membership in it.
The referendum sets up a
political vacuum in Italy that
could be treacherous for the
countrys banks. A plan to rescue the weakest, Monte dei
Paschi di Siena SpA, is likely
scuttled, and it may need to be
nationalized. If other banks
stumble, and if concerns rise
for banks outside of Italy, the
euro could be stressed further.
The euro rallied from early

losses following Italian voters
rejection of governmentbacked constitutional changes,
but the volatile day raises concerns about how the currency
survives an era of populist
politicians and diverging economies.
The euro was at $1.0765
late Monday in New York, up
0.9% against the dollar. Overnight, it had been down as
much as 1%. The referendums
failure meant the resignation
of Italian Prime Minister Mat-
BY MARCUS WALKER
AND ANTON TROIANOVSKI
BOLZANO, ItalyThe demands from

the gathering forces of European populism range from erecting border fences
to dismantling the euro. Some insurgent parties want greater fiscal leeway
from Europe. Others want their money
back from neighboring nations.
They share one thing: Their ideas
would unravel the 60-year project of
European integration.
These diverse anti-establishment
forces have yet to win power in any of
the European Unions core countries.
Even so, they are piling pressure on

mainstream parties, pulling EU countries in different directions as governments try to assuage a growing public
conviction that Europe isnt working.
A string of elections in 2017 will test
whether the populist forces can beat
mainstream politicians in the EUs
founding nations. A political revolt
against Europes status quo that began
in Greece and the U.K. will come to a
head in France, Germany, the Netherlands and probably Italy. The outcome
could eventually, if not immediately, determine the fate of the EU, with its open
internal borders and common currency.
Wingsuit Test Pilot Defies Physics,

Has Trouble Getting Life Insurance
i
Former Marine trots globe trying new

designs; you dont want to be the error
BY JOHN CLARKE
In 2010, when Scotty Bob
Morgan finished his second deployment with the U.S. Marines
as an airborne combat photographer in Iraq, he needed a new
job.
He chose a career helping
people glide through the air like
flying squirrels.
Mr. Morgan, one of the
worlds leading wingsuit test pilots, makes a living as a global
nomad, donning experimental

nylon getups and jumping off
mountains and out of helicopters to soar at up to 160 mph.
In case you were wonderingno, he hasnt been able to
secure life insurance. The majority of us go without, he said.
Asked why he does this, he
added: Dude, I fly. I literally
get to fly.
A wingsuit has fabric that
stretches out under a persons
Please see WINGS page A10
Mumps outbreaks in
the U.S. have nearly tripled
this year from 2015. A3
Markets............. B12,14
Opinion.............. A15-17
Sports....................... A14
Technology............... B4
U.S. News............. A2-6
Weather................... A13
World News. A7,9-10
s Copyright 2016 Dow Jones &

Company. All Rights Reserved
European stock markets

rose Monday, except for Italys, which was hurt by sharp
falls in banking shares and
ended down 0.2%.
Mondays calm trading, outside of Italian banks, suggested
investors believe the vote on
its own doesnt challenge the
eurozone. There was no clamoring for havens: Long-term
German bonds weakened, as
did gold. Italian bonds also
fell, and their yields rose more
than Germanys. That gap signals some concern about Italy,
though the gap widened only
modestly.
Born in 1999, the euro has

survived tougher trials. In
2010, its member countries set
aside deep resistance to paying for each others debts and
bailed out Greece and then
Ireland. The next year, Portugal. And in following years,
Spain, for its banks, and Cyprus.
The left-wing Syriza party
took control of Greece in 2015
full of rumblings about a return to the drachma. Yet
Please see EURO page A9
Outcome in Italy delays move
on troubled banks................... A9
Next Hurdle: 2017 Elections
INSIDE
>
By Damian Paletta,
Carol E. Lee
and Jeremy Page
Italian Prime Minister Matteo Renzi announced his resignation Monday after voters rejected his plans to overhaul the countrys legislature. A8
French Premier Valls

declared his candidacy for
the presidency. A9
CONTENTS
Banking & Finance B8
Business News B3,6-7
Capital Journal...... A4
Crossword.............. A13
Heard on Street. B14
Life & Arts....... A11-13
YEN 113.85
President-elects
Taiwan call, tweets
signal his approach
will be more adversarial
GREGOR FISCHER/EUROPEAN PRESSPHOTO AGENCY
Theranos forecast 2016

revenue of nearly $2 billion
and net of about $505 million when it solicited investors in 2014 and 2015. B1
EURO $1.0765
Trumps
Message
Sparks
Anger
In China
Whats
News
The state has become a big

investor in stock markets in
Japan and China after a wave
of buying aimed at propping
up markets and economies. A1
HHHH $3.00
WSJ.com
TUESDAY, DECEMBER 6, 2016 ~ VOL. CCLXVIII NO. 133
* * * * *
A GUIDE TO
SMART
BRAGGING
BIG FOOD TESTS

APPETITE FOR
MEAL KITS
LIFE & ARTS, A11
BUSINESS & FINANCE, B1
At the heart of the new European

question, and of many national contests, lie disillusionment over the burdens of life in the euro and anger
about a perceived loss of control over
immigration. Sundays referendum in
Italy and presidential election in Austria suggest Europeans are split between those who reject what the EU
stands for and those who believe it
needs change to survive.
The only thing that unites Europe
in this time is dissatisfaction, said Caterina Pifano, a lawmaker for Italys 5
Star Movement.
Please see EU page A8
The exchange signaled a new

and potentially more adversarial
relationship between the worlds
two largest economies, as Mr.
Trump moves to follow through
on his campaign-trail promises
to challenge Chinas trade and
currency policies.
Chinese officials late Friday
and early Saturday played down
Mr. Trumps precedent-breaking
phone call with Taiwan President Tsai Ing-wen, which a transition official said had been arranged by Bob Dole, the former
Republican senator. The call
went beyond pleasantries and
included a discussion about
China and stability in the AsiaPacific, according to a person familiar with the call. The Chinese
directed their ire at Taiwan and
not at Mr. Trump.
But they signaled their displeasure with a series of Twitter
posts Mr. Trump leveled at
China over the weekend, as he
criticized its currency policies
and military presence in the
South China Sea.
In a packed press briefing
Monday, Chinas foreign ministry spokesman Lu Kang suggested that Beijing had made its
unhappiness directly known to
members of Mr. Trumps team.
The Peoples Daily, the Communist Partys leading newspaper, said in a front-page commentary in Mondays overseas
editions that Trump and his
transition team ought to recognize that creating trouble for
China-U.S. relations is just creating trouble for the U.S. itself. It
Please see CHINA page A4
Gerald F. Seib: Trump shuffles
ideological deck........................ A4
Carson nominated to head
housing agency........................ A4
In Asia, the State Becomes a

Major Company Stakeholder
BY GREGOR STUART HUNTER
AND KOSAKU NARIOKA
Two of the worlds most important stock markets have a
big new investor: the state.
About 30% of all the companies in Japans three main equity indexes now count the
countrys central bank as one of
their top 10 shareholders, according to a Wall Street Journal
analysis of data as of the end of
September. Six years ago, the
Bank of Japans presence in the
market was trivial.
In China, two major stateowned investment funds that
are part of the national team
have become top-10 shareholders in 39% of listed companies
over the past year, according to
UBS Group AG, which analyzed
shareholdings as of the end of
September.
The data are a stunning
benchmark for the role governments now play in markets after nearly a decade of heavy intervention. Public pension funds
and sovereign-wealth funds
have long been big holders of
stocks. But the new wave of
state buying is unique in that it
is aimed primarily at propping
up markets and economies.
Traders say the buying distorts stock values as investors
build strategies around government actions rather than company fundamentals.
Elephant in the Room

Central banks are playing a large role in the bond market and, in
Japan, in stocks as well.
Bond holdings as a share of outstanding government debt, quarterly
Market value of Bank of Japans

ETF holdings*
Bank of England U.S. Federal Reserve

Bank of Japan European Central Bank
40%
14 trillion
30
12
10
8
6
20
10
0
2011 12
13
14
15
16
2011 12
13
14
15
16
*For March and September of each year except the last gure, which is an estimate for November.
Note: 1 trillion=$8.8 billion; U.S. bond holdings include only Treasury bonds
Sources: J.P. Morgan Chase (holdings); Bank of Japan (value) THE WALL STREET JOURNAL.
The states purchases also

might reduce pressure on management to fix problems that
otherwise could weigh on their
stock. Then there is the question of how governments will
ultimately wind down their
holdings, a concern that some
say could be deterring investors
with a longer-term outlook.
In the parlance of the gambling community, the Bank of
Japan has become the biggest
whale in the market, Mark
Mobius, executive chairman of
Templeton Emerging Markets
Group at Franklin Templeton
Investments, said in a recent
note. Many investors have become increasingly focused not

on company fundamentals but
on the BOJs daily purchases.
The state-backed stock purchases by Japan and China add
to an already enormous pile of
holdings at central banks
around the world.
The U.S. Federal Reserve,
European Central Bank and BOJ
own trillions of dollars of government bonds that they have
acquired to push interest rates
down. The ECB and Bank of
England also have begun buying
up corporate bonds in hopes of
Please see STOCKS page A6
A2 | Tuesday, December 6, 2016
* ***
THE WALL STREET JOURNAL.
U.S. NEWS
MARCIO JOSE SANCHEZ/ASSOCIATED PRESS
Interstate
Insurance
PushStirs
Concerns
Death Toll in Oakland Warehouse Fire Rises to 36

The death toll has risen to
36 people from a fire that
broke out Friday night during a
party and electronic-music performance at a warehouse in
Oakland, Calif., authorities said
on Monday.
Investigators have identified
the area where the fire started
in the back of the building, but
still dont know what sparked
the blaze, said Melinda Drayton, a battalion chief with the

Oakland Fire Department.
Crews searching through the
charred wreckage for bodies
temporarily halted work Monday morning because the building was unstable, she said.
The warehouse, known as
the Oakland Ghost Ship, also
served as an informal home for
a small group of artists and at

least one family, according to a
neighbor.
Alameda District Attorney
Nancy OMalley said on Monday that her office is investigating whether there is any
criminal liability. But she added
that it is too early to draw any
conclusions.
Zusha Elinson
U.S. WATCH
NORTH CAROLINA
McCrory Concedes
Gubernatorial Loss
North Carolina Republican
Gov. Pat McCrory conceded defeat to Democrat Roy Cooper,
ending a monthlong skirmish
over the incumbents unsubstantiated claims of voting irregularity.
Mr. McCrorys team had filed
protests in dozens of counties,
claiming voter fraud. But local
boards of election, dominated by
Republicans and appointed by
Mr. McCrory, had found no widespread evidence of wrongdoing.
Valerie Bauerlein
SOUTH CAROLINA
Judge Grants Roofs

Requests on Defense
A federal judge on Monday allowed Dylann Roof to reverse his
weekold decision to represent

himself in the initial phase of a
Charleston, S.C., hate-crimes trial.
Mr. Roof, a white 22-year-old,
is accused of killing nine black
worshipers in June 2015 at
Emanuel African Methodist Episcopal Church in downtown
Charleston.
U.S. District Judge Richard
Gergel had granted Mr. Roofs request to act as his own lawyer
after finding him competent to
stand trial.
During the weekend, Mr. Roof
submitted a note to the judge,
asking to cede control back to his
lawyers during the first phase of
the trial, when jurors determine
guilt. Mr. Roof asked to retake
control of managing his defense
during the sentencing phase,
when jurors determine whether
to apply the death penalty.
Judge Gergel said in a Monday filing that he would grant
both requests.
Valerie Bauerlein
THE WALL STREET JOURNAL (USPS 664-880)

(Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935)
(Western Edition ISSN 0193-2241)
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CONGRESS
Drug-Approval Bill
Advanced by Senate
The Senate on Monday
cleared the final hurdle to passage of broad legislation aimed
at boosting federal funds for biomedical research and speeding
up government approval of drug
and medical-devices, a goal pursued by the pharmaceutical industry over the objections of
some consumer advocates.
The 85-13 vote cuts through
the last remaining procedural obstacle before passage in the Senate, expected by Wednesday.
Last week, the House overwhelmingly passed the legislation, which is expected to be
signed into law by President Barack Obama before his term
ends. Mondays vote easily
cleared the needed 60-vote
threshold to advance the bill.
Along with provisions aimed
at speeding up Food and Drug
Administration approval processes, the bill also folds in a
measure to provide $1 billion to
prevent and treat opioid addiction.
Siobhan Hughes
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The superlative-charged chronograph. 50 mm case in Breitlight. Exclusive Manufacture

Breitling Caliber B12 with 24-hour military-style display. Officially chronometer-certified.
BY STEPHANIE ARMOUR
AND ANNA WILDE MATHEWS
As Republicans gear up to
overhaul the federal health
law, they face pushback from a
couple of unexpected corners
over one of their goals: Giving
health insurers greater ability
to sell policies to consumers
across state lines.
Republicans for some time
have billed interstate sales of
insurance as a way to heighten
competition and lower costs. It
is one of the few specific
health initiatives displayed on
President-elect
Donald
Trumps transition website.
Rep. Tom Price (R., Ga.), the
chairman of the House Budget
Committee nominated by Mr.
Trump to head the Department
of Health and Human Services,
has backed interstate sales and
is likely to push the idea.
Still, the GOP is drawing
some opposition from state insurance regulatorsmany of
them Republicanand insurance-industry officials, who
question how such a plan
would work, given that many
aspects of insurance are regulated differently by each state.
That sounds like a silver bullet to solve a major problem,
and there are no silver bullets, said Louisiana Insurance
Commissioner Jim Donelon.
Some Democrats say there
might be room to compromise
on earlier GOP proposals that
would allow for interstate
sales, but they express concern
about the erosion of state consumer protections.
State officials say sales
across state lines would cut
against the Trump transition
teams vow to boost states
traditional role in regulating
insurance and to dial back federal powers unleashed by the
Affordable Care Act.
Supporters say freedom to
sell across state lines would
spur competition, allow consumers to buy plans that better suit their health needs and
decrease regulatory burdens
that drive up costs.
Groups such as the National
Association of Insurance Commissioners argue insurers
might flock to states with the
most-limited requirements for
the industry. That could mean
some plans carrying cheaper
premiums but more limited
coverage. A spokesman for
trade group Americas Health
Insurance Plans said insurers
back competition but are concerned about how interstate
sales would be implemented.
It all boils down to the details, he said.
Mistrial in Police Shooting

South Carolina jury is
deadlocked; former
officer faces retrial in
death of unarmed man
The judge in the murder
trial of former North Charleston, S.C., police officer Michael
Slager declared a mistrial on
Monday, after the jury said its
members were hopelessly
deadlocked.
The judge said he had no
choice because the jury said it
would never reach a consensus.
Mr. Slager was charged in
the fatal shooting of unarmed
black motorist Walter Scott after an April 2015 traffic stop.
The shooting was captured on
cellphone video, which showed
Mr. Slager, who is white,
GRACE BEAHM/PRESS POOL
BY VALERIE BAUERLEIN
Former North Charleston, S.C., police officer Michael Slager, seated

shooting Mr. Scott repeatedly
in the back as he ran away.
Mr. Slager pleaded not
guilty, saying the shooting was
in self-defense, as he feared
for his life after fighting Mr.
Scott for control of his police
Taser.
Ninth Circuit Solicitor Scarlett Wilson said that she plans
to retry Mr. Slager. She

thanked the jury members on
Monday for their service and
said she would be in contact
as she considers next steps, to
seek their insights on the
charges, the witnesses and
other aspects of the case.
Chris Stewart, a Scott family attorney, said the family
is hopeful because the solicitor has told them she will

seek a retrial, and Mr. Slager
faces federal civil-rights
charges as well.
The fight isnt over, that
was round one, Mr. Stewart
said. He may have delayed
justice, but he did not escape.
We all saw what he did.
The jury had been deliberating since late Wednesday,
after a five-week trial. The
jury sent a note to Circuit
Court Judge Clifton Newman
at midday on Friday saying,
It is clear that jurors will not
be able to come to consensus.
The judge told the jury to keep
at it.
But the jury continued to
send questions to the judge on
Monday, seeking clarification
on issues of law related to the
difference between a charge of
murder and the lesser charge
of voluntary manslaughter.
T&CO. 2016
U.S. NEWS
Tuesday, December 6, 2016 | A3
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Water protectors participating in a march from the Oceti Sakowin Camp to the Backwater Bridge near Cannon Ball, N.D., on Monday.
Pipeline Receives Potential Boost

BY KRIS MAHER
AND WILL CONNORS
A day after the Obama administration put the brakes on
a Midwest oil pipeline by denying a permit needed to finish the route, a spokesman for
Republican
President-elect
Donald Trump said the incoming administration supports
completing the project.
With regard to the Dakota
Access Pipeline, thats something that we support construction of, and well review
the full situation when were in
the White House and make the
appropriate determination at
that time, said Jason Miller, a
spokesman for Mr. Trump.
On Sunday, celebrations at a
protest camp in North Dakota
among pipeline opponents led
by the Standing Rock Sioux tribe
erupted after the Department of
the Army said it wouldnt grant
an easement required by Dallasbased Energy Transfer Partners LP to cross beneath a Missouri River reservoir, the final
1,100-foot link to be built in the
nearly 1,200-mile pipeline. The
Army statement said alternative
routes would be considered and
a fuller environmental study of
the project should be conducted.
The statement Monday by
the Trump transition team,
however, cast doubt on
whether that decision would
hold sway after the new admin-
istration takes over in January.

Pipeline experts said Mr.
Trump would have several options once he takes office to
enable the $3.8 billion pipeline
to proceed. Those could include
directing the secretary of the
Army to reinstate a previous
permit for the reservoir crossing or issuing an executive order approving the pipeline.
Jan Hasselman, a lawyer
with Earthjustice who represents the Standing Rock Sioux
in a federal lawsuit against the
Army Corps, said a potential
reversal by the Trump administration would be subject to judicial review and a court challenge by the tribe. In its stillpending lawsuit filed in July,
the tribe has sought an environmental review of the Dakota

Access pipeline that would look
at route alternatives.
On Monday, Dave Archambault II, chairman of the Standing Rock Sioux, said in an interview at the tribes headquarters
in Fort Yates about 25 miles
south of the protest camp
along the Missouri River that
he would welcome meeting
with Mr. Trump to help him see
the pipeline from the tribes
perspective. Its an opportunity for us to help him understand whats at stake here,
said Mr. Archambault.
Energy Transfer has said the
pipeline can move crude oil with
fewer risks than oil trains.
Colleges Hit as Mumps

Cases Almost Triple
BY MELISSA KORN
With a month still to go,
2016 is already the worst year
for mumps outbreaks in a decade. Despite widespread vaccination requirements, college
campuses are bearing the
brunt of the attack as students
live in close quarters and dont
always maintain the healthiest
lifestyles.
As of Nov. 26, the Centers
for Disease Control and Prevention had recorded 3,832
provisional mumps cases
across 45 states and Washington, D.C. That is nearly triple
the 2015 total of 1,329 and the
highest tally since 2006.
The University of Missouri
called off a popular late-night
breakfast at the start of finals
and asked students to cancel
What Is Mumps?
u Symptoms of the disease
include puffy cheeks and a
swollen jaw, because of swollen salivary glands. Other common symptoms can be fever,
headache, tiredness and loss of
appetite. Serious complications
include deafness or inflammation of the testicles, brain or
ovaries.
u The virus spreads through sa-
nonmandatory social gatherings and speaker events to

stem the spread of the respiratory disease. So far, 128 confirmed or probable cases have
been identified there since
earlier this fall, mainly among
people with ties to fraternities
and sororities, the school said.
While measles and rubella
vaccines last for a long time,
the immunity people get from
a mumps vaccination can start
to fade after about a decade,
said Paul Offit, a professor of
pediatrics at Childrens Hospital of Philadelphia.
Dr. Offit said that an immunization advisory group might
consider at its February meeting recommending a third dose
of the mumps vaccine for a
broader swath of the population.
CLASSIMA
Starting at $990
liva and mucus; it can be transmitted by an infected person

coughing, sneezing or talking, or
by sharing cups or kissing.
u Individuals can be vaccinated
against mumps, as well as
against measles and rubella,
with the MMR vaccine. The
mumps component of the vaccine is about 88% effective
with two doses.
Source: Centers for Disease Control
and Prevention
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U.S. NEWS
Trump Shuffles Americas Ideological Deck
Trump
Meets
With Gore
On Climate
BY MICHAEL C. BENDER
AND AMY HARDER
President-elect
Donald
Trumps children are urging
him to seize on environmental
conservation as a potentially
defining issue for his administration, according to two people familiar with the discussions, an effort that could clash
with Mr. Trumps aim of boosting energy production from
fossil fuels and his opposition
to many federal regulations.
The familial push prompted
a meeting Monday in New
York between Mr. Trump and
former Vice President Al Gore,
an outspoken climate advocate
who has promoted energy efficiency and warned of the consequences of global warming.
Mr. Trumps daughter,
Ivanka Trump, also met with
Mr. Gore in Trump Tower. Ms.
Trump, who sought the meeting with the former vice president, has been a moderating
influence on her fathers blunt
brand of conservatism. Senior
aides have said she is one of
the few people in his circle
able to persuade the president-elect to change a position
without upsetting him.
Mr. Trumps position on environmental issues may not be
entirely fleshed out. But he
has left little doubt of his desire to boost the coal industry,
cut regulations and take other
actions that worry environmentalists.
Mr. Trumps eldest son,
Donald Trump Jr., said during
the campaign his father would
keep public lands public and
accessible while also pushing
to develop resources.
Mr. Gore has said electing
Mr. Trump could lead to a climate catastrophe. But while
Mr. Trumps transition has reflected the value he places on
loyalty, he has also shown a
taste for meetings with former
rivals and critics. Asked about
the Gore meeting, Trump senior adviser Kellyanne Conway
said: Theres a very small
group of people in this country whove been president or
vice president, and Mr. Gore
is one of the few folks who
breathe that rarefied air.
Mr. Gore described the
meeting as very productive.
Crafted in gold & platinum
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President-elect Donald Trump spoke during a rally last week in

Cincinnati, the first stop of his post-election tour.
votes of blue-collar whites
who once were reliably Democratic, and without the
votes of many in the business world who once were
reliably Republican. Democrat Hillary Clinton won the
popular vote by more than
2.5 million, but her attempt
to bridge the Democrats rising liberal wing of Bernie
Sanders and the moderate
wing still embodied by her
husband, Bill Clinton, left everybody a bit dissatisfied.
Both parties have to reconsider their ideological and
geographical coalitions.
This discombobulated ter-
rain is seen in the Trump

transition. On the personnel
front, its easiest to see the
populist side of the president-elect in his choice of
the antiestablishment firebrand Stephen Bannon to
continue serving as a senior
counselor.
But there have been some
other appointments of figures known more for challenging convention than for
adhering to it. Rep. Mike
Pompeo brings the unlikely
background of tea-party favorite into his role as director of central intelligence.
Jeff Sessions, tapped to be
ther appointments are

completely mainstream. Treasury Secretary-designate Steven
Mnuchin brings the kind of
Wall Street background that
presidents of both parties
have traditionally favored in
that role, and he has a longer
history of helping Democrats
than of helping Republicans.
South Carolina Gov. Nikki
Haley, picked as ambassador
to the United Nations, and
Reince Priebus, as chief of
staff, could have fit comfortably into the administration
of any of the Republicans Mr.
Trump defeated.
Vice President-elect Mike
Pence and incoming Health
and Human Services Secretary Tom Price are traditional ideological conservatives, naturally wary of
government power, but incoming Commerce Secretary
Wilbur Ross has shown he
knows how to take advantage
of government power to pro-
tect industries in which he

has invested.
Its equally hard to find a
straight ideological line in
policy. The early emphasis
on repealing the Affordable
Care Act is in keeping with
putting a priority in overturning what conservatives
call government overreach.
But the move to save jobs by
convincing Carrier to stop
plans to move an assembly
line to Mexico was a classic
use of government power to
try to dictate decisions in the
marketplace.
On foreign policy, some
conservative national-security thinkers cheer Mr.
Trumps decision to talk with
the president of Taiwan and
thereby shake up decades of
policy protocol and risk the
ire of China. But those same
conservatives are aghast at
the prospect of a cozy Trump
relationship with Russias
Vladimir Putin.
None of this is conventional, but, for Mr. Trump,
that may be the point. If
there is a discernible Trump
ideology, it may be simply to
display strength, whether in
staring down a corporate
chief executive or the Chinese government. That
doesnt make Trump world
very predictablewhich also
seems to be how he likes it.
Carson Nominated to Head Housing Agency

BY NICK TIMIRAOS
AND DAMIAN PALETTA
Republican President-elect
Donald Trump said he will
nominate retired neurosurgeon
Ben Carson as secretary of the
U.S. Department of Housing
and Urban Development, a
move that would place a former political adversary with
little housing-policy expertise
in a key administration post.
When Mr. Carson emerged
as Mr. Trumps top rival last
year during the early stages of
the Republican primaries, Mr.
Trump sought to discredit his
personal story of emerging
from poverty during his youth.
After Mr. Carson faded in the
polls, he moved to support Mr.
Trump, with the two men
eventually becoming close.
Mr. Carson has a brilliant
mind and is passionate about
strengthening communities,
Mr. Trump said. We have
talked at length about my urban-renewal agenda and our
message of economic revival,
very much including our inner
cities.
Mr. Carson served as director of pediatric neurosurgery
at Johns Hopkins Hospital
where he became the youngest
physician to head a major divisionfor almost 30 years until
his retirement in 2013. A
speech at the National Prayer
Breakfast that year, in which
he criticized President Barack
Obamas policies with Mr.
Obama seated nearby, catapulted him into politics as a
conservative icon.
PROFILE
Ben Carson
Age: 65
Rsum: Born in Detroit and
raised by a single mother.
Earned degrees at Yale and
the University of Michigan.
Retired neurosurgeon, director
of pediatric neurosurgery
from 1984-2013 at Johns
Hopkins Hospital in Baltimore;
awarded the Presidential
Medal of Freedom in 2008;
Republican presidential candidate in 2016.
Notable stand: Mr. Carson has
spoken critically of new regulations issued by the Obama administration that take a more
muscular approach to addressing zoning policies and housing
segregation.
Retired neurosurgeon Ben Carson ran for the Republican presidential nomination in primaries this year.
During the campaign, Mr.
Trump frequently described
inner-city conditions in particularly stark terms. You go
into the inner cities and you
see its 45% poverty, he said
in a presidential debate in October. The education is a disaster. Jobs are essentially
nonexistent.
Some urban-policy experts,
who disputed Mr. Trumps
characterization of cities, said
Mr. Carsons selection alarmed
them because he lacks any
professional experience on issues he will confront, includ-
ing housing finance, public

housing and tax credits. For
the serious practitioners of
public policy, I cannot imagine
those professionals could be
more demoralized by this announcement today, said Michael Nutter, the former Democratic mayor of Philadelphia.
While it was Mr. Trumps
prerogative to nominate
whomever he wanted, the
nomination broke with norms
in which there is some nexus
between what they have done
in the past and what theyre
about to do as the head of this
CHINA
Continued from Page One
criticized Mr. Trumps tweets for
portraying the phone call as
not a big deal and warned that
if such petty tricks are allowed
to go unanswered, Beijing could
expect to see more of these
provocations once hes in office.
Mr. Dole, in an interview,
said the law firm he is affiliated with does work with the
Taipei Economic and Cultural
Representative Office in the
U.S., and that the firm played a
role in arranging the phone
call. Its fair to say that we
may have had some influence,
Mr. Dole said.
U.S.-China experts said both
Mr. Trump and Beijing appear to
be trying to establish boundaries for a new relationship between the countries, which is expected to be more adversarial
than that favored by President
Barack Obama since 2009.
At the White House, officials
fielded multiple calls from Chinese officials over the weekend
in which China complained
about Mr. Trumps actions and
said it needs stability and predictability in its relationship
with the U.S., a senior Obama
administration official said.
The Chinese also were seeking guidance on Mr. Trumps
policy intentions, and White
House officials said they didnt
TAIWAN PRESIDENTIAL OFFICE/REUTERS
f President Barack
Obama sought to usher
in a postracial era, its increasingly apparent that
President-elect Donald
Trump is opening the door to
the postideological era.
In fact, its nearly impossible to identify a clear ideological bent
in the incoming presidents early
moves. Its
probably a
mistake to
try, because the definitions
of left and right, liberal and
conservative, are being
scrambled before our eyes.
Some Trump moves so far
track with his populist outsider campaign image. Others are moves a conventional
conservative could make.
Some on his team would
have been comfortable picks
by any standard-issue Republican; some could as easily
have been made by a Demo-
attorney general, is a member of the insiders club of

the U.S. Senate, but on issues
such as immigration, he has
been more of an outside agitator. Retired Gen. Michael
Flynn, incoming national security adviser, broke with the
intelligence mainstream with
his outspoken views of Islam.
BEHAR ANTHONY/PRESS POOL
CAPITAL JOURNAL
GERALD F. SEIB
cratic president-elect.
The emerging picture suggests only two safe predictions about the Trump presidency. The first is that there
will be a continuing struggle
between the populist Donald
Trump, who battles the corporate world and its love of
free markets above all else,
and the more conventionally
Republican Donald Trump,
who is comfortable with the
leaders of that corporate,
free-market-loving world.
The second safe prediction is that there are no safe
predictions. At a Harvard
University postelection conference last week, Trump
campaign pollster Tony Fabrizio said the president-elect
cant be viewed through traditional ideological lenses.
Donald Trump is postideological, he said. His
movement transcends ideology in a lot of respects.
This also shows why the
2016 election was disruptive
in ways that extend well beyond Mr. Trumps victory.
We have just witnessed that
rarest of things, a realigning
election, in which the coalitions and prevailing ideological lines within both political
parties have been shaken up
and are going to be put back
together in new patterns.
Mr. Trump won with the
Taiwans President Tsai Ing-wen on the phone with U.S. Presidentelect Donald Trump, in a photo released by her office Saturday.
know what they are, the administration official said.
After Mr. Trump becomes
president on Jan. 20, his first
real test with China could arise
in mid-April. Thats when the
Treasury Department is required
to make public a currency report that details the behavior of
other nations. During the campaign, Mr. Trump vowed to label
China a currency manipulator,
a designation that would require
negotiations between both countries and could be a step toward
penalizing Beijing. Such talks
could reset the way they engage
with each other.
On Sunday, Vice Presidentelect Mike Pence declined to say
during an interview on NBC
whether Mr. Trump would label

China as a currency manipulator.
Mr. Trump hammered China
during the campaign for its currency and trade policies, and
threatened to impose tariffs of
between 35% and 45% on Chinese exports to the U.S. It was
unclear if he would soften those
pledges once elected, but his Friday call with Ms. Tsai brought
questions about his approach to
China into sharper focus.
Messrs. Trump and Pence described the conversation between Mr. Trump and Ms. Tsai
as a congratulatory call initiated
by Taiwan. But during the discussion with Taiwans leader,
which lasted about 12 minutes,
Mr. Trump stressed to Ms. Tsai
department, said Mr. Nutter,

who is a professor of urban affairs at Columbia University.
Mr. Carson is the first African-American picked for a senior position by Mr. Trump
during the transition.
HUD, with a budget of $47.9
billion and some 8,400 employees, has played critical
roles stabilizing the housing
market after last decades
boom and bust. The federal
government currently insures
one in every six new homepurchase mortgages made
through the Federal Housing
Administration, which is part

of HUD. The department also
oversees funding for some 1.2
million low-income households
in public-housing units managed by some 3,300 local
housing agencies.
Last month, Mr. Carson said
he was offered the job to be
secretary of Health and Human Services and indicated he
had no interest. I dont particularly want to work inside
the government, he said at
the time. But he wrote on
Facebook several days later
that he had a change of heart.
that his top priority is the U.S.

economy, said the person familiar with the call.
The conversation was about
regional stability, said the person, adding the call was planned
weeks in advance. It marked the
first of its kind since at least
1979, when the U.S. established
formal relations with Beijing.
The terse exchanges between
an incoming U.S. president and
the country with the worlds
second-largest economy have,
over the course of 72 hours, broken from more than a decade of
fragile diplomacy, experts said.
A rise in U.S.-China tensions
before Mr. Trump takes office
could shape any cooperation between the two countries on
high-stakes issues. It comes
amid growing alarm over the
nuclear threat from North Korea, for which Mr. Trump will
need Chinas help to resolve.
Mr. Trumps call with Ms.
Tsai and tweets accusing China
of currency manipulation, overtaxing U.S. imports and building
a massive military complex in
the middle of the South China
Sea have generated a tremendous amount of uncertainty in
Beijing, said David Dollar, the
Treasury Departments economic
and financial emissary to China
during Mr. Obamas first term.
Some of the issues with
China are best settled quietly
and confidentially, Mr. Dollar
said. If the whole policy is diplomacy-by-tweet, its hard to
think thats going to meet U.S.

objectives.
Last Friday morning, Mr.
Trumps secretary received a
call at Trump Tower from Ms.
Tsai and patched her through to
the president-elect, according to
people familiar with the call. Ms.
Tsai had a set of talking points
and was surrounded by Taiwans
foreign minister, David Lee, as
well as two top National Security Council officials and her
spokesman, Alex Huang.
Stephen Yates, a former national security adviser to Vice
President Dick Cheney who
worked as a Mormon missionary
in Taiwan, said that for at least
a week Ms. Tsais name was on
Mr. Trumps list of foreign leaders whom he would speak with
by phone.
To my knowledge, Taiwan
was on that list early, and it took
some time to arrange, said Mr.
Yates, who is seen as a candidate for a post on Mr. Trumps
national security team. It was a
message in the sense that Donald Trump is not necessarily going to be told what he can or
cant do because a foreign leader
says so. Thats exactly the kind
of thing that millions of Americans detest about Washington,
said Mr. Yates, who currently is
visiting Taiwan for meetings
with senior officials.
If its going to cause some
pain, then so be it, he said.
Jenny W. Hsu in Taipei
contributed to this article.
Spreading peace to the world can

happen one handwritten letter at a time.
Putting thoughts on paper can be a powerful way to express feelings, heal and inspire. We asked five
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U.S. NEWS
2016 ELECTION
Recount Effort
Begins in Michigan
Michigan began a recount of
presidential ballots after U.S. District Judge Mark Goldsmith ordered state officials to move forward without delay. Green Party
presidential candidate Jill Stein
successfully raised and paid the
fee required to trigger a recount.
Ms. Stein also filed a federal
suit Monday in Pennsylvania in a
last-ditch attempt to revive a
statewide recount there, citing
the possibility of voter hacking.
Byron Tau
REDISTRICTING
High Court Hears

Race Packing Cases
The Supreme Court heard arguments on allegations Republican-controlled legislatures in Virginia and North Carolina illegally
concentrated black voters in
some voting districts in the redistricting that followed the
2010 census. The practice,
known as packing, creates districts with black majorities but
also can place minorities into a
small number of districts and
prevent them from affecting outcomes elsewhere.
While it is illegal to discriminate on the basis of race, the
Supreme Court has never held it
unconstitutional to disadvantage
voters for partisan reasons. Mondays cases, as several justices
remarked, were difficult to resolve partly because of the political reality that race and partisan
preference are strongly aligned.
Jess Bravin
EDUCATION SECRETARY
Nominee Has Link

To Finance Company
Betsy DeVos, nominated to
run the U.S. Department of Education, is an indirect investor in
online-lending company Social Finance Inc., whose fortunes hinge
in part on policies crafted by the
department she would run.
Through their family investment office, Windquest Group,
Ms. DeVos and her husband, Dick
DeVos, are investors in RPM
Ventures, an Ann Arbor, Mich.based venture-capital firm that
was one of SoFis earliest backers, according to the firms websites. SoFi is worth about $4 billion and in the midst of raising a
new round of money.
Much of SoFis business
stems from refinancing student
loans; the Department of Education is by far the countrys biggest student lender, with $1.3
trillion in outstanding loans.
A SoFi spokesman declined
to comment. The Trump transition team and Windquest didnt
respond to requests for comment.
Anupreeta Das
and Peter Rudegeair
Japans Abe to Visit Pearl Harbor

Premiers call at the
scene of 1941 attack
would be the first for
a leader of his nation
BY MITSURU OBE
AND PETER LANDERS
TOKYOPrime
Minister
Shinzo Abe said he would visit
Pearl Harbor in late December
to pay tribute to the victims of
the Japanese attack there 75
years ago, becoming the first
Japanese leader to do so.
The visit is in some ways a
mirror image of one by U.S.
President Barack Obama in May
to Hiroshima, which was the
first by a U.S. president to the
site of the atomic bombing nine
days before the end of World
War II.
Mr. Abe will visit the place
where the war between the U.S.
and Japan began. On Dec. 7, 1941
a date which will live in infamy, in the words of President
Franklin D. Roosevelta Japanese strike force staged a surprise attack on the Pearl Harbor
naval base in what was then the
U.S. territory of Hawaii, sinking
the USS Arizona and taking
2,403 American lives.
Speaking at his office in Tokyo, Mr. Abe said he would
travel to Pearl Harbor with Mr.
Obama. It is a visit to pray for
the souls of the victims, he
said. We must never repeat the
horrors of war.
Mr. Abe is unlikely to offer a
direct apology for the attack,
said Kunihiko Miyake, research
director at the Canon Institute
for Global Studies and a former
foreign-ministry official. The
visit is a natural result of the
maturing of the alliance, Mr.
Miyake said.
In a speech to the U.S. Congress in April 2015, Mr. Abe
mentioned Pearl Harbor and
other World War II battles and
said he had thought of them
when visiting the World War II
memorial in Washington. With
deep repentance in my heart, I
stood there in silent prayers,
he said.
Mr. Obama, likewise, didnt
apologize for the Hiroshima
bombing when he visited the
city but said, We remember all
the innocents killed across the
PETTY OFFICER 1ST CLASS NARDEL GERVACIO/U.S. NAVY
WASHINGTON
WIRE
A Pearl Harbor survivor arriving at Honolulu International Airport was greeted by service members over the weekend.
For Commemoration,
Basketball, Music
The Japanese attack on
Pearl Harbor has been commemorated with solemn tributes befitting a tragedy that
claimed 2,403 American lives.
The 75th anniversary of the
Dec. 7, 1941, assault approaches
with a full agenda of wreathlaying and sunset servicesand
some mood-lightening additions.
Country-music superstars
Garth Brooks and Trisha Yearwood are performing. Four college-basketball teams will compete in the second annual Fox
Sports Pearl Harbor Invitational.
Actor Gary Sinise and his band
will play on Honolulus Waikiki
Beach. There is a block party at
a brewseum (a brew pub and
museum). Movie nights at the
beach feature epics including
From Here to Eternity.
The activities, which began
Dec. 1 and take place over 11
days, are meant to draw younger generations to an event rap-
idly fading into memory. Fewer

of the survivors, now at least in
their 90s, are able to gather.
We certainly need to honor
and pay tribute to these veterans, but we also want to educate the current generation and
next generation about this important history, said retired
Navy Adm. Thomas B. Fargo,
chairman of the 75th Commemoration Committee.
To carry out the events
theme, Honoring the Past, Inspiring the Future, organizers
had to navigate deep sensitivi-
ties and honor military traditions, while also trying to make

the event fun. The focus is still
on the survivors and the dead.
About 100 survivors are scheduled to make the trip. For the
50th anniversary, 2,000 survivors were on hand.
Exact numbers arent known,
but only a fraction of
the 60,000 or so military personnel who survived the attack
at Pearl Harbor and other installations on Oahu are thought to
still be living, organizers said.
Jim Carlton
arc of that terrible war.

Opinion polls in Japan found
some 90% of people thought the
Hiroshima visit was a good
thing, a favorable sentiment
that helped carry Mr. Abes ruling coalition to an election victory in July.
Veterans advocacy groups
in the U.S., including those
with substantial numbers of
members from World War II,
welcomed news of the visit by
Prime Minister Abe.

It is a healing trip, demonstrating the strength and importance of the U.S.-Japan alliance, said Joe Chenelly,
national executive director of
Amvets, one of the largest veterans advocacy groups in the
U.S.
According to statistics compiled in May by the Department of Veterans Affairs, some
690,000 of the roughly 16 mil-
lion Americans who served in

World War II were still living.
In his remarks Monday,
Japans prime minister said he
hoped during his Hawaii visit to
reaffirm the value of the U.S.Japan alliance, which was questioned by President-elect Donald
Trump during the campaign
although not since the election.
The U.S.-Japan alliance has
become an alliance of hope,
through which Japan and the
U.S. unite their strength to address various issues in the

world, Mr. Abe said. The value
and significance of that doesnt
change through the past, present and future.
The White House said in a
statement that Mr. Obama
would join Mr. Abe at the USS
Arizona Memorial to honor
those killed.
Carol E. Lee and Ben Kesling
Supply of High-School Graduates to Decline

BY DOUGLAS BELKIN
The sharp decline in births
during the Great Recession
will result in a drop in the
number of students graduating
from U.S. high schools starting
around 2024, a phenomenon
likely to translate into additional pressure on U.S. colleges already struggling to fill
classrooms and employers
seeking university graduates.
The dip follows 20 years of
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growth that saw the number of

high-school graduates increase
by 30% between 1995 and 2013,
according to a report released Tuesday from the Western Interstate Commission for
Higher Education. The projected decline is driven by a
sharp drop in the number of
white high-school students,
which will be somewhat offset
by the growth among Hispanics.
The projections present challenges for universities because
Hispanic students neither attend

nor graduate postsecondary
schools at rates as high as white
students. To adjust to their new
customer base, schools will need
to reorient themselves toward a
Hispanic, first-generation population to stay competitive, said
Joe Garcia, the president of
Wiche, a regional nonprofit organization that aims to expand
access to higher education.
To be successful, colleges
and universities will need to
be very focused on serving a

different population, and,
frankly a population that we
havent served all that well in
the past, Mr. Garcia said.
The implications for the
work force and for private high
schools are also significant.
According to the Georgetown
Center on Education and the
Workforce, 11.5 million of the
11.6 million new jobs created
since the 2007-09 recession
have gone to workers with at
least some postsecondary education. Positions going to

workers with a high-school diploma or less have accounted
for just 80,000 new jobs.
The decline in white students, along with the rise of
charter schools, is also projected
to have a disproportionate impact on private high schools. By
around 2030, the number of private-school students will drop
to 220,000 from 302,000 in
2011, a decline of 26%.
FROM PAGE ONE
STOCKS
spurring more investment. The
Swiss National Bank holds
about $500 billion of mostly
foreign bonds and more than
$100 billion in foreign equities
that it has accumulated to
weaken the persistently strong
franc.
The BOJ started buying exchange-traded funds that track
equity indexes in December
2010. In July, it boosted its target to roughly 6 trillion ($53
billion) worth of ETFs each
year. Its holdings had swelled to
about 13 trillion by late Novemberequal to around twothirds of the money held by all
Japanese ETFs, according to a
Journal analysis of data from
the central bank and Morningstar.
While the BOJ doesnt disclose which ETFs it has bought,
it is possible to estimate its effective holdings in individual
companies by allocating its total ETF holdings across Japans
three main indexesthe Nikkei
225, the Topix and the JPX-Nikkei 400and then assuming it
owns shares according to the
weighting of each company in
that index, in line with typical
ETF practice.
The result is only an approximation, in part because the BOJ
has bought ETFs at various
points in time, when the market
weighting of the index-linked
ETFs might have differed.
Gently Does It
The market value of the holdings
of the Chinese national team
has moderated but remains high.
1.25 trillion yuan
1.00
0.75
0.50
0.25
0
2015
16
Note: 1 trillion yuan = $145.2 billion

Sources: Wind Info; UBS Securities estimates
Still, analysts who reviewed

the Journals methodology said
it does give a sense of the scale.
The BOJ could effectively be a
large shareholder in companies
such as Mitsumi Electric Co.,
with an estimated 16.8% stake;
Uniqlo owner Fast Retailing Co.,
with about 13.5%; and industrial-robot manufacturer Fanuc
Corp., with roughly 8.5%.
For the BOJ to become a
major shareholder of listed
companies is against the principle of the marketplace, so they
should stop, Tadashi Yanai,
chief executive of Fast Retailing,
said in an interview. The mistake they are making is they
think they can control the market.
When asked for comment, a
BOJ official referred to remarks
made by BOJ Gov. Haruhiko

Kuroda last month, in which the
central-bank chief said he
doubted there was any significant market distortion due to
the stock ETF purchases. The
official declined to comment
further.
Companies in which Japans
central bank effectively has a
large stake tend to have higher
share prices relative to their
earnings, according to Shingo
Ide, chief equity strategist at
think tank NLI Research Institute. The price-to-earnings ratio
of the companies in which the
BOJ effectively is buying 10% of
the shares available for trading
was eight points higher on average than their industrys median as of late October, he said.
I wish it wasnt happening,
but its happening, said Robert
Sharpe, who manages an international equity fund at Milwaukee-based Heartland Advisors.
Mr. Sharpe said trading could
become more difficult as the
number of available shares
shrinks because of the BOJ purchases.
In China, Central Huijin Asset Management, part of
Chinas main sovereign-wealth
fund, and China Securities Finance Corp., which provides
margin financing to the countrys brokerages, have been
buying shares to support Chinese stock markets since the
market rout in the summer of
2015.
Collectively, those firms
along with newly forged Wutongshu Investment Platform, a
subsidiary of Chinas foreign-exchange regulatorwere among

the 10-biggest shareholders in
1,154 listed Chinese companies
by the end of September, according to UBS Securities.
Any suggestion that the national team is active can produce a frenzy of buying among
mom-and-pop investors, said
Sean Taylor, chief investment
officer for Asia-Pacific at
Deutsche Asset Management.
Central Huijin Asset Management, China Securities Finance
and Wutongshu Investment
Platform declined to comment.
Others say the national
teams presence has made the
market more dull. Big statebacked funds have been selling
down blue-chip shareholdings
whenever the market rallies for
a few sessions in a row, then
buying them back if any selloff
steepens. The main Shanghai
market has traded in a much
narrower range this year than
in 2015, and volumes of stock
traded in Shanghai and Shenzhen are around a quarter of
the peak reached in the summer
of 2015.
The most important thing
for China is that they forget the
market for a while and do
whats right in terms of regulation, said Binay Chandgothia, a
portfolio manager at Principal
Global Investors who is based in
Hong Kong. Money will automatically come in.
Yifan Xie,
Megumi Fujikawa
and Brian Blackstone
Tuesday, December 6, 2016 | A6A
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WORLD NEWS
U.S. Strains to Save Iraq Alliance Libyan

Forces
Baghdad budget battle
threatens gains by
military, Kurds against
Islamic State in Mosul
Retake
Key City
Iraqi soldiers took cover during an operation against Islamic State militants in the Intisar neighborhood in eastern Mosul on Monday.
operation is keeping cooperation
between the Kurdish fighters
and the army. Relations between
Iraqs Arabs and the Kurdish minority have been strained for
decades, and the Kurds control a
large share of northern Iraq, including routes into Mosul.
But in an unprecedented
move, Kurdish authorities have
allowed Iraqs military to assault
the city from Kurdish territories. Kurdish-controlled roads
have remained critical supply
lines for Iraqi forces fighting inside Mosul and important corridors for evacuating the
wounded for medical treatment.
At the same time, political
tensions are coming to a boil
between Kurds and Iraqi Arabs. Parliament is mired in a
fractious budget debate over
funding for the Peshmerga,
one that led several Kurdish
Political tensions are

coming to a boil
between Kurds and
Iraqi Arabs.
lawmakers to walk out in protest on Sunday.
Kurdish lawmakers argue
that the Peshmerga should receive funding from the federal
government since the group is
legally part of the Defense
Ministry. Iraqi lawmakers have
said the Kurdish armed forces
have an independent command
structure and should be funded
by the semiautonomous Kurdish Regional Government.
In recent days, Mr. McGurk
has highlighted the successful
military cooperation in meetings with Kurdish and Iraqi officers, saying the coordination is
unprecedented so well try to
harness that spirit for a whole
host of issues across the board.
During the meetings, Kurdish generals told Mr. McGurk
they would uphold the agreements with the Iraqis but
urged him to pressure Baghdad to allocate funding for
them and provide greater assistance for civilians fleeing
the fighting in Mosul to Kurdish regions. The generals expressed their hope the U.S.
would remain involved in securing Iraq even after Islamic
State is defeated.
Since Donald Trumps U.S.
election victory in November,
Iraqis and Kurds have been worried that he might decide
against maintaining the finan-
cial and military support that

has allowed them to reclaim 56%
of the territory Islamic State
took over during a sweep of the
country in 2014. Mr. Trump has
promised a new but still unspecified approach to fighting the
militant group, while also advocating a diminished American
role in the Middle East.
In his visit on Monday, Mr.
McGurk stood on a defensive
berm Peshmerga soldiers built
after evicting Islamic State
from Bazkertan, a village about
25 miles east of Mosul, and told
the fighters they had paved the
way for Iraqs elite counterterrorism forces to enter the city.
They could never have begun the assault into the city
without all of you, he said.
Thanks America! Thanks
Obama! an officer shouted
back in Kurdish.
Libyan forces backed by

U.S. airstrikes retook the
coastal city of Sirte from Islamic State, ending a monthslong battle for the extremist
stronghold and dealing a fresh
blow to the militant groups
regional ambitions.
Mondays victory was secured when forces loyal to the
United Nations-backed government in Tripoli took over the
last militant-controlled neighborhood in Sirte, a spokesman
for the military offensive said.
Dozens of Islamic State fighters surrendered, and women
and children accompanying
them were transported to government-controlled territory.
The toll for government
forces in the battle to retake
the Mediterranean coastal city
was heavy: Nearly 700 of the
pro-government fighters were
killed and many more wounded
since the offensive began in
May, according to authorities.
Islamic States rule over Sirte
is now over, said the spokesman, Mohammed al-Ghasri.
Islamic States defeat in
Libya comes as its forces are
under attack in Syria and Iraq,
where its leaders reside and
from where it manages its affiliates such as Sirte.
Sirte was the hometown of
Libyas former dictator Moammar Gadhafi and fell under Islamic State rule in March 2015.
The militia of the powerful citystate of Misrata in May began
an offensive on the 170-mile
stretch of Mediterranean coastline held by Islamic State, culminating in Mondays victory.
The U.S. threw its weight behind the offensive in August and
began providing air support for
pro-government forces.
Hassan Morajea in Tunis
GEORGE OURFALIAN/AGENCE FRANCE-PRESSE/GETTY IMAGES
BAZKERTAN, IraqThe U.S.

is trying to preserve the fragile alliance between Kurdish
fighters and Iraqs military
that has made significant battlefield gains against Islamic
State in Mosul but is now
threatened by a budget battle
in parliament and uncertainty
over the policies of the incoming Trump administration.
Brett McGurk, President Barack Obamas top envoy for the
U.S.-led international coalition
fighting Islamic State, on Monday made a rare visit to a military checkpoint near Mosul,
the militants last major
stronghold in Iraq.
There he assured Kurdish
fighters, called the Peshmerga,
that the U.S. would continue to
stand by them as long as they
remain united with the Iraqi
government against Islamic
State.
Without the cooperation of
the Peshmerga [and] the Iraqi
militaryDaesh would be in Mosul forever, Mr. McGurk told
Kurdish officers, using the Arabic acronym for Islamic State.
Mr. McGurk, a key official in
the 68-nation alliance fighting
Islamic State in Iraq and neighboring Syria, has been meeting
with political and military leaders for several days. The visit
comes as Mr. Obamas presidency winds down and the fight
grinds on to oust the Sunni
Muslim extremist group from
Mosul, Iraqs second-largest city.
Despite rapid gains since
the operation was launched in
October, fighting in the
densely populated eastern
portion of Mosul has become a
bloody street-to-street undertaking, with the military and
civilian death toll rising.
Among the challenges of the
BY MARIA ABI-HABIB
THAIER AL-SUDANI/REUTERS
BY TAMER EL-GHOBASHY
AND MICHAEL M. PHILLIPS
Pro-government troops patrolled in Aleppos eastern Karm al-Jabal neighborhood on Monday.
Aleppo Civilians in Despair

Over Broken Opposition
BY RAJA ABDULRAHIM
Civilians in Aleppos decimated rebel-held neighborhoods said their situation is
growing increasingly desperate as signs mount that the
opposition in the city faces potential collapse from the Syrian regimes latest onslaught.
Rebels in Aleppo estimate
that President Bashar alAssads forces and their allies
now hold some 60% of the territory in the city the opposition
controlled just over a week ago,
though the situation remains
fluid and difficult to assess.
An escape corridor connecting east Aleppo to the citys
safer government-held side
has been blocked by advancing
regime forces, residents said
Monday. Some 40 people died
last week as they were targeted by regime strikes while
trying to leave the east.
With the corridor closed, the
only option for civilians in the
east is to move deeper into
rebel-held neighborhoods, further from intense front line
fighting but still susceptible to
airstrikes, residents said. Residents reported dwindling food
supplies and few sources of heat
in increasingly cold weather.

Russia and China on Monday vetoed a United Nations
Security Council resolution
that called or a seven-day
cease-fire in Aleppo to allow
humanitarian aid access.
The mounting defeats are
causing despair among civilians
and fighters. Even as rebels reported retaking a neighborhood
600
Residents killed by airstrikes in

rebel-held areas in recent weeks
from Mr. Assads Russianbacked forces and allied foreign

Shiite Muslim militias on Monday, some civilians said they
had lost hope that rebels could
defend their foothold in Aleppo,
once Syrias largest city.
The opposition has been
broken, and the people are dying. We want to leave, we want
negotiations, said Baraa Omar,
an engineer-turned-nurse, a day
after surviving what she called a
barrel-bomb attack on the field
hospital in which she worked.

Were exhausted and we need
to save those who are left.
More than 600 people have
been killed in Aleppo citys
rebel-held areas in the nearly
three weeks since the renewed
aerial offensive began after a
period of relative calm, according to the civil-defense
group known as the White Helmets, the only emergency responders in opposition areas.
Rebel mortar fire has since
killed dozens of others in the
citys government-held west, according to the U.K.-based Syrian
Observatory for Human Rights.
Civilian leaders in opposition neighborhoods last week
formed a negotiating committee in order to begin talks with
the regime to reach a brokered
agreement to end the current
onslaught. But committee
members said they have yet to
contact the regime as the situation in Aleppo remained in flux.
Such a deal could involve
the evacuation of civilian and
rebel fighters, followed by the
regimes takeover of the entire
city, similar to other deals brokered by the government and
opposition in areas under siege
near the capital, Damascus.
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WORLD NEWS
Renzi Resigns,
BY DEBORAH BALL
ROMEItalian Prime Minister Matteo Renzis resignation
on Monday after a decisive referendum defeat could herald
the end of aggressive efforts to
overhaul one of Europes
worst-performing
weakest
economies, compounding the
continents woes and increasing the stress on its common
currency.
Italian President Sergio Mattarella accepted Mr. Renzis
resignation on Monday evening, but asked him to remain
in power to oversee the passage of Italys 2017 budget,
likely at the end of this week.
Italys lower house already has
approved the bill, leaving the
Senate to vote on it.
With populism on the
march, whoever succeeds Mr.
Renzi is likely to be politically
weaker and wary of bold moves
that could alienate voters as
the European Unions fourthlargest economy contends with
a severe banking crisis and
strained public finances.
The premier resigned after
voters in a referendum on Sunday resoundingly rejected constitutional changes that would
have stripped power from the
Senate legislatures upper
house in an effort to streamline
lawmaking and make for more
stable governments.
After Mr. Renzi steps aside,
Mr. Mattarella will undertake
consultations with political parties to determine how to proceed. He is widely expected to
opt for the formation of a caretaker government to deal with
urgent issues such as a banking
crisis threatening to boil over.
EU
The
anti-establishment
partys demands include a
nonbinding referendum on
whether Italy should keep the
euro. Such a move could
spook financial markets and
destabilize Italys fragile
banking system, Ms. Pifano
acknowledged. The point,
she said, is to press Europe
to understand that theres a
problem. Its not Italy, nor
Franceits that this Europe
cant go on.
Other populist movements
want to go further. Frances
far-right National Front
wants to return to national
currencies. It calls for an orderly process in concert with
other EU nations, led by the
Franco-German motor, to
end the experience of the
euro. It hasnt laid out how
that process would work, nor
how to revive the French
franc if Germany wouldnt
cooperate.
Redoing treaties
The National Front wants
to renegotiate the EUs
founding treaties, not simply
quit them. Its demands for
change, including the return
of Frances net contribution
to the EUs budget and restrictions
on
migration
within the EU, would undermine the EUs signature policies.
Party leader Marine Le
Pen is a leading contender in
Frances presidential election
next year, though not the favorite. A win by her could be
the fastest route to an EU unraveling by setting a collision
course between France and
Germany, where EU defender
Angela Merkel is a favorite to
win a fourth term in fall 2017.
In most countries, a majority still supports membership of the EU and its currency. According to an EU
survey in May, the most recent, 54% of Italians, 69% of
Austrians and 73% of Germans want to keep the euro.
Only about one in three,
though, said they had a positive image of the EU.
The greatest long-term
threat to the EUs stability
could be Italy, whose economy has failed to grow since
the country joined the euro.
Italians this weekend resoundingly rejected constitu-
That caretaker government,

once approved by parliament,
would conduct the country to
new elections, which could be
brought forward from their
current timetable of spring
2018.
Economy Minister Pier Carlo
Padoan and Senate speaker Pietro Grasso are mooted as possible candidates. Some argue
Mr. Padoan has the edge in
light of the risk that the government may have to bail out
troubled Banca Monte dei Paschi di Siena SpA in the coming
weeks. Others say Mr. Padoans
candidacy would be a hard sell
to parties keen for a clean
sweep after the Renzi government.
Indeed, following Mr. Renzis
defeat, the antiestablishment 5
Star Movement, which had
pushed for the no vote, called
for snap elections. We dont
want and we wont support
makeshift governments, said
Luigi Di Maio, a leader of the
group, on Monday. Italians
have demonstrated the desire
to go to elections.
Mr. Renzi suffered a withering rebuke on Sunday, with 59%
of voters rejecting his proposal,
which would have stripped the
Senate of most of its powers
and replaced its 315 directly
elected members with 100 local
officials. The Senate would
have also lost its power to hold
votes of confidence on new
governments, leaving that responsibility entirely to the
lower house.
Mr. Mattarellas further consultations could move relatively
quickly, a welcome development given rising pressure on
Italys banking system. A new
ETTORE FERRARI/EUROPEAN PRESSPHOTO AGENCY
Heightening
Uncertainty
Prime Minister Matteo Renzi, center, arriving Monday at the Quirinale presidential palace in Rome, where he tendered his resignation.
government would then need
to win confidence votes in both
of Italys legislative chambers.
The 41-year-old had pushed
through a number of key reforms since taking power in
early 2014, notably a labor reform that loosens the rules to
hire and fire employees. Those
Italys president is
widely expected to opt
for the formation of a
caretaker government.
changes helped create some
600,000 new jobs, only partly
offsetting the one million jobs
lost since the crisis struck Italy
in 2008. The Renzi government
also had begun on an ambitious
overhaul of Italys tax rules and
its notoriously inefficient state
bureaucracy.
Now, business executives
and policy makers fear a new
government will shy away from
anything so bold, given the
fierce criticism aimed at Mr.

Renzi for his aggressive push.
Moreover, expected changes to
the electoral law will make for
weak coalition governments dependent on the sort of horsetrading that tends to dilute policy.
There is broad agreement on
the need to scrap an electoral
law passed by Mr. Renzi last
year. That law awards a dollop
of extra parliamentary seats to
the party that wins a plurality
of votes, thus granting the winner a clear majority in the legislature and increasing the
probability that it survives a
full five-year mandate.
Critics say the rules would
concentrate too much power
with the winning party. Those
concerns have grown with the
surge this year in the popularity of the 5 Star Movement,
raising fears that the new law
could help it come to power.
Polls show that about 30% of
voters would opt for 5 Star
candidates if parliamentary
elections were held today.
As a result, Italy is likely to
return to a proportional system
that produces broad-based coalition governments lacking the

strength to effect deep
changes.
At the same time, the probable short-term nature of a new
government and the likelihood
of new elections mean little
momentum in addressing Italys economic problems for at
least a year.
Italys trinity of economic
problemslack of growth, high
government debt and bank
(nonperforming loans)will
unlikely to be tackled, wrote
analysts at ABN Amro.
Italy has long struggled to
respond to the twin challenges
of euro membership and globalization. Its hourly productivity has grown just 5% in the
last 20 years, according to Alberto Alesina, a political economics professor at Harvard
University, compared with
growth of 40% in the U.S. and
15% in Spain.
In 2015, the economy grew
for the first time in four years,
but growth and job creation
quickly petered out. Output is
now so anemic that the IMF
Europeans on Europe
Image of the EU
Positive feelings toward the EU among its citizens have declined...
Fairly positive
Very positive
Fairly negative
EU Average
Austria
Italy
Germany
50 %
50 %
50 %
50 %
40
40
40
40
30
30
30
30
20
20
20
20
10
10
10
10
0
2006
10
16
0
2006
10
16
Very negative
0
2006
10
16
2006
10
16
Support for the Euro

...but most EU citizens still support the euro.
For
EU Average
Austria
Italy
Germany
80 %
80 %
80 %
80 %
70
70
70
70
60
60
60
60
50
50
50
50
40
40
40
40
30
30
30
30
20
20
20
20
10
10
10
10
0
11
12
13
14
15
16
0
11
12
13
14
15
16
12
13
14
15
16
Brenner Pass linking Italy

and Austria is a symbol both
of Europes openness and of
its threatened disintegration.
Fireworks, dancing, and
Beethovens Ninth marked
the moment here at 4,495
feet above sea level when Europes internal frontiers fell
in 1998. Soon afterward, the
euro swept away even the
currency-exchange kiosks.
Now, populists on both
sides of the pass say the
costs of common money and
having no borders are too
high. Italy is currently Europes biggest entry point for
African and Middle Eastern
migrants. Many, Germanybound, cross the pass on
foot.
Local innkeeper Gerhard

Meyer has turned against the
open Europe that once made
him a celebrity. He was the
first East German to cross to
the West when Hungary cut
open its fortified border with
Austria in 1989. He later settled in the Austrian village of
Steinach am Brenner, where
his hotel caters to travelers
who flood across the Alps.
For me, it was like the
Garden of Eden when the
borders were opened in Europe, Mr. Meyer said.
Now an Austrian citizen,
he wants strict border controls at the Brenner Pass, to
curb terrorism risk and stop
migrants he describes as
money-seeking welfare tour-
the river of trucks flowing

over the Alps. Populists fanning irrational fears risk
rending Europes economic
fabric, Mr. Pan said.
South of the Alps, unending economic pain since 2008
is the biggest source of disillusionment with the EU. Fiscal austerity required before
the European Central Bank
would prop up Italys fragile
bond market deepened its recession and left Italians bitter at a eurozone they see as
dominated by German interests and strictures.
As premier, Mr. Renzi lobbied the EU to allow Italy
more breathing space, while
also pushing labor-law and
other changes urged by Germany and the ECB to make
Italy more competitive. The 5
Star Movement led the campaign against his plan.
Europe, high finance and
[German Finance Minister
Wolfgang] Schuble wanted
these reforms, because they
would help Italys creditors
push through unpopular economic measures and austerity, said Paul Koellensperger,
an
internet
entrepreneur and 5 Star
Movement politician in Bolzano.
Border traces
0
11
Source: Eurobarometer surveys for European Commission; most recent conducted May 21-31, 2016,
face-to-face interviews of 27,818 EU residents; margin of error per country approximately 3.1 percentage points
tional changes proposed by

Prime Minister Matteo Renzi,
who resigned on Monday. His
failed plan was to streamline
Italian politics, to unlock economic changes that European
authorities view as vital for
Italys viability in the euro.
Italys 5 Star Movement
wants to shake up the EU, including by casting off its German-sponsored fiscal shackles. Italys anti-immigrant
and regionalist
Northern
League, by contrast, wants to
quit.
This Alpine region was a
battleground in both of Sundays elections, fought over
many of the themes that will
shape Europes elections in
2017. North of Bolzano, the
Against
predicts Italys economy wont

return to its precrisis size until
2025.
Some in the Italian business
community lamented the
missed opportunity to further
advance the pro-market reforms pushed by Mr. Renzi.
Its like when you set the
date for a wedding and then
you dont show up, said Andrea Illy, chairman of coffee
maker Illycaff. This is a country that doesnt want to be reformed.
Finally, the prospect of a 5
Star government, whose economic proposals include a nonbinding referendum on Italys
membership in the euro and a
universal income for all Italians, will push parties to circle
the wagons and shy away from
major changes.
Im very worried about the
5 Star Movement, said Luca di
Montezemolo, chairman of Alitalia SpA and vice chairman of
Italys largest bank UniCredit
SpA. They need to prove that
they are able to run a country
and that they dont only say
no.
11
12
13
14
15
16
ists. Like many in this region, Mr. Meyer voted for the
candidate of the far-right,
EU-skeptic Freedom Party in
Sundays election for the ceremonial but symbolically important Austrian presidency.
It lost but scored its highestever electoral support.
For Stefan Pan, a local
Italian industrialist, the kind
of border controls Mr. Meyer
and the Freedom Party seek
would be a disasterlike
bringing back the Berlin
Wall.
His company, Pan Surgelati, is a world leader in apple strudel. Much of the 20
miles of strudel his plant
churns out daily is exported
to Austria and Germany, via
At the Brenner Pass,

dashes of green paint on the
asphalt mark the border between Austria and Italy.
Abandoned apartments that
once housed Italian customs
officials stand opposite a
shiny new mall. Inside, people from all over Europe mill
around a display of photos
from the past: soldiers, tollgates, the Nazi flag.
On Sunday night, relief
among pro-EU Austrians was
palpable after the center-left
candidate for head of state,
Alexander Van der Bellen,
held off the Freedom Partys
Norbert Hofer. Yet even Van
der Bellen supporters who
gathered at a cultural center
in Innsbruck said Europe
needs a rethink.
Retiree Evelyn Kiss said
the EU is dominated by
global business and big corporations, echoing rhetoric
used by populists of both the
left and right. The answer,
she said, is to reform the EU,
not to topple it.
The EU is like democracy, Ms. Kiss said. We
need it, there is nothing better, but we must work at it.
* *
WORLD NEWS
Italian Vote Delays Move on Troubled Banks

Monte dei Paschi, its
Bad-Debt Troubles
recapitalization plan in Nonperforming loans as a
doubt, faces prospect percentage of all outstanding
loans at end of June 2016
of nationalization
Greece
ROMEItalian bank stocks

tumbled after voters rejected
constitutional overhauls, stirring fresh turmoil in the nations battered financial sector
and possibly putting troubled
lender Banca Monte dei Paschi di Siena SpA in line to be
nationalized, people familiar
with the matter said.
A decision on how Monte
dei Paschi should proceed may
take several days, a person familiar with the matter said.
Monte dei Paschi closed
4.2% lower in trading in Milan
on Monday, while Banca
Popolare di Milano ended the
day 7.9% lower. UniCredit SpA,
Italys largest bank by assets,
fell 3.4%.
Monte dei Paschi and its
advisers have decided to wait
at least three days before deciding whether to go forward
with the banks 5 billion
($5.30 billion) recapitalization
plan, a person familiar with
the matter said Monday after
the no vote in Italys constitutional referendum on Sun-
47.0%
Italy
16.4%
Spain
6.0%
EU average
CHRIS RATCLIFFE/BLOOMBERG NEWS
BY GIOVANNI LEGORANO
AND DEBORAH BALL
5.4%
France
4.0%
Germany
2.7%
U.K.
2.2%
Source: European Banking Authority
Pedestrians passed a branch entrance after the referendum unsettled Italys already shaky banks.
day threatened to derail it.

That person said the advisers and Monte dei Paschi hope
to know who the new Italian
prime minister will be before
making a decision. Prime Minister Matteo Renzi tendered
his resignation Monday to Italian President Sergio Mattarella. Mr. Mattarella accepted it and asked Mr. Renzi
to remain in power long
enough to oversee the passage
of Italys 2017 budget law.
Any sign that the new
prime minister will follow in
the footsteps of the current

government and help stabilize
the market will be seen positively by potential investors in
Italys distressed banks.
The person said Monte dei
Paschi and the investment
banks working with the Tuscan lender would decide on
the recapitalization by Friday.
On Sunday, Italians rejected
a change to Italys constitution
proposed by Mr. Renzi.
European Central Bank Governing Council member Ewald
Nowotny said the prospect of
a public bailout of Italys

banks was real. The difference between Italy and other
countries is that in Italy there
has essentially been no state
aid or takeovers, Mr. Nowotny said in Vienna. It is
not to be excluded that state
aid is necessary, he said.
Monte dei Paschi met with
its advisers on Monday to consider its next move, the people
said. The banks board is
scheduled to meet on Tuesday.
Another person familiar
with the matter said the Ital-
ian government and the European Commission have been

in touch about Monte dei Paschis potential nationalization.
While it could take two
weeks for a new government
to choose cabinet members
and secure votes of confidence
in parliament, a decision on
how to treat Monte dei Paschi
could come sooner, perhaps as
soon as Mr. Mattarella names
a prime minister-designate.
Investors and bank executives hope that Mr. Mattarella
will ask Economy Minister
Pier Carlo Padoan, a respected

economist who has spearheaded the governments efforts to clean up Italys banks,
to form a new government.
After a prime minister-designate is named, the advisers
and government officials
would begin discussing a rescue, including the losses to be
imposed on investors. Retail
investors hold 2 billion of
Monte dei Paschis junior
bonds.
The prospect of political instability and a change of government in Italy have created
volatility in financial markets
for weeks and Italys banks
have underperformed the rest
of the Italian stock market so
far this year.
Investors, policy makers
and analysts are concerned
that Mr. Renzis departure will
end the governments efforts
to clean up the banking sector,
which suffers from low profitability and huge bad loans.
Monte dei Paschis troubles
are unlikely to directly affect
other European banking markets, analysts and bankers
said. Currently less than 2% of
European banks credit exposure is to Italy, according to
analysts at Credit Suisse.
Todd Buell in Vienna, Max
Colchester in London and
Natalia Drozdiak in Brussels
BY VIKTORIA DENDRINOU
AND NEKTARIA STAMOULI
BRUSSELSEurozone finance ministers, seeking to get
the International Monetary
Fund to participate in Greeces
bailout, agreed on a package of
short-term measures that
could ease the countrys debt
load by around a fifth in 2060.
The ministers, gathering in
Brussels for their monthly
meeting on Monday, had hoped
to move closer to agreeing on
a set of overhauls Greece must
enact under its bailoutwhich
could reach 86 billion ($92.3
billion)as well as a series of
debt-relief measures from its
European creditors. Both steps
are required to get the IMF to
participate in the bailout.
But while the finance chiefs
approved some debt-relief measures, they didnt reach enough
common ground to get the IMF
to agree to lend to Greece
again. The IMF is expected to
decide whether it will join
Greeces bailout once a second
debt review is completed.
More discussions are
needed but clearly we are still
well away from an agreement,
an IMF official said.
Several eurozone countries
led by Germany and the Netherlandshave demanded IMF
participation as a condition for
them to agree on fresh loans.
Jeroen Dijsselbloem, the
Dutch finance minister who
presided over the meeting,
said there was no agreement
among eurozone countries on
the targets for Greeces primary surplusthe governments budget balance excluding interest paymentsfor the
EURO
Greece stomached capital controls and a new bailout and
didnt leave the euro.
For investors, however, the
repeated tests erode confidence and reawaken existential questions. Weve seen
these games many times before, said Richard Benson, cohead of portfolio investments
at Millennium Global Investments in London. The euro
recovers, but each of these political events goes by and the
eurozone takes another hit, so
one wonders how long this
can be sustained.
And next year will pose
many more tests. Elections
will come in 2017 in Germany,
France and the Netherlands.
Consulting firm Bain & Co. has
told clients to withhold new
investments in Western Europe, warning that a breakup
of the euro is likely.
An eventual fracturing of
the common currency would
likely be a calamitous event
for financial markets. Widespread capital controls would
years after 2018. The size of

the surpluses that Greece is
expected to run is key in determining the extent of its debt
relief.
The IMF official said the
fund would need to know the
primary surplus targets for the
medium and long term before
it could assess the sustainability of Greek debt.
Easing Greeces debt load is
a crucial condition for the IMF
to participate in the bailout
and provide fresh loans.
In May, Greeces creditors
agreed on a framework of
short-, medium- and long-term
measures aimed at bringing
Greeces debt down to levels
viewed as sustainable without
burdening European taxpayers.
The short-term debt relief
agreed Monday includes three
sets of measures. The most effective ones would lock the interest rate Greece pays on some
current and future loans, shielding the country from paying
higher interest rates in future.
The total impact on the
countrys debt-to-gross domestic product is estimated at
around 20 percentage points.
The IMF has been pressing
for deeper debt relief than the
eurozone has been willing to
grant, and officials say the
short-term measures proposed
by the ESMand which finance
ministers are expected to endorsewouldnt be sufficient to
meet the funds requirements.
However, Germany and
other eurozone countries have
been reluctant to discuss further debt restructuring beyond the short-term measures
until 2018, after elections in
Germany and the Netherlands.
be needed to prevent destabilizing rushes of money from
countries deemed likely to
have a weak posteuro currency
to those expected to have a
strong one. Huge swaths of financial infrastructure, including derivatives markets and
common banking systems,
would need to be disaggregated.
Indeed, fears of the chaos
even one countrys exit
would cause proved to be a
powerful glue holding the
eurozone together during its
debt crisis. Since then, there
has been a flurry of changes
meant to bind it still tighter,
most notably, closer and
more consistent supervision
of banks and tougher fiscal
rules.
Yet the work isnt fully
done: The Continentwide
banking union is still elusive, and there is little movement toward the more-distant
goal of the sort of federal
treasury and budget that redistribute money across the 50
states of the U.S.
And with a host of euroskeptic parties braying at the
heels of governments now, the
prospects for either have re-
BERTRAND GUAY/AGENCE FRANCE-PRESSE/GETTY IMAGES
Eurozone Approves
Greek Debt Relief
Prime Minister Manuel Valls, a centrist in the Socialist party, announced his candidacy at the town hall of Every, near Paris, on Monday.
French Premier Vies for Presidency

BY MATTHEW DALTON
PARISPrime Minister Manuel Valls declared his candidacy for the French presidency, seeking to bolster the
lefts electoral chances amid
record-low approval ratings
for the Socialist government
he helped lead for the past 2
years.
Surrounded by supporters
on Monday, Mr. Valls cast himself as an experienced hand
ready to stand against authoritarian and populist political
forces that have risen around
France.
I want an independent
France, he said, inflexible in
its values faced with the China
of Xi Jinping, the Russia of
Vladimir Putin, the America of
Donald Trump, the Turkey of
Recep Erdogan. We need
strong experience in this
world.
Mr. Valls is running as a
centrist in the Socialist party
amid a crowded field of candi-
dates on the left. His low approval ratings show his candidacy faces an uphill climb;
opinion polls suggest he would
lose easily in the first round of
the general election to Franois Fillon, the top centerright candidate, and Marine Le
Pen, leader of the far-right National Front.
Still, Mr. Valls is more popular than his boss, President
Franois Hollande, whose decision last week not to stand for
re-election cleared the way for
Mr. Valls to run.
Mr. Valls said his candidacy
would act as a bulwark against
the possibility of Ms. Le Pen
winning the presidency.
The extreme right is today
on the verge of power, he
said. It would remove us from
Europe, and from history.
Mr. Valls also took aim at
Mr. Fillon, whose sweeping
plan for economic liberalization helped push him to victory in last months centerright primary.
Mr. Fillon has proposed to
Devalued
How many dollars one euro buys
Brexit
vote
$1.40
1.35
1.30
1.25
1.20
1.15
1.10
1.05
1.00
2014
15
Source: WSJ Market Data Group
ceded further.
The euro, as a financial instrument, has declined since
early 2014, when it was near
$1.40. But that shift has been
led by a sharp divergence in
monetary policy: The U.S. Federal Reserve is moving away
from monetary easing, while
the European Central Bank is
deep in an experiment of negative interest rates. To a large
degree, a weak euro is a good
thing for the eurozones efforts to build exports and return ultralow inflation to
healthier levels. Analysts said
that monetary-policy split will
continue to keep the euro de-
16
pressed, but that politics is

looming as a force.
The euro is in a downward
spiral, said Francesco Filia,
who manages $300 million as
head of Fasanara Capital in
London. Mr. Filia is betting
that the euro will fall against
the dollar as Frances elections draw closer. Ultimately,
we are very bearish for the
prospects of the European
Union surviving the next couple of years in its current
form.
To be sure, the eurozones
demise has been predicted
many times before. The currency enjoys solid popularity
slash government spending,

eliminate as many as 500,000
civil-servant posts, raise the
retirement age and cut taxes
for the wealthy.
I dont want civil servants
to work more to earn less,
Mr. Valls said, defending one
of the Socialist partys key
constituencies.
I dont want our children

to have fewer teachers, that
our cities and countryside
have fewer police and gendarmes, he said.
Mr. Valls may have trouble
emerging from the Socialists
primary. He remains an unpopular figure within the left
wing of the party, which he
angered by championing a law

to strip the citizenship of
some French nationals who
are convicted of terrorist
crimes.
Mr. Hollande backed away
from that proposal amid stiff
opposition from his own party
and some on the right.
Mr. Valls also pushed a
change to labor law that
aimed to make it easier for
French businesses to fire
workers, further alienating
party activists.
Among Mr. Vallss main rivals for the Socialist nomination is the leftist Arnaud Montebourg, the former economy
minister in Mr. Hollandes government.
If Mr. Valls wins the party
primary, scheduled for the end
of January, he would face another former minister, Emmanuel Macron, a pro-business economy minister who
quit Mr. Hollandes government in August after launching his own political movement.
among Europeans who use it.

And while euroskeptic parties
have made strides in opinion
polls, they have had less success reaching public office in
the eurozone. On Sunday, Austrians voted against a far-right
populist candidate for the
largely ceremonial post of
president.
Unless and until an antieuro group is running a euroarea government, outcomes
like today create intraday volatility rather than trend euro
weakness, said John Normand, head of international
foreign-exchange and rates
strategy at J.P. Morgan Chase
& Co.
Several analysts said the
euro could reach parity with
the dollar next year. That
hasnt happened since 2002.
Before
the
referendum,
Deutsche Bank AG forecast the
euro would fall to $0.95 by the
end of next year, while Citigroup Inc. foresees the euro
tumbling to $0.98 in the next
six to 12 months.
A mitigating factor for the
euro might come from an unexpected place, a strengthening European economy. There
are tentative signs that the eu-
rozone, which has been

plagued by low growth and
high unemployment since the
financial crisis, is turning the
corner.
Manufacturing and consumer optimism have also rebounded, data show.
The end of a long period of
economic weakness could give
the ECB enough comfort,
eventually, to pull out of negative rates and slow down or
stop its bond purchases. That
would boost the euro. Another
effect of a strengthening economy might be to dull the disintegrationist push of populist
parties.
The next big test for Europe could come from
France, a country that has
helped push eurozone integration. Current polling suggests that the far-right National Front leader Marine Le
Pen is a leading contender in
Frances presidential election
next year, though she isnt
the favorite. Ms. Le Pen
wants to pull France out of
the euro.
Christopher Whittall,
David Wighton
and Ira Iosebashvili
Manuel Vallss low

approval ratings
show he faces an
uphill climb.
* *
WORLD NEWS
Brazil Judge Ousts Indicted Senate Chief

Powerful post falls to
political rival who
opposes presidents
overhaul efforts
Construction Firms
Accused of Rigging
Soccer Stadium Bids
BY LUCIANA MAGALHES
AND JEFFREY T. LEWIS
ERALDO PERES/ASSOCIATED PRESS
SO PAULOA Brazilian
Supreme Court judge on Monday ordered the Senates president to relinquish his powerful post while he faces
embezzlement charges, leaving
it to a political rival who opposes major fiscal reforms
now making their way through
Congress.
The judges order requires
Senator Renan Calheiros to
step down immediately from
the presidency, but he can
keep his Senate seat. Mr. Calheiros was indicted last week
on charges of stealing from
public coffers by falsifying expense charges a decade ago.
He has denied wrongdoing.
Mr. Calheiross suspension
could present a major challenge for President Michel Temers efforts to get unpopular
austerity measures through
Congress to help close a worrisome budget deficit. Mr. Calheiros, a fellow member of the
presidents Brazilian Democratic Movement Party, has
been shepherding through
Congresss upper chamber a
proposed
constitutional
amendment that caps government spending.
The chambers presidency
now falls to Sen. Jorge Viana
of the opposition Workers
Party, or PT. The PT has vehemently opposed the spendinglimit proposal, as well as Mr.
RIO DE JANEIROBrazils
World Cup soccer stadiums
had their costs inflated by
construction companies that
acted as a cartel to overcharge taxpayers, authorities
said Monday, citing information obtained in a leniency
deal with one of the firms.
Construction giant Andrade Gutierrez Engenharia
SA turned over evidence of
bid-rigging in tenders for as
many as eight of Brazils 12
World Cup venues, antitrust
agency CADE said Monday.
CADE said at least five other
large construction firms participated in the cartel.
The allegations reinforced
widespread suspicions among
many Brazilians that the billions of dollars in public contracts awarded for the 2014
World Cup and 2016 Olympics
were marred by corruption.
Paul Kiernan
Senate President Renan Calheiros, left, speaking in the Senate last week as Judge Sergio Moro, who leads a graft probe, looks on.
Temers plans for a drastic
overhaul of public pensions.
This decision sets the
country on fire, said Leonardo Barreto, a political scientist in Braslia. Now you
have PT with the power to set
the voting schedule in the
Senate.
Many of the left-wing
partys members are still angry about Mr. Temers role in
ousting former President
Dilma Rousseff in August following a hotly contested im-
peachment trial. Having vowed

to resist Mr. Temers government, the PT now has gained
powerful leverage to impede
the new presidents plans.
A vote of the full Supreme
Court could overturn the
judges decision, but such a reversal isnt expected, veteran
court watchers say.
Brazils economy has been
mired in recession for almost
two years and the governments financial situation has
deteriorated sharply.
probe. Thousands of Brazilians

protested against corruption
on Sunday, with many demonstrators denouncing Mr. Calheiross move and calling for
his ouster.
Mr. Calheiros is also the
target of other criminal investigations, including several
linked to the Car Wash kickback probe, which is centered
on state-controlled oil company Petrleo Brasileiro SA.
The judges order was in response to a request by an op-
Investors have been counting on Mr. Temer to implement tough austerity measures aimed at shoring up
Brazils shaky finances. Recent
economic indicators, however,
have been disappointing, adding pressure on the new president to produce results.
Mr. Calheiros has been a
target of public ire recent days
after he led a failed attempt to
speed the passage of legislation weakening the Operation
Car Wash anticorruption
WORLD WATCH
for what they said was attempting to overturn the will of the
British people, the majority of
whom chose to break away from
the bloc in a June vote.
Jenny Gross
UNITED KINGDOM
Miliband a Candidate
To Lead U.N. Division
INDIA
Revered Tamil Nadu

Leader Dies at 68
LILLIAN SUWANRUMPHA/AGENCE FRANCE-PRESSE/GETTY IMAGES
The incoming secretary-general

of the United Nations, Antnio
Guterres, is considering appointing
former U.K. Foreign Secretary David Miliband as the head of
United Nations Development Program, according to diplomats.
Mr. Miliband, once a rising
star in the Labour Party, left
British parliament in 2013 to become president of the International Rescue Committee, an organization that oversees
humanitarian relief operations in
war-torn countries. He would replace Helen Clark, former prime
minister of New Zealand, who
has been the head of the UNDP
since 2009.
It isnt clear whether Ms. Clark
will pursue another term. She declined to comment about her future at the U.N. or about Mr. Miliband as a potential successor.
Mr. Guterres, a former prime
minister of Portugal, will take the
helm of the U.N. on Jan. 1 and is
expected to make extensive
changes in its various departments, known collectively as the
Secretariat, and across the U.N.s
various agencies. A spokeswoman for Mr. Guterress transition team said no decisions have
been made.
Farnaz Fassihi
REMEMBRANCE: A woman held a picture of the late Thai King Bhumipol Adulyadej during a
commemoration of his birthday in Bangkok on Monday. The kings son took the throne last Thursday.
UNITED KINGDOM
Top Court Hears

Brexit Appeal
The Supreme Court began
hearing arguments over whether
Prime Minister Theresa May has
to consult Parliament before
starting the countrys exit from

the European Union, in a case
with potentially deep repercussions for the countrys future relationship with the bloc.
The government is appealing
a High Court ruling that found
the British leader doesnt have
the right to unilaterally trigger
exit talks with the EU without

the approval of Parliament. If
that verdict is upheld, lawmakers
could have an opportunity to
steer Mrs. May toward an exit
with stronger ties to the bloc.
The four-day hearings will be
closely watched in the U.K., where
last month some slammed judges
position party to prohibit politicians facing criminal charges

from being in the line of succession for the presidency.
The Senate president is
normally third in line after the
vice president and the speaker
of the house. The position of
vice president is vacant since
Ms. Rousseffs removal from
office, after which her vice
president, Mr. Temer, moved
into the presidential palace.
Paulo Trevisani
Acting Leader
Of Uzbekistan
Wins Big
In Election
BY THOMAS GROVE
The powerful chief minister of

the state of Tamil Nadu whose
fervent following was matched
by few other Indian politicians,
Jayaram Jayalalithaa, died late
Monday after she failed to recover from a cardiac arrest.
Ms. Jayalalithaa, known fondly
as Amma or mother in the southern state of more than 70 million,
had been recovering from a
monthslong illness in the hospital.
She was 68 years old.
Ms. Jayalalithaa, whose years
as an actress catapulted her to
fame before she turned to politics, had governed her party with
absolute authority. During her 35year political career, she moved in
and out of the chief ministers
seat several times and was convicted of corruption, though the
charges were later reversed.
Police were deployed across
the state in case her death triggered the kind of widespread violence and suicides that followed
the death of her mentor in 1987.
Niharika Mandhana
MOSCOWActing President
Shavkat Mirziyoyev won a resounding victory in Uzbekistans first presidential election since the death of
longtime authoritarian leader
Islam Karimov.
The vote was carried out
peacefully in Central Asias
most-populous country, which
saw economic decline under
Mr. Karimovs rule amid rampant corruption and international criticism over accusations of human-rights abuses.
Observers from the Organization for Security and Cooperation in Europes vote-monitoring body said the election
lacked competition.
Mr. Mirziyoyev worked as
prime minister under Mr. Karimov from 2003 until the
leaders death in late September, when he quickly circumvented the constitution to take
over as acting president. Uzbekistans central election committee said preliminary results
showed Mr. Mirziyoyev had
won almost 89% of the vote
and a nearly 88% vote turnout.
of canvas, wood, silk, steel, and

whalebone, were unreliable, and
more than 70% of jumpers died
in the early 1900s, according to
World Wingsuit League, which
organizes competitions around
the world.
So after 2,800 jumps, how
has Mr. Morgan staved off disaster?
Rule No. 1 is not to make any
big changes in the suits, according to Mr. Gerdes, who jumps
with Mr. Morgan. He said he
will tweak aerodynamics factors
like the surface area and shape
of the wingbut only slightly.
That allows us to avoid major
surprises, and you dont want
major surprises, said Mr.
Gerdes. We dont test a bunch
of sketchy designs or equipment, and we have never made
a prototype you cant fly. Its
not like we jump out of a plane
and just see how it goes.
As a test pilot, Mr. Morgan
said he can feel the smallest of
design changeswhether a suit
needs more stability in a turn
or needs to be more forgiving
during parachute deployment.
When something doesnt work,
he knows it on the first jump.
They have tried some really
wacky designs he said. Ive
flown a couple of weird ones.
The Squirrel team tests dozens of wingsuits at a time. They

take notes on performance and
handling and draw up new computerized designs. Squirrel
Wingsuits offers eight to 10
suits, ranging from $1,300 to
$1,900. The company declined
to share sales numbers. Enthusiasts estimate there are about
4,000 wingsuit pilots worldwide. Beginners require at least
200 skydiving jumps, while advanced pilots require 450.
The last series of modifications the Squirrel team worked
through was code named Project Darkwater. They tested
mostly expert-level wingsuits,
designed for competition flying
and stability. We have learned
this through trial and error,
Mr. Morgan said, and you dont
want to be the error.
Regulation is coming, Mr.
Morgan added. You see unqualified people showing up at
the same jump spots, he said.
They need to make laws and
regulations. It burns me to the
bone to say that, because I hate
regulations more than anyone.
Some people ask him if they
are ready to jump. But if you
have to ask, he said, then youre
not ready. Better just pick up
bowling, dude.
WINGS
arms and legs. When youre
walking around in the suit, its
just big floppy material, said
Luke Aikins, the director of Red
Bull Aces, an annual wingsuit
slalom competition. But once
you jump and get moving in the
sky, air is being rammed into
inlets in the suit, so it pressurizes and becomes a three-dimensional wing.
When the wings fill with air,
the suit becomes an airborne
bubble. There are no controls
the pilots body is the craft.
People wearing the suits jump
off structures or out of helicopters and glide around, making
aggressive turns and steep
dives until theyre ready to
open a parachute and land.
It is Mr. Morgans job to be
the first to try new suits
something he insists isnt as insane as it seems. Im not going
to put something on thats going to kill me, he said. I have
an interest in life and living.
While flying in a wingsuit
might seem dumb and dangerous, Mr. Morgan said, it
doesnt come down to being
fearless. Im more scared of

those who arent afraid. Up
there fear keeps you alive.
Mr. Morgan, 30 years old,
camps at jump zones from the
French Alps to the Great Wall
as he partakes in a type of skydiving known as BASE jumping,
an acronym for the objects from
which people jumpbuildings,
antennas, spans and the Earth.
He spends hours poring over
terrain on Google Earth. Hes
constantly looking for new, unjumped locations, said Matt
Gerdes, CEO of Squirrel Wingsuits, the company for which
Mr. Morgan is a test pilot.
At the risk of stating the obviousits a dangerous hobby.
Thirty-one people died this year
while flying in a wingsuit, according to the BASE Fatality
List. In October, in Chamonix,
France, a premiere wingsuit
destination, the mayor banned
the sport, saying inexperienced
pilots posed a threat to residents. Wingsuit jumping is also
banned in U.S. National Parks.
Mr. Morgan declined to discuss
some of the locations hes flown
over. Ill be honest, a lot of
what we do is illegal, he said.
A pilot, as a wingsuit participant is called, positions himself
like a bird, spreading out arms
MATT BLANK
FROM PAGE ONE
Scotty Bob Morgan at a Skydive Perris event in California in 2015.

and legs to form a wing and tail
effect. Part of the sports daredevil allure lies in the thrill of
proximity jumping where pilots
test their skill by flying close to
the ground, trees, cliffs, or
other flyers. As a pilot comes
closer to the ground, the sense
of speed intensifies. Rock is in
your face the whole time, Mr.

Morgan said.
In 1912, French tailor Franz
Reichelt jumped from the Eiffel
Tower to test a parachute-andwing combination. He is seen
on grainy film footage hesitating before jumping to his death.
Early wingsuit designs, made
Tuesday, December 6, 2016 | A10A
NY
* *
GREATER NEW YORK
BY MARA GAY
New York City will use millions of dollars from its capital
budget to fully fund dozens of
storm-protection projects that
were expected to be paid for by
federal Sandy money, officials
say.
Superstorm Sandy did an estimated $19 billion in damage
and the city received a $4.2 billion federal grant to help rebuild from the October 2012
storm. The city initially planned
to use more than $500 million
of that amount on projects such
as raising shorelines and rebuilding critical infrastructure.
Instead, the city ended up

using the half-billion dollars to
pay for cost overruns in its
Build Back Program, which
fixes, elevates and rebuilds
homes damaged in the storm.
The city is tapping the its
more than $14.5 billion-a-year
capital budget to fill the gap.
In Brooklyns Red Hook
neighborhood, Mayor Bill de
Blasios administration said it
plans to spend $50 million for
projects like raising streets and
building flood walls that could
be deployed strategically during
storms.
In Staten Island, officials
have allocated $12 million to
help restore the Saw Mill Creek

Marsh that helps protect the
boroughs western coastline
from storm surge.
Across the city, the de Blasio
administration plans to spend
tens of millions of dollars more
than it expected to make repairs at the 10 public hospitals
damaged in the storm.
These projects will be fully
funded, de Blasio spokesman
Raul Contreras said in an email.
Yet, several people familiar
with the storm-protection initiatives said the funding is less
certain. These people said the
mayors reliance on capital dollars, which can be easily shifted
to other programs by him or future mayors, could put the projects in jeopardy.
One person familiar with the
initiatives said at least three of
the projects would ultimately
cost millions more than city officials have planned for.
Councilman Mark Treyger,
chairman of the New York City
Councils committee on recovery and resiliency, said he had
lingering doubts about whether
the storm-protection projects
would be completed.
Whenever there are largescale projects that rely on capital funds, Im concerned, he
said.
MARK ABRAMSON FOR THE WALL STREET JOURNAL
City Will Cover Sandy Costs
Real Estate Patriarch Dies
LASTING MONUMENT: 3 Times Square, one of the prominent

New York City buildings developed by Rudin Management Co.
Chairman Jack Rudin, 92, succumbed to pneumonia on Sunday.
Mistakes Delay
New York State
Tax Rebates
EDUARDO MUNOZ ALVAREZ/AGENCE FRANCE-PRESSE/GETTY IMAGES
BY JOSH BARBANEL
New York Police Department officers posted at the entrance to Trump Tower, where President-elect Donald Trump is now living.
Mayor Asks U.S. to Pay Trump Tab

BY MARA GAY
New York Mayor Bill de Blasio said he was requesting up

to $35 million from the federal
government for city expenses
in protecting Trump Tower,
where President-elect Donald
Trump resides.
Mr. de Blasio said the sum
was the estimated cost to the
New York Police Department
for securing Trump Tower
from Election Day on Nov. 8
through Inauguration Day
on Jan. 20. He said he planned
to write President Barack
Obama and ask the federal government to pick up the tab.
A request for comment from
the White House wasnt immediately returned Monday.
Mr. Trump has been conducting presidential-transition
meetings at Trump Tower,

leading to a heavy security
presence in Midtown Manhattan. Mr. de Blasio, a Democrat,
said he respected the Republicans decision to remain at
Trump Tower. I didnt vote for
him. I didnt agree with him,
but hes the president-elect,
Mr. de Blasio said at a news
conference Monday.
In the past, the federal government has picked up at least
some of the costs associated
with protecting the president
outside the White House.
The Chicago Tribune reported in 2009 that the Chicago Police Department spent
$2.2 million while protecting
President Barack Obamas Chicago home during the
2008-2009 transition. The paper said the department re-
ceived a $1.9 million reimbursement for those expenses.

The city of Crawford, Texas,
didnt spend money on security
for former President George W.
Bush because his ranch was
several miles outside of town,
Crawford Mayor Marilyn Judy
told The Wall Street Journal on
Monday. He has his own compound, Ms. Judy said.
The mayor also spoke about
city hate crimes, which were
up 35% in November from last
year. Mr. de Blasio said Mr.
Trump was partially responsible because of comments he
made on the campaign trail
about minorities. Do I blame
Donald Trump for using hate
speech during his campaign?
Absolutely, he said.
A spokeswoman for Mr.
Trump didnt immediately have
Islamic Center Buys Church

BY JOSEPH DE AVILA
JOSEPH DE AVILA/THE WALL STREET JOURNAL
BRIDGEPORT, Conn.One of
the oldest Christian congregations in this community said it
would sell its historic church to
a regional Islamic center.
The United Congregational
Church said Monday it plans to
sell its brick Georgian-Revival
style church, built in the 1920s,
to the Bridgeport Islamic Cultural Center for $1 million.
The two groups will also
form a partnership to provide
community programs including
a soup kitchen and a homeless
shelter from the site of the current church.

In recent years, more Muslim
communities across the U.S.
have begun to engage in the
types of fundraisers and socialservice projects that Christian
congregations and Jewish synagogues often host or organize,
said David Grafton, professor of
Islamic studies and ChristianMuslim relations at Hartford
Seminary in Hartford.
The lineage of the United
Congregational Church dates
back to colonial days. It was
first established in 1695 and
The United Congregational Church is being sold for $1 million.
called the Ecclesiastical Society

of Stratfield. It later merged in
1916 with another congregation
to form the United Congregational Church. Rev. Sara Smith
said the Bridgeport church had
3,000 members when the main
structure was built, but the
numbers have now dwindled to
300. She said it made financial
sense for the congregation to
look for a new home.
The United Congregational
Church will be renting space in
another part of Bridgeport until
it finds a new space to buy, Rev.
Smith said. We are not dying,
we are just moving, she said.
Ahmed Ebrahim, the leader
of the Bridgeport Islamic Cultural Center, said his organization bought the church because
it had the space needed for
prayers and was zoned for religious use. About 1,000 families
in the greater Bridgeport region
are expected to use the mosque.
Its a perfect fit for our needs,
Dr. Ebrahim said.
Ellen Carter of Fairfield,
Conn., said her family has
been a member of the church
for 11 generations. Its sad
we are moving locations, she
said. On the other hand, its
necessary, and we are happy
its again going to be used as a
house of worship.
comment.
The mayor was joined on
Monday by Aml Elsokary, a
Muslim NYPD officer who
wears a hijab and was with her
son on Saturday when she said
a white man threatened them
and said, Go back to your
country.
City officials said they arrested Christopher Nelson, 36
years old, of Brooklyn, in the
incident. Mr. Nelson was arraigned Monday morning in
state Supreme Court in Brooklyn on a count of menacing in
the second degree as a hate
crime.
Bail was set at $50,000. An
attorney representing Mr. Nelson didnt respond to a request
for comment.
Corinne Ramey
contributed to this article
For many homeowners in

New York state who counted on
a rebate to cover part of their
school tax bills, the check
wasnt in the mail.
The School Tax Relief program, or STAR, provides homeowners with a state-financed
property-tax rebate to ease
some of the pain of rising
school taxes. It appeared as a
credit on local school tax bills.
But this years state budget
included a change that has befuddled local assessors and angered some homeowners.
In a little noted provision of
the budget passed at the end of
March, the state took over administration of the STAR program from local assessorsbut
only for new homeowners.
The state is now issuing paper checks to those homeowners. In the past, local assessors processed the rebates, and
the state paid for them through
payments made directly to
school districts.
But the new program was
slow to get started, included
many mistakes and left many
homeowners waiting for rebates after their deadlines to
pay taxes, several local assessors said. Taxes for many
school districts were due by
Sept. 1.
It is my opinion that the
Department of Taxation and Finance was overwhelmed this
year, said Teri Ross, the assessor of Queensbury, north of
Saratoga, who is president of
the New York State Assessors
Association.
James Gazzale, a spokesman
for the state tax department,
said STAR checks were being
issued on a rolling basis
throughout the fall and that
more than 60,000 have gone
out. He didnt indicate how
many applications still were be-
ing processed.
There were errors in 1,502 of
the first 45,000 checks mailed
in September in which older
taxpayers eligible for an enhanced benefit didnt get it,
said Mr. Gazzale. He said the
mistakes have been corrected.
But Stephen Leeret, a retired
pharmacist, is still waiting. He
bought a townhouse in 2015 in
Queensbury and applied for the
enhanced benefit.
So far, he said, he has received a check to cover his basic STAR benefit of $477 but is
still waiting for the enhanced
benefit. The last time he called
the state he was told to expect
a check by late December, he
said.
The state expects

to have all the late
checks out by the
end of December.
This sounds like a lot of extra work for the state, he said.
In the past they would send
the county one check. Now the
state sends out multiple
checks.
The amount of the STAR tax
reduction varies from district
to district. On average, the basic benefit is about $750 and
the enhanced benefit is about
$1,400. The new rules apply to
homeowners who bought their
homes after March 31, 2014.
In New York City, the regular
STAR payments averaged $300
last year and the enhanced benefit averaged $600.
In a conference call in early
November, state tax officials
said they expected to have all
checks mailed by Dec. 1, according to minutes posted by Ms.
Ross. Now state officials say
they expect to have all checks
mailed by the end of December.
A10B | Tuesday, December 6, 2016
NY
* *
GREATER NEW YORK
Rudin,
Museums Rethink Retail Exhibits Jack
Real Estate
BY JENNIFER SMITH
Museum of Modern Art

Best seller: Lumio book
lamp, $135-198
Big Thing: High-end electronics
Next Push: Increase number
of exclusive products and collaborations with new-to-U.S.
brands
The renovated MoMA Design
Store on West 53rd Street reopened this fall with a more
flexible, open layout and a reminder by the checkout that
each object is vetted by the mu-
Developer,
Dies at 92
ANDREW LAMBERSON FOR THE WALL STREET JOURNAL; KEVIN HAGEN FOR THE WALL STREET JOURNAL (BELOW)
When the Metropolitan Museum of Art launched an overhaul of its retail operations
earlier this year, revenue was
plummeting.
The main shop at its Fifth
Avenue flagship looked dated.
Some goods, including cheap
costume jewelry and ceramics,
bore no relation to the museum
or its collection. Others simply
reproduced images of art on
canvas totes or printed neckwear. Some basic itemssuch
as posters keyed to current exhibitionswere in short supply.
When you walked in, you
immediately knew the retail
DNA was not the same as the
Mets DNA, said Will Manzer,
the museums vice president
and general manager for merchandising and retail.
To turn things around, the
Met is embracing strategies
that have gained traction
around the museum worldincluding in other New York museum retail operations.
Exclusivity is in. Institutions
are teaming up with artisans,
designers and living artists,
such as Frank Stella, who designed 3-D printed holiday ornaments for the Whitney Museum of American Art. Digital
shops are being expanded and
relaunched. Museums are also
revamping their brick-andmortar stores to make them
more inviting.
One push: ditching clich
trinkets for a mix of unusual
items at every price point.
Were thinking more like
businesses, said Stuart Hata,
board president of the Museum
Store Association. Its really
about being distinctive.
BY KEIKO MORRIS
Patrons at the Met Museums balcony store, above. Maya, below left, and Kyrie Sakai-Chen try out items at MoMA Design Store.
seums curators. Modular fixtures display items from jewelry and clothing to the $1,499
Samsung Serif digital TV.
Such high-end electronics
are a big push for MoMA these
days. The museum is also roll-
ing out products with monthly

launches instead of twiceyearly ones.
There is a real hunger for
new, said Thomas Randon,
general manager of MoMAs
retail division.
Whitney
Museum
of
American Art
Best seller: Stuart Davis
pins, $5
New Thing: In-store events,
art periodicals
Next Push: Creating a distinctive online portal
The Whitneys move downtown last year offered a
chance to rethink its retail approach, which was previously
focused around a book bar
that gave visitors limited access to titles.
The latest incarnation is
open-plan and has a 40-footlong browsable book wall.
There is more space, and new
fixtures to display a broader
range of goods, including jewelry, gifts and garments.
The range of people coming to the museum is much
wider than it once was, said
Adrian Hardwicke, the Whitneys director of visitor experience. Were making sure
weve got something available
for all.
Metropolitan Museum of
Art
Best seller: The Metropolitan Museum of Art: Masterpiece Paintings book, $75
New Thing: Revamped displays, brought back best sellers and more posters
Next Push: Mens gift line,
consumer art supplies
Over the past two years the
Mets retail revenue fell 26%.
Retail operations ran a $2.1
million deficit last year, despite a record 6.7 million visitors to the museum.
Our job is to compel those
people to become customers,
said Mr. Manzer.
The museum plans to bring
in new merchants and designers. Items in the pipeline include jewelry and ceramics
tied to the Mets coming Age
of Empires show, which examines Chinese art from the
Qin and Han dynasties. The
museum has also changed
store displays to showcase a
more inviting range of items.
GREATER NEW YORK WATCH

BRONX
RICHARD DREW/ASSOCIATED PRESS
Sergeant Could Face

Charges in Shooting
French presidential candidate Emmanuel Macron visited the New

York French American Charter School, in New York on Monday.
A grand jury will decide

whether to bring criminal charges
against a New York Police Department sergeant who the authorities said fatally shot an emotionally disturbed woman after
she attacked him with a baseball
bat, officials said Monday.
Police said that on Oct. 18, Sgt.
Hugh Barry and other officers entered the Bronx apartment of
Deborah Danner in response to a

report of an emotionally disturbed
person. Ms. Danner swung a
baseball bat at Sgt. Barry, who
then shot her twice in the chest,
according to the authorities.
An attorney representing Sgt.
Barry didnt respond to requests
for comment. An NYPD spokeswoman said the department was
cooperating with the Bronx district attorneys office. The district
attorneys office said there was
no timetable for impaneling the
grand jury.
Corinne Ramey
C RA F T I NG E T E R N I T Y
S I N C E 1 755
Metro New Yorks Global Business Connection
NEW JERSEY
Passenger Stops Train

To Get Dropped Phone
A passenger pulled the emergency stop on a train so he
could retrieve the cellphone he
dropped on the tracks, NJ Transit
officials said.
NJ Transit condemned the
passengers reckless behavior,
saying he risked injury to himself
and hundreds of others aboard
the train.
Associated Press
Jack Rudin, a World War II

veteran who helped build one
of New Yorks biggest real-estate dynasties, died of pneumonia Sunday at his Manhattan
home. He was 92 years old.
Mr. Rudin was chairman of
Rudin Management Co. and led
the expansion of the family
business started in the 1920s
by his father, Samuel Rudin.
The company developed a
number of prominent commercial and residential buildings in
New York, including 345 Park
Ave., 1 Battery Park Place and 3
Times Square.
During his military service,
Mr. Rudin served as a staff sergeant under Gen. George S. Patton and was among the soldiers
who liberated the Ohrdruf Nazi
concentration camp.
Mr. Rudin was a workhorse,
said his son, Eric, who is president of Rudin Management Co.
He was constantly thinking,
making notes about the business and was very much driven
to make it work and succeed,
said Eric Rudin. He told me
once that when its your business, you actually have to work
harder than everybody else.
Jack Rudin
was chairman
of Rudin
Management
Co., which was
founded by his
father.
Mr. Rudin was always up at
the crack of dawn and often
took his son along with him to
visit construction sites on Saturdays, his son recalled. He was
also a staunch supporter of
New York Citys trade unions,
his son said.
He could talk to any construction guy on the job as well
as the head of the bank, and it
didnt matter. He treated everybody the same way, his son
said. That was a very important influence on me.
Jack Rudin is also survived
by his wife and two daughters.
CORRECTIONS
AMPLIFICATIONS
The name of the consulting
firm A.T. Kearney was misspelled as A.T. Kearny in an
article Monday about pop-up
stores.
Readers can alert The Wall Street
Journal to any errors in news articles
by emailing wsjcontact@wsj.com or
by calling 888-410-2667.
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Tuesday, December 6, 2016 | A10C
A tiny difference in your genes Could mean

a big difference fighting cancer.
The same genes that cause cancer may hold the key to curing it. Thats the idea behind precision
medicine: understanding cancer at a genetic level and using that knowledge to tailor a patients
treatment to his or her unique genetic profile for the best possible outcome.
Working with researchers from Columbia and Weill Cornell, NewYork-Presbyterian is looking at the
entire human genetic code20,000 genes in allfor clues to the best available treatment and new
approaches as well.
Were even finding the vital supply lines that keep cancer cells going, so we can cut them off and starve
cancer out of existence. Its all pretty amazing. And its happening right here at NewYork-Presbyterian.
To find a cancer specialist, visit nyp.org or call 877-NYP-WELL.
watch the film: CRACKING THE CODE at nyp.org/decodingcancer
A10D | Tuesday, December 6, 2016
NY
* *
LIFE&ARTS
R
NEVEbout
a
Brag better
a
being an your
th
cook r-in-law
e
moth
OK
Brag at
a
intervie job
w
you are that
a go
manage od
r
BONDS: ON RELATIONSHIPS | Elizabeth Bernstein
When Is It OK to Brag?
Boasting can be healthy, research shows, when you back up your claims; people view braggarts as competent, but less moral
LIKE TO BRAG? That may be a
good thing.
New research on self enhancement, or what most of us call
bragging, by psychologists at
Brown University shows that people can manipulate how others see
them by carefully choosing when
and how to boast. Brag when you
can back up your claim, or there is
zero evidence to refute it, and people will see you as competent, albeit arrogant. Stay quiet about
your achievements and people will
see you as warm and humble, although less capable.
People who bragwho claim
publicly to be better than others at
somethingfall into two types:
Justified braggarts, who can back
up their claim, and errant or erroneous braggarts, who are simply
exaggerating.
Bragging is risky. Past re-
rational, intelligent and naive he

was) and on morality (how ethical,
trustworthy and selfish he was).
In a second study, half of the
participants were given stories
similar to those in the first study.
The other half were given stories
that had more information about
the mans test results or his opinion of his results.
The results exposed a trade-off
the researchers call the humility
paradox. Braggarts are viewed as
more competent but less moral
than people who remain humble,
except if their bragging is unsubstantiated. In that case, they
sly?
are seen as less competent
eriou NO
S
and more immoral. People
Um, a date
who dont brag, the humon
r
B ag what a
blers, are seen as moral but
t
u
o
b
r
a
golfe
less competent.
great are
u
The takeaway? You can
o
y
strategically manipulate how peoTHE ELEMENTS OF
ple perceive you if you stop and
Choose your occasion. If youre in a
think: Do I care more about being
situation where youd rather appear
seen as competent or moral?
likable than impressive, dont boast.
says Patrick Heck, lead researcher
on the study and a graduate stuNever exaggerate. Or steal credit. Or
dent in psychology at Brown Unilie. Youll turn off people. And if they
versity. If youre on a job interfind out they wont believe anything
view, he says it is good to bragas
else about you, says Peggy Klaus, an
long as you can back up your
executive coach in Berkeley, Calif.
claim. But if youre on a date or in
a situation where you want to be
Dont compare yourself to others.
liked, it is better to be modest.
People dislike braggarts who express
There is a danger in being insuperiority. It suggest the person
effectually humble, of failing to
views others, including the listener,
point out your accomplishments
negatively. I make a great spaghetti
when it matters, such as on the
sauce is fine. Its so much better
job, says Peggy Klaus, an executhan my sisters isn't.
tive coach based in Berkeley, Calif., and author of Brag!: The Art
Tell a story. Drop in just a few
of Tooting Your Own Horn
brag nuggets, says Ms. Klaus. PeoWithout Blowing It. But
Accepta
ple love stories when they arent
you also want to avoid
ble
Trying
boring. The bragging will be subtle,
brag bombs, she says.
out for
a
team a
less alienating and wont sound like
These include: misreading
n
d
braggin
one-upmanship.
your audience, bad timg abou
t
your sk
ing, droning on and lying.
ills
search shows that braggarts can

be perceived as narcissistic and
less moral. In addition, they tend
to be less well-adjusted, struggle
in relationships and may have
lower self-esteem. Women who
brag are judged more harshly
than men who do.
In the new research from
Brown, published online in October in Social Psychology , 198 participants, aged 18 to 65, were
given four stories to read about a
man who had taken a test and
was explaining how he thought he
did. Each story had a different
scenario: the man thought he did
well and that was true. He
thought he did well but he didnt.
He thought he didnt do well but
did. And he thought he didnt do
well and that was true.
The participants were asked to
rate the man on competence (how
SMART BRAGGING
Limit the I. It is impossible to
avoid starting sentences with the
word I. But do it too often and
youll sound insufferable. Bring
other people into your story. Share
the credit.
Be passionate. It is contagious. Saying I am really proud of this and
want to share it, is a good opener.
Practice makes perfect. Ms. Klaus
has her clients rehearse their bragging beforehandand to exaggerate
their excitement. People melt down
in a bragging situation, use a monotone, ramble, she says.
She suggests going over the
top like this: I cant WAIT to tell
you this! You will NOT BELIEVE
what I am doing! I am SO PROUD!
Ms. Klaus says this helps them
develop a sort of muscle memory
for the passion.
ILLUSTRATIONS BY MORGAN SCHWEITZER
STREAMING SHOWS
BY JOHN JURGENSEN
THE SNOWY DAY, Ezra Jack
Keatss illustrated tale of a neighborhood turned winter wonderland, has been a mainstay of family reading for five decades. Now
Amazon is working with the owner
of the Snowy
Day rights to
build a new tradition around the
book, through a
40-minute animated adaptation
with a holiday
hook to encourage
annual viewing.
In the words
and collages of the Snowy Day
book, a boy named Peter explores
a city neighborhood blanketed in
white and mourns a snowball that
melts in his coat pocket. The special, narrated by actor Laurence
Fishburne, expands the story with

characters from around the block
and a plot involving Christmas
Eve, multicultural traditions and a
batch of macaroni and cheese.
Because of the winter setting,
the book kind of slides into being
a holiday story, says Deborah
Pope, executive director of the Ezra
Jack Keats Foundation, which manages the rights and
royalties from the
late authors books.
Amazon, while
weighing a continuing series
based on Keatss
books about Peter,
ordered up a
stand-alone special adapted from
The Snowy Day, which Ms. Pope
estimates has sold 9 million copies. For its first-ever batch of original holiday shows for kids, Amazon picked up properties that
AMAZON STUDIOS
A HOLIDAY HOOK
FOR A CLASSIC BOOK
An image from the animated adaptation of The Snowy Day, which adds characters and plotlines to the childrens book.
could combine preschool tastes
and parents nostalgia, including
If You Give a Mouse a Christmas
Cookie, adapted from a picturebook series that debuted in 1985.
Like singers who record Christmas albums in hopes of creating
perennial sellers, TV producers
dream of seasonal specials that in-
spire yearly viewing.

Broadcast rights to 1960s hits
are distributed among the networks. NBCs recent airing of How
the Grinch Stole Christmas (on
the 50th anniversary of its first
telecast) drew 5 million total viewers and beat holiday rivals on
other networks, including Frosty
the Snowman, which ran on CBS

at the same hour. ABC has a deal
to air A Charlie Brown Christmas
(among other Peanuts holiday salutes) through 2020; CBS was
home to that Christmas special
from 1965 to 2000.
Last week Rudolph the Red
Please see HOLIDAY page A13
LIFE & ARTS

YOUR HEALTH | Sumathi Reddy
NERVE TREATMENT
WHEN DRUGS FAIL
The Wandering Nerve

The vagus nerve runs from the brainstem to the
chest and abdomen, transmitting information
between the brain and various organs in the body.
Scientists try stimulating the vagus nerve to help migraines and other conditions
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Vagus
nerve
Heart
Lungs
Lungs
Liver
Stomach
Pancreas
Source: Pearson Education Inc.
GETTY IMAGES (PHOTO)
MEDICAL SCIENTISTS inlepsy cases and treatment-re- the width of a thin pencil.
which can slow a persons
creasingly are tapping into
sistant depression. Surgery is
The vagus nerve is the
heart rate too much, says Stethe healing powers of the va- required to implant a paceway the body tells the brain
phen Silberstein, a professor
gus nerve, which regulates
maker-like device in the body. whats going on, Dr. Kilgard of neurology at Thomas Jefthe function of many of the
Another device that blocks
says. When it is stimulated
ferson University, in Philadelbodys organs.
signals to the vagus nerve
electrically, patients usually
phia, who has studied VNS
Every breath we take, eswas approved last year to
feel nothing or very little be- and migraines. If you can sepecially the slow, deep
treat obesity.
cause it isnt a motor or tac- lectively stimulate the sensory
breathing used in meditaA hand-held VNS device,
tile sensory nerve, he says.
parts of the vagus nerve that
tion, stimulates the vagus
which avoids the need for
A small study published in only go into the brain you
nerve to calm the body. Scisurgery, is used in Europe
July in the Proceedings of
then have something that is
entists also believe stimulat- for migraines, and the Food
the National Academy of Sci- safe which doesnt affect the
ing the nerve with small
and Drug Administration is
ences showed that stimulatheart rate at all, he says.
electrical impulses can
Dr. Kilgard, of the
have far-reaching poUniversity of Texas, has
tential to treat medical
studied using VNS to
conditions including
treat tinnitus, or ringing
migraines, rheumatoid
of the ears. You can rearthritis and strokes.
organize the brain and
Targeting nerves for
how it processes sound
treatment is a new apby taking control of this
proach researchers are
nerve and activating it,
pursuing largely behe says.
cause drugs havent
He is also researchproved effective at
ing how VNS could be
treating neurological
used to treat stroke. In
disorders and have siga small, 20-person
nificant side effects,
study published earlier
says Michael Kilgard, a
this year in the journal
professor of neurosciStroke, Dr. Kilgard and
ence at the University
colleagues found that
of Texas at Dallas. By
stroke patients who
contrast, nerve stimulagot six weeks of VNS
Meditation-breathing exercises activates the vagus nerve, aiding relaxation.
tion can be targeted at
plus standard rehabilispecific nerves and at
tation therapy had respecific times, so side effects
reviewing an application for
ing the vagus nerve with an
gained three times as much
are much reduced, he says.
the product in the U.S.
implanted device that delivmovement as those who got
The National Institutes of
The vagus nerve, which
ered electrical impulses to
rehabilitation alone.
Health last year launched the takes its name from the
the neck can reduce inflamWhile patients were reSparc program, short for
Latin root for wandering, is
mation and symptoms in
learning basic movements,
Stimulating Peripheral Activ- the longest cranial nerve in
rheumatoid-arthritis patients. such as opening and closing
ity to Relieve Conditions, to
the body, comprising a netKevin Tracey, president of
the hand, therapists for the
fund projects looking at the
work of some 100,000 nerve
Northwell Healths Feinstein
VNS group pushed a button
neural control of organ func- fibers that run from the
Institute for Medical Reto wirelessly activate a stimtion. It has funded more
brain stem to the organs in
search who collaborated on
ulation device implanted in
than $20 million in research
the abdomen and chest, inthe study, says clinical trials
their chests.
over the next six years.
cluding the heart, lung and
are moving forward with a
Dr. Kilgard says he has
Vagus nerve stimulation,
liver. Its job is to regulate in- larger sample of patients.
grant funding to test similar
or VNS, has long been apvoluntary actions, such as
Potential problems could
technology in children with
proved for use in the U.S. to
breathing and digesting food. arise if too much electrical
autism in an effort to help
treat severe and difficult epiAt its thickest, the nerve is
power is used during VNS,
them learn social cues.
LIFE & ARTS
MATTHEW MURPHY
HOLIDAY
The cast of Dear Evan Hansen, a small-scale musical that has transferred to Broadway
THEATER REVIEW | Terry Teachout
An Ode to Outsiders
A shy nerd finds sudden popularity thanks to a lie in a Broadway musical that lives up to the buzz
from a pre-existing source, Dear
Evan Hansen is a dead-serious
comedy about teenage suicide
that is structured like a farce. The
title character (played with astonishing conviction and absolute believability by Ben Platt) is an incapacitatingly shy nerd who
played for laughs, and gets them.

But the overall tone is entirely
earnest, and while the comedy
(which includes a terrific first-act
ensemble number, Sincerely, Me)
leavens this earnestness, it doesnt
dilute it. In fact, the second act, in
which we get a closer look at the
desperately unhappy family lives
of the principal characters, is joltingly dark. Fortunately, the singersongwritery score, by Benj Pasek
and Justin Paul, has a light, fresh
texture that keeps lugubriousness
at bay, and the songs drive the action so forcefully that the show
never becomes static.
Michael Greif (Next to Normal)
has staged Dear Evan Hansen
with fluid, fast-moving simplicity.
Peter Nigrinis projection design,
however, is far too busy: The stage
is dominated by ever-shifting images of text messages and socialmedia postings that seem appropriate at first glance but soon become
distracting. On the other hand, the
actors are so excellent that you pay
full attention to them anyway. Mr.
Platt is the expressive linchpin, but
Laura Dreyfuss and Rachel Bay
If you liked Daria,

Freaks and Geeks or
Napoleon Dynamite,
this is the show for you.
writes a self-revealing letter that
gets into the wrong hands, touching off a train of coincidence
fueled by the social media that
causes him to becomewell, popular. But Evans popularity is based
on a well-meaning lie, one that he
ultimately finds impossible to
keep on tellingat which point
the roof falls in.
Up to a point, the situation that
propels Dear Evan Hansen is
Weather
Jones are no less convincing as his

disaffected girlfriend and overworked single mother.
The score is not quite as
strong as Steven Levensons ingenious book. Its too pretty to
mesh perfectly with the shows
angsty subject matter, and a couple of the second-act numbers are
dramatically superfluous. Still, the
songs work on their own terms,
and the book is strong enough
that it could be done on its own
as a play. Not that Im suggesting
any such thing: Dear Evan Hansen is a musical through and
through, the best one to open on
Broadway since Hamilton, and if
you werent one of the popular
kids, itll make you feel like youre
watching yourself when young.
Dear Evan Hansen
Music Box Theatre,
239 W. 45th St. ($49-$155),
212-239-6200/800-432-7250
Mr. Teachout, the Journals drama
critic, is the author, most recently,
of Satchmo at the Waldorf. Write
to him at tteachout@wsj.com.
CBS
New York
AT A TIME when the musical is
showing clear signs of creative senility, its heartening to report that
Dear Evan Hansen, a small-scale
show that has transferred to
Broadway after successful runs at
Washingtons Arena Stage and New
Yorks Second Stage, is as good as
its buzz. Its smartly crafted, emotionally open-hearted and ideally
cast. Whats more, its pitched to
and has been embraced by millennials, a tradition-resistant cohort
whose members have hitherto
steered clear of most Broadway
musicalsyet its appeal is universal. Whatever your age, youll
watch Dear Evan Hansen with
the shock of recognition, and be
touched by the honesty with which
it portrays the smothering sensation of being an adolescent misfit,
an awkward loser trapped in an indifferent world of self-assured winners. If you liked Daria, Freaks
and Geeks, Heathers, Mermaids or Napoleon Dynamite,
then this is the musical for you.
One of the rare Broadway musicals that has not been adapted
Continued from page A11

Nosed Reindeer brought 9.4
million viewers to CBS, outrated NBCs The Voice among
younger viewers, and reaffirmed the staying power of
stop-motion sleigh-pullers.
While DreamWorks owns
the TV special, the company
that oversees the Rudolph
brand has more than 70 licensing partners. A stage musical
devoted to Rudolph is running in four cities and has
three other productions touring the country. Though Rudolphs story started with a
1939 book by Robert May and a
1949 hit song written by
Johnny Marks, the enduring
goodwill (and licensing deals)
he inspires mainly spring from
the TV special, which debuted
in 1964.
The same decade that
launched the Rudolph, Grinch
and Peanuts specials also produced The Snowy Day. However, its influence was more social than seasonal. Published in
1962, the book broke ground by
featuring an African-American
boy at a time when childrens
books uniformly revolved
around white characters.
As a child of 4, 5, 6, I was
Peter. I saw myself in that
neighborhood, which looks very
much like the one I grew up
in, says Mr. Fishburne, a 55year-old native of Brooklyns
Park Slope neighborhood and
an executive producer of the
Snowy Day special.
Ezra Jack Keats, who was
white, was born 100 years ago
and wrote and illustrated 22
books about Peter and other
characters in his urban orbit.
Ms. Pope teamed up with
experienced writers and producers Irene Sherman and Ann
Austen, and they sold Amazon
on a concept based on the
broader cast of characters in
Keatss neighborhood (voiced
by Angela Bassett, Regina King
and other actors) plus a group
of streetcorner singers (Boyz
II Men).
Animators mirrored the textures and shapes that Keats
created with his cutouts,
stamps and other techniques.
The snow, Ms. Pope says,
is very much Ezras snow.
Rudolph had 9.4 million viewers.
The WSJ Daily Crossword | Edited by Mike Shenk

Shown are todays noon positions of weather systems and precipitation. Temperature bands are highs for the day.
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31 Available
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wings and
barbecued ribs
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6 Provoke
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7 Former
Wisconsin
senator Feingold
37 Bikini wearers
giveaway
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62
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66
P.R. DEPARTMENT | By Maxine Cantor

Across
1 Now, in
Nicaragua
24 Ginger ale or
soda, at a bar
25 Gullible fellow
6 Electrical
network
28 Rented space in
a restaurant
10 Liveliness
33 Store in a cask,
say
13 Traditional job
for a kid with
a bike
15 Style
16 Topic for
Kant
17 Eye color
supplier
18 Bye for now
in a text
34 Marbles, so to
speak
47 License
48 Deans list fig.
50 TV friend of
Rachel and
Phoebe
52 Paris pal
54 Singer Irene
58 Bring in
36 Sweet dessert
59 Socioeconomic
region including
Singapore and
Japan
38 Crumb carrier
62 Elisabeth of CSI
39 Sails staffs
63 Birthplace of
Benicio del Toro
35 Turner on a
roof
40 Bear in the air

41 Snoopy sorts
19 Some hosp.
workers
43 Profs. aides
20 Reached, as a
shameful level
44 It can put on a
coat
22 ___ Paulo
46 Bond, e.g.
30 LPs, informally
5 Dep.s
counterpart on
timetables
39
42
47
29 One after
another
4 Staggers
35
41
27 One might have

designs on your
floor
3 Nashvilles
Grand Ole ___
34
37
26 Ancient market
Down
1 Date with
the dr.
2 ___ monde
(high society)
21
24
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Philadelphia
Phil
h d lphi
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g on D.C.
DC
Washington
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Raleigh
Ch
h
Charlotte
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40s Hartford
ew Y
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Yorkk
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h
Nashville
h ill 60s
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l b
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Birmingham
h
Atl t
Atlanta
50s
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Jackson
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ill
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b
Mobile
A ti Houston
Austin
60s
l d
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ew Orleans
l
New
Tampa
A t i
San Antonio
70s
80s
64 Reunion
greeting
65 Inner Hebrides
island
66 Consumerist
Ralph
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;

t...tstorms; r...rain; sf...snow flurries; sn...snow; i...ice
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Anchorage
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68 44 t
60 41 pc
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65 44 s
62 39 c
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33 15 c
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44 38 pc 45 35 c
Burlington
39 30 pc 42 32 sf
Charlotte
52 38 r
59 41 pc
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37 21 c
31 16 c
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44 31 r
41 26 c
Dallas
56 40 pc 56 33 c
Denver
32 8 sn 17 -1 sn
Detroit
43 29 r
38 26 c
Honolulu
81 68 pc 81 70 r
Houston
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67 51 c
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64 50 s
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es Moines Chicago
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39 Auto ad letters
8 Who am ___
say?
41 Apples Final Cut

and Aperture,
e.g.
9 Mass-pervolume measure
42 Pass on, in a
way
10 Nonkosher
entrees
45 No Scrubs
group
11 Shorten a
sentence, say
49 Ghanas capital
50 Sieve makeup
12 Cancn coin
14 Fish also called
a sharksucker
51 Home to about
two-thirds of
Hawaiians
15 Goddess of
wisdom
52 ___-deucey
53 Boggy ground
21 Fire
55 Lacking rainfall
23 Semicircular
space
56 Paella base
24 Maker of Hot
Wheels
57 Love, to
Lucretius
25 Became suddenly 60 Diving seabird

61 Charged particle
attentive
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SPORTS
HEARD ON
THE FIELD
Jaleel Roberts, center, of the

Santa Cruz Warriors walks
through the locker room at
the Portland Expo in Maine.
LSU Star Fournette

To Enter NFL Draft
LSU running back Leonard Fournettes announcement that he intends to enter the next NFL Draft
will reignite one of the leagues
fiercest conundrums: How early is
too early to select a running back?
Fournette, who has been hyped
as a future pro star since his freshman season, figures to be a high selection after rushing for 3,830 yards
and 40 touchdowns in his threeyear collegiate career. But it wasnt
long ago that running backs became
somewhat of an afterthought in the
draft, as the league trended toward
pass-heavy offenses. The 2013 and
2014 drafts featured no backs selected in the first round in what
seemed to be an indication of the
future after the top one taken in
2012, Alabamas Trent Richardson,
quickly fizzled.
Then after Todd Gurley and Melvin Gordon went in the 2015 first
round, the Cowboys selected Ezekiel Elliott fourth overall in April,
making him the highest running
back taken since Richardson. Elliott
has gone on to an MVP-caliber
campaign with the Cowboys this
year, prompting belief that taking
Fournette early might not be so
crazy after all. Andrew Beaton
NBA
The Golden State Almost-Warriors

As the D-League matures, the Santa Cruz Warriors toil in the shadows of the best team in basketball
BY BEN COHEN
THERE WAS A professional basketball game in the Brooklyn Nets
arena last week and nobody
showed up.
Reallynobody. It was 1:30
p.m. on Thursday, and the Santa
Cruz Warriors and Long Island
Nets were supposed to be playing
a NBA Development League matinee. But tickets werent sold to the
public. It made the most sense to
play in an empty arena.
This is the peculiar situation
for the players who are almost on
the best team in basketball. The
line between the Santa Cruz and
Golden State Warriors can be the
line between playing in empty arenas and playing with Stephen
Curry and Kevin Durant.
And yet the value of D-Leaguers
has never been higher. As the DLeague has expanded, it has quietly become a legitimate minorleague system, a place to groom
both young players and future executives for the NBA.
The development of the Development League has become an NBA
priority as a result. The leagues
next labor deal is expected to allow
certain players to sign contracts
that pay up to $75,000, according
to people familiar with the matter,
which is a huge bump from their
current salaries.
NBA stars were among those
advocating for the change because
they believed there were too many
fringe players getting pushed overseas. Instead of settling for $19,500
or $26,000, the standard D-League
paychecks, many of them choose to
get paid more to play in highly
competitive European leagues and
live in cosmopolitan world capitals.
But recent seasons have shown
how teams and players can use the
D-League to their advantage. During this summers free-agent
Purdue Goes on the

Offensive With Hire
Purdue hired Western Kentucky
coach Jeff Brohm on Monday to
take over its program, resting its
hopes on becoming competitive
again in the Big Ten on a wild offensive system that has destroyed
the lower ranks of college football
over the past three seasons.
Brohm went 30-10 with the Hilltoppers, transforming them into a
passing machine that made the
school the envy of much of college
footballWestern Kentucky has
ranked in the top-10 in yards per
pass attempt in all three years of
Brohms tenure. Brohm succeeds
Darrell Hazell, who was fired in October after posting a 9-33 record in
three-plus seasons.
Now the only question is if
Brohm can produce the same results in a conference with teams
like Michigan and Ohio State. But it
wasnt so long ago that the Boilermakers reached the Rose Bowl by
outgunning their opponents. The
year was 2000, when they had a
quarterback named Drew Brees.
A.B.
ing camp with a shot to be the

15th player on the roster, and
Pressey still learned so much in
the month he spent with the Warriors that he says it felt more like
several years. He even bonded
with the games biggest stars by
tagging along for team dinners.
Free meal every nightcant
beat that, Pressey said. And it
was good food as well.
Pressey made it to the teams final round of cuts before he ended
up on the other Warriors. Now, as
much as Pressey would love to play
for Golden State, he can be signed
by any NBA team at any time.
Golden State doesnt own his rights.
When he was on the road with
the Golden State Warriors in the
preseason, they took charter flights
and stayed in luxury hotels, where
they were greeted in the middle of
the night by fans waiting for autographs. The Santa Cruz Warriors
cram into economy seats on commercial flights and sleep in mediocre hotels. They get $50 per day for
meals and eat at Buffalo Wild
Wings.
Angeles Clippers in which Brooklyn guard Sean Kilpatrick scored

38 pointsa remarkable performance for someone who was playing for Santa Cruz two years ago.
This was the perfect example of
a player making the most out of
his time in the minors. He started
in the D-League. Then signed a 10day NBA contract. Then went back
to the D-League. Then signed two
10-day NBA contracts. Then went
back to the D-League again. Then
signed two more 10-day contracts,
which became a multi-year contract, which resulted in Kilpatrick
outplaying Chris Paul for one
night.
Clippers and Nets scouts were
still hanging around, looking for
the next Kilpatrick, when the DLeague afternoon game tipped. It
wasnt hard to spot them. They
were the only people in the arena.
But for whatever reasonthe
silent gym, the lack of sleep, the
stress of being in the D-League
and the pressure to play well
enough to get back to the NBA
the Warriors were unimpressive in
losing their fifth straight game.
Its easier when theyre at
home. Santa Cruzs arena has sold
out for 11 straight games, and season-ticket sales have increased
12% from last year, said team president Chris Murphy. Like every minor-league team, the Warriors understand the value of a good
promotion. Later this month is
ugly-sweater night. Later this season, when they play in Golden
States arena, the giveaway will be
a specialized bobblehead of Stephen Curry on a surfboard.
But whether any of the Santa
Cruz Warriors are still in the DLeague for that game on Feb. 12 is
uncertain: They can sign 10-day
contracts with NBA teams starting
on Jan. 5. And they want to be
playing foror againstthe actual
Golden State Warriors by then.
THE TRANSFORMATION OF AARON RODGERS

Aaron Rodgers built his Hall of
Fame rsum on the back of his
powerful arm and ability to gash opposing defenses with big passing
plays. This season, Rodgers is still
gashing defenses and piling up big
numbers, but hes gone through a
complete transformation. Hes become the NFLs master of dink-anddunk football.
Its jarring to see the Green Bay
quarterback lean so heavily on the
short pass or uninspired dump off.
This is not the Aaron Rodgers weve
come to expect. Its also not the
Aaron Rodgers that Aaron Rodgers
has come to expect. Hes still taking
plenty of deep shots down the field
its just that those passes are reliably
falling to the turf.
The NFL measures the average
air yards that passes travel. Rodgerss
170 incompletions this season have
traveled farther on average than any
quarterback in football13.8 yards.
And when you subtract that distance
from the distance of his average
completion, the difference of 8.3
Dink and Dunk

The NFL quarterbacks who have the biggest difference between
average pass length of their completions and incompletionsbased
on distance passes travel through the air.
QUARTERBACK/TEAM
1. Aaron Rodgers Packers

2. Brock Osweiler Texans
3. Ben Roethlisberger Steelers
4. Brian Hoyer Bears
5. Eli Manning Giants
AVG. LENGTH AVG. LENGTH

COMPLETION INCOMPLETION DIFF.
5.55
5.82
6.14
5.53
5.38
Source: NFL.com
yards is also the largest among all

NFL quarterbacks.
Rodgerss evolution into a ball-control passer began last year when he
lost his major deep threat, Jordy Nelson, to knee injury before the season.
Previously, his length of completion
averaged as 11th best among league
passers. Nelson is back now, but the
Packers have been operating without
13.81
13.20
13.35
12.50
12.07
8.26
7.38
7.21
6.97
6.69
WSJ
a viable running back for most of the

season. In fact, Rodgers is the leading
rusher (301 yards) on the active roster and a wide receiver (Ty Montgomery) is second. Rodgers thus is called
on to use his passes as long handoffs
so the Packers can control the ball.
Rodgers is making up with volume what he once mustered with efficiency. Hes tossing a career-high
39.9 passes per game, up from his

prior career average of 33.5. And his
29 passing touchdowns are second to
Drew Breess 30. So perhaps his
strange season is not evidence of a
quarterback with declining skills but
actually a testament to his ability:
Hes proving he can also succeed in a
completely different way.
Michael Salfino
NBA: GABE SOUZA FOR THE WALL STREET JOURNAL; THE COUNT: ELSA/GETTY IMAGES
(T-B) SAMANTHA BAKER, JOHN TERHUNE (ASSOCIATED PRESS); JOE ROBBINS/GETTY IMAGES
Source: Associated Press
Its the line between

playing in empty arenas
and playing with
Stephen Curry.
They also become intimately familiar with buses. The D-Leaguers

took a bus trip from Santa Cruz to
Reno this season that Google Maps
said would take four hours. Eight
hours later, they realized Google
Maps hadnt accounted for the
possibility of a blizzard
It was like the scenes from
movies, said center Damian Jones,
who was sent to the D-League by
Golden State to rehab an injury.
Palm trees were snow-covered.
The trip to New York only days
later was complicated for other
reasons. Santa Cruzs roster was
riddled with injuries. The fiasco in
Reno had cost the Sea Dubs, as
theyre known, a practice they
sorely needed. And now they were
beginning the D-Leagues most bizarre back-to-back.
It wasnt yet 9 a.m. when the
players hauled their own bags with
HEAVY luggage tags into the
Westchester County Center and
warmed up beneath advertisements for pediatric dentists and
local pest exterminators. The game
was unusually early because it was
School Day, and students from
nearby schools arrived on their
field trips right before the game
began. They were immediately
armed with thundersticks. And
they screamed until the very last
play of the fourth quarter: a 3pointer from Pressey that rattled
out. The Warriors lost, 99-98.
The loss couldnt sting for
long: The Sea Dubs had another
game in less than 24 hours. They
dragged their luggage into the
rain outside and loaded it onto
the bus. Its hard to travel to
play back-to-backs in the NBA,
Pressey said. But once you play
in the D-League, playing NBA
back-to-backs is nothing.
They were coming to the Barclays Center at a curious time. The
last game that had been played
there was a Nets win over the Los
THE COUNT
1994
Last time UCLA (No. 2), Kansas

(No. 3), Duke (No. 5), Kentucky
(No. 6), North Carolina (No. 7),
Indiana (No. 9) were all ranked in
the AP top 10 in mens college
basketball.
frenzy, NBA teams awarded contracts worth more than $700 million to D-League alumni. Miami
Heat center Hassan Whiteside, who
spent parts of four seasons in the
D-League, will earn more in the
next four years alone than Michael
Jordan made in his entire career.
Phil Pressey is chasing a similar
career arc. He already had several
years of NBA experience when he
was invited to Golden States train-
* *
OPINION
For Al From,
the message
of the thumping Democrats
took in the
November
election
is
MAIN
loud
and
STREET
clear:
The
By William
party needs a
McGurn
liberalism it
can sell.
Its not a message made for
headlines. At the moment, the
news is dominated by recriminations: what contribution
Bernie Sanders and Jill Stein
made to Mrs. Clintons defeat;
whether Donald Trump won
because of dog whistles to
white supremacists; who is to
blame for losing to a Republican nominee saddled with the
highest unfavorable ratings in
modern American history.
The Democrats, says

Al From, need to
modernize liberalism,
not abandon it.
Mr. From has been here before. He founded the Democratic Leadership Council after
Walter Mondales 49-state
1984 loss to Ronald Reagan.
Within a decade of that defeat,
a young Arkansas governor
named Bill Clinton would ride
Mr. Froms New Democrat
message into the Oval Office.
Mr. From says the bitterness now dominating the news
is natural at a time when campaign wounds are still raw.
Parties, he believes, are defined by presidential contests,
and whenever a party loses, up
pops a parade of experts declaring that the answer is for
the losing party to throw overboard its most fundamental
principles. But just as conservatives were not receptive to
REUTERS
Let Liberals Be Liberals
President Bill Clinton and Al From in San Jose, Calif., 2000.

the post-2012 idea that they
needed to drop conservatism,
liberal Democrats are unlikely
to be persuaded the answer is
for them to drop liberalism.
Mr. From doesnt want
them to. As for those who regard him as the man who
moved the party right, he
says they get him wrong. His
contribution was not to reject
liberalism but to modernize
iti.e., to reconnect the Democratic Party, as he once wrote,
with its first principles and
grandest traditions.
Many of these first principles he locates in the New
Deal. Must liberals, for example, be soft on national security? Because thats hard to
square with an FDR who
fought World War II.
Ditto for economic growth.
For those who believe this a
Republican concept, Mr. From
notes that the New Deal was
founded on the promise to get
Americans back to work. The
other half of demanding government programs, says Mr.
From, is ensuring that the programs work.
In short, Mr. Froms earlier
reset was to scrape liberalism
clean of the barnacles that had
grown around it. Often this
meant simply coupling liberal
objectives with common sense.
Consider these lines from

Bill Clintons acceptance
speech at the 1992 Democratic
National Convention:
The most important family
policy, urban policy, labor policy, minority policy, and foreign policy America can have
is an expanding entrepreneurial economy of high-wage,
high-skilled jobs.
He would then accept the
nomination in the name of all
those who do the work and
pay the taxes, raise the children, and play by the rules, in
the name of the hard-working
Americans who make up our
forgotten middle class. . . .
Mr. Trump owes his victory
largely to a successful appeal
to these same struggling workers. Almost always in the
press, they are referred to as
the white working class, meant
as a contrast with the AfricanAmericans, Latinos and other
minorities who constituted the
Obama coalition. Mr. From
isnt so sure the divide is a
useful one.
He asks a good question:
Wouldnt the economic growth
that would deliver jobs and opportunity for white workingclass families benefit AfricanAmericans and Latinos as
well? Are their interests here
really that far apart?
On so many issues today,

Mr. From suggests, liberalism
takes as orthodoxy a confusion
between ends and means. Take
education. Mr. From is no fan
of vouchers for private
schools. But hes a big booster
of charters, which he points
out were a Democratic idea.
Charter schools are also
public schools. So again the
question: Must liberalism really mean elevating the interests of the education monopoly above innovative new
public schools that offer many
inner-city children their only
hope for a decent education?
He doesnt mention it, but
another way for his party to renew liberalism without abandoning it would be by living
the meaning of their name:
Democratic. One big reason liberals come across as intolerant
of ordinary Americans today is
their preference for court decisions and regulatory mandates
over democratically debated
and approved legislation. This
preference for working around
the peoples elected representatives feeds all-or-nothing
outcomes that are devoid of
the accommodations and compromises which almost always
feature in any legislative solution. It is these accommodations and compromises, moreover, that help make the
outcome acceptable even to the
losing side.
Mr. From doesnt pretend to
have all the answers, and he
says the ideological narrowing
of the two parties has made it
harder to do now what he
pulled off with Mr. Clinton. But
for those looking to restore the
luster to Democratic Party liberalism, surely Mr. Froms approach has more to recommend it than looking to
Russians and white supremacists and dog whistles to explain what happened to them
on Nov. 8.
Write to mcgurn@wsj.com.
The System Didnt Work

Leo Tolstoy
wrote that all
happy families are alike,
while
each
unhappy family is unhappy
GLOBAL
in its own
VIEW
way. Among
By Bret
the lessons of
Stephens
2016 is that,
politically
speaking, Tolstoy was wrong.
This was the year in which
everything that couldnt,
shouldnt and wouldnt happen, happened. In May, Filipinos elected a man who said
hed be happy to slaughter
millions of drug addicts the
way Hitler slaughtered millions of Jews. In June, the
British tossed out the European Union, along with the
toffs who had told them to
stay in it. In October, Colombians rejected a deal with the
FARC for which their president was awarded the Nobel
Peace Prize. A month later:
President-elect
Donald
Trump.
Now Italians have overwhelmingly rejected proposed
constitutional changes that
were supposed to make their
political system functional
and economic reform possible. Beppe Grillo, the populist
politician who led the charge
against the changes, crowed
on his blog Sunday that
times have changed. Yes,
they have.
The Philippines, Britain,
Colombia, America and Italy
are big unhappy families. So is
France, where the incumbent
president doesnt dare stand
for re-election; and Brazil,
which impeached its president
in August; and South Korea,

which is expected to impeach
its president later this week.
Nobody should think that Angela Merkel is a shoo-in for
re-election next year, or that
Marine Le Pen wont be the
next president of the Fifth Republic. One thing unhappy
families often have in common is that their members
arent averse to smashing the
plates.
What happened? In 2014,
Daniel Drezner, a professor at
Tufts, published a book extolling the International Monetary Fund and other institutions of economic global
From Italy to the U.K.

to Ohio, the populist
complaint is about
justice, not economics.
governance for putting out
the fires of the 2008 financial
crisis. The global economy
had been teetering on the
brink of another Great Depression, but it didnt fall in.
Ergo, success.
The book was called The
System Worked. Except it
didnt. The system did more
to mask problems than it did
to solve them.
Government statistics can
show a drop in the unemployment rate, but they give scant
indication of whether the
jobs available now have the
status or pay of the jobs
available previously. Giving
unlimited credit to a panicked
patient will always have a
narcotic effect; it can also
have an addictive one. Nearzero (or sub-zero) interest

rates will goose stock markets to the delight of sophisticated investorsand the
dismay of savers. Bank bailouts may make systemic
sense. But they divorce behavior from consequence.
Pushing economic management from elected officials
into the hands of unelected
central bankers and regulators flatters the vanity of the
intelligentsia while offending
the normal persons sense
that his vote should count toward his own livelihood.
In other words, the system, with its high-toned rationale and its high-handed
maneuvers, struck millions of
people as unaccountable and
unjust. It might have been a
good thing that the sky didnt
fall on everybody, but
shouldnt it at least have
fallen on somebody? Bernie
Sanders got remarkably close
to winning the Democratic
nomination by calling Wall
Street a fraud and demanding
prosecutions. Hillary Clinton
lost the White House by so
perfectly typifying the system
that supposedly worked so
well. Donald Trump is what
he is, and readers know what
I think of that. But Mrs. Clintons unforgivable sin was her
outsizedand
unearned
sense of entitlement.
Look again at this years
other big political surprises.
Colombians rejected the
peace deal because they
would not abide having terrorists lightly let off for their
crimes. Filipinos elected Rodrigo Duterte because they
wanted to exact moral justice
against drug dealers, never

mind the finer details of legal
justice. Britons disregarded
dire warnings about the consequences of leaving the EU
because the powers of Brussels violated their sense of
democratic sovereignty. Italians told Prime Minister Matteo Renzi to shove off because
they werent sympathetic to
plans they see as having been
made in Berlin for the benefit
of Germans.
The populist wave now
cresting across much of the
world is sometimes described
as a revolt against globalization: immigrants failing to assimilate the values of their
hosts, poorer countries drawing jobs from richer ones, and
so on. But the root complaint
is not about economics. Its
about justice. Why does the
banker get the bailout while
the merchant goes bankrupt?
Why does the illegal immigrant get to jump the citizenship queue? What right does
a foreign judge have to tell us
what punishments our criminals deserve? Why do our
soldiers risk their lives for
the defense of wealthy allies?
Those of us who believe in
the liberal international order
(now derisively called globalism) ought to think about
this. There are powerful academic arguments to be made
for the superiority of free
trade over mercantilism, or of
Pax Americana over America
First. But liberalisms champions will continue to lose the
argument until we learn to
make our case not in the language of what works, but of
whats right.
Write bstephens@wsj.com.
Notable & Quotable: Advice to Ben Carson

Howard Husock, writing
Wednesday in the Manhattan
Institutes City Journal on five
things HUD Secretary-designate Ben Carson can do right
away to improve public housing and reduce government
dependency:
Time Limits for Public and
Voucher Housing: Sending a
signal to new subsidized tenants that they shouldnt expect
lifetime housing supportto
which they are entitled at
presentwould be the best
way to change the culture of
public housing. . . . Time limits
also free up housing units for
those whod otherwise be

stuck on a waiting list. Carson
should extend the discretion to
impose such limits to all 3,000
of the nations public-housing
authorities.
Stop Work Disincentives for
Subsidized Housing: Under
current law, a public or subsidized housing tenant must
pay 30 percent of his income
in rent. That may sound like a
good deal, but it means that,
for every $100 that a tenants
income increases, his rent
goes up by $30. This creates
an obvious disincentive to
work. . . .
Privatize Management of
Public-Housing
Properties:
There may once have been
good reason for government
to build low-income housing,
but theres no reason why it
should also manage the properties once theyre built. . . .
End Affirmatively Furthering Fair Housing: The
Affirmatively
Furthering
Fair Housing rule is premised on the wrongheaded
idea that the best way to encourage upward mobility
among minorities is simply
to relocate poor inner-city
households to wealthy suburbs. The rule should be
done away with. . . .
End Affordable Housing

Mandates: Fannie Mae and
Freddie Mac, the secondarymortgage market giants supervised by HUD, are charged
with fulfilling the federal governments affordable-housing
mandates. They must demonstrate that large percentages
of the mortgages they purchase have been made to lowincome buyers or neighborhoods.
These
mandates
contributed to the 2008 financial crisis and continue to
send the wrong message to
banks, which are essentially
told to fulfill mortgage quotas
even when loans arent repaid.
BOOKSHELF | By William Easterly
The Apostles
Of Doubt
The Undoing Project
By Michael Lewis
(Norton, 362 pages, $28.95)
ichael Lewiss brilliant book celebrates Daniel Kahneman and Amos Tversky, Israeli-American psychologists
who are our ages apostles of doubt about human
reason. The timing is fortunate, given that overconfident
experts may have caused and then failed to predict such momentous events as Brexit and the election of Donald Trump.
Mr. Kahneman and Tversky (who died in 1996) first started
working together in 1969. They were well-matched. The Holocaust survivor Mr. Kahneman chronically doubted even himself. The brash Tversky targeted his doubts toward others,
especially (as one acquaintance noted) people who dont
know the difference between knowing and not knowing. Testing people with quizzes in their laboratory, they found a host
of cognitive biases afflicting rational thinking.
One bias they found is that we underestimate uncertainty.
In hindsight bias, for example, test subjects misremembered their own predictions as
being correct. As Tversky explained, we find ourselves unable to predict what will happen; yet, after the fact we
explain what did happen with a
great deal of confidence. . . . It
leads us to believe that there is
a less uncertain world than there
actually is. Mr. Lewis is outraged
by McKinsey & Co. coaching their
consultants to radiate certainty
while billing clients huge fees to
forecast such unknowable variables
as the future price of oil. The work of
Tversky and Mr. Kahneman convinced Mr. Lewis
that, as he puts it when summarizing the view of a jaded former consultant, such confidence was a sign of fraudulence.
Failing to process uncertainty correctly, we attach too
much importance to too small a number of observations.
Basketball teams believe that players suddenly have a hot
hand after they have made a string of baskets, so you should
pass them the ball. Tversky showed that the hot hand was a
mythamong many small samples of shooting attempts,
there will randomly be some streaks. Instead of a hot hand,
there was regression to the meanplayers fall back down
to their average shooting prowess after a streak. Likewise a
cold player will move back up to his own average. (Both Mr.
Lewis and his subjects love sports examples; Mr. Lewis now
says that he realizes the insights chronicled in his 2003
Moneyball, about flawed judgment in baseball, had been
predicted by Mr. Kahneman and Tversky all along.)
Failing to understand regression to the mean is a
ubiquitous source of prediction errors, such as expecting
Chinas world-record streak of high economic growth rates to
continue forever (it wont). Mr. Kahneman showed that such
flawed thinking had even messed up the Israeli Air Force.
Officers praised pilots after a great landing and berated them
after a terrible one. Officers then noticed that the next
landing after a fantastic one was worse, while the one after a
horrendous one was better. The Air Force concluded that
praise backfired while criticism improved performance. Mr.
Kahneman noted that this spurious conclusion failed to
understand regression to the mean. When he repeated this
story to test subjects later, they made up stories about why
praise backfiredthey were also blind to the regression to
the mean. Mr. Kahneman wrote: It is part of the human
condition that we are statistically punished for rewarding
others and rewarded for punishing them.
Stereotypes exert a powerful pull. Nobody in

basketball thought of a Chinese-American as
a typical star, so no team drafted Jeremy Lin.
We also process uncertainty about people badly, resorting
to stereotypes based on a small number of vivid examples
about different types of people. Nobody in basketball thought
of an awkward Chinese-American as a typical star, so nobody
drafted Jeremy Lin in 2010. The Knicks discovered his abilities only in 2012 after a rash of injuries forced them to play
him. Tversky and Mr. Kahneman found that stereotypes are
more powerful than the logic of probability. They told test
subjects that a fictitious Linda was smart and socially
conscious and asked which is more likely: (a) that Linda is a
bank teller or (b) that Linda is a bank teller and a feminist.
Subjects chose (b) even though the subset of feminist bank
tellers has to be smaller than the set of all bank tellers (feminist and non-feminist). Linda was just too irresistible a stereotype of a feminist to obey the laws of sets and probability.
Today vivid examples of Muslim terrorists have the far
more serious consequence of inducing many to vastly
overestimate the likelihood that any random Muslim might
be a terrorist. A passenger on an American Airlines flight in
May reported a suspicious dark-haired man next to her scribbling what looked like Arabic on a piece of paper. Security
personnel pulled him off the plane only to discover that he
was an Italian professor of economics at the University of
Pennsylvania who had been doing differential equations.
It would be wrong to mock uneducated people for such
mistakes, because Mr. Kahneman and Tversky found that
even those trained in statistics exhibit the same cognitive
biases. Indeed, there exist no experts without cognitive biases
to fix everyone elses cognitive biases.
Tversky sadly died much too young, at age 59. Mr.
Kahneman went on to win the Nobel Prize in economics in
2002, then wrote a best-selling book, Thinking, Fast and
Slow, in 2011the next great book to read after this one.
There Mr. Kahneman balanced out the account a bit. He and
Tversky had focused on mistakes, but there are many things
that the brain does wellas Mr. Lewis also notes.
I had to wonder, as I was reading The Undoing Project,
whether Mr. Lewis would really respect his subjects doubts
about experts or follow the imperative that any book on any
problem must conclude with experts confidently solving the
problem. Mr. Lewis passed the test. There is a brief mention of
a few expert nudges to trick people into making decisions in
their own interest on things like retirement savings, but the
nudge approach correctly seems like small beer. In a world of
overly certain predictions and policy prescriptions from consulting firms and think tanks to politicians and book authors,
Mr. Lewis has given us a spectacular account of two great men
who faced up to uncertainty and the limits of human reason.
Mr. Easterly, a professor of economics at New York
University, is the author of The Tyranny of Experts:
Economists, Dictators, and the Forgotten Rights of the Poor.
OPINION
REVIEW & OUTLOOK
LETTERS TO THE EDITOR
Obamas Last Stand
Watch That Evil Runoff From Your Raincoat
he U.S. Army Corps of Engineers on band before Dec. 5. North Dakota winters are
Sunday delivered a symbolic victory to cold, and a charitable reading of the Corpss
the environmental left by denying a political mediation is that the Administration
permit to complete the 1,200is trying to allow squatters to
The White House
mile Dakota Access oil pipesave face so that they can
line. The political obstruction
disperse before imperiling
tries to kill another
illustrates why its so hard to
their own safety.
pipeline for U.S. oil.
build anything in America
However, the Corpss
these days.
switcheroo has jeopardized
Construction is almost
its integrity and created a lecomplete on the Dakota Access, which aims gal quagmire by requiring an exhaustive new
to transport a half million barrels of oil each environmental impact statement that considday from the Bakken Shale in North Dakota ers alternative routes. This process could take
to Illinois for delivery to refiners on the East years and is not normally required when an
and Gulf coasts. About 99% of the pipeline environmental assessment concludes no sigdoesnt require federal permitting because it nificant impact.
traverses private lands. But the Corps must
The pipeline builder Energy Transfer Partsign off on an easement to drill under Lake ners could sue the Corps for violating due proOahe that dams the Missouri River.
cess, though a judge might rule the company
After an exhaustive consultation with Na- lacks standing since the government hasnt
tive American tribes, the Corps in July issued made a final determination. Energy Transfer
an environmental assessment of no signifi- is likely better off waiting for the Trump Adcant impact. Construction is unlikely to harm ministration.
tribal totems because the Dakota Access
A spokesman for Mr. Trump said the Preswould parallel an existing gas pipeline. The ident-elect supports construction of the
route has been modified 140 times in North pipeline but would review the full situation
Dakota to avoid upsetting sacred cultural re- when were in the White House and make the
sources.
appropriate determination at that time.
After largely refusing to engage in the This protects the Trump Administration
Corpss review, the Standing Rock Sioux sued. from claims of predetermination, but it
A federal court in September rejected the wont stop environmental groups from suing
tribes claims, only to be overruled by the if Mr. Trump reverses the Obama AdminisObama Administration, which ordered a tem- trations course.
porary suspension to work around Lake Oahe.
Energy Transfer devised the least intrusive
Although the D.C. Circuit Court of Appeals in route to expedite permitting but it still got
October refused to enjoin construction on the caught between the Standing Rock tribe and
pipeline, the Corps has maintained its admin- no-fossil-fuels greens who have turned the Daistrative injunction.
kota Access into a Battle of the Alamo. If Mr.
Tensions have escalated between local law Trump wants to build more infrastructure, a
enforcement and protesters, who have sig- top-to-bottom renovation of permitting regunaled an intent to defy Corps orders to dis- lations is a good place to start.
Senate Confirmation Confidential
ot all of the government nomination ne- confirms Ms. Rosenworcel, Democrats would
gotiations these days are taking place wield a 3-2 majority. The Republican chairman
at Trump Tower in Manhattan. Some would set the agenda but wouldnt have the votes
are happening in Congress,
to accomplish anything. Senate
A mooted nominee
and one is a potential Senate
Republicans say not to worry,
deal over nominees to the
no one will be confirmed until
pairing for the
Federal
Communications
Mr. Wheeler agrees to depart.
FCC is a bad idea.
Commission that could leave
But even if he does depart, the
Democrats in control of one of
commission would be stuck
the most economically de2-2. President Trump could
structive agencies in Washington.
then nominate a third GOP commissioner, and
We hear Majority Leader Mitch McConnell that could take months to vet and confirm and
and Democrat Harry Reid are negotiating for Democrats could try to delay.
an FCC transition in which Chairman Tom
Our advice is to give up this commissioner
Wheeler would leave in January. GOP leaders confirmation swap and let the normal change
would then reconfirm two commissioners: of power take place in Washington. Mr. Pais
Democrat Jessica Rosenworcel, whose five-year FCC term hasnt expired, so he doesnt need
term has expired; and Republican Ajit Pai, who Senate consent. The commission can function
is not up until next year and is in the mix to be with a 2-1 majority and did for several months
the next chairman.
during 2009 and 2012. Ms. Rosenworcel has no
The question is why run the risk of a Demo- great record of bipartisanship that would make
cratic majority that could stymie GOP progress her case for confirmation more compelling. If
for several months? Traditionally chairmen re- Mr. Wheeler declines to leave, let him explain
sign from the five-member commission when to his potential Beltway employers why he
a new President of the other party is elected. wants to poison the FCC well.
But Mr. Wheeler has shown more than once that
Some people say Mr. McConnell is open to
his word isnt worth very much, not least by this FCC pairing because he hopes to get one
taking dictation from the White House on inter- of his aides named to the Federal Energy Regunet regulation. Even if he isnt chairman, Mr. latory Commission at the same time. Were asWheeler is free to hang out as a commissioner sured that isnt true and have no reason to
until his term expires in mid-2017.
doubt it. But its still better to leave the FCC to
If Mr. Wheeler sticks around and the Senate the new President and Senate next year.
The Impossible Italian Job?
iovanni Giolitti, an Italian statesman tensive and expensive protections for employof a century ago, was once asked ees at smaller companies, a killer in an econwhether it was difficult to govern It- omy of boutique enterprises.
aly. Not at all, he replied.
As for Italys banks, Mr.
Voters want real
But its useless. Its a quip
Renzis idea was to cobble toa succession of recent Prime
6 billion ($6.4 billion)
economic change, not gether
MinistersSilvio Berlusconi,
for various recapitalization
procedural fudges.
Romano
Prodi,
Mario
funds. But no Rube Goldberg
Montisurely came to apprecontraption is going to save a
ciate as they tried and failed
banking system with up to
to reform Italy, and on Sunday it was Matteo 360 billion of bad loans depending on how
Renzis turn.
you count, and no Italian politician is going to
The center-left Italian Prime Minister was punish retail savers for the failures of the
handed a stinging 60%-40% defeat Sunday in banks. Given the European Unions no-bailout
a referendum on proposed constitutional rule, that means the only salvation for the
changes on which he staked his premiership. banks lies in strong economic growth.
Mr. Renzi argued that the changes, above all
Thats where Mr. Renzi failed, with growth
a smaller and less powerful Senate, were nec- clocking in between 0% and 0.4%. Italians
essary to streamline the political system and may not know what kind of policy mix is remake economic reform possible.
quired to bring unemployment down from
The argument had some merit, but Italians 11.6%, but they were right to sense that trimwere underwhelmed. Their no vote led Mr. ming the size of the Senate was more of a
Renzi to resign Monday, putting Italy in the distraction from their problems than a soluhands of a caretaker government until new tion. The rebuke to Mr. Renzi isnt because
elections can be held. Italian and European he tried to fix Italy. Its because he didnt try
markets reacted calmly, mainly because they hard enough.
expected the result, and the euro rose slightly
Pundits bemoan that Mr. Renzis resignation
against the dollar. But the larger question is could clear the path for the insurgent, unconwhether Sundays vote means Italy is unre- ventional, possibly euroskeptic 5 Star Moveformable.
ment to take power in the next election. But
The answer isnt clear. Mr. Renzi came to Italians, well aware of their own frustrations
office in 2014 offering a radical program of and the likelihood they could turn to 5 Star as
reform, and early signs were promising. He an alternative, have left in place the constituextended Mr. Montis labor-market reforms to tional limits on such a governments power
make it easier for large firms to hire and fire even if they decide to roll the dice.
new workers, which is essential for reducing
The answer to a 5 Star-style insurgency, in
Italys unemployment rate. He made a stab at Italy and elsewhere, is for mainstream politibank reform, the most vulnerable part of It- cians to focus more on economic growth and
alys weak economy.
less on everything else. If Italy had a politician
But despite an energetic personality, Mr. of the charisma and intellectual heft of a RonRenzis reforms usually came up short. Italys ald Reagan, Margaret Thatcher or even
ranking on the World Economic Forums labor- Frances Franois Fillon to argue for broad remarket efficiency tablethird-to-last before forms, this referendum wouldnt have matMr. Renzis reformscrept up to 126 out of tered. Without such a leader, a yes vote
140 this year. Mr. Renzi also left in place ex- wouldnt have helped.
Regarding Stephen Fords The Tax

Man Demands a Rain CheckEr . . .
Stormwater Fee (Cross Country, Nov.
26): One wonders about the aggregate
impact of the EPAs demands on communities and utilities on the overall
economy in this slow recovery. The
Metropolitan District Commission,
the water utility for the Hartford,
Conn. region, is in the process of a $1
billion project to increase sewer
treatment capacity and separation of
storm runoff from sanitary sewers.
This has resulted in a 100% increase
in charges for fresh water, which is
the basis for determining the amount
of sewer usage by individual homes.
This process was approved by voters
when given the ultimatum of the EPA.
It has had far more of a financial impact than originally forecast, and that
is in only one urban area. The policy
is removing very large sums of money
from consumers across the country.
DONALD KAUKE
West Hartford, Conn.
Water and sewer rates have historically been artificially low in the U.S.
The majority of water and sewer infrastructure in this country was built
in the 1950s, 60s and 70s with federal grants to local governments
through the Safe Drinking Water Act
and the Clean Water Act. Because of
this, water and sewer rates didnt
need to cover the capital expenditure,
only the cost of operations. As the existing infrastructure is reaching the
end of its useful life and getting little
to no money from Washington, rates
must increase to cover the cost of
new construction. While innovative,
private financing arrangements have
been used to bring the cost down,
current rates are insufficient.
There are three main ways to meet
the new runoff requirements: Treat
high stormwater flows at the wastewater treatment plant; store the high
stormwater flows in large equalization tanks; reduce runoff at the
source that causes high flows to the
treatment plant. This last option,
known as distributed green infrastructure, reduces the high runoff

from occurring during a storm. Numerous studies have shown that this
is the lowest-cost solution and is a
major reason why the District of Columbia Water and Sewer Authority
modified its multibillion-dollar stormwater plan to include green infrastructure. Would Mr. Ford prefer that
more expensive methods with longer
construction times be used?
DAVID WINGATE, PE
Mercer Island, Wash.
Mr. Fords characterization of
stormwater fees as a rain tax
misses a few vital points. A stormwater fee is based on the fact that the
owner of property with impervious
surfaces, who doesnt detain the excessive stormwater runoff that is
caused by those impervious surfaces,
is pushing the cost of dealing with
that stormwater runoff on to others.
The stormwater fee helps pay for the
costs and harms which the property
owner has imposed on others, including downgradient property owners
and publicly owned stormwater infrastructure. A well-structured stormwater ordinance doesnt impose a fee on
property owners who properly control the stormwater running off their
properties impervious surfaces.
CRAIG PENDERGRAST
Atlanta
Welcome to the marriage of environmental wackos and central planning. Permits will be required for everything, and the total impervious
surface on any lot will be strictly limited. Dont be surprised if when you
request a permit to reshingle your
roof you are required to tear up all or
part of your driveway so you dont
exceed impervious-surface limits.
And we wonder why affordable housing is a joke. Is there any question
why voters are rejecting career politicians?
JACK HAMILTON
Silverdale, Wash.
Equipping the Troops: Smarter Plus Better

Retired Army Maj. Gen. Robert H.
Scales is typical of the current and
former Army general officers who
are always blaming others for their
own services procurement ineptitude. His op-ed Give Our Fighting
Men and Women the Equipment They
Need (Nov. 29) takes to task spending on new aircraft and ships at the
expense of ground forces. Complete
nonsense. The Army spent $16.9 billion in FY2016 and has requested
$15.3 billion in procurement for
FY2017. Seems to me, instead of attacking the Air Force and Navys priorities, he should be questioning why
the Army isnt properly prioritizing
and funding needs for its own infantry forces. An example of mismanagement: The Army and Marine
Corps are acquiring the Joint Light
Tactical Vehicle to replace the renowned High Mobility Multipurpose
Wheeled Vehicle (Humvee), their current light tactical vehicle. They will
spend $700.7 million in 2017 to procure 2,020 basic vehicles at $347,000
each, a very expensive light tactical
vehicle. Save the lecture, general, the
Beware Missing What Our

Advantage Plans Provide
real question is: Why is the Army

procurement program so inept and
poorly prioritized?
COL. MARK KIPPHUT, USAF (RET.)
Rockwall, Texas
Gen. Scales is on the mark. I deployed to Iraq two years ago and was
flabbergasted by how terrible our deployment equipment was.
Our biggest problems were vehicles and computers. Every one of our
armored vehicles had issues. Some
were really bad, such as having doors
that wouldnt open. What would happen if in a firefight the vehicle rolled
over?
I used a very old Dell laptop that
would take over 45 minutes to load
Outlook. Good to know we had other
methods to report incoming rockets
other than email.
I was fortunate to be trained before deployment by Gunner Marine,
who is a legend.
CAPT. DANIEL PINEDO, USMC
Houston
The New Socialism Avoids

Responsibility of Ownership
Clara Parrillo (Letters, Nov. 30)

counters Fred Barness Nov. 28 op-ed
We can all agree that the experion Sen. Chuck Schumer by stating
ence of shopping for health-care cov- that Sen. Bernie Sanders isnt a soerage can be improved, no matter
cialist. She cites evidence that Sen.
what sort of plan you are shopping
Sanders doesnt advocate government
for, but lets not overlook the huge
ownership of the means of producstrides health plans are making to be- tion. But that is the definition of
come more consumer focused (Be19th-century socialism. The modern
ware Medicare Advantage Plans,
variety is regulatory socialism as
Journal Report, Nov. 28).
practiced by the Obama Democrats
Seniors and taxpayers get tremen- and advocated by Sens. Sanders,
dous value from Medicare Advantage Schumer, Elizabeth Warren and Hilplans. More than 17.5 million Amerilary Clinton. Twenty-first-century
cans choose MA plans, and 90% of
regulatory socialism has the same efMA members are satisfied with their
fect as the old brand: control of most
plan, benefits and choice of providof the means of production and comers. They are getting more of the pre- merce (without the responsibility of
ventive care they need and require
actual ownership) for the primary
hospitalization less frequently.
benefit of the elites connected to govAnd it isnt just about coverage
ernment, to the detriment of prosperand service, its also about lowering
ity and freedom.
health-care costs for hardworking
JAMES WILLS
Mashpee, Mass.
taxpayers and even participants in
traditional Medicare. A recent study
found a correlation between increased MA penetration and a drop in
annual costs for traditional Medicare.
Keeping directories updated is a
challenge for any health plannot
THE WALL STREET JOURNAL
just Medicare. Were working with
doctors and care providers to ensure
plans have the most up-to-date information possible for consumers.
MARILYN TAVENNER
President and CEO
Americas Health Insurance Plans
Washington
Pepper ...
And Salt
Letters intended for publication should

be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
or emailed to wsj.ltrs@wsj.com. Please
include your city and state. All letters
are subject to editing, and unpublished
letters can be neither acknowledged nor
returned.
I know how to hack

into his nice list.
OPINION
By L. Rafael Reif
resident-elect Trump is
calling for major reinvestment in public infrastructureand any American
can understand why. We all
know from direct experience that
much U.S. infrastructure is in rough
condition, and most agree that renewing and advancing our infrastructure, from bridges and airports
to the electrical grid, would support
economic improvement and supply
new jobs.
In the 1970s government

spending on fundamental
research was 2% of GDP.
Thats how to beat cancer,
climate change and more.
But for the nations long-term security, prosperity, competitiveness
and health, and for generations of
lasting new jobs, we must also rebuild another kind of infrastructure
now erodingby renewing our national commitment to fundamental
science.
For 70 years, federal support for
basic scientific research has been the
invisible infrastructure paving the
way to innovation and economic
growth. Every American can be proud
of the U.S. system for producing new
scientific knowledge. And every

American has benefited from the resulting innovations: The development
of ultraprecise atomic clocks opened
the door to GPS. Work on nuclear
magnetic resonance led to the MRI
scanner. Number theory enabled encryption, which enables e-commerceand so on.
The U.S. remains a powerhouse of
research and development. As the
National Science Foundation reported in September, total national
R&D funding from all sources
reached nearly $500 billion in 2015,
more than any nation has ever spent
on it in one year. The share supplied
by industry also reached a recordhigh 69%. This is excellent news.
With industry already investing
so much, the question sometimes
arises: Why cant our entire national
research investment be privatized?
Because the qualities that make industry good at applied research and
developmentan appetite for immediate commercialization, a laser focus on consumer demand, an obligation to maximize short-term
returns, and a proprietary attitude
about informationmake industry a
bad fit for supporting basic scientific research.
In the days before the burdens of
quarterly public earnings reports and
intense global competition, Bell Labs
and its peers had the freedom to invest in very long-term research. But
today, industry R&D disproportionately prefers the D in R&D, as a
GETTY/IKON IMAGES
The Dividends of Funding Basic Science
good source of incremental gains. Industry hardly touches the earliest

form of Rfundamental science
although that is where the gains can
be transformational.
The long view is under threat in
government; in industry, its over.
And although some philanthropists
now back basic science, the scale of
the investment required over time
dwarfs any individual efforts; the National Institutes of Health alone, for
example, spend $30 billion on basic
science every year.
Whats more, federal investment in
basic researchthe foundational
stage of research, on which all the
rest dependsis in decline. At its
height in the 1970s, government funding for basic research represented

more than 2% of U.S. gross domestic
product. Known as R&D intensity,
this ratio measures societys commitment to science, and by 2014 it had
dropped to just 0.78% of GDP.
The decline is especially pronounced in the physical sciences, like
chemistry and physicsthe sources
for deep insights that stimulate
breakthroughs in every scientific domain. This erosion of support should
concern us all, because science is our
most rigorous, reliable path to understanding the material world.
Scientists are like entrepreneurs:
They have an eye for spotting
Right-to-Work Zones in Deep-Blue Illinois?

By David From
And Akash Chougule
he U.S. Sixth Circuit Court of

Appeals ruled last month in
United Auto Workers v. Hardin County that Kentuckys local
governmentsnot only the state
legislaturecan decide whether to
implement right-to-work laws,
which ban unions from firing workers who refuse to pay dues. This ruling should relieve reformers
throughout the Midwest, but its
particularly good news for Illinois,
where unions and their political allies have made securing workers
freedom an uphill battle.
Right to work is an important part
of Gov. Bruce Rauners Turnaround
Illinois agenda. Under his proposal,
local governments would have the option to decide for themselves whether
to adopt right to work. The policy
could apply to workers in the private
economy, as well as government employees. Any unit of local government
could make this decisioncities,
towns, counties, municipal wards and
even school districts.
A court ruling points

the way for counties and
cities to enact their own
protections for workers.
Yet Mr. Rauner has faced hurdles
at every turn. Mike Madigan, Illinoiss powerful speaker of the house,
almost immediately shot down the
idea of serious right-to-work legislation. Illinois Attorney General Lisa
Madigan, the speakers daughter, issued a legal opinion arguing that
right-to-work laws for local governments within a state are illegal. The
Sixth Circuits judgment may help
overcome such resistance.
After Hardin County in central
Kentucky enacted its own local rightto-work law, the United Auto Workers and other unions challenged the
policy in court. A federal-district
court had previously sided with the
unions in a ruling this February. But
the Sixth Circuits unanimous decision upheld the countys ability to
enact a local right-to-work policy on
the basis of home rule. Under this
principlea practice observed in
most stateslocal governments are
free to enact their own ordinances or
laws, so long as they dont conflict
with state law.
The issue is now moot in Kentucky,

as newly empowered Republicans
plan to enact a statewide right-towork law. But the court has set a
precedent, and many states should be
optimistic. Ohio is still not a right-towork state, but its counties and cities
fall under the Sixth Circuits jurisdiction. These entities can immediately
begin implementing right-to-work
policies. The Ohio counties bordering
right-to-work statesIndiana, Michigan, West Virginia, and soon Kentuckyhave the strongest incentive
to act.
Although Illinois isnt under the
Sixth Circuits jurisdiction, a similar
challenge is already under way. The
village of Lincolnshire, about 30 miles
north of Chicago, enacted a right-towork ordinance last year. Lincolnshire
immediately faced lawsuits from
unions, including the AFL-CIO.
Although the AFL-CIOs lawsuit
has yet to be resolved, Illinois localities can now cite the precedent set in
Kentucky. So can cities and counties
in Minnesota, Pennsylvania and other
states in a similar situation. If the
case reaches the Seventh Circuit and
the courts rule unfavorably, the issue
could end up being decided by the
Supreme Court.
Lincolnshire isnt the only municipality where right to work would be
beneficial. These laws would help
Winnebago County, next to Wisconsin, and many of the southern counties that border Kentucky, Missouri,
and Indiana, where coal-related jobs
have disappeared.
While progress on the local level
is important, the entire state desperately needs the economic boom that
accompanies the enactment of rightto-work laws. According to the latest
data from the Illinois Department of
Employment Security, Illinois lost
10,000 manufacturing jobs in the
past year. Unemployment stands at
5.6%, about a point above the national average, according to the Bureau of Labor Statistics.
Whereas Illinois and other
forced-unionization states have
struggled with persistent unemployment since the Great Recession,
right-to-work states have 1 percentage point lower unemployment, on
average, according to the Mackinac
Center. These states also enjoy significantly higher economic growth.
Bureau of Economic Analysis data
show that before 2012 forced-unionization states grew 40% slower, on
average, than their right-to-work
competitors. In 2010 Ohio University
economist Richard K. Vedder wrote
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in Cato Journal that people move in

extraordinary numbers to right-towork states from forced-unionization states, bringing with them an
influx of talent and new skills
something Illinois desperately
needs.
Right to work would also help attract businesses back to Illinois.
When Indiana embraced the policy in
2012, 120 companies signaled that the
decision would affect their choice to
relocate to the Hoosier state, according to Gov. Mike Pence. Discussing
Lincolnshires recent decision, a siteselection expert from the firm Biggins
Lacy Shapiro and Co., wrote I can
confirm that companies are aware of
the opportunity and cite it as one of
the reasons to consider a move.

Illinoiss localities dont have to
idly watch as businesses and workers
uproot for greener pastures. The
Sixth Circuits ruling should inspire
many of them to take matters into
their own hands and pass right-towork laws freeing local workers. The
unions that control the levers of
power in the state legislature may
not like it, but they can no longer
blockade the path to worker freedomand the many benefits it
brings.
Mr. From is the Illinois state director of Americans for Prosperity,
where Mr. Chougule is director of
policy.
unrealized opportunities. It can be

hard to predict where those leads
will take them. But as we have seen
over decades, basic science leads to
the new knowledge that leads all of
us to the future, along the way spinning off powerful new tools and educating a new generation of scientific pioneers.
From smartphones to supercomputers to LED lighting, todays innovations emerged from discoveries
that were new decades ago. If we
hope for technological solutions in
the future to some of humanitys
great challengesAlzheimers, cancer, infectious disease, cybersecurity,
safe nuclear power, climate change,
water and food for the worldwe
must renew our national commitment to supporting basic science.
That reinvestment is also vital if we
want more emerging opportunities in
fields like advanced materials and
manufacturing, renewable energy,
photonics, quantum computing, synthetic biology and space exploration
to benefit our society with jobs and
quality of life.
Underfunding is only one danger;
another comes from the outside. In
the scope and success of its scientific
enterprise, the U.S. has long been the
unquestioned global leader. Because
the U.S. government has been the
worlds largest supporter of potentially transformative science since
World War II, the U.S. still boasts the
highest share of knowledge- and technology-intensive industries in the
worldwith a first-rate, globally
sourced scientific workforce to match.
But other nations are closing in fast.
Today, a number of Asian and European nations are all investing aggressively in basic scienceand China is
set to overshadow total U.S. government R&D spending within a decade.
We should not be surprised if, within
a generation, the talent and the discoveries go to the countries with the
wisdom to invest in them.
Any of us who travel to the great
Asian transit centersHong Kong,
Shenzhen, Beijingknow the sinking
sensation upon realizing that the airport we just came from in the U.S. is
way out of date. For the sake of the
nations future, we must not allow
the invisible infrastructure of our
scientific enterprise to suffer the
same fate.
Mr. Reif is the president of MIT.
Journey To Destination
Healthcare You Can Trust
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Mexico Awards Oil Rights

BY ROBBIE WHELAN
AND ANTHONY HARRUP
MEXICO CITYThe worlds
largest oil companies won
rights to develop Mexicos offshore oil deposits in an auction that led to twice as many
awards as officials expected
and could generate $40 billion
in investment.
Eight of the 10 exploration
blocks available were snatched
up in competitive bidding by
firms including Exxon Mobil
Corp., Chevron Corp., and
Chinas state-run China National Offshore Oil Corp.
Australias BHP Billiton
also made history by becoming
the first foreign company to
join state oil firm Petrleos
Mexicanos in developing the
already discovered Trion oil
field in the Gulf of Mexico.
The Trion partnership and
the deep-water auctions were

the centerpiece of President
Enrique Pea Nietos 2013 energy reform laws, which
opened Mexicos energy industry to foreign investment for
the first time since 1938.
Weve very happy that this
investment will come to Mexico, said Juan Carlos Zepeda,
head of the countrys energy
regulator, the National Hydrocarbons Commission. The energy reform initiated by President Pena is a success.
Mexican energy officials
said the eight blocks plus
Trion eventually should lead to
production of 900,000 barrels
a day of oil equivalent.
BHP Billiton outbid BP PLC
fora 60% stake in the Trion
field, believed to contain 485
million barrels of crude oil, by
offering a bonus payment $624
million, just $18 million more
than its British rival.

Among the biggest winners
was Chinas Cnooc, which won
rights to explore and develop
two blocks in the oil-rich central portion of the Gulf of Mexico. Cnooc offered some of the
highest royalty payments,
committing to pay 15.01% of its
gross income on one block and
17.01% on another.
We salute that the Chinese
business has come to compete
in Mexico and to win, said Pedro Joaqun Coldwell, Mexicos
Secretary of Energy.
Cnooc couldnt be reached
for comment.
Other successful foreign
bidders included Frances Total SA alongside Statoil ASA
and BP, and another group including Murphy Oil Corp.,
Ophir Energy and Malaysias
Petronas Carigali.
Aside from securing a part-
U.S.
Chevron/
Pemex/Inpex
ner for Trion, Pemex won one

block in a consortium with
Chevron and Japans Inpex
Corp.
Pemexs chief executive,
Jos Antonio Gonzlez Anaya
said hes confident the Trion
partnership will bring significant advantages, such as technology, to Pemex. He said the
field will be producing around
120,000 barrels a day by 2025.
Timothy Callahan, a director general with BHP Billiton,
said his company became more
confident in its bid after Pemex changed certain terms in
the joint operating agreement,
including voting procedures
governing the contract.
The auction is the fourth
under the 2013 opening of the
Mexican oil industry, but the
first for deep-water reserves
and the first to attract the interest of major oil companies.
Total/ExxonMobile
China National
Offshore Oil
Corporation
MEXICO
*BHP Billiton
awarded joint
venture with
Pemex
U.S.-Mexico
maritime
border
China National
Offshore Oil
Corporation
BHP Billiton*
GULF OF MEXICO
OIL EXPLORATION BLOCKS

AUCTIONED ON MONDAY
With company/consortium awarded
TA MAULIPAS
Tampico
V E RAC RUZ
Statoil/BP/Total
100 miles
100 km
Mexico City
Statoil/BP/
Total
Jalapa
Veracruz
Not awarded
Not awarded
PC Carigali/ Murphy/Ophir/
Sierra
PC Carigali/Sierra
TA BASCO
Source: Mexicos National Hydrocarbons Commission
Theranos
Foresaw
Big Profit
In 2016
STREETWISE
James Mackintosh
No Roman
Holiday for
Investors
In Italy
BY CHRISTOPHER WEAVER
AND JOHN CARREYROU
BILL OLEARY/THE WASHINGTON POST/GETTY IMAGES
Italys reformist prime

minister loses
a referendum,
quits, and
after an ohso-brief flurryinternational
investors appear not to care.
True, Italian stocks suffered, and their banks more
so. Eight of the 10 worstperforming European bluechips on Monday were Italian, and Italian bond yields
rose. But the euro gained
0.9% against the dollar in
New York trading, demand
for haven German bunds and
gold fell, and all of the major
European stock markets, bar
Italy, were up.
Another day, another
Italian prime minister. Markets seemed to shrug and
move on.
Unfortunately, more is at
stake than Romes merry-goround of leaders. Italy faces
two serious problems: its
banks and its economy. The
two are intertwined, but the
immediate problem is the
banks.
Here, investors are right
to be calm about the consequences. The problem is serious, but contained. Banca
Monte dei Paschi di Siena,
the worlds oldest bank, is in
the middle of trying to raise
5 billion ($5.3 billion) by
the end of the year to deal
with a chronic bad-debt
problem. Worse, the far bigger UniCredit plans to raise
as much as 13 billion early
next year.
Monte dei Paschi will be
at the top of the inbox for
whoever follows Prime Minister Matteo Renzi. Bankers
talked up the prospects of
raising the money that the
country needs whatever the
referendum result, but the
appeal of investing in Italy
has clearly dropped.
Consider the alternatives.
If the money isnt raised, the
bank will have to be rescued
or become the first test of
Europes rules for bank failure. The European Commission is against a rescue, so it
would be tricky diplomatically to avoid the rules.
But if Monte dei Paschi
shareholders and junior
bondholders were wiped out,
the commission has made
clear that government compensation could be paid to
the (many) ordinary depositors who were induced into
buying junior notes.
The politics are ugly, but
it is reasonable to think the
bank and some smaller rivals
could fail without a systemic
crisis spreading outside Italy.
UniCredit is a different
matter. Its shares (down
3.4% Monday) are valued at
Please see STREET page B2
See more at WSJMarkets.com
Chef Michael Isabella prepared a meal from ingredients sent by Blue Apron, in December last year. An average kit costs $10.
Big Food Tests Meal-Kit Startups

Tyson Foods, Hershey
and Campbell Soup
crowd into the market
for dinner in a box
BY KELSEY GEE
Big-food companies are following startups into the mealkit market, hunting for new
ways to wrest back profit on
ingredients that they already
make.
Tyson Foods Inc., Campbell Soup Co. and Hershey
Co. are working with online
couriers to challenge meal-kit

companies that ship parcels
of ingredients and recipes to
consumers looking for an easier way to cook stir-fry or enchiladas at home.
These purveyors of packaged foods and commodity
meats also hope to stem a
consumer shift away from
packaged foods that is benefiting startups such as Blue
Apron and HelloFresh, which
source some ingredients directly from farmers. The arrival of these deep-pocketed
rivals and their cupboard of
existing products could crowd
a nascent market already

showing signs of strain.
At least a half dozen mealdelivery firms have closed or
restructured this year after
struggling to recoup the costs
of rapidly growing a food
business from scratch. Investors have spent $177.5 million
on meal- and grocery-delivery
companies this year, Dow
Jones VentureSource data
shows, less than half of the
$403 million spent last year.
There has been a mass
rush of people hoping to find
the Uber for food, said Gregory Chang, an investor in Din,
a company that closed in October after 18 months of selling kits inspired by items on
the menus of popular San
Francisco restaurants. There
are a lot of points along the
value chain where things
could fall apart.
The market is still small.
Only 3% of consumers surveyed in May by market-research firm NPD Group had
tried a meal kit. They cost
$10 on average, while many
consumers make dinner for
an average of $4 a person.
But the barriers to entry
Please see FOOD page B2
Amazons Grocery Project Moves Ahead

BY LAURA STEVENS
AND KHADEEJA SAFDAR
Amazon.com Inc. unveiled
Monday its first small-format
grocery store, Amazon Go, one
of at least three brick-andmortar formats the online retail giant is exploring as it
makes a play for an area of
shopping that remains stubbornly in-store.
Two of the other store formats Amazon is considering
are bigger than the convenience-style Go store, according to people familiar with the
matter. In November, Amazons technology team approved a proposal to open
large, multifunction stores
with curbside pickup capability, clearing the way to start
hiring and planning, according
to one of the people.
Two drive-through prototype locations, which dont offer an in-store shopping option, also are slated to open
within the next few weeks in
Seattle, the people said.
Amazon envisions opening
Digital Grocery
Online spending on food is growing but is projected to remain a small
share of total spending for many years.
$60 billion
$59B
5.4%
50
40
30
20
0.4%
10
0
1.0%
Online share of total

spending on
food and alcohol
$9B
$3B
2009 10
Forecasts
11
Note: 2015 is an estimate
12
13
14
15
Source: Kantar Retail
more than 2,000 brick-andmortar grocery stores under

its name, depending on the
success of the new test locations, according to the people.
By comparison, Kroger Co. operates about 2,800 locations
across 35 states.
Adding grocery pickups will
be part of their secret sauce
16
17
18
19
20
21
in terms of all of the different

ways in which they can engage
the customer in bringing the
product to them, says Bill
Bishop, chief architect at grocery and retail consultancy
Brick Meets Click. Everyone
is looking at grocery because
of frequency. Frequency guarantees that you have density.
The developments are the

next step in Project Como, Amazons plan to capture more
food sales, opening the door to
a key driver of consumer
spending that would broaden
the online retailers increasing
dominance in the retail market.
It also will help Amazon
better compete against rivals
such as Target Corp. and WalMart Stores Inc., which plans
to expand a service that lets
shoppers order online and
pickup curbside at 1,000 stores
by the end of next year.
An Amazon spokeswoman
declined to comment.
Until now, Amazon has centered its grocery strategy
around Amazon Fresh, a subscription service that promises
quick food delivery for online
orders. But delivering groceries
is logistically complex, requiring fast delivery for cold items
as part of large orders on less
profitable routes, where stops
are spread far apart.
And many consumers still
prefer to pick out fresh items
Please see AMAZON page B2
While soliciting investors in

2014 and 2015, Theranos Inc.
predicted revenue of nearly $2
billion and net income of
about $505 million this year,
according to investor materials from the startup.
The projections help show
how Theranos and founder
Elizabeth Holmes attracted
more than $632 million in its
latest funding round. The Wall
Street Journal reviewed a
copy of the documents.
Theranos also said it expected 2015 revenue of nearly
$1 billion and net income of
about $330 million, suggesting
the company would roughly
double in size in 2016. Theranos envisioned fast-growing
partnerships with drugstores,
hospitals, doctors and drugmakers.
Criminal and civil investigations by the U.S. attorneys office in San Francisco and the
Securities and Exchange Commission are trying to determine whether Theranos misled
investors and regulators about
its technology and operations.
Theranos has said it is cooperating with the investigations.
Theranos
has
closely
guarded its actual financial results, including from investors.
The company shut down all its
blood-testing facilities in October and said it would focus
on developing products that
could be sold to outside labs,
hospitals and doctors offices.
At least some investors expect
to see their stakes wiped out
by the companys regulatory
Please see PROFIT page B7
INSIDE
UNDER ARMOUR
SEALS DEAL
WITH MLB
MARKETING, B3
TRUMPS WIN
GIVES A BOOST
TO BERKSHIRE
MARKETS, B14
B2 | Tuesday, December 6, 2016
* ***
INDEX TO BUSINESSES
BUSINESS & FINANCE
These indexes cite notable references to most parent companies and businesspeople
in todays edition. Articles on regional page inserts arent cited in these indexes.
G
General Mills...............B6
General Motors...........B6
Geometric Intelligence
.....................................B4
Goldman Sachs Group
...................... B8,B13,B14
Gree Electric Appliances
of Zhuhai ................ B12
B
Bain.............................A9
Banca Monte dei Paschi
di Siena ............... A9,B1
Berkshire Hathaway.B14
BHP Billiton................B1
BlackRock..................B14
Blue Apron..................B1
Blue Bottle Coffee......B6
BP................................B1
C
Campbell Soup............B1
Central Huijin Asset
Management ............ A6
Chevron ....................... B1
Cigna............................B2
Citigroup ..................... A9
ConAgra Foods............B2
Credit Suisse...............B8
D
Deloitte Touche
Tohmatsu..................B8
Deutsche Bank............A9
Dunkin' Brands Group B6
E
Energy Transfer
Partners....................A3
Experian .................... B12
Exxon Mobil................B1
F
Fanatics.......................B3
Fanuc...........................A6
Fiat Chrysler
Automobiles ............. B6
5 Star Movement.......A1
Ford Motor..................B6
Franklin Resources ... B14
Norwegian Air Shuttle

.....................................B6
O
Ophir Energy...............B1
P
Pan Surgelati..............A8
Peapod.........................B2
Petrleos Mexicanos..B1
Pinterest ..................... B4
ProShare Advisors......B8
H
Hangzhou HIK Vision
Digital Technology..B12
HelloFresh...................B1
Hershey.......................B1
Humana.......................B2
Hyundai Heavy
Industries..................B6
R
Range Resources......B13
Royal Bank of Scotland
Group.........................B8
S
Southwestern Energy
...................................B13
Starbucks....................B6
Statoil ......................... B1
I
Inpex............................B1
International Business
Machines...................B4
Target..........................B1
Theranos......................B1
Toll Brothers.............B13
Total ............................ B1
Twitter ........................ B4
Tyson Foods...........B1,B2
Jiangyin Xicheng Steel

.....................................B7
J.P. Morgan Chase
............................. A9,B13
Kantar Retail .............. B2
Uber AI Labs...............B4
Uber Technologies ...... B4
Under Armour.............B3
UniCredit.....................B1
Urban Outfitters.......B13
M
Major League Baseball
.....................................B3
McDonald's..................B6
Michael Kors Holdings
...................................B13
Millennium Global
Investments ............. A9
Molina Healthcare......B2
Murphy Oil..................B1
V
VelocityShares 3x
Inverse Crude Oil......B8
Volkswagen..........B4,B14
Wacker Chemie...........B7
Wal-Mart Stores.........B1
Whole Foods...............B2
Wutongshu Investment
Platform....................A6
Nanjing Quanxin Cable

Technology..............B12
News Corp...................B7
Nike...........................B13
INDEX TO PEOPLE
A
Adams, Stephen.........B7
Anaya, Jos Antonio
Gonzlez....................B1
Esposito, Mike............B8
B
Bersin, Cheryl ............. B2
Berthelot, Philippe ..... B8
Bittman, Mark............B2
Buffett, Warren........B14
Bunning, Dominic.......A1
Butaud-Stubbs,
Emmanuelle..............B7
C
Chandgothia, Binay
............................... A1,A6
Chang, Gregory...........B1
Charpentier,
Emmanuelle..............B3
D
Doudna, Jennifer ........ B3
Dowding, Mark...........A1
Mobius, Mark..............A1
Morgan, Marine Scotty
Bob............................A1
Filia, Francesco ..... A1,A9
Rawlings, Mike...........B8
Richter, Dominik.........B2
Rometty, Ginni............B4
Rosario, Daniel ........... B7
G
Gijsels, Philippe........B13
Harms, Ole..................B4
Holmes, Elizabeth ...... B1
Hurley, Mary Ann.....B12
Sarsfield, Luke............B8
Schultz, Howard ......... B6
Sharpe, Robert......A1,A6
Joachimsthaler, Erich.B6
Taylor, Sean...........A1,A6
Leland, Todd................B8
Lu, Minnie...................B7
Vermulst, Edwin.........B7
Yanai, Tadashi.......A1,A6
Marasciulo, Cosimo .... B8

Marcus, Gary...............B4
Massad, Timothy......B12
STREET
Continued from the prior page
13 billion, and it has 189
billion of bonds outstanding.
A threat to UniCredit would
be a threat to Europes banking system. However, there
isnt really a threat to UniCredit. The banks capital
raising next year will probably be more expensive
thanks to the political turmoil, so its existing shareholders will suffer more
than they would have, but
that is the limit of the upsetunless it looks like Italys 5 Star Movement is
coming to power soon.
The long-term problem
goes far deeper than just a
bit more capital for the
banks. Italys economy is
smaller than it was a decade
ago, and it is the only developed country where gross
domestic product per capita
is lower than in 1997, according to the International Monetary Fund.
Mr. Renzi made a start by
shaking up the labor laws,
but much more is needed to
speed economic growth, including to its legal system.
Z
Zhang, Feng................B3
The reform agenda was already stalled, and voters

have now torn it up. Little is
likely to get done before the
next election, due by 2018.
Without faster growth,
government debt133% of
gross domestic productwill
be even harder to get under
control, and bad debts could
start to mount again at the
banks.
Yet in one sense, Italian
risk has just dropped. The
constitutional changes would
have given more power to
the government, while the
accompanying electoral
changes increased the chance
that 5 Star would be in government. The referendum result means a new electoral
law, which is likely to make
it harder for 5 Star to get its
hands on the levers of power
in Rome. Those levers will
as for the past 70 years
continue to move less easily
than in most countries.
The European Central
Banks buying of bonds protects Italy, pushing back the
moment when its chronic
problem turns critical. That
day doesnt look imminent,
but unless Italy can get its
economy growing again, it
will come.
When in Rome...Sell!
Italian bank stocks sold off on Monday after voters rejected
constitutional changes, but the stocks already have suffered badly
this year as capital raisings loomed.
Year-to-date percentage change
0%
Euro Stoxx Banks index
10
20
30
40
Aetna, Humana Defend Merger

BY BRENT KENDALL
WASHINGTONThe U.S.
Justice Department and proposed merger partners Aetna
Inc. and Humana Inc. presented a judge Monday with
starkly different visions of
how the deal would affect the
marketplace, kicking off a second antitrust trial with significant implications for the
health-insurance landscape.
Opening
statements
launched the governments second current court battle
against consolidation among
health insurers. One group of
Justice attorneys has been
challenging Anthem Inc.s
planned acquisition of Cigna
Corp. On Monday, a different

Justice team targeted the
Aetna-Humana deal, arguing
the merger would harm senior
citizens who buy private Medicare plans and could hurt consumers who buy plans on Affordable Care Act marketplaces.
Competition between Aetna
and Humana has been critically important, especially in
the market for private Medicare
Advantage plans, a governmentbacked alternative to traditional
Medicare for seniors, Justice
Department lawyer Craig Conrath told a judge Monday.
Mr. Conrath said the
merger would mean an unacceptable loss of competition in
more than 350 counties where
Aetna and Humana currently

compete head-to-head to sell
Medicare Advantage plans.
Mr. Conrath said traditional
government-run Medicare isnt
enough of a competitor to prevent potential price increases by
the merged company. And the
insurers proposal to fix their
deal by selling assets to insurer
Molina
Healthcare
Inc.
wouldnt satisfy the need for
competition, he said.
As for the ACA insurance
marketplaces, Aetna has withdrawn from selling coverage
on most of the state exchanges
in which it participated.
Aetna lawyer John Majoras
said the governments arguments about the insurance ex-
changes address a pretend

world, one that does not exist
anymore. He said Aetna, like
other insurers, was withdrawing from the exchanges because
it has suffered mounting losses.
Mr. Majoras said Medicare
would be a considerable restraint on a postmerger company and the combined firm
would still need to offer favorable products in order to attract
business. And he said Molina
would use the divested assets to
emerge as a competitor.
Mr. Majoras and Humana
lawyer Kent Gardiner both
said the Centers for Medicare
& Medicaid Services is a powerful regulator that would discipline the merged company.
FOOD
are relatively low for big food
makers, which have been
forced to change as they battle the perception that their
products are less fresh and of
lower quality than those offered by a new guard of natural and organic brands.
The payoff from such a
foray could be worthwhile as
young shoppers spend less at
the grocery stores they rely
on. A January survey by research
firm
Technomic
showed 54% of consumers inclined to try meal kits anticipated they would cut back on
grocery-store spending.
We dont want meal kits
to continue to cut into sales,
said Cheryl Bersin, manager
of emerging technologies and
e-commerce at ConAgra
Foods Inc. Sales at the grocery retailers that generate
about 85% of ConAgras sales
have declined for three consecutive years.
The Chicago maker joined
with Ahold USAs online retailer Peapod to sell kits for
Buffalo chicken quinoa and
zucchini noodle primavera.
Both incorporate products
such as Hunts canned tomatoes that ConAgra normally
sells at grocery stores. Meal
kits are a tactic in the strategy needed to combat the bigger threat of e-commerce and
online grocery, said Diana
Sheehan, a director at research firm Kantar Retail.
Hershey, with startup
Chefd,
in
September
launched dessert kits on Facebook Live, where some foodpreparation videos have attracted millions of views.
Tyson Foods launched kits
through Amazon Fresh in
September,
working
its
chicken and beef into tacos,
stews and roasts.
Campbells is also using
Peapod to deliver kits to make
AMAZON
like fruits for themselves.
Online purchases comprise
about 1% of the $674 billion market for edible groceries in the
U.S., according to Kantar Retail.
The Amazon Go store, at
roughly 1,800 square feet in
downtown Seattle, resembles a
convenience store-format in a
video Amazon released Monday. It features artificial intelligence-powered technology
that eliminates checkouts,
cash registers and lines.
Instead, customers scan
their phone on a kiosk as they
walk in, and Amazon automatically determines what items
shoppers take from the
shelves. After leaving the
store, Amazon charges their
account for the items and
sends a receipt.
Meanwhile, in the suburban
Seattle neighborhood of Ballard, a handful of workers on
Startup Struggled
To Stay Afloat
Amid Fast Growth
BREE FOWLER/ASSOCIATED PRESS
A
Adidas ......................... B3
Aetna...........................B2
Ahold USA...................B2
Amazon.com ............... B1
Anthem ....................... B2
A three-meal kit from Blue Apron, the U.S. market leader.
Meals at Home
Annual venture-capital funding
into U.S. meal-kit and mealdelivery services
Meal kits
$200 million
Meal delivery
150
100
50
0
2012
13
14
15
16*
*Through the third quarter

Source: Dow Jones VentureSource
meals like chicken pot pie out

of its cream of chicken soup
and Swanson vegetable broth.
Dominik Richter, chief executive of Berlin-based mealkit pioneer HelloFresh, said
he isnt worried big food companies will edge him off the
turf he helped create.
HelloFresh and its rivals
like Blue Apron didnt exist
six years ago. Now, more than
150 companies compete in the
$1.5 billion U.S. market, says
research firm Packaged Facts.
Monday were finishing up one
of Amazons two drive-through
prototypes in the area, which
according to the people close
to the situation are slated to
open in the next few weeks.
The wood-paneled building
with green trim and an overhang appeared to have at least
three covered bays for cars to
pull up and pick up orders,
with a paved driveway in front.
The third concept, the
newly approved multi-format
store, combines in-store shopping with curbside pickups,
according to the people. It
likely will adopt a 30,000- to
40,000-square-foot floor plan
and spartan stocking style like
European discount grocery
chains Aldi or Lidl, offering a
limited fresh selection in store
and more via touch-screen orders for delivery later. Stores
in this format, which are
smaller than traditional U.S.
grocery stores, could start appearing late next year.
That concept bears strong
resemblance to a 2013 report by
Its always the best product that wins. Were not

scared of anyone else coming
into this market, Mr. Richter
said. HelloFresh is on track
for over $600 million in revenue this year, he said, twice
what it earned in 2015. But
the company lost 71 million
($75 million) before interest
and taxes in the first nine
months of 2016, while spending quickly to build its customer base, according to its
investor Rocket Internet SE.
Blue Apron Chief Executive
Matt Salzberg wouldnt say
whether his company was
profitable or not. The U.S.
market leader, Blue Apron has
struggled with ingredient
shortages and workforce issues that led it to cut ties
with three different staffing
agencies.
Some startups are hedging
their bets by diversifying distribution into supermarkets
as well as courier services.
Whole Foods in October
began to stock $20 Purple
Carrot vegan meal kits, previously available only by
home delivery. Mark Bittman,
a food writer and Purple Carrot part owner, said he isnt
convinced yet that consumers
will make a permanent habit
of meal-kit cooking, no matter
the company.
former Deloitte consultant Brittain Ladd, who now works for
Amazon Fresh. The paper, previously reported by GeekWire,
describes stores focusing on a
core 20% of foodseggs, dairy,
meat, fruit, vegetables and
breadthat generate 80% of
At 1,800-square-feet,
the Amazon Go store
in Seattle is set up like
a convenience store.
traditional grocery sales, with
drive-through and touch-screen
ordering options.
Amazon declined to make
Mr. Ladd or other Amazon executives available for comment.
While Amazon is moving
into brick-and-mortar grocery
shopping, other large retailers
are expanding their online services. Wal-Marts curbside
pickup service offers some
Silicon Valleys bid to

shake up the $2 trillion food
industry is confronting headaches familiar to the grocers
and food manufacturers that
these meal-kit startups want
to replace.
Meal-kit maker Din made
$1.5 million in 2015 selling
$15-per-meal subscriptions to
its service, which provided ingredients and recipes inspired
by popular San Francisco restaurants. But the company
also burned through $3 million in renting a kitchen, hiring
a small staff and paying couriers such as Uber Technologies Inc. to deliver its boxes
of food. We had an amazing,
loyal customer base that was
growing 20% to 30% month
after month, but the costs associated with launching a new
market are so high, said Emily Olson, a Din founder.
Ms. Olson said after she
and her co-founder husband
overhauled the business to
run more efficiently, investors
were harder to find. The venture-capital world has gone
cold on food, she said. Investment in food and meal-delivery services has declined
sharply this year after a flurry
of deals in 2014 and 2015.
Din stopped buying food
from suppliers to replicate restaurant dishes at its facility,
shrank the team, and sold kits
assembled in restaurants with
house ingredients. The switch
saved money, but cost them a
third of their customers.
Din discussed a sale to
several companies over the
course of this year, but Ms.
Olson said her team didnt
want to change their business
model for a third time. Din
closed Oct. 21.
Kelsey Gee
convenience without the cost

of home delivery.
Last
week,
Wal-Mart
opened its second Pickup and
Fuel store in Denver, a smallformat store that offers a limited selection of fresh food,
snacks and gas, as well as allowing shoppers to pick up online grocery orders.
Target in recent months began considering a pilot to deliver
its own groceries. The company
faces declining sales as too few
shoppers are buying perishable
items such as milk and eggs. But
it hasnt moved forward with
the idea, according to a person
familiar with the matter.
While we dont currently
have plans to pursue a full-service, Target-owned grocery delivery service in the near term,
we will continue to discuss the
idea, among many others, and
assess if it is the right fit for
the future, said Target
spokeswoman Katie Boylan.
Jay Greene
and Greg Bensinger
50
Italian banks
60
J
Percentage change since 1997 in real GDP per capita

30%
UK
29.4
Canada 28.0
Germany 27.9
U.S.
27.1
France 20.0
25
20
15
Japan
10
11.3
5
0
Italy
0.2
5
97 98
00
02
04
06
08
Sources: Thomson Reuters (stocks); IMF (GDP)
10
12
14
16
Tyson Starts Fund to Spur

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Tyson Foods Inc. launched

a venture-capital fund to invest in high-tech products and
services that could help refresh its stable of products,
which include chicken, hot
dogs and hamburgers.
The Springdale, Ark., meat
giant hopes the $150 million
fund, which started on Monday,
will pick successful startups
from among a crowd of companies experimenting with packaging, laboratory-developed
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meat and other innovations.

Venture-capital investments
in food and agriculture have
more than tripled during the
last five years to $647 million
in 2015, according to Dow
Jones VentureSource.
Developing new and more
profitable products has become increasingly important
for Tyson, a $20 billion company. Among other things, the
fund will evaluate alternative
sources of protein, including
companies developing plantbased meat alternatives.
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BUSINESS NEWS
Patent Case Heads to Court

Rival research teams
battle over commercial
rights to Crispr-Cas9,
a gene-editing tool
MLB uniforms currently are supplied by Majestic Athletic, a VF unit.
Under Armour
Sets MLB Deal
BY SARA GERMANO
Under Armour Inc. struck a

sponsorship deal with Major
League Baseball that will put
the companys logo on the
front of a major professional
sports uniform for the first
time but will give most revenue from jersey sales to another company.
Unlike traditional outfitting
contracts, in which sportswear
manufacturers control both licensing and manufacturing of
uniforms, Under Armour will
split the 10-year MLB deal
with Fanatics Inc., an online
apparel retailer.
Under Armour will design
and manufacture the jerseys
and apparel worn on the field
by the leagues 30 clubs starting with the 2020 season. Fanatics will make and sell jerseys and licensed retail
products sold to consumers
and receive the majority of
revenue generated by the deal,
Under Armour said.
This is an innovative model
where UA and Fanatics share
the cost of the deal as well as
licensing revenue upside, an
Under Armour spokeswoman
wrote in an email. The company declined to discuss financial terms, though it said its
income would be tied to the li-
censing of its brand.

Fanatics powers the merchandising websites of MLB,
the National Football League,
the National Hockey League
and the National Basketball Association, as well as Nascar
and dozens of college and professional sports teams. The
closely held Jacksonville, Fla.,
company has raised more than
$600 million in venture capital.
MLB uniforms currently are
supplied by Majestic Athletic, a
division of VF Corp. The company has said it is exploring
strategic alternatives for its Licensed Sports Group business,
which includes Majestic. VF said
Monday it has been holding
ongoing, productive talks with
the MLB to ensure its Easton,
Pa., manufacturing facility will
continue to make on-field uniforms for the league.
The MLB deal comes as
other major U.S. leagues prepare to change outfitters. Nike
Inc. will take over rights to the
NBA beginning next season, an
eight-year contract worth
more than $1 billion, according
to a person familiar with the
matter. Adidas AG last year
signed a deal with the National Hockey League, taking
over from its subsidiary Reebok, which will also take effect
next year.
A dispute between two research institutions over which

invented Crispr-Cas9, a technology scientists hope will reduce gene-editing to something akin to cutting and
pasting text on a computer,
enters a crucial phase on
Tuesday.
On one side of the dispute
over the technology are University of California, Berkeley,
and University of Vienna,
where researchers Jennifer
Doudna and Emmanuelle Charpentier published a key paper
on Crispr in 2012 and filed for
a patent in May of that year.
On the other is the Broad Institute, a partnership including Harvard University and the
Massachusetts Institute of
Technology, which applied for
its own patent months later.
A panel of patent judges in
Alexandria, Va., is slated to
hear arguments from lawyers
for both sides on Tuesday in
what amounts to the close of
the disputes first act. The Patent Trial and Appeal Board
must decide whether the parties claims add up to inventions that are truly in conflict.
In the second and final act,
likely to unfold next year, the
panel will determine which
side owns the commercial
rights to Crispr.
Even in this preliminary
and highly technical phase, the
stakes are huge.
Crisprs promise as a treatment for diseases has attracted hundreds of millions of
dollars in investments. From
2013 to 2015, companies premised on Crispr raised more
than $600 million in venture
capital and the public markets,
researchers at Montana State
University estimated. The various Crispr companies, some
of them founded by scientists
NICK OTTO/THE WASHINGTON POST/GETTY IMAGES
DICK DRUCKMAN/ZUMA PRESS
BY JOE PALAZZOLO
AND AMY DOCKSER MARCUS
Jennifer Doudna is one of the researchers involved in the dispute over the Crispr-Cas9 technology.
at UC Berkeley and the Broad
Institute, are hoping to develop treatments for diseases
like hemophilia, cystic fibrosis
and muscular dystrophy,
among others. Doctors are
also planning to test Crispr
therapies in cancer.
Reputations are at stake,
too. Through their lawyers,
Prof. Doudna of UC Berkeley
and Prof. Charpentier, now of
the Max Planck Institute for
Infection Biology in Berlin,
say their 2012 paper, showing
that Crispr could cut DNA in a
test tube, was a breakthrough
that enabled scientists to edit
genes with precision like no
system before it.
Lawyers for MIT researcher Feng Zhang say his
work bridged the gap between
his rivals test-tube research
and demonstrating Crisprs
use as a gene editor in human
cells.
Other institutions are
watching the case. Rockefeller
University has alleged that
the Broad Institute elbowed
one of its scientists off a
Crispr patent application,

even though he played a key
role in the invention.
Franklin Hoke, spokesman
for the Rockefeller University,
said in an emailed statement
that one of its faculty members, Luciano Marraffini, was
identified as a co-inventor
with Prof. Zhang of the Broad
Crisprs potential
medical uses have
attracted large
investments.
Institute on two provisional
patent applications for the
use of Crispr-Cas9 for gene
editing in eukaryotic cells, the
kind that make up humans.
All of the Broads fundamental patents in the area depend
upon those applications, the
statement said.
A spokesman for the Broad
Institute declined to com-
ment.
The Broad Institute is the
only party in the dispute that
currently owns a U.S. patent
for a Crispr-related invention,
even though it filed its application five months after Prof.
Doudna and Prof. Charpentier
filed theirs. The U.S. Patent
and Trademark Office granted
Prof. Zhang expedited review,
and awarded him the first of
several Crispr-related patents
in 2014.
With their first application
still under review, UC Berkeley
and University of Vienna challenged the Broad Institutes
patent in 2015, triggering what
is known as an interference, a
proceeding to sort out competing patent claims.
Interferences typically unfold in two phases. In the first,
parties try to eliminate one
anothers claims through a variety of legal maneuvers.
Claims that are too obvious or
too meager to enable another
scientist to recreate an invention arent patentable, for
instance.
Vertex Enterprise
Corporate Tax Performance Management
Income Tax Value Added Tax Indirect Tax BEPS CbCR
TaxPossible.com
TECHNOLOGY
WSJ.com/Tech
Silicon Valley Refocuses on Diversity

Technology companies
delay releasing reports
as they try to hire more
minorities and women
Several Silicon Valley technology companies have delayed releasing their annual
diversity reports as the industry struggles to show progress
in adding more women and
minorities to their ranks.
Twitter Inc. and Pinterest
Inc. are set to release their updates this month, according to
spokeswomen at each company,
about 16 months after their previous reports. This year, however, they will both focus on hiring goals, rather than just the
racial and gender breakdown of
their employees that has become the industry standard.
Its not about hitting a number for the sake of doing so, said
Candice Morgan, Pinterests head
of diversity and inclusion. The
goals are about fundamentally
making progress towards doing
our most innovative work.
We want the makeup of
our company to reflect the
vast range of people who use
Twitter, the companys vice
ANDREW HARRER/BLOOMBERG NEWS
BY GEORGIA WELLS
Pinterests goals for 2016 included increasing hiring rates for full-time engineering roles to 30% female.
president of diversity and inclusion at the time, Janet Van
Huysse, said when the company updated its diversity statistics last year. Were holding ourselves accountable to
these measurable goals.

Salesforce.com Inc. released
its report on Monday after having pushed it back by three
months to accommodate the hiring of its first equality chief. The
report showed women and underrepresented minorities made

up the same portion of the companys workforce as a year ago.
Theres starting to be a
shift in the conversation; we
cant just put the diversity data

out there, said entrepreneur
Tracy Chou, who is part of an
initiative to better measure and
increase diversity in tech called
Project Include. Instead, she
said, companies are starting to
ask, What can we do to move
the data in the right direction?
Ms. Chou started to get tech
companies to disclose their diversity data in 2013 when she
was a software engineer at
Pinterest. In a blog post, she
disclosed that only 11 of Pinterests 89 engineers were
women, and challenged people
to share the number of women
engineers at other tech firms.
(She left Pinterest in June.)
Her call to action worked.
The following year, more than
10 of the biggest U.S. tech
companies, including Apple
Inc., Facebook Inc. and Google
parent Alphabet Inc., publicly
released the percentage of
their employees who were
women, black, Hispanic, and
other underrepresented minorities for the first time.
Since then, the number of
underrepresented minorities
at many tech companies has
barely budged. Part of the
problem is that for companies
with thousands of workers, it is
hard to move the needle.
However, critics said some

tech companies also hadnt implemented changes in hiring
practices to draw in different
kinds of job candidates, which
could lead to less homogeneous
groups of employees.
For companies that have
shown little change, there is
a risk in sending the message
that the company doesnt care
about diversity or doesnt
know how to be an effective
leader and bring diversity into
the company, said Ellen Pao,
a former venture capitalist
and tech executive who now
works with Project Include.
That is what compelled
Twitter and Pinterest to report their diversity statistics
later and differently than last
year. In the summer of 2015,
each set goals on hiring and
wanted to collect more results
to see how they performed.
Pinterests goals for 2016 included increasing hiring rates
for full-time engineering roles
to 30% female and 8% underrepresented ethnic backgrounds. Twitter is targeting
16% female representation in
its engineering jobs, up from
13% in the previous snapshot in
2015, and aims to increase underrepresented minorities to
9% of engineers from about 6%.
CEO to
Uber Adds AI Division for Self-Driving Cars IBM
Advise Trump
Uber Technologies Inc. is

getting real about artificial intelligence.
The ride-hailing service is
creating a division to develop
the technology, which attempts to teach computers to
think like humans, after agreeing to acquire Geometric Intelligence Inc., a fledgling artificial-intelligence
startup
founded by academics and
based in New York.
Uber said it would move
Geometric Intelligences 15person staff to its hometown
of San Francisco and form
Uber AI Labs to improve its
ride-hailing service, including
by more accurately estimating
rider locations and travel time.
In particular, the new unit is
focused on software for selfdriving autos, which Uber
hopes to roll out broadly in the
coming years.
Driverless cars are going
to be at the center of what we
do, said Gary Marcus, Geometric Intelligences chief executive and a professor of psychology
at
New
York
University.
Dr. Marcus, who will lead
the new Uber unit, and Uber
both declined to disclose terms
of the sale.
Silicon Valley technology
companies have been doubling
down on artificial intelligence
in the hope of automating
more software so they can

more accurately anticipate
customers needs and, say, dispatch more taxis to certain
neighborhoods, filter news stories, order more inventory or
improve search results.
Experts in artificial intelligence are coveted by tech
companies, which are mining
universities and competitors
for talent.
Uber AI Labs mission will
be to develop technology that
makes self-driving cars more
efficient. That includes improving traffic prediction, language comprehension and visual understanding. Of late,
machines have become adept
at characterizing objects, said
Dr. Marcus, but they arent so
good at understanding the
changing conditions of a
scenea capability that will be
crucial to achieving fully autonomous driving.
Uber, which this year was
valued by its investors at $68
billion, has been testing selfdriving autos with regular customers in Pittsburgh, where it
has a lab focused on developing the technology. In August
Uber acquired Ottomotto LLC,
a startup known as Otto that is
making self-driving long-haul
trucks.
Uber, and others, believe
autonomous vehicles can eventually replace those helmed by
human drivers, reducing labor
expenses and making routing
more efficient.
BY RACHAEL KING
STEPHANIE STRASBURG FOR THE WALL STREET JOURNAL
BY GREG BENSINGER
AND DANIELA HERNANDEZ
The new unit will seek to improve traffic prediction, language comprehension and visual understanding.
New VW Tech Firm

To Challenge Uber
Volkswagen AG on Monday launched a company to
challenge Uber Technologies
Inc. and other tech rivals, seeking to become a global force in
the digital auto services that
are threatening established car
makers.
The move marks the latest
step by the auto maker based
in Wolfsburg, Germany, to get
past an emissions-cheating
scandal that has cost the company nearly $20 billion. The
scandal has threatened to slow
Volkswagens efforts to catch
up with rival car makers as they

move into new technology services that are transforming the
auto industry.
Volkswagen said the new
company, to be called Moia, will
be based in Berlin. (Please see
related Heard on the Street on
B14.)
Moia initially will employ
about 50 people and is expected
to grow to about 200 during the
next year, Volkswagen said.
We want to prove that it is
possible to create innovative mobility services outside Silicon Valley, Moia Chief Executive Ole
Harms told participants at the
Tech Crunch Disrupt conference
in London.
One Moia business already is
operating: the Gett ride-hailing

service, in which Volkswagen acquired a strategic stake in May
for $300 million.
Before the emissions scandal,
Volkswagen management was
slow to pursue development of
electric vehicles and new digital
businesses, falling behind rivals
while upstarts such as Tesla Motors Co. and Uber established
themselves as new competitors
in the global auto game.
After a management shuffle
at Volkswagen following the
diesel scandal in September
2015, the new CEO, Matthias
Mller, began accelerating development of new technology
businesses.
William Boston
International
Business
Machines Corp. CEO Ginni
Rometty is one of 16 business
leaders who will advise President-elect Donald Trump as
members of the presidents
Strategic and Policy Forum, Mr. Trump said Friday.
The group will meet with
Mr. Trump to consult as he
implements his plan to stem
the flow of U.S. jobs overseas.
IBM is one of the technology
companies he has criticized
for offshoring jobs and manufacturing products abroad.
Ms. Rometty is the only
technology CEO to participate.
Mr. Trumps impending
presidency has raised concerns among some tech CEOs
who rely on manufacturing or
inexpensive labor abroad.
The president-elect, in
a Nov. 6 campaign speech in
Minnesota, noted that IBM
had laid off 500 workers in
Minneapolis and moved their
jobs to India and other countries. He said he would impose
a 35% tax on imports by companies that move U.S.-based
operations outside the country.
Last month, Ms. Rometty
sent Mr. Trump a letter saying
her company would support
efforts to pass tax reform
early in 2017.
IBM declined to comment
beyond Ms. Romettys letter.
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BUSINESS NEWS
INDUSTRY FOCUS
FordIsSet
ToRaise
$2.8Billion
Behind
Starbuckss
Upscale Push
BY CHRISTINA ROGERS
About 25 years ago, Starbucks Corp. decided to become a public company on

the bold idea that customers
nationwide would pay more
than $1 for a cup of coffee.
Now, Starbucks is betting
people will pay as much as
$1 an ounce.
Howard Schultz, who built
Starbucks into a global brand
with more than 25,000 shops,
Cooling Down
Growth in Starbucks's biggest
market has been slowing. U.S.
same-store sales, change from a
year earlier
10%
FY 2016*
4Q: s4%
8
6
4
2
0
FY 2015
16
*Fiscal year ended Oct. 2

Source: the company
said last week that he was

planning to step down as
chief executive to work on a
project within Starbucks to
launch high-end coffee shops
that would charge as much as
$12 for 12 ounces of coffee.
Starbucks plans to open 20
to 30 giant Starbucks Reserve
Roastery and Tasting Room
outletswhere rare, exotic
coffee grown in small batches
will be roasted on site and prepared using a variety of brewing methodsas well as up to
1,000 smaller stores under the
Starbucks Reserve brand.
Weve seen so-called indies selling cups of coffee
for a lot more than were
charging and creating an interesting buzz, Mr. Schultz
said last week during an interview.
Some experts say the plan
to create a subbrand of coffee shops aimed at the affluent is a good strategic move,
given consumers growing
interest in better-quality coffee. They also point to a
shrinking middle class with
less discretionary spending
power, which threatens demand for traditional Starbucks coffee.
Starbucks has missed sales
targets in the U.S. for four
straight quarters, which it at-
A barista brews coffee using a siphon method from the 1800s at a high-end Starbucks in Seattle.
tributes to economic uncertainty, and has promised to
return to its historic samestore sales growth rate of 5%.
Mr. Schultz said the companys plans for going upmarket took root three years
ago when he noticed that
consumers were significantly
curtailing their visits to
malls. He said Starbucks,
which relies heavily on traffic from mall shoppers,
needed to give people a luxurious experience worth
leaving their homes.
Erich Joachimsthaler, CEO
of brand-strategy consulting
firm Vivaldi, likens what is
happening in the coffee business to what has occurred in
the beer industry, which has
been hurt by the rise of craft
breweries. I think Starbucks

sees that the middle is slowing down, he said.
It isnt just the wealthy
who might be willing to pay
more for coffee. Millennials
are a big force in the bettercoffee movement, seeking out
products with a story behind
them. Between 2008 and
2016, the share of 18- to 24year-olds who said they had
bought a gourmet coffee beverage the day before rose to
36% from 13%, according to
the National Coffee Association.
The average retail price
that certain specialty roasters charge for lots of coffee
that included growers
names was an average of
$9.95 higher per pound than
BUSINESS WATCH
HYUNDAI HEAVY INDUSTRIES
Iranian Shipping Line

In Talks for Tankers
Irans state-owned shipping
company is in advanced talks
with South Korean shipyard
Hyundai Heavy Industries Co.
for a $650 million order of container ships and tankers, people
involved in the talks said, marking Irans return to the international market after a decade.
The deal might be announced
this week and is part of plans
by Islamic Republic of Iran
Shipping Lines and Iranian Offshore Oil Co., a unit of state oil
company National Iranian Oil
Co., to spend as much as $2.5
billion to modernize their fleets.

A Hyundai Heavy spokesman
said Islamic Republic of Iran
Shipping Lines, also known as
IRISL, was in talks over a 10ship order, but gave no details.
Iranian shipping companies
havent modernized since 2006,
when the United Nations imposed sanctions against Tehran
over its uranium-enrichment
program. The sanctions began
to be gradually lifted in January.
Costas Paris
GENERAL MILLS
Food Giant Plans

Round of Job Cuts
General Mills Inc. said be-
tween 400 and 600 jobs would

be eliminated in a restructuring
as the food giant works to adapt
to changing food trends and prepare for an eventual new leader.
The round of job cuts is the
latest from General Mills, which
has closed factories and outlined
plans to cut about 5,000 jobs
more than a 10th of its workforcesince September 2014.
General Mills said it is bringing in external expertise in the
areas of strategic revenue management, e-commerce and marketing. It also said it is looking
for a new chief marketing officer.
Executive Jeff Harmening,
was elevated to president and
chief operating officer in July.
The Wall Street Journal reported
ADVERTISEMENT
Legal Notices
To advertise: 800-366-3975 or WSJ.com/classieds

NOTICE OF SALE

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those that didnt, according

to research group Transparent Trade Coffee.
Starbucks created the
high-end coffee category but
it now finds itself in the middle, with independents and
companies such as Blue Bottle Coffee Co. serving more
discerning clients, while
McDonalds Corp., Dunkin
Brands Group Inc.s Dunkin'
Donuts and convenience
stores offer coffee and
espresso drinks on the cheap.
The only proof of the new
Starbucks concept is the Seattle Roastery, which it
opened two years ago. Sales
there are up 24% from a year
earlier and the average
check is quadruple that of a
regular Starbucks.
Norwegian Air Wins U.S. Fight

in August that he is being
groomed for the eventual chief
executive role.
Austen Hufford
FREIGHT
Truck Orders Signal

A Possible Bottom
Orders for heavy-duty trucks
rose in November from the same
month in 2015, the first such increase in nearly two years, in a
sign trucking companies see the
freight market bottoming out.
FTR Transportation Intelligence,
a research firm, said in a preliminary report that fleet owners ordered 19,300 vehicles in November, up 18% from a year earlier and
41% from the previous month. Analysts with ACT Research estimated orders were up 16% yearover-year last month.
The bump follows months of
decline in orders for Class 8 trucks,
the big rigs that carry goods on
long-haul routes. ACT predicts
Class 8 truck production will total
roughly 202,000 vehicles in 2017.
Jennifer Smith
JOHAN NILSSON/REUTERS
BY JULIE JARGON
DAVID RYDER FOR THE WALL STREET JOURNAL
As middle class loses spending power, chain

readies pricier outlets aimed at the affluent
Ford Motor Co. will raise

$2.8 billion in new long-term
financing for its automotive
business, tapping debt markets for the first time in
nearly four years to fund investment in new technologies.
The auto maker disclosed
the debt issuance in a
regulatory filing Monday and
said it would take advantage
of favorable market conditions
to raise money for general
corporate purposes.
The move comes after several years of banking profit on
increasing sales of trucks and
sport utilities. The company
has signaled it expects increased pressure as the U.S.
light-vehicle market plateaus,
regulatory costs increase and
the race to make cars more
autonomous heats up.
Once awash in debt, Ford
paid down its obligations in
the years following the
financial crisis to revitalize its
balance sheet. General Motors Co. and Chrysler, now
part
of
Fiat
Chrysler
Automobiles NV, filed for
bankruptcy in 2009 to erase
billions of dollars in debt. All
three companies have taken on
new debt in recent years even
as profits soar.
GM, earlier this year, issued
$2 billion in new debt to shore
up its pension plan for U.S.
hourly workers.
The last time Ford issued
new automotive debt was in
January 2013, when it raised
$2 billion in 30-year notes at
4.75%. Ford had $24.3 billion
in automotive cash and $13.1
billion in debt at the end of
the third quarter 2016.
European budget carrier Norwegian Air Shuttle ASA will

set up two U.S. bases as early
as next month after Washington approved its longstanding
but contentious application.
Airlines and labor unions on
both sides of the Atlantic had
battled about whether the plan
would increase competition or

unfairly hurt other carriers.
Norwegian Air will set up a
base at Stewart International
Airport in New York and either
Portsmouth International Airport in New Hampshire or T.F.
Green Airport in Rhode Island.
Robert Wall
ADVERTISEMENT
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BUSINESS NEWS
MICHAELA REHLE/REUTERS
PROFIT
Wacker Chemie of Germany exports polysilicon to China, where it is used to make solar panels, which are exported back to Europe.
EuropeFacesChoiceonChina
Nearing deadline raises
chanceof higher prices
on Europeanproducts
withChinese materials
BY NINA TRENTMANN
An approaching World
Trade Organization deadline
makes higher prices likelier
for European goods made with
parts and materials imported
from China.
On Dec. 11, the European
Union could grant China market economy status, making it
CFO
JOURNAL harder
under
WTO rules for
the EU to protect
its industries from what it
deems as unfair trade practices by Beijing.
Or, the EU could draft new
trade rules that do away with
the distinction between market and nonmarket economies
that the bloc has used in the
past.
The odds are against China
getting the market title by the
deadline, said Edwin Vermulst,
a partner at Brussels-based
law firm VVGB Advocaten.
There is simply too much
pressure from southern EU
states and industrial sectors

with a protectionist agenda to
maintain, or even increase, the
high level of duties, Mr. Vermulst said.
Based on a proposal made
public last month, the European Commission, the EUs executive arm, aims to tighten
its rules against foreign-government subsidies and dumpingor exporting products at
below domestic prices.
A new slate of European
rules is likely to punish those
that benefit from Chinese subsidies and discourage Chinese
companies from dumping.
What we have seen is that
the instruments in our toolbox
are not sufficient to deal with
the huge overcapacities that
result in dumped exports on
the EU market, said Daniel
Rosario, a spokesman for the
European Commission.
The effort poses risks for
companies that have outsourced parts of their supply
chain to China, according to
Stephen Adams, a partner at
Global Counsel LLP, a Londonbased consulting firm.
When you have outsourcedto China, you see duties as a cost factor and not as
protection, he said.
Europes automotive indus-
try could take a beating from

higher import duties on Chinese parts and intermediary
products, such as aluminum
wheels.
Other industries might suffer too. Wacker Chemie AG, a
German chemical company, exports polysilicon to China,
The odds are against

China getting the
market-economy title
by the deadline.
where it is used to make solar
panels, which are exported
back to Europe.
Wacker Chemie didnt respond to a request for comment.
Even before discussions of
a new antidumping framework, exporting to the EU had
already lost some of its luster
for Chinese manufacturers.
When the European Commission imposed duties of
18.4%, Jiangyin Xicheng Steel
Co. Ltd. stopped exporting to
EU countries.
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tion with the duty, said Minnie Lu, sales manager of the
closely held company.
Still, the proposal needs to
pass various EU legislative
bodies before it is enacted, so
the Dec. 11 deadline would
most likely be missed.
The proposal could be in
place by spring, however.
Manufacturers that directly
compete with cheap finished
products from China said the
timing creates a good opportunity to lobby for higher duties on Chinese goods.
We are anxious to fight
distortions in the market,
said Emmanuelle ButaudStubbs, director general of
Union des Industries Textiles,
the French textile association.
If the EU doesnt grant
market-economy status to
China, European companies
could face retaliation, said Xu
Bin, a finance professor at
the China Europe International Business School in
Shanghai.
In a statement issued Nov.
10, a day after the EU proposal
was announced, the Chinese
trade ministry said the nation
would retain the right to take
all necessary means, and resolutely safeguard their legitimate rights and interests.
Continued from page B1

and technological troubles.
To buy a stake in Theranos,
investors had to sign an agreement acknowledging that the
investment was highly speculative and involves substantial
risks and that they could sustain a complete loss.
A person familiar with the
matter said Theranos directors
recently re-examined the financial projections made to
the board and outside investors. The directors couldnt
find any basis for the projections, this person added.
The number of investors
who saw the financial projections isnt clear. According to
stock-purchase agreements
filed by Theranos, investor
names arent disclosed by the
company because of confidentiality agreements.
However, Theranos included
132 email addresses in an update it addressed to Theranos
investors last Thursday.
Recipients included representatives of the Walton family, whose patriarch, Sam Walton, founded Wal-Mart Stores
Inc. He died in 1992.
The email also went to representatives of New England
Patriots owner Robert Krafts
Kraft Group, Hank Slack, who
has been a director of E. Oppenheimer & Son International
Ltd., the investment arm of
the South African diamond dynasty that once controlled De
Beers, and Italian industrialist
John Elkanns Exor Inc. Mr. Elkann stepped down earlier this
year as a director of News
Corp, the Journals parent.
Another recipient is an executive of Mexicos Grupo Financiero Inbursa SAB, founded
by billionaire Carlos Slim. The
email also was sent to some
relatives of Ms. Holmes, who
is Theranoss chief executive.
The email recipients declined to comment or couldnt
be reached. Theranos declined
to comment on the email or financial projections.
Theranos sent Thursdays
email to announce the exit of
Riley Bechtel, chairman of
construction giant Bechtel
Group, from Theranoss board.
The Journal reported last

week that Mr. Bechtel was a
Theranos investor, and an
email address for him was included in last weeks email
from the company.
Previous emails to investors
appeared to use the blindcopy field, hiding the names
of recipients. Thursdays email
didnt indicate how much
money the investors put into
Theranos or when it occurred.
The investor documents
from when Theranos was soliciting funding suggest that it
expected huge growth from its
partnership to put blood-testing sites in Walgreens drugstores. Theranos projected it
would get revenue of about
$425 million from its retailpharmacy partnerships in 2015
and nearly $1 billion in 2016.
The documents included a
U.S. map speckled with hundreds of blue dots, which
Theranos said represented the
footprint of its Walgreens-
Investors had to sign

a pact acknowledging
they could sustain a
complete loss.
based Theranos testing sites
once the partnership was fully
in place. Under the agreement,
the Walgreens Boots Alliance
Inc. unit wasnt allowed to
view Theranoss financial records, according to people familiar with the matter.
Walgreens quit the partnership in June and filed a
breach-of-contract
lawsuit
against Theranos in November,
alleging it misled Walgreens.
Theranos has said it will
respond vigorously to Walgreens unfounded allegations,
and will seek to hold Walgreens responsible for the
damage it has caused.
Regulators have imposed
sweeping sanctions against
Theranos, including a ban on
Ms. Holmes from the bloodtesting industry for at least
two years. Theranos is appealing the sanctions, some of
which are on hold.
Lisa Schwartz contributed
to this article.
BANKING & FINANCE
Italys Bond Prices Decline
Turning Point
The delisting of two popular exchange-traded notes linked
to oil prices has prompted traders to snap up rival products.
Assets under management
Velocity Shares
1.8
1.6
Nov. 16
Delisting of
Velocity Shares
ETNs is
announced
1.4
1.2
1.0
ProShares
0.8
September
October
November
Source: FactSet
Firms Move to Offer

Competing Oil ETFs
BY ASJYLYN LODER
With just days left to bet on
oil prices using two of the
most popular and controversial products on the market,
competing exchange-tradedfund companies are racing to
fill the gap.
ProShare Advisors LLC on
Monday announced plans to
launch triple-leveraged oil exchange-traded funds. And U.S.
Commodity Funds, the company behind the U.S. Oil Fund
ETF, filed a preliminary prospectus to do the same last
week.
Both companies are competing to replace two exchange-traded notes issued by
Credit Suisse Group AG.
Credit Suisse said on Nov. 16
that it will delist the VelocityShares 3x Long Crude Oil
ETN and the VelocityShares
3x Inverse Crude Oil ETN.
The products will be delisted
after Thursday.
ProShares existing oil ETFs
have seen an uptick in volume
and assets since the Credit Suisse announcement. The companys two oil futures ETFs
traded record volume last
Wednesday, the day the Organization of the Petroleum
Exporting Countries said that
it would cut oil production to
curb a global supply glut.

Credit Suisse has been
trimming its exchange-traded
business as financial regulations push banks to shrink
their balance sheets and hold
more capital against possible
losses. ETNs trade in real time
like ETFs, and promise to deliver the returns of stocks,
bonds and commodities. But
ETFs own the assets they are
meant to track, while ETNs are
debt issued by banks promising to pay the same return as
investments ranging from
crude oil to Indian stocks. If a
bank cant pay its debts, ETN
investors can be left with
nothing.
Investors also are shifting
away from Credit Suisses popular ETNs tied to the CBOE
Volatility Index, known as the
fear gauge. Credit Suisse
hasnt said whether it will delist or liquidate its volatility
ETNs, but ProShares also has
seen an uptick of trading and
assets in its competing products. Triple-levered products
have come under fire from
regulators after individual investors got burned. The daily
rebalancing of leveraged products can substantially erode
returns, and issuers warn that
the ETFs arent intended for
buy-and-hold strategies.
Investors sold Italian government debt after the countrys voters overwhelming rejected constitutional changes,
ushering in a period of heightened uncertainty in the European Unions fourth-largest
economy.
Government bonds were a
notable black spot in markets
on Monday, with investors
selling despite gains among
European stocks outside of Italy and the recovery of the
euro from early losses.
Italian Prime Minister Matteo Renzi announced his resignation after the vote, a rebuke
to his plans to make it easier
to pass laws, including measures meant to make the country more competitive.
With a number of other European political votes next
year, some investors say much
will depend on the European
Central Bank and whether it
will continue to support regional debt markets with its
huge bond-buying program.
We have the ECB backstop, said Philippe Berthelot,
head of credit at Natixis Asset
Management, who bought up
some Italian corporate bonds
last week. Like many investors, Mr. Berthelot expects the
ECB to announce an extension
to its 80 billion monthly asset purchases at its meeting
on Thursday. The program is
slated to end in March.
If it doesnt materialize,
we could see a really adverse
market reaction, he said.
Mounting concern over the
future of the euro has opened
up old fault lines in European
bond markets, with the debt of
riskier nations, such as France
and Italy, being particularly
hard hit amid a general selloff
in global bonds.
The gap in yield between
10-year bonds from Italy and
Europes largest economy, Germany, widened by as much as
0.15 percentage point in early
European trading on Monday,
according to Tradeweb. The
spread over German debt was
at 1.67 percentage points at
STEFANO GUIDI/ZUMA PRESS
BY CHRISTOPHER WHITTALL
$2.0 billion
Government bonds were a notable black spot in Italy after voters rejected the referendum, above.
the close, up 0.04 percentage
point on the day. Yields rise as
prices fall.
The selling also came amid
signs of broader optimism,
with investors selling haven
assets and moving into morerisky investments such as
stocks.
Ten-year German bond
yields closed up 0.05 percentage point, at 0.331%.
Bond investors face a series
of pivotal elections that some
say threaten to derail the eurozone.
In France, polling suggests
National Front leader Marine
Le Pen will advance to the second round of the presidential
election next spring. Ms. Le
Pen wants to pull France out
of the euro.
Such concerns have been
playing out in the regions
government-bond market. The
yield on French government
bonds was up 0.07 percentage
point on Monday, at 0.787%.
The spread to German debt
also edged wider and has
more than doubled since late
October to about 0.46 percentage point.
In Italy, Mr. Renzis resignation is seen as benefiting the
Trading in Italian government-bond futures has hit a

record as investors have
looked for a way to hedge
their exposure to the country.
That mounting political risk
makes the ECBs role in stabilizing bond markets all the
more important.
Many investors think the
ECBs stimulus should prevent
riskier government bonds
from entering the kind of tailspin seen at the height of the
eurozone debt crisis in 2010 to
2012.
Back then, Italian 10-year
yields topped 7%. They closed
at 2.004% on Monday.
Cosimo Marasciulo, head of
European government bonds
at
Pioneer
Investments,
bought Italian debt last week.
He thinks the ECB will extend
its asset purchases by six
months, which should tamp
down volatility.
Generally, the market was
underpricing political risk
[earlier] in 2016 with Brexit
and [Donald] Trump. Now, I
think the market is overpricing political risk, he said.
Reversal
Yield spread, Italian 10-year
bond minus German bund*
2.0 percentage points
1.5
1.0
0.5
0.0
J F M A M J J A S O N
*Government bonds
Source: Tullett Prebon
antiestablishment 5 Star
Movement, which has called
for a nonbinding referendum
on the countrys membership
in the euro.
The annual cost of insuring
against a default on $10 million of Italian government
debt for five years using
credit-default swaps rose
$2,000 Monday, to $173,000,
according to IHS Markit.
Heard on the Street: Unease

puts bonds to the test ..... B14
FINANCE WATCH
DELOITTE TOUCHE
Financial Institution
Unit Revamps Top
Brazil Arm to Pay

$8 Million Penalty
Goldman Sachs Group Inc.

has reshuffled the leadership of
the banking unit that counts
other banks as clients.
Mike Esposito, who currently
co-heads the global financial
institutions group, known as FIG,
will be promoted to chairman of
that unit effective next month,
according to a memo reviewed
by The Wall Street Journal.
He will be succeeded by Luke
Sarsfield, who is chief operating
officer of Goldmans investmentbanking division and will split the
role with FIG co-chief Todd
Leland, based in London. The
reshuffling comes as Goldman
has sought to deepen its reach
among financial institutions.
Liz Hoffman
The Brazil affiliate of

accounting firm Deloitte Touche
Tohmatsu agreed to pay $8
million to settle a U.S. regulators
allegations that it issued false
audit reports and tried to cover
it up.
The fine for Deloitte Touche
Tohmatsu Auditores
Independentes, Deloittes
Brazilian member firm, is the
largest ever imposed by the
Public Company Accounting
Oversight Board, the U.S. auditindustry regulator. Twelve former
Deloitte Brazil partners and other
personnel were sanctioned as
well.
In settling, Deloitte Brazil
admitted it violated qualitycontrol standards and failed to
Mutual Funds | WSJ.com/fundresearch

Explanatory Notes
Data provided by
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of
at least $500 million each. NAV is net asset value. Percentage performance figures
are total returns, assuming reinvestment of all distributions and after subtracting
annual expenses. Figures dont reflect sales charges (loads) or redemption fees.
NET CHG is change in NAV from previous trading day. YTD%RET is year-to-date
return. 3-YR%RET is trailing three-year return annualized.
e-Ex-distribution. f-Previous days quotation. g-Footnotes x and s apply. j-Footnotes e
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply,
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not
available due to incomplete price, performance or cost data. NE-Not released by Lipper;
data under review. NN-Fund not tracked. NS-Fund didnt exist at start of period.
Fund
Net YTD
NAV Chg %Ret Fund
American Funds Cl A
AmcpA p
AMutlA p
BalA p
BondA p
CapIBA p
CapWGrA
EupacA p
FdInvA p
GwthA p
HI TrA p
ICAA p
IncoA p
N PerA p
NEcoA p
NwWrldA
SmCpA p
TxExA p
WshA p
Monday, December 5, 2016

Net YTD
27.57
37.37
25.19
12.73
57.03
44.73
45.34
55.44
44.61
10.14
37.38
21.51
36.38
36.64
51.35
46.02
12.62
42.33
+0.16 8.4
+0.1312.1
+0.09 7.7
... 2.6
+0.19 4.8
+0.24 5.0
+0.26 -0.1
+0.2911.2
+0.34 8.0
+0.0214.4
+0.2213.4
+0.07 8.9
+0.28 1.0
+0.31 1.9
+0.25 2.7
+0.37 5.5
+0.01 -0.8
+0.1311.7
AMG Managers Funds
EmgMktVa
EmMktCorEq
IntlCoreEq
IntSmCo
IntSmVa
US CoreEq1
US CoreEq2
US Small
US SmCpVal
US TgdVal
USLgVa
Dodge & Cox

Balanced
Income
Intl Stk
Stock
MgdFutStrI
+0.0719.5
+0.0611.4
+0.11 3.9
+0.13 4.4
+0.17 6.6
+0.1613.3
+0.1715.1
+0.5621.7
+0.6726.4
+0.4025.5
+0.2617.0
106.23
13.62
38.62
190.43
+0.7516.0
+0.01 5.1
+0.33 5.9
+1.9020.8
NA
NA
... NA
... NA
TotRetBdI
TotRetBdN
Federated Instl
Fidelity
5.73 -0.11 6.6
... -8.5 500IdxInst

77.86
500IdxInstPrem 77.86
AggBdInst
10.73 +0.01 3.3 500IdxPrem 77.85
CorBdInst
11.05
... 4.3 ExtMktIdxPrem r 57.12
BlackRock Funds A
IntlIdxPrem r 35.63
GlblAlloc p
18.39 +0.08 3.1 TMktIdxF r
64.77
BlackRock Funds C
TMktIdxPrem 64.75
GlblAlloc t
16.65 +0.07 2.4 USBdIdxPrem 11.50
BlackRock Funds Inst
USBdIdxInstPrem 11.50
EqtyDivd
23.66 +0.1214.3 Fidelity Advisor I
GlblAlloc
18.54 +0.08 3.4 NwInsghtI
27.95
HiYldBd
7.58 +0.0212.2 Fidelity Freedom
StratIncOpptyIns 9.77
... 2.8 FF2020
15.17
Del Invest Instl
FF2025
12.97
Value
19.61 +0.0313.0 FF2030
15.90
Dimensional Fds
FreedomK2020 14.11
5GlbFxdInc
11.01
... 1.8 FreedomK2025 14.73
Baird Funds
9.31
24.01
17.30
11.58
17.65
19.55
19.21
18.59
34.25
38.35
24.59
35.49
DoubleLine Funds
YacktmanFd I 22.91 +0.11 9.8 StraValDivIS
AQR Funds
NAV Chg %Ret Fund
+0.4610.1
+0.4610.1
+0.4610.1
+0.7714.8
+0.31 -0.7
+0.4710.9
+0.4710.9
... 2.4
... 2.4
Net YTD
NAV Chg %Ret
FreedomK2030 14.99 +0.10 7.0

FreedomK2035 15.47 +0.11 7.4
FreedomK2040 15.50 +0.11 7.4
Fidelity Invest
Balanc
22.00
BluCh
68.47
Contra
100.95
ContraK
100.97
CpInc r
9.61
DivIntl
33.18
DivIntlK r
33.15
GroCo
142.84
GrowCoK
142.82
InvGB
7.77
InvGrBd
11.09
LowP r
50.28
LowPriStkK r 50.25
MagIn
90.76
OTC
84.11
Puritn
20.70
SrsEmrgMktF 15.90
SrsInvGrdF
11.10
TotalBond
10.51
Fidelity Selects
Biotech r
+0.11 5.9
+0.73 0.7
+1.02 2.8
+1.03 2.9
+0.03 9.1
+0.26 -5.4
+0.25 -5.3
+1.92 4.6
+1.92 4.7
... 4.9
... 4.0
+0.28 8.6
+0.28 8.6
+0.85 4.5
+1.05 0.8
+0.11 4.0
+0.0610.5
+0.01 4.1
... 5.3
184.53 +2.23-19.1
First Eagle Funds

GlbA
FPA Funds
FPACres
56.50 +0.1410.0
33.73 +0.22 9.4
FrankTemp/Frank Adv
IncomeAdv
2.24 +0.0114.1
FrankTemp/Franklin A
7.21
+0.27 6.0 CA TF A p
Fed TF A p 11.92
2.26
+0.08 6.3 IncomeA p
NA
+0.07 6.4 RisDv A p
+0.11 6.9 FrankTemp/Franklin
2.28
+0.07 6.4 Income C t
+0.08 6.6 FrankTemp/Temp A
+0.01 -0.7
+0.01 -0.1
+0.0113.8
... NA
+0.0113.0
cooperate with the PCAOBs

inspection and investigation.
Deloitte Brazil said in a
statement that unethical
behavior is not tolerated in our
firm, and that the conduct of
the individuals involved was
wholly incompatible with our
culture. The firm is under new
leadership now, and we have full
confidence in the quality of our
audits, the firm said.
Michael Rapoport
ROYAL BANK OF SCOTLAND
Lawsuits Are Settled

On Rights Disclosure
Royal Bank of Scotland
Group PLC said it would pay as
much as 800 million ($1.02
billion) to settle claims with
shareholder groups over
allegations that it misled them in
the run-up to an emergency
Fund
Net YTD
NAV Chg %Ret Fund
GlBond A p
Growth A p
11.57 +0.06 2.2 PIMCO Funds Instl

23.44 +0.22 7.0 IncomeFd
NA
FrankTemp/Temp Adv
Harbor Funds
CapApInst
IntlInst r
Price Funds
NA
rights issue during the financial

crisis.
RBS said that it had
concluded settlements with
three out of the five shareholder
groups without admitting fault
and said that it would
vigorously defend claims from
any parties that wouldnt settle.
The dispute relates to a 12
Dallas Mayor Mike Rawlings

filed a lawsuit to halt exits from
the citys police and fire pension
fund following more than $500
million in withdrawals since early
August.
The retreat by the citys police
officers and firefighters is
heightening the risk that a major
U.S. pension could run out of
PrmcpAdml r 112.17
... NA REITAdml r 114.30
SmCapAdml 61.56
... NA STBondAdml 10.44
STIGradeAdml 10.65
10.65
+0.57 0.7 TotBdAdml
+0.05 7.2 TotIntBdIdxAdm 21.70
TotIntlAdmIdx
r
24.49
+0.1617.9
55.56
+0.34 9.8 TotStAdml
TxMIn
r
11.65
+0.45 0.8
ValAdml
35.82
+0.16 -8.9
+0.26 2.4 WdsrllAdml 65.99
WellsIAdml
62.16
+0.09 -1.1
+0.10 0.6 WelltnAdml 68.14
WndsrAdml
71.20
+0.68 6.6
59.99 +0.71 -1.3 BlChip

72.92
59.39 +0.68 -0.1 CapApp
26.85
EqInc
33.06
59.54
EqIncA
10.80 +0.0513.7 EqIndex
Growth
54.07
John Hancock Class 1
62.72
LSBalncd
14.96 +0.07 6.1 HelSci
29.58
LSGwth
15.72 +0.10 6.0 InstlCapG
Intl G&I
12.92
John Hancock Instl
IntlStk
15.37
DispValMCI 21.95 +0.1514.6
MCapGro
78.14
JPMorgan Inst Class
MCapVal
30.88 +0.3223.8
MdCpVal
38.89 +0.3114.5
N Horiz
46.40 +0.52 9.3
JPMorgan R Class
N Inc
9.37
... 2.5
CoreBond
11.56
... 2.4
OverS SF r
9.07 +0.09 0.9
JPMorgan Select Cls
R2015
14.54 +0.06 6.3
CoreBond
11.55
... 2.3 R2020
20.94 +0.10 6.3
USLgCpCorPls 29.03 +0.16 8.3 R2025
15.92 +0.09 6.5
Lazard Instl
R2030
23.24 +0.14 6.6
EmgMktEq
15.76 +0.1317.9 R2035
16.81 +0.11 6.5
Loomis Sayles Fds
R2040
24.04 +0.17 6.5
LSBondI
13.71 +0.04 8.1 SmCapStk
45.42 +0.5817.6
Lord Abbett A
Value
34.15 +0.15 9.3
ShtDurIncmA p 4.31
... 3.7 Prudential Cl Z & I
Lord Abbett F
TRBdZ
14.16 +0.01 4.1
ShtDurIncm
4.31
... 3.8 Schwab Funds
Metropolitan West
S&P Sel
34.71 +0.2110.0
TotRetBd
10.68
... 2.1 TCW Funds
TotRetBdI
10.68
... 2.3 TotRetBondI 10.05
... 1.4
TRBdPlan
10.06
... 2.4 TIAA/CREF Funds
MFS Funds Class A
EqIdxInst
16.73 +0.1211.0
ValueA p
36.49 +0.1412.5 Tweedy Browne Fds
MFS Funds Class I
GblValue
25.03 +0.10 2.3
ValueI
36.70 +0.1412.8 VANGUARD ADMIRAL
Mutual Series
500Adml
204.41 +1.2010.1
GlbDiscA
30.99 +0.13 7.7
31.17 +0.19 9.7 BalAdml
CAITAdml
11.41 +0.02 -1.3
Oakmark Funds Cl I
EqtyInc r
30.30 +0.2010.5 CapOpAdml r 128.46 +0.69 8.3
EMAdmr
29.83 +0.0911.4
Oakmark
71.81 +0.6717.3
68.08 +0.3712.3
OakmrkInt
22.30 +0.28 6.0 EqIncAdml
ExtndAdml
72.33 +0.9814.9
Old Westbury Fds
LrgCpStr
12.93 +0.07 3.7 GNMAAdml 10.63 -0.01 1.9
GrwthAdml 56.81 +0.42 4.7
Oppenheimer Y
DevMktY
31.68 +0.16 6.2 HlthCareAdml r 81.49 -0.11-10.1
IntGrowY
34.40 +0.29 -4.2 HYCorAdml r 5.78 +0.01 9.8
InfProAd
26.39 +0.04 4.7
Parnassus Fds
IntlGrAdml
67.75 +0.88 1.0
ParnEqFd
38.75 +0.26 8.7
ITBondAdml 11.30 -0.01 2.8
PIMCO Fds Instl
ITIGradeAdml 9.74
... 3.8
AllAsset
NA
... NA LTGradeAdml 10.13 +0.01 6.7
HiYld
NA
... NA MidCpAdml 163.18 +1.6010.8
TotRt
9.99 +0.01 2.0 MuHYAdml
10.89 +0.01 -0.5
PIMCO Funds A
MuIntAdml
13.77 +0.02 -0.9
IncomeFd
NA
... NA MuLTAdml
11.27 +0.02 -0.8
PIMCO Funds D
MuLtdAdml 10.81 +0.01 -0.5
IncomeFd
NA
... NA MuShtAdml 15.70
... 0.3
Invesco Funds A
PENSION FUNDS
Dallas Mayor Sues

To Stop Withdrawals
Net YTD
NAV Chg %Ret Fund
+0.60 8.6
+0.90 3.9
+0.8117.2
... 1.5
... 2.8
-0.01 2.4
-0.02 4.0
+0.17 3.2
+0.4010.9
+0.10 0.8
+0.1914.7
+0.4912.3
+0.11 6.9
+0.29 9.4
+0.5011.2
Net YTD
NAV Chg %Ret Fund
VANGUARD FDS
DivdGro
23.65
GNMA
10.63
HlthCare r 193.10
INSTTRF2020 20.33
INSTTRF2025 20.28
INSTTRF2030 20.21
INSTTRF2035 20.14
INSTTRF2040 20.06
LifeCon
18.47
LifeGro
28.85
LifeMod
24.21
PrmcpCor
22.96
SelValu r
29.77
STAR
24.45
+0.11 6.7
-0.01 1.8
-0.27-10.2
+0.08 5.9
+0.09 6.3
+0.11 6.7
+0.12 7.0
+0.13 7.3
+0.05 5.1
+0.16 7.0
+0.11 6.1
+0.1210.3
+0.2715.2
+0.14 5.7
STIGrade
TgtRe2015
TgtRe2020
TgtRe2025
TgtRe2030
TgtRe2035
TgtRe2040
TgtRe2045
TgtRe2050
TgtRetInc
TotIntBdIxInv
WellsI
Welltn
WndsrII
Amount
Yld % New/Old Frq
Payable /
Record
Increased
Banc of California
Eastman Chemical
BANC
EMN
3.4
2.7
.13 /.12
.51 /.46
Q
Q
Jan03 /Dec15
Jan03 /Dec15
.1167
.023
.0525
.04
.06
.0475
.055
.25
.053
.37
.20
.095
.115
.063
.06
.008
.085
.0625
.0575
.14
.16
.27
.156
.156
.113
.113
.10
M
M
M
M
M
M
M
Q
M
Q
M
M
M
Dec22 /Dec15
Dec22 /Dec16
Dec30 /Dec16
Dec30 /Dec16
Dec30 /Dec16
Dec30 /Dec16
Dec30 /Dec16
Dec29 /Dec15
Jan03 /Dec16
Dec30 /Dec16
Dec30 /Dec23
Jan03 /Dec22
Dec19 /Dec14
Dec29 /Dec19
Dec19 /Dec14
Dec29 /Dec19
Dec19 /Dec14
Dec19 /Dec14
Dec19 /Dec14
Dec27 /Dec13
Dec27 /Dec13
Dec27 /Dec13
Dec19 /Dec12
Feb21 /Feb13
Dec19 /Dec12
Feb21 /Feb13
Jan10 /Dec30
Funds and investment companies

BrookfieldGlblLstdInfrInc
Credit Suisse High Yld
DE Enhncd Glbl Div Inco
Delaware Grp Div & Income
Delaware Invest Colo
Delaware Invest Minn
Delaware Invest Ntl Muni
Dividend & Income Fund
Dreyfus Mun Bd Infr Fd
Macquarie Glbl Infrstrctr
NexPoint Credit Strat Fd
PennantPark Floatg Rt Cap
Pioneer Divers Hi Incm Tr
Pioneer Divers Hi Incm Tr
Pioneer Floating Rate Tr
Pioneer Floating Rate Tr
Pioneer High Income Trust
Pioneer Mun Hi Inc Adv Tr
Pioneer Mun Hi Incm Tr
Royce Global Value Trust
Royce Micro-Cap
Royce Value Trust
Virtus Glbl MultiSector
Virtus Glbl MultiSector
Virtus Global Dividend
Virtus Global Dividend
Virtus Total Return Fund
INF
DHY
DEX
DDF
VCF
VMM
VFL
DNI
DMB
MGU
NHF
PFLT
HNW
HNW
PHD
PHD
PHT
MAV
MHI
RGT
RMT
RVT
VGI
VGI
ZTR
ZTR
DCA
11.7
11.1
6.5
4.9
4.8
4.3
5.2
8.5
5.3
7.7
10.8
8.2
8.7
8.7
6.1
6.1
10.4
6.4
5.9
1.8
7.9
8.1
12.5
12.5
12.0
12.0
9.2
10.65
14.98
28.75
16.60
29.55
18.00
30.52
19.09
30.58
12.86
10.85
25.66
39.45
37.18
... 2.7
+0.05 5.3
+0.12 5.9
+0.08 6.3
+0.15 6.6
+0.10 6.9
+0.19 7.3
+0.12 7.4
+0.19 7.3
+0.03 4.5
-0.01 4.0
+0.05 6.8
+0.16 9.3
+0.2812.3
M
M
M
M
A
Q
Q
M
M
M
M
Q
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
500
204.38 +1.2010.0 InstTStPlus 50.26
36.05
ExtndIstPl 178.49 +2.4114.9 MidCpInst
SmValAdml 51.54 +0.6722.9 MidCpIstPl 177.78
61.56
TotBd2
10.62
... 2.4 SmCapInst
TotIntl
14.64 +0.10 3.1 STIGradeInst 10.65
TotBdInst
10.65
TotSt
55.53 +0.4010.8
TotBdInst2
10.62
VANGUARD INSTL FDS
TotBdInstPl 10.65
BalInst
31.00 +0.14 7.7 TotIntBdIdxInst 32.56
DevMktsIndInst 11.66 +0.09 0.8 TotIntlInstIdx r 97.94
ExtndInst
72.33 +0.9814.9 TotItlInstPlId r 97.96
GrwthInst
56.81 +0.42 4.7 TotStInst
55.57
InPrSeIn
10.75 +0.01 4.7 ValueInst
35.82
InstIdx
202.25 +1.1910.1 Western Asset
InstPlus
202.27 +1.1910.1 CorePlusBdI
NA
Company
Dividend announcements from December 5.

Symbol
Net YTD
NAV Chg %Ret Fund
VANGUARD INDEX FDS
Dividend Changes
Company
money. Pension officials say the

fund could be insolvent in 10
years.
Officers say they are pulling
their money because of concerns
about the financial standing of
the Dallas Police and Fire
Pension Fund following a series
of investment blunders that
produced more than half a billion
dollars in losses.
The fund made an ill-fated
foray into real estate that
included luxury homes and
shopping centers in Hawaii,
student housing in Texas and
raw land in Idaho and Colorado.
The Dallas mayor, who said
he is acting in his private
capacity as a Dallas taxpayer
and paying for the suit himself,
has been publicly critical of the
fund and has said the city
doesnt intend to bail out the
retirement plan.
Heather Gillers
billion cash call just before RBS

was bailed out by taxpayers in
2008. The 800 million already
has been set aside in RBSs
accounts. RBS continues to
negotiate with the remaining
two groups. If no agreement is
reached, a trial is due to
commence next year.
Max Colchester
RBS shareholders alleged the

bank misled them.
Net YTD
NAV Chg %Ret Fund
PIMCO Funds P
GlBondAdv p 11.53 +0.06 2.6 IncomeP
LUKE MACGREGOR/REUTERS
GOLDMAN SACHS
Symbol
WisdomTr Dyn Curr Hdg Eur

WisdomTree CBOE S&P 500
WisdomTree CBOE S&P 500
WisdomTree Dyn Curr Intl
WisdomTree Dyn Curr Intl
WisdomTree Fd US HY Cp Bd
WisdomTree Fund Cp Bd Fd
WisdomTree Fund US ST HY
WisdomTree Intl Hd SC Div
WisdomTree Intl Hd SC Div
WisdomTree UK Hdg
WisdomTree UK Hdg
WisdomTree US Agg Bd
WisdomTree US Agg Bd
Wstrn Asset Emerg Mkt II
Wstrn Asset Emerg Mkts
Wstrn Asset Worldwide Inc
Zweig Fund
DDEZ
PUTW
PUTW
DDWM
DDWM
WFHY
WFIG
SFHY
HDLS
HDLS
DXPS
DXPS
AGGY
AGGY
EMD
ESD
SBW
ZF
Amount
Yld % New/Old Frq
3.4
2.6
2.6
5.6
2.9
5.0
3.4
3.4
7.1
7.1
2.8
2.8
8.0
8.7
8.3
12.8
+0.3611.0
+0.3610.9
+1.7410.9
+0.8217.2
... 2.8
-0.01 2.4
... 2.4
-0.01 2.4
-0.03 4.0
+0.70 3.2
+0.70 3.2
+0.4010.9
+0.1914.7
... NA
Payable /
Record
.11389
.24103
.37916
.40731
.03408
.37219
.24488
.54253
.06046
.41755
.82082
2.5026
.21627
.00241
Q
.21
M
.105
.0725 M
Q
.361
Dec09 /Dec07
Dec09 /Dec07
Dec09 /Dec07
Dec09 /Dec07
Dec09 /Dec07
Dec09 /Dec07
Dec09 /Dec07
Dec09 /Dec07
Dec09 /Dec07
Dec09 /Dec07
Dec09 /Dec07
Dec09 /Dec07
Dec09 /Dec07
Dec09 /Dec07
Dec30 /Dec15
Dec30 /Dec15
Dec30 /Dec15
Jan10 /Dec29
1.20%
Dec28 /Dec12
Stocks
Summit Materials Cl A
SUM
Foreign
Avianca Holdings ADR
DJ 2xSelect Div ETN
ETRACS 2xLev MSCI US REIT
ETRACS 2xLev US Hi Div
ETRACS Monthly 2xLev ETN
ETRACS Monthly 2xLev xEn
ETRACS Monthly Pay 2xLev
ETRACS Mortgage REIT
S&P 2xDiv Aristo ETN
AVH
DVYL
LRET
HDLV
SMHD
LMLP
DVHL
MRRL
CEFL
MORL
SDYL
0.5
9.5
6.4
7.3
9.5
35.8
15.4
2.5
18.2
2.5
7.0
.03238
.465
.1309
.1782
.1685
.3437
.269
.0324
.2479
.0324
.387
M
M
M
M
M
M
M
M
M
M
/Dec14
Dec21 /Dec13
Dec21 /Dec13
Dec21 /Dec13
Dec21 /Dec13
Dec21 /Dec13
Dec21 /Dec13
Dec21 /Dec13
Dec21 /Dec13
Dec21 /Dec13
Dec21 /Dec13
KEY: A: annual; c: corrected; M: monthly; Q: quarterly; r: revised; SA:

semiannual; S2:1: stock split and ratio; SO: spin-off.
BIGGEST 1,000 STOCKS

How to Read the Stock Tables
The following explanations apply to NYSE,

NYSE Arca, NYSE MKT and Nasdaq Stock
Market listed securities. Prices are composite
quotations that include primary market trades
as well as trades reported by Nasdaq OMX
BXSM (formerly Boston), Chicago Stock
Exchange, CBOE, National Stock Exchange, ISE
and BATS.
The list comprises the 1,000 largest
companies based on market capitalization.
Underlined quotations are those stocks with
large changes in volume compared with the
issues average trading volume.
Boldfaced quotations highlight those issues
whose price changed by 5% or more if their
previous closing price was $2 or higher.
Stock
Footnotes:
s-New 52-week high.
t-New 52-week low.
dd-Indicates loss in the most recent
four quarters.
FD-First day of trading.
h-Does not meet continued listing
standards
lf-Late filing
q-Temporary exemption from Nasdaq
requirements.
t-NYSE bankruptcy
v-Trading halted on primary market.
vj-In bankruptcy or receivership or
being reorganized under the
Bankruptcy Code, or securities
assumed by such companies.
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and
changes in the closing prices from 4 p.m. the previous day.
Stock
Net
Sym Close Chg
NYSE
ABB
ABB 21.07
AECOM
ACM 37.32
AES
AES 11.34
Aflac
AFL 68.69
AT&T
T
38.63
AXIS Capital AXS 61.87
AbbottLabs ABT 38.43
AbbVie
ABBV 60.86
Accenture ACN 117.72
AcuityBrands AYI 252.32
Adient
ADNT 54.36
AdvanceAuto AAP 170.53
AdvSemiEngg ASX 5.27
Aegon
AEG 5.37
AerCap
AER 43.54
Aetna
AET 129.45
AffiliatedMgrs AMG 149.99
AgilentTechs A
44.53
AgnicoEagle AEM 40.91
s Agrium
AGU 102.41
s AirProducts APD 147.33
AlaskaAir ALK 83.12
Albemarle ALB 86.28
Alcoa
AA 31.22
AlexandriaRealEst ARE 110.07
Alibaba
BABA 90.99
Alleghany Y
577.28
Allegion
ALLE 64.61
Allergan
AGN 191.18
AllianceData ADS 223.39
AllianceBernstein AB 22.90
AlliantEnergy LNT 36.07
s AllisonTransm ALSN 33.99
Allstate
ALL 70.36
AllyFinancial ALLY 19.71
Altria
MO 63.53
AlumofChina ACH 11.56
Ambev
ABEV 4.82
Ameren
AEE 49.16
AmericaMovil AMX 11.99
AmCampus ACC 45.96
AEP
AEP 59.20
AmericanExpress AXP 72.03
s AmericanFin AFG 82.99
AmerHomes4Rent AMH 21.20
AIG
AIG 64.22
AmerTowerREIT AMT 102.04
AmerWaterWorks AWK 72.52
Amerigas APU 44.63
Ameriprise AMP 114.63
AmerisourceBrgn ABC 79.54
Ametek
AME 48.58
Amphenol APH 67.85
AnadarkoPetrol APC 68.29
ABInBev
BUD 103.26
AnnalyCap NLY 10.13
AnteroMidstream AM 28.48
AnteroResources AR 26.52
Anthem
ANTM 144.09
Aon
AON 112.37
s Apache
APA 66.41
ApartmtInv AIV 41.90
AquaAmerica WTR 29.71
Aramark
ARMK 35.91
s ArcelorMittal MT
8.16
ArcherDaniels ADM 43.90
Arconic
ARNC 20.26
AristaNetworks ANET 92.75
s ArrowElec ARW 68.79
AshlandGlobal ASH 111.32
t AstraZeneca AZN 25.82
AtmosEnergy ATO 71.15
Autoliv
ALV 104.65
AutoZone AZO 776.42
Avalonbay AVB 164.62
Avangrid
AGR 36.21
AveryDennison AVY 72.71
Aviva
AV 11.50
Avnet
AVT 45.83
AxaltaCoating AXTA 25.62
BB&T
BBT 45.53
BCE
BCE 43.44
0.46
0.38
0.16
0.40
0.02
0.35
0.53
1.43
0.43
2.33
0.12
0.39
-0.04
0.27
0.21
-4.04
2.91
0.50
-0.19
2.26
2.78
-1.71
1.42
2.18
1.13
0.51
0.71
-0.26
1.49
4.68
0.10
0.08
0.06
-0.25
0.14
-0.46
0.11
0.04
-0.06
0.21
-0.30
0.50
0.17
0.73
0.40
0.47
-0.53
...
-0.75
1.16
0.74
0.66
0.51
-0.27
1.87
0.18
-0.10
1.15
-1.01
0.75
1.30
0.13
-0.03
0.76
0.34
-0.10
0.57
-0.42
0.67
1.17
-0.07
-0.32
2.00
-7.32
-0.01
0.51
1.40
0.24
0.55
0.58
0.32
0.24
Stock
Net
Sym Close Chg
BHPBilliton BHP 38.74 0.72

s BHPBilliton BBL 34.35 0.88
BP
BP 35.48
...
BRF
BRFS 14.21 0.15
BT Group BT 22.69 -0.28
s BakerHughes BHI 66.31 1.01
Ball
BLL 73.59 -0.62
BancoBilbaoViz BBVA 6.33 0.17
BancodeChile BCH 69.44 1.49
BcoSantChile BSAC 21.63 0.56
BancoSantander SAN 4.66 0.14
BanColombia CIB 35.26 0.74
BankofAmerica BAC 21.84 0.61
s BankofMontreal BMO 67.48 0.47
BankNY Mellon BK 47.86 0.21
s BkNovaScotia BNS 55.99 -0.02
Barclays
BCS 10.97 0.27
Bard CR
BCR 210.21 0.25
BarrickGold ABX 15.71 0.05
BaxterIntl BAX 43.89 -0.12
BectonDickinson BDX 164.41 -1.12
Berkley
WRB 62.58 0.23
s BerkHathwy A BRK/A 240000930.00
s BerkHathwy B BRK/B 160.21 0.82
BerryPlastics BERY 48.48 -0.23
s BestBuy
BBY 46.82 1.15
s Bio-RadLab A BIO 177.80 0.41
BlackRock BLK 374.35 2.99
BlackstoneGroup BX 26.40 0.54
BoardwalkPipe BWP 17.23 0.08
s Boeing
BA 152.16 -0.09
BoozAllen BAH 37.54
...
BorgWarner BWA 37.49 1.42
BostonProperties BXP 124.12 1.01
BostonScientific BSX 20.71 0.36
s Braskem
BAK 18.83 1.16
Bristol-Myers BMY 55.55 -0.41
BrixmorProperty BRX 24.24 0.05
BroadridgeFinl BR 64.04 0.53
BrookfieldMgt BAM 32.60 0.06
BrookfieldInfr BIP 31.99 -0.01
s Brown&Brown BRO 43.61 0.39
Brown-Forman A BF/A 47.14 -0.11
Brown-Forman B BF/B 45.08 0.05
BuckeyePtrs BPL 62.51 -0.21
Bunge
BG 70.35 1.23
BurlingtonStores BURL 89.31 0.55
CBRE Group CBG 30.61 0.49
CBS A
CBS/A 62.20 0.32
CBS B
CBS 60.99 0.81
CF Industries CF 28.58 0.20
CGI Group GIB 46.97 -0.14
CIT Group CIT 41.84 0.50
CMS Energy CMS 39.92 -0.02
CNA Fin
CNA 38.70 0.56
CNOOC
CEO 131.68 -2.24
CPFLEnergia CPL 14.17 0.21
CRH
CRH 32.87 0.33
CSRA
CSRA 32.06 0.23
CVS Health CVS 77.99 0.37
CabotOil
COG 23.63 0.97
CAE
CAE 14.64 -0.08
CamdenProperty CPT 78.58 -0.19
Cameco
CCJ 9.76 0.34
CampbellSoup CPB 57.54 -0.09
CIBC
CM 81.95 0.26
s CanNtlRlwy CNI 67.77 0.31
CanNaturalRes CNQ 34.06 -0.05
CanPacRlwy CP 151.55 0.39
Canon
CAJ 29.00 0.13
s CapitalOne COF 86.71 0.71
CardinalHealth CAH 72.10 1.27
Carlisle
CSL 112.30 -0.07
CarMax
KMX 58.08 0.09
Carnival
CCL 51.63 1.23
Carnival
CUK 51.49 1.30
Caterpillar CAT 94.45 -0.69
s Celanese A CE 80.37 1.27
Cemex
CX
8.04 0.21
Cencosud CNCO 8.81 0.16
CenovusEnergy CVE 15.59 -0.03
Centene
CNC 56.96 -0.52
CenterPointEner CNP 23.98 -0.12
CentraisElBras EBR 6.85 -0.09
CenturyLink CTL 24.19 0.27
ChesapeakeEner CHK 7.48 0.25
Net
Sym Close Chg
Stock
Chevron
CVX 113.25
ChinaEastrnAir CEA 23.78
ChinaLifeIns LFC 14.01
ChinaMobile CHL 54.27
ChinaPetrol SNP 71.19
ChinaSoAirlines ZNH 28.69
ChinaTelecom CHA 48.15
ChinaUnicom CHU 12.16
Chipotle
CMG 396.27
Chubb
CB 128.72
ChunghwaTelecom CHT 33.00
Church&Dwight CHD 44.16
Cigna
CI 134.70
s CimarexEnergy XEC 141.06
Citigroup
C
57.28
CitizensFin CFG 34.15
Clorox
CLX 113.80
Coach
COH 37.48
Coca-Cola KO 40.62
Coca-Cola Femsa KOF 62.50
Colgate-Palmolive CL 64.63
s Comerica
CMA 66.06
SABESP
SBS 8.32
CSC
CSC 59.61
ConagraBrands CAG 37.15
ConchoRscs CXO 142.72
ConocoPhillips COP 48.88
ConEd
ED 69.72
ConstBrands A STZ 148.88
ContinentalRscs CLR 57.43
Cooper
COO 163.96
CoreLabs
CLB 115.99
Corning
GLW 23.63
Coty
COTY 18.53
Credicorp
BAP 157.85
CreditSuisse CS 13.68
CrescentPoint CPG 13.12
s CrestwoodEquity CEQP 23.30
CrownCastle CCI 83.26
CrownHoldings CCK 51.72
Cullen/Frost CFR 84.82
Cummins
CMI 142.86
DDR
DDR 15.17
DTE Energy DTE 95.08
Danaher
DHR 77.11
s Darden
DRI 76.71
DaVita
DVA 64.11
Deere
DE 101.29
DelphiAutomotive DLPH 63.75
DeltaAir
DAL 47.82
DeutscheBank DB 16.66
DevonEnergy DVN 47.74
Diageo
DEO 101.14
Dick's
DKS 61.11
DigitalRealty DLR 89.84
DiscoverFinSvcs DFS 67.45
Disney
DIS 99.96
DollarGeneral DG 76.37
DominionRscs D
73.48
Domino's
DPZ 166.29
Donaldson DCI 43.34
DouglasEmmett DEI 36.90
Dover
DOV 74.64
DowChemical DOW 56.06
DrPepperSnap DPS 85.95
DrReddy'sLab RDY 46.69
DuPont
DD 72.89
DukeEnergy DUK 73.61
DukeRealty DRE 25.78
ENI
E
29.25
EOG Rscs EOG 104.46
EQT
EQT 72.83
EQT Midstream EQM 70.76
EastmanChem EMN 75.13
Eaton
ETN 68.01
Ecolab
ECL 118.56
Ecopetrol
EC
8.60
EdisonInt
EIX 69.74
EdwardsLife EW 82.49
EmersonElectric EMR 56.93
EnbridgeEnPtrs EEP 23.60
Enbridge
ENB 41.85
s Encana
ECA 12.77
Endurance ENH 92.21
EnelAmericas ENIA 8.38
EnelGenChile EOCC 19.24
0.25
-0.02
-0.04
-0.57
0.27
-0.03
-0.18
-0.08
-3.76
0.90
-0.16
0.75
1.26
1.98
1.26
...
-0.22
1.25
0.26
0.04
-0.09
0.70
0.09
0.44
0.26
0.12
0.76
0.03
2.86
-0.18
1.84
1.63
0.08
0.44
2.77
0.29
0.17
0.65
1.38
-0.28
1.56
-0.09
-0.06
-0.05
-0.21
1.67
-0.12
-0.21
0.03
-0.49
0.92
-0.11
0.75
2.25
0.74
0.19
1.46
1.81
-0.30
-1.71
0.03
0.17
0.25
0.64
0.82
0.43
-0.24
0.19
0.23
0.50
0.72
1.65
0.39
0.50
0.25
1.67
0.02
0.34
-0.86
0.58
0.05
0.06
0.08
0.04
0.13
0.25
New Highs and Lows | WSJ.com/newhighs

Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
EssentGroup
NYSE highs - 235 EvercorePtrs

Exterran
ACCO Brands ACCO 13.10
AGCO
AGCO 58.36
10.71
AK Steel
AKS
AegeanMarine ANW 12.08
Agrium
AGU 103.16
AirProducts
APD 147.85
AllisonTransm ALSN 34.35
83.00
AmericanFin
AFG
AmerMidstreamPtrs AMID 15.95
67.76
Apache
APA
8.18
ArcelorMittal MT
AresCommRealEst ACRE 13.99
69.18
ArrowElec
ARW
7.27
AshfordHosp AHT
52.53
AspenIns
AHL
36.98
AssuredGuaranty AGO
16.91
AstoriaFnl
AF
13.10
AvenueIncmCrStrat ACP
34.43
BHPBilliton
BBL
BakerHughes BHI
66.94
BankofAmWtA BAC/WS/A 9.62
BankofAmWtB BAC/WS/B 0.90
BankofMontreal BMO 67.73
BkNovaScotia BNS
56.36
47.50
BarnesGroup B
BeldenPfdB
BDCpB 112.59
BerkHathwy A BRK/A 241039
BerkHathwy B BRK/B 160.68
BerkshireHills BHLB 35.30
47.71
BestBuy
BBY
Bio-RadLab A BIO
178.41
14.73
BlkRkEngyResTr BGR
BlackstnGSOSrFloat BSL
17.90
15.09
BlckstnGSOStratCrd BGB
Boeing
153.75
BA
19.20
Braskem
BAK
44.19
Brown&Brown BRO
52.86
Brunswick
BC
12.90
CBIZ
CBZ
CNH Indl
8.99
CNHI
33.84
Caleres
CAL
CanNtlRlwy
68.21
CNI
85.73
CantelMedical CMD
87.35
CapitalOne
COF
CapitalOneWt COF/WS 45.39
27.95
CarriageSvcs CSV
80.46
Celanese A
CE
26.00
Chemours
CC
CherryHillMtg CHMI 18.25
CimarexEnergy XEC 143.74
CircorIntl
64.93
CIR
10.50
CliffsNatRscs CLF
38.55
Colfax
CFX
66.65
Comerica
CMA
ComericaWt
CMA/WS 37.13
23.75
CommercialMetals CMC
58.04
CommBkSys
CBU
ConsolEnergy CNX
21.86
76.49
Crane
CR
CrestwoodEquity CEQP 24.10
CurtissWright CW
103.49
33.34
CustomersBancorp CUBI
18.07
Dana
DAN
76.73
Darden
DRI
74.74
DelticTimber
DEL
11.05
DiamndrckHspty DRH
29.99
Ducommun
DCO
13.21
Encana
ECA
7.27
EnzoBiochem ENZ
1.2
1.1
8.7
5.4
2.3
1.9
0.2
0.9
4.3
2.0
4.3
2.6
1.0
3.0
0.4
1.1
2.2
0.2
2.6
1.5
5.1
10.8
0.7
...
1.0
1.0
0.4
0.5
2.8
2.5
0.2
0.4
0.5
0.1
-0.1
6.6
0.9
3.0
3.6
4.0
1.9
0.5
1.7
0.8
1.1
1.1
1.6
3.4
1.2
1.4
3.8
9.6
...
1.1
1.8
5.3
2.0
3.3
0.6
2.9
0.6
7.6
4.8
2.2
2.6
1.7
0.5
0.6
8.7
FB Financial
FCB Financial
FMC
FMC Tech
FedAgriMtg A
FedEx
Ferrari
FirstCmwlthFin
FirstHorizonNatl
FootLocker
ForumEnergyTech
FutureFuel
GATX
GMS
GeneralCable
GeneralDynamics
GoldmanSachsBDC
GoldmanSachs
Greenbrier
Griffon
Haemonetic
HalyardHealth
Harris
Harsco
HarvestNatRes
Heico
HelixEnergy
Helmerich&Payne
HewlettPackard
Hexcel
Hi-Crush
HiltonWorldwide
HoulihanLokey
Hovnanian
Hubbell
HudBayMinerals
HuntingtonIngalls
HyattHotels
IDEX
IndependenceContr
InstalledBldg
IntlPaper
IntrawestResorts
JPMorganWt
JPMorganChase
JerniganCapital
KMG Chem
K12
Kadant
Kemet
Kemper
KeyCorp
KnightTransport
KnotOffshore
Koppers
LadderCapital
LeucadiaNatl
LockheedMartin
Loews
Lydall
M&T Bank
MGIC Investment
MGM Resorts
MRC Global
MSC Industrial
MSG Networks
MadisonCvrdCall
MarriottVacations
ESNT
EVR
EXTN
FBK
FCB
FMC
FTI
AGM/A
FDX
RACE
FCF
FHN
FL
FET
FF
GATX
GMS
BGC
GD
GSBD
GS
GBX
GFF
HAE
HYH
HRS
HSC
HNR
HEI
HLX
HP
HPE
HXL
HCLP
HLT
HLI
HOV
HUBB
HBM
HII
H
IEX
ICD
IBP
IP
SNOW
JPM/WS
JPM
JCAP
KMG
LRN
KAI
KEM
KMPR
KEY
KNX
KNOP
KOP
LADR
LUK
LMT
L
LDL
MTB
MTG
MGM
MRC
MSM
MSGN
MCN
VAC
32.47
70.65
22.09
23.99
45.35
57.35
36.51
61.00
194.95
55.82
13.03
19.91
76.06
23.60
15.30
58.32
26.44
19.75
180.09
23.40
229.20
41.85
24.60
40.41
38.51
106.17
14.40
5.67
80.85
11.78
82.00
24.22
53.53
20.00
26.14
30.11
2.34
114.14
7.30
184.72
54.97
95.76
6.86
42.85
51.46
18.39
41.58
83.29
20.34
34.51
15.89
64.40
5.86
41.95
18.01
36.67
22.75
41.10
15.53
22.98
269.90
45.35
61.70
148.46
9.50
29.36
21.25
92.70
21.55
8.04
82.45
2.1
2.8
6.8
-0.1
0.4
0.7
2.0
2.5
0.9
2.8
2.1
2.6
2.5
5.2
2.2
1.7
3.6
0.8
-0.1
-0.7
2.3
-1.5
1.7
0.2
1.5
0.9
1.4
0.5
-0.2
2.9
2.3
1.5
3.2
6.0
3.3
2.5
6.0
0.5
6.6
1.4
2.6
0.3
7.9
-3.1
1.9
5.3
4.4
2.0
0.1
1.0
4.0
0.4
3.4
2.1
-1.1
1.0
1.3
3.7
3.1
1.8
-0.3
0.7
0.7
0.8
1.1
-0.1
1.4
0.2
3.9
1.5
1.3
52-Wk %
Sym Hi/Lo Chg
Materion
MTRN
Meritor
MTOR
MidSouthBncp MSL
MillerIndustries MLR
ModineMfg
MOD
MorganStanley MS
NCR
NCR
NOW
DNOW
NaborsIndustries NBR
NatlBankHoldings NBHC
NatlOilwell
NOV
NatlPrestoInds NPK
NationstarMtg NSM
NaturalGasSvcs NGS
NavigantConsult NCI
NavistarIntl
NAV
NewResidInvt NRZ
NobleEnergy
NBL
NomuraHoldings NMR
Nucor
NUE
NuSTAR GP
NSH
OFGBancorp
OFG
OFGBancorpPfD OFGpD
ONEOK
OKE
OilStatesIntl
OIS
Oppenheimer A OPY
PackagingCpAm PKG
PennantParkNt PNTA
PenskeAuto
PAG
PioneerEnerSvcs PES
PiperJaffray
PJC
PrincipalFin
PFG
ProAssurance PRA
ProsperityBcshs PB
PrudentialFin PRU
QuakerChemical KWR
RE/MAX
RMAX
RPC
RES
RadianGroup RDN
RaymondJames RJF
RedwoodTrust RWT
RegionalMgmt RM
RegionsFin
RF
ReinsuranceGrp RGA
RelianceSteel RS
ResoluteEnergy REN
RexAmerRes REX
Rollins
ROL
RymanHospitality RHP
Seacor
CKH
Semgroup
SEMG
SpiritAeroSys SPR
Startek
SRT
Stepan
SCL
SterlingBancorp STL
STMicroelec
STM
SumitomoMits SMFG
SummitHotelProp INN
SunCokeEnergy SXC
SunstoneHotelInv SHO
SunTrustBanksWtA STI/WS/A
SunTrustBanks STI
SwiftTransport SWFT
SynchronyFin SYF
Synnex
SNX
SynovusFin
SNV
TCF Fin
TCB
TE Connectivity TEL
TargaResources TRGP
Tenaris
TS
ThorIndustries THO
Energen
EGN 59.33
EnergyTrfrEquity ETE 16.07
EnergyTrfrPtrs ETP 33.79
Enerplus
ERF 9.08
EnLinkMidPtrs ENLK 17.57
Entergy
ETR 69.38
EnterpriseProd EPD 25.55
Equifax
EFX 114.33
EquityLife ELS 69.44
EquityResdntl EQR 61.09
EssexProp ESS 213.98
EsteeLauder EL 77.16
EverestRe RE 209.57
EversourceEner ES 51.93
Exelon
EXC 33.32
ExtraSpaceSt EXR 70.43
ExxonMobil XOM 87.48
s FMC
FMC 56.91
s FMC Tech FTI 36.31
FactSet
FDS 160.35
FederalRealty FRT 139.45
s FedEx
FDX 194.50
s Ferrari
RACE 55.59
FiatChrysler FCAU 8.11
FibriaCelulose FBR 9.26
FidelityNatlFin FNF 31.93
FNFV Group FNFV 13.30
FidelityNtlInfo FIS 75.28
FirstData
FDC 14.19
FirstRepBank FRC 84.52
t FirstEnergy FE 30.50
FleetCorTech FLT 149.91
Flowserve FLS 49.00
Fluor
FLR 53.58
FomentoEconMex FMX 77.55
s FootLocker FL 76.06
FordMotor F
12.44
Fortis
FTS 30.14
Fortive
FTV 53.91
FortBrandsHome FBHS 54.97
Franco-Nevada FNV 57.65
FranklinRscs BEN 39.76
Freeport-McMoRan FCX 15.87
FreseniusMed FMS 39.42
Gallagher AJG 49.32
Gap
GPS 24.95
Gartner
IT 100.69
Gazit-Globe GZT 9.03
s GeneralDynamics GD 178.52
GeneralElec GE 31.11
GeneralGrowthProp GGP 25.59
GeneralMills GIS 61.13
GeneralMotors GM 34.94
GenuineParts GPC 97.35
Gerdau
GGB 3.86
Gildan
GIL 26.98
GlaxoSmithKline GSK 37.67
GlobalPayments GPN 69.73
Goldcorp
GG 13.49
s GoldmanSachs GS 228.55
Grainger
GWW 235.30
GreatPlainsEner GXP 26.32
GpoAvalAcciones AVAL 8.06
GpFinSantandMex BSMX 7.00
t GrupoTelevisa TV 19.89
HCAHoldings HCA 70.58
HCP
HCP 29.23
HDFC Bank HDB 63.46
HP
HPQ 15.55
HSBCHoldings HSBC 39.86
Halliburton HAL 53.90
Hanesbrands HBI 22.95
HarleyDavidson HOG 59.98
HarmanIntlInds HAR 109.66
s Harris
HRS 105.94
HartfordFinl HIG 47.62
s Helmerich&Payne HP 81.31
Hershey
HSY 97.89
Hess
HES 59.00
s HewlettPackard HPE 24.21
s HiltonWorldwide HLT 26.09
HollyFrontier HFC 31.09
HomeDepot HD 129.68
HondaMotor HMC 29.43
Honeywell HON 112.88
HormelFoods HRL 33.79
DR Horton DHI 27.51
HostHotels HST 18.27
HuanengPower HNP 25.21
s Hubbell
HUBB 113.68
Humana
HUM208.83
s HuntingtonIngalls HII 183.30
s HyattHotels H
54.75
ICICI Bank IBN 7.68
ING Groep ING 13.92
Invesco
IVZ 31.72
s IDEX
IEX 95.24
IllinoisToolWks ITW 126.11
Infosys
INFY 14.34
Ingersoll-Rand IR
74.89
IngramMicro IM 38.89
Ingredion
INGR 119.69
ICE
ICE 57.79
InterContinentl IHG 41.66
IBM
IBM 159.84
IntlFlavors IFF 121.01
IntlGameTech IGT 25.12
Stock
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE
MKT and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low
in the latest session. % CHG-Daily percentage change from the previous trading
session.
39.75
13.38
12.40
26.50
14.73
42.85
39.40
22.95
17.68
30.22
39.53
97.65
18.21
31.75
25.91
31.99
15.81
40.38
6.01
65.19
27.20
13.95
24.09
56.50
37.90
19.20
88.29
26.07
53.10
6.85
74.50
59.48
58.55
68.60
103.56
131.30
53.75
22.28
15.08
74.18
15.58
26.23
14.03
123.89
85.89
35.54
102.59
32.87
61.34
64.96
38.20
59.38
9.21
82.30
23.78
10.32
7.88
14.83
12.68
15.15
19.44
53.21
26.45
35.52
121.93
39.86
18.13
69.64
54.22
34.38
105.28
3.5
2.5
1.9
4.5
4.7
0.6
0.3
2.5
2.6
3.4
2.4
2.8
1.4
3.3
2.8
...
2.7
1.8
1.7
3.3
1.7
-1.8
0.5
3.2
6.3
0.3
0.1
-2.2
3.1
9.6
1.1
2.9
1.5
2.3
1.0
2.4
2.5
1.5
0.7
0.8
3.8
0.7
2.0
...
3.2
-2.7
0.8
0.9
4.9
1.9
2.4
1.1
5.4
1.7
2.4
3.8
1.0
1.9
3.5
2.0
0.9
1.0
0.8
1.8
2.5
1.1
0.6
2.7
1.4
2.0
1.9
Net
Sym Close Chg
-0.86
-0.41
-0.59
0.14
0.03
0.10
0.17
0.30
-0.53
0.59
-0.52
1.32
-0.38
0.25
0.31
0.25
0.44
0.38
0.71
1.36
1.16
1.70
1.50
0.48
0.10
0.14
0.05
0.28
-0.21
1.15
-0.07
4.41
-0.42
0.14
0.74
1.83
0.20
-0.04
-0.57
1.17
-0.70
0.55
0.45
0.74
0.16
0.65
0.61
0.13
-0.15
-0.23
0.13
0.19
-0.09
1.60
0.12
-0.49
-0.03
1.60
-0.07
5.19
-1.24
0.01
0.31
0.14
-0.11
0.27
0.15
0.40
0.43
0.17
-0.09
0.08
0.27
0.19
0.98
0.20
1.86
0.81
1.08
0.36
0.83
1.86
-0.19
0.06
0.43
-0.02
0.23
0.53
-0.03
0.53
-4.80
2.45
1.37
...
0.55
0.30
0.28
0.91
0.03
0.39
0.01
1.13
1.14
0.52
-0.18
0.94
0.44
Stock
Net
Sym Close Chg
s IntlPaper
IP
51.41
Interpublic IPG 24.00
IronMountain IRM 33.97
IsraelChemicals ICL
4.03
ItauUnibanco ITUB 9.93
s JPMorganChase JPM 83.26
JacobsEngineering JEC 59.85
JamesHardie JHX 15.99
J&J
JNJ 111.94
JohnsonControls JCI 44.63
JoyGlobal JOY 28.09
JuniperNetworks JNPR 26.93
KAR Auction KAR 42.06
KB Fin
KB 35.46
KKR
KKR 15.67
KT
KT 13.82
KSCitySouthern KSU 85.48
Kellogg
K
71.67
s KeyCorp
KEY 17.70
KeysightTechs KEYS 35.84
KilroyRealty KRC 74.23
KimberlyClark KMB 113.63
KimcoRealty KIM 25.71
KinderMorgan KMI 21.46
KinrossGold KGC 3.41
Kohl's
KSS 54.51
KoninklijkePhil PHG 28.89
t KoreaElcPwr KEP 18.76
Kroger
KR 32.93
Kyocera
KYO 48.12
L Brands
LB 71.97
LGDisplay LPL 12.03
LINE
LN 36.99
L-3 Comm LLL 158.46
LabCpAm LH 125.25
LasVegasSands LVS 61.12
Lazard
LAZ 42.64
Lear
LEA 131.19
Leggett&Platt LEG 48.49
Leidos
LDOS 51.88
Lennar A
LEN 42.42
Lennar B
LEN/B 33.97
LennoxIntl LII 149.41
s LeucadiaNatl LUK 22.96
Level3Comm LVLT 56.11
LibertyProperty LPT 39.00
EliLilly
LLY 67.26
LincolnNational LNC 65.01
LinkedInA LNKD 195.25
LiveNationEnt LYV 27.33
LloydsBanking LYG 2.98
s LockheedMartin LMT 266.93
s Loews
L
45.21
Lowe's
LOW 72.66
Luxottica
LUX 54.24
LyondellBasell LYB 88.60
s M&T Bank MTB 147.34
MDU Rscs MDU 28.44
s MGM Resorts MGM 28.97
MPLX
MPLX 31.77
MSCI
MSCI 80.75
s MSC Industrial MSM 91.01
Macerich
MAC 68.80
MacquarieInfr MIC 81.55
Macy's
M
41.91
MagellanMid MMP 69.84
MagnaIntl MGA 42.62
Mallinckrodt MNK 53.56
Manpower MAN 86.45
ManulifeFin MFC 17.37
MarathonOil MRO 18.39
MarathonPetrol MPC 48.01
MarineHarvest MHG 18.15
Markel
MKL 879.92
Marsh&McLennan MMC 68.69
MartinMarietta MLM 223.54
Masco
MAS 31.19
Mastercard MA 103.55
McCormick MKC 89.59
McCormickVtg MKC/V 90.03
McDonalds MCD 119.29
McKesson MCK 145.00
MeadJohnson MJN 72.18
Mednax
MD 65.92
Medtronic MDT 71.67
Merck
MRK 60.25
MetLife
MET 55.67
MettlerToledo MTD 412.93
MichaelKors KORS 48.47
MidAmApt MAA 88.87
MitsubishiUFJ MTU 6.31
MizuhoFin MFG 3.69
MobileTeleSys MBT 8.83
Mobileye
MBLY 36.46
MohawkIndustries MHK 194.96
MolsonCoors B TAP 95.53
Monsanto MON 104.27
Moody's
MCO 96.83
s MorganStanley MS 42.09
Mosaic
MOS 29.17
MotorolaSolutions MSI 80.92
MurphyOil MUR 33.25
NTTDoCoMo DCM 22.85
NVR
NVR 1584.92
NationalGrid NGG 57.30
s NatlOilwell NOV 38.80
NatlRetailProp NNN 41.91
52-Wk %
Sym Hi/Lo Chg Stock
0.95
0.02
0.25
0.10
0.16
1.66
-0.81
-0.26
-0.02
-0.69
0.01
0.10
0.38
-0.33
0.19
0.02
-0.24
0.50
-0.20
0.49
1.04
-0.48
0.51
0.10
-0.06
-0.21
0.67
0.14
-0.37
0.22
0.06
0.16
-0.61
1.23
0.77
0.13
1.17
0.44
0.45
0.31
0.41
0.58
1.13
0.41
0.29
0.22
-0.45
-0.11
0.05
0.26
0.04
-0.69
0.33
0.35
1.08
-0.54
1.18
0.46
-0.04
-0.23
1.42
0.14
0.67
1.32
-0.57
0.63
0.54
-0.05
0.60
-0.12
0.19
0.21
0.25
2.80
0.30
0.29
0.87
2.45
0.54
0.67
1.05
1.44
0.98
0.46
-0.34
-0.88
0.01
2.10
2.27
-0.46
...
-0.01
0.28
0.27
4.96
-0.10
0.36
-0.79
0.26
0.35
1.42
0.46
0.04
7.98
-0.27
0.91
-0.17
Stock
Net
Sym Close Chg
NewOrientalEduc EDU 43.90

NY CmntyBcp NYCB 16.23
NewellBrands NWL 45.70
NewfieldExpln NFX 45.63
NewmontMining NEM 33.48
NextEraEnergy NEE 115.00
NielsenHoldings NLSN 42.41
Nike
NKE 51.85
NipponTelegraph NTT 40.20
NiSource
NI
21.64
s NobleEnergy NBL 39.50
Nokia
NOK 4.51
s NomuraHoldings NMR 6.00
Nordstrom JWN 57.20
NorfolkSouthern NSC 105.96
NorthropGrumman NOC 247.49
Novartis
NVS 68.97
NovoNordisk NVO 34.42
s Nucor
NUE 65.10
NuSTAREnergy NS 48.67
OGE Energy OGE 32.41
s ONEOK
OKE 56.42
ONEOK Partners OKS 41.96
OccidentalPetrol OXY 70.98
Och-Ziff
OZM 3.01
OmegaHealthcare OHI 29.94
Omnicom OMC 86.05
Oracle
ORCL 38.97
Orange
ORAN 14.21
OrbitalATK OA 87.69
Orix
IX
76.35
Oshkosh
OSK 69.94
OwensCorning OC 52.65
PG&E
PCG 58.38
t PLDT
PHI 25.71
PNC Fin
PNC 111.50
POSCO
PKX 53.95
PPG Ind
PPG 95.99
PPL
PPL 33.25
PVH
PVH 106.96
s PackagingCpAm PKG 87.15
PaloAltoNtwks PANW 128.95
ParkerHannifin PH 142.46
ParsleyEnergy PE 36.86
Pearson
PSO 9.95
PembinaPipeline PBA 29.61
Pentair
PNR 59.68
PepsiCo
PEP 100.71
PerkinElmer PKI 51.15
Perrigo
PRGO 84.66
PetroChina PTR 70.90
PetroleoBrasil PBR 10.45
PetroleoBrasilA PBR/A 9.04
Pfizer
PFE 31.59
PhilipMorris PM 87.77
Phillips66 PSX 85.44
PinnacleFoods PF 49.13
PinnacleWest PNW 73.82
PioneerNatRscs PXD 188.25
PlainsAllAmPipe PAA 31.36
PolarisIndustries PII 88.45
Potash
POT 18.52
Praxair
PX 119.76
s PrincipalFin PFG 59.47
Procter&Gamble PG 82.99
Progressive PGR 33.32
Prologis
PLD 50.60
s PrudentialFin PRU 102.71
Prudential PUK 40.22
PublicServiceEnt PEG 41.74
PublicStorage PSA 212.45
PulteGroup PHM 18.28
QuestDiag DGX 88.32
QuintilesIMS Q
75.70
RELX
RENX 16.02
RELX
RELX 17.21
RPM
RPM 52.82
RSP Permian RSPP 43.72
RalphLauren RL 108.19
RangeResources RRC 38.42
s RaymondJames RJF 73.52
Raytheon RTN 149.07
RealtyIncome O
54.73
RedHat
RHT 77.72
RegencyCtrs REG 66.02
s RegionsFin RF 14.02
s ReinsuranceGrp RGA 122.64
s RelianceSteel RS 85.71
RenaissanceRe RNR 130.23
RepublicServices RSG 55.28
ResMed
RMD 59.93
RestaurantBrands QSR 48.26
ReynoldsAmer RAI 54.93
RiceEnergy RICE 25.29
RioTinto
RIO 39.49
RitchieBros RBA 37.90
RiteAid
RAD 8.06
RobertHalf RHI 46.41
Rockwell
ROK 136.22
RockwellCollins COL 94.65
RogersComm B RCI 38.51
s Rollins
ROL 32.83
RoperTech ROP 181.64
RoyalBkCanada RY 66.28
RoyalBkScotland RBS 5.03
RoyalCaribbean RCL 81.05
RoyalDutchA RDS/A 52.20
52-Wk %
Sym Hi/Lo Chg Stock
18.50
87.14
50.98
79.49
88.68
49.25
92.52
155.06
87.81
121.15
76.17
70.00
94.10
108.66
119.17
66.49
42.39
41.80
22.51
88.27
53.95
54.79
32.37
32.42
33.72
47.45
45.16
192.78
18.43
299.48
19.44
33.26
27.54
51.76
75.56
21.80
35.36
32.94
21.17
34.23
20.33
36.67
41.41
114.51
120.02
58.45
120.56
66.21
97.54
96.60
110.78
111.05
119.50
92.01
23.82
23.21
24.19
23.31
22.89
29.46
102.30
95.33
78.79
30.46
2.0
6.4
2.4
0.5
2.4
1.1
2.0
1.0
0.6
2.7
3.5
0.6
1.1
0.5
1.9
0.6
1.2
1.3
3.3
1.2
1.2
0.2
0.7
0.6
1.5
0.6
1.0
0.3
0.7
1.1
1.6
3.6
-0.9
1.1
-0.1
1.7
0.9
1.1
2.1
1.8
1.6
1.8
3.0
1.1
1.3
1.2
0.1
0.4
0.8
0.6
1.1
1.1
1.8
0.5
0.2
0.7
0.6
0.9
1.1
2.2
1.2
2.1
0.3
0.6
NYSE Arca lows - 37
NYSE Arca highs - 158
RoyalDutchB RDS/B 55.51

SAP
SAP 83.13
S&P Global SPGI 114.28
SINOPECShanghai SHI 52.56
SK Telecom SKM 21.49
SLGreenRealty SLG 108.23
Salesforce.com CRM 70.80
Sanofi
SNY 40.91
Sasol
SSL 26.71
Scana
SCG 71.49
Schlumberger SLB 84.43
SchwabC
SCHW 39.00
ScottsMiracleGro SMG 91.08
SealedAir SEE 46.42
SemicondctrMfg SMI 6.44
SempraEnergy SRE 98.91
SensataTech ST 38.00
ServiceCorp SCI 26.63
ServiceMaster SERV 38.32
ServiceNow NOW 79.87
ShawComm B SJR 19.57
SherwinWilliams SHW 266.40
ShinhanFin SHG 37.17
SignetJewelers SIG 93.64
SilverWheaton SLW 18.85
SimonProperty SPG 180.76
SixFlags
SIX 57.57
SmithAO
AOS 49.90
Smith&Nephew SNN 28.50
Smucker
SJM 126.01
SnapOn
SNA 169.03
SOQUIMICH SQM 29.46
SonocoProducts SON 52.96
Sony
SNE 28.14
Southern
SO 46.87
SoCopper SCCO 33.84
SouthwestAirlines LUV 47.07
SouthwesternEner SWN 12.29
SpectraEnergy SE 40.72
SpectraEnerPtrs SEP 43.28
SpectrumBrands SPB 115.66
s SpiritAeroSys SPR 59.37
SpiritRealtyCap SRC 10.56
Sprint
S
8.05
StJudeMedical STJ 79.49
StanleyBlackDck SWK 119.15
StarwoodProp STWD 22.90
StateStreet STT 79.16
Statoil
STO 17.72
Steris
STE 65.50
s STMicroelec STM 10.31
Stryker
SYK 112.01
s SumitomoMits SMFG 7.85
SunCommunities SUI 72.16
SunLifeFinancial SLF 38.79
SuncorEnergy SU 32.46
SunocoLogistics SXL 22.75
s SunTrustBanks STI 52.54
s SynchronyFin SYF 35.11
Syngenta SYT 79.44
Sysco
SYY 53.48
TAL Education TAL 73.40
s TE Connectivity TEL 69.39
Telus
TU 31.78
Ternium
TX 25.39
TIM Part
TSU 11.57
TJX
TJX 77.33
TaiwanSemicon TSM 29.02
s TargaResources TRGP 53.34
Target
TGT 76.98
TataMotors TTM 32.20
TeckRscsB TECK 25.96
TelecomItalia TI
7.53
TelecomItalia A TI/A 6.03
Teleflex
TFX 154.21
TelefonicaBras VIV 12.40
Telefonica TEF 8.28
TelekmIndonesia TLK 28.78
s Tenaris
TS 34.28
Tesoro
TSO 88.61
t TevaPharm TEVA 37.04
Textron
TXT 47.36
ThermoFisherSci TMO 141.38
ThomsonReuters TRI 43.36
s ThorIndustries THO 103.41
3M
MMM 171.62
Tiffany
TIF 83.24
TimeWarner TWX 93.34
s Torchmark TMK 71.53
Toro
TTC 52.75
s TorontoDomBk TD 47.92
Total
TOT 48.17
TotalSystem TSS 48.72
ToyotaMotor TM 117.56
TransCanada TRP 44.16
TransDigm TDG 247.40
s Transocean RIG 13.98
TransUnion TRU 29.32
Travelers
TRV 115.87
TurkcellIletism TKC 6.50
TurquoiseHill TRQ 3.38
Twitter
TWTR 18.23
TylerTech TYL 144.88
TysonFoods TSN 57.27
UBS Group UBS 16.13
UDR
UDR 33.67
UGI
UGI 44.35
52-Wk %
Sym Hi/Lo Chg Stock
40.15 -0.8 FidelityMSCIFinls FNCL 34.00 1.2 PwrShsZacks PZI

Timken
TKR
32.67 0.2 ProSharesShtVIXST SVXY
TimkenSteel
TMST 17.40 1.7 FidelityMSCIIndls FIDU
71.74 0.8 FidelityValFactor FVAL 27.16 0.6 ProShrUlBscMtls UYM
Torchmark
TMK
23.00 1.2 ProShrUltraDow30 DDM
48.14 0.5 FinSelSectorSPDR XLF
TorontoDomBk TD
16.94 2.3 ProShrUltraFnl UYG
22.09 0.6 FstTrEngyAlpDx FXN
TortoisePipe&En TTP
42.27 2.0 ProShrUltraInd UXI
14.16 4.7 FstTrDJSelMcroCp FDM
Transocean
RIG
26.60 1.0 ProShrUMdCp400 MVV
TransoceanPtrs RIGP 16.91 4.8 FstTrFnlAlpDx FXO
27.90 1.1 ProShUltS&PRegBkg KRU
28.62 -0.6 FstTrISE NatGas FCG
TrinityIndustries TRN
33.38 0.2 ProShrsDow30 UDOW
TriplePtVent
TPVG 12.68 0.3 FstTrInPrAlpDx FXR
US PhysTherapy USPH 65.70 2.3 FT Long/Short FTLS 34.43 0.5 ProShUltraProFin FINU
36.58 0.8 ProShrsMidCap400 UMDD
US Silica
SLCA 54.63 3.3 FstTrMatAlpDX FXZ
21.72 2.1 SPDRRuss1000Yd ONEY
Unifirst
UNF 145.15 2.4 FstTrVal100Fd FVL
25.97 4.0 FlexGlbUpstmNatRsc GUNR 29.15 1.3 SPDR S&P400MidVl MDYV
Unit
UNT
95.31 1.0 SPDRS&P500Value SPYV
106.42 0.4 FlexMrnUSMktFtrTlt TILT
UnitedRentals URI
50.63 0.7 FlexQltyDivDynamic QDYN 37.90 0.7 SPDR S&P600SCapVal SLYV
US Bancorp
USB
35.31 4.8 GlbXCopperMiners COPX 22.44 3.6 SPDR Aero & Dfns XAR
US Steel
X
Univar
UNVR 25.19 1.3 GlblXMSCINorwayETF NORW 11.39 1.7 SPDRS&PBank KBE
16.47 0.2 SPDRS&PGlbNatRes GNR
11.63 1.8 GlbXMSCIPakistan PAK
ValleyNatlBncp VLY
86.40 0.7 SPDRS&POil&GasEq XES
42.99 0.9 GuggenheimSP500EqW RSP
VermilionEnergy VET
65.87 1.7 SPDRS&P1000ETF SMD
89.18 1.6 GuggenheimS&P500Eq RYE
Wabtec
WAB
36.38 0.9 SPDRS&PRegionalBkg KRE
Guggenheim
S&P
500
RYF
52.19 1.6
WebsterFin
WBS
100.96 0.2 SPDRS&PTransport XTN
73.40 -0.8 GuggenheimS&P500 RGI
WescoIntl
WCC
92.57 1.0 SchwabFundUSBrd FNDB
GuggenheimS&P500
RTM
48.30 1.9
WestAllianceBcp WAL
57.75 0.9 SchwabFundUSLrgCo FNDX
18.19 2.7 GuggenheimS&P500 RPV
XeniaHotels
XHR
62.50 1.6 SchwabFundUSSmCo FNDA
Guggenheim S&P400 RFV
73.29 2.4 SchwabUSLgCpValue SCHV
GuggenheimS&P600 RZV
20.01 0.8 SchwabUSMidCap SCHM
GugMultiAstInco CVY
AXIS CapPfdE AXSpE 21.54 -2.4 GugRamJmsFd RYJ
38.67 1.0 SPDR DJIA Tr DIA
AXIS CapPfdD AXSpD 22.35 -0.1 IQGlblOilSmCp IOIL
12.81 1.8 SPDR S&P IntEngy IPW
13.02 -0.2 IndSelSectorSPDR XLI
AllianceCal
AKP
63.19 -0.1 SPDR S&PMdCpTr MDY
6.25 -2.5 iPathBloomCopperTR JJC
AmiraNatureFoods ANFI
31.34 2.5 SPDR S$P Russ RBL
AnnalyCapPfdE NLYpE 23.97 -0.2 iPathPBIndstrMtls HEVY 28.71 9.2 SPDR S&P MtlMng XME
25.68 -0.3 iShCoreRussUSValue IUSV
AstraZeneca
AZN
48.61 0.7 U.S.GlobalJetsETF JETS
15.90 -1.4 iShCoreS&PMdCp IJH
BaringsCorpInv MCI
164.30 1.0 VanEckVctrAgribus MOO
14.13 -0.6 iShCurHdgMSCIACWI HACW 24.47 0.5 VanEckEnvironSvcs EVX
BlkRkCA MI Tr BFZ
BlRkMuyldNYQlty MYN 12.50 -0.4 iShTransportAvg IYT
164.50 0.3 VanEckVctrGlblSpin SPUN
CapitalOnePfdH COFpH 24.05 -1.3 iShUSBasicMaterial IYM
84.95 1.1 VanEckMornWideMoat MOAT
CenturyLinkNts CTBB 22.99 -1.0 iShUSFinlServices IYG
104.95 1.5 VanEckVctrNatRscs HAP
22.83 1.6 iShUSAerospace&Def ITA
DTE EnergyDeb62 DTQ
145.33 0.3 VanEckOilRefin CRAK
14.09 -0.2 iShU.S.Financials IYF
DTFTaxFrIncome DTF
99.70 1.2 VanEckVctrOilSvcs OIH
11.88 -0.5 iShUSOilEquip&Svcs IEZ
DeutscheStratMuni KSM
46.10 2.1 VanEckVctrRussia RSX
67.57 1.3 VanEckRussiaSC RSXJ
EntergyAR Bds63 EAE
21.81 -1.8 iShUSOil&GasExpln IEO
44.17 0.9 VanEckVectorsSteel SLX
23.39 -0.3 iShUSRegionalBanks IAT
EntergyBds
ENO
26.45 0.3 VangdMatrls
5.30 -1.2 iShMSCICanadaETF EWC
Evogene
EVGN
VAW
20.47 0.8 VanguardSCVal VBR
FirstRepBkPfdF FRCpF 23.72 -0.3 iShMSCIGloblEnProd FILL
27.90 2.4 VanguardFinls VFH
30.14 -0.2 iShMSCIGlbMet&MnPr PICK
FirstEnergy
FE
7.98 -1.4 iShMSCIRussiaCpd ERUS 31.90 1.5 VanguardIndls VIS
Fitbit
FIT
92.72 0.5 VanguardMegaVal MGV
19.88 -0.5 iShMornLCValue JKF
GrupoTelevisa TV
155.53 1.5 VanguardMCVal VOE
Hersha Pfd E HTpE 22.70 -0.7 iShMorningstarSC JKJ
142.86 1.4 Vanguard 500ValETF VOOV
14.50 -16.5 iShMornSCValue JKL
InnovativeIndProp IIPR
18.40 0.8 iShRussell1000Val IWD 110.96 0.6 VanguardS&PMC400 IVOO
KoreaElcPwr
KEP
NatlRetailPropPfdF NNNpF 20.83 -1.1 iShRussell2000Val IWN 117.04 1.9 Vanguard MC400Vl IVOV
80.40 0.8 Vanguard SC600Vl VIOV
14.02 -0.4 iShRussellMCValue IWS
NuvnEnhMuniVlFd NEV
46.48 0.6 VanguardValue VTV
12.62 0.2 iShRussellTop200Vl IWX
NuvVA Prm
NPV
57.26 1.0 WBITacticalHiIncm WBIH
25.57 -0.2 iShGloblFinancials IXG
PLDT
PHI
100.35 0.6 WBITacticalLCS WBIL
PNC Fin PfdQ PNCpQ 23.41 -0.2 iShS&P500ValueETF IVE
56.10 1.4 WBITacticalLCV WBIF
ReinsuranceGrpDeb RZB
25.49 -1.0 iShGlobalMaterials MXI
76.16 0.6 WBITacticalSMG WBIA
StateStreetPfdG STTpG 24.39 ... iShGloblIndustrial EXI
145.18 1.1 WBITacticalSMS WBID
SunTrustBksPfA STIpA 21.41 -3.3 iShS&PMC400Value IJJ
138.85 1.9 WilshireMicroCap WMCR
SunTrustBksPfE STIpE 24.07 -0.3 iShS&PSC600Value IJS
49.98 1.3 WisdmTrMCEarn EZM
TevaPharm
TEVA 36.40 1.4 iShUSBrokerDealers IAI
WellsFargoPfdN WFCpN 23.08 -0.4 JohnHancockMultFin JHMF 30.27 1.0 WisdmTrSCEarn EES
29.97 0.2 WisdmTrTlEarn EXT
JohnHancockIndls
JHMI
WellsFargoPfdA WFCpR 26.57 -0.5
50.54 0.8 WorkplaceEquality EQLT
WellsFargoPfdW WFCpW 23.48 -0.9 MatlsSelSectorSPDR XLB
56.77 0.8
OppenheimFclsSect
RWW
WellsFargoPfdA WFCpX 22.76 -0.6
43.52 0.3
7.00 -0.7 OppenheimerLgCpRev RWL
WstAstMuniHiInco MHF
54.33 1.2
OppenheimerMdCpRev
RWK
13.38 -2.5
ZTO Express ZTO
66.06 2.2 iPathS&P500VIXST VXX
OppenheimerSmCpRev RWJ
PSContrarianOpps CNTR 29.60 1.5 ColumbiaInterMunBd GMMB
PwrShsDBComTr DBC
15.78 0.5 DrxEnrgBear 3x ERY
AdvisorCornerSC SCAP 30.00 2.0 PowerSharesDBEnFd DBE
13.50 0.2 DrxFinancBear 3x FAZ
CambriaShareholder SYLD 32.70 0.7 PwrShsDynMkt PWC
80.26 0.6 DirexionFinBear1X FAZZ
29.50 1.0 PwrShsFTSE RAFI PRF
CitigrCTracksETN DIVC
99.28 0.8 DrxMidCapBear 3x MIDZ
ColumbiaSustUSEqu ESGS 27.71 0.9 PwrShsAerospc PPA
43.06 0.3 DirexionNatGasBr3x GASX
26.69 2.0 PSRussellMidcapEW EQWM 41.80 0.8 DirexRgBanksBear3X WDRW
DeepValueETF DVP
40.70 2.6 PSRussMCPureValue PXMV 31.31 1.1 DXNDLYRSSBEA3X RUSS
DrxEnrgBull 3x ERX
DirexionEurFinBll2 EUFL 32.33 4.0 PwrShRuss1000EqWt EQAL 26.96 0.9 IQEnhCorePlusBdUS AGGP
38.57 3.4 PSRussellTop200EW EQWL 43.12 0.2 iPathBloomCocoaTR NIB
DrxFinancBull 3x FAS
DrxMidCapBull 3x MIDU 32.19 3.3 PSRussTop200PureV PXLV 34.28 0.7 iPathPBCocoa CHOC
DirexRgBanksBull3X DPST 63.60 4.1 PSRuss2000PureVal PXSV 29.86 2.0 iShCore5-10YUSDBd IMTB
DirexionDailyRusBl RUSL 86.22 4.8 PWSH SP500HiBeta SPHB 37.16 1.2 iShCurHdgMSCIItaly HEWI
76.10 0.9 PwrShsWldrHill PUW
EnSelectSectorSPDR XLE
25.85 1.8 iShShortNatlMuniBd SUB
NYSE lows - 40
1.90
0.15
0.02
-0.32
-0.10
0.59
0.34
1.39
0.17
-0.05
0.68
0.28
0.10
0.66
0.36
-3.38
0.80
0.49
2.07
0.65
0.07
1.73
-0.08
0.13
-0.05
0.69
-0.29
0.47
0.22
1.06
-0.70
0.26
0.74
0.10
-0.05
0.42
-0.14
1.41
-0.09
4.51
0.08
2.29
0.56
-1.41
...
-0.21
0.90
0.11
0.16
-1.30
0.08
-0.23
-0.01
-0.04
-0.31
0.56
0.36
0.28
0.70
-0.67
0.99
0.45
0.93
1.69
0.59
-0.22
0.65
0.98
0.79
0.49
2.97
-0.03
0.32
1.67
0.14
0.06
0.53
-0.64
2.47
2.06
0.56
-0.85
...
1.64
0.21
0.28
0.03
2.69
-0.37
-0.53
0.41
0.55
0.25
0.58
0.47
0.65
0.05
0.85
-0.57
-0.52
0.03
0.29
-0.68
0.21
0.12
1.49
0.28
Net
Sym Close Chg
Stock
26.96
51.67
9.45
23.30
19.16
22.92
19.33
10.87
7.61
19.51
29.90
35.45
48.65
13.45
104.44
-6.7
-0.3
-2.6
-3.3
-1.1
-3.1
-3.6
-3.4
-4.9
0.3
-1.2
-0.6
-0.2
-0.2
0.1
0.15
1.21
-1.41
-0.28
-0.01
0.81
2.39
0.89
0.84
0.57
-0.08
0.24
-0.03
0.30
0.06
-0.99
0.44
-0.42
-0.10
3.31
-0.10
1.34
-0.56
1.57
0.16
1.40
-0.07
0.67
-0.13
0.73
1.76
1.06
0.11
0.08
0.11
0.73
-0.84
0.62
0.12
1.44
-1.74
0.64
-0.03
0.07
0.47
0.92
0.38
0.72
0.01
0.45
0.38
-0.07
0.08
0.10
-0.24
0.23
-0.43
0.50
0.62
1.06
-0.11
0.13
1.81
0.10
0.98
0.10
0.23
0.16
0.72
-0.96
0.20
0.60
-0.14
-0.16
1.68
0.27
0.10
0.19
0.67
3.70
0.51
-0.13
-0.53
0.05
1.93
-0.81
1.94
-0.46
0.55
0.06
0.25
0.39
0.69
0.73
-0.03
2.13
0.63
0.01
0.22
0.06
0.04
0.30
2.19
0.22
0.47
0.01
-0.23
Net
Sym Close Chg
Stock
US Foods USFD 23.69

UltraparPart UGP 19.71
UnderArmour A UA 30.43
UnderArmour C UA/C 25.06
Unilever
UN 40.10
Unilever
UL 40.14
UnionPacific UNP 102.84
UnitedContinental UAL 68.26
UPS B
UPS 116.56
s UnitedRentals URI 105.31
s US Bancorp USB 50.36
s US Steel
X
35.21
UnitedTech UTX 107.42
UnitedHealth UNH 157.63
UniversalHealthB UHS 124.78
UnumGroup UNM 42.87
VEREIT
VER 8.26
VF
VFC 57.18
Visa
V
77.31
VailResorts MTN 160.73
Vale
VALE 8.66
ValeantPharm VRX 15.34
ValeroEnergy VLO 64.52
Valspar
VAL 102.04
Vantiv
VNTV 56.71
VarianMed VAR 90.10
Vedanta
VEDL 13.37
VeevaSystems VEEV 43.14
Ventas
VTR 59.71
Verizon
VZ 49.75
s VermilionEnergy VET 42.42
Vipshop
VIPS 11.80
VMware
VMW 80.21
VornadoRealty VNO 100.35
VoyaFinancial VOYA 39.50
VulcanMaterials VMC 127.50
WABCO
WBC107.19
EWEC Energy WEC 55.69
W.P.Carey WPC 57.89
WPX Energy WPX 14.72
s Wabtec
WAB 88.12
Wal-Mart WMT 69.94
WasteConnections WCN 76.50
WasteMgt WM 69.00
Waters
WAT 134.83
Watsco
WSO 151.68
WeatherfordIntl WFT 5.34
WellCareHealth WCG 136.92
WellsFargo WFC 54.35
Welltower HCN 62.66
WestPharmSvcs WST 81.46
WestarEnergy WR 56.72
s WestAllianceBcp WAL 48.11
WesternGasEquity WGP 42.40
WesternGasPtrs WES 55.00
WesternUnion WU 20.89
WestlakeChem WLK 57.61
WestpacBanking WBK 23.45
WestRock WRK 51.52
Weyerhaeuser WY 31.72
Whirlpool WHR 170.00
WhiteWaveFoods WWAV 55.16
Williams
WMB 31.41
WilliamsPartners WPZ 35.86
Wipro
WIT 9.27
WooriBank WF 31.96
Workday
WDAY 73.68
Wyndham WYN 73.96
XPO Logistics XPO 44.75
XcelEnergy XEL 38.79
Xerox
XRX 9.32
Xylem
XYL 51.72
YPF
YPF 16.54
YanzhouCoal YZC 6.95
YumBrands YUM 63.06
YumChina YUMC 28.00
t ZTO Express ZTO 13.48
ZayoGroup ZAYO 33.50
ZimmerBiomet ZBH 101.43
Zoetis
ZTS 49.82
NASDAQ
AGNC Invt AGNC 18.28 0.39
Ansys
ANSS 93.84 0.57
ARRIS Intl ARRS 28.68 0.62
ASML
ASML 102.92 3.14
ActivisionBliz ATVI 36.48 0.77
AdobeSystems ADBE 101.95 2.22
AkamaiTech AKAM 64.31 0.44
AlexionPharm ALXN 124.93 1.97
AlignTech ALGN 94.01 1.55
Alkermes ALKS 56.21 -0.04
Alphabet A GOOGL 778.22 13.76
Alphabet C GOOG 762.52 12.02
Amazon.com AMZN 759.36 19.02
Amdocs
DOX 58.94 0.25
Amerco
UHAL 350.97 2.33
AmericaMovil A AMOV 11.83 0.23
AmericanAirlines AAL 45.72 -0.38
Amgen
AMGN 145.29 1.28
AnalogDevices ADI 70.60 0.49
Apple
AAPL 109.11 -0.79
AppliedMaterials AMAT 31.53 0.09
ArchCapital ACGL 83.95 0.86
Atlassian
TEAM 25.59 0.36
Autodesk ADSK 71.18 0.61
ADP
ADP 96.05 0.81
52-Wk %
Sym Hi/Lo Chg Stock
PSCAAMTFreeMuniBd PWZ
ProShrShrtDow30 DOG
ProShrShrtFinc SEF
PrShrsMdCp MYY MYY
PrShShrtOilGas DDG
ProShShtS&PRegBkg KRS
ProSharesUltVIXST UVXY
ProShrsShrtDow30 SDOW
ProShUltraProShFnl FINZ
ProShrShtMidCap400 SMDD
ProShrUSBscMtls SMN
PSUltBloomCrudeOil SCO
PSUlShBlmbrgNatGas KOLD
PrShrsUSDow30 DXD
ProShrUSFnl
SKF
PrShrsMidCp MZZ MZZ
ProShsVIXSTFut VIXY
UntdStsShrtOil DNO
VanEckAMTFrLgMun MLN
VelocityShares3x DWTI
VelocityShares3xIn DGAZ
VelocityShVIXTail BSWN
24.80 -0.2
19.56 -0.2
14.28 -1.2
13.24 -1.0
23.00 -0.6
17.03 -1.7
9.85 -13.2
11.10 -0.6
8.42 -3.3
17.51 -3.2
20.76 -2.0
65.28 1.8
25.46 -8.5
14.98 -0.6
32.09 -2.4
26.39 -3.0
22.46 -6.6
62.70 0.9
18.66 0.1
47.07 2.6
3.68 -13.8
22.60 -0.7
NYSE MKT highs - 15

AssdBancWt ASB/WS 4.59
7.35
BallantyneStrong BTN
83.00
Chase
CCF
17.00
EnviroStar
EVI
EvansBancorp EVBN 35.75
9.70
EvolutionPetrol EPM
3.28
GSE Systems GVP
4.80
Goldfield
GV
13.50
GrupoSimec
SIM
5.19
LGL Group
LGL
3.30
Network1Techs NTIP
3.15
PharmAthene PIP
Seaboard
SEB 4215.99
0.85
TasekoMines TGB
88.10
TompkinsFin
TMP
9.8
2.0
4.4
2.4
-3.3
1.1
3.3
5.6
8.6
6.0
3.2
3.3
4.1
29.8
2.1
NYSE MKT lows - 4

DreyfusMuniIncome DMF
EtnVncMuni
EIM
EtnVncNY II
NYH
PrtlxBioThera PLX
8.42
12.00
10.43
0.27
-0.4
0.6
-0.9
3.2
Nasdaq highs - 242

AMAG Pharm AMAG
ASBBancorp
ASBB
AccessNational ANCX
AdvEmissions ADES
AltraIndlMotion AIMC
AmCapSeniorFloat ACSF
AmesNational ATLO
AndinaAcqnIIWt ANDAW
AntaresPharma ATRS
ArcBest
ARCB
Arotech
ARTX
ArrayBioPharma ARRY
BSB Bancorp BLMT
Balchem
BCPC
BankofSC
BKSC
Banner
BANR
BlackBox
BBOX
BlackDiamond BDE
BNC Bcp
BNCN
BridgeBancorp BDGE
CBOE Holdings CBOE
CME Group
CME
CRA Intl
CRAI
CamdenNational CAC
CapitalSouthwest CSWC
CardinalFin
CFNL
CareerEducation CECO
CarolinaBankNC CLBH
CarolinaFin
CARO
CascadeBancorp CACB
CasellaWaste CWST
CentennialRsc CDEV
34.50
28.30
28.42
9.50
36.45
11.85
33.05
0.23
2.10
31.48
4.30
8.74
27.75
82.26
21.70
53.41
16.30
6.45
31.35
34.65
72.94
117.96
33.82
40.10
16.76
32.58
10.27
24.27
27.42
7.60
13.00
18.80
3.5
0.9
2.3
-1.7
2.7
...
5.8
6.5
2.0
1.1
6.3
6.1
1.8
-0.4
4.3
0.7
0.3
3.2
2.0
3.0
0.8
2.0
1.8
1.8
-0.3
3.0
-0.5
1.8
1.7
1.6
-0.8
3.2
0.37
0.15
0.40
0.29
0.63
0.47
0.19
-1.01
0.21
0.46
0.36
1.60
-0.80
-3.10
0.13
0.15
0.05
1.39
1.59
2.81
0.22
-0.11
3.06
-0.01
0.98
0.32
0.32
0.10
0.35
-0.06
0.37
0.36
1.45
1.09
0.33
0.44
4.83
0.05
0.27
-0.49
1.41
-0.94
0.51
-0.87
0.10
1.11
0.23
-1.34
0.77
-0.12
0.89
0.31
0.91
-0.40
-0.43
0.42
0.21
-0.07
0.51
0.67
3.16
-0.03
0.58
-0.69
-0.06
...
2.28
1.64
-0.21
0.05
-0.18
-0.08
0.20
0.02
0.64
-0.15
-0.35
0.07
1.23
0.72
Stock
B/EAerospace BEAV 59.22

BOK Fin
BOKF 81.10
Baidu
BIDU 164.32
BankofOzarks OZRK 49.58
BedBath
BBBY 45.92
Biogen
BIIB 290.22
BioMarinPharm BMRN 82.45
BlackBerry BBRY 7.62
Broadcom AVGO 166.13
BrocadeComm BRCD 12.41
CA
CA 31.37
s CBOE Holdings CBOE 72.64
CDK Global CDK 57.98
CDW
CDW 52.75
CH Robinson CHRW 75.39
s CME Group CME 117.91
CSX
CSX 36.53
CadenceDesign CDNS 25.53
Celgene
CELG 116.56
Cerner
CERN 48.35
CharterComms CHTR 270.93
CheckPointSftw CHKP 83.36
CincinnatiFin CINF 76.83
Cintas
CTAS 118.05
CiscoSystems CSCO 29.53
CitrixSystems CTXS 88.99
Cognex
CGNX 58.03
CognizantTech CTSH 54.76
Comcast A CMCSA 68.68
s CommerceBcshrs CBSH 56.47
CommScope COMM 36.06
Copart
CPRT 54.58
CoStarGroup CSGP 184.25
Costco
COST 151.77
Ctrip.com CTRP 42.97
DISH Network DISH 56.66
DentsplySirona XRAY 57.27
DexCom
DXCM 64.45
DiamondbackEner FANG 106.93
DiscoveryComm A DISCA 27.39
DiscoveryComm C DISCK 26.67
DollarTree DLTR 88.20
s Dunkin'
DNKN 53.28
s E*TRADE ETFC 35.21
s EastWestBancorp EWBC 49.16
eBay
EBAY 28.35
ElectronicArts EA 77.45
Equinix
EQIX 332.08
Ericsson
ERIC 5.30
ErieIndemnity A ERIE 108.73
s Exelixis
EXEL 17.83
Expedia
EXPE 123.69
s ExpeditorsIntl EXPD 54.06
ExpressScripts ESRX 76.71
F5Networks FFIV 140.33
Facebook
FB 117.43
Fastenal
FAST 48.58
FifthThirdBncp FITB 26.09
Fiserv
FISV 103.63
Flex
FLEX 14.55
Fortinet
FTNT 30.22
Gaming&Leisure GLPI 30.46
Garmin
GRMN 52.13
Gentex
GNTX 18.84
GileadSciences GILD 72.36
Goodyear GT 30.14
Grifols
GRFS 14.75
s HDSupply HDS 39.75
Hasbro
HAS 84.38
HenrySchein HSIC 149.94
Hologic
HOLX 38.51
s JBHunt
JBHT 97.67
s HuntingtonBcshs HBAN 13.03
IAC/InterActive IAC 66.38
IdexxLab
IDXX 114.10
IHSMarkit INFO 34.90
IPG Photonics IPGP 97.16
IcahnEnterprises IEP 57.14
Illumina
ILMN 127.92
Incyte
INCY 104.76
Intel
INTC 34.39
Intuit
INTU 114.89
IntuitiveSurgical ISRG 636.95
IonisPharma IONS 46.00
JD.com
JD 25.95
JackHenry JKHY 86.86
JazzPharma JAZZ 101.62
JetBlue
JBLU 20.90
KLA Tencor KLAC 77.03
KraftHeinz KHC 80.28
LKQ
LKQ 32.67
LamResearch LRCX 102.40
LamarAdvertising LAMR 65.72
LibertyBroadbandA LBRDA 68.91
LibertyBroadbandC LBRDK 70.71
LibertyGlobal A LBTYA 29.55
LibertyGlobal B LBTYB 30.00
LibertyGlobal C LBTYK 28.47
LibertyLiLAC A LILA 21.33
LibertyLiLAC C LILAK 20.55
LibertyQVC B QVCB 23.11
LibertyQVC A QVCA 20.79
LibertyVenturesA LVNTA 37.99
LincolnElectric LECO 78.64
LinearTech LLTC 61.61
lululemon LULU 57.12
MarketAxess MKTX 164.06
s Marriott
MAR 81.00
52-Wk %
Sym Hi/Lo Chg Stock
CentennialRscWt CDEVW
CenterstateBks CSFL
CentralGarden CENT
CentralGardenA CENTA
CenturyBancorpA CNBKA
ChartIndustries GTLS
Cheesecake
CAKE
ChemicalFin
CHFC
ChemoCentryx CCXI
ChinaAutoSys CAAS
ChinaLodging HTHT
CityHolding
CHCO
CodorusValleyBncp CVLY
ColonyBankcorp CBAN
ColumbiaBanking COLB
CommerceBcshrs CBSH
CommunityBkrs ESXB
CommunityFin TCFC
ConnectOneBncp CNOB
ConsumerPtfo CPSS
CumberlandPharm CPIX
DelFrisco's
DFRG
DimeComBcshrs DCOM
DormanProducts DORM
Dunkin'
DNKN
ESSA Bancorp ESSA
E*TRADE
ETFC
EastWestBancorp EWBC
ElectrumSpec ELEC
ElmiraSvgsBank ESBK
EquitableFin
EQFN
Exelixis
EXEL
ExpeditorsIntl EXPD
FS Bancorp
FSBW
FairPointComms FRP
FarmersNatlBanc FMNB
FinInstitutions FISI
FirstBancorp
FNLC
FirstBusey
BUSE
FstCmntyBcsh FCBC
FirstComSC
FCCO
FirstFinIN
THFF
FirstGuarBcshs FGBI
FirstHawaiian FHB
FirstInterBanc FIBK
FirstMerchants FRME
FirstMidwestBncp FMBI
FirstNWBncp FNWB
FirstLongIsland FLIC
FirstSavingsFin FSFG
FT LC Value
FTA
FT LowBetaIincm FTLB
FTMidCapValue FNK
FT MuCValAlpha FAB
FT NasdComBk QABA
FTSmallCapValue FYT
FirstUS Bcshs FUSB
Flexsteel
FLXS
FoxFactory
FOXF
FranklinElectric FELE
GlacierBancorp GBCI
GlobalIndemnity GBLI
GlbXGuruActivist ACTX
GlbXMSCISuperDiv EFAS
GrandCanyonEduc LOPE
GreatSouthernBncp GSBC
GreenBancorp GNBC
GuarantyBncp GBNK
H&E Equipment HEES
HDSupply
HDS
HancockHolding HBHC
HanmiFinancial HAFC
HawaiianHoldings HA
Hawkins
HWKN
HaynesIntl
HAYN
HeartlandFinUSA HTLF
HeritageCommerce HTBK
HeritageFin
HFWA
HopeBancorp HOPE
HopFedBancorp HFBC
JBHunt
JBHT
HuntingtonBcshs HBAN
7.99
24.30
33.26
31.54
57.85
37.00
61.50
53.64
8.73
7.90
53.79
63.48
27.15
11.70
42.22
56.59
6.45
28.95
24.30
5.83
6.00
18.00
19.50
73.99
54.73
15.50
35.85
49.93
9.92
21.75
9.50
18.00
54.07
36.25
19.50
13.45
32.40
30.13
28.69
29.54
17.75
47.70
23.74
32.58
39.95
35.63
24.60
15.27
26.95
40.50
46.63
20.95
32.71
49.98
50.82
34.26
11.12
57.28
25.95
43.05
35.56
38.76
14.25
15.29
58.53
51.65
13.45
22.45
22.21
40.19
42.70
32.05
53.90
50.35
45.93
44.30
13.10
24.10
20.58
13.47
97.69
13.17
6.0
1.3
4.8
4.7
1.8
2.5
1.5
0.3
-1.0
7.2
3.3
2.7
11.6
0.4
2.1
1.3
0.8
0.5
3.9
9.9
3.8
1.1
4.0
0.4
-1.8
4.1
0.8
1.2
0.1
5.6
...
2.6
1.6
1.7
10.9
11.3
4.9
1.8
2.0
2.7
4.4
3.9
10.2
3.1
1.7
2.2
1.0
1.1
3.3
1.3
0.7
1.0
1.3
1.2
1.7
2.1
1.6
-2.4
2.0
3.4
2.3
1.2
0.8
2.5
1.5
2.7
1.6
3.5
2.8
1.7
2.9
1.9
1.3
3.6
1.6
1.7
2.4
3.7
2.3
2.4
1.4
0.7
Net
Sym Close Chg
0.29
0.40
2.65
1.10
1.15
-6.97
0.24
0.03
1.91
0.05
0.32
0.58
1.07
-0.09
1.35
2.27
0.05
0.21
-1.07
0.50
4.26
1.47
-0.05
1.40
0.28
3.37
0.03
0.74
-0.10
0.72
0.27
0.19
1.01
-0.32
-1.04
1.11
0.36
0.58
-1.21
0.79
0.65
0.44
-0.99
0.28
0.58
-0.07
1.59
1.40
0.14
0.43
0.46
2.69
0.83
1.05
1.34
2.03
0.75
0.20
0.26
0.17
0.65
0.55
0.62
0.21
-0.06
0.37
-0.21
0.67
0.40
0.37
0.59
1.34
0.09
0.83
-0.48
0.02
2.10
0.69
0.02
2.74
0.23
1.63
0.31
3.00
0.07
1.40
-0.70
-0.03
0.77
-0.63
0.43
1.91
0.16
1.38
1.35
-0.12
-2.03
-0.18
0.24
0.18
-0.23
0.53
0.48
0.63
-0.06
1.81
2.16
1.80
Stock
MarvellTech MRVL 14.03 0.01

Mattel
MAT 29.81 -0.15
MaximIntProducts MXIM 38.24 0.37
MelcoCrownEnt MPEL 18.96 0.18
MercadoLibre MELI 157.95 5.39
MicrochipTech MCHP 63.23 1.18
MicronTech MU 18.61 -0.18
Microsemi MSCC 53.40 0.45
Microsoft MSFT 60.22 0.97
s Middleby
MIDD 139.36 1.84
Mondelez MDLZ 41.03 -0.14
MonsterBeverage MNST 44.89 0.45
Mylan
MYL 35.65 -0.34
NXP Semi NXPI 97.80 -0.17
Nasdaq
NDAQ 64.86 0.98
Navient
NAVI 17.00 0.34
NetApp
NTAP 35.46 -0.50
Netease
NTES 226.17 5.58
Netflix
NFLX 119.16 -1.65
NewsCorp A NWSA 11.81 0.15
NewsCorp B NWS 12.05
...
Nordson
NDSN 107.44 1.40
s NorthernTrust NTRS 85.40 0.89
NorwegianCruise NCLH 40.64 1.36
NVIDIA
NVDA 91.88 3.43
OPKOHealth OPK 10.79 0.39
OReillyAuto ORLY 276.47 2.53
OldDomFreight ODFL 87.96 -0.18
OpenText OTEX 61.93 -0.40
PTC
PTC 46.37
...
s Paccar
PCAR 65.41 2.31
s PacWestBancorp PACW 52.65 0.84
PaneraBread PNRA 213.51 -0.16
Paychex
PAYX 58.83 0.49
PayPal
PYPL 38.99 0.37
People'sUtdFin PBCT 18.93 0.33
Priceline
PCLN 1499.76 26.76
Qiagen
QGEN 27.62 0.33
Qorvo
QRVO 52.48 1.94
Qualcomm QCOM 66.36 0.52
RandgoldRscs GOLD 72.84 -0.92
RegenPharm REGN 369.82 -2.89
RossStores ROST 67.15 -0.07
Ryanair
RYAAY 82.13 1.46
SBA Comm SBAC 98.06 1.39
SEI Investments SEIC 48.16 1.20
Sina
SINA 73.37 3.03
SS&C Tech SSNC 28.98
...
s SVB Fin
SIVB 165.01 3.09
Sabre
SABR 25.29 -0.28
ScrippsNetworks SNI 69.20 0.73
Seagate
STX 39.16 0.29
SeattleGenetics SGEN 66.26 -0.44
Shire
SHPG 176.39 1.59
SignatureBank SBNY 151.25 0.63
SiriusXM
SIRI 4.33 0.03
Skyworks SWKS 74.82 1.48
Splunk
SPLK 56.07 2.39
Staples
SPLS 9.75 0.11
Starbucks SBUX 57.50 0.29
s SteelDynamics STLD 38.13 1.45
t Stericycle SRCL 71.61 -0.88
Symantec SYMC 24.35 0.84
Synopsys SNPS 57.42 0.31
s TD Ameritrade AMTD 41.96 0.48
TESARO
TSRO 139.56 6.20
TFS Fin
TFSL 18.75 0.14
T-MobileUS TMUS 55.02 0.58
TRowePrice TROW 75.58 0.10
TeslaMotors TSLA 186.80 5.33
TexasInstruments TXN 70.51 -0.21
TractorSupply TSCO 76.66 1.07
Trimble
TRMB 29.00 0.91
TripAdvisor TRIP 47.98 1.52
21stCenturyFoxA FOXA 27.56 0.16
21stCenturyFoxB FOX 27.53 0.16
UltaSalon ULTA 257.60 4.21
UltimateSoftware ULTI 192.96 1.56
UnitedTherap UTHR 129.37 2.88
VCA
WOOF 62.33 1.47
VeriSign
VRSN 79.46 1.11
VeriskAnalytics VRSK 82.91 0.71
VertxPharm VRTX 75.55 0.05
Viacom A VIA 40.50 0.15
Viacom B VIAB 36.63 0.11
VimpelCom VIP 3.48 0.06
Vodafone VOD 24.33 -0.11
WPP
WPPGY 106.95 1.36
WalgreensBoots WBA 85.00 -0.11
Weibo
WB 47.56 1.16
WesternDigital WDC 62.09 -1.26
WholeFoods WFM 30.76
...
WillisTwrsWatson WLTW 121.48 1.54
WynnResorts WYNN 98.37 -0.27
Xilinx
XLNX 54.37 0.15
Yahoo
YHOO 40.20 0.13
Yandex
YNDX 19.22 0.80
Zillow A
ZG 34.28 0.95
Zillow C
Z
34.77 0.90
s ZionsBancorp ZION 40.55 0.31
NYSE MKT
BritishAmTob BTI
CheniereEnergy LNG
CheniereEnerPtrs CQP
CheniereEnHldgs CQH
ImperialOil IMO
52-Wk %
Sym Hi/Lo Chg Stock
Hurco
HURC
ICF Intl
ICFI
Iberiabank
IBKC
IndepBankMI IBCP
IndependentBank IBTX
Innospec
IOSP
InterDigital
IDCC
IntlBcshs
IBOC
InvestorsTitle ITIC
iRobot
IRBT
iShCommodSelStrat COMT
iShGlbTimber WOOD
iShMornMCValue JKI
Isramco
ISRL
KLX
KLXI
Kingstone
KINS
KratosDefense KTOS
Kulicke&Soffa KLIC
LCNB
LCNB
LandstarSystem LSTR
LegacyResPfdB LGCYO
LegacyTexasFin LTXB
MB Fin
MBFI
Marriott
MAR
MartenTransport MRTN
Medpace
MEDP
MerchantsBcshsVT MBVT
MiddleburgFin MBRG
Middleby
MIDD
MiddlefieldBanc MBCN
MidlandStBncp MSBI
NMI Holdings NMIH
NatlWesternLife NWLI
NeuroDerm
NDRM
NewtekBusSvcs NEWT
NorthernTrust NTRS
NorthfieldBanc NFBK
NovaMeasuring NVMI
OceanFirstFin OCFC
OldLineBcshs OLBK
OldPointFinl
OPOF
PCConnection CNXN
PDC Energy
PDCE
PICO
PICO
Paccar
PCAR
PacificPremBncp PPBI
PacWestBancorp PACW
ParagonCommercial PBNC
PattersonUTIEn PTEN
PeapackGladFinl PGC
People'sUtahBncp PUB
PerryEllis
PERY
PinnacleFinPtrs PNFP
PSDBOptYdDivCmdty PDBC
PwrShsUS1500 PRFZ
PwrShSP SmEnrg PSCE
PwrShSP SmFinc PSCF
PwrShSP SmMatr PSCM
PreferredBankLA PFBC
PreformedLine PLPC
PrincipalShrhldrYd PY
PrivateBancorp PVTB
ProtagonistTherap PTGX
PrudentialBancorp PBIP
RCI Hospitality RICK
Reading A
RDI
Renasant
RNST
RepublicFirstBncp FRBK
RiverviewBncp RVSB
RushEnt A
RUSHA
RushEnt B
RUSHB
SLM
SLM
SVB Fin
SIVB
SabanCapital SCAC
Saia
SAIA
SandySpringBncp SASR
Sanmina
SANM
ScientificGames SGMS
SeacoastBkgFL SBCF
SelectBancorp SLCT
SimmonsFirstNat SFNC
34.00
57.50
85.70
19.35
63.64
68.55
81.60
39.85
138.87
58.28
34.45
53.14
145.04
121.85
42.65
13.25
8.22
16.05
25.00
86.50
8.64
41.50
44.63
81.25
25.35
38.50
50.45
36.03
141.29
38.18
34.09
9.25
281.77
21.95
15.88
86.19
19.00
13.75
25.98
24.28
23.30
27.97
77.28
15.33
65.50
33.20
52.74
41.98
29.38
28.99
24.00
26.57
67.65
18.34
114.45
21.40
50.84
48.66
47.75
59.06
27.76
50.97
26.25
16.27
13.31
16.19
42.73
6.10
6.43
32.27
29.03
10.98
165.55
10.40
44.20
37.81
34.48
15.20
21.11
10.86
62.35
3.8
1.7
3.6
1.6
1.0
4.3
3.5
1.7
6.8
3.7
0.8
1.7
0.8
3.6
1.9
2.6
-2.6
2.8
21.6
1.7
-0.6
2.4
1.8
2.3
-0.6
1.3
1.6
2.3
1.3
2.3
2.9
3.4
3.5
26.4
3.8
1.1
1.9
2.9
1.7
3.5
...
3.3
3.5
...
3.7
2.3
1.6
3.7
2.5
2.6
2.6
4.2
2.5
0.6
1.8
2.9
1.8
2.5
6.6
3.1
0.7
0.9
5.5
2.1
2.8
1.5
1.9
12.1
2.2
1.9
2.1
1.5
1.9
4.0
1.1
1.8
2.5
0.7
2.0
10.3
2.9
Net
Sym Close Chg
110.19
41.80
29.45
22.03
34.08
-0.04
0.53
0.28
0.27
0.39
52-Wk %
Sym Hi/Lo Chg
SmartFinancial SMBK
SodaStream
SODA
SoundFinBancorp SFBC
SoMO Bancorp SMBC
SoNtlBcpVA
SONA
SteelDynamics STLD
SterlingCnstr STRL
StewardshipFin SSFN
StrayerEd
STRA
SummitFin
SMMF
Synalloy
SYNL
SyneronMedical ELOS
TD Ameritrade AMTD
TICC Capital
TICC
TimberlandBncp TSBK
TitanMachinery TITN
TowneBank
TOWN
TriMas
TRS
TriStateCapital TSC
UMB Fin
UMBF
Umpqua
UMPQ
UnionBankshares UNB
UtdCmtyBks
UCBI
UnitedSecBcshrs UBFO
UnityBancorp UNTY
UnivestPA
UVSP
ValideaMktLeg VALX
VangrdRuss1000Val VONV
VangrdRss2000Val VTWV
VeecoInstr
VECO
VSInverseVIXSTerm XIV
VictoryCEMPUSSmCp CSA
VidentCoreUSEquity VUSE
WCF Bancorp WCFB
WVS Financial WVFC
WaterstoneFinl WSBF
WayneSavings WAYN
WellesleyBancorp WEBK
WestamericaBncp WABC
WestmorelandCoal WLB
WinsFinance WINS
WTBofAMerLynHiYd HYND
Woodward
WWD
ZELTIQAesthetics ZLTQ
ZebraTech
ZBRA
ZionsBancorpWt ZIONW
ZionsBancorp ZION
19.49
37.92
29.85
31.60
15.41
38.14
8.86
10.00
77.22
29.19
11.00
8.50
42.26
6.96
21.15
15.15
33.00
22.15
22.30
79.81
18.55
50.15
28.53
8.00
14.80
29.33
26.27
96.97
101.40
27.20
44.81
40.73
29.01
9.92
14.28
18.60
15.77
25.75
63.33
19.92
205.00
20.87
69.97
44.66
81.21
9.60
41.00
2.0
3.5
10.4
5.6
1.2
4.0
5.2
13.2
4.0
17.0
3.3
-3.0
1.2
2.4
3.2
5.9
0.8
2.1
0.2
3.1
2.4
12.7
3.2
4.5
5.5
2.6
1.7
0.6
1.9
3.4
6.9
1.6
1.3
2.6
1.1
-0.5
-2.7
0.4
1.0
-2.6
4.4
-0.1
...
1.1
3.3
2.7
0.8
Nasdaq lows - 32
AirMedia
AMCN
CellectBiotech APOP
Cerecor
CERC
CerecorWt B CERCZ
CerecorWt A CERCW
ChromaDex
CDXC
Corvel
CRVL
CSX-LinksGold GLDI
CytoriTherap CYTX
FT MgdMuni FMB
Function(x)
FNCX
GeneticTechs GENE
IgniteRestaurant IRG
InternetInitiat IIJI
JaguarAnimalHlth JAGX
MateonTherap MATN
Oncobiologics ONS
OnconovaTherap ONTX
pSivida
PSDV
QuinparioAcqn2Wt QPACW
Rentech
RTK
RiceBranTech RIBT
RubiconTech
RBCN
SeniorHousingNts SNHNL
StanleyFurniture STLY
Stericycle
SRCL
StericyclePfdA SRCLP
support.com
SPRT
TrovaGene
TROV
uniQure
QURE
VS2xVIXShortTerm TVIX
VSVIXShortTerm VIIX
2.56 -1.9
2.66 -4.4
1.10 -13.1
0.04 -56.3
0.10 -57.4
2.25 1.3
31.00 3.8
9.04 -0.8
1.48 1.3
50.63 -0.2
2.59 -10.3
1.12 -10.8
0.19 -9.4
6.70 7.3
0.64 0.1
0.35 -5.5
2.91 -8.7
2.11 -2.7
1.65 -5.0
0.10 -5.4
1.42 ...
0.75 -8.3
0.48 -3.1
23.40 -0.7
0.86 -2.2
71.59 -1.2
60.65 -1.0
0.66 -4.3
2.45 -7.4
5.45 ...
10.75 -13.0
9.12 -6.4
Exchange-Traded Portfolios | WSJ.com/ETFresearch

Largest 100 exchange-traded funds, latest session
ETF

Closing Chg YTD
Symbol Price (%) (%)
AlerianMLPETF
CnsmrDiscSelSector
CnsStapleSelSector
DBGoldDoubleLgETN
DBGoldDoubleShrt
DeutscheXMSCIEAFE
EnSelectSectorSPDR
FinSelSectorSPDR
GuggenheimSP500EqW
HealthCareSelSect
IndSelSectorSPDR
iShIntermCredBd
iSh1-3YCreditBond
iSharesTIPSBondETF
AMLP 12.14
XLY
82.33
XLP
50.63
DGP 20.87
DZZ
6.62
DBEF 26.96
XLE
75.49
XLF
22.92
RSP 86.22
XLV 68.29
XLI
62.76
CIU 108.16
CSJ 104.85
TIP 113.11
0.7
0.49
5.3
1.09
0.3
0.12
0.76 15.0
1.07 25.4
0.56 0.7
0.88 25.1
1.19 18.4
0.75 12.5
0.18 5.2
0.08 18.4
0.8
0.02
0.2
0.06
3.1
0.14
ETF
ETF
Closing Chg YTD

iSh3-7YTreasuryBd
iShCoreHiDividend
iShCoreMSCIEAFEETF
iShCoreMSCIEmgMk
iShCoreS&P500ETF
iShCoreS&PMdCp
iShCoreS&PSmCpETF
iShS&PTotlUSStkMkt
iShCoreUSAggBd
iShSelectDividend
iShEdgeMSCIMinEAFE
iShEdgeMSCIMinUSA
iSharesGold
iShiBoxx$InvGrCpBd
iShiBoxx$HYCpBd
IEI
HDV
IEFA
IEMG
IVV
IJH
IJR
ITOT
AGG
DVY
EFAV
USMV
IAU
LQD
HYG
122.67
80.22
53.27
43.05
222.19
164.13
135.44
50.77
108.11
87.84
61.81
44.33
11.26
116.65
85.60
0.07
0.31
0.95
0.77
0.58
1.05
1.73
0.71
0.08
0.72
0.49
0.25
0.53
0.21
0.26
0.0
9.3
2.0
9.3
8.5
17.8
23.0
9.3
0.1
16.9
4.7
6.0
10.1
2.3
6.2
Closing Chg YTD

iSharesJPMUSDEmgBd
iShMBSETF
iSharesMSCIEAFESC
iSharesMSCIEAFEETF
iShMSCIEmgMarkets
iShMSCIEurozoneETF
iShMSCIJapanETF
iShNasdaqBiotech
iShNatlAMTFrMuniBd
iShRussell1000Gwth
iShRussell1000ETF
iShRussell1000Val
iShRussell2000Gwth
iShRussell2000ETF
iShRussell2000Val
iShRussell3000ETF
iShRussellMid-Cap
iShRussellMCValue
EMB
MBB
SCZ
EFA
EEM
EZU
EWJ
IBB
MUB
IWF
IWB
IWD
IWO
IWM
IWN
IWV
IWR
IWS
108.79
106.85
49.74
57.27
35.41
33.41
49.56
271.93
106.72
103.78
123.15
110.66
153.13
133.15
116.96
131.46
178.71
80.29
2.8
0.42
0.04 0.8
0.69 0.4
0.99 2.5
0.83 10.0
2.20 4.7
2.2
0.12
0.54 19.6
0.06 3.6
4.3
0.61
8.7
0.65
0.55 13.1
9.9
1.71
1.72 18.2
1.86 27.2
9.3
0.62
0.87 11.6
0.80 16.9
ETF
Closing Chg YTD

iShS&P500Growth
iShS&P500ValueETF
iShUSPfdStk
iShrSilverTr
iSh1-3YTreasuryBd
iSh7-10YTreasuryBd
iSh20+YTreasuryBd
iShRussellMCGrowth
PwrShrs QQQ
PS SP500LoVoltlPrt
PowerSharesLoan
SPDRBloomBarcHYBd
SchwIntlEqty
SchwUS BrdMkt
SchwUS LrgCap
SPDR DJIA Tr
SPDR GldTr
SPDR S&PMdCpTr
IVW
IVE
PFF
SLV
SHY
IEF
TLT
IWP
QQQ
SPLV
BKLN
JNK
SCHF
SCHB
SCHX
DIA
GLD
MDY
120.33
100.14
37.08
15.88
84.50
105.14
119.47
97.39
116.60
40.61
23.26
36.12
27.96
53.66
52.73
192.22
111.54
299.25
0.63
0.57
0.16
0.32
...
0.04
0.11
0.97
0.78
0.25
0.17
0.31
0.87
0.68
0.65
0.25
0.54
1.10
3.9
13.1
4.6
20.4
0.2
0.4
0.9
6.0
4.2
5.3
3.8
6.5
1.5
9.4
8.6
10.5
9.9
17.8
ETF
Closing Chg YTD

SPDR S&P 500

SPDR S&P Div
TechSelectSector
UtilitiesSelSector
VanEckVectBiotech
VanEckGoldMiner
VanEckVctrOilSvcs
VanEckVectorsPharm
VanEckVctrRetail
VanEckSemiconduc
VanguardInfoTech
VanguardSCVal
VangdDivApp
VanguardFTSEDevMk
VanguardFTSEEmgMk
VanguardFTSEEurope
VanguardAWxUS
SPY
SDY
XLK
XLU
BBH
GDX
OIH
PPH
RTH
SMH
VGT
VBR
VIG
VEA
VWO
VGK
VEU
221.00
85.67
47.14
46.86
107.90
21.33
34.04
51.66
78.18
69.46
119.19
120.00
85.05
36.25
36.01
46.68
44.00
8.4
0.60
0.50 16.4
0.96 10.1
8.3
0.13
0.55 15.0
0.19 55.5
1.79 28.7
0.41 20.9
0.6
0.50
1.00 30.4
1.12 10.1
1.33 21.5
9.4
0.41
0.78 1.3
0.67 10.1
1.50 6.4
1.4
0.76
ETF
Closing Chg YTD

VanguardGrwth
VanguardHiDiv
VanguardIntrm
VangIntrCorpBd
VanguardLC
VanguardMC
VanguardReit
VanguardS&P500
VanguardSTBd
VanguardSTCpBd
VanguardSC
VanguardTotBd
VanguardTtlIntlStk
VanguardTotStk
VangdTotlWrld
VanguardValue
WisdomTreeEurope
WisdomTreeJapanHdg
VUG
VYM
BIV
VCIT
VV
VO
VNQ
VOO
BSV
VCSH
VB
BND
VXUS
VTI
VT
VTV
HEDJ
DXJ
110.39
74.49
83.41
85.64
101.21
131.76
80.59
202.91
79.52
79.33
128.53
80.82
45.74
114.10
60.66
91.85
54.00
49.01
0.77
0.49
...
0.11
0.63
1.00
0.74
0.57
0.01
...
1.31
0.12
0.79
0.70
0.73
0.55
1.56
0.49
3.8
11.6
0.4
1.8
8.2
9.7
1.1
8.5
0.1
0.4
16.2
0.1
1.4
9.4
5.3
12.7
0.4
2.1
MARKETS DIGEST
EQUITIES
S&P 500 Index
Dow Jones Industrial Average

Last Year ago
19216.24 s 45.82, or 0.24%

High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio * 20.96 17.02

P/E estimate *
18.02 15.87
Dividend yield
2.47
2.48
All-time high 19216.24, 12/05/16
Nasdaq Composite Index

Last
2204.71 s 12.76, or 0.58%

Year ago
Trailing P/E ratio * 24.22 22.71

P/E estimate *
18.41 17.44
Dividend yield
2.12
2.12
All-time high: 2213.35, 11/25/16
Last Year ago
5308.89 s 53.24, or 1.01%

Trailing P/E ratio * 23.45

22.95
P/E estimate *
18.96
19.85
Dividend yield
1.25
1.18
All-time high: 5398.92, 11/25/16
Current divisor 0.14602128057775

2200
19250
5400
Session high
UP
Close
DOWN
Session open
2180
5330
18750
2160
5260
18500
2140
5190
18250
2120
5120
18000
2100
5050
Open
Close
65-day moving average
19000
Session low
Bars measure the point change from session's open

Sept.
Oct.
4980
2080
17750
Sept.
Nov.
Oct.
Sept.
Nov.
Oct.
Nov.
* P/E data based on as-reported earnings from Birinyi Associates Inc.
Major U.S. Stock-Market Indexes
45.82
0.24
8.4
10.3
6.7
9061.50
9081.61
32.65
0.36
9081.61
6625.53
15.2
20.9
8.3
Most-active issues in late trading
634.06
624.10
634.03
1.81
0.29
723.51
551.13
12.6
9.7
9.4
22987.48 22879.41 22948.06 165.25

591.46
586.52
8.10
591.26
0.73
23048.15 18663.11
594.90
446.15
7.0
11.2
8.8
14.5
7.0
6.2
4.1
1.8
6.0
4.0
9.6
11.2
19274.85 19186.73 19216.24
Utility Average
Total Stock Market
Barron's 400
Volume, Advancers, Decliners
9129.70
Latest
Close
Low
Net chg
% chg
High
52-Week
Low
% chg
YTD
% chg
3-yr. ann.
Dow Jones
Transportation Avg
Trading Diary
Most-active and biggest movers among NYSE, NYSE Arca, NYSE MKT
and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic
trading services, securities dealers and regional exchanges. Minimum
share price of $2 and minimum after-hours volume of 5,000 shares.
High
Industrial Average
Late Trading
Nasdaq Stock Market

Nasdaq Composite
5321.09
Nasdaq 100
4795.28
5269.57
4743.53
5308.89
4778.14
1.39
1.01
53.24
38.77
0.82
19216.24 15660.18
5398.92
4909.97
4266.84
3947.80
Standard & Poor's

500 Index
2209.42
2199.97
2204.71
12.76
0.58
2213.35
1829.08
6.1
7.9
7.3
MidCap 400
SmallCap 600
1643.69
824.49
1633.66
814.26
1642.79
824.05
18.00
14.70
1.11
1.82
1642.79
825.28
1238.82
588.26
14.5
19.4
17.5
22.7
8.1
8.5
Other Indexes
Russell 2000
1338.23
1314.98
1337.79
23.53
1.79
1347.20
953.72
14.9
17.8
6.0
10923.91 10888.71 10910.90
Company
72.32
0.67
10910.90
9029.88
5.9
7.6
2.9
503.29
497.05
503.17
6.12
1.23
505.10
383.82
10.2
12.9
2.2
NYSE Arca Biotech
3215.14
3152.36
3176.80
27.24
0.87
3868.26
2642.53
-12.9
-16.7
11.9
NYSE Arca Pharma
Value Line
Last
Net chg
After Hours
% chg
High
Low
Sprint Corp.
6,407.1
8.08
0.03
SPDR S&P 500
SPY
4,853.8 220.90
-0.10
Barrick Gold
ABX
4,612.9
15.75
0.04
0.25
15.75
TherapeuticsMD
TXMD
4,130.3
7.48
1.31
21.23
7.99
5.50
iSh Intl Dev Real Est
IFGL
3,904.1
27.34
unch.
27.34
27.34
Xilinx
XLNX
3,721.6
54.37
unch.
54.38
54.37
Bank of America
BAC
3,527.0
21.88
0.04
0.18
21.89
21.76
VanEck Vectors Gold Miner GDX
3,488.8
21.26
-0.07
-0.33
21.35
21.25
8.08
0.37
8.03
-0.05 221.15 219.95

15.54
Percentage gainers
TXMD
4,130.3
7.48
1.31
21.23
7.99
5.50
Barnes Noble Education BNED
8.4
13.00
1.41
12.17
13.00
11.59
TherapeuticsMD
NYSE Composite
Volume
(000)
Symbol
NYSE
New Gold
NGD
36.3
4.00
0.29
7.82
4.00
3.64
Coupa Software
COUP
74.8
27.75
1.73
6.65
28.00
26.00
Bob Evans Farms
BOBE
11.2
49.70
2.93
6.26
50.00
46.77
...And losers
469.88
466.76
468.43
1.57
0.34
554.66
463.78
-13.4
-13.5
0.9
KBW Bank
89.77
88.94
1.06
1.20
89.29
56.51
17.9
22.2
PHLX Gold/Silver
89.29
10.3
Lexicon Pharmaceuticals LXRX
274.6
14.28
-1.36
-8.70
15.65
12.00
83.76
80.11
0.49
0.59
112.86
38.84
75.0
82.8
PHLX Oil Service
82.79
0.7
Southside Bancshares SBSI
5.3
35.05
-3.30
-8.60
38.65
35.05
184.52
181.49
3.51
1.95
183.51
128.61
PHLX Semiconductor
CBOE Volatility
183.51
13.0
16.3 -12.9
27.3
29.25
-1.65
-5.34
30.90
29.25
860.56
13.77
849.46
12.14
858.13
12.14
1.23
890.97
28.14
559.18 25.3
11.34 -23.4
15.5
22.00
-1.20
-5.17
23.20
21.90
326.4
35.60
-1.44
-3.89
37.04
35.30
10.43
-1.98 -14.02
Philadelphia Stock Exchange
18.9
-7.0
SMTC
Forum Energy Technologies FET

Teva Pharmaceutical ADR TEVA
Sources: SIX Financial Information; WSJ Market Data Group
International Stock Indexes

Region/Country Index
Close
Percentage Gainers...
Net chg
World
The Global Dow

2474.58
The Global Dow Euro 2172.55
DJ Global Index
320.30
DJ Global ex U.S.
209.38
Americas
Brazil
Canada
Mexico
Chile
DJ Americas
532.89
Sao Paulo Bovespa 59831.73
S&P/TSX Comp
15095.17
IPC All-Share
44937.30
Santiago IPSA
3271.66
Europe
Euro zone
Belgium
France
Germany
Israel
Italy
Netherlands
Spain
Sweden
Switzerland
U.K.
Stoxx Europe 600

Euro Stoxx
Bel-20
CAC 40
DAX
Tel Aviv
FTSE MIB
AEX
IBEX 35
SX All Share
Swiss Market
FTSE 100
Asia-Pacific
Australia
China
Hong Kong
India
Japan
Singapore
South Korea
Taiwan
DJ Asia-Pacific TSM 1416.46

S&P/ASX 200
5400.40
Shanghai Composite 3204.71
Hang Seng
22505.55
S&P BSE Sensex
26349.10
Nikkei Stock Avg
18274.99
Straits Times
2943.05
Kospi
1963.36
Weighted
9160.66
World
29.3
-33.3
Semtech
Latest
% chg
15.49
0.54
1.51
0.55
3.45
484.40 0.80
42.65
382.04
2.69
341.27
326.92
3462.74
4574.32
10684.83
1449.77
17050.21
454.47
8664.70
518.39
7845.68
6746.83
1.91
3.28
35.13
45.50
171.48
16.82
36.64
4.87
57.60
3.96
61.67
16.11
YTD
% chg
0.63
0.02
0.47
0.26
5.9
7.3
4.0
0.4
0.65
9.4
38.0
16.0
4.6
11.1
0.28
0.86
0.08
0.56
1.01
1.02
1.00
1.63
1.17
0.21
1.08
0.67
0.77
0.79
0.24
9.68 0.68
43.60 0.80
39.13 1.21
0.26
59.27
118.44
151.09 0.82
23.68
7.25 0.37
0.31
28.83
0.45
0.81
6.7
5.3
6.4
1.4
0.5
5.2
20.4
2.9
9.2
2.6
11.0
8.1
1.9
2.0
9.5
2.7
0.9
4.0
2.1
0.1
9.9
Company
Symbol
Biomerica
NeuroDerm
Tidewater
LCNB
Selecta Biosciences
BMRA
Universal Tech Institute

Summit Financial
Intersections
Quantenna Communications
Moxian
UTI
Regulus Therapeutics
FXCM
NL Industries
ATA ADR
Hornbeck Offshore
RGLS
TDW
LCNB
SELB
SMMF
INTX
QTNA
MOXC
High
52-Week
Low
% chg
37.44
26.37
22.05
21.57
19.53
3.38 0.95
21.95 11.76
11.58 1.44
25.00 15.07
28.00 10.26
205.3
6.2
-57.4
50.3
...
Porter Bancorp
Innovative Ind Properties
Euroseas
Hudson Technologies
VelocityShares 3x
PBIB
3.07
28.97
2.62
19.47
3.28
0.45
4.21
0.36
2.64
0.42
17.18
17.00
15.93
15.69
14.69
5.12 1.42
29.19 11.03
3.07 1.70
20.68 13.75
8.50 2.55
-12.3
150.2
-7.4
...
...
ProSharesUltVIXST
Diffusion Pharmaceuticals
VS 2x VIX Short Term
Avalon Holdings
Agios Pharmaceuticals
UVXY
2.85
8.75
6.70
4.20
7.09
0.35
1.05
0.80
0.50
0.84
14.00
13.64
13.56
13.51
13.44
10.18
24.77
6.85
7.32
12.98
-68.1
45.3
105.5
-25.1
-30.8
Onvia
LM Funding America
Nexvet Biopharma
Function(x)
Stellar Biotechnologies
ONVI
ATAI
HOS
2.13
5.26
1.92
3.30
3.00
Most Active Stocks

Bank of America
Finl Select Sector SPDR
SPDR S&P 500
VanEck Vectors Gold Miner
Chesapeake Energy
BAC
DXN DLY GLDMNR 3x BL

iShares MSCI Emg Markets
Sirius XM Holdings
Vale ADR
iPath S&P 500 VIX ST Fut
NUGT
SPY
GDX
CHK
Volume % chg from Latest Session

(000) 65-day avg Close % chg
17.7
31.1
-35.2
-27.0
6.9
56,706
50,434
47,575
36,303
36,110
EEM
SIRI
VALE
VXX
21.84 2.87
22.92 1.19
221.00 0.60
21.33 -0.19
7.48 3.46
55.6 8.48 -0.47

-33.3 35.41 0.83
1.7 4.33 0.70
18.3 8.66 2.61
-13.7 27.03 -6.70
52-Week
High
Low
Selected rates
A consumer rate against its

benchmark over the past year
30-year mortgage, Rate
Benchmark
Yields
Treasury
yield
curve
andtoRates
Yield
maturity of current bills,
3.00
30-year xed-rate
mortgage
t
1.00
10-year Treasury
note yield
0.00
D J F M A M J J A S O ND
2016
Aurora Financial
Vienna, VA
3.88%
703-652-7210
Best Rate USA

Newtown Square, PA
3.88%
888-998-2451
EmpireAmerica
Woodland Hills, CA
3.88%
866-411-3621
Garden State Home Loans

3.88%
Cherry Hill, NJ
609-216-7912
1
3 6
month(s)
12
3.00
2.00
1.00
One year ago
0.00
1 2 3 5 710
years
maturity
3.48
27.61
3.29
2.13
26.96
Interest rate
Federal-funds rate target

0.25-0.5 0.25-0.5
Prime rate*
3.50
3.50
Libor, 3-month
0.94
0.95
Money market, annual yield
0.29
0.29
Five-year CD, annual yield
1.21
1.21
30-year mortgage, fixed
4.14
4.11
15-year mortgage, fixed
3.31
3.32
Jumbo mortgages, $417,000-plus 4.56
4.56
Five-year adj mortgage (ARM) 3.73
3.75
New-car loan, 48-month
3.02
3.02
HELOC, $30,000
4.73
4.71
3-yr chg
52-Week Range (%)
Low 0 2 4 6 8 High (pct pts)
0.00 l
l
3.25
0.48 l
0.22 l
1.17 l
l
3.43
l
2.70
l
4.02
l
2.97
l
2.87
l
4.29
0.50
3.50
0.95
0.29
1.41
4.14
3.35
4.70
3.86
3.38
5.01
0.25
0.25
0.71
-0.13
-0.16
-0.43
-0.24
-0.03
0.04
0.03
-0.38
Yen
Euro
s
WSJ Dollar index
12
30
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest
banks. Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com
Close
2016
Yield (%)
Last Week ago
52-Week
High
Low
Total Return (%)

52-wk
3-yr
1424.047
2.000
1.953
2.046
1.141
10-yr Treasury, Ryan ALM 1693.440

DJ Corporate
359.091
Aggregate, Barclays Capital 1872.060
High Yield 100, Merrill Lynch 2645.059
Fixed-Rate MBS, Barclays 1937.090
Muni Master, Merrill
493.298
2.387
3.175
2.600
5.883
2.830
2.471
2.319
3.128
2.550
6.112
2.790
2.318
2.444
3.462
2.640
8.696
2.880
2.516
1.366 3.647 3.694

2.460 4.591 4.392
1.820 2.277 2.939
5.248 9.277 2.912
1.930 1.655 3.105
1.297 0.760 3.157
727.858
6.223
6.157
7.128
5.134
Treasury, Ryan ALM
EMBI Global, J.P. Morgan
Latest Session
Close Net chg % chg
High
52-Week
Low
% chg
2.03
15.40
1.87
6.84
3.88
-0.44
-3.05
-0.32
-1.13
-0.62
-17.81
-16.53
-14.61
-14.18
-13.78
2.75 1.09
20.52 14.50
8.07 1.04
8.50 2.64
32.28 3.68
39.0
...
-36.0
132.7
-80.2
9.93
3.00
10.83
2.65
49.88
-1.51
-0.45
-1.62
-0.38
-7.09
-13.20
-13.15
-13.01
-12.54
-12.45
309.60 9.85
17.00 2.20
339.50 10.75
3.41 1.60
67.98 33.50
-92.4
...
-92.5
22.7
1.3
4.40
4.11
4.37
2.60
2.25
-0.60
-0.56
-0.57
-0.30
-0.25
-12.00
-11.99
-11.54
-10.34
-10.00
LMFA
NVET
FNCX
SBOT
5.25
10.00
5.70
16.48
8.80
3.00
4.06
2.61
2.59
1.79
22.2
...
30.1
-70.1
-73.8
Ranked by change from 65-day average*
QEFA
UNTY
MOTI
FRP
Volume % chg from Latest Session

(000) 65-day avg Close % chg
52-Week
High
Low
1,209
267
644
187
3,998
4750
4075
3215
2636
2262
23.89
52.86
14.76
28.28
18.85
0.17
0.88
5.45
0.76
10.88
25.00
59.99
14.80
28.97
19.50
21.80
48.77
8.75
23.99
12.69
269
2,132
251
135
7,922
2239
1865
1589
1568
1541
42.20
8.52
27.35
26.06
15.85
1.98
6.37
0.82
2.48
-0.88
42.27
10.45
27.90
26.65
20.11
28.37
4.26
24.87
23.39
13.95
CURRENCIES
0.799 3.202
7.440 5.502
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
Country/currency
US$vs,
YTDchg
Mon
in US$ per US$ (%)
Americas
Argentina peso
.0630 15.8681 22.6
Brazil real
.2922 3.4227 13.6
Canada dollar
.7534 1.3274 4.1
Chile peso
.001505 664.30 6.3
Colombia peso
.0003242 3084.05 2.9
Ecuador US dollar
1
1 unch
Mexico peso
.0486 20.5956 19.7
Peru new sol
.2925 3.419 0.1
Uruguay peso
.03467 28.8400 3.6
Venezuela b. fuerte .100050 9.9951 58.5
Asia-Pacific
Australian dollar
.7472 1.3383
China yuan
.1453 6.8810
Hong Kong dollar
.1290 7.7549
India rupee
.01470 68.010
Indonesia rupiah .0000744 13439
Japan yen
.008783 113.85
Kazakhstan tenge .002986 334.92
Macau pataca
.1253 7.9833
Malaysia ringgit
.2248 4.4485
New Zealand dollar
.7142 1.4002
Pakistan rupee
.00954 104.800
Philippines peso
.0202 49.612
Singapore dollar
.7047 1.4191
South Korea won .0008568 1167.16
Sri Lanka rupee
.0067381 148.41
Taiwan dollar
.03126 31.985
ONLINE
Real-time U.S. stock quotes are available on WSJ.com. Track most-active stocks, new highs/lows, mutual funds and ETFs.
Plus, get deeper money-flows data and email delivery of key stock-market data. All are available free at WSJMarkets.com
2.5
6.0
0.1
2.7
2.9
5.4
1.1
0.3
3.4
4.3
0.1
5.9
0.1
0.7
2.9
2.8
US$vs,
YTDchg
Mon
in US$ per US$ (%)
Country/currency
.02807 35.630 1.1

.00004402 22715 2.6
Thailand baht
Vietnam dong
Europe
Czech Rep. koruna
Denmark krone
Euro area euro
Hungary forint
Iceland krona
Norway krone
Poland zloty
Russia ruble
Sweden krona
Switzerland franc
Turkey lira
Ukraine hryvnia
UK pound
.03980 25.125 1.0

.1447 6.9113 0.6
1.0765 .9290 0.9
.003430 291.52 0.4
.009079 110.15 15.4
.1194 8.3722 5.3
.2393 4.1796 6.5
.01567 63.827 11.2
.1097 9.1160 7.9
.9935 1.0065 0.4
.2838 3.5231 20.7
.0383 26.0865 8.7
1.2731 .7855 15.7
Middle East/Africa
Bahrain dinar
Egypt pound
Israel shekel
Kuwait dinar
Oman sul rial
Qatar rial
Saudi Arabia riyal
South Africa rand
3.4843 .2870 23.9

.0557 17.9490 129.2
.2625 3.8096 2.1
3.2789 .3050 0.5
2.5966 .3851 0.04
.2746 3.642 0.02
.2640 3.7877 0.9
.0729 13.7249 11.3
Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 90.99 0.270.30
0.90
Sources: Tullett Prebon, WSJ Market Data Group
Commodities
COMMODITIES
Monday
52-Week
Pricing trends on someClose

raw materials,
or commodities
Net chg % Chg
High
Low
DJ Commodity
WSJ
.COM
* Primary market NYSE, NYSE MKT NYSE Arca only.

(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Arms of less than 1 indicates buying demand; above 1
indicates selling pressure.
U.S.-dollar foreign-exchange rates in late New York trading
Corporate Borrowing Rates and Yields

Bond total return index
NYSE Arca
* Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
5,000 shares =Has traded fewer than 65 days
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group

Yield/Rate (%)
Last (l)Week ago
AGIO
FDM
First Tr DJ Sel MicroCap
SIEN
Sientra
WisdomTree CBOE S&P 500 PUTW
CJNK
SPDR BofA ML CrsOvCp
NEWM
New Media Invt Group
18%
4.00
Monday
AWX
35.80
38.32
4.65
9.18
123.40
Yen, euro vs. dollar; dollar vs.

major U.S. trading partners
5.00%
2.00
3.87%
206-963-4788
TVIX
IHY
Forex Race
notes and bonds
First Cal of Washington

Bellevue, WA
DFFN
VanEck Vectors Intl HY Bd

SPDR MSCI EAFE Strat
Unity Bancorp
VanEck Morning Intl Moat
FairPoint Communications
Currencies
4.00%
DGAZ
21.94 10.99
23.00 15.86
221.82 181.02
31.79 12.40
8.15
1.50
* Volumes of 100,000 shares or more are rounded to the nearest thousand
4.11%
Bankrate.com avg:
HDSN
Symbol
CREDIT MARKETS
U.S. consumer rates
ESEA
Company
Sources: SIX Financial Information; WSJ Market Data Group
Consumer Rates and Returns to Investor
IIPR
Volume Movers
126,716
94,637
62,395
61,282
58,807
XLF
Symbol
0.79
4.10
0.58
4.40
3.83
NL
Symbol
Company
2.90
19.65
3.21
24.80
23.44
FXCM
Company
Nasdaq
Total volume*1,776,435,637 301,065,024

Adv. volume*1,322,082,862 198,022,740
Decl. volume* 426,966,377 102,108,495
Issues traded
2,994
1,326
Advances
2,148
1,031
Declines
684
281
Unchanged
162
14
New highs
242
158
New lows
32
37
Closing tick
10
24
Closing Arms
1.01
1.98
Block trades*
6,939
1,562
Percentage Losers
Latest Session
Close Net chg % chg
NDRM
NYSE MKT
Total volume* 942,009,321 11,474,252

Adv. volume* 708,527,044 8,634,807
Decl. volume* 222,689,727 2,460,815
Issues traded
3,112
340
Advances
2,156
213
Declines
861
111
Unchanged
95
16
New highs
235
15
New lows
40
4
Closing tick
1
10
Closing Arms
0.76
0.63
Block trades*
5,112
117
TR/CC CRB Index

Crude oil, $ per barrel
Natural gas, $/MMBtu
Gold, $ per troy oz.
572.18
9.44
193.48
51.79
3.654
1174.00
1.78
0.11
0.218
-1.10
1.68
% Chg
YTD
% chg
572.18
420.23
25.48
26.09
0.93 195.82
51.79
0.21
3.65
6.34
-0.09 1364.90
155.01
26.21
1.64
1050.80
8.35
37.56
76.78
9.07
9.76
39.82
56.35
10.72
COMMODITIES
Futures Contracts
Metal & Petroleum Futures
Contract
Open
High hi lo
Low
Settle
Chg
Copper-High (CMX)-25,000 lbs.; $ per lb.
Dec
2.6100
2.7010
2.6100
2.6890 0.0740
March'17 2.6250 2.7130
2.6010
2.6980 0.0730
Gold (CMX)-100 troy oz.; $ per troy oz.
1181.80 1186.70
1157.00 1174.00 1.10
Dec
Feb'17
1182.60 1190.20
1158.60 1176.50 1.30
April
1185.00 1192.60
1161.60 1179.50 1.40
June
1190.00 1195.20
1165.50 1182.30 1.50
Aug
1193.50 1193.50
t 1176.10 1185.10 1.50
Dec
1195.20 1204.00
1173.00 1190.50 1.40
Palladium (NYM) - 50 troy oz.; $ per troy oz.
Dec
729.00
734.50
729.00
745.95
1.15
Jan'17
736.90
736.90
728.65
745.40
1.15
March
743.45
752.20
727.20
746.05
0.55
June
731.75
750.70
731.75
747.15
0.85
Platinum (NYM)-50 troy oz.; $ per troy oz.
918.30
921.20
918.30
937.00
6.00
Dec
Jan'17
931.70
941.80
924.70
938.60
5.90
Silver (CMX)-5,000 troy oz.; $ per troy oz.
16.905
16.960
16.525
16.824 0.071
Dec
March'17 16.940 17.050
16.545
16.899 0.067
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
51.46
52.42
50.93
51.79
0.11
Jan
Feb
52.57
53.38
51.99
52.83
0.18
March
53.37
54.26 s
52.91
53.76
0.24
April
54.03
54.86 s
53.57
54.47
0.30
June
54.64
55.47 s
54.25
55.26
0.43
Dec
54.68
55.73 s
54.47
55.65
0.62
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
1.6561
1.6774 s
1.6428
1.6571 .0010
Jan
Feb
1.6717
1.6928 s
1.6600
1.6749 .0026
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
1.5581
1.5789 s
1.5405
1.5575 .0016
Jan
Feb
1.5686
1.5883 s
1.5500
1.5698 .0011
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
Jan
3.471
3.656
3.450
3.654
.218
Feb
3.464
3.645
3.452
3.641
.201
March
3.438
3.601
3.415
3.598
.191
April
3.318
3.431 s
3.303
3.428
.136
May
3.297
3.393 s
3.286
3.389
.117
Oct
3.350
3.420 s
3.350
3.419
.104
Open
interest
5,192
159,004
3,272
275,782
35,235
38,448
10,650
20,608
168
16
26,907
203
10
53,436
2,063
130,085
574,894
220,441
255,273
112,302
199,086
181,208
107,425
57,537
144,284
56,543
261,060
86,427
189,433
98,388
80,377
78,488
Agriculture Futures
Corn (CBT)-5,000 bu.; cents per bu.
Dec
March'17
337.50
347.00
350.00
359.75
Contract
High hilo
Low
Open
337.50
347.00
349.50
359.25
12.00
8,813
12.00 724,239
Settle
Chg
Oats (CBT)-5,000 bu.; cents per bu.

203.50
204.00
203.50
199.25
Dec
March'17 216.50 218.50
211.50
213.25
Soybeans (CBT)-5,000 bu.; cents per bu.
1030.50 1049.75
1027.75 1043.50
Jan
March
1039.50 1059.00
1037.50 1053.25
Soybean Meal (CBT)-100 tons; $ per ton.
311.70
321.60
311.30
317.70
Dec
Jan'17
313.40
323.90
313.20
319.50
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
37.57
37.76
37.33
37.49
Dec
Jan'17
37.75
38.00
37.52
37.67
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
965.50
999.50
965.50
998.50
Jan
March
994.00 1025.50
993.50 1024.50
Wheat (CBT)-5,000 bu.; cents per bu.
389.75
394.00
389.25
389.25
Dec
March'17 404.50 410.00
404.25
408.25
Wheat (KC)-5,000 bu.; cents per bu.
390.75
392.00
390.50
390.25
Dec
March'17 408.75 411.75
405.50
408.50
Wheat (MPLS)-5,000 bu.; cents per bu.
541.00
542.00
537.50
537.50
Dec
March'17 538.50 538.50
534.50
534.75
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
124.775 125.500
124.025 124.325
Jan
March
121.400 122.325
120.875 121.375
Cattle-Live (CME)-40,000 lbs.; cents per lb.
108.350 108.475
107.400 107.825
Dec
Feb'17
108.825 109.800
108.175 108.975
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
51.200
51.900
51.150
51.500
Dec
Feb'17
54.500
55.125
54.250
54.800
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
334.80
335.50
328.50
332.90
Jan
March
344.90
346.70
339.90
344.30
Milk (CME)-200,000 lbs., cents per lb.
Dec
17.15
17.15
17.01
17.03
Jan'17
16.91
16.99
16.70
16.75
Cocoa (ICE-US)-10 metric tons; $ per ton.
Dec
2,365
2,368
t
2,343
2,356
March'17
2,389
2,392
2,350
2,367
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Dec
142.15
143.60
141.45
140.20
March'17 145.00 147.45
144.30
144.50
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March
19.19
19.20
18.89
18.94
May
18.77
18.77
18.45
18.48
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
29.00
29.00
28.75
28.93
Jan
May
29.00
29.00 s
29.00
29.00
Open
interest
92
6,165
16.00 297,090
16.00 180,710
7.00
4,411
7.00 121,456
.02
2,285
.05 168,663
36.00
36.00
10,491
2,066
1.75
880
4.00 279,320
.25
218
.25 138,981
5.50
3.75
928
34,668
.275
.150
21,095
13,276
.400 20,337
.100 111,436
.750
.775
29,194
99,326
4.30
5.10
2,379
1,213
.13
.21
6,222
4,348
32
76
28 141,107
1.00
126
1.30 100,240
.18 389,850
.18 167,878
.37
972
1,636
2.4
Total
return
close
YTD total
return (%)
Yield (%)
Latest Low High
Index
Mortgage-Backed Bloomberg Barclays
Broad Market Bloomberg Barclays

1872.06
2.600 1.820 2.640
U.S. Aggregate
U.S. Corporate Indexes Bloomberg Barclays
1937.09
1.6
Mortgage-Backed
1918.94
1.6
Ginnie Mae (GNMA) 2.730 1.850 2.800
2.830 1.930 2.880
2609.07
5.4
U.S. Corporate
3.400 2.750 3.710
1132.19
1.5
Fannie mae (FNMA) 2.860 1.950 2.910
2512.92
3.8
Intermediate
2.850 2.190 3.120
1742.77
1.6
Freddie Mac (FHLMC) 2.880 1.980 2.940
Long term
4.630 3.960 5.130
493.30
-1.3
Muni Master
2.471 1.297 2.516
Double-A-rated
2.740 1.980 2.780
342.88
-1.6
7-12 year
2.550 1.300 2.618
Triple-B-rated
3.760 3.180 4.450
379.94
-1.7
12-22 year
3.000 1.610 3.047
364.15
-0.8
22-plus year
3.588 2.027 3.622
9.2
3448.88
72.50
71.12
72.50
71.75
72.41
70.80
72.31
71.01
220.20
217.65
221.75
218.55
217.35
214.75
220.10
217.15
Dec
March'17
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Jan
March
1.095 0.512 1.254
702.21
3.0
France
0.820 0.270 1.100
Silver, troy oz.
510.88
3.3
Germany
0.350 -0.100 0.740
Europe High Yield Constrained 3.792 3.223 6.500
U.S Agency Bloomberg Barclays
Global Government J.P. Morgan
1604.00
1.4
U.S Agency
1.750 1.150 1.790
289.90
4.2
Japan
0.280 -0.120 0.740
1445.50
1.1
10-20 years
1.550 0.960 1.580
562.27
3.6
Netherlands
0.490 0.020 0.880
3127.72
4.0
20-plus years
3.250 2.390 3.330
897.13
8.7
U.K.
1.680 0.960 2.320
2325.82
3.8
Yankee
2.960 2.320 3.110
727.86
8.5
Emerging Markets ** 6.223 5.134 7.128
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds
** EMBI Global Index
In local currency Euro-zone bonds
Sources: Merrill Lynch; Bloomberg Barclays; J.P.Morgan
Global Government Bonds: Mapping Yields

Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
0.250
1.300
Year ago
0.794
1.776
0.955
2.274
1.655
2.100
U.S. 2 1.124 s
10 2.388 s
1.100
2.387
1.787 t
2.806 t
1.816
2.869
2.337
2.957
France 2 -0.644 s
10 0.789 s
-0.687
-0.606
-0.211
0.716
0.460
1.009
Germany 2 -0.703 s
10 0.334 s
-0.729
-0.635
-0.294
0.282
0.137
0.682
0.065 s
2.001 s
0.059
0.001
0.116
1.911
1.676
1.551
Japan 2 -0.185 t
10 0.030 t
-0.177
-0.261
-0.021
0.040
-0.060
Spain 2 -0.128 s
10 1.576 s
-0.150
0.104 s
1.273 s
10
0.100
Month ago
1.250
0.100
Yield (%)
Latest(l) 0 20 40 60 80 100 120 Previous
1.250
U.K. 2
2.000
10
Spread Under/Over U.S. Treasurys, in basis points

Latest
Prev
Year ago
66.3
71.6
.7412
.7396
.7475
.7460
.0033
.0033
79,811
4,693
.04834
.04860
Dec
March'17 .04775 .04813
Euro (CME)-125,000; $ per
1.0550
1.0802
t
Dec
March'17 1.0643 1.0851
t
Oct. index
level
-126.5
-182.8
-124.9
-210.5
-159.2
-104.1
-83.9
-47.6
-72.3
-127.6
-97.5
Prime rates
0.332 -235.8
-234.7
-194.2
-0.205
0.076
-125.0
-87.9
1.555
1.260
1.731
-83.2
-54.3
U.S.
Canada
Japan
0.071
0.160
0.649
-102.0
-102.9
-30.6
1.238
1.025
1.924
-111.5
-114.9
-35.0
-105.9
-38.7
-130.9
-125.2
-81.1
Source: Tullett Prebon
1.0775
1.0822
.0110 411,854
.0110 23,646
Index Futures
Mini DJ Industrial Average (CBT)-$5 x index
Dec
March'17
19096
19059
19276 s
19207 s
19083
19001
19210
19147
52 138,726
52
6,167
S&P 500 Index (CME)-$250 x index

2181.80 2208.30
2180.00 2204.20
Dec
March'17 2201.00 2202.80
2197.20 2198.90
Mini S&P 500 (CME)-$50 x index
2184.00 2208.75
2179.00 2204.25
Dec
March'17 2179.00 2203.75
2174.25 2199.00
Mini S&P Midcap 400 (CME)-$100 x index
1620.50 1643.80 s
1616.20 1641.50
Dec
March'17 1624.00 1640.60 s 1615.00 1639.20
Mini Nasdaq 100 (CME)-$20 x index
4719.0
4795.8
4701.5
4780.5
Dec
March'17 4720.3 4794.8
4700.5
4779.8
Mini Russell 2000 (ICE-US)-$100 x index
1310.00 1340.70
1307.00 1339.10
Dec
March'17 1311.70 1338.40
1307.40 1336.90
Mini Russell 1000 (ICE-US)-$100 x index
Dec
1215.10 1226.10
1215.10 1224.00
U.S. Dollar Index (ICE-US)-$1,000 x index
Dec
101.56
101.80
99.87
100.11
March'17 101.10 101.71
99.74
99.97
.0019 103,268
.0019
6,793
12.10
12.10
84,071
2,499
12.25 2,925,447
12.25 94,875
17.70
17.90
87,144
29
42.0 247,012
41.8
3,415
25.70 690,878
26.30
1,560
7.10
9,068
.75
.79
80,941
13,651
Source: SIX Financial Information
Monday
13172
Other metals
LBMA Platinum Price PM
*918.0
Platinum,Engelhard industrial
932.0
Platinum,Engelhard fabricated
1032.0
Palladium,Engelhard industrial
736.0
Palladium,Engelhard fabricated
836.0
Aluminum, LME, $ per metric ton
*1715.0
Copper,Comex spot
2.6890
Iron Ore, 62% Fe CFR China-s
78.4
Shredded Scrap, US Midwest-s,w
237
Steel, HRC USA, FOB Midwest Mill-s
545
Fibers and Textiles
16.1600
19.9320
16.7350
20.9190
13.0527
16.6200
Burlap,10-oz,40-inch NY yd-n,w
Cotton,1 1/16 std lw-mdMphs-u
Cotlook 'A' Index-t
Hides,hvy native steers piece fob-u
Wool,64s,staple,Terr del-u,w
0.5325
0.7151
*79.30
76.500
n.a.
Grains and Feeds

Barley,top-quality Mnpls-u
Bran,wheat middlings, KC-u
Corn,No. 2 yellow,Cent IL-bp,u
Corn gluten feed,Midwest-u,w
Corn gluten meal,Midwest-u,w
Cottonseed meal-u,w
Hominy feed,Cent IL-u,w
Meat-bonemeal,50% pro Mnpls-u,w
Oats,No.2 milling,Mnpls-u
Rice, 5% Broken White, Thailand-l,w
Rice, Long Grain Milled, No. 2 AR-u,w
Sorghum,(Milo) No.2 Gulf-u
SoybeanMeal,Cent IL,rail,ton48%-u
Week
Latest ago
Inflation
114.6
-167.0
-205.4
1.0510
1.0556
n.a.
89
3.3900
90.4
490.5
218
80
215
2.8475
355.00
21.38
7.0488
324.00
Monday
Soybeans,No.1 yllw IL-bp,u

10.1650
Wheat,Spring14%-pro Mnpls-u
6.4225
Wheat,No.2 soft red,St.Louis-bp,u
3.9050
Wheat - Hard - KC (USDA) $ per bu-u 3.2600
Wheat,No.1soft white,Portld,OR-u
4.6463
Food
Beef,carcass equiv. index
choice 1-3,600-900 lbs.-u
select 1-3,600-900 lbs.-u
Broilers,dressed 'A'-u
Broilers, National comp wghtd-u,w
Butter,AA Chicago
Cheddar cheese,bbl,Chicago
Cheddar cheese,blk,Chicago
Milk,Nonfat dry,Chicago lb.
Cocoa,Ivory Coast-w
Coffee,Brazilian,Comp
Coffee,Colombian, NY
Eggs,large white,Chicago-u
Flour,hard winter KC
Hams,17-20 lbs,Mid-US fob-u
Hogs,Iowa-So. Minnesota-u
Pork bellies,12-14 lb MidUS-u
Pork loins,13-19 lb MidUS-u
Steers,Tex.-Okla. Choice-u
Steers,feeder,Okla. City-u,w
173.22
156.09
n.a.
0.8403
2.1125
160.00
176.00
99.00
2720
1.4090
1.6078
0.5450
13.15
0.74
50.36
1.2893
0.7848
112.00
143.77
Fats and Oils

38.3000
0.2750
n.a.
0.3699
0.3150
n.a.
Corn oil,crude wet/dry mill-u,w

Grease,choice white,Chicago-u
Lard,Chicago-u
Soybean oil,crude;Centl IL-u
Tallow,bleach;Chicago-u
Tallow,edible,Chicago-u
December 5, 2016
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but dont always represent actual transactions.
68.3
-159.9
.04855 .00019 117,977

.04810 .00020 33,688
Borrowing Benchmarks | WSJ.com/bonds

Money Rates
-116.5
-182.7
.04813
.04772
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; I=Natural Gas Intelligence;
L=livericeindex.com; M=midday; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=The Steel Index; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted.
*Data as of 12/2
48.2
-176.8
1170.03
1257.78
1162.20
1290.04
*1171.65
*1173.50
1221.95
1233.70
1233.70
1424.64
1154.69
1233.70
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA spot price
(U.S.$ equivalent)
-178.7
41.8
0.6210
0.9052
3.600
3.540
3.630
3.470
3.550
3.040
3.460
45.050
9.000
Gold, per troy oz
1.780 0.770 1.810
Italy 2
.7496
.7480
Metals
EMU
0.000
.7421
.7397
Mexican Peso (CME)-MXN 500,000; $ per MXN
Coins,wholesale $1,000 face-a
Propane,tet,Mont Belvieu-g
Butane,normal,Mont Belvieu-g
NaturalGas,HenryHub-i
NaturalGas,TranscoZone3-i
NaturalGas,TranscoZone6NY-i
NaturalGas,PanhandleEast-i
NaturalGas,Opal-i
NaturalGas,MarcellusNE PA-i
NaturalGas,HaynesvilleN.LA-i
Coal,C.Aplc.,12500Btu,1.2SO2-r,w
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w
2.1
0.250
Dec
March'17
Australian Dollar (CME)-AUD 100,000; $ per AUD

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
months.
365.31
0.000
63,834
1,861
Swiss Franc (CME)-CHF 125,000; $ per CHF
.0015 225,025
.0016 17,797
Cash Prices | WSJ.com/commodities
14.1 Global High Yield Constrained 6.161 5.661 9.437
0.250
.0043
.0043
.7539
.7547
346.60
10
.9942
.9999
.7488
.7497
Global Government 1.390 0.750 1.600
1.000
.9813
.9881
.7557
.7564
Canada
4.750
.9956
1.0012
.7501
.7508
2.7
Australia 2
.9846
.9893
Dec
March'17
0.2
3.250
Dec
March'17
13,539
2,387
.8794 .0005 210,834

.8833 .0006 12,641
535.54
1.000
2.000
.55
.45
.8716
.8755
757.26
Country/
Coupon (%) Maturity, in years
1.2727
1.2756
.8854
.8893
5.883 5.248 8.696
7.2
1.2634
1.2664
.8844
.8888
12.165 11.961 21.753
281.99
1.2748
1.2776
Dec
March'17
11.4 High Yield 100
15.6 High Yield Constrained 6.496 5.953 10.099
Open
interest
Chg
1.2654
1.2667
Japanese Yen (CME)-12,500,000; $ per 100
34.0 Triple-C-rated
High Yield Bonds Merrill Lynch

382.27
British Pound (CME)-62,500; $ per
Currency Futures
374.14
7.2
Settle
Dec
March'17
152-120 152-300
150-230 152-040
8.0 14,596
Dec
March'17 150-310 151-190
149-110 150-240
8.0 556,912
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
125-195 125-245
124-235 125-060
1.5 67,415
Dec
March'17 124-260 125-020
124-000 124-150
2,916,507
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
118-197 118-232
118-052 118-117
2.7 118,255
Dec
March'17 118-020 118-070
117-192 117-262
3.0 2,760,363
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
108-230 108-237
108-202 108-215
1.0 37,215
Dec
March'17 108-150 108-162
108-110 108-127
1.2 1,125,540
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
99.473
99.473
99.465
99.468 .002 86,196
Dec
Jan'17
99.365
99.365
99.355
99.360 .005 224,218
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
95.047
95.406
94.688
95.188
.031 32,591
Dec
March'17 94.781 94.875 s
94.750
94.781 .375
n.a.
1 Month Libor (CME)-$3,000,000; pts of 100%
99.2725 99.2725
99.2725 99.2750 .0050
1,286
Dec
Jan'17
99.2400 99.2525
99.2400 99.2450 .0025
36
Eurodollar (CME)-$1,000,000; pts of 100%
99.0150 99.0175
99.0075 99.0125
1,299,062
Dec
March'17 98.9750 98.9750
98.9400 98.9550 .0100 1,395,314
June
98.8450 98.8550
98.8050 98.8200 .0200 1,460,798
Dec
98.6350 98.6500
98.5700 98.5900 .0300 1,563,920
Canadian Dollar (CME)-CAD 100,000; $ per CAD
Contract
High hilo
Low
.33
495
.03 179,457
Interest Rate Futures
2645.06
3.2
663.98
Open
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA Gold Price AM
LBMA Gold Price PM
Krugerrand,wholesale-e
Maple Leaf-e
American Eagle-e
Mexican peso-e
Austria crown-e
Austria phil-e
537.96
Open
interest
Chg
Monday
Yield (%)
Latest Low High
Index
Settle
Energy
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
highs and lows for different types of bonds
YTD total
return (%)
Contract
High hilo
Low
Open
Cotton (ICE-US)-50,000 lbs.; cents per lb.

1.00
1.25
Bonds | WSJ.com/bonds
Tracking Bond Benchmarks
Total
return
close
| WSJ.com/commodities
Chg From (%)

Sept. '16 Oct. '15
241.729
249.218
0.12
0.20
1.6
2.1
International rates
Latest
Week
ago
3.50 3.50 3.50 3.25

2.70 2.70 2.70 2.70
1.475 1.475 1.475 1.475
0.00
0.50
0.25
0.00
0.50
0.25
0.05
0.50
0.50
0.33
0.31
U.S.
1.30
0.15
U.S. government rates
0.00
0.50
0.25
1.00
1.00
0.75
0.4300
0.5625
0.3000
0.4100
0.5000
0.4500
0.7500
0.4000
0.5500
0.5600
0.1500
0.3100
0.0500
0.0800
0.1300
1.00
Week
Latest ago
1.50
Discount
52-Week
High
Low
Policy Rates
Euro zone
Switzerland
Britain
2.00
Overnight repurchase
U.S. consumer price index

All items
Core
1.50
1.50
Australia
52-WEEK
High Low
Secondary market
Fannie Mae
30-year mortgage yields
30 days
3.643 3.608 3.649 2.806
60 days
3.671 3.643 3.676 2.832
Other short-term rates
Federal funds
Effective rate
High
Low
Bid
Offer
0.4300
0.5625
0.2500
0.4200
0.4300
Treasury bill auction

4 weeks
13 weeks
26 weeks
Corporate Debt
Week
ago
Latest
52-Week
high
low
Call money
2.25
2.25
2.25
2.00
...
...
...
Commercial paper
30 to 270 days
0.365 0.340 0.365 0.160

0.490 0.490 0.515 0.215
0.615 0.610 0.625 0.340
52-WEEK
High Low
n.q.
Commercial paper (AA financial)

0.77
90 days
0.74
0.90
0.45
Euro commercial paper
Price moves by a companys debt in the credit markets sometimes mirror and sometimes anticipate moves in
that same companys share price. Heres a look at both for two companies in the news.
Investment-grade spreads that tightened the most

Issuer
Symbol Coupon (%)
JPMorgan Chase
Bank of New York Mellon
Citigroup
eBay
JPM
Morgan Stanley
Seagate HDD Cayman
MS
BK
C
EBAY
STX
Maturity
Current
Spread*, in basis points

One-day change
Last week
Stock Performance
Close ($)
% chg
7.900
2.150
5.950
2.875
April 30, 49
Feb. 24, 20
Jan. 30, 49
Aug. 1, 21
310
18
282
93
40
18
18
15
307
n.a.
288
113
83.26
47.86
57.28
28.35
2.03
0.44
2.25
0.25
5.550
4.875
July 15, 49
June 1, 27
234
407
14
13
213
422
42.09
0.62
And spreads that widened the most

JPMorgan Chase
CocaCola
BlackRock
OchZiff Finance
JPM
Bank of America
Bank of New York Mellon
OM Asset Management
Walgreens Boots Alliance
BAC
KO
BLK
OZM
BK
OMAM
WBA
4.250
3.150
4.250
4.500
Oct. 15, 20
Nov. 15, 20
May 24, 21
Nov. 20, 19
4.450 March 3, 26
2.200 May 15, 19
4.800 July 27, 26
3.450
June 1, 26
78
25
51
658
11
10
9
9
n.a.
n.a.
n.a.
638
83.26
40.62
374.35
2.03
0.64
0.81
177
47
310
141
7
7
7
7
173
n.a.
304
n.a.
21.84
47.86
14.55
85.00
2.87
0.44
0.55
0.13
High-yield issues with the biggest price increases

Issuer
Symbol
Peabody Energy
Affinion
California Resources
EP Energy
BTU
Chs/Community Health Systems

Rowan
Transocean
Calfrac Holdings
CYH
AFFINI
CRC
EPENEG
RDC
RIG
CFWCN
Coupon (%)
Maturity
Bond Price as % of face value

Current
One-day change
6.500 Sept. 15, 20

7.875 Dec. 15, 18
8.000 Dec. 15, 22
9.375
May 1, 20
74.000
84.000
89.000
94.000
6.875
5.400
7.500
7.500
69.000
75.000
83.000
80.000
Feb. 1, 22
Dec. 1, 42
April 15, 31
Dec. 1, 20
7.75
4.75
3.75
3.25
3.00
3.00
3.00
2.50
Last week
Stock Performance
Close ($)
% chg
59.500
n.a.
75.000
80.313
...
...
17.96
...
...
...
0.55
...
71.000
n.a.
75.250
72.250
18.08
13.98
...
3.79
4.72
...
DYN
FreeportMcMoran
Calpine
Talen Energy Supply
Oasis Petroleum
FCX
SHLD
GRA
INTEL
CPN
TLN
OAS
Data are annualized on a 360-day basis. Treasury yields are per annum,
on actively traded noninflation and inflation-indexed issues that are
adjusted to constant maturities. Data are from weekly Federal Reserve
release H.15.
Week Ended
Dec 2 Nov 25
52-Week
High
Low
Federal funds (effective)

0.40
0.41
0.41
0.12
0.49
0.58
0.70
0.41
0.59
0.66
0.49
0.59
0.70
0.16
0.22
0.28
0.48
0.60
0.72
0.46
0.61
0.72
0.50
0.62
0.78
0.17
0.30
0.42
Discount window primary credit

1.00
1.00
1.00
0.75
4.01
3.41
Conventional mortgages
n.a.
n.a.
Treasury yields at constant

maturities
1-month
3-month
6-month
1-year
2-year
3-year
5-year
7-year
10-year
20-year
0.34
0.48
0.61
0.80
1.11
1.40
1.83
2.18
2.37
2.73
0.33
0.49
0.62
0.79
1.10
1.38
1.81
2.15
2.34
2.70
52-Week
High
Low
Treasury yields (secondary market)
Commercial paper
Nonfinancial
1-month
2-month
3-month
Financial
1-month
2-month
3-month
Week Ended
Dec 2 Nov 25
0.34
0.49
0.62
0.80
1.11
1.40
1.83
2.18
2.37
2.73
0.13
0.20
0.36
0.45
0.58
0.69
0.95
1.20
1.38
1.71
1-month
3-month
6-month
0.33
0.48
0.60
0.32
0.48
0.61
0.33
0.48
0.61
0.12
0.20
0.35
0.09
0.27
0.46
0.79
0.82
0.06
0.24
0.44
0.77
0.79
0.50
0.63
0.78
1.12
1.12
-0.45
-0.27
-0.04
0.36
0.38
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
1.00
1.16
1.40
1.58
1.73
1.96
2.20
2.62
0.67
0.74
0.81
0.89
0.96
1.10
1.29
1.69
TIPS
5-year
7-year
10-year
20-year
Long-term avg
1-year
2-year
3-year
4-year
5-year
7-year
10-year
30-year
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Corporate bonds, Moody's seasoned

Aaa
Baa
n.a.
n.a.
7.625
8.000
5.625
8.125
Nov. 1, 24
Dec. 15, 19
Oct. 1, 24
June 1, 23
87.250
96.300
106.500
29.938
4.000
5.750
5.125
6.500
Nov. 14, 21
Jan. 15, 25
July 15, 19
Nov. 1, 21
97.250
94.000
94.500
102.375
2.50
1.70
1.50
1.34
0.96
0.95
0.81
0.59
92.500
n.a.
n.a.
35.625
8.30
11.84
64.55
...
7.24
5.36
1.00
...
98.250
96.500
95.250
101.000
15.87
10.83
15.04
2.92
3.14
...
0.53
*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.
Note: Data are for the most active issue of bonds with maturities of two years or more
Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
Libor
One month
Three month
Six month
One year
0.65194
0.94806
1.29100
1.64400
0.60589
0.93733
1.28989
1.64511
0.65194
0.94806
1.29267
1.64511
0.28700
0.47700
0.71215
1.04020
-0.386
-0.334
-0.226
-0.083
-0.381
-0.331
-0.220
-0.080
-0.184
-0.112
-0.028
0.071
-0.386
-0.334
-0.226
-0.084
Euro Libor
One month
Three month
Six month
One year
n.a.
n.a.
4.05
5.51
3.21
4.19
-0.373
-0.313
-0.218
-0.078
One month
Three month
Six month
One year
Latest
n.a.
n.a.
3.57
2.80
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
0.50
0.93
1.30
0.20
0.37
0.53
Eurodollars
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window
primary credit rate is charged for discounts made and advances extended under the Federal
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday;
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid
yields for all TIPS with remaining terms to maturity of 10 years or more; Swap rates are International
Swaps and Derivatives Association (ISDA(R)) mid-market par rates for a fixed-rate payer, who in
return receives three-month Libor, and are based on rates collected at 11:00 a.m. ET by Garban
Intercapital PLC; Source is Reuters; Moody's triple-AAA rates are averages of industrial bonds only;
Muni rates are Thursday quotes based on the Bond Buyer Index for general obligation, 20 years to
maturity, mixed quality debt; Mortgage rates are contract rates on commitments for fixed-rate first
mortgages
Sources: Federal Reserve; for additional information on these rate data and their derivation,
please see, www.federalreserve.gov/releases/h15/data.htm
-0.374
-0.314
-0.219
-0.079
Value
Traded
-0.175
-0.113
-0.031
0.067
-0.374
-0.314
-0.220
-0.080
52-Week
High
Low
DTCC GCF Repo Index

Treasury
MBS
0.278
0.295
49.650 1.266 0.226

80.100 1.328 0.224
Open Implied
Settle Change Interest Rate
State and local bonds
1 month
3 month
6 month
n.q. -0.07 -0.14

n.q. n.q. n.q.
n.q. -0.07 -0.07
n.q. n.q. n.q.
n.q. n.q. n.q.
n.q. n.q. n.q.
n.q.
n.q.
n.q.
n.q.
n.q.
n.q.
30 day
Two month
Three month
Four month
Five month
Six month
Euro interbank offered rate (Euribor)
Interest rate swaps
Notes on data:
And with the biggest price decreases

Dynegy
Sears Holdings
W.R. Grace
Intelsat Luxembourg S.A.
Key Interest Rates
DTCC GCF Repo Index Futures

Treasury Dec
Treasury Jan
Treasury Feb
99.445 0.005 4724 0.555

99.280 0.010 2670 0.720
99.285 -0.010 2400 0.715
Notes on data:
U.S. prime rate is effective December 17, 2015.
Discount rate is effective December 17, 2015.
U.S. prime rate is the base rate on corporate
loans posted by at least 70% of the 10 largest
U.S. banks;
Other prime rates arent directly comparable;
lending practices vary widely by location;
DTCC GCF Repo Index is Depository Trust &
Clearing Corp.'s weighted average for overnight
trades in applicable CUSIPs. Value traded is in
billions of U.S. dollars.
Futures on the DTCC GCF Repo Index are
traded on NYSE Liffe US.
Sources: Federal Reserve; Bureau of Labor
Statistics; DTCC; SIX Financial Information;
General Electric Capital Corp.; Tullett Prebon
Information, Ltd.
MARKETS
Greenspans New
Worrisome Gauge
ANTHONY WALLACE/AGENCE FRANCE-PRESSE/GETTY IMAGES
BY STEVEN RUSSOLILLO
A trader in Hong Kong after the start of the Shenzhen-Hong Kong Stock Connect on Monday. Investors gave the link a muted greeting.
China Link Off to Slow Start

Investors from abroad
injected 21% of the
daily limit into stocks
on Shenzhen market
BY ANJIE ZHENG
HONG KONGThe opening
of a trading link between the
Hong Kong and Shenzhen
stock markets Monday met
with a muted response from
investors.
At the end of the trading
day, investors from outside
China had injected around 2.7
billion yuan, or about $392
million, into the Shenzhen
markethome to some of the
countrys fastest-growing companies in sectors such as technology, pharmaceuticals and
consumer goodswhile Chinese investors had put 850
million yuan into Hong Kong
stocks. Those totals represent
21% and 8%, respectively, of

the daily limits for the link
known as Stock Connect.
The Shenzhen Composite
Index closed 0.8% lower and
Hong Kongs benchmark Hang
Seng Index slipped 0.3%. The
Shanghai Composite Index fell
1.2%.
The lack of activity was
partly attributable to global
events that weighed on markets during Asian trading
hours. Italys prime minister
said he would resign after losing a referendum vote, while
U.S. President-elect Donald
Trump criticized Chinas currency and trade policies via
Twitter.
Investors also were shaken
by criticism over the weekend
from Chinas top securities regulator, Liu Shiyu, of the practice
of using borrowed funds to
build big stakes in companies,
which he called barbaric and
industrial robbery.
The new Stock Connect allows global investors to trade

881 shares listed in Shenzhen
and opens more Hong Kong
stocks to mainland Chinese investors.
Analysts said the Shenzhen
markets wealth of companies
in faster-growing parts of the
economy could in time make it
more attractive to foreign investors than the Shanghai
market, which is dominated by
less-dynamic state-owned enterprises such as banks and oil
companies.
There are definitely a few
companies that trade in Shenzhen that people have liked for
a while but didnt have easy
access to before, said Joshua
Crabb, head of Asian equities
at Old Mutual Global Investors.
Its very natural to see these
stocks starting to gain from
some institutional attention.
The Shenzhen market is
dominated by small-time,
rather than institutional, investors, a factor cited in its

reputation for volatility.
In Hong Kong, an opening
ceremony for the new Stock
Connect was more restrained
than the one for a similar link
with Shanghai two years ago. e
first 45 minutes of trading.
Among the Shenzhentraded companies analysts
point to are Hikvision, a
video-surveillance provider,
Wanda Cinema Line, the
worlds biggest movie-theater
operator, and Gree, a homeappliances maker. Mondays
big winners, though, were
lesser-known
companies.
Video-display maker Shenzhen
Silkroad Digital Vision Co. and
cable maker Nanjing Quanxin
Cable Technology both rose
10%, the daily limit.
Yifan Xie in Shanghai
and Gregor Stuart Hunter
in Hong Kong
CREDIT MARKETS
On the 20th anniversary of

Alan Greenspans famous irrational exuberance speech,
the former Federal Reserve
chairman now is worried
about corporate confidence.
In an interview with The
Wall Street Journal, the 90year-old Mr. Greenspan said
he closely follows how much
cash flow companies are willing to invest into illiquid longterm investments. That essentially measures the confidence
that companies have in their
long-term business prospects
and differs from investing in
other shareholder friendly policies, like dividends and buybacks.
As Mr. Greenspan tells it,
the more confident that companies are, the greater the
share of cash flow going into
capital investment.
This to me is the best
measure of what the corporate
sector senses about the world
at large, said Mr. Greenspan,
who ran the Fed from 1987 to
2006.
A chart, courtesy of Greenspan Associates, shows the
share of liquid cash flow that
companies are converting into
illiquid long-term assets. During the financial crisis, this ratio fell to the lowest level
since 1938, according to Mr.
Greenspan. And now, even
Condence Game
Alan Greenspan watches the share
of liquid cash ow that businesses
convert into illiquid assets.
1.4
1.2
1.0
0.8
0.6
46 50 60 70 80 90 00 10
Note: Private domestic nonresidential xed
investment/gross domestic business saving
Source: Greenspan Associates LLC
though this indicator has rebounded throughout the economic recovery, it still remains below 1.0, a worrisome
level.
That indicates companies
are still stockpiling large cash
balances without the confidence to deploy it back into
their businesses.
When it is above 1.0, Mr.
Greenspan says companies are
taking on more leverage and
are more inclined to borrow to
purchase capital goods.
Mr. Greenspans latest market views come on the anniversary of his irrational exuberance remarks. Here is the
key phrase from that speech:
Clearly, sustained low inflation implies less uncertainty
Thisis the
best measure
of what the
corporate
sector senses
about the
world at large.
about the future, and lower
risk premiums imply higher
prices of stocks and other
earning assets. We can see
that in the inverse relationship
exhibited by price/earnings ratios and the rate of inflation in
the past. But how do we know
when irrational exuberance
has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they
have in Japan over the past
decade?
Today, even with the stock
market at records, he said he
is more concerned about the
bond market and how the recent rise in interest rates
could affect U.S. stocks.
More broadly, he is also
concerned that the economy
could be headed for a period
of stagflation, rising prices coinciding with weak growth.
All of that leads back to
corporate confidence. And until companies are willing to invest more in their businesses,
the less confident they will be
about their futures, according
to Mr. Greenspan.
COMMODITIES
BY ANNAMARIA ANDRIOTIS
Auto lenders are scaling back loans to subprime borrowers but loosening other
terms to keep loan volume going.
Loans extended to subprime
borrowers with a credit score
of 501 to 600 on a scale that
tops out at 850 fell 4.5% in the
third quarter from a year earlier, according to data released
Monday by Experian Automotive, a unit of credit-reporting
firm Experian PLC.
For borrowers with lower
scores, lending fell 2.8% from
the same period to reach the
lowest level since at least 2011.
Credit scores for borrowers
receiving loans and leases on
average increased.
But lenders pulled other levers to keep loan volume going, in a sign of how dependent lenders and borrowers
have become on easy credit in
the sector. Notably, loan-repayment periods continue to
increase. More borrowers got
into loans with longer repayment periods; 30.7% of new
auto loans in the third quarter
had repayment periods of 73

to 84 months, versus 27.5% a
year ago, according to Experian. The share of used-vehicle
loans with this repayment period also increased, to 17.7%.
Extending loan terms lowers the required monthly payment for borrowers, helping to
get more people into loans.
$1.055
In trillions, auto-loan balances in

the third quarter
That poses risks for lenders,

though, because used-vehicle
values appear to be softening. When borrowers default,
lenders have a greater chance
of repossessing a car that is
worth significantly less than
the unpaid loan amount.
Large auto lenders have
been warning about problems
in the auto-loan market. Subprime lending has been rising
each year for the past six

years through 2015, according
to loan-volume data from
credit-reporting firm Equifax
Inc.
More exposure to subprime
borrowers combined with
signs that used-car values are
weakening have resulted in
lenders setting aside more
provisions against loan losses.
The number of subprime auto
loans that became delinquent
reached the highest since
2010 in the third quarter and
is following a pattern similar
to that heading into the last
recession, according to data
last week from the Federal Reserve Bank of New York. J.P.
Morgan Chase & Co. Chief Executive James Dimon earlier
this year warned about a
weakening auto-loan market.
Auto-loan balances reached
a record $1.055 trillion in the
third quarter, after first exceeding the trillion-dollar
mark in the first quarter.
Lending on used cars is also
rising. The average used-car
loan reached a record of
$19,227 in the third quarter.
Treasurys Get Some Love From Investors

BY MIN ZENG
The bond market managed
a small price gain after being
whipsawed by the Italian referendum outcome and a solid
U.S. economic release.
The yield on the 10-year
Treasury note settled at
2.387%, compared with 2.390%
Friday. Yields fall as bond
prices rise.
The yield had fallen to
2.340% during the Asian trading session as investors
flocked to haven bonds driven
by Italian voters rejection of
constitutional changes. Yields
then rose as riskier assets recovered from earlier losses.
Selling picked up momentum
after a monthly indicator of
the U.S. service industry
reached a 13-month high.
Buyers stepped in again, a

sign some investors deem the
10-year yield near 2.5% as being attractive. And some investors see the bond rout over
the past weeks as overdone.
The yield premium investors
demanded to hold the 10-year
Treasury note relative to the
10-year German bund traded
near the highest level since
1989, attracting some investors to sell bunds and buy
Treasurys.
The yield on the 10-year
Treasury note has surged
more than 1 percentage point
from its record close in early
July. The yield was up 0.607
percentage point over the past
four weeks, the biggest fourweek increase since June
2009. One driver fueling the
recent selloff in the bond mar-
ket has been bets among investors that the prospect of

expansive fiscal and economic
policies from the new U.S. administration would lead to
stronger growth, higher inflation and potentially a faster
pace of interest-rate increases
by the Federal Reserve.
All these factors tend to
shrink the value of outstanding bonds. Inflation chips
away at bonds fixed return
over time.
The Treasury bond market
went down very fast on expectations [President-elect
Donald] Trump will enact everything he promised, said
Mary Ann Hurley, vice president of trading at D.A. Davidson & Co. in Seattle. Unfortunately, Washington does not
work that way.
GARY CAMERON/REUTERS
Auto Lenders Cut Subprime Area
CFTC Chairman Timothy Massad is expected to step down from the post by early next year
CFTC Puts Off Finalizing

Curbs on Speculative Trades
BY ANDREW ACKERMAN
WASHINGTONU.S. regulators failed to put the finishing
touches on a much-debated,
long-delayed rule to limit
speculation in commodities
like oil and gold, opting instead to propose a scaled-back
version that leaves its outcome in the hands of the
Trump administration.
The Commodity Futures
Trading Commission voted
unanimously Monday to float,
for the third time since 2011, a
proposed rule that would cap
the size of trading positions
that firms could take in more
than two dozen core commodity contracts, including a variety of energy and preciousmetals commodities, to curb
any one traders influence.
The move punts a decision
on the rules final contours to
the Trump administration,
which has pledged to dismantle the Dodd-Frank financial
law that authorized the restrictions.
I did not want to finalize a

rule that next year the commission would choose not to
defend or implement, CFTC
Chairman Timothy Massad
said on a call with reporters.
Specifically, the latest proposal would restrict a firm
from owning more than the
equivalent of 25% of a commoditys estimated deliverable supply in a given month.
In some cases, however, it
would effectively raise the position limits because it would
increase the estimated supply
of the commodities.
Mondays version also gives
traders more leeway than
prior iterations of the measure
if they are managing business
risks.
Mr. Massad, who is expected to step down by early
next year, had pledged at his
2014 Senate confirmation
hearing to make it a priority
to finalize the position limits rule, aimed at curbing
speculation by Wall Street
trading in certain commodity
contracts. The rule gained

traction in Congress during an
oil-price spike in 2008, which
some attributed to excessive
speculation by short-term
traders.
On Monday, Mr. Massad
said the commission worked
hard to complete the measure
during his tenure, but its complexity led to delays. Indeed,
Mondays proposal spans more
than 900 pages and has over
1,000 footnotes, up from about
200 pages in 2013. Mr. Massad
said the bulk of the sprawling
proposal isnt rule text but
rather summaries of the extensive comments and analysis
the agency has received over
the years.
The rules stem from the
2010 Dodd-Frank regulatory
overhaul that gave the CFTC
authority to extend trading restraints, or position limits, to
commodities such as natural
gas and silver. Agricultural
and livestock commodities
have long had limits on speculation.
NY
* * * *
EQUITIES
Banking Shares Relight Fire Under Stocks

Financial shares rallied
Monday, propelling the Dow
Jones Industrial Average to a
record and the S&P 500 to its
best day in two weeks.
The climb helped rekindle a
postelection rally for the S&P
500, after the index on Friday
posted its first weekly decline
since Donald Trumps election
as president.
Bank stocks have surged
roughly 14% since Nov. 8, as investors bet Congress and the
Trump administration would
push for tax cuts and regulatory rollbacks.
U.S. banks continued their
climb Monday even as Italian
lenders fell after voters rejected changes to the constitution and Prime Minister Matteo Renzi tendered his
resignation. Some investors
have worried that such a result
would derail the Italian governments efforts to clean up
the troubled sector.
Financial companies in the
S&P 500 rose 1.2% to lead the
index higher.
Goldman Sachs Group rose
$5.19, or 2.3%, to $228.55 and
J.P. Morgan Chase gained
1.66, or 2%, to 83.26, helping
lift the Dow industrials to their
19th record close of 2016. The
RICHARD B. LEVINE/ZUMA PRESS
BY JON SINDREU AND RIVA GOLD
Nike shares rose 2.8%, the biggest gainer in the Dow industrials, which had its best day in two weeks.
two banks together contributed nearly 47 points to the
blue-chip indexs gain.
The Dow Jones Industrial
Average rose 45.82 points, or
0.2%, to 19216.24 and is up
more than 10% in 2016. The
S&P 500 climbed 12.76 points,
or 0.6%, to 2204.71its largest
jump since Nov. 21. The Nasdaq Composite advanced 53.24

points, or 1%, to 5308.89 for its
biggest gain since Nov. 15.
Tech shares have bounced
around since the election, but
their gains Monday helped the
Nasdaq Composite outperform
its peers.
The S&P 500s technology

sector added 1% but is still
down 1.3% since Nov. 8 compared with the S&P 500s 3%
gain in that period.
Consumer-discretionary
companies also added 1% Monday, with Michael Kors Holdings rising 2.27, or 4.9%, to
48.47. Urban Outfitters rose

1.52, or 4.8% to 33.19. Nikes
2.8% gain was the biggest in
the Dow industrials, as the
athletic-apparel maker climbed
1.39 to 51.85.
The Stoxx Europe 600 rose
0.6%, despite losses in the Italian banking sector. Shares of
Banca Popolare di Milano fell
7.9% and UniCredit lost 3.4%.
The mood was brighter in
currency trading, with the
euro up 0.9% against the dollar
at $1.0765recovering after
the euro fell to its lowest level
since 2015 as the referendum
results came in.
Some investors expressed
relief that the uncertainty
around the result was out of
the way. What people thought
would be a bad outcome for
markets is turning positive for
the third time this year, after
Brexit and the election of Mr.
Trump, said Philippe Gijsels,
chief strategist at BNP Paribas
Fortis, noting many had been
holding cash on the sidelines
ahead of the vote.
U.S. government bonds
bounced around before finishing slightly higher. The yield
on the benchmark 10-year
Treasury note declined to
2.387% Monday, compared
with 2.390% Friday. Yields fall
as prices rise.
AHEAD OF THE TAPE | Steven Russolillo
Luxury Builder Toll Brothers Is Priced to Move

Home
builders say
they are
fairly upbeat about
housing
conditions. The stock market
suggests otherwise.
A gauge of home-builder
sentiment in recent months
has hovered near its highest
level in 11 years. And why
shouldnt it? A steady job
market, improving wages
and rising rents are all supportive conditions for home
builders.
But the housing recovery

has sputtered in recent
months following a strong
start to 2016. And luxury
builder Toll Brothers Inc.
has felt the pain, with shares
down about 9% this year,
while a popular homebuilder exchange-traded fund
is flat, while the S&P 500 is
up 7%.
That seems overdone. Tuesdays earnings report could be an opportunity
to set things straight, particularly as analysts have set a
low bar. Those polled by
FactSet forecast fiscal

fourth-quarter earnings of
99 cents a share, up from 80
cents a year earlier. Meanwhile, revenue for the period
ended in October is expected
to come in at $1.79 billion,
up 25% from a year earlier.
This comes after Toll cut
its gross-profit-margin guidance in August, when it cited
delays in delivering units for
its New York luxury condo
market. That is problematic
for a company like Toll,
which depends on the
higher-end market more
than competitors. And while

New York alone accounts for
less than 10% of its overall
revenue, it historically has
been a high-margin market
for Toll.
The company maintained
over the summer that it
hadnt seen a change in buying appetite from foreign
buyers.
Toll also is likely to withstand the rise in mortgage
rates following the election.
Rates still remain historically low and there is evidence that wealthy purchas-
ers are less rate-sensitive

than those buying entrylevel homes. In its fiscal
2015, some 22% of Toll buyers paid in cash, higher than
many of its rival publicly
traded builders.
Meanwhile, Toll shares
are priced to move. At 9.6
times projected earnings
over the next 12 months,
Tolls price/earnings ratio is
far cheaper than D.R. Horton
Inc. and Hovnanian Enterprises Inc. and roughly in
line with PulteGroup Inc. and
KB Home.
U.S. crude-oil prices extended last weeks rally, rising

0.2% to $51.79 a barrelits
highest close since July 2015.
Oil prices have risen 15%
over the past four sessions, on
enthusiasm for a deal to cut
production by the Organization of the Petroleum Exporting Countries.
That has helped lift energy
stocks in the S&P 500, which
gained 0.7% Monday to extend
their 2016 climb to 23%.
Range Resources rose 2.06,
or 5.7%, to 38.42. Southwestern Energy added 62 cents, or
5.3%, to 12.29.
Early Tuesday, Japans Nikkei was up 0.5%, South Koreas
Kospi was up 1.2% and Australias S&P ASX 200 was up 0.8%.
Aaron Kuriloff
AUCTION RESULTS
Here are the results of Monday's Treasury auctions.

All bids are awarded at a single price at the marketclearing yield. Rates are determined by the difference
between that price and the face value.
13-WEEK AND 26-WEEK BILLS
13-Week
26-Week
$123,717,377,300 $104,107,594,700
$34,000,094,300 $28,000,088,400
$387,794,300 $298,021,700
$100,000,000 $100,000,000
99.876139
99.689083
(0.490%)
(0.615%)
0.497%
0.625%
Coupon equivalent
35.02%
22.17%
Bids at clearing yield accepted
912796KM0
912796LD9
Cusip number
Applications
Accepted bids
" noncomp
" foreign noncomp
Auction price (rate)
Both issues are dated Dec. 8, 2016. The 13-week bills

mature on March 9, 2017; the 26-week bills mature on
June 8, 2017.
Open House
Share and fund performance
S&P 500
10%
S&P Homebuilders ETF
Toll Brothers
0
10
20
30
J F M A MJ J A S O N
Source: FactSet
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MARKETS
Berkshire Gets a Lift From Trumps Win

Berkshires Bounce
Warren Buffetts Berkshire Hathaway has trounced the broader market since the election of Donald Trump, thanks
partly to its exposure to the nancial industry and general optimism about the future of U.S. economic growth.
30%
Berkshires Class A shares
BY NICOLE FRIEDMAN
Warren Buffett was one of
Donald Trumps biggest critics
during the final months of the
presidential campaign. Now he
is one of the biggest beneficiaries of a Trump-influenced
market rally boosting the
value of everything from
banks to railroads.
Mr. Buffetts Berkshire
Hathaway Inc. posted its best
month in six years in November, and its shares are trading
at all-time highs at $240,000.
The conglomerates market
capitalization, which stood at
roughly $20 million when Mr.
Buffett acquired the former
textile maker in 1965, is hovering just below $400 billion.
Berkshire, which owns traditional businesses such as insurers, railroads, utilities and
manufacturers, stands in the
echelon of tech giants. It is
the fourth-biggest U.S. company by market capitalization,
according to FactSet, below
Apple Inc., Alphabet Inc. and
Microsoft Corp. Mr. Buffett,
Berkshires chairman and biggest shareholder, is the
worlds third-richest man, according to Forbes.
U.S. stocks have risen since
the presidential election on
the expectation that Mr.
Trumps administration and
Republican leadership in Congress will roll back taxes and
regulations. The S&P 500 has
gained 3% to 2204.71 from
Nov. 8 through Monday.
In that period, Berkshire
Class A and Class B shares
have both risen about 8%.
Both classes of shares rose
Monday, with A shares up
0.4% to $240,000 and Class B
up 0.5% to $160.21.
Mr. Buffett, a Democrat,
campaigned for Hillary Clinton
s8.4% since election
Share performance, year to date
20
10
0
S&P 500
10
s3% since election
20
J
Performance since election of Berkshires largest public holdings

Bank of America*
28%
Wells Fargo
19
American Express
7.4
IBM
Kraft Heinz
9.1
Berkshires string of large deals in recent years

Year
Company acquired
Approximate deal value
2010
Burlington Northern Santa Fe
2011
Lubrizol
2013
NV Energy
2015
Kraft Heinz
2016
Precision Castparts
$26 billion
9.0
3.0
Coca-Cola
5.3
S&P 500
3.0%
5.6
12.0
32.7
*Berkshire can buy an additional 700 million shares at any time prior to September 2021 for $5 billion.
Berkshire paid $12 billion in 2013 to acquire about half of Heinz. It now owns 27% of Kraft Heinz, the company formed by the July merger of Kraft and Heinz.
Sources: FactSet (share price, performance); Capital IQ; Berkshire Hathaway (deals)
and criticized Mr. Trump during the campaign. After Mr.

Trump alleged at a presidential debate that Mr. Buffett
had taken a massive deduction on his taxes, Mr. Buffett
publicly released his personal
tax information and challenged the Republican candidate to do the same.
Mr. Buffett didnt respond
to a request for comment. In
April, he told shareholders
that Berkshire would continue to do fine no matter
which candidate was elected
president. Following the election, Mr. Buffett told CNN that
his investing decisions had
been unaffected by the elec-
tion and that Mr. Trump deserves everybodys respect.

The stock market will be
higher 10, 20, 30 years from
now, Mr. Buffett said in a
CNN interview aired Nov. 11.
It would have been with Hillary, and it will be with
Trump.
Helping drive Berkshires
stock higher is a broad exposure to the financial industry
through its ownership of insurance companies and banks. Notably, J.P. Morgan Chase & Co.
and Goldman Sachs Group Inc.
are two of the best performers
in the Dow Jones Industrial Average since the election.
Berkshires
investment
portfolio owns large stakes in

financial companies including
Wells Fargo & Co. and American Express Co., and the company recently bought shares
in four major U.S. airlines.
Wells Fargo stock slid this fall
due to its sales-practices scandal but has risen alongside
other banks since the election.
Financial firms across the
market have benefited from a
belief that a Trump administration will help fuel a shift to
higher interest rates, as well
as push for less onerous regulation of the industry, according to analysts.
An investment in Berkshire
is also a bet on U.S. growth,
given the firms broad diversification. Berkshire sells electricity, furniture, cars, newspapers and other goods
through its subsidiary companies. Its BNSF Railway Co. is
one of the biggest in the U.S.
There is this sense that after this surprise election, under President Trump there
will be more rapid growth
than there would have been
otherwise,
said
Meyer
Shields, managing director at
Keefe, Bruyette & Woods.
Berkshire is represented in
all elements of the economy.
Mr. Buffett built Berkshire
Hathaway, originally a New
England textiles company, into
HEARD ON THE STREET
Email: heard@wsj.com
FINANCIAL ANALYSIS & COMMENTARY
Ending Fiduciary Rule Not So Easy

Some on Wall Street already are celebrating the demise of the Obama administrations fiduciary rule for
retirement savings, but news
of its death has been greatly
exaggerated. Scrapping or
even delaying the regulation,
due to take effect in April, is
tricky.
In simple terms, the Labor
Department rule requires that
financial advisers act in their
clients best interest when
guiding them on retirementsavings options, replacing a
looser standard that their advice merely be suitable. In
practice, this might steer
more savings into cheaper
passive investments. It also
will favor fee-based investment products over those that
pay advisers a commission.
Many interested parties,
and at least one prominent
member of Donald Trumps
transition team, want to step
in before new rules take effect in April. The expectation
they will succeed is one factor pushing up the shares of
asset managersparticularly
those that run actively managed funds. Active manager
Franklin Resources, for in-
JOHN PETERSON/ASSOCIATED PRESS
Investing in the shares,

which are up 8% since
the election, is seen as
a bet on U.S. growth
Active Advantage
Since the election, shares of active fund managers such as T. Rowe
Price and Franklin Resources have outperformed specialists in
passive investing like BlackRock, as well as the broader market.
20%
T. Rowe Price
Franklin Resources
15
10
5
BlackRock
S&P 500
0
Nov. 8
Dec.
stance, has rallied 16% since

the election, while passive
juggernaut BlackRock has
risen just 5%.
Outgoing Labor Secretary
Thomas Perez seems unlikely
to sign off on a delay given
his strong personal involvement in drafting the rule. Action to delay the rule likely
would have to await confirmation of a new Labor secretary by the Senate. It is far
from certain this will happen
by the time the rule goes
into effect on April 10, 2017.
Whomever Mr. Trump nominates, he is likely to face

tough questioning from Democratic senators on the fiduciary rule as well as contentious labor-relations issues.
Whether or not implementation is delayed, changing the
rule may be a long, arduous
process according to Keefe,
Bruyette & Woods analyst
Brian Gardner. Between seeking public comment on new a
rule and having it vetted by
other federal agencies, it could
easily take a year or
more. That is true whether the

administration wants to repeal
the rule outright or makes
changes such as allowing
more exceptions for certain
kinds of investment products.
In the meantime, businesses affected by the rule
will be left in a state of
limbo. Asset managers, financial advisers, banks, insurers and others already
have made moves big and
small to prepare. Now they
would be in for a period of
prolonged uncertainty. That
isnt necessarily good news
for any of them.
There are many reasons
why shares in asset managers
have rallied in the weeks since
the election. Stock markets
have been buoyant, which itself will boost their revenue.
There is also speculation that
active managers could start to
perform better relative to
passive funds under current
market conditions, though
this is far from certain.
To the extent that these
stocks are rising because of
expected relief from the Labor Departments rule, the
celebration is premature.
Aaron Back
OVERHEARD
Property went from being
red hot to ice cold with impeccable timing for some investors.
In recent years, real-estate
investment trusts had helped
underpin gains in funds that
track the U.S. financial sector
as people scrounged for yield.
In September, S&P Dow
Jones Indices made the rapidly expanding category its
own sector, the first new industry classification since the
tech boom.
Right on cue, interest-rate
jitters sent REITs sliding
while buoying banks and insurers, their old stablemates.
REITs have lagged behind the
S&P 500 by more than 10
percentage points ever since.
Like a hot-air balloon that
dropped a sandbag and then
fired up the gas, though,
banks have soared since Donald Trumps election on
hopes of less regulation and
a further spike in yields.
Financials have now outperformed REITs by a whopping 25 percentage points. It
is true what they say about
real estate: location, location,
location.
More Political Uncertainty in Italy Puts Bonds to the Test

Italys rejection of constitutional reform and the resignation of Prime Minister
Matteo Renzi are far from
being a Brexit-style shock.
Markets got this one right.
But even more political uncertainty is the result. Italian
bonds remain in the
crosshairs.
The scale of the rejection
of Renzis reform, with 59.6%
of voters opting for no,
was bigger than expected.
But the market had clearly
expected the result, unlike
the Brexit vote and Donald
Trumps election as U.S.
president in November. The
euro initially fell, but then
rebounded and was only
slightly lower at $1.064. The
Parting Ways
Total return on Bank of America
Merrill Lynch governmentbond indexes
Germany
8.0%
6.0
4.0
2.0
0
2.0
Italy
J F M A MJ J A S O N
Source: FactSet
10-year spread between Italian and German bonds widened, but only modestly:
Italian 10-year yields at
around 2% are below their
late-November peak. Euro-
pean stocks rose.

For Italian markets, much
will now depend on the formation of a new government,
potential changes to electoral
laws and whether the country
moves swiftly to elections.
The latter could pose a risk
for markets, as the antiestablishment 5 Star Movement
will see it as a big opportunity. Many analysts expect a
caretaker government that
will steady the ship: Failure
to achieve this outcome
would be a shock, and be disruptive. In any case, economic reform will go on hold,
meaning Italys economy
looks set to continue growing
at a crawla lingering weak
spot for Europe.
One tangible outcome of

the vote could be a downgrade for Italys credit rating. DBRS, the only ratings
firm still to assign a single-A
rating to Italian government
debt, is considering downgrading Italy and has previously voiced worries about a
no vote. A cut would mean
higher haircuts for debt used
as collateral in operations
with the European Central
Bank, potentially posing a
further challenge for already-fragile Italian banks
with large holdings of government bonds.
Italian government bonds
already have underperformed
German securities this year,
Bank of America Merrill
Lynch bond indexes show,

particularly after the U.S.
presidential vote. Through
Friday, Italian debt had returned minus-0.3% for the
year, while German bonds
were up 3.6%. Any enthusiasm for Italian bonds should
be curbed until it is clear
how the country is addressing its populist impulses.
For bonds, the focus is
now likely to shift to this
weeks ECB meeting. The
ECB already faced a tricky
communications task given
the markets focus on how
long its bond-buying program can last. After the Italian referendum, the stakes
are a little higher.
Richard Barley
Berkshires Warren Buffett

a powerhouse over five decades through long-term stock
investments and dozens of acquisitions. One of the companys enduring advantages
has been its ability to profitably invest float, the cash
given to the company as insurance
premiums
that
doesnt have to be paid out
until years later. Berkshires
insurance float stood at $91
billion at the end of the third
quarter, according to the company.
Since Mr. Buffett acquired
Berkshire in 1965, its pershare market value has posted
a compounded annual gain of
21% through 2015. Class A
shares are up more than 21%
this year.
Some investors may be
buying Berkshire shares postelection as a defensive bet because Mr. Buffetts value-oriented investment strategy can
outperform during market
routs, said Paul Lountzis,
president of Lountzis Asset
Management LLC, which owns
Berkshire shares.
Its a safe place to put your
money. [Berkshire has] a broad
diverse set of revenues, Mr.
Lountzis said. If we would go
into a very difficult time on
the equities side, Berkshire has
proven repeatedly that they
are a Fort Knox.
WSJ.com/Heard
Volkswagen
Takes On
UberAgain
And the name isMOIA.
Volkswagen Group wants to
take on Uber with a consonant-light brand designed to
sound as un-German as possible. Never mind that Uber
is a German word.
The German automotive
conglomerate unveiled its
13th brand Monday. The settingTechCrunch Disrupt, a
tech-industry event in Londonunderlined that MOIA
wont be like the existing 12
product brands (Volkswagen
cars, Audi, Porsche, Lamborghini, Skoda, etc.). Instead, it
will group together VWs efforts to win customers for cars
on demand, an emerging industry dominated by Uber.
In reality, MOIA is less a
brand and more an in-house
startup. True to tech clich,
its 50 staff will be based in
Berlin rather than Wolfsburg,
the small-town home of VW,
and headed by the bearded,
denim-wearing Ole Harms.
The oddest thing about
MOIA is that VW bought a
$300 million minority stake
in riva Gett in May. Mr.
Harms talks about a partnership, but both companies will
offer the same services.
MOIAs unveiling was followed by the London launch
of Gett Together, a car-pooling service that started in
New York last month. MOIA
will probably trial car pooling
in Berlin and Hamburg next
year. The two companies
wont overlap geographically
at first, but Mr. Harms has
global ambitions.
This doesnt look like a
sustainable arrangement. A
merger of Gett and MOIA
would be preferable to a split:
This is a market that needs a
credible competitor to Uber,
not a proliferation of startups
fighting for second place. If
VWs 13th brand sounds unlucky, the consolation is that
it may soon be subsumed into
Gett.
Stephen Wilmot

WSJ

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