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North Korea’s
The Cutting Edge in Nuclear
Consumer Electronics Proliferation
PERSONAL JOURNAL | D1 OPINION | A12
* * * * * * THURSDAY, JANUARY 7, 2016 ~ VOL. CCLXVII NO. 5 WSJ.com HHHH $3.00

DJIA 16906.51 g 252.15 1.5% NASDAQ 4835.76 g 1.1% STOXX 600 354.35 g 1.3% 10-YR. TREAS. À 20/32 , yield 2.177% OIL $33.97 g $2.00 GOLD $1,091.90 À $13.50 EURO $1.0781 YEN 118.47
What’s
Out With the Old, In With the New in Venezuela
Bomb Test
News Challenges
U.S. in Asia
Business & Finance
C hina’s stock market

plummeted Thursday and
trading was halted for the
day about 30 minutes after BY CAROL E. LEE claimed by North Korea, the
the open. Shanghai’s bench- test indicates Pyongyang has
mark index sank 7.2%. A1 North Korea’s fourth nu- continued to advance its nu-
clear weapons test spread clear program.
Gasoline futures plunged
alarm through the U.S. and al- President Barack Obama,
as data showed U.S. consump-
lied countries, reigniting con- despite a diplomatic pivot
tion waned in late December.
cerns about Pyongyang’s ad- aimed at increasing U.S. clout
Global oil prices tumbled. C1
vancements and thrusting the in Asia, has seen North Korea
The Dow fell 252.15 points
country back into the diplo- perform three of its four nu-
to 16906.51, a three-month
matic spotlight. clear tests during his time in
low, on the oil-price slide
The Obama administration office. The isolated communist
and worries over China. C4
on Wednesday disputed North country has long been resis-
Fed officials expressed Korea’s declaration that it had tant to diplomatic pressure,
some trepidation as they detonated a hydrogen bomb, a despite international sanctions
decided last month on a his- thermonuclear device with far that exacerbate the grinding
toric interest-rate increase. A2 greater destructive power than Please see TEST page A6
a conventional atomic bomb.
U.S. authorities are con-
RONALDO SCHEMIDT/AGENCE FRANCE-PRESSE/GETTY IMAGES
But even if the device is U.S. doubts claim of hydrogen

ducting a criminal probe tied
proven smaller than that bomb............................................... A6
to a foodborne-disease out-
break at a Chipotle outlet. B1
New Woes Hit

Morgan Stanley’s Fleming
stepped down and CEO Gor-
man named Kelleher to be
the firm’s sole president. C1
Macy’s is slashing jobs and
hiring more advisers to re-
examine its real estate hold-
ings after holiday sales fell. B1
China Market
BY SHEN HONG limit volatility kicked in for the
Starboard threatened a second time this week.
proxy battle with Yahoo un- SHANGHAI—China’s stock The benchmark Shanghai
less CEO Mayer is ousted and market tumbled and suffered its Composite Index ended the dra-
a new strategy is enacted. B1 OPPOSITION MOVE: National Assembly employees removed photos of late President Hugo Chávez as shortest trading day in its 25- matically brief trading day down
the newly installed parliament in Caracas swore in three opposition lawmakers on Wednesday. A8 year history Thursday, as Bei- 7.2% at 3115.89.
United CEO Munoz un-
jing’s growing tolerance of a “I am speechless. I was about
derwent a heart-transplant
weaker currency intensified con- to clear my position but I
operation, the airline said. B1
cerns about capital flight and the couldn’t since the stock already
Cruz Takes on Ethanol

Valeant named Howard health of the world’s No. 2 econ- fell by its 10% daily trading
Schiller, a director and for- omy. limit,” said Gu Yuan, a Shanghai-
mer CFO, as interim CEO. B3 The stock market came to a based retail investor.
halt about 30 minutes after The yuan’s slide this year has
U.K. regulators are prob-
Please see CHINA page A7
In Iowa—and Vice Versa

opening, as a new mechanism to
ing trading of British govern-
ment bonds by Lloyds. C3
World-Wide Fed Minutes Reveal Concerns

BY REID J. EPSTEIN of a multi-million-dollar cam-
paign to stop Mr. Cruz from
North Korea’s test of a SIBLEY, Iowa—Presidential becoming the first candidate
nuclear weapon alarmed the candidates for decades have More coverage of in either party to win the state
U.S. and allied nations, but sought to curry favor with the presidential campaign while opposing the standard
officials disputed Pyongyang’s Iowa farmers by pledging alle- A4-5 since it was enacted.
claim that it had detonated giance to a local agriculture For the trade groups that
a hydrogen bomb. A1, A6 lobby that reaps the benefits represent Iowa’s ethanol pro-
of favorable federal laws. Standard, a law first passed in ducers, Mr. Cruz represents an
The House voted to re-
Now, Sen. Ted Cruz, the 2005 that requires refineries existential crisis: If he proves a
peal central pillars of the
front-runner in the state’s Feb. to blend an increasing amount presidential candidate can win
2010 health law and halt
1 Republican presidential cau- of biofuels, including the corn- Iowa without the approval of
federal funding for
cuses, is threatening to break based ethanol produced here, the ethanol lobby—repre-
Planned Parenthood. A3
BAO DANDAN/XINHUA/ZUMA PRESS
the pact, prompting a fierce into the U.S. gasoline supply sented here by a group called
German officials are in- pushback from the industry. each year. America’s Renewable Future—
vestigating three suspects Mr. Cruz is calling for an The state’s biggest ethanol the fear is no candidate will
in a series of New Year’s Eve end to the Renewable Fuel trade groups are in the midst Please see CRUZ page A4
assaults that have fueled a
migration debate. A8
The number of people
seeking asylum in Germany TAX-TRADE MESS ‘Jaws’ Shark
Jumps Out
reached a postwar record
of 1.1 million in 2015. A8
Venezuela’s parliament
swore in three opposition
LINGERS AT BANK Of Obscurity
CAUTIOUS STEP: The latest Fed minutes reveal that officials moved
ahead with trepidation as they raised interest rates last month. A2
lawmakers despite a court

ban, giving President Ma- BofA dismantled group that helped clients i i i
Oracle #1
duro’s rivals control. A8 avoid paying, but regulators press on with probes Fan pushes to find
Midwest officials are as-
sessing the damage from BY JENNY STRASBURG a new home for
last week’s flooding and tal- Small but Mighty
lying the cleanup cost. A3
A Texas state trooper
was indicted for perjury in
connection with the arrest of
A group at Bank of America
Corp. that specialized in ar-
ranging trades to help clients
around the world avoid taxes
Bank of America's tax-trading
group, SEFT, was tiny compared
with the rest of the bank, based
on 2013 revenue
movie prop ‘Bruce’
BY ALEJANDRO LAZO Cloud ERP
has been dismantled. Some LOS ANGELES—For a few
Sandra Bland, a black woman Bank of America
employees claim they aren’t devoted fans of Steven Spiel-
who later died in jail. A3
even allowed to say the $89.8 billion berg’s “Jaws,” the lasting hor-
A House panel will con- group’s name anymore. ror isn’t the movie’s ominous
Global Markets division
sider if new safeguards are But escaping the troubles theme music or its gory ship-
needed for handling NSA in- left by the group, called Struc- $16.1 billion wreck finale.
tercepts that involve U.S. law- tured Equity Finance and Equities sales and trading It is the fate of “Junkyard
makers or other Americans. A2 Trading, hasn’t been so easy. $4.2 billion Bruce,” the only surviving prop
Regulators have intensified shark left after the release of
Died: Pierre Boulez, 90, SEFT
their scrutiny of certain divi- the 1975 classic film.
French conductor and mod-
dend-tax trades and deepened $259 million For years, the 25-foot movie
ernist composer. A17, D4
an investigation into whether relic has been suspended over 1,675 150
Bank of America broke rules Source: the company the entrance of Aadlen Broth-
CONTENTS Opinion............... A11-13 designed to safeguard client THE WALL STREET JOURNAL. ers Auto Wrecking, a sprawling Oracle Cloud Workday Cloud
Arts in Review..... D4
Business News.. B1-8
Sports.......................... D5
Style & Travel.... D2-3
accounts, people familiar with junkyard in the San Fernando ERP Customers ERP Customers
Crossword................. B7 Technology............... B4 the matter say. counting and internal bank fi- Valley, dilapidated and weath-
Global Finance........ C3 U.S. News............. A2-5 Bank of America also is still nancing, current and former erworn. “Oracle has their act together better than SAP”
Heard on Street.... C8 Weather..................... B7 grappling with internal dis- employees say. A die-hard “Jaws” fan, West
In the Markets....... C4 World News....... A6-8
Aneel Bhusri, Workday CEO
sent and client disputes re- SEFT was never a big mon- Maätita, tracked Bruce to the
lated to the group, which at eymaker, generating revenue junkyard in 2002, and has been
> its peak had just a few dozen of $259 million in 2013, or trying to get the shark out of
employees working from a about 0.3% of Bank of Amer- the 26-acre scrap heap ever
quiet corner of a Manhattan ica’s total, according to an in- since, saying it belongs in a
Midsize and large scale Enterprise Fusion ERP Cloud customers.
trading floor and an office in ternal document reviewed by museum.
central London. They spent The Wall Street Journal. “It is the Holy Grail for oracle.com/modern-finance or call 1.800.ORACLE.1
s Copyright 2016 Dow Jones &
Company. All Rights Reserved hour after hour discussing the Still, clients flocked to ‘Jaws’ fans,” says Mr. Maätita, Copyright © 2015, Oracle and/or its affiliates. All rights reserved.
minutiae of tax codes, ac- Please see TRADES page A10 Please see JAWS page A10
A2 | Thursday, January 7, 2016 * **** THE WALL STREET JOURNAL.
U.S. NEWS
Don’t Celebrate the End of the Austerity Era
C
ongress brought the cur- sliced an average of 1.2 per- program directed money to could be as low as 2%, or
tain down on five years centage points off growth an- Drag No More green energy and high-speed zero when adjusted for in-
of austerity when it nually from 2011 to 2013. In 2016, spending and tax policies among federal, state and local rail, and included several flation. This means the Fed
passed a budget deal last The hit to the economy governments will make a positive contribution to growth for the measures meant to become may have only two percent-
month. By loosening spending was all the harder because first time since 2010. permanent, such as an ex- age points of interest-rate
caps and extending various tax the Federal Reserve couldn’t panded tax credits for the cuts available to fight the
breaks, the agreement means compensate by cutting inter- Fiscal contribution to growth as percentage of GDP working poor, children and next recession (compared
that combined federal, state est rates, since they already 2.0% college education, and in- with 5.25 points in 2007).
and local spend- were near zero. creased Pell Grants. Many Re- “I am worried that a very
State/local
ing and taxes This year will be the mir- 1.5
Federal publicans saw the Obama low equilibrium rate makes
will contribute ror image of 2011. With the Total
stimulus as government over- it harder for monetary policy
to growth this spending caps loosened and 1.0 reach, one reason for their to do the full job of counter-
year for the several tax cuts becoming per- embrace of austerity in 2011. cyclical stabilization policy
first time since manent, fiscal policy has now 0.5 in downturns,” Mr. Williams
CAPITAL
S
2010. turned stimulative. This comes uch conflicts could be said in an interview. That, he
ACCOUNT The end of too late to help: unemploy- 0 avoided with stronger said, means fiscal policy will
GREG IP austerity isn’t, ment, at 5%, is back to normal automatic stabilizers, need to play a bigger role.
–0.5
however, cause and the Fed has started rais- which could obviate the need But how? Doug Elmendorf,
for celebration. ing rates to prevent an even- for discretionary stimulus. dean of Harvard University’s
–1.0
Rather, it simply underlines tual outbreak of inflation. If This is likely to become even Kennedy School of Govern-
how the budget’s role as a Congress last year instead had –1.5
more urgent, because the ment, suggests varying the
counter-cyclical economic elected to keep the deficit Fed is losing its own coun- federal share of Medicaid,
shock absorber has fallen down, the Fed could have neu- –2.0 ter-cyclical punch. which would take pressure off
victim to ideological differ- tralized the economic impact Fed officials think the states that would otherwise
ences over the size of gov- by raising rates even more Estimate Projected “equilibrium” interest rate, have to shrink spending to
–2.5
ernment. slowly than it now plans. which keeps the economy at balance their budgets. Mr.
2009 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18
Ideally, budgets should To be sure, fiscal and full strength and inflation at Williams proposes automati-
stimulate the economy in monetary policy don’t al- Source: Goldman Sachs THE WALL STREET JOURNAL. bay, is just 3.25% to 3.5% cally cutting payroll taxes
busts and dampen spending in ways work at cross-pur- compared with above 4% be- during recessions.
booms. That rule went out the poses. Federal spending on This was less than a third zero and 1% without fully off- fore the recession. The reason Just as important as acti-
window in 2011 when Republi- unemployment insurance, of the estimated shortfall in setting recessionary forces, is that slumping productivity vating stimulus during down-
cans in Congress and Presi- Medicaid and food stamps economic output from its and politicians have responded and investment, risk aversion turns is deactivating it during
dent Barack Obama enacted automatically rises in reces- normal level. Historically, it with big “stimulus” packages and an aging population have recoveries. As Mr. Williams
multiyear spending limits sions while corporate and in- didn’t matter that automatic that become platforms for sapped borrowing demand. notes, the point is to have poli-
when they couldn’t agree on come taxes drop. The Con- stabilizers dampened only broader political goals. Research by John Wil- cies “on autopilot that have
long-term changes to spend- gressional Budget Office part of the economy’s booms President George W. Bush liams, president of the Fed- nothing to do with the role of
ing and taxes. These were a estimates that in 2009 these and bust, because the Fed used the weakness of the eral Reserve Bank of San government in our society.” By
major contributor to the “fis- “automatic stabilizers” could do the rest of the job. economy from 2001 to 2003 Francisco, and Fed econo- all means, that role should be
cal drag” that Goldman Sachs added roughly $300 billion But since 2000, the Fed has to justify, then accelerate, his mist Thomas Laubach sug- debated—but not as a way to
analyst Alec Phillips estimates to the federal deficit. twice cut rates to between tax cuts. Mr. Obama’s stimulus gests the equilibrium rate manage the business cycle.
In It to Win It: Lottery Jackpot at $500 Million

Fed Minutes Reveal SoftTrade
Concern on Rates DataCloud
BY JON HILSENRATH jobless rate declined.
That is not the message of-
Outlook
Federal Reserve officials ex-
pressed trepidation as they de-
cided last month on a historic
ficials have sent in recent days.
Federal Reserve Vice Chair-
man Stanley Fischer, speaking
For U.S.
interest-rate increase. on CNBC on Wednesday, said BY ANNA LOUIE SUSSMAN
The decision to raise rates, the market is underestimating
which the Fed kept near zero how many times the central Weak overseas economies,
for seven years, was unani- bank will lift interest rates this low commodity prices and a
mous. But minutes of the Fed’s year. He said he sees some- strong dollar have chilled
December policy meeting, re- thing “in the ballpark” of four trade flows, a sign of trouble
leased Wednesday, revealed increases. for U.S. economic growth.
that some officials expressed John Williams, president of The slowdown in global
concern that inflation would the San Francisco Fed and a commerce suggests the U.S.
linger below their 2% objec- confidant of Fed Chairwoman economy could be increasingly
tive. Janet Yellen, earlier in the reliant on domestic spending
That, in addition to the sti- week said he could “easily see” to jump-start activity, as busi-
fling effects on the U.S. econ- the Fed raising rates three to ness investment has been lag-
omy of a strong U.S. dollar and five times this year. He ex- ging and consumers continue
slow growth overseas, could pressed little concern about to show caution.
restrain the Fed’s desire to fol- stock-market declines this The latest measure of U.S.
low through with additional week. trade flows from the Com-
rate increases in 2016. In theory, inflation should merce Department on Wednes-
pick up as joblessness falls and day showed imports and ex-
EUROPEAN PRESSPHOTO AGENCY
slack in the economy dimin- ports hitting their lowest

Inflation has ishes. With that in mind, levels in years, a double
run below the “nearly all” of the Fed officials whammy that hints at a do-
at the meeting had become mestic slowdown as well as
Federal Reserve’s 2% “reasonably confident” infla- anemic demand for American
goal for 3½ years. tion would rise in the months products abroad.
ahead, the minutes said. For Much of the weakening in
several months before the trade over the past year can be
At the meeting, they ex- meeting, the Fed had said it POWER PLAY: Pete Gagliano of McCalla, Ala., shows off tickets he purchased for Wednesday’s traced to falling commodity
pressed “significant concern would wait to raise rates until Powerball drawing. The jackpot is estimated at $500 million if the payout is taken as an annuity; prices and slowdowns in major
about still-low readings on ac- it was “reasonably confident” a cash payout would bring in about $300 million. The grand-prize odds are 1 in 292,201,338. economies such as China and
tual inflation” in addition to inflation would climb to its 2% Brazil. The strong dollar,
“uncertainty and risks present target. which drives up prices for
in the inflation outlook,” the Still, officials pointed to fac- overseas purchasers, has also
minutes said. tors that could throw their in- clear accord with Iran. The Jour- CALIFORNIA dented U.S. exports and
Traders in futures markets
see the Fed moving short-term
flation outlook off course: Ad-
ditional declines in oil prices
U.S. nal said the NSA targeted the
communications of Israeli Prime
Emergency Declared dragged down domestic
growth. Oil producers and
rates up in two more quarter-
percentage-point increments
could weigh on inflation read-
ings, as could continued appre- Watch Minister Benjamin Netanyahu
and other senior Israeli officials,
Over Gas Leak
California Gov. Jerry Brown
manufacturers of mining and
drilling equipment have been
by year-end, to just under 1%, ciation of the dollar. and, in so doing, swept up the declared a state of emergency particularly hard-hit.
while Fed officials have pen- “Although almost all [offi- contents of some of their private Wednesday over a gas rupture The near-term blow to U.S.
ciled in four increases to just cials] still expected downward conversations with lawmakers that has been sending meth- exports is one reason Federal
below 1.5%. pressure on inflation from en- and Jewish-American groups. ane into an upscale Los Ange- Reserve officials are proceed-
Officials in recent days have ergy and commodity prices INTELLIGENCE At the request of the commit- les neighborhood for more ing with caution as the central
emphasized they see them- would be transitory, many tee’s chairman, Rep. Devin Nunes than two months. bank raises interest rates. That
selves sticking to the four-step viewed the persistent weak-
NSA Safeguards to (R., Calif.), members of the panel Officials at Southern Cali- could further strengthen the
plan, despite a rocky start to ness in those prices as adding Be Considered on Wednesday received a classi- fornia Gas Co. have said the dollar, with other central
the year in global stock mar- uncertainty or imposing im- The U.S. House Intelligence fied briefing from intelligence leak, in the Porter Ranch banks pushing their currencies
kets, further declines in crude- portant downside risks to the Committee will consider whether agencies about how they han- neighborhood, may not be in the opposite direction.
oil prices as well as data show- inflation outlook,” the minutes new safeguards are needed for dled intercepted Israeli communi- plugged until the end of The November trade gap
ing a contraction in the said. handling communications inter- cations “to, from or about” law- March. narrowed 5% from October to
manufacturing sector and a The Fed said at the meeting, cepted by the National Security makers, officials said. Mr. Brown’s declaration calls $42.37 billion, the Commerce
slowdown in global trade. and reiterated in its minutes, Agency that involve U.S. law- Current and former U.S. offi- for increased oversight of the Department said. Exports fell
However the minutes left that officials planned to move makers or other Americans, the cials declined to say whether the gas industry in the state, and 0.9%, while imports fell an
some analysts doubtful. gradually as they raise rates top Democrat on the panel said communications in question were creates new “emergency regu- even steeper 1.7% to their low-
“They will probably end up further because of these and on Wednesday. between Israeli officials and U.S. lations” for gas storage-facility est level since February 2011.
doing less than they think,” other uncertainties. The move follows a report in lawmakers directly, or whether operators, including daily in- Trade figures can be vola-
said Roberto Perli, an analyst For each of the three key The Wall Street Journal about they were Israeli officials discuss- spection of storage well heads tile. In the first 11 months of
at Cornerstone Macro, a re- economic metrics the Fed how the NSA targeted Israeli ing their contacts with members and regular testing of safety 2015, the U.S. trade deficit
search firm. “The minutes con- watches—inflation, unemploy- communications during the 2015 of Congress after the fact, or both. valves in wells. widened 5.5% compared with
firm that for me.” ment and growth—Fed staff congressional debate over a nu- —Adam Entous —Tamara Audi the same period a year earlier,
Inflation has run below the economists saw risks of eco- as exports fell 4.6%.
Fed’s 2% goal for 3½ years. The nomic underperformance. Exports of industrial sup-
CORRECTIONS
THE WALL STREET JOURNAL
Fed tries to keep inflation near Growth data have been dis- (USPS 664-880) (Eastern Edition ISSN 0099-9660) plies and materials hit their
that level, running neither very appointing of late and some lowest level since September
AMPLIFICATIONS
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
high above it nor very low be- analysts have revised down Editorial and publication headquarters: 2010, driving November’s de-
low it, to diminish distur- their estimates of the annual- 1211 Avenue of the Americas, New York, N.Y. 10036 cline. Those exports fell by
bances to the economy. Persis- ized gain in output for the Published daily except Sundays and general legal holidays. $69.51 billion through Novem-
tently low readings since the fourth quarter. For example, Periodicals postage paid at New York, N.Y., and other mailing offices. Diana Nyad swam from Ha- ber 2015 compared with the
financial crisis suggest under- Macroeconomic Advisers, a POSTMASTER: Send address changes to The Wall Street Journal, vana to Key West, Fla., in same period a year earlier, ac-
lying weakness in overall eco- forecasting firm, has pushed 200 Burnett Rd., Chicopee, MA 01020. 2013. A Review article Satur- counting for about two-thirds
nomic activity, even though its estimate down from near All Advertising published in The Wall Street Journal is subject to the applicable day about her musical tastes of the $104.85 billion drop in
rate card, copies of which are available from the Advertising Services Department,
employment has risen and the 2% in mid-December to less Dow Jones & Co. Inc., 1155 Avenue of the Americas, New York, N.Y. 10036.
incorrectly said she swam overall exports in the period.
WSJ PROMOTION than 1%. Construction and The Journal reserves the right not to accept an advertiser’s order. Only publication from Havana to Miami. Exports represent only
trade data released this week of an advertisement shall constitute final acceptance of the advertiser’s order. about 13% of U.S. economic
have been soft. Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com The surname of golfer Anir- output, and the economy has
If the economy disappoints, ban Lahiri was misspelled as expanded steadily despite the
the Fed could hold off on rate NEED ASSISTANCE WITH YOUR SUBSCRIPTION? Lahari in a Sports article Tues- trade contraction. But several
In-depth news and analysis increases. Likewise, it could ac- CONTACT CUSTOMER SUPPORT. day about golfer Jordan Spieth. economists lowered their fore-
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if the economy surprises with By email: wsjsupport@wsj.com Readers can alert The Wall Street domestic product after the re-
Subscribe at WSJ.com/Pro robust growth in the months By phone: 1-800-JOURNAL (1-800-568-7625) Journal to any errors in news articles
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THE WALL STREET JOURNAL. * * * * * Thursday, January 7, 2016 | A3
U.S. NEWS
Health-Law Vote Hardens Party Divide

BY CAROL E. LEE Obama has pledged a veto—it same with executive actions president’s goal of making highlight the GOP’s lack of a “We are realistic that there
AND STEPHANIE ARMOUR marks the first time the Re- this year on climate change. changes to the criminal justice replacement for the ACA. Rep. is some deeply entrenched op-
publicans who lead Congress And he is expected to use his system through bipartisan leg- Richard Neal (D., Mass.) said position in the Democratic
As the spotlight shifts from delivered on their pledge to final State of the Union ad- islation this year should also on the House floor Wednesday Party for these kinds of mea-
policy makers in Washington send the president a bill dis- dress next week to outline a energize Democrats. that in the dozens of votes the sures, but there is bipartisan
to the presidential campaign mantling his signature law. familiar economic vision that Both sides face potential chamber has taken on GOP support for them,” Mr. Earnest
trail, the White House and The Senate passed the bill has little chance of passing pitfalls, though. moves to repeal the law, said Tuesday.
congressional Republicans are last year, so Wednesday’s this year but underscores divi- Republicans want to repeal “we’ve voted with no alterna- Closing the Guantanamo
looking for ways to energize House action by a party-line sions between the parties on the health law, but haven’t yet tive ever proposed.” Bay facility is unlikely to be
their parties’ voters—and per- vote of 240 to 181 sends it to coalesced around a plan to re- But parts of Mr. Obama’s done with help from Congress,
haps attract some from the
other side.
the White House.
“We are confronting the
Congress moves to place it. They will need to
bridge divisions that for years
agenda are tricky, too. A new
trade pact with Asia and clos-
but Mr. Obama is leaving open
the possibility of using execu-
On Wednesday, the House president with the hard, hon- repeal the health have kept the party from ad- ing the detention facility in tive power to shut it down be-
passed legislation to repeal
central pillars of the 2010
est truth: Obamacare doesn’t
work,” House Speaker Paul
law, while Obama vancing a substitute. Some Re-
publicans want to replace the
Guantanamo Bay, Cuba, which
holds terrorist suspects—the
fore he leaves office. Doing so
could put Mrs. Clinton and
health law and halt federal Ryan (R., Wis.) said Wednes- takes action on guns. law’s subsidies with tax cred- few items that could advance other Democrats on the spot,
funding for Planned Parent- day. “Higher premiums and its, for example, while others this year—may be problematic as it isn’t seen as a priority by
hood Federation of America. A fewer choices and restricted say a repeal is sufficient. for his party’s presidential Americans from both political
day earlier, President Barack access—these are not signs of issues such as raising the min- “If we repeal Obamacare, nominee and Democrats run- parties.
Obama rallied the Democratic success.” imum wage and boosting taxes the very first thing that hap- ning for Congress. Only 24% of people polled
base by taking an executive ac- Congress doesn’t have on high earners. That will help pens is we go back to the best The trade deal is opposed for a Wall Street Journal/NBC
tion on guns. enough votes to override a front-runner Hillary Clinton health-care system in the by many Democrats, including News survey in January 2015
The moves allow both par- veto, but GOP lawmakers will and other Democrats as they world, based primarily on free- the party’s 2016 front-runner, said closing the prison was an
ties to draw contrasts in an use the bill’s passage to define make their pitches for a more enterprise principles,” Rep. Mo former Secretary of State Hil- absolute priority, while 36%
election year. While the House themselves against their Dem- equitable America. Brooks (R., Ala.) said Wednes- lary Clinton. Still, Mr. Obama said it shouldn’t be pursued.
vote on the Affordable Care ocratic election opponents. White House press secre- day. plans to make a strong push —Siobhan Hughes
Act is largely symbolic—Mr. Mr. Obama hopes to do the tary Josh Earnest said the Democrats will continue to for its passage in Congress. contributed to this article.
Trooper Midwest Tallies Damage From Flooding

Indicted BY KRIS MAHER
In Jail-Cell As people return to hun-

dreds of homes and businesses
damaged by last week’s record
DeathCase flooding in the Midwest, state

and local officials are assess-
ing the wreckage and tallying
BY DAN FROSCH the cost of a massive cleanup.
Missouri Gov. Jay Nixon es-
A Texas state trooper was timated 7,100 structures in the
indicted Wednesday by a state were affected by the
grand jury for perjury in con- flooding and that there could
nection with the arrest of San- be as much as 500,000 tons of
dra Bland, a black woman debris in the St. Louis area.
whose jail-cell death last sum- The flooding caused 25
mer added to the national out- deaths in Missouri and Illinois,
cry over police treatment of spurred hundreds of people to
minorities. evacuate their homes and
Darrell Jordan, a special snarled traffic for days when
prosecutor in the case, said sections of major highways
Trooper Brian Encinia will were submerged.
face the misdemeanor charge Mr. Nixon, a Democrat,
KATE MUNSCH/AGENCE FRANCE-PRESSE/GETTY IMAGES

after the grand jury found he signed an executive order on
wasn’t truthful about his con- Wednesday temporarily waiv-
duct when he arrested the 28- ing certain environmental
year-old during a traffic stop rules in order to speed debris
July 10. disposal, which he said would
The Texas Department of “help flood-affected communi-
Public Safety said after the ties get back on their feet as
grand jury’s decision that it quickly as possible.”
was firing Mr. Encinia. Mr. En- As areas were drying out,
cinia couldn’t be reached for some cost estimates from
comment. counties began to emerge.
The grand jury last month St. Louis County officials
declined to indict members of said 900 homes and busi-
the sheriff’s office or jailers in nesses were damaged and put
Waller County, Texas, the cost to repair buildings Sue Haskins cleaned out the kitchen of her Fenton, Mo., home after flooding that has caused 25 deaths in Missouri and Illinois.
where Ms. Bland was found and roads at $235 million.
hanged in her cell July 13. In Illinois, local emergency- cases as more inspections are from the Meramec covered a “We’ve been complaining property who was trapped on
Mr. Encinia pulled over Ms. management agencies are sup- completed. large section of downtown. about how much our flood in- a roof with his dog and calling
Bland for failing to signal posed to provide damage as- In Missouri, the worst They rose to about 40 inches surance costs us in the last for help.
when she was changing lanes. sessments to the state by Jan. flooding occurred where the on the ground floor of a 1908 couple of years, but it’s a good Mr. Kirk said he was grate-
The encounter, caught on a 18, said Patti Thompson, a Meramec River, a tributary of building that houses the Pa- thing we have it,” she said. ful that as waters kept rising,
police dash-cam video, esca- spokeswoman with the Illinois the Mississippi, rose above its cific Opera House. Allison Dai- Outside the city of Eureka, he was able to walk about 40
lated after Ms. Bland became Emergency Management banks to record heights. Some ley, manager of the McHugh & Mo., part of Jerry Kirk’s farm animals, including horses, pigs,
upset, and Mr. Encinia threat- Agency. of the heaviest rains in the Dailey Mercantile Building, was covered in 24 feet of wa- goats and an emu, to higher
ened to use what appeared to The damage estimates don’t days after Christmas fell along said damaged walls and floor- ter. The torrent left a recre- ground so they could be
be a stun gun on her. include repair and other costs the Meramec’s basin, causing ing would likely have to go. ational vehicle wedged in a trucked to Illinois.
Ms. Bland’s family is pur- individuals will have to pay to rapid flooding there, said Jay- She said the property owner tree and flooded a cabin on “It caused us to scramble,”
suing a wrongful-death suit clean out basements and son Gosselin, a meteorologist will have to pay a $50,000 de- stilts, causing $100,000 in said Mr. Kirk. “The height of
against state and county au- barns, or restock busi- with the National Weather ductible, but that flood insur- damage. Mr. Kirk said he called this crest was just incredible.
thorities as well as Mr. En- nesses. Officials said the totals Service in St. Louis. ance will cover costs for mate- emergency responders to res- Nobody has ever seen anything
cinia. were also likely to rise in many In Pacific, Mo., floodwaters rials attached to the building. cue a man who lives on his like it.”
AmericansPackShootingSurvivalClasses
BY ZUSHA ELINSON tors told participants to create
barriers, like locking the door
When Alexandra Wilson to keep the shooter
goes to the movies, she care- out, and drawing as little at-
fully chooses seats in the the- tention to yourself as possible.
ater with easy access to ex- The last resort, instructors
its—a habit since the mass said, is defense.
KEVIN D. LILES FOR THE WALL STREET JOURNAL
shooting in an Aurora, Colo., Lt. Brian Marshall of the

theater 3½ years ago. Marietta police department,
But Ms. Wilson wanted to who led the Sunday session,
be more prepared: She is one cautions people to use guns
of a growing number of Amer- with great care in these situa-
icans opting for training to tions, since they could be mis-
survive a mass-shooting at- taken for the perpetrator and
tack. killed by police.
Ms. Wilson, a 29-year-old “What we don’t want you
from El Paso, Texas, took a do to do is take out the pistol
course through training com- and roam the building to look
pany Sage Dynamics aimed at for the bad guy because when
teaching gun owners how to Lt. Jake King speaks at an event in Marietta, Ga., last month. we get there we’re looking for
respond in such an attack someone like that,” he said.
should they choose to or have reflects national anxiety over world,” said Joel Peacock, It is rare that a mass killer
to. Participants use fake am- such attacks, especially since owner of a local security com- has been stopped by a citizen
munition to test their reac- the massacre of 14 people dur- pany who attended the first with a gun. An FBI study of
tions and shooting skills in ing a terror attack in San Ber- session. “This is not one of 160 active-shooter incidents
staged scenarios. nardino, Calif., last month. those seminars that will teach found that just five of
“I carry all the time, every- Most courses focus more on you how to be a hero. It will them ended when armed citi-
where that it’s legal for me to actions that can be taken teach you how to go home to zens who weren’t law-enforce-
carry,” said Ms. Wilson, who is without a weapon, like the one your family at night.” ment personnel exchanged
a shooting instructor. “We held on a recent Sunday in More than 22,000 people gunfire with the suspect.
would probably fight back, but Marietta, Ga., where about have taken classes like the one The study found that inci-
I am also pregnant with our 700 people crowded into an in Marietta in an effort dents involving active shoot-
first child, so I might bail just auditorium for a two-hour les- launched over the past year by ers defined as “an individual
for the sake of the child.” son from police. an active-shooter training pro- actively engaged in killing or
Training for response to It was the second time gram at Texas State Univer- attempting to kill people in a
armed attackers has long been since the Dec. 2 San Bernar- sity that receives federal funds confined and populated area”
held for police, schools and dino shooting that residents in and partners with the Federal increased between 2000 and
businesses. Now there is an in- the Atlanta suburb packed a Bureau of Investigation. 2009.
creasing demand for such hall to learn the principles of The lesson begins with The incidents leveled off at
classes from the public at “Avoid Deny Defend”—the avoidance, which means pay- an average of 18 over the past
large. “Duck and Cover” for the ac- ing attention to your sur- five years, said J. Pete Blair,
Mass shootings make up a tive-shooter era. roundings, having an exit plan, an author of the study and ex- 1.855.4 4.ZEG N A | Z EG N A .C O M
tiny percentage of all killings “Basically, it’s just being and moving away from the ecutive director of the active-
in the country, but the popu- prepared and being aware of threat as quickly as possible. If shooter training program at
larity of the survival courses things happening in today’s escape isn’t possible, instruc- Texas State University.
A4 | Thursday, January 7, 2016 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X ** THE WALL STREET JOURNAL.
Campaigns Shift Focus to Foreign Policy

BY COLLEEN MCCAIN NELSON another reminder of what’s at state sponsors of terror, im-
stake in this election,” Mrs. posing additional sanctions,
A presidential election Clinton said in a written state- rebuilding military alliances in
many expected to turn on eco- ment. She condemned North the Asia-Pacific and recommit-
nomic issues has made a sharp Korea’s nuclear test and de- ting to missile defense.
turn toward foreign policy, a tailed her efforts in the Obama Under Mr. Obama’s policy
change accelerated by North administration to tackle this of “strategic patience,” the ad-
Korea’s claim this week it had national-security challenge. ministration has aimed to
detonated a hydrogen bomb. “As secretary, I championed pressure Kim Jong Un’s re-
On the campaign trail the United States’ pivot to the gime, including with sanc-
Wednesday, national-security Asia Pacific—including shift- tions, while insisting North
issues dominated, with Repub- ing additional military assets Korea return to negotiations
lican contenders criticizing to the theater—in part to con- known as the Six Party Talks,
what they called weakness in front threats like North Korea among the U.S., China, South
the Obama administration, and and to support our allies,” Korea, Japan, Russia and
Democratic front-runner Hil- Mrs. Clinton said. North Korea. The administra-
lary Clinton talking up her ex- GOP presidential candidates tion has coordinated closely
perience as the nation’s secre- said North Korea’s continued with South Korea and Japan in
tary of state. nuclear buildup was evidence its approach and has urged
SCOTT OLSON/GETTY IMAGES

North Korea’s nuclear test, that the administration’s pol- China to take a tougher stance
which the U.S. and others be- icy, which they lay at the feet on North Korea.
lieve was less powerful than a of both President Barack Polling suggests that grow-
hydrogen bomb, has raised Obama and Mrs. Clinton, had ing fears about terrorism have
questions on the campaign failed, strengthening their led to a shift in the political
trail about the White House’s case for installing a Republi- landscape. While job creation
current policy of “strategic pa- can in the White House. and economic growth topped
tience” with the regime. It In Iowa, Sen. Ted Cruz (R., Sen. Marco Rubio criticized North Korea during an appearance Wednesday in Marshalltown, Iowa. voters’ priority lists in April, a
joins the Iran nuclear deal, Texas) said North Korea’s December Wall Street Journal/
terrorist attacks in Paris and claimed test amounts to a pre- headed,” Mr. Cruz said. years,” and he pledged that as that China has “total control NBC News survey found a plu-
San Bernardino, Calif., and es- view of Iran’s next steps once New Jersey Gov. Chris president, he would put to- over North Korea, and China rality saying national security
calating tensions between it develops nuclear-bomb tech- Christie told Fox News that gether a U.S-led coalition that should solve that problem.” and terrorism should be the
Saudi Arabia and Iran, as is- nology. “If Hillary Clinton is Pyongyang’s latest nuclear test would convey to North Korea In Iowa, Sen. Marco Rubio government’s top priority.
sues testing the candidates’ elected president, what we highlighted a “weak response this conduct is unacceptable. (R., Fla.) laid out a four-point —Reid J. Epstein
grasp of global affairs. saw last night is a crystal ball by Barack Obama and Hillary Donald Trump, the GOP plan that included putting and Felicia Schwartz
“Threats like this are yet showing where Iran is Clinton for the last seven front-runner, told Fox News North Korea back on the list of contributed to this article.
water, the 1964 GOP presidential

Gun Lobby: Powerful and Polarizing HHHHH nominee, was born in Arizona
Polling shows support for expanded background checks, but also rising support for the National Rifle Association and skepticism that new before it was a state. Because
gun laws will be effective. CAMPAIGN they were all children of U.S. cit-
Support for the NRA Party divide in NRA support, among potential voters Share of respondents that have
a positive view of each WIRE izens, he said, they all met the
constitutional requirement.
1987 Dec. 2015 Strong support Nonsupport HHHHH —Janet Hook
Times WSJ/NBC All potential voters 38% 34% 50%
Mirror poll News poll ECONOMY
Republicans 59 12 CRUZ VS. TRUMP
40% Study: Carson Tax
Strong Independents 41 19 Planned Parenthood Legal Scholars Back
support 38
+11
Democrats 11 69 Barack Obama Plan Aids Top 10%
37 NRA Cruz on Citizenship Only the top 10% of taxpay-
Non- Sen. Ted Cruz has most legal ers would benefit from the flat-
40
support 34 -3 Beliefs on background-check laws The Supreme Court scholars—and recent political his- tax plan that Republican presi-
Do you think it would reduce the Democratic Party tory—on his side in a spat with dential candidate Ben Carson
Do you support such a law? number of mass shootings? Donald Trump over whether his detailed this week, according to
30 Canadian birth disqualifies him an analysis from the Tax Foun-
Yes 86% A moderate from being president. dation, which favors a simpler
amount 22 A little Two former U.S. solicitors gen- tax system and whose board in-
28% 30
27 eral, Neal Katyal and Paul Clem- cludes corporate executives and
Republican Party ent, said in the March 2015 Har- GOP tax experts.
19 31
vard Law Review that it is a If the plan didn’t stimulate
Not
12 A great at all
“spurious” argument to claim a growth, everyone but those at
No deal child of a U.S. citizen isn’t eligible the top, on average, would lose
No opinion 2 No opinion 1
20
to serve as president simply be- money, with the bottom 20% of
20
cause he or she was born outside households seeing their after-tax
Sources: WSJ/NBC News polls, most recent of 1,000 adults Dec. 6-9; margin of error: +/-3.1 pct. pts.; Times Mirror; Gallup (background check laws) THE WALL STREET JOURNAL. the U.S. “There is no question incomes fall by more than 13%,
that Senator Cruz has been a citi- according to the analysis. Under
Support for the National Ri- the government would go too checks would have little or no 43% to 37%, the Pew Research zen from birth and is thus a ‘nat- a so-called dynamic estimate, all
fle Association has risen 11 far in restricting gun rights. effect in reducing mass shoot- Center found. And in Journal/ ural born citizen,’ ” they wrote. groups would have higher in-
percentage points in the last It is true, as Mr. Obama said ings. And a majority believed NBC polling this year, a major- The Supreme Court has never comes, with the biggest gains
three decades, polls show, Tuesday, that there is broad the country would be safer if ity said the Democratic Party’s directly ruled on the citizenship still concentrated at the very top
while the share that didn’t side support for universal back- more people carried concealed position on guns was outside language of the Constitution. Mr. of the income scale.
with the NRA declined. ground checks before people weapons. the mainstream, and a majority Trump claimed in a Washington Mr. Carson’s plan would set a
That helps explain why can buy guns. He will be at a Mr. Obama teared up when said the GOP position was Post interview that his rival’s Ca- flat 14.9% tax rate on business
President Barack Obama has town hall-style meeting Thurs- announcing his new gun mea- within the mainstream. nadian birth could cause legal and personal income while elimi-
had to sidestep Congress and day in Virginia in an effort, he sures, which includes an ex- “The gun lobby may be problems if his standing to be nating all credits and deductions.
put in place new gun regula- said, to bring people together. pansion of individuals required holding Congress hostage right president were challenged in court. He would also end taxation of
tions through executive action. But as he seeks any small to perform background checks now, but they cannot hold Mr. Cruz, speaking Wednes- individuals’ capital gains, divi-
He knows through hard experi- patch of common ground, one on would-be buyers. But it isn’t America hostage,’’ Mr. Obama day to reporters in Iowa, pointed dends, estates and interest.
ence that lawmakers have little of the most powerful forces he clear that he can win support said Tuesday. But in going up out that GOP 2008 presidential Mr. Carson’s plan would re-
appetite for passing tougher must deal with is skepticism of from the political middle. against the NRA, he is working nominee John McCain was born duce federal revenue by $5.6 tril-
gun laws. any new laws—even the widely After his big push to tighten against a force that is not only in the Panama Canal Zone; Mich- lion over the next decade, or
Polling shows that skepticism backed expansion of back- gun laws in 2013, the public powerful but popular among igan Gov. George Romney, who $2.5 trillion after accounting for
is rooted among the broader ground checks. A majority in still trusts Republicans more many in the country. ran for president in 1968, was economic growth, the study said.
public, as well, about whether Gallup polling said background than Democrats on gun control, —Aaron Zitner born in Mexico; and Barry Gold- —Richard Rubin
Heard on the Stump

Rubio’s Boots Were A Little Golf Spat
CRUZ Corn Country
Annual production of ethanol
mitments from more than
50,000 people who say they
will only caucus for candidates
who back the fuel standard.
of political events across Iowa
this week indicated they are
far more likely to back a candi-
date based on their economic
Made for Gawking Between ‘Buddies’ Continued from Page One 14 billion gallons And aside from Mr. Cruz and foreign-policy positions
Social-media users and Re- What does Donald Trump do ever back their agenda again. and libertarian Kentucky Re- than what they have to say
publican rivals are stepping on when another celebrity accuses “If Cruz wins Iowa and he 12 U.S. publican Sen. Rand Paul, every about farming issues.
presidential candidate Marco Ru- him of cheating at golf? Call him does so without making ac- Iowa other candidate in both parties “Members of my congrega-
10
bio’s black leather boots. a cheater right back—and say commodations to the demands received a “good” rating in a tion are almost all affected by
While most male politicians he’s a bad golfer to boot. of ARF, they’re the ones that 8 report card the group released agriculture,” said Brian Lund,
settle for wingtips or tasseled The spat arose after actor will be the big losers in this,” in December and mailed to an undecided minister from
loafers, the Florida senator’s Samuel L. Jackson said in an in- said Rep. Steve King of Iowa, a 6 hundreds of thousands of Garner who attended a Rubio
boots were made for gawking. terview in the January issue of Cruz backer who also is a would-be Iowa caucus-goers. town hall Tuesday in Mason
He was spotted Sunday in New United Airlines’ Rhapsody maga- “strong supporter” of the fuel 4 It is an unprecedented ef- City. “But I think sometimes
Hampshire wearing a pair of zine that he and Mr. Trump standard. fort to persuade Iowans to there’s a resignation that in-
slick, ankle-height side-zips—“The weren’t “golf buddies” or friends The ethanol industry agrees. 2 back candidates who support terests of farmers won’t be
Duke” by Florsheim, at $135. but that they had golfed to- America’s Renewable Future, the fuel standard, which never represented in Washington.”
0
The style, it was noted by gether. Mr. Jackson said he was which is now solely dedicated before has been opposed by a Dave Trask, a variety store
sartorialists, is often called a Cu- the better golfer because “I don’t to attacking Mr. Cruz, is paper- ’00 ’02 ’04 ’06 ’08 ’10 ’12 ’14 leading candidate. owner from Winterset, said he
ban heel—they add an extra 1.75 cheat.” ing GOP caucus-goers’ homes Source: Iowa Renewable Fuels Association “Our effort four years ago is deciding between Mr. Cruz
inches to the 5-feet 10-inch can- Mr. Trump tweeted Tuesday with mail accusing the Texas THE WALL STREET JOURNAL. was 1/40th the budget we have and Mr. Rubio. He said at a
didate’s height. Mr. Rubio was that “to best of my knowledge” senator of being beholden to his now,” said Eric Branstad, the Cruz event on Monday that he
born in Florida to parents who he had never played golf with home-state oil industry, and it once supported legislation re- ARF state director and son of is far more concerned with
came from Cuba. Mr. Jackson, who then posted a is airing countless television pealing the mandate right Gov. Terry Branstad. “Then, it economic and foreign policy. “I
By Wednesday, Mr. Rubio’s ri- picture of a bill he had received and radio ads urging Iowans to away, as a co-sponsor of a bill was basically me running don’t think it’s an issue I’d
vals took aim. “We’ve seen Rubio from a Trump-owned golf club in vote for anyone else. in 2013. In 2014, Mr. Cruz in- around the state by myself.” vote on,” he said of the RFS.
has those cute new boots and I New Jersey. At Mr. Cruz’s Wednesday troduced a separate bill that Sen. Marco Rubio was one Here in the state’s deeply
don’t want to be outdone,” Ken- Mr. Trump, who has denied campaign stop here, an RV would overhaul several energy of four GOP candidates to im- conservative northwest corner,
tucky Sen. Rand Paul said, while cheating at golf, replied Wednes- plastered with pro-Renewable policies, including phasing out prove his ARF rating from it isn’t hard to find Cruz sup-
surrounded by shoes in Whoopi day: “I don’t cheat at golf but Fuel Standard slogans parked the mandate over five years, “needs work” over the summer porters who describe them-
Goldberg’s dressing room before @SamuelLJackson cheats—with a block down from the coffee similar to his current cam- by publicly embracing the fed- selves as strong backers of the
an appearance on “The View.” his game he has no choice.” house where he met support- paign position. eral ethanol mandate. The fuel standard. State Sen. Jason
—Natalie Andrews —Rebecca Ballhaus ers. Its message to Iowans is The campaign against him, Florida senator said Tuesday Schultz, who owns a farm that
clear: This is your shot to in- Mr. Cruz said, amounts to an- that the federal government’s relies on the standard, said
fluence agriculture policy. other effort by entrenched in- agriculture mandates aren’t concerns about social issues,
“Other than when they are terests to stop his insurgent the same as federal regulations the economy and national se-
’When Bush left campaigning in Iowa, or if campaign. “The lobbyists are on other industries he is seek- curity trumped Mr. Cruz’s op-
office the world’s there is a horrific storm, when trying the best they can to ing to eliminate. position to the requirement.
do you hear presidents or snooker the people of Iowa “We cannot analyze issues Mr. King, whose district in-
financial system presidential candidates talk and convince the people of before agriculture as being cludes nearly all of the state’s
was on the verge about agriculture?” said Monte Iowa that a government man- equal to what other industries northwest, said that if Mr.
Shaw, the executive director of date is the only way for etha- face, because it’s not an equal Cruz wins the White House, he
of collapse ... Have the Iowa Renewable Fuels As- nol to survive,” Mr. Cruz said. playing field,” Mr. Rubio said. and Iowa’s GOP senators will
we made significant sociation, one of the groups “I don’t think Iowa farmers “It’s a very weak industry.” go to work to stop him from
funding the anti-Cruz cam- want to be dependent on The fact that it is necessary dismantling the fuel standard.
progress in seven paign. “This is our one bite at Washington.” for ethanol backers to spend “It would be tough to repeal
years? The answer the apple.” To fight Mr. Cruz, the ARF millions to persuade Iowans to the RFS with people like me in
In Sioux Center on Tuesday, has a paid staff of 22 pushing vote for candidates who back Congress, and Chuck Grassley
is yes.’ Mr. Cruz reiterated his cam- its message across the state— their interests signals the and Joni Ernst,” Mr. King said.
paign position: That the fuel larger than many of the GOP weakness of agriculture’s po- “I think this presidential race
BERNIE SANDERS, standard should be phased out candidates’ campaigns here. litical standing in the state. is about a whole lot more than
ON MSNBC and ended by 2022. Mr. Cruz The group has collected com- Voters interviewed at a series the RFS.”
THE WALL STREET JOURNAL. Thursday, January 7, 2016 | A5
State of the Union Jinx?

South Carolina Gov. Nikki Haley will give the Republican response
next week—a job that often goes to an up-and-comer. But the
record is mixed for those speakers' political careers.
Traffic in the Centrist Lane
BY PATRICK O’CONNOR alternative. Turning attacks on
Democrats who delivered a response to President George W. Bush
AND HEATHER HADDON one another is complicating
2001
Rep. Richard Gephardt, Mo. (left)
that process.
and Sen. Tom Daschle, S.D. MANCHESTER, N.H.—Don- The Rubio super PAC—a po-
Mr. Gephardt ran unsuccessfully for president ald Trump isn’t the only Re- litical-action committee that
in 2004. Mr. Daschle was defeated for publican taunting his rivals. can accept unlimited funds on
re-election in 2004. The name-calling is also esca- behalf of a candidate—released
lating among those trying to an ad criticizing parts of Mr.
2002 2003
Rep. Richard Gov. Gary Locke, Wash. assert themselves as his more- Christie’s record that might
Gephardt Mr. Locke served as established alternative for the not appeal to conservatives,
Mr. Gephardt has secretary of Commerce and GOP presidential nomination. and another comparing him
since become a U.S. ambassador to China A super PAC supporting with President Barack Obama,
lobbyist. under President Obama. Sen. Marco Rubio unveiled a reviled figure to most GOP
2004
new television ads this week primary voters.
Rep. Nancy Pelosi, Calif. (left) questioning the ethics and Mr. Christie shot back in
and Sen. Tom Daschle conservatism of Chris Christie. New Hampshire, saying Mr.
Mrs. Pelosi became House speaker in 2007. The New Jersey governor re- Rubio, like Mr. Obama before
Mr. Daschle now runs a consulting firm. sponded by ridiculing Mr. Ru- he was elected to the White
bio, of Florida, for his lack of House, had “never run a thing
2005 executive experience. of consequence” and “never
Rep. Nancy Pelosi Not to be outdone, an out- made an executive decision”
and Sen. Harry Reid, Nev. side group backing Jeb Bush is but rather sits in the legisla-
airing an ad criticizing Mr. Ru- tive branch.
SCOTT MORGAN/REUTERS
Mrs. Pelosi is now House minority leader.
Mr. Reid became Senate majority leader in 2007. bio for missing Senate votes, A group aligned with
and a group aligned with Ohio Mr. Kasich also circulated a di-
2006 2007 Gov. John Kasich is casting rect-mail piece that questions
Gov. Tim Kaine, Va. Sen. Jim Webb, Va. doubts on Mr. Christie’s record Mr. Christie’s record as gover-
Now a senator, he was The former senator ran in New Jersey. nor.
considered a possible unsuccessfully for the This year’s GOP primary is Right to Rise USA, a group
running mate for Democratic presidential flipping the script on previous Margaret Manning and Ben Latham, both 21, take pictures at a backing Mr. Bush, a former
Mr. Obama in 2008. nomination in 2016. campaigns. In the past, conser- Marco Rubio event Wednesday in Marshalltown, Iowa. Florida governor, was one of
2008 vatives scraped and clawed to the first entities to go after his
Gov. Kathleen Sebelius, Kan. become the leading alternative and traditional politicians. McGurty, 64, a retired teacher Republican rivals. One recent
Ms. Sebelius later became secretary of Health and to the candidate with the most That dynamic is particularly from Windham, N.H., who is spot compares Mr. Bush’s re-
Human Services. She resigned in 2014 while her money and endorsements, only clear here in New Hampshire, leaning toward supporting Mr. cord favorably with those of
department was under fire over the HealthCare.gov to watch the more established host of the second nominating Rubio. “It’s confusing.” Messrs. Christie and Kasich.
website rollout. candidate win. contest. Mr. Trump ended 2015 Jason Grosky, a 39-year-old Another says Mr. Rubio missed
In the 2016 race, candidates boasting a double-digit lead in prosecutor from Atkinson, an intelligence briefing after
Republicans who delivered a response to President Barack Obama trying to win over the party the Granite State, according to N.H., who is torn between the November Paris terrorist
2009 2010 establishment are the ones polling averages compiled by Messrs. Bush, Christie and Ru- attack to attend a fundraiser
Gov. Bobby Jindal, La. Gov. Bob McDonnell, Va.
pummeling one another. And Real Clear Politics. The rest of bio, hopes the lower-polling for his presidential campaign.
Mr. Jindal ran for Mr. McDonnell was that is a good thing for Mr. the field was clumped between candidates bow out to clarify The Rubio super PAC
president in 2016. He sentenced to two years
has since withdrawn in prison on federal Trump and Texas Sen. Ted 15% and the mid-single-digits. which is the clear alternative pushed back by rolling out an
from the race. corruption charges. Cruz, running 1-2 in the most Mr. Cruz, whose core constitu- to Messrs. Cruz and Trump. ad in Iowa defending the Flor-
recent national GOP polls. ency is more prevalent in first- “Hopefully, the hangers-on ida senator’s attendance and
2011 2012 “Trump’s going to win [New in-the-nation Iowa, was in will figure that out,” Mr. tweaking Mr. Bush. “Desperate
Rep. Paul Ryan, Wis. Gov. Mitch Daniels, Ind.
Hampshire], unless something third place in most polls, with Grosky said. candidates say desperate
Mr. Ryan became He considered running
House speaker in for president in 2012.
happens,” said Dave Carney, a the others fighting for the so- The early nominating calen- things,” the narrator says,
2015. Now president of veteran Republican strategist called establishment vote. dar seems to favor the current “and Jeb Bush is desperate.”
Purdue University. in the state. “The establish- “I don’t think any of these leaders. In addition to Iowa Some voters are suffering
ment guys are all fighting candidates have any signifi- and South Carolina, which from their own desperation, as
2013 2014
Sen. Marco Rubio, Rep. Cathy McMorris among themselves.” cant advantage over any of the both hold nominating contests they try to find the one who
Fla. Rodgers, Wash. After years of nominating others,” said Fergus Cullen, a in February, Texas, Oklahoma could take out either the busi-
Mr. Rubio is a Ms. McMorris the person deemed to be next former chairman of the New and five Southern states all nessman or the Texas senator.
candidate for Rodgers still serves in in line, Republicans might fi- Hampshire GOP. “They are vote on March 1. That gives “I just don’t understand the
president. Congress. nally buck that trend. One rea- competing for the same vot- the senator and the business- Trump phenomenon,” said
2015 son: the crowd of candidates ers.” man—both polling well in the Tom Leahy, 64, of Exeter, N.H.,
Sen. Joni Ernst, Iowa courting the party’s centrist, The jockeying has con- South—a window to amass who recently turned out to
Ms. Ernst is still in business-friendly voters has founded many voters eager to more delegates. hear from Mr. Christie. “I’m
the U.S. Senate. Photos: Associated Press, left Mr. Cruz to galvanize support someone other than The calendar becomes much here because I don’t want a
Getty Images, Reuters evangelical voters and Mr. Messrs. Cruz or Trump. more favorable to more cen- Trump or a Cruz to win.”
THE WALL STREET JOURNAL. Trump to consolidate Republi- “I wish there weren’t so trist candidates after that, but —Reid J. Epstein
cans fed up with Washington many candidates,” said Kathy only if one emerges as a clear contributed to this article.
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WORLD NEWS
U.S. Doubts Claim of Hydrogen Bomb
Officials fear North event north of Pyongyang,
where the country conducted
Korea is advancing in its three previous tests.
technical know-how to U.S. government agencies
initially concluded that the
miniaturize warheads blast was too small to be from
a thermonuclear bomb.
U.S. and allied officials White House spokesman
challenged North Korea’s claim Josh Earnest challenged North
of thermonuclear success, but Korea’s declaration, noting
voiced concern Wednesday that the detonation wasn’t
that the secluded nation is “consistent” with a hydrogen
bomb.
AGENCE FRANCE-PRESSE/GETTY IMAGES

By Jay Solomon Mr. Earnest and other offi-
and Damian Paletta cials declined to detail the
in Washington government’s analysis, but nu-
and Farnaz Fassihi clear experts pointed to mea-
in New York surements of seismic distur-
bances as evidence that
gradually mastering the tech- Wednesday’s blast wasn’t sig-
nology of miniaturizing nu- nificantly larger than the pre-
clear warheads, allowing them vious three nuclear tests, in
to be launched on trans-Pacific 2006, 2009 and 2013. A hydro-
missiles. U.N. Secretary-General Ban Ki-moon, left, with senior advisers Wednesday at an emergency meeting on Pyongyang’s nuclear test. gen bomb would be expected
Pyongyang’s announcement to produce a far more violent
that it had detonated a hydro- demn it unequivocally.” seismic disturbance, experts
gen bomb, although dubious, Bigger Blasts American lawmakers called said.
also spurred concern about North Korea's nuclear tests have grown larger since its first almost a decade ago, but are still far smaller for fresh sanctions, but nu- Still, outside experts who
the proliferation of weapons than detonations of the superpowers. clear experts voiced skepti- track North Korea’s nuclear
of mass destruction in Asia cism that new penalties would program said the West
and the Middle East. Date, magnitude and power of North Korean bomb tests How North Korea’s tests change Mr. Kim’s calculations shouldn’t dismiss the advances
By advancing its warhead 1 Oct. 9, 2006 2 May 25, 2009 3 Feb. 12, 2013 4 Tuesday
compare with other notable without China itself confront- Pyongyang has appeared to
technology while refining its Magnitude: 4.1 Magnitude: 4.7 Magnitude: 5.1 Magnitude: 5.1 bomb detonations ing Pyongyang. make.
missiles, Pyongyang could Note: 1 megaton = 1,000 kilotons Chinese officials repeatedly These experts focus on the
eventually threaten the U.S. 7 kilotons Power ■ Aug. 6, 1945 First wartime have voiced frustration about North’s attempts to develop a
2-6 kilotons
mainland and American allies unknown detonation as U.S. dropped atomic North Korea’s weapons pro- so-called booster device for a
Less than 1 bomb on Hiroshima: 15 kilotons
South Korea and Japan. Penta- gram. But, worried about the nuclear weapon. Nuclear ex-
kiloton
gon officials had said last year ■ Nov. 1, 1952 First test country’s potential collapse perts said the development of
that North Korea likely had detonation of hydrogen bomb by and the crisis that would pro- booster devices could aid
the capability to miniaturize a U.S.: 10,400 kilotons duce on its border, Beijing has Pyongyang’s efforts to make
nuclear weapon. 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015’16 refused to impose the more smaller weapons, requiring
■ Aug. 12, 1953 First thermo-
“This is a big deal, even if nuclear test by the Soviet Union:
severe financial penalties that less fissile material, such as
it’s not a two-stage device,” 3 miles 4 200-300 kilotons the U.S. has called for. enriched uranium or pluto-
said Henry Sokolski of the 3 2 1 Instead, China has pres- nium.
Nonproliferation Policy Educa- 3 km ■ 1961 Largest hydrogen bomb sured the U.S. to resume nego- While it wasn’t confirmed
tion Center, a Washington Nuclear ever tested, by the Soviet Union: tiations with North Korea. The that North Korea’s latest deto-
50 megatons
Nu c
think tank, referring to a ther- CHINA RUS. test facility Obama administration has nation involved the test of a
lear Te
monuclear bomb. “One of Detail Typical radius of lethal blast area balked, arguing that Pyong- booster device, experts voiced
these smaller devices…will do NORTH (in miles) for variously sized yang has entered into past concern.
st Roa d
KOREA nuclear weapons

quite fine.” agreements only to back out. “All of these technologies
The Obama administration, SOUTH 1 kiloton 0.4 “We do not and will not ac- are a real problem for North
Su
ng
in response to the test, KOREA ji b
ae 100 kilotons 2
cept North Korea as a nuclear- Korea to be exploring,” said
ga m
reached out to Asian coun- JAPAN Roa armed state, and actions such David Albright, head of the In-
tries, especially China, to de- d 1 megaton 4.3 as this latest test only stitute for Science and Inter-
vise new ways to pressure Sources: US Geological Survey; Google Earth; Wisconsin Project on Nuclear Arms Control THE WALL STREET JOURNAL. strengthen our resolve,” Sec- national Security, a Washing-
North Korea and its aggressive retary of State John Kerry said ton think tank. “They’re not
young leader, Kim Jong Un. missing Pyongyang’s claims of lomats said they would begin “This act is profoundly de- Wednesday. feeling constrained. They’ll
An emergency session of having detonated a hydrogen immediately working on a new stabilizing for regional secu- Pyongyang’s announcement learn.”
the United Nations Security bomb. resolution that would broaden rity and seriously undermines of what it called a successful —Jeremy Page and Te-Ping
Council was convened on The Security Council said existing sanctions against the international non-proliferation thermonuclear test came after Chen in Beijing and Alastair
Wednesday, with diplomats re- North Korea had violated four country and officials involved efforts,” said U.N. Secretary global detection devices regis- Gale in Seoul contributed to
acting sternly while also dis- existing U.N. resolutions. Dip- in its nuclear program. General Ban Ki-moon. “I con- tered a 5.1 magnitude seismic this article.
Pyongyang’s Actions Put Nation’s Benefactor in a Bind

that runs North Korea. rival. The domestic political emn representations” with
JUNG YEON-JE/AGENCE FRANCE-PRESSE/GETTY IMAGES
Wednesday’s detonation is fallout would be damaging. Pyongyang. She sidestepped

the latest example—and the So North Korea must be a question about sanctions,
most outrageous one, if preserved at all costs, even if repeating familiar phrases
Pyongyang’s claims to have that means tolerating its es- about the need for talks to
set off a hydrogen bomb are calating provocations. achieve the denuclearization
true—of how North Korea of the Korean Peninsula.
S
works on Beijing’s deepest uch indulgence isn’t What might force China
CHINA’S WORLD anxieties. The “Young Gen- without risk for Mr. Xi. to abandon North Korea?
ANDREW BROWNE eral” Kim Jong Un knows his Pyongyang’s claim of a Villages and towns along
country is an indispensable nuclear test is a personal af- the border are tense after
buffer for China—“lips to front; letting it go risks reports of North Koreans
SHANGHAI—The Korean teeth,” as the Chinese say. He showing weakness, particu- crossing over to kill and
Peninsula stands as a gate- can do virtually anything, larly since public opinion in plunder. Such disruptions
way to China. It kept the old and get away with it. China is moving against merely hint at the massive
emperors constantly on People in Seoul watch a news report on North Korea’s bomb test. North Korea. It also under- turmoil that would engulf
T
guard—and their successors he dictator has cast mines his vision of China as the area if North Korea spun
today are no less vigilant. what Pyongyang hardly a leader with whom to China sees itself in competi- a great power, a peer of out of control.
Beijing’s claims is its fourth nu- be toyed. If Mr. Kim is per- tion with America for mas- America to be respected and Conceivably, Beijing might
nightmare is clear test as a challenge to sona non grata in Beijing— tery of East Asia. Of late, the treated with deference. feel tempted to give up on
the collapse America; it fits into a pattern and the fact that China has contest has heated up in the Moreover, China’s failure Pyongyang if Japan threat-
of its North of reckless antics designed to yet to invite him leads to South China Sea. But from to come down harder on ened to deploy nuclear weap-
Korean ally grab attention in Washing- that conclusion—the South Beijing’s perspective, the Ko- Pyongyang creates dismay in ons for self-protection, or
that might ton, force a crisis and extract Korean leader, Park Geun- rean Peninsula is where the South Korea, and calls into America started deploying
well bring diplomatic concessions. hye, has become a favorite struggle comes perilously question the sincerity of Mr. missile defenses in South Ko-
U.S. military forces rushing But he is also playing a houseguest. close to home. A win for Xi’s outreach to the country. rea. It is possible that Mr. Xi
all the way to the border, familiar psychological game In a part of the world America there, defined as China’s official response will run out of patience.
controlling routes that lead with a neighbor that supplies where politics often plays North Korea’s demise, would didn’t immediately suggest Count on more severe
through China’s northeastern his impoverished country’s out in symbols, diplomatic be a loss for China. that Mr. Kim had finally punishment by Beijing for
industrial heartland to the food and energy and keeps invitations have exaggerated Furthermore, it would be pushed his Chinese benefac- the test, but don’t expect
doors of the capital. his despotic regime alive. significance. a victory for a U.S. alliance tors too far. Foreign ministry China to hand a triumph to
That strategic reality em- Chinese President Xi Jin- What matters most to system in East Asia whose spokeswoman Hua Chunying the U.S. by sacrificing Pyong-
boldens the family dynasty ping, a stern authoritarian, is Beijing, though, is realpolitik. cornerstone is Japan, China’s said China would lodge “sol- yang.
TEST fronting America’s adversaries.

It also assured that the next
U.S. president will inherit an
expanding portfolio of foreign-
security adviser, spoke with the
Chinese ambassador to the U.S.,
and Mr. Obama dispatched Dep-
uty Secretary of State Tony
tion, and the problem is going
to be exponentially worse.”
Mr. Obama has few options
for responding to North Korea,
But any major changes in
North Korea’s behavior largely
depend on China. It is unclear
whether China is prepared to
U.S. can’t go too far in trying to
counter Beijing’s influence, in-
cluding in confrontations over
its assertiveness in the South
Continued from Page One policy crises. Blinken to the region to meet already the most isolated coun- take significant steps, such as a China Sea. China is also deeply
poverty there. “Faced with an international with allies. try in the world, foreign policy trade embargo against North skeptical of any U.S. push for
The blast underscores both environment of growing com- White House press secretary experts said. The U.S. could Korea, but as Pyongyang’s lead- an expanded ballistic-missile
the strategic significance and plexity, uncertainty and risk, Josh Earnest said Mr. Obama is levy new sanctions, including ing ally Beijing has unmatched defense shield for its Asian al-
the complications of the U.S. the question for the U.S. is considering a wide range of op- under an executive order Mr. influence. lies.
relationship with China. Despite whether it can still afford to tions for responding, but Obama signed a year ago ex- “The Chinese are the key “How do we simultaneously
Washington’s recent efforts to play the world-wide strategic stressed that any response “will panding his authority to do so country here, and if they want be both partner and competitor
counter Beijing’s influence in role it took on after WWII and have to preserve unanimity of to be taken seriously as a with China?” Mr. Burns said. “It
the region, it is precisely expanded at the close of the opinion” within the interna- global power and they want to is one of the biggest strategic
China’s influence that the U.S. Cold War,” said Robert Daly, ditional community on the appro-
Mr. Obama has few exercise global responsibility, challenges to American diplo-
most needs to address North rector of the Kissinger Institute priate approach to North Korea. options to influence here’s their issue,” said Nicho- macy…We have to be able to
Korea’s continuing nuclear on China and the United States Mr. Earnest said while Mr. las Burns, a former longtime juggle these two competing as-
bomb work. at the Wilson Center in Wash- Obama’s policy has so far been
an already deeply U.S. diplomat. “They don’t have pects of policy with China.”
Beyond Asia, Pyongyang’s ington. unsuccessful in deterring isolated North Korea. complete comprehensive influ- Wednesday’s test could be a
provocation comes as Mr. “Our own domestic chal- Pyongyang, the president has ence but they’ve got more in- catalyst for the U.S., China and
Obama contends with other lenges, political and economic, succeeded in “making North fluence than anybody else.” South Korea increasing eco-
high-stakes national security and the rise of other nations Korea more isolated than ever after Pyongyang’s alleged cy- Mr. Daly said China has so nomic, diplomatic and military
challenges at the start of his require a reassessment of our before and the international berattack on Sony Pictures En- far shown no willingness to coordination to pressure
last year in office, including global aims and capabilities,” community more united than tertainment. abandon its alliance with North Pyongyang, said Scott Snyder,
heightened tensions between he added. ever before.” The administration could Korea. “China will not push or an expert on Korea studies at
Iran and Saudi Arabia, the The White House scrambled The president’s critics dis- also push for more military co- punish North Korea as a favor the Council on Foreign Rela-
threat of Islamic State, a wors- Wednesday to coordinate an in- agree. “It’s a big stain on the operation with Japan and to the U.S.,” he said. “It will tions.
ening conflict in Syria and ternational response to the nu- pivot to Asia,” said Victor Cha, South Korea and advance ef- only support sanctions or take North Korea has vexed U.S.
rocky relations with Russia. clear test and to reassure U.S. who was director for Asian af- forts on regional missile de- Pyongyang off life support if it administrations for decades
The test posed by North Ko- allies in the region. fairs at the White House’s Na- fense. And U.S. officials could believes that is the best course and defied Mr. Obama’s prede-
rea quickly became fodder for Mr. Obama scheduled calls tional Security Council during initiate discussions about con- for China itself.” cessors, George W. Bush and
critics of Mr. Obama’s global with the leaders of Japan and the George W. Bush administra- tingency planning in the region Yet the extent to which the Bill Clinton.
leadership, who cast it as a re- South Korea, the White House tion. “This is just going to get with China, Russia, South Korea U.S. must rely on China to pres- —Felicia Schwartz
flection of his weakness in con- said. Susan Rice, his national kicked to the next administra- and Japan. sure North Korea shows the contributed to this article.
THE WALL STREET JOURNAL. * * * * * Thursday, January 7, 2016 | A7
WORLD NEWS
World Bank
Cuts Growth
Forecasts
Trade Pact’s Gains Seen as Uneven
BY WILLIAM MAULDIN swell by 8% as its exporters ac- says. Thailand could see a 0.9%
WASHINGTON—Souring quire an advantage over re- Pacific Profit hit to its gross domestic prod-
prospects in the largest emerg- Japan, Vietnam and Malaysia gional competitors that aren’t The Trans-Pacific Partnership trade agreement, if enacted, would give uct by 2030 if it doesn’t join
ing markets are darkening an are set to get a big economic part of the bloc, including Thai- member countries additional exports that could help fuel extra the bloc. South Korea, which al-
already cloudy outlook for the boost from a sweeping Pacific land, the Philippines and Indo- economic growth by 2030. ready has a free-trade agree-
global economy, the World trade agreement concluded in nesia. ment with the U.S. that is the
Bank said Wednesday, as it cut October, while the U.S. and The U.S., Canada and Mexico Extra economic growth by 2030 Extra exports by 2030* model for the TPP, would also
growth forecasts for the third other North American countries would see relatively smaller see a small economic hit, since
Vietnam 10.0% 30.1%
straight year. would see much smaller gains economic benefits coming from it would lose the advantages its
Malaysia 8.0% 20.1%
Deeper contractions than ex- from the Trans-Pacific Partner- the TPP because they already firms have enjoyed in the U.S.
Brunei 5.0% 9.0%
pected in Brazil and Russia and ship, according to the first de- opened their borders two de- relative to Japan’s. Seoul has
New Zealand 3.1% 12.8%
weaker output in most of the tailed study of the pact. cades ago to huge volumes of also expressed interest in join-
world’s biggest economies, in- Officials from 12 countries trade through the North Ameri- Singapore 3.0% 7.5% ing the TPP.
cluding the U.S. and China, led agreed to eliminate most tariffs can Free Trade Agreement, or Japan 2.7% 23.2% The Pacific deal would also
the international development over time and also to remove Nafta. Peru 2.1% 10.3% provide a slight boost to ex-
institution to downgrade its other barriers to trade, as well The U.S. stands to benefit Mexico 1.4% 4.7% ports from China—not a mem-
forecast for global growth in as to set unified commercial from the lifting of barriers to Canada 1.2% 7.0% ber of the bloc—as Southeast
2016 by 0.4 percentage point rules for everything from drug services and electronic com- Chile 1.0% 5.3% Asian countries take steps to
to 2.9%. That is up slightly patents to labor and environ- merce exports to Japan and Australia 0.7% 5.0% improve the flow of trade
from last year’s growth rate of mental standards. The coun- other countries, according to U.S. 0.4% 9.2% within the region, but Beijing
2.6%. tries finished the TPP negotia- the study, which builds on a would also see a small, “really
*The TPP would also produce additional imports that could weigh on economic growth or
The recovery in the U.S. was tions last year, but the trade simulation published by the Pe- companies in that country.
negligible” hit to the country’s
weaker than hoped as a strong agreement can’t take effect terson Institute for Interna- Source: World Bank, Peterson Institute for International Economics GDP due to its exclusion from
dollar weighed on U.S. exports, without approval from a deeply tional Economics. Overall, TPP THE WALL STREET JOURNAL. the group, said Franziska Ohn-
while slowing trade muffled divided U.S. Congress and other countries would get an eco- sorge, an economist at the
meager expansions in the euro- parliaments in the bloc. nomic increase of up to 1.1%. the U.S. as they press Congress “There aren’t walls tall enough World Bank who helped pre-
zone and Japan. If the Pacific agreement is “The tariff reductions that to vote on the trade agreement and moats deep enough to keep pare the study.
The World Bank said U.S. enacted, Vietnam would get the we are seeing from the actual as early as this spring. The U.S. the competition away,” said “The bulk of China’s exports
gross domestic product would biggest percentage boost to its agreement are bigger than peo- Chamber of Commerce on John Engler, the former Michi- to the U.S. don’t compete di-
expand 2.7% in 2016, a rate of economy—about 10% by 2030— ple, including us, had antici- Wednesday became the third gan governor who leads the rectly with Vietnam,” she said,
growth slightly higher than last as its textiles and apparel in- pated,” said Peter Petri, profes- major business group to en- Business Roundtable. which means Vietnam’s gains in
year’s 2.5%, but 0.2 percentage dustry gets new preferential ac- sor of international finance at dorse the TPP. Labor groups and some textiles and other shipments to
point lower than the bank’s cess to the U.S. and other major Brandeis University and a co- The Business Roundtable, economists who oppose the the U.S. won’t come at the ex-
previous forecast. markets. Japan would see extra author of the study. which includes chief executives TPP say any benefits the U.S. pense of Beijing.
It cut its outlook slightly for economic growth of 2.7% by The economic study released of some of the biggest U.S. gained through additional ex- China has expressed interest
China to 6.7%, the slowest 2030 while the U.S. could ex- Wednesday—and another ex- companies, on Tuesday en- ports would be offset by in- in the TPP, but economists say
growth rate since 1990, and its pect additional economic pected in May from the U.S. In- dorsed the TPP, saying its pro- creased imports that would it probably won’t join soon be-
forecasts for developing coun- growth of 0.4% by 2030, ac- ternational Trade Commis- visions to lower trade barriers eliminate some American man- cause Beijing appears unwilling
tries in general by more than cording to the study, released sion—will likely serve as and set rules of the road will ufacturing jobs. to open its borders to competi-
half a percentage point to 4.8%. by the World Bank. ammunition for business help U.S. companies that al- Countries that don’t join the tion in many sensitive indus-
—Ian Talley Malaysia’s economy would groups and the farm lobby in ready have to compete globally. bloc could suffer, the report tries.
CHINA Hong Kong Fears

Free-Speech Loss
Continued from Page One
already sent jitters through
global markets. The Dow Jones
Industrial Average slid 1.5%
Wednesday and is already down BY NED LEVIN lawmakers and journalists to
3% in 2016, reaching a three- AND FIONA LAW accuse mainland authorities of
month low. abducting him, violating the
Pessimism spread fast in the HONG KONG—Anxieties principle of “one country, two
stock market Thursday after about freedom of speech have systems” under which the city
China’s central bank earlier set simmered in this city since its maintains its own legal, politi-
the daily yuan reference ex- return to Chinese rule in 1997. cal and economic systems.
change rate against the U.S. dol- In the past two years, a former Officials at the Chinese gov-
lar 0.5% weaker than Wednes- editor in chief of a leading ernment’s liaison office in
VINCENT YU/ASSOCIATED PRESS

day’s level, marking the largest newspaper was nearly hacked Hong Kong couldn’t be reached
adjustment toward yuan weak- to death in a daylight attack, a to comment. A Foreign Minis-
ness since Aug. 13. local publisher was sentenced try spokeswoman said she had
“The plunge in stocks was to 10 years in a Chinese prison, no information on Mr. Lee’s
mostly caused by expectations and a media mogul’s house whereabouts.
that the yuan will depreciate fur- was firebombed. Mr. Lee is the fifth person
ther, which will raise worries But the mysterious disap- connected to Causeway Bay
over the country’s economic con- pearance of a bookseller last Books and its affiliated pub-
ditions,” said Qian Qimin, senior week has deepened fears about lisher, Mighty Current, to go Students in Hong Kong on Wednesday protested against the disappearances of the booksellers.
analyst at Shenyin Wanguo Secu- speech protections in the for- missing in recent months.
rities. mer British colony. Three vanished in Shenzhen erosion of free speech in Hong of which are popular with the put out books critical of
The selloff was reminiscent of Lee Bo, who sold books and a fourth disappeared from Kong, a right enshrined in the millions of Chinese tourists. China’s leadership.
the similar but more drawn-out filled with gossip about his holiday home in Thailand. Basic Law, the city’s mini-con- Some journalists and pub- Mr. Ching, the journalist
episode on Monday, the first day China’s leadership, was last “Previously, whatever you stitution, and guaranteed by lishers say a Beijing-led effort who was imprisoned in China
the circuit breaker trading curb seen last week at a Hong Kong do, as long as you don’t enter Beijing until at least 2047. to erode freedom of speech in- and held incommunicado for a
was in effect. warehouse. He had left his the mainland, you would be A lively publishing scene tensified after 2014’s Occupy period before his trial, said he
The circuit-breaker system is travel documents at home, but safe,” said Ching Cheong, a encompassing thinly sourced Central protests, in which tens believed that Mr. Lee’s mes-
triggered by sharp moves in an later called his wife to say that Hong Kong journalist who was gossip and serious commen- of thousands of young people sages since his disappearance
index that tracks the largest 300 he was in Shenzhen, across the detained in China a decade ago tary on China’s political sys- took to the streets to call for had been coerced.
stocks listed in Shanghai and border in mainland China, as- on accusations of spying and tem has historically thrived in democratic elections for Hong “From my own experience,
Shenzhen, the CSI 300. When the sisting with an investigation, imprisoned for almost three Hong Kong, in contrast to the Kong’s leader. once you are in custody, any
index moves 5%, trading is auto- local media reported Monday. years. “This is no longer true.” heavily censored media indus- “Beijing realized the young communication with the out-
matically halted for 15 minutes, The circumstances sur- The disappearances are the try in mainland China. Book people are basically not with side world…must be under the
while a 7% move stops trading rounding Mr. Lee’s disappear- latest in a string of episodes shops are free to sell books them,” said Bao Pu, a Hong approval of the authorities,”
for the remainder of the session. ance have led some Hong Kong that observers say signal the banned on the mainland, many Kong-based publisher who has Mr. Ching said.
The CSI300 Index, which
tracks blue chips, or large stocks,
India Has Designs on Toy Manufacturing

tumbled 5% in less than 10 min-
utes after trading began on
Thursday, triggering the initial,
15-minute trading halt.
When trading resumed, the Suppliers seek out new opportunities as labor costs rise in China; from farms to factories
selloff became even more brutal
and within five minutes the BY RAYMOND ZHONG expect that China will con-
CSI300 Index extended its tinue to be where the vast
plunge to 7%, bringing the day’s KAKINADA, India—Entre- majority of our product is
business to an unprecedented, preneur Ajay Sinha made manufactured in the foresee-
abrupt end. stuffed toys in China for a able future.”
Over 1,600 stocks fell by the decade before he started do- Mr. Sinha of Pals Plush
daily 10% downward trading ing something almost un- grew up near New Delhi and
limit for individual stocks Thurs- heard-of in his industry: set up his first toy factory
day, according to information manufacture in his native In- close to the capital in 1995.
provider Wind Information. dia. But it was costly and slow to
RAYMOND ZHONG/THE WALL STREET JOURNAL
As Chinese stocks tumbled, At Mr. Sinha’s new fac- import materials through
China’s yuan fell as much as 0.6% tory here recently, dozens of Mumbai.
onshore. In the offshore market, sari-clad women assembled After five years, he said,
where the yuan is traded freely, Elmo dolls for Hasbro Inc., “I was totally defeated.”
the yuan fell as much as 0.9%. cutting furry red fabric, run- He moved to the eastern
The yuan traded on the main- ning it through sewing ma- Chinese city of Hangzhou,
land is now down 1.5% for the chines and stamping plastic where his factories have pro-
year, after posting its largest an- eyes into smiling faces using duced soft toys for Walt Dis-
nual loss on record last year. The a hydraulic press. ney Co., Wal-Mart Stores
daily fix was set at 6.5646 As rising wages push pro- Inc., Williams-Sonoma Inc.
against the U.S. dollar, its weak- duction of T-shirts, sneakers and others.
est level since 2011. While trad- and teddy bears out of But in 2010, Mr. Sinha
ers had expected the yuan to China, countries with lower Workers assemble Elmo dolls for Hasbro at a factory in Kakinada, India, owned by Pals Plush. found himself with a large
weaken this year, the pace of de- labor costs and proximity to Christmas order for Disney
preciation has taken many by Chinese supply chains, such ufacturing wages today are coast, where exporters enjoy turer of Transformers, “Star and not enough manpower
surprise. as Vietnam and Cambodia, less than half China’s, after incentives from the federal Wars” and other toys for to fill it.
“They’ve confused enough have picked up much of that adjusting for productivity: and state governments. Hasbro that is based in He ended up buying land
people this week,” said Ashley business. But India is trying $5.36 an hour compared with The factory’s 500 work- China’s Guangdong province, in Sri City, an industrial es-
Perrott, head of pan-Asia fixed to establish itself as a con- $14.60, according to Boston ers, all of them women from said he plans to start pro- tate in India’s Andhra
income at UBS Global Asset tender. Consulting Group. Labor will nearby farming villages, earn ducing soon from a rented Pradesh state.
Management in Singapore. “Sen- Labor-intensive manufac- be abundant and wage- monthly salaries and bene- factory in Chennai. After two years manufac-
timent is incredibly fragile.” turing represented the first growth stable, some factory fits valued at around $100, Eight years ago, GFT turing for Disney in Sri City,
The offshore yuan is down rung on the ladder of indus- owners reckon, for more or around a third, per hour, shifted much of its produc- he signed a deal with Hasbro
2.7% for the year, at a record low trial development for a host than a decade. of what Pals Plush pays in tion from China to Vietnam. and built the Kakinada fac-
against the U.S. dollar. of Asian countries. That China won’t be the China. Many of the women But Vietnam is quickly be- tory.
China’s central bank put out a makes the success of compa- world’s toy workshop for- said factory work was a way coming saturated with facto- India’s lower labor costs
statement attempting to quell in- nies like Mr. Sinha’s a bell- ever, said Mr. Sinha, presi- to financial independence. ries, Mr. Leung said. mean that even though Mr.
vestors’ nerves and clarify its po- wether of India’s potential to dent of Pals Plush Ltd. “The Heads of several China- “In the next eight to 10 Sinha needs to import all of
sition, stressing the need to keep raise millions of people out kind of labor we need, for based toy makers who came years, Vietnam will be fin- the specialized fabrics he
the yuan stable and at an equilib- of destitution like those na- the next 15 years there’s no- to scout Kakinada recently ished,” he said. uses and his Indian workers
rium level, while attributing the tions did: by luring them off where to beat India.” said they had high hopes de- Julie Duffy, a Hasbro are less productive than Chi-
yuan’s wild moves to speculators. small farms and into steady Pals Plush’s new plant is spite the unfamiliar environ- spokeswoman, said although nese ones, he can still offer
—Lingling Wei, Yifan Xie if low-skilled factory work. in a 16-square-mile special ment. Hasbro has begun sourcing buyers a discount on his In-
and Anjani Trivedi In the world’s second- economic zone in Kakinada, John Leung, chairman of from India, Vietnam, Indone- dia-made toys—and keep the
contributed to this article. most-populous country, man- on India’s southeastern GFT Group Ltd., a manufac- sia and other countries, “We same profit margin, he said.
WORLD NEWS
Police Pursue Leads in New Year’s Assaults

More women report Police in Frankfurt on
Wednesday said three young
attacks in case women also reported being
spurring German sexually assaulted by a group
of men they described as look-
debate on migration ing “North African.” No sus-
pects have been identified yet,
BY RUTH BENDER a police spokeswoman said.
Investigators are examining
BERLIN—Authorities said whether there is a connection
they are investigating three between the assaults in differ-
suspects in connection with a ent cities and whether the as-
series of New Year’s Eve assaults were organized, officials
saults in Cologne that are fuel- said.
ing a debate over the security The Cologne prosecutor’s
implications of record migra- office said it had appointed
tion into the country. the head of its organized
Scores of women reported crime division to lead the in-
being sexually assaulted and vestigations. Based on descrip-
MARKUS BOEHM/AGENCE FRANCE-PRESSE/GETTY IMAGES

robbed outside Cologne’s main tions of the attackers and as-
train station. Numerous wit- saults, it’s possible that
nesses and police said the al- “organized structures” were
leged attackers appeared to be behind the attacks, it said.
from the “Arab or North Afri- Cologne police said women
can area,” but by Wednesday reported small groups of men
evening it remained unclear attacking them among a crowd
who they were. of around 1,000 people who
Similar assaults on the had gathered in front of the
same night were reported in station to set off fireworks.
the German cities of Hamburg Police said the attacks oc-
and Stuttgart; on Wednesday curred after police cleared the
the number of women report- square next to the city’s cathe-
ing that they had been as- dral after they spotted people
saulted continued to rise. shooting fireworks into the
Ralf Jäger, the interior min- A New Year’s Eve photo shows the gathering in front of Cologne’s train station, where dozens of women say they were assaulted. crowd.
ister of North-Rhine Westpha- One woman told German
lia, the state in which Cologne tal of seven people on New not put a taboo over the de- for asylum. “We will have to Ms. Merkel on Tuesday called television that a group of be-
is located, said the three sus- Year’s Eve and the following bate,” said German Interior talk about whether we need to the attacks disgusting and tween 20 and 30 men came up
pected hadn’t been arrested night on suspicion of pick- Minister Thomas de Maizière. change this,” he said. urged a “hard response from to her and her friends and
and declined to give further pocketing, three of whom Some right-leaning politi- At least one million mi- the state of law.” started grabbing them every-
details. were released. Authorities are cians have blamed Chancellor grants mostly from the Middle In Cologne, police said that where.
“Investigations won’t be now checking if there is a con- Angela Merkel’s open-door East, Africa and Afghanistan as of Wednesday morning “They tried to get their
easy. Sometimes the state of nection with the assaults, a policy toward asylum seekers entered Germany last year, more than 100 women had re- hands under my coat,” she
law needs time,” Mr. Jäger police official said. for the assaults. raising public concerns about ported being mugged and in said. She said she and her
said. He said he had asked po- Officials on Wednesday Mr. de Maizière said asylum how the country would man- many cases sexually assaulted. friends realized they had been
lice to publish a detailed re- warned against the stigmati- seekers who committed seri- age to integrate them and offi- Two women have filed com- robbed only after they man-
port in the coming week to ex- zation of migrants or refugees ous crimes should face depor- cial warnings of a risk that plaints for rape, according to a aged to get away from the
plain how the assaults could as a whole, especially as inves- tation, suggesting that the law criminals or extremists could police spokesman. crowd.
have taken place. tigators had yet to establish might have to be toughened. be among the migrants. In Hamburg, police said “The police had not fore-
Investigators are still ana- who the attackers were. Under current rules, only con- “Everything must be done they had received 53 reports, seen this kind of violence and
lyzing video footage, a spokes- “We can’t put refugees un- victions of more than three to discover the truth,” govern- including 39 cases where couldn’t have,” said Rainer
woman for Cologne police der general suspicion, but on years without probation can ment spokesman Steffen Seib- women reported being sexu- Wendt, head of the German
said. The police arrested a to- the other hand we also must weigh negatively on a request ert told reporters Wednesday. ally assaulted. police union.
Germany Took In 1.1 Million Migrants in 2015 World

Watch
BY ANDREA THOMAS
Asylum Surge Hungary, Poland Hold Tête-à-Tête
BERLIN—The number of Number of migrants who registered to seek asylum in Germany,
people entering Germany in by country of origin, which totaled nearly 1.1 million in 2015 Hungarian Prime Minister Poland and Hungary tradi-
search of asylum reached the Viktor Orban visited Poland on tionally enjoy a close relation-
highest level last year since Syria 428,468 Wednesday for a private meet- ship, even if it was recently BANGLADESH
public post-World War II re- ing with Poland’s de facto cooler. Still, Mr. Kaczynski,
cords began, adding fuel to a
Afghanistan 154,046 leader, Jaroslaw Kaczynski, in chairman of the governing Law
Party Chief Loses
debate about the potential Iraq 121,662 an apparent effort to coordinate and Justice party, has ex- Appeal on Execution
risks stemming from migrants positions a day ahead of a visit pressed his admiration for the Bangladesh’s Supreme Court
Albania 69,426
from war-torn regions such as by British Prime Minister David Hungarian leader and his poli- upheld the death sentence of the
Syria. Kosovo 33,049 Cameron to Budapest. cies that seek to affirm na- head of the country’s largest Is-
Government data released There were no statements tional sovereignty over the lamist party for war crimes dur-
0ther 285,243
on Wednesday showed that when the leaders emerged af- Brussels bureaucracy. ing the 1971 fight for indepen-
nearly 1.1 million people en- Source: Germany’s Federal Ministry of the Interior THE WALL STREET JOURNAL. ter six hours of talks. —Martin M. Sobczyk dence from Pakistan.
tered Germany last year in Motiur Rahman Nizami, a 72-
search of asylum. said. EU countries led by Poland, recently scaled back the open- Wednesday ahead of a meet- year-old cleric and head of the
The influx has raised con- The number of total immi- Romania and Bulgaria. door policy toward migrants ing of lawmakers from his Jamaat-e-Islami party, had ap-
cerns about how the country grants—including those from The 2014 data underscored that she announced in Sep- Christian Social Union party, pealed his conviction by a special
will be able to integrate so neighboring European Union that Europe’s economic pow- tember, though she insists the sister party to Ms. tribunal on murder, rape and tor-
many migrants with different and Western countries as well erhouse was a strong draw for those in need of asylum will Merkel’s Christian Democratic ture charges. Prosecutors said he
religions and cultural back- as asylum seekers—reached migrants already before the get sanctuary. Meanwhile, she Union. led an Islamist militia that collab-
grounds—as well as worries the highest level in 2015 since recent surge of asylum seek- has pledged to work toward He said that roughly 3,000 orated with the Pakistani army.
that criminals or extremists 1950, the Interior Ministry ers. Immigration from within securing external EU borders migrants have entered Ger- Mr. Nizami, who denied all
could be among them. said. It didn’t provide an an- the EU has picked up over the and fighting the root causes of many daily in recent days, and charges, is one of the most
Chancellor Angela Merkel nual figure for total immigra- past five years, as workers migration. that a continuation of that prominent political figures to be
faces mounting pressure from tion but said that in the first from countries with high un- Still, pressure has mounted rate throughout 2016 would convicted of war crimes by the
the public and lawmakers to six months of 2015, 668,000 employment seek better for- from conservative allies in the mean last year’s figure would special tribunal.
limit the number of migrants entered the country, compared tunes in Germany’s more ro- state of Bavaria, the entry be surpassed. —Syed Zain Al-Mahmood
entering Germany amid fears with 501,000 during the year- bust economy. point for most migrants. State In 2014, only 202,834 asy-
the country will be over- earlier period. “The number of people who Gov. Horst Seehofer has called lum claims were filed in Ger- CHINA
whelmed. “We are determined In 2014, the number of im- come to us looking for work for the number of refugees en- many, while six out of 10 im-
to achieve a notable and sus- migrants entering Germany— shows that we are an attrac- tering Germany to be limited migrants coming to the
More Flights Land
tainable reduction for the year including from EU member tive country with a stable to 200,000 annually. country hailed from EU mem- At Disputed Reef
2016 by a bundle of foreign states—reached a 22-year high economy that enables labor “I am sticking to my re- ber states, followed by 6.7% China test-landed more flights
policy, European policy and of 1.46 million people, the data migration in many areas,” Mr. quest that we need a U-turn in from former Yugoslavian coun- at a new airfield in the contested
national measures,” Interior showed, mainly because of the de Maizière said. the refugee policy in the year tries and 4.1% from former So- South China Sea, days after an
Minister Thomas de Maizière entry of people from poorer Ms. Merkel has gradually 2016,” Mr. Seehofer said on viet countries. initial test provoked protests.
According to news agency
Xinhua, China on Wednesday
Venezuela Assembly Installs Contested Members morning flew two civilian aircraft
from the southern island of Hai-
nan to Fiery Cross Reef, the site
of the airfield and one of seven
BY ANATOLY KURMANAEV Rodríguez, who criticized the reefs China controls in the dis-
AND KEJAL VYAS parliament’s snubbing of the puted Spratly Islands. The planes
Supreme Court order. later returned to Hainan.
CARACAS, Venezuela—This The opposition’s Democratic China completed a similar test
nation’s newly installed parlia- Unity coalition has said it con- flight over the weekend, prompt-
ment swore in three opposition siders the Supreme Court ruling condemnation from Vietnam
lawmakers despite a Supreme ing invalid because the lame- and the Philippines, which have
Court order barring them, giv- duck Assembly, in its final overlapping territorial claims in
RONALDO SCHEMIDT/AGENCE FRANCE-PRESSE/GETTY IMAGES
ing President Nicolás Maduro’s hours, quickly appointed 13 So- the region. Beijing has embarked
rivals dominant control of the cialist Party loyalists to the on an aggressive course of artifi-
legislature and eliciting rage court. The opposition says the cial island-building in the region.
from pro-government deputies. move violated constitutional —Te-Ping Chen
National Assembly Presi- norms and gives Mr. Maduro
dent Henry Ramos Allup read full control over the judiciary. TURKEY
the oath of office to three dep- Mr. Maduro later Wednes-
uties from the remote Venezu- day appointed a new cabinet
Coup Trial Begins
elan state of Amazonas during and vice president, offering For Exiled Cleric
the legislature’s first official the first clues to how he plans A U.S.-based Muslim cleric,
session on Wednesday after to rescue the economy. In a who has become Turkish Presi-
the bulk of its members were sign that he will continue to dent Recep Tayyip Erdogan’s
sworn in on Tuesday. pursue his populist polices, Mr. chief foe, is being tried in absen-
Mr. Ramos acted in the face Maduro chose as his economy tia, accused of attempting to
of a recent court ruling saying minister a leftist economics overthrow the government.
the lawmakers couldn’t be professor who has blamed cap- The trial of Fethullah Gulen
seated until a review of last People protested the removal on Wednesday of images of Mr. Chávez from the National Assembly. italism for Venezuela’s woes and 68 others, including former
month’s electoral results, and advocated replacing the police chiefs, opened in Istanbul
which were challenged by the allies, who shouted in protest that we were weak but we of the legislature in last central government with com- on Wednesday. The government
ruling United Socialist Party. and declared the Assembly il- were strong.” month’s midterm elections, munes. alleges that a 2013 corruption
One of those sworn in on legitimate. The dispute is a sign of the giving them expanded powers “These are some of the few probe of government ministers
Wednesday, Romel Guzamana, “This means that our rights institutional gridlock the coun- that could end the leftist presi- academic economists who sub- and Mr. Erdogan’s son were part
an opposition deputy from as indigenous citizens are le- try faces amid a crippling eco- dent’s tenure. scribe to the economic war of plot by Mr. Gulen’s movement
Amazonas and a member of gitimate,” Mr. Guzamana nomic crisis and its first split “From now on all the acts philosophy espoused by Ma- to bring down the government.
the Baniva tribe, hailed the said. “We have been greatly government in 17 years. made by this Assembly are duro,” said Francisco Rodri- Mr. Gulen, who lives in self-exile
move even as it caused a furor discriminated [against] by this Mr. Maduro’s detractors void and illegal,” said the head guez, Bank of America’s chief in the U.S., has denied the
among Mr. Maduro’s Socialist government. They thought won a commanding two-thirds of its Socialist faction, Héctor Andean economist. charges. —Associated Press
A10 | Thursday, January 7, 2016 * *** THE WALL STREET JOURNAL.
FROM PAGE ONE
JAWS away from ‘Jaws,’ and it is part

of all our lives,” he adds.
Collectibles from the movie,
however, aren’t as abundant as
That attitude gnawed at Mr.
Maätita, who runs a “Save
Junkyard Bruce” Facebook
page. He says he called Mr.
Continued from Page One Star Wars memorabilia. Copies Adlen to discuss the shark
50 years old, who works in ad- of storyboards by art director once he heard about the junk-
vertising production for a local Joe Alves have made the yard closing.
community newspaper. “I’d rounds. Some fans borrowed a “I couldn’t get a word in
place this shark prop up there mold from special-effects man edgewise,” Mr. Maätita says.
with Dorothy’s ruby red slip- Roy Arbogast and made replica Mr. Adlen won’t comment
pers in ‘The Wizard of Oz,’ and “Jaws” teeth. on Mr. Maätita’s overtures, but
the 18-inch King Kong puppet Some of the most prized did say he recently had the
from ‘King Kong.’” collector’s pieces are candid shark appraised at six-figures,
Nathan Adlen, 60, the photos of the three anima- though he declines to give an
owner of Aadlen Brothers— tronic sharks created for the exact number.
spelled with two A’s, so it film. Humorously named Bruce He considered auctioning
would appear higher in phone after Mr. Spielberg’s lawyer, off the shark to the highest
books—considers the shark Bruce Ramer, the ambitious bidder. But now he plans on
his piece de resistance, and mechanical props were in- taking a course that Mr.
says his family has provided it tended to simulate a realistic Maätita and some of the film’s
with a fitting home. swimming and chomping great creators are applauding.
“The shark is kind of like a white shark during live ocean He will donate Bruce to a
metaphor for the wrecking shots. new Los Angeles museum, the
yard,” Mr. Adlen explains. “It is The sharks were famous for Academy Museum of Motion
the junkyard of the sea. All it malfunctioning during produc- Pictures. Run by the group
comes in contact with, it is the tion, though, helping put that puts on the Oscars, it is
end of their life.” “Jaws” behind schedule and slated to open in 2018.
Mr. Maätita’s campaign over budget. After filming, the There, Bruce will resurface
picked up urgency recently af- sharks were left forgotten. once again for what is planned
ter Mr. Adlen announced he “The originals they just put as a lasting and final close-up
JAE C. HONG/ASSOCIATED PRESS

was closing the junkyard— out in the back lot, and they with movie lovers, after mu-
which shut down Jan. 1—and got sort of destroyed,” Mr. Al- seum officials consult with
selling off some of his more ves says. some of the people who made
peculiar artifacts. Improbably, When the film became a hit, “Jaws” on how to restore it. On
Bruce may now be headed for the studio cast a new Bruce the prospects of Bruce finally
a happy Hollywood ending, a out of fiberglass from the orig- making its way into a museum,
fate both men are celebrating. inal mold for fans to take pho- Mr. Ramer, the shark’s name-
“Jaws” was a monster hit tos of during studio tours. sake, said “Better it than me.”
for Universal Pictures when it It was that fourth shark— This shark, suspended above an auto wrecking yard in Los Angeles for years, is moving on. This week, the palm trees
opened in theaters four de- which never appeared in the surrounding the shark are be-
cades ago. It established Mr. actual movie—that Mr. Adlen’s Before the yard’s closure, a cars in search of spare auto improvements, he says, including cut down. And Bruce’s new
Spielberg’s reputation as an late father, Sam Adlen, bought trailer used as an office in the parts. The contents of some of ing replacement teeth made owners will take him away af-
elite director and was the after spotting it in a North film “The Hangover” resided in those cars and other items from a white-picket fence. ter a final going-away party.
highest-grossing movie in Hollywood parking lot used by one corner. Elsewhere sat the were also on display or for Suspended alongside some “Sushi will definitely be on
North American history until Universal to store cars that ap- semi-tractor trucks used in the sale. palm trees, it has been safe the menu,” Mr. Adlen says.
“Star Wars” surpassed it. peared in chase scenes and movie “Universal Soldier” and For years, the star of the from scavengers who might
“Obviously, it was this great other film segments, his son the huge prop boombox that show was Bruce. otherwise have peeled off
blockbuster that really put Ste- says. R&B singer Usher danced in Mr. Adlen acknowledges some of its parts, he adds. For VIDEO
ven on the map as a film- It is far from the only odd front of in his “My Way” video. criticism for the film artifact’s a time, it even had company in
maker,” says Mr. Spielberg’s Hollywood scrap and Los An- Massive arches from a once condition, but says it is in the form of a live bull, which Watch a video
spokesman, Marvin Levy, not-
ing the director supports ef-
forts to preserve Bruce for
geles kitsch the family picked
up running a junkyard in the
periphery of the city over the
well-known carwash in Studio
City sat in the middle of the
yard. Mechanics foraged
nearly the same shape as the
day it was when his father ac-
quired it.
he says his father kept in a
nearby pen. All in all, the junk-
yard has been a fitting home,
WSJ
.COM
about Bruce the
shark leaving the
junkyard at
posterity. “We are never far past 53 years. through a vast sea of defunct It even benefited from some he says. wsj.com/ahedvideo.
TRADES Dividend Boost

Here is one example of how banks have used 'dividend arbitrage' to help clients reduce taxes.
worked, executive Stuart Hendel
said the bank should stop doing
the trades, say people familiar
with the meeting.
Continued from Page One Hedge fund holds dividend-paying stocks. Bank has global network of foreign subsidiaries Third party is located Mr. Hendel headed the bank’s
SEFT’s pioneering trading strat- It enters into swap transaction with a bank. and relationships with big custody banks. in country with lower business with hedge funds, a lu-
egies, some of which helped cus- or no withholding tax crative source of potential cli-
tomers reduce withholding taxes Hedge fund sells on specific dividends. ents for SEFT, but said its tax
on stock dividends. The impact E shares to bank... trades were “sleazy” and put
DG
of some trades was magnified HE D Bank of America’s reputation at
F U N
by using money from the parent …bank makes Bank loans out or refinances stock risk. Mr. Hendel is a lawyer who
company’s federally insured payments in return. position with third party. previously was chief operating
bank, other company documents officer at hedge-fund firm Eton
show. SEFT also made stock- Park Capital Management LP
based loans to a wide variety of and joined Bank of America just
corporate and financial clients. before Mr. Gallo in 2011.
Hedge fund receives more Bank earns money from Third party collects
In a sign of the group’s im- At the same meeting, Messrs.
of the dividend than it would arranging the trade. the dividend.
portance, some employees pock- Gallo and Chackman presented a
have by keeping the stock.
eted bonuses of $1 million to $3 report to Mr. Montag that ac-
million apiece in certain years, Sources: Hedge-fund managers; brokerage firms; other industry officials THE WALL STREET JOURNAL. knowledged the trades carried
spawning envy from nearby col- “reputational risks” and “could
leagues who mostly saw SEFT clamp down in 2008 on divi- the bank of using mobile phones miliar with the matter. Bank of ing to the documents and people be portrayed as facilitating tax
as a bunch of nerds who milked dend arbitrage with U.S. stocks, to text trading instructions to America executives don’t believe familiar with the proposed avoidance.” The report cited the
other employees’ client relation- which had been a large and lu- avoid detection by regulators the bank guaranteed a minimum transaction. “current trend to vilify banks,”
ships for additional profits. crative market. Bank of America and outside brokers to line up profit to Lycalopex. Critics of the trade inside according to a copy reviewed by
Bank of America hasn’t com- and other financial institutions the trades to look like arm’s- Mr. Diggle says Lycalopex Bank of America worried that the Journal.
mented on the various tax-trad- responded by shifting their fo- length transactions, rather than still is seeking payment from the regulators might see the deal as Nevertheless, Messrs. Gallo
ing inquiries by regulators in cus to European stocks, say peo- closely coordinated and essen- bank. “We feel we have a legiti- “circular,” a potential violation and Chackman assured Mr.
Europe and the U.S., including ple involved in the trades. tially risk-free. Bank executives mate grievance,” he says. His of rules in multiple countries re- Montag, now Bank of America’s
the Federal Reserve Bank of Fabrizio Gallo, who joined believe the transactions were partners in Dubai no longer pur- quiring that trades involve some chief operating officer, that the
Richmond. Executives at the Bank of America in 2011 to over- appropriate and arm’s length, sue the investment strategy and financial risk. bank was carefully vetting cli-
bank say it has increased the in- see its equities business, encour- according to a person familiar instead sell packaged, halal-cer- Some people at the bank also ents and adhering to interna-
volvement of senior risk and aged the expansion of dividend- with the matter. tified meals to refugee-aid or- believed Mr. Jutting was “ag- tional tax law. The report cited
compliance executives in re- arbitrage trades, people who Regulators typically are leery ganizations and supermarkets. gressively pushing” the transac- Lycalopex as a past client with-
viewing potentially problematic were there at the time say. of coordinated trades because At times, some Bank of tion before other Bank of Amer- out mentioning the dispute.
trades, while curtailing some ac- Known by the nickname “Fab,” they want securities prices to America officials objected to tax ica officials were comfortable The meeting ended with no
tivities that have drawn scru- he hired and promoted former reflect actual supply and de- trades created by SEFT—and enough with it, according to an major changes to SEFT’s strat-
tiny. colleagues from Morgan Stanley mand in the market. even blocked them. email sent by a bank employee egy. The group continued ar-
Numerous banks, hedge to lead the push. Mr. Devonald threatened to In 2012, an up-and-coming in London. ranging tax-minimizing trades.
funds and brokerage firms have One of the managers whose go to regulators and complained trader in the group’s London of- The week that the Advanzia Mr. Hendel left Bank of America
faced investigations for so- power and prestige rose was all the way up the ladder at fice spent months putting to- trade was supposed to happen, in early 2014.
called dividend-arbitrage tax Sylvan Chackman. He had been gether a tax-minimization trade lawyers at Bank of America said The Richmond Fed, which is
strategies that might have gen- pushed aside in a management for Advanzia Bank SA, a credit- it couldn’t go through. Mr. Gallo, the primary regulator of Bank of
erated improper tax rebates or shuffle in 2011. Mr. Gallo told card issuer in Luxembourg. the executive in charge of the America, first expressed con-
JENNY STRASBURG/THE WALL STREET JOURNAL
credits. other managers that Mr. Chack- The trader, Rurik Jutting, bank’s equities business, also cern about SEFT’s dividend-ar-
man was “the best div-arb oversaw the structuring of a disapproved of the trade’s struc- bitrage trades in the spring of
trader” and created a new job transaction that called for Ad- ture, size and choice of client, 2014, according to people famil-
Unusual scrutiny for him in London, people close vanzia to trade more than $200 says a person familiar with the iar with the matter.
SEFT has drawn unusually in- to the business say. million of shares in French util- matter. An Advanzia executive Fed officials are broadly ex-
tense scrutiny partly because But the trades sometimes ity Électricité de France SA confirms that the transaction amining the tax trades, other el-
the group engaged in controver- didn’t produce the returns that around the same time that the wasn’t done. ements of SEFT’s overall strat-
sial tax trades for much of the clients wanted. utility was scheduled to pay div- In 2013, though, Mr. Jutting egy and the group’s controls and
past decade. In the wake of the Those people say the bank idends to its shareholders, inter- helped Bank of America arrange accounting, say people familiar
regulatory mess, SEFT has arranged to loan Lycalopex as nal bank documents show. similar trades with a different with recent communications
largely been wound down, ac- much as $1 billion from its fed- Former colleagues of Mr. Jut- Luxembourg bank, according to with the regulator. The Securi-
cording to current and former erally insured U.S. deposit-tak- ting, who came to Bank of internal documents and people ties and Exchange Commission
employees. ing unit. Lycalopex was named America from Barclays PLC in familiar with the matter. has been questioning current
Bank of America, which ranks
second in assets among U.S.
after a jackal-like animal. Its fi-
nancial backers included billion-
Investment manager 2010 when he was in his
mid-20s, say he told them that
Later that year, the trader
was transferred to Hong Kong,
and former bank employees for
more than a year as part of an
banks, inherited the operation aire hedge-fund manager Paul Stephen Diggle claims Advanzia would probably do promoted to vice president from investigation into whether SEFT
that became known as SEFT
through the 2009 takeover of
Tudor Jones.
Andrew Devonald, the com-
BofA owes his firm more business with SEFT if the
trade worked well.
associate, and began trying to
help SEFT expand its fledgling
trades violated customer-pro-
tection rules.
securities firm Merrill Lynch & puterized-trading strategist about $10 million. The trade was approved by business in Asia. He jointly re- The bank has said that trans-
Co. managing Lycalopex, claimed Advanzia’s board of directors ported to managers there and in actions in question “received ex-
SEFT was already known for Bank of America senior manager and was similar to a series of London, internal organizational tensive review” and that the
its expertise at using a series of Rajeev Patel, who worked Bank of America to Thomas previous trades arranged by charts show. bank “fully complied with the
carefully timed trades to tempo- closely with SEFT in London, Montag, the No. 2 executive, ac- SEFT that helped other clients Mr. Jutting couldn’t be rules designed to safeguard cli-
rarily shuffle ownership of a cli- said the trades would produce cording to people familiar with avoid millions of dividend-with- reached for comment. He is in ent funds.” Bank of America also
ent’s shares to a lower-tax juris- at least $15 million in profits, ac- the matter. holding taxes on European jail in Hong Kong awaiting trial has overhauled procedures for
diction around the time when cording to a 2012 email from Mr. Mr. Chackman and other stocks, according to bank docu- on murder charges related to safeguarding customer ac-
the client expects to collect a Devonald to Mr. Chackman. Bank of America executives re- ments reviewed by the Journal. two women found dead in his counts.
dividend on those shares. Banks “Do you think that we would sponded that changes in Euro- But Bank of America lawyers apartment in 2014. One of the As scrutiny of SEFT intensi-
and hedge funds say dividend spend the considerable time, ef- pean regulations had forced the and other employees in London bodies was in a suitcase on his fied, the bank banished the
arbitrage is a legal way to re- fort and money setting up the bank to adjust trades done on grew concerned about the me- balcony. group’s name from organiza-
duce tax bills through differ- trades we entered into with Raj behalf of Lycalopex, according to chanics of the transaction, say He has said he would fight tional charts as part of a
ences in withholding rates. with no conversation or assur- people familiar with the matter. people who were there at the the charges and is no longer em- broader restructuring. “Don’t
The maneuver sometimes en- ance that the transactions were At Lycalopex’s request, the time. The trade was structured ployed by the bank. Mr. Jutting’s refer to SEFT anymore,” a Lon-
abled clients to cut taxes from likely to be profitable?” Mr. De- bank’s own head of equities in so a bank subsidiary would buy lawyer declined to comment. don manager said last summer
as much as 30% of the dividend vonald wrote. Asia at the time, Peter Mac- the utility-company shares, sell when employees kept using the
payment to a fraction of that— Instead, Mr. Devonald and his Donald, pressed Mr. Gallo and them to Advanzia and then re- acronym in meetings and email,
or even zero. The strategy partner at Lycalopex, Stephen other Bank of America officials purchase them, all within a few Executives spar according to people familiar
helped Merrill and then Bank of Diggle, claimed that Bank of in London to show Lycalopex days. By mid-2013, a deep split had with the remark.
America win more trading busi- America owed them about $10 how the trades were done and The sequence was designed formed inside Bank of America Bank of America employees
ness from existing clients and million, had improperly altered profits divided. to ensure that Advanzia would about the possible risks from still structure tax trades but far
attract new ones, according to the trading strategy and kept Those officials declined and reap tax savings from the trade dividend-tax trades. At a meet- fewer of them. They now are
internal documents. too much of the profits for itself. said they would take care of the without exposing the credit-card ing in the same Manhattan part of a unit called the Inven-
U.S. tax authorities started to Mr. Devonald also accused dispute, according to people fa- issuer to any actual risk, accord- building where SEFT employees tory Management Group.
OPINION
Revolt of the Politically Incorrect BOOKSHELF | By Edward Lucas
Soon we’ll all

be camped in
the fields of
Instead the Obama Education
Department imposed what are
essentially kangaroo courts on
Split
primary poli-
tics, as that
great thresh-
ing machine
American campuses to enforce
Title IX sexual-abuse cases.
Policies like that don’t
emerge from the marketplace
Personality
WONDER
LAND called
American
the of ideas, much less political de-
bate. They come from a kind of
The Gates of Europe
By Daniel
voter methodi- Americanized Maoism. The left By Serhii Plokhy
Henninger
cally separates goes nuts when anyone sug- (Basic, 395 pages, $29.99)
U
the contender gests political correctness has
wheat from the candidate chaff. totalitarian roots. But the PC kraine is the laboratory for experiments that will de-
Let’s not go there, though, with- game has always been: We win, termine Europe’s future. Will it continue to exist as an
BLOOMBERG
out recording 2015 as the year you lose, get over it, comply. independent, unified country? Or will it split along re-
that political correctness finally But people don’t get over it, gional, ethnic or linguistic lines? Will it become part of the
hit the wall. and they never forget. For a lot West, like a bigger Poland? Or will it be drawn back into the
Many thought political cor- GOP presidential hopeful Ben Carson in Nashua, N.H., Dec. 20. of voters now, possibly a major- shadow of Moscow, like a larger version of Belarus?
rectness lived on in our lives ity, their experiences with To Europe’s shame, the answers to these questions do not
now as permanently annoying in the U.S., piece by politically intimidation. If it is not vigor- enforceable, politically correct lie wholly in the hands of Ukrainians. As Harvard historian
background noise. In fact, it has correct piece, for 25 years. ously opposed, its proponents behavior, speech and thought Serhii Plokhy writes in this exemplary account of Europe’s
been more like a political A- Since at least the early 1990s, win by default, because the have bred a broad mistrust of least-known large country, the post-Soviet Kremlin has
bomb, waiting for its detonator. a lot of the public has been victims adopt a ‘go along to elites. switched from building a modern state to “the idea of form-
On Dec. 7, Donald Trump is- intimidated into keeping its get along’ attitude.” Average people think indi- ing a single Russian nation . . . unifying the eastern Slavs on
sued his call for a ban on Muslim mouth shut and head down The left found Mr. Carson’s viduals in positions of leader- the basis of Russian language and culture. Ukraine has be-
immigration into the U.S.—“un- about subjects in the political PC concerns almost quaint. But ship are supposed to at least come the first testing-ground for this model outside the Rus-
til our country’s representatives and social life of the country the email traffic I was seeing recognize the existence of their sian Federation.”
can figure out what is going on.” that the elites stipulated as last summer suggested the interests and beliefs. The The resulting headlines of the last two years—of bravery,
beyond discussion or dispute. Carson anti-PC critique was a institutions that didn’t do that brutality, insurrection, annexation, espionage, propaganda,
Eventually, the most important big reason for his surge among or were complicit include the economic sanctions and foreign intervention—all have roots in
Donald Trump and social skill in America became middle-class voters. My favor- courts, Congress, senior bureau- a story that goes back more than a millennium. In particular,
adeptness at euphemism. It ite Carsonism: When asked in crats, corporate managers, the they are about who is the real heir to a long-forgotten super-
Ben Carson popped the isn’t an abortion; it’s a “termi- the Fox News debate if he’d press, television, movies, uni- power—Kyivan Rus—which
valves on decades of nated pregnancy.” resume waterboarding, he re- versity administrators. brought the rule of law, Chris-
Some keywords in PC’s his- plied, “There is no such thing Somehow, the standard tianity and nationhood to
pent-up PC pressure. tory: as a politically correct war.” model of political comport- lands that include parts of
Identity, gender, gender-neu- When Donald Trump’s ment—represented by most of modern Belarus, Moldova, Po-
tral, diverse, inclusive, patriar- mostly working-class voters re- the GOP’s presidential candi- land, Russia and Ukraine.
It’s hard to recall a statement by chy, workplace harassment, peatedly said that “he tells the dates—just isn’t up to dealing This will be baffling terri-
a public figure that was met, multiculturalism, dead white truth,” this is what they were with a degree of voter social tory for many readers. But one
instantly, with almost universal males, sexism, racism, organic, talking about—not any particu- alienation that isn’t particularly of the joys of reading the “The
condemnation, including from “privileged,” hate speech, lar Trump outrage but the rational at this point. So voters Gates of Europe” is that what
most of the Republican presi- speech codes, prayer in schools, years of political correctness turned to “outsiders”—people might seem a dense account of
dential candidates. affirmative action, respecting they felt they’d been forced to more like them. distant events involving unfa-
Between that day and the our differences, microagres- choke down in silence. The election’s two big is- miliar places and people is leav-
end of 2015, Donald Trump’s sions, trigger warnings. That’s American society has never sues remain: a weak economy ened by aphorism and anecdote.
support in the national opinion just the tip of the iceberg— been static. A fair-minded per- and global chaos. But for many The Slavic tribes of that era de-
polls went up to nearly 37%, a which political correctness son would concede that many voters, the revolt against polit- spised bridal virginity, for exam-
substantial number by any slammed into with the Trump of these controversial subjects ical correctness is on. Hillary ple, seeing it as evidence of undesir-
measure. and Carson campaigns. involve legitimate and complex Clinton, hostage to a PC-ob- ability. The Viking princess Helga,
Welcome to the revolt of Ben Carson especially made issues. Politics exists to medi- sessed base, must mouth establishing her warrior-trader kinsfolk’s grip over their far-
the politically incorrect. PC an explicit tenet of his cam- ate them. politically correct pabulum. flung conquest, dealt with some of her menacing and filthy
Forget the controversy over paign. In a 2014 essay for the Mediation? We should have Donald Trump joy-rides the Slavic suitors by insisting that they wash before she received
Donald Trump’s Muslim ban. Washington Times, Mr. Carson been so lucky. The left never wave. An opening remains for them. Locked in her sauna, they were scalded to death.
This unique political campaign wrote: “Political correctness is modulated its PC offensive. an electable candidate who Helga’s Slavic-Viking hybrid realm was the 10th-century
is about more than that. Don- antithetical to our founding The 2006 Duke University can point this revolt toward proto-state for what later became Kyivan Rus, a country with
ald Trump and indeed Ben principles of freedom of lacrosse scandal, a travesty of what it wants—a political win, no precise date of birth but a definite date of death: Dec. 7,
Carson popped the valves on speech and freedom of expres- PC trampling on individuals, at last. 1240, when the Mongol invasion conquered the capital. But
pressure that’s been building sion. Its most powerful tool is should have been a red flag. Write to henninger@wsj.com the question of who can claim the legacy of Kyivan Rus is vi-
tal. Yaroslav the Wise—a remarkably enlightened successor
to Helga—appears on both Russian and Ukrainian bank
My Crystal-Ball Score—Plus 2016 Predictions notes, mustachioed in the style of a Ukrainian Cossack on
one, bearded like a Russian czar on the other. His bones dis-
appeared in 1944 in Kyiv as the Germans were retreating;
By Karl Rove contenders, including Scott trusted President Obama more Committee will reveal who told they may now, Mr. Plokhy hints, be hidden in a Ukrainian
C
Walker and Rick Perry, failed to to make good decisions for the U.N. Ambassador Susan Rice to church in Brooklyn.
ontinuing a tradition, raise enough money to be com- country; 44% trusted the GOP go on television and lie by Ukraine has often been wiped off the geographical map
here is a look back at my petitive. A federal appeals court Congress. saying that a YouTube video while remaining on the intellectual one. Kyivan Rus, for exam-
predictions for 2015— held that the president’s execu- Now predictions for 2016: If prompted the attack. ple, bequeathed its traditions of legality to the Grand Duchy of
hits and misses—and fresh tive actions on immigration the GOP contest narrows to Speaker Paul Ryan will lead Lithuania (another forgotten superpower) and thence to the
prognostications for the New exceeded his authority. Con- two or three candidates by congressional Republicans in Polish-Lithuanian Commonwealth. Ukrainian national identity
Year. Of last year’s 27 prophe- gressional Republicans slowed March 15, Mr. Trump will not offering a conservative govern- awakened in the 19th century in the literary sphere, when the
cies, I got nine wrong. There discretionary domestic spend- be the party’s nominee. If on ing vision. Backlash against Mr. prospects of an independent state were still unimaginably dis-
was no Supreme Court vacancy, ing and raised the military’s the Ides of March someone Obama’s executive actions on tant. Such stirrings of national sentiment infuriated many
nor did the high court prohibit share of the budget. And there wins both the winner-take-all guns and Guantanamo Bay will Russians then, as they do now. Mr. Plokhy quotes the unthink-
ObamaCare patients in states was (barely) the first sustained primaries in Florida (by con- help the GOP. Crime and law ing imperialism of a poem that Alexander Pushkin wrote after
without exchanges from receiv- period of bipartisan legislation gressional district) and Ohio and order will become more the crushing of a rebellion in Warsaw: “Right of rebellion rec-
ing federal subsidies. in Obama’s tenure. (statewide), that person will important election issues. ognized, / Will Lithuania spurn our rule? / And Kiev, decrepit,
Although the House and be the nominee. Iran will continue violating golden-domed, / This ancestor of Russian towns— / Will it
Senate passed budget resolu- The GOP will hold its first the nuclear deal’s ban on test- conjoin its sainted graves / With reckless Warsaw?”
tions, lawmakers did not Hillary will be let off multiballot convention since ing ballistic missiles. That will
approve most appropriations 1948. Delegates will be frac- not be its only violation. Absent
bills before Oct. 1. Nor did the hook. An MVP for tured—with many legally a major shift in U.S. policy, Will Ukraine become part of the West, like
President Obama veto any, Cam Newton. Obama bound, for at least one ballot, to Mosul will still be in Islamic Poland? Or will it be drawn back into Moscow’s
despite his frequent threats. support the winner of their State’s hands at year’s end.
Instead, Senate Democrats fili- will improve his golf. state or district—and at least The Taliban will control more shadow, like a larger version of Belarus?
bustered because Republicans two ballots will be required. But of Afghanistan. Libya and Syria
proposed spending too little. the candidate with the most will deteriorate further. There
There was more populist an- Vladimir Putin continued his delegates going in will win. will be a major foreign test for In fact, the heritage of Kyivan Rus is eminently shareable,
ger on the right (with Trump at destabilizing ways, including If Mr. Trump is its standard- America, as adversaries take like Roman law and Greek philosophy. But for the Kremlin to
35% in Wednesday’s Real Clear when Russia’s chief prosecutor bearer, the GOP will lose the advantage of Mr. Obama’s last admit that Ukraine is a real country would be to cast doubt on
Politics average) than on the announced that he would inves- White House and the Senate, year in office. the legitimacy of Russia’s own quasi-feudal statehood.
left (with Sanders at 32%). And tigate whether the Soviet Union and its majority in the House Alabama will take college Ukrainians have often been midwives of their own misfor-
the GOP front-runner (The Don- acted legally in recognizing the will fall dramatically. If the football’s championship, and tunes, making it easy for malevolent outsiders to divide and
ald) cracked 30% in September, independence of Estonia, Latvia nominee is Ted Cruz the situa- the Panthers the Super Bowl. corral them. As Mr. Plokhy notes, Ukrainians are “successful
not 25%, as I had predicted. and Lithuania in 1991. tion is still dicey. Any of the Cam Newton will become the rebels” but “amateurs at building a state.” That weakness
Because of turmoil in the Fear of immigration and ter- other major candidates, if nom- first quarterback to win both was displayed in the shambles that followed World War I,
House, congressional Republi- rorism strengthened European inated, will best Mrs. Clinton in the Heisman and the NFL MVP when a short-lived Ukrainian republic flickered and died
cans failed to offer a governing populist parties. ISIS expanded a close race and help the GOP award. George Will’s Cubs will among sickening bloodshed. It has been even more painfully
conservative vision, though into North Africa. Conflict in narrowly keep the Senate. make the World Series. Golden visible in the years since the Soviet collapse, when the coun-
their budget resolutions re- Afghanistan intensified. The It will be an ugly contest: State will beat the Chicago try’s political class, in governments of all stripes, has dis-
quired tough votes on entitle- Obama administration negoti- Mrs. Clinton will try to over- Bulls’ record for the best NBA played a dispiriting level of venality and incompetence.
ments and tax reform. ated a terrible nuclear deal with come her flaws by scorching regular season (72-10). Oddly, one of the relatively bright spots was in the early
The Seahawks didn’t win the Iran. Cuba remained repressive. her opponent. Mr. Obama’s Ridley Scott will win the Os- years of Soviet rule, when the Communist leadership be-
Super Bowl, losing to the Patri- Bibi Netanyahu was re-elected approval rating will be lower on car for best director, Jennifer lieved that strengthening Ukrainian language, culture and
ots. None of my Oscar picks— as Israel’s prime minister. Election Day than it was at Lawrence best actress and Ed- identity was an essential part of building a modern Soviet
“American Sniper,” Benedict Ohio State won the college 2016’s start (43.6% in the RCP die Redmayne best actor. Barack state. But such hopes were soon shattered. As Mr. Plokhy
Cumberbatch and Clint East- football crown; Aaron Rodgers average). The long anemic Obama will become a worse writes: “The eruption of the Stalinist volcano reduced to
wood—won a statuette. took his second NFL MVP; Tiger recovery will sputter, and the president but a better golfer. ashes the high hopes that Ukrainian nation builders had once
I had 17 correct forecasts. Woods didn’t win a major country will teeter on recession. Sound easy? Make your list cherished with regard to the revolutionary regime in Mos-
Hillary Clinton ran for presi- championship. The British roy- The FBI will recommend and we’ll compare next January. cow.” A putative Ukrainian Piedmont had become a Pompei.
dent; Elizabeth Warren and Joe als had a girl, Charlotte. action against Mrs. Clinton’s After the mass starvation and purges of the Stalin era,
Biden did not. The Iowa Straw One prediction ended in a former aides over her private- Mr. Rove helped organize many Ukrainians welcomed the German invaders in 1941. That
Poll was canceled. A surprising tie: 44% of voters in a Dec. 20 email server, but not against the political-action committee proved to be a tragic mistake. The Nazis persecuted Ukrainian
number of GOP presidential Quinnipiac poll said they Hillary. The House Benghazi American Crossroads. nationalists, and every sixth Jew who died in the Holocaust
came from Ukraine. A minor flaw of the book is that it glides
over one of the great untold episodes in postwar military his-
Notable & Quotable: James Q. Wilson

tory: the Ukrainian resistance to Soviet rule, which involved
tens of thousands of men and the creation of a parallel under-
ground state, and lasted for more than a decade.
From “What Is Moral, and cal reflexes” that are, at best, view of human nature, one These desires become evident But as Mr. Plokhy rightly maintains, Ukraine is not a coun-
How Do We Know It?” by polit- mere sublimates of material that assumes that people are when we think disinterestedly try in which it makes sense to draw straight lines or demand
ical scientist James Q. Wilson circumstances. Nietzsche writes naturally endowed with cer- about ourselves or others. . . . clear categories. It was and is a hybrid of overlapping and of-
(1931-2012) in Commentary dismissively that morality is tain moral sentiments. We Mankind’s moral sense is ten indistinct linguistic, ethnic, cultural, historical and reli-
magazine, June 1993: but the herd instinct of the in- have a peculiar, fragile, but not a strong beacon light, radi- gious sub-identities. These are not exactly divisions—certainly
dividual. Existentialists argue persistent disposition to make ating outward to illuminate in the idea of a country cloven between a “Russian-speaking”
Almost every important that man must choose his moral judgments, and we gen- sharp outline all that it east and a “Ukrainian-speaking” west is misleadingly simplis-
tendency in modern thought values without having any erally regard people who lack touches. It is, rather, a small tic. But the big hope now is that outside pressure may have fi-
has questioned the possibility sure compass by which to this disposition to be less than candle flame, casting vague nally crystallized Ukraine’s identity. It has worked before: The
of making moral judgments. guide those choices. Cultural human. Despite our wars, and multiple shadows, flicker- partitions of Poland were the starting point for modern Polish
Analytical philosophy asserts anthropology as practiced by crimes, envies, snobberies, ing and sputtering in the nationalism, and the Napoleonic invasion of Germany gave
that moral statements are many of its most renowned fanaticisms, and persecutions, strong winds of power and rise to pan-German ideas. “Invaded, humiliated, and war-
expressions of emotion lacking scholars claims that amid the there is to be found a desire not passion, greed and ideology. torn,” Mr. Plokhy concludes, Ukraine seems to be following a
any rational or scientific basis. exotic diversity of human life only for praise but for praise- But brought close to the heart similar pattern. Much hangs on the outcome.
Marxism derides morality and there can be found no univer- worthiness, for fair dealings as and cupped in one’s hands, it
religion as “phantoms formed sal laws of right conduct. . . . well as for good deals, for dispels the darkness and Mr. Lucas writes for the Economist. His latest book is
in the human brain,” “ideologi- I wish to argue for an older honor as well as for advantage. warms the soul. “Cyberphobia: Identity, Trust, Security and the Internet.”
A12 | Thursday, January 7, 2016 THE WALL STREET JOURNAL.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
The New Nuclear Proliferation Age Why Not Set a Minimum Wage of $50 for All?
T
he temptation in most world capitals will tions after its 2014 cyberattack against Sony. It’s curious that in his letter of mists to consider the “broad, long-
be to denounce North Korea’s Wednes- The North has now escalated. Dec. 28 William Pease criticizes an term impacts” of raising the mini-
economics professor for taking a mum wage, but he wrongly
day nuclear test but do little beyond at- The West wants to believe the Iran nuclear “narrow perspective” in analyzing understands those impacts. For exam-
tempting to bribe dictator Kim deal is an antiproliferation tri- the effect of raising the minimum ple, after acknowledging that some
Jong Un with more cash in re- North Korea’s test umph, but Iran’s neighbors wage—and then does exactly the workers will be made unemployable
turn for more disarmament shows the continuing view it as a delaying action at same thing. He concludes that raising by the minimum wage, he asserts
promises. The more realistic best. They think it guarantees the minimum wage would increase that all low-skilled workers who man-
view is to see this as another failure of arms control. that Iran will eventually build wages by “over 7.8% for a significant age to remain employed following a
giant step toward a dangerous a weapon. Over time this will group” and that those who lost jobs 10% minimum-wage hike will get a
new era of nuclear prolifera- encourage others in the Middle would receive unemployment com- 10% raise. Unlikely. Because employ-
tion that the world ignores at its peril. East to seek their own nuclear deterrent. pensation resulting in “a significant ers are ever attentive to their bottom
Pyongyang says the explosion, its fourth so In Asia, too, the question is whether North economic stimulus for the geographic lines, not only will many of these
area affected.” This is, of course, a still-employed workers find their
far and first since 2013, was a “completely suc- Korea’s growing nuclear arsenal will now cause
very incomplete and narrow analysis. hours reduced, they will also suffer
cessful” test of a miniaturized hydrogen bomb. Japan and South Korea to get their own deter- Where does Mr. Pease suppose that more burdensome job demands as
That would represent a technological leap, as rent. South Korean President Park Geun-hye the money for the 7.8% increase and well as cuts in their fringe benefits.
H-bombs can be thousands of times stronger warned in 2014 that after a fourth North Korean additional unemployment compensa- Mr. Pease also ignores another
than the atomic weapons that North Korea test “it would be difficult to prevent a nuclear tion comes from? From others, obvi- broad, long-term impact of the mini-
tested previously. Pyongyang often lies, and the domino from occurring in this area.” ously, whose incomes are now lower mum wage—one that economists
White House said Wednesday the initial U.S. North Korea’s latest test should spur a new and who now have less to spend or have long noted—namely, the unem-
analysis suggests it wasn’t an H-bomb. global resolve against Pyongyang, but it proba- to save. ployment unleashed by the minimum
But even an upgraded atomic bomb using bly won’t. China once again expressed its disap- Perhaps he means that the eco- wage isn’t random. Inner-city single
boosted fission would give Kim a more powerful proval but it has never been willing to squeeze nomic effect would help some “geo- moms without their own cars, or His-
weapon than the bombs dropped on Hiroshima its client state. graphic areas,” while tacitly admit- panic immigrants who speak only
ting that it hurts other geographic broken English, are more likely to be
and Nagasaki. Kim is estimated to have enough The U.S. could revive the targeted economic
areas. If this is what he means, he priced out of work by the minimum
uranium and plutonium production for 50 to sanctions that in 2005 hit Macau’s Banco Delta should say so. But that would inter- wage than are suburban teens with
100 bombs by 2020. Asia and forced others to cut ties with Pyong- fere with his argument that free their own cars and with plans to at-
This threat is growing well beyond Asia as yang, squeezing its supplies of arms and luxury lunches are available—for some tend college after they graduate from
the North makes progress on warhead minia- goods. The U.S. also hasn’t designated the North maybe, but not for all, and not for their highly ranked suburban high
turization and missile delivery. U.S. Admiral Bill as a “primary money-laundering concern” de- the society as a whole. Please, if cre- schools. The resulting broad, long-
Gortney of the North American Aerospace De- spite its racket in counterfeit currency and ating a “significant economic stimu- term impact, therefore, of the mini-
fense Command said last year that Pyongyang drugs. The North Korea Sanctions Enforcement lus” were as easy as decreeing higher mum wage is to further enhance the
has “the capability to reach the [U.S.] homeland Act, long stalled in Congress, would fix such wage rates, why stop at $10 or $15 incomes and opportunities enjoyed by
with a nuclear weapon from a rocket.” oversights. per hour? Why not $20 or $50, so those who need them least by deny-
The North conducted an apparently success- At the very least the U.S. and South Korea that everybody has lots of income? ing incomes and opportunity to those
ALVIN THOMAS KING who need them most.
ful submarine missile test last month. Pyong- could finally deploy the missile-defense system Fayetteville, Ark. PROF. DONALD J. BOUDREAUX
yang helped Syria build a secret plutonium re- known as Thaad, for Terminal High-Altitude George Mason University
actor that the Israeli air force destroyed in Area Defense. Beijing has pressured Seoul not William Pease rightly wants econo- Fairfax, Va.
2007, and it has worked with Iran on long-range to use the U.S.-built platform, which would inte-
missiles and possibly nuclear technology. grate with U.S. and Japanese defenses. But
The larger story here is the rapid fraying of Thaad is the strongest system available, and
the world’s antinuclear proliferation regime, as- China’s patronage of Pyongyang is a main rea-
Overfishing, Overregulation Both Kill Jobs
sisted by the illusion of arms control. The fail- son the region is under threat. David Goethel (“Fishermen on the certainly has a familiar ring to it.
ure with North Korea goes back to Bill Clinton’s The only real solution is to put regime Hook to Pay for Their Own Regula- Think of the dying coal industry in
1994 Agreed Framework, which he hailed as “a change at the heart of U.S. policy. This would tors,” op-ed, Dec. 28) fails to pass the our area, being slain not by market
red-faced test in asserting that the forces but by overregulation, empow-
good deal” because “North Korea will freeze mean stronger defenses in the South, stepped-
“extinction” of New England ground ered by an unbridled executive
and then dismantle its nuclear program” in re- up sanctions and enforcement to undercut fishermen is now threatened by charg- branch. Likewise, the medical profes-
turn for food and energy aid. The North took Pyongyang’s illicit trade and access to foreign ing for at-sea federal monitoring. He sion, of which I am soon to be a non-
the cash and kept working toward a plutonium goods, as well as expanded efforts to facilitate regards his ground-fishing brethren as participating member, is witnessing
and uranium bomb. the flow of refugees out of the North. an “endangered species,” mentioning the demise of the private practitioner.
The Bush Administration tried a tougher ap- The Obama Administration has shown no in- that “the causes are many” before tar- We are being driven out of business
proach at first but lost its nerve in the second clination to do any of this, and it is unlikely to geting the real cause of the problem: by government regulations, rather
term and also went the bribery route. We’ve start now. The result is that while Mr. Obama federal regulation. than by laws passed by the will of the
praised President Obama for not doing the same, entered office promising to pursue “a world There are fewer fish because there people through their elected repre-
but the Administration mustered no response to without nuclear weapons,” he will leave having is too much expensive federal regula- sentatives.
the North’s 2013 nuclear test and only light sanc- set loose a new era of nuclear proliferation. tion? Is “federal regulation” a boat These trends bode ill for our coun-
that goes to sea and catches too many try and our freedom. I hope the
fish? I don’t think so. There are fewer American people will soon wake up to
Stranded at the Airport fish and the cause is decades of over-

fishing, and it was a pathetic lack of
the overregulation of their lives. Bu-
reaucratic agencies that issue these
I
regulation that allowed it to happen. edicts (regulations) are not elected by
f you were stranded in Chicago or Dallas or cal scenarios if the rule had been in effect. While TOM ANDERSON the people nor are they accountable
(heaven help you) the in-laws over the holi- the rule has been “highly effective in reducing St. Louis to the people. All too often they are
days, you might have the government to the frequency of occurrence of long tarmac also anonymous. They hold far too
thank. A new Dartmouth-Mas- times,” the study found that it I read with disgust Mr. Goethel’s much power, and that must change.
sachusetts Institute of Tech- A rule to stop tarmac has also significantly increased piece on the oppressive regulation of MATT WOOD
nology study finds that the flight cancellations. Passengers the New England fishing industry. It Bristol, Tenn.
Obama Administration’s Tar-
delays leads to more must then rebook, which can
mac Delay Rule has backfired flight cancellations. “often lead to extensive delay
on passengers by causing in reaching their final destina-
more flight cancellations. tions.” For each passenger- A Different View of ‘Policing for Profit’ Laws
In 2010 the Department of Transportation minute of tarmac time saved, the study estimates In your editorial “Less Policing for This process is exactly like that fol-
said it would fine airlines $27,500 for every pas- that the rule costs three passenger-minutes in Profit” (Dec. 29), you attack the fed- lowed in the everyday civil lawsuit—
senger stuck on a tarmac for more than three delays—usually for the same passengers the rule eral asset-forfeiture program for tak- property can be attached or restrained
hours. Last year it dunned Southwest Airlines was intended to help. ing property “from people who have without any trial, and the original
$1.6 million for keeping hundreds of passengers None of this is shocking to those who under- never been found guilty,” and for al- owner deprived of it permanently af-
hostage at Chicago’s Midway airport in January stand that regulation invariably has unintended lowing local police departments to ter a trial, with no criminal charges or
2014 amid winter storms. Getting waylaid on consequences. When the rule was proposed, air- “pad their budgets.” Under federal conviction. Shall we eliminate civil
law, items can be seized in two ways, lawsuits because people lose money
the tarmac may feel like cruel punishment, but lines warned the result would be more travel-
identical to the way a person can be when they have not been convicted of
it doesn’t violate the Geneva Convention. In- ling headaches. A Government Accountability arrested. If an officer has probable a crime?
clement weather and congested airports are Office study in September 2011 flogged an “in- cause to believe that an item is the The forfeiture process uses crimi-
usually to blame. creased likelihood” of cancellations. Thus does proceeds of or was used to foster a nals’ assets, after they have been so
The Dartmouth and MIT researchers com- another government regulation inadvertently crime, the officer can seize it—exactly ruled, to be used against other crimi-
pared passenger delays in 2007 with hypotheti- harm its intended beneficiaries. the process followed when an officer nals. Would you rather the taxpayers
arrests someone for a crime. Shall we have taxes raised to pay for law en-
abolish warrantless arrests also and forcement or have law-enforcement
New York’s Fantasy Fraud let the bank robber run away? An offi-
cer submits a probable-cause affidavit
agencies hobbled by skimpy budgets
in straitened times?
T
he NFL season ended poorly for New your cash” and “anybody can play, anybody can to a judge, and the judge, after review- JAMES S. RUSSELL
ing the affidavit, issues a warrant— Englewood, Colo.
York football fans, and state Attorney succeed.” If this is false advertising, then the New
again, exactly the same as if an officer
General Eric Schneiderman is piling on York lottery—which claims it is “making more wants to arrest someone believed to
with new fraud charges in his New Yorkers rich than any other have committed a crime. Shall we St. Augustine, Stolen Pears:
blitz against fantasy sports Schneiderman tries game”—is a Bigger Con. abolish arrests with warrants?
sites DraftKings and FanDuel. Mr. Schneiderman says the Who Sets the Highest Good?
Daily fantasy sports have
to protect the state sites prey on vulnerable young
Property can’t be retained until the
government establishes, usually to the Regarding Patrick J. Geary’s review
been operating legally in New gambling monopoly. males by promising instant satisfaction of a judge, that the prop- of Robin Lane Fox’s “Augustine”
York and most states for gratification and “no commit- erty was illegally generated or used. (Bookshelf, Dec. 23): St. Augustine, in
nearly a decade and attracted ment,” though the ads are less analyzing why he stole the pears,
such investors as Fox Sports, Turner Sports, deceptive than promotions for body-building comes to the conclusion that “the act
KKR and the Kraft Group. This has made them supplements or workout programs. He contra- Would Soviet Filmmakers was, in a perverse sort of way, an im-
itation of God; it was an attempt to
a rich political target. dicts his case that fantasy sports are illegal gam- Agree With George Lucas? exercise a liberty that belongs to God
In November Mr. Schneiderman charged bling by arguing that the sites misrepresent “the I’m a big fan of “Star Wars” and alone: that of being unconstrained by
DraftKings and FanDuel with running illegal degree of skill implicated in the games.” George Lucas’s incredible creativity anything outside himself” (“Confes-
gambling operations and ordered them to shut The amended lawsuit demands that the sites and talent. I find it ironic that appar- sions,” 2.4). This led him to the root
down in the Empire State. According to the AG, compensate players for their losses (i.e., entry ently Mr. Lucas feels Soviet filmmak- cause of the human predicament,
fantasy sports are a game of chance rather than fees) and pay civil penalties that could run in ers had more “freedom” than he does which is pride—setting ourselves up
skill, an important legal distinction used to de- the billions. Nearly 60 class-action lawsuits because of our capitalistic society as the highest good when the highest
fine gambling. But fantasy sports involve as based on similar claims are being consolidated (“George Lucas and Soviet Cinema,” good is rather something we should
much skill as, say, Scrabble or fantasy season this month in federal court, which should pre- Notable & Quotable, Jan. 4). acknowledge as above us.
competitions hosted by ESPN. empt the AG’s charges. His real goal may be to Mr. Lucas’s worldview is charac- JAMES ROSZELL
teristic of the 1960s generation that Richmond, Ind.
Players form teams with salary caps from ath- frighten away anyone who does business with
disparages the very system that has
letes whose pay approximates their value, so the fantasy sites.
Cam Newton would be more expensive than Protecting government’s gambling market
made its members the wealthiest
and most spoiled generation in
CORRECTION
Johnny Manziel. They pay entry fees to compete share seems to be a Democratic priority these American history. According to him,
against players nationwide with prizes ranging days. Shortly before Christmas, Illinois AG Lisa Soviet filmmakers could do what- The United Arab Emirates has re-
from a couple of bucks to seven figures. The best Madigan issued an opinion that fantasy sports as ever made them feel good with their called its ambassador to Iran. A Jan.
players win most of the time, though rookies can well as “all games of chance or skill, when played artistic talents as long as they 5 editorial, “Sunni Arab Solidarity,”
take home small-dollar prizes. for money, are illegal gambling in Illinois, unless didn’t step on any political toes. said the country had severed diplo-
Neither the New York legislature nor state excepted” and should be outlawed, which is at least Maybe he’ll be happy when the gov- matic ties.
gaming commission has defined fantasy sports more legally consistent than Mr. Schneiderman’s ernment owns everything and some
as gambling, which makes the AG’s case a long singling out daily competitions. “Bureau of Artistic Talent” will sub- Letters intended for publication should
sidize his efforts to express himself be addressed to: The Editor, 1211 Avenue
shot. This may explain why Mr. Schneiderman A New York appellate court is now consider-
without having to worry about any- of the Americas, New York, NY 10036,
late on New Year’s Eve amended his suit with ing whether to allow DraftKings and FanDuel to thing so crass as making a movie or emailed to wsj.ltrs@wsj.com. Please
charges of fraud and false advertising. operate in the state while Mr. Schneiderman’s that makes money and that people include your city and state. All letters
The gubernatorial wannabe cites fantasy ads case plays out. Letting the AG’s ruling stand want to see. are subject to editing, and unpublished
that say “taking home your share is simple: just pending a court review would merely reward his CHARLES D. FORAN letters can be neither acknowledged nor
returned.
pick your sport, pick your players, and pick up prosecutorial unsportsmanlike conduct. Dallas
OPINION
S.O.S. for a Declining American Navy

By Seth Cropsey Even the Navy’s now-endangered fewer than the Reagan Navy, and
L
plan for 308 new ships was far 13% larger than the combat fleet
ate last week China con- below the approximately 350 the Navy currently seeks. Using the
firmed that it is building combat ships needed to achieve Congressional Budget Office’s cost
its first aircraft carrier this aim. estimates, this would require an
from scratch, adding to a With danger rising around the annual $24 billion shipbuilding
fleet that includes a Rus- world, from the Persian Gulf to the expense. That means a 45% increase
sian-made carrier. The news cast South China Sea, the increasing of the current $16.5 billion ship-
U.S. military policy in a particularly military and economic threats building budget, or an added $7.5
unsettling light: While China’s naval cannot be ignored. Here is what an billion yearly to the shipbuilding
power expands, America has delib- expansion of the Navy to the 350 portion of the Navy’s budget to
erately reduced its presence on the ships needed to safeguard national reach a 350-ship fleet by 2045.
seas. The Navy—after nearly $1 tril- security would look like: China’s shipbuilding plans, as well
lion of Defense Department cuts, in • Aircraft carriers. Applying as other global challenges, show
part mandated by the 2011 budget- power requires the anti-submarine, why a larger fleet is needed sooner
sequestration deal between Con- anti-surface warfare, surveillance than 30 years from now. Achieving
gress and the Obama administra- and strike ability of aircraft carri- this would increase annual ship-
tion—is already down to 272 ships. ers. It requires an increase from the building budgets.
Y
That means the U.S. fleet is less congressionally legislated level of 11
GETTY IMAGES
than half its size at the close of the aircraft carriers to 16, enough so es, this is expensive, but it’s
Reagan administration nearly 30 that we could maintain at least one cheaper than surrendering
years ago (and down by 13 ships carrier strike group in the West America’s global naval domi-
since 2009). Pacific, the Persian Gulf, and return nance—and that’s where the nation
powerful U.S. naval forces to the An F/A-18C Hornet launches from the aircraft carrier USS Carl Vinson. is headed, given the trend lines as
Mediterranean. China’s fleet grows. The expense
Today’s 272-ship fleet isn’t • Supply ships. The ability to • Amphibious craft. Increased in its adjacent seas against the can be moderated. One example is
shape events on land is linked to Russian naval presence in the Medi- U.S.’s global commitments, a total the shipbuilding economies of scale
nearly enough. The U.S. the ability to operate independently terranean and that of China and of 100 large surface combatants—an found in the 1980s: The contracts
needs 350 ships to meet of it. Supply ships assure this. The Iran as well as Islamic State’s occu- increase from the planned 88—is for the aircraft carriers USS George
U.S. currently has 29 such vessels pation of Sirte on the Libyan coast the minimum required to protect Washington and USS Abraham Lin-
the rising global dangers. but it needs to double the number also demand a return to the am- each of America’s 16 carriers with coln were signed on the same day
so that it can provision a larger phibious presence that the U.S. five ships. and the great ships were built
fleet in the West Pacific and return maintained during the Cold War. • Small combatant ships. De- nearly simultaneously, saving about
The Navy had intended to in- to the Mediterranean in strength. The possibility that China would fense Secretary Carter wants to $700 million. More savings are pos-
crease the fleet to 308 ships, includ- • Submarines. The Pentagon’s an- seize and hold islands in the West cut the number of the small naval sible if a new president were to
ing 12 that will replace the nation’s nual report last April on Chinese Pacific as a means of extending its combatants, called littoral combat overhaul the top-heavy Pentagon
aging ballistic-missile submarine military power predicts that China strategic reach also emphasizes the ships (LCS), to 40 from 52. Even in and make sorely needed reforms of
deterrent. But in a mid-December will have between 69 and 78 sub- need for greater amphibious capa- its upgraded version, the LCS falls military management.
memo, Defense Secretary Ash Carter marines by 2020. The U.S. expects bility. The U.S. Navy and Marine short of the ability both to defend Yet the $7.5 billion difference
told the Navy to cut the number of to have about 70 submarines in the Corps should have 45 ships for itself and take the fight to an between the Navy’s insufficient
ships it plans to build in favor of same year. Yet repairs, maintenance these missions, an increase of nearly enemy. Instead of building 40 ill- current plan and the minimum
placing more-advanced technology and rotational cycles mean that 50% over the current level. defended combatants, the Navy required to meet foreseeable com-
aboard the existing fleet. only about 25% can be deployed at • Large surface combatants, de- needs a minimum of 30 new small mitments is a fraction of even the
Secretary Carter’s plan implies a time and must be spread around stroyers and cruisers. These remain combatants that possess a real Obama administration’s defense
that the deterrent effect of a con- the world. the U.S. fleet’s backbone. They hunt frigate’s offensive and defensive budget. What the nation can’t afford
stant U.S. presence in the world is The U.S. will likely retain its for subs and other surface ships, ability. is to retreat as menaces increase
less important than the Navy’s qualitative advantage, but the size project power inland, and protect— • High-speed vessels. Current abroad.
ability to fight and win wars with and quietness of China’s submarine and are protected by—aircraft car- plans are right when they call for 11
the advanced weapons he favors. fleet means that America needs a riers. For the foreseeable future of the low-cost, unarmed and fast Mr. Cropsey is director of the
That assumption is mistaken. We total of 90 submarines to provide a they will be the main defense twin-hulled ships that can transport Hudson Institute’s Center for Ameri-
need both the ability to be present, healthy nuclear deterrent, shadow against proliferating missiles that small Army or Marine units along can Seapower. He served as a naval
which demands more ships than we or hunt enemy subs, assure domi- can be launched against ships from with their equipment. officer and as deputy undersecre-
have, and the related power to win nance in the West Pacific, and meet land, air and sea. Weighing China’s The fleet described here would tary of the Navy in the Reagan and
a war if deterrence doesn’t work. additional global challenges. ability to concentrate naval forces number 350 ships, about 240 ships George H.W. Bush administrations.
The Latest Tax on Business Hits Visas for High-Skill Workers

By Robert Hoffman workforce on temporary visas. Con- Those who pushed to make will be even more disruptive. Amer- the Indian government has looked
T
gress is aiming mostly at India- temporary visas more expensive ican businesses have long benefited to reduce trade barriers. Two stud-
he massive budget deal that based global companies—Tata Con- falsely believe that doing so will from collaborating with IT-services ies by the nonpartisan National
Congress passed last month is sultancy Services and Infosys, for free up, save or create jobs for companies in the U.S. But now their Foundation for American Policy
something of a grab bag. But instance—that help U.S. firms make Americans. Recent evidence sug- costs will likely increase, and they have found that such discriminatory
something few have noticed is that smarter and more productive use of gests the opposite: U.S. jobs will be might be forced to continue or taxes violate the General Agreement
buried in the bill are fee increases their information-technology sys- lost. In 2009 financial institutions expand that work abroad, which on Trade in Services, handing
for two kinds of temporary visas for tems. These IT-services companies would mean fewer technology jobs ammunition to India in a possible
high-skill workers—in effect, dis- rely on a skilled and mobile work- in the U.S. trade battle.
criminatory taxes on productivity force, and thus, often relocate Making companies pay The increased levies are great Congress should reconsider these
that will harm job growth and people to the U.S. temporarily or news for countries such as Canada, harmful taxes on productivity and
strike at America’s dynamic eco- permanently. $4,000-$4,500 more Brazil and Romania, which have for innovation, and shun additional
nomic relationship with India. For every technological innovation for every specialized years aggressively pursued U.S. shortsighted measures that attempt
For the next decade, the bill in- that allows you to buy stock on your businesses to move their IT opera- to target global IT services.
creases by $4,500 the fee on each laptop, watch a movie from your tab- professional from overseas. tions overseas. Such fees are also a Otherwise, American business will
new L-1 visa for managers and spe- let, or turn on your home-security disincentive for IT-services compa- lose talent and know-how, leading
cialized professionals, and by $4,000 system from your iPhone, there is an nies to sponsor their professionals to fewer jobs, reduced innovation
the fee on each H-1B visa for other IT-services company that helped that received assistance under the for green cards to stay in the U.S. and new barriers to businesses
skilled professionals. The higher fees make it possible. If a U.S. manufac- Troubled Asset Relief Program, permanently, another drain on overseas.
also apply when a company seeks to turer hopes to build an advanced known as TARP, faced costly new American talent.
renew workers’ visas. facility, or if a social-media company restrictions on H-1B visas. Rather By hitting companies based Mr. Hoffman is an immigration
These new taxes are highly dis- wants to ensure its users can post than deal with the added expense, mostly in India, the new visa taxes policy strategist and consultant with
criminatory, as they apply only to photos and videos, it relies on IT ser- many financial institutions moved will strain the country’s relation- Heather Podesta + Partners, and a
firms with at least 50 employees vices. The pace of innovation is the work abroad. ship with the U.S., putting American former co-chairman of the skilled-im-
that have 50% or more of their rapid, and demand is increasing. The new taxes on temporary visas business opportunities at risk when migration coalition Compete America.
No, You Don’t Need ‘Closure’

By Stephen J. Forman continue to think about those dear eliminate it, and is not intended to others, provoking a collective mem- their own feelings and thoughts. The
T
to us, though perhaps not every day do so. To close the memory does ory of the person. letters are a chance to remain con-
here are few among us who or with the same intensity. Recol- not sustain the healing or help in These occasions—sometimes for- nected, but also a way to convey that
have not experienced the loss lection is sometimes provoked by a proceeding with life. Such echoes mal, but more often spontaneous— their loved one is an important mem-
of a friend or loved one. Often date on the calendar or, less pre- from the past are voices in the are not about closure. Rather they ory for us, too. These words of
it comes without warning, in an dictably, by a sight, sound, aroma, present and are sometimes warmly are about the fullness in each of our acknowledgment are always welcome,
accident or, as we’ve seen all too melody or place that evokes the felt. lives that came from our family, reassuring those whose lives have
often recently, an act of terrorism. missing person. As humans we all yearn to loved ones and friends, as well as become interwoven with ours that
The experience of loss after a These personal moments, seem- remember. Nearly every culture has others who were touched by that their loved ones are alive within us,
lingering illness like cancer, though ingly forever paused in time, can its way of preserving the past. We person’s presence. as they are in their own families.
more expected, is just as deeply felt. cause us to feel alone, especially build memorials to perpetuate A few months ago, I ran into a
As time passes, we often hear how during sentiment-filled holidays. collective memory, whether it is the woman who many years ago had, at
important it is to gain closure—a The danger of the idea of closure is Vietnam Memorial or Holocaust As a cancer doctor, I see a very young age and early in her
way of tidying up to help us move that it heightens this aloneness, by Museum in Washington, D.C., the marriage, lost her husband to cancer.
on with our own lives. giving us a false expectation that field of empty chairs in Oklahoma death—and see how the Since then she had moved away, met
The reality is that closure is a these experiences should and will at City, or the 9/11 Memorial in New loss of a loved one is a part another man whom she adored,
myth. My personal and professional some point end. They won’t. York. married him and had a family.
experience with those who have lost No matter how much time has Cemeteries offer a communal of each person’s life forever. Together they raised their children.
friends and family, including chil- passed, memories remain. To deny “safe space” where grief is openly She had built a successful career.
dren, has taught me that going on them is to deny precious moments welcomed and expected, forever. Seemingly she had found closure
with life is not the same as gaining of love, fellowship, gratitude and Visitation rights to a plot do not sud- In my work as a cancer physician, from the tragedy of her early life. As
closure. The wound of loss is a part inspiration. Grieving changes the denly expire six months after a burial, I often write to the family of a loved we finished talking and she began to
of each person’s life forever. We experience of loss, but does not a time that some in the medical one who was under our care, months walk away, she turned around, and
community suggest is the “normal” after the death. It is a time when with eyes full, said: “I think of him
grieving period. In the Jewish tradi- most of the people who helped sup- almost every day.”
tion, the acknowledgment of the port them through the days and
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY annual yahrzeit, the anniversary of weeks immediately after have gone Dr. Forman leads the Hematologic
the death of a family member, is back to the busyness of their own Malignancies and Stem Cell Trans-
Rupert Murdoch Robert Thomson
Executive Chairman, News Corp Chief Executive Officer, News Corp always done in the presence of lives. The bereaved are left alone with plantation Institute at City of Hope.
Gerard Baker William Lewis
Editor in Chief Chief Executive Officer and Publisher
Rebecca Blumenstein; Matthew J. Murray, Deputy

Editors in Chief; Almar Latour, Executive Editor
DEPUTY MANAGING EDITORS:
DOW JONES MANAGEMENT:
Anna Sedgley, Chief Financial Officer;
Ashley Huston, Chief Communications Officer;
Notable & Quotable: Reagan on the U.S. Navy
Paul Meller, Chief Technology Officer;
Michael W. Miller, Senior Deputy;
Mark Musgrave, Chief Human Resources Officer;
From remarks by President Rea- willing to risk the dangers, our coun- the job right, from spare parts to
Thorold Barker, Europe; Paul Beckett, Asia;
Christine Glancey, News Operations and Talent; Katie Vanneck-Smith, Chief Customer Officer gan on board the USS Constellation try wouldn’t be sure of continued new ships.
Neal Lipschutz, Ethics and Standards; OPERATING EXECUTIVES: off the coast of California, August peace and freedom. There’s no Today, military adventurism and
Alex Martin, Enterprise; Ann Podd, Global Edwin A. Finn, Jr., Barron’s; Edward Roussel, 20, 1981: greater gift that you can give to your subversion threaten in faraway areas
Production; Andrew Regal, Global Head of Video; Innovation; Ingrid Verschuren, Data Strategy;
Jessica Yu, Global Head of Visuals
family, your community, or your of the world. Providing security for
Suzi Watford, Marketing;
Paul A. Gigot, Editor of the Editorial Page; Professional Information Business, Sales: This carrier and its air wing rep- country than the protection that you the United States is the greatest
Daniel Henninger, Deputy Editor, Editorial Page Nancy McNeill, Global; William Ashworth, resent the cutting edge of our naval afford all of them by this job that challenge and a greater challenge
Americas; Florence Lefevre, Europe; Tomasz power. It takes an extra bit of dedica- you’re doing. than ever, but we’ll meet that
WALL STREET JOURNAL MANAGEMENT:
Rustowski, Asia
Trevor Fellows, Head of Global Sales; tion to do this job. I know it’s rough. I know there’ve been times when challenge. We’re committed to a 600-
Chris Collins, Advertising; Christina Komporlis,
Circulation; Jason P. Conti, Legal;
It’s rough on you, rough on your the military has been taken for ship Navy, a Navy that is big enough
Joseph B. Vincent, Operations; Larry L. Hoffman, families, but it’s never been more granted. It won’t happen under this to deter aggression wherever it
Production necessary at any time in our history administration. We’re going to make might occur. Let friend and foe alike
EDITORIAL AND CORPORATE HEADQUARTERS: than it is right now. Without some- sure to the best of our ability that know that America has the muscle to
1211 Avenue of the Americas, New York, N.Y., 10036 one willing to put in the long hours, your pay is fair and that you have back up its words, and ships like this
Telephone 1-800-DOWJONES
willing to suffer the frustrations, the equipment that is needed to do and men like you are that muscle.
A14 | Thursday, January 7, 2016 THE WALL STREET JOURNAL.
Cognitive insurance is here.

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URBAN GARDNER A16 | CITY NEWS A16, A17 | SPACES THURSDAY A18 | HEARD & SCENE A19 | SPORTS A20
Maestro Memories A Young Actress

Sets Own Pace
Conductor Pierre Boulez dies at age 90 | A17 ARTS | A19
WSJ.com/NY * * * * THE WALL STREET JOURNAL. Thursday, January 7, 2016 | A15
Council Warns on Budget More and More

As city expenditures continue to rise, some City Council
members want Mayor Bill de Blasio to rein in agency spending.
New York City operating expenditures: Reported CBC adjusted
Members want mayor in a Dec. 31 letter to ask each New York City’s current signed by 25 of the 51 mem-
city agency to find 5% in po- budget is $80.65 billion, and bers of the nearly all-Demo- MAYOR BLOOMBERG MAYOR DE BLASIO
to have city agencies tential savings as the process the city’s headcount has cratic legislative body. Speaker
$90 billion
find 5% spending cuts; leading to a new annual bud- grown from about 298,000 in Melissa Mark-Viverito didn’t 80
get unfolds over the next sev- fiscal 2014, during Michael sign the letter. A spokesman
reserves top $8.5 billion eral weeks. The practice of Bloomberg’s final year as for Ms. Mark-Viverito said she 70
identifying savings has been mayor, to about 315,000 now, expected to look for ways 60
BY MARA GAY standard since 1982, when Ed according to the Citizens Bud- agencies can find savings in
AND JOSH DAWSEY Koch was mayor. get Commission, a nonparti- upcoming budget hearings. 50
“We encourage you to con- san, fiscal-watchdog group. Even as City Council mem-
40
As City Hall increases sider returning to the strong To be sure, city spending bers fret over the budgets,
spending by billions of dollars precedent set by the previous steadily grew on Mr. they—and their predeces- 30
and hires thousands of new four mayoral administrations,” Bloomberg’s watch. It was sors—ultimately have ap-
employees, some lawmakers the lawmakers wrote. $52.8 billion in fiscal 2005 and proved the spending plans 20
and financial experts are push- The council members said climbed to $72.8 billion in fis- year after year. 10
ing Mayor Bill de Blasio to cut that without more savings a cal 2014. The council’s own budget
Forecast
back and warning of possible budget gap of $1.05 billion It is expected to climb to has risen from $51.5 million in 0
budget troubles ahead. would appear starting in fiscal more than $84 billion in two fiscal 2014 under then City FY2005 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19
In their strongest-yet show 2017, which begins July 1, years, according to the Citi- Council Speaker Christine Notes: Fiscal year ends on June 30; CBC adjusted figures take into account
of concern, almost half of the 2016, and that it would grow zens Budget Commission. Quinn, to $61 million in fiscal the city’s annual surplus roll and the retiree health benefits trust.
City Council urged the mayor to $2.07 billion in fiscal 2019. The City Council letter was Please see BUDGET page A16 Source: New York Citizens Budget Commission THE WALL STREET JOURNAL.
Lawyers Billed
N.Y. for Millions
Over Many Years
BY JACOB GERSHMAN have a cash machine,” Mr. Rold
said in an interview. In one in-
A former judge is accusing stance, he said, Mr. Raff charged
two lawyers tasked with enforc- the state $800 for travel time
ing a settlement of improperly for a trip from Midtown Man-
collecting millions of dollars hattan to Tribeca and back.
from New York state for de- U.S. District Judge Loretta A.
cades. Preska, who is presiding over
William Rold, a onetime top Mr. Rold’s case, spoke critically
judge at the state board that of the payments to Raff &
hears unemployment insurance Becker at the hearing Wednes-
cases, on Wednesday asked a day, describing them as “pig-
federal judge in Manhattan to gish” but not necessarily fraud-
greenlight his lawsuit against ulent. She didn’t rule on
OFFICE OF THE GOVERNOR ANDREW CUOMO
high-ranking New York state of- whether she would allow his
ficials for allowing the pay- suit to go forward. But she did
ments to continue for so long.
In a series of lawsuits more
than 30 years ago, city unions
Two lawyers charged
claimed that workers seeking the state more than
unemployment insurance bene-
fits were being denied fair hear-
$600 an hour,
ings. according to a suit.
As part of a settlement be-
tween the unions and the state
A rendering of the proposed Penn Station project, which would develop a post office on Eighth Avenue into a modern train hall. in 1983, a federal judge ap- issue an order requiring that
proved a deal that put two law- from now on, all requests for
Penn Station’s Latest Grand Plan

yers who filed the case for the attorneys’ fees made by Raff &
unions in charge of monitoring Becker must now get her ap-
unemployment appeals to make proval. A lawyer for Mr. Rold
sure the hearings were fair. said she also urged the oppos-
BY ANDREW TANGEL of previous revamp efforts han, an early champion of the “If he really wants it, he’ll That settlement still hasn’t ing sides to enter into settle-
that have stalled. project to build a train hall in- get it done,” said Peter Der- technically expired, and neither ment discussions.
A new push to remake New “It is a terrible impression side the post office building. rick, a transportation historian has the job of the lawyers, two An attorney representing
York Penn Station could cost of New York,” Mr. Cuomo said. “At its core, it’s such a and a former top planner at partners at the tiny Manhattan New York as outside counsel
more than $3 billion and lever- “What is amazing is how long smart proposal and there’s the Metropolitan Transporta- law firm Raff & Becker LLP. The declined to comment. At the
age air rights and retail space it has been tolerated. It’s not such compelling need for the tion Authority, a state agency judge who approved the deal hearing Wednesday, lawyers for
to attract developers that like Penn was a secret.” transportation piece that it’s that Mr. Cuomo effectively and enforced the settlement the state argued that all along,
would largely pay for an over- Solicitations for proposals going to happen somehow, controls. died in 2012. they were just following a court
haul of the widely scorned by developers is to begin this some way—and hopefully It wasn’t clear how much Mr. Rold’s whistleblower suit order.
transit hub in Midtown. week and conclude in three they’ve found that way with taxpayers might contribute to says those same attorneys, Da- In an interview prior to the
New York Gov. Andrew months, which is relatively this latest proposal.” the eventual station, when— vid A. Raff and Robert L. hearing, Mr. Raff likened his
Cuomo on Wednesday outlined quick for such procurement Mr. Cuomo’s Penn Station and if—it is built. Becker, are still billing New work to “major corporate litiga-
the latest plan to remake Penn processes. Financial terms of plan is the culmination of ne- State officials said the proj- York. The tally has reached tion,” saying it often requires
Station as well as a neighbor- any potential proposal weren’t gotiations among state offi- ect would rely on $325 million more than $1 million a year, ac- going through “huge amounts
ing post office building into a immediately revealed. cials, Amtrak’s leaders and ex- from “government sources,” cording to the lawsuit, with the of documents to determine
grand gateway into Manhat- Civic groups, transportation ecutives at Madison Square including Amtrak, the federal two lawyers billing the state what the actual, real facts are.”
tan—a project dubbed the Em- experts and others involved Garden, which sits atop the government and the Port Au- more than $600 an hour. Mr. Raff said the two lawyers
pire Station Complex. with previous efforts said Mr. current station. thority of New York and New Mr. Rold claims he was fired review a few dozen cases a
Invoking the ambition that Cuomo’s initiative is a good Some observers said Mr. Jersey. in retaliation for complaining month selected randomly from
propelled earlier New York en- first step, even if the funding Cuomo’s involvement boded One proposed design would about how much money the a pool of thousands. The law-
deavors such as the Erie Canal and timing remained unclear. well for the long-dormant ef- bring more natural light and state was paying the tiny Man- yers check to see if the cases
and the World Trade Center, “We never had enough fort. One person briefed on in- improved passenger flow at hattan law firm. followed a few basic principles
Mr. Cuomo joined a chorus of money,” said Tony Bullock, a ternal discussions described the crowded station by demol- “[Checks] are going out in of due process.
criticism of the current former chief of staff to the late Mr. Cuomo as “a pile driver” ishing a theater along Eighth the amount requested every A lawyer for Mr. Becker de-
crowded, 1960s-era station and U.S. Sen. Daniel Patrick Moyni- behind the scenes. Please see PENN page A18 month as if Raff and Becker clined to comment.
42°
TODAY’S
Weather
Real Feel
Bharara, in Kentucky, Getting Up Close to Cathedral Details
9 a.m. 33°
HIGH
5 p.m. 42°
Record Low
Bemoans Public Graft
BY REBECCA DAVIS O’BRIEN Kentucky General Assembly’s
4° (2014)
annual ethics training was his
SUN AND Sunrise/Sunset FRANKFORT, Ky.—Preet Bha- first before a full state legisla-
CLOUDS 7:20 a.m./4:45 p.m. rara, the U.S. attorney in Man- ture. It came at the request of
hattan who recently secured Kentucky state officials.
Friday’s High the convictions of two top New “Something like this has al-
York lawmakers, said Wednes- ways been on my bucket list:
42°
ANDREW LAMBERSON FOR THE WALL STREET JOURNAL
day the blame for corruption To be in a room full of legisla-

lies not only with bad actors tors who are required to be
but also with the “good people” here, while I still have sub-
N.Y. Sports Lineup who don’t try to stop it. poena power,” said Mr. Bhar-
“People knew, and did noth- ara, eliciting laughter. “You
7 p.m. Thursday ing,” said Mr. Bharara, refer- are not being wiretapped. At
Capitals @ ring to the corruption cases in this moment. At least not by
Islanders Albany during a speech before my office.”
the Kentucky Legislature. About 800 miles away, the
“This, perhaps, is the most un- effects of Mr. Bharara’s cases
fortunate feature of the status rippled through New York’s
8:30 p.m. Friday quo in my home state—the Capitol on the first day of the
Knicks @ Spurs deafening silence of the many new legislative session. Some
individuals who…saw some- lawmakers pledged to push for
thing and said nothing.” stricter ethics policies, while NEW VIEW: The Enclave at the Cathedral, a new apartment building on West 113th Street, offers
For N.Y. sports coverage, see A20 Mr. Bharara’s speech at the Please see ETHICS page A17 exclusive views of the gargoyles and saints of the Cathedral of St. John the Divine. SPACES, A18
CITY NEWS
Mixing It Up With a Granola Maker

I
sensed a connection be-
tween Nancy Booke’s
granola and her bird
feeders. Both are delight-
fully excessive.
First the feeders.
They’re hanging—about a
half dozen of them—from
the tree outside her floor-
to-ceiling window in Pine
Plains, N.Y.,
a town a
couple of
hours north
of New York
City in the
URBAN Hudson Val-
GARDNER ley.
RALPH And
GARDNER JR. these aren’t
just any
feeders, but
colorful J Schatz ceramic
RALPH GARDNER JR/THE WALL STREET JOURNAL (2)

egg-shaped bird feeders—to
my mind the Maseratis of
the bird feeder world. I own
a couple myself.
Ms. Booke seems simi-
larly to spare no expense
when it comes to Augie Gra-
nola, her cornucopia of glu-
ten-free rolled oats, pecans,
pistachios, sunflower seeds,
coconut, dried figs, apricots,
bananas…
The list of ingredients
goes on, and the results are
for sale in the city at Mur- The kitchen was stocked
ray’s Cheese and Forager’s. with industrial-size mixers,
I was curious to visit a Garland convection ovens,
granola maker because my tins of Tuscan olive oil, New
World's Most Versatile family has been on my case York state maple syrup and
Action Camera to eat better. Better, I take giant plastic bins filled with
Wear it. Mount it. Love it. it, meaning to start the day ingredients such as coconut
with yogurt mixed with gra- chips, dried apricots and
VISIT THE GoPro HEADQUARTERS nola, rather than bacon and sour cherries. She makes
at Willoughby’s eggs; or an Eli’s cheese Dan- 800 pounds of granola a
ish, or apple turnover, week.
though preferably both. “Everything I use is or-
Smallest, lightest I’m not prepared to state
that Augie Granola—named
ganic and I’ve searched for
the best products I can
GoPro yet! after Ms. Booke’s 4-year-

old, 165-pound Newfound-
land—supplants pastry in
find,” Ms. Booke said. “I’m
obsessed with the whole
thing.”
my pantheon of go-to But can she make money?
breakfast choices, but if I Even at $12.99 for a 20-
were a better, more health- ounce bag at her website,
conscious person it surely Nancy Booke in Pine Plains, N.Y., with her dog, Augie, after whom augietreats.com?
would. her granola is named. She makes 800 pounds of it a week. “It’s hard to make any
Indeed, the treat, which money,” she acknowledged,
also includes maple syrup spoon of cod liver oil. former is baked, the latter not. adding that her previous
and sea salt, is so savory “My mom loved granola,” Ms. Booke, 51, makes her kitchen was too small to
that I found myself employ- said Ms. Booke, whose gra- granola—she mixes and store enough of the raw ma-
ing it one cocktail hour as a nola is in part an homage to bakes 12 hours a day, four terials to allow her to buy it
substitute for salted peanuts her late mother, Gail Reiss, or five days a week—in a cheaply in bulk.
4 (something else I should
probably avoid).
a sculptor and her partner
in a home-accessories busi-
brand-new kitchen across
the yard (several more bird
“Now I can buy thou-
sands of pounds of oats at a
Session I once even reached for a
bag of granola instead of
ness. “I didn’t love granola
at all. No matter what gra-
feeders along the way) from
her home, parts of which
time,” she explained. “The
costs of my inventory will
• 1080p60 Video dessert. nola I tried it didn’t have date from the early 1800s. reduce by half.”
• 8MP Still Photos Though that’s slightly enough texture and depth of But there’s still the ques-
disingenuous. Because the flavor. It tended to be tion of competition. Any-
• Ultra Wide Angle Glass BONUS! product in question, Augie dusty.”
Anybody with an body with an oven and a
Lens + SuperView FREE 32GB
Memory Card
Dark Chocolate Chunk, in- I’ve been impressed with oven and a dream dream seems to be produc-
• Waterproof to 33' cludes ingots of Tremezzo some of the artisanal gra- ing granola, even though Ms.
BIO 70% dark chocolate. nola I’ve tried lately—I
seems to be Booke’s is the richest, most
• One-Button Operation $29999 Indeed, it more closely daresay we’re in the midst producing granola. complex I’ve tasted so far.
resembles trail mix than the of a granola renaissance— Indeed, it’s so tasty it
gruel your mom made you but “dusty” pretty well nails can’t possibly be good for
eat for breakfast. my reservations about She grew up in the city you. Which is probably why
Maybe that’s my aversion muesli, which tastes like the and attended the Riverdale I’ll stick to eggs and bacon
to rolled oats. They trigger hospital food it was origi- Country School, but moved and eat it only when my
www.willoughbys.com memories of the oatmeal I nally intended to be. upstate after her mother’s family is looking over my
NYC’s Oldest Photographic Emporium -Established 1898 was forced to consume ev- My understanding is that death. Her husband, attor- shoulder.
298 Fifth Avenue, NY, NY 10001 OPEN 7 DAYS ery morning as a child— the difference between gra- ney Nicholas Booke, works
(corner of 5th Ave. & 31st St.) 212.564.1600 A WEEK washed down with a table- nola and muesli is that the in the city during the week. ralph.gardner@wsj.com
TRADE-IN’S WELCOME • FREE CAMERA REPAIR ESTIMATES
BUDGET
NYC Department of Consumer Affairs #0906861
the city’s workforce during ers to more than a dozen
Balancing It the downturn. agencies. At least 20 agencies
As part of its budget-planning The Partnership for New have grown by more than 200
process, New York City for the York City, the largest business employees since fiscal 2014,
Continued from page A15 past few decades has required group, has also flagged the according to CBC data.
C RA F T I NG E T E R N I T Y 2016, an 18.4% increase over agencies to make cuts in spending. Maria Doulis, direc- Some of the increased
two years. Council member tor of city studies at the Citi- spending came as pay raises
S I N C E 1 755
anticipation of deficits that may
Dan Garodnick said he also arise. Mayor Bill de Blasio has a zens Budget Commission, said were built into new labor con-
was open to having the City similar process. “there’s really not a strong tracts that have been negoti-
Council find savings. savings program.” ated with public-sector
A spokeswoman for Mr. de Five-year savings proposed Ms. Doulis said that under unions. The city also spent
Blasio said the 5% cut in in each executive budget Mr. de Blasio the city govern- heavily on efforts centered on
agency spending proposed by $10 billion FY2016 ment has “expanded pretty recovering from superstorm
the lawmakers would result in Other savings much universally at the Sandy and on high-profile ini-
layoffs. 8 $1.89 billion agency level.” tiatives such as universal pre-
Amy Spitalnick, the spokes- Agency savings All but two city agencies kindergarten.
woman, noted that budget 6 $1.01 billion spent more in 2015 than in In addition, the city’s over-
monitors and ratings firms fiscal 2014, Mr. Bloomberg’s time spending has continued
have largely praised the 4
last budget, according to the to climb, from about $928
mayor’s financial plan. She Mayor’s Management Report, million in 2006 to about $1.66
also said the city’s reserves a statistical report issued by billion in 2015, according to
2
are at “unprecedented highs,” City Hall. About 25 of the the Independent Budget Of-
and that the budget gaps were city’s 44 agencies have seen fice. The hiring of additional
0 0
lower than those under Mr. their budgets rise by more police officers is supposed to
Bloomberg. FY2010 ’11 ’12 ’13 ’14 ’15 ’16 than 10%—with some nearly help the city lower overtime
“The city has prudently Notes: Fiscal year ends on June 30; In doubling—since fiscal 2013. costs, however. Such costs
Bloomberg years, to head off projected deficits,
used revenue that came in savings were achieved largely with spending
Mr. de Blasio said Wednes- were about $1.4 billion when
above estimates to pay down reductions and revenue increases under the day he would spend about Mr. Bloomberg left office in
future year’s gaps and boost Program to Eliminate the Gap; in de Blasio era, $200 million by 2020 to raise 2013, according to the office.
under the Citywide Savings Program. Mr. de
reserves,” Ms. Spitalnick said. Blasio's FY2015 financial plan included no
the minimum hourly wage to Mr. Garodnick, who led the
HARMONY
The budget concerns are agency savings; The $2.9 in five-year savings $15 for about 50,000 city em- push to write the letter, said
D UA L T I M E playing out against a back- proposed in FY2016 begin in FY2015. ployees. The mayor said the the exercise of identifying
drop of generally good fiscal Source: New York Citizens Budget Commission move was necessary to help savings would help. “We want
health for the city. Unemploy- THE WALL STREET JOURNAL. those New Yorkers afford an to make sure that we are
ment has fallen, tourism has expensive city. spending our money in the
flourished and tax revenue “While the administration The Citizens Budget Com- right way,” he said.
from the real-estate boom has might not have done a peg mission was critical of the
funneled rivers of cash into program there were some sav- move, saying that it “will
city coffers. ings and they’ve socked away come without any additional We Want to Hear
Doug Turetsky, chief of a lot of money,” he said. service or productivity im- From You
staff at the Independent Bud- The city has more than $8.5 provement in return” and that Have something to say about
get Office, which is nonparti- billion in reserves, up from it wasn’t good management to an article in Greater New
san and government-funded, $3.8 billion when Mr. de Bla- effectively reopen these work- York? Email us, along with
said that even though the de sio took office two years ago. ers’ contracts in “mid- your contact information, at
Blasio administration hasn’t Yet, some critics warn, the stream.” gnyltrs@wsj.com. Your letter
set a specific target for economy can quickly turn. Mr. de Blasio wants to add could be published in our
agency savings over the past They point out that Mr. thousands of new employees weekly Feedback column on
two years—known at City Hall Bloomberg amassed savings to the city’s corrections, chil- Friday. Letters will be edited
as a “program to eliminate the that helped the city weather dren’s services, hospital, po- for brevity and clarity. Please
gap,” or a “peg”—it has in- the impact of the financial cri- lice and education systems, include your city and state.
creased reserves substantially. sis and he still had to shrink while adding hundreds of oth-
THE WALL STREET JOURNAL. * * Thursday, January 7, 2016 | A17
CITY NEWS
Show’s Live Lottery Back

BY ZOLAN KANNO-YOUNGS launched into the song “Fe- for comment. As of early eve-
ver,” prodding the crowd to ning, Broadway Direct’s Twit-
One day after more than hum the beat. ter feed hadn’t posted any
50,000 entrants to the new Afterward, Mr. Miranda told Wednesday updates for fans.
digital-ticket lottery for the gathered fans that the lottery While the reason behind the
Broadway musical “Hamilton” would remain live for the rest website crash hasn’t been offi-
crashed its website, fans of this week, then he quickly cially announced, industry in-
thronged the Richard Rodgers ducked back inside the theater. siders are speculating.
Theatre to try their chances at On BroadwayDirect.com, Brian Fenty, co-founder and
the reinstituted in-person which hosted the digital “Ham- chairman of TodayTix, an app
STEVE REMICH FOR THE WALL STREET JOURNAL

ticket drawing. ilton” lottery, no status update that sells Broadway tickets—
At least 2,000 hopefuls appeared Wednesday. The only and managed “Hamilton’s” lot-
trekked to West 46th Street shows listed in the website’s tery at the Public Theater—
Wednesday to drop their name lottery section were “On Your said scalpers intending to
into a bucket for a chance to Feet!” and “The Lion King.” resell tickets often use pro-
win one of the highly coveted grams to snap up as many
$10 front-row tickets to the tickets as possible at high
smash-hit show—around 500
‘We broke the speeds.
fans trying for the matinee Internet,’ said While he doesn’t know spe-
and more than 1,500 for the cifically what caused the lot-
evening performance, accord-
‘Hamilton’ creator tery failure Tuesday, he said a
ing to “Hamilton” spokesman Lin-Manuel Miranda. common problem is planning
Sam Rudy. website capacity based on the Hundreds crowded in front of the theater Wednesday as fans sought to win a $10 ‘Hamilton’ ticket.
Around 6 p.m. Wednesday, number of projected entrants
show creator Lin-Manuel Mr. Rudy said he didn’t over the span of the sale in- Rodgers Theatre since last haven’t been unruly and no se- Rudy.
Miranda dramatically flung know when the site would re- stead of “focusing on the surge summer, was moved to a digi- rious accidents have occurred, Manhattan resident Amanda
open the theater door, declar- turn to functionality: “It needs in an instance.” tal platform for safety reasons, said an NYPD spokesman. But Jurson, 25 years old, tried un-
ing, “We broke the Internet to be refitted, if you will, to “It’s a big issue,” said Mr. Mr. Rudy said. the ever-present hordes on successfully for both the on-
yesterday.” handle the demand that we Fenty. Daily crowds, running as such a narrow street, some of line lottery Tuesday and the
Referring to the digital-lot- had yesterday so that it TodayTix, he said, works to high as 1,500, caused safety whom ignore existing barri- live one for Wednesday’s mati-
tery debacle as a clear case of doesn’t crash again.” deter scalpers by requiring concerns for the New York Po- cades, have created traffic nee. She estimates she has
“ ‘Hamilton’ fever,” he sug- The Nederlander Organiza- each user to register his or her lice Department, the Neder- problems and prompted com- gone to about 80 in-person
gested a cure: a singalong. He tion, which operates Broad- social media credentials and lander Organization, “Hamil- plaints from other theaters. “Hamilton” lotteries and has
then introduced one of the wayDirect.com and owns the supply a valid email address. ton” producers and “We just wanted to create won four times.
show’s ensemble members, Rodgers Theater, didn’t re- The in-person lottery, which neighboring theaters. an environment that was as “It doesn’t cost me anything
Sydney James Harcourt, who spond Wednesday to requests had been running outside the Thus far, the lottery crowds safe as possible,” said Mr. to try,” she said, “so why not?”
Boulez, Former NY Philharmonic Director, Dies Greater

on the black market.
Manhattan District Attorney
Cyrus Vance Jr. said Wednesday
BY JASON CHOW monic Orchestra to succeed
Leonard Bernstein as musical New York that ringleader Tamara Williams
has pleaded guilty to grand lar-
PARIS—French composer
and conductor Pierre Boulez, a
director. He vowed to include
more contemporary music at Watch ceny, identity theft and schem-
ing to defraud.
onetime director at the New the orchestra, which, at the Prosecutors say between
York Philharmonic, died on time, was criticized for relying April and August of 2014, Ms.
Tuesday at his home in Baden- on traditional classics. Williams provided personal infor-
Baden, Germany. He was 90 In a 1970 interview, he said mation of more than 20 Saks
years old. he hoped to convince New York BRONX credit-card holders to accom-
The death of Mr. Boulez, subscribers about new music plices who worked at the Man-
who led the New York orches- by “exciting the curiosity of
Father Questioned hattan flagship store.
ROLF HAID/AGENCE FRANCE-PRESSE/GETTY IMAGES
tra from 1971 to 1977, was con- the snobs” and derided tradi- In Woman’s Death The employees used the sto-
firmed by his family in a state- tional pieces as “caramel A pregnant woman who had len information to buy luxury
ment to the Philharmonie de flans,” sweet fare that reminds been missing since Sunday was goods from designers including
Paris, the French capital’s top listeners of their past. found dead inside a basement Chanel and Ferragamo, prosecu-
concert hall. His New York stint lasted crawl space in her Bronx home, tors say. The merchandise was
Mr. Boulez’s career was a just six years and was criti- a law-enforcement official said. then sold on the black market.
multifaceted one on the classi- cized for its obtuse program- The body of Anndrea Caruth, Four of Ms. Williams’ co-de-
cal music scene. He was a pro- ming choices. Mr. Boulez con- 39 years old, was discovered by fendants previously pleaded
lific composer with a wide ducted his final concert at the investigators beneath a plywood guilty and were sentenced to
range of works, a sought-after helm in May 1977. Zubin Mehta closet floor under some gravel prison.
conductor and an influential succeeded him. around 2 a.m. Wednesday, the —Associated Press
arts administrator as founder Mr. Boulez continued to official said.
of France’s contemporary music conduct for more than four A hammer was found at the LONG ISLAND
center. He also lead the charge more decades, appearing often scene, and Ms. Caruth, who was
over three decades to build a
Pierre Boulez said in 1970 that he hoped with the Berlin Philharmonic, five months pregnant, suffered
Former Police Chief’s
new orchestral hall for Paris. to lure New York subscribers to new music Vienna Philharmonic, the Lon- two wounds to the head consis- Trial Set for March
His recordings garnered him don Symphony Orchestra, the tent with blunt-force trauma, the A judge on Wednesday set a
26 Grammy Awards, and last
by ‘exciting the curiosity of the snobs.’ Orchestre de Paris and the Chi- official said. March 21 trial date for a former
year he was given a lifetime- cago Symphony Orchestra. Police are questioning Ms. police chief accused of beating a
achievement award to mark his paid tribute to the musician. first live concert and opera, he He continued to compose, Caruth’s 61-year-old father, who suspect in a precinct interroga-
career. “Pierre Boulez shone the dedicated himself to music, ac- as well, writing a wide range lives in the home’s basement, tion room and then coercing of-
“Pierre Boulez was a tower- light of French music in the cording to the Philharmonie. A of pieces from solo piano sona- police said. He was in police cus- ficers to lie about it.
ing and influential musical fig- whole world,” President Fran- year later and against the tas to orchestral works to un- tody and couldn’t be reached for Former Suffolk County Police
ure whose Philharmonic lead- çois Hollande said on Twitter. wishes of his father, Mr. Boulez usual ensemble pieces. His comment, and it was unclear if Chief James Burke pleaded not
ership implicitly laid down a “As a composer and a conduc- began studies at Conservatoire “Sur Incises,” written for three he had retained an attorney. guilty last month to federal
challenge of innovation and in- tor, he always wanted to re- de Paris, the country’s top mu- pianos, three harps and three Ms. Caruth was reported charges of deprivation of civil
vention that continues to in- flect on his era.” sic school. percussion parts, garnered him missing by her boyfriend. rights and conspiracy to commit
spire us to this day,” said New Prime Minister Manuel Valls At age 21, he became musi- the University of Louisville —Pervaiz Shallwani obstruction of justice.
York Philharmonic Music Di- said, also on Twitter, “Audac- cal director of a French theater Grawemeyer Award in 2001. Prosecutors said Mr. Burke
rector Alan Gilbert. “To me, ity, innovation, creativity—this company, where he quickly “For those who knew him MANHATTAN took revenge against a man who
personally, he also was an un- is what Pierre Boulez did for earned a name for composing and were able to appreciate his stole sex toys, pornography and
failingly gracious mentor....I French music.” pieces that shunned conven- creative energy, artistic
ID Theft Ringleader other items from his depart-
will miss his musicianship, Mr. Boulez was born in 1925 tional melody and harmonies vigor…his presence will remain Pleads Guilty: DA ment-issued SUV.
kindness, and wisdom.” in Montbrison, a small city in for a more violent and ragged alive and strong,” according to Prosecutors say an identity Mr. Burke is being held with-
The orchestra will dedicate France’s central Rhône-Alpes sound. a family statement posted on theft ring used stolen Social Se- out bail. Defense attorney Jo-
its concerts this week to Mr. region, and began piano les- His conducting career—al- the Philharmonie website. curity numbers and dates of seph Conway said Mr. Burke is
Boulez, according to a state- sons at age 6. In 1941, he ways without a baton—took off birth to steal $430,000 worth of looking forward to clearing his
ment from the Philharmonic. moved to Lyon to study engi- in the 1950s. In 1971 he was An appreciation of Pierre designer shoes and handbags at name.
In France, top politicians neering. After listening to his hired at the New York Philhar- Boulez and his vision............ D4 Saks Fifth Avenue and sell them —Associated Press
ETHICS hadn’t known Mr. Bharara’s

name before this week. “But
he sounds awesome,” she said.
Ms. King, a Democrat, said
lobbying, rules that continue
to be refined. The state’s eth-
ics laws, some of the strictest
in the country, include what is
On the 12th Day of Christmas
Continued from page A15 Mr. Bharara’s remarks re- known as a “no cup of coffee”
others rebutted the notion minded her that lawmakers rule—lobbyists aren’t allowed
that they had allowed corrup- can sometimes lose their way, to buy a cup of coffee for a
tion to persist. and “little by little, they step lawmaker.
“I am not going to apolo- over the line.” Sen. John Schickel, a Re-
gize,” said Senate Majority Mr. Bharara fielded ques- publican from northern Ken-
Leader John Flanagan, a Re- tions from legislators about tucky who opposes the state’s
publican, referring to the Leg- the challenge of raising money ethics laws because he said
islature’s ethics overhauls. “In for campaigns, scrutiny of cor- they “tend to inhibit freedom
the last seven, eight years we rupt judges and the lack of of speech,” said he enjoyed
have made major, sweeping prosecutions of financial-in- Mr. Bharara’s remarks. But Mr.
changes.” dustry leaders in connection Schickel noted that Mr. Bhar-
Late last year, former As- with the 2008 financial crisis. ara was “not elected by any-
sembly Speaker Sheldon Sil- Mr. Bharara has made no one” and is “telling [Kentucky]
ver, a Democrat, and former secret of his intent to clean up state legislators making
Senate Majority Leader Dean Albany, which he has called a $35,000 a year and working
Skelos, a Republican, were “caldron of corruption.” other jobs how to be ethical.”
tried and convicted within “What has been going on in In speaking to the Legisla-
weeks of each other in adja- New York of late is simultane- ture in Kentucky, Mr. Bharara
cent Manhattan courthouses. ously heartbreaking, head- appeared to be reasserting
Both men lost their seats in scratching and comic,” Mr. himself as an arbiter of legis-
the Legislature and have Bharara told the Kentucky lative integrity, a role that in
pledged to appeal the verdicts. lawmakers. the past has earned him both
Since Mr. Bharara took of- He told the legislators that admiration and criticism.
fice in 2009, his office has federal law doesn’t require an Last April, the federal judge
brought cases against a dozen explicit quid-pro-quo, that it in Mr. Silver’s case issued a
current or former Albany law- doesn’t matter if the official stern rebuke to Mr. Bharara
makers, the vast majority of act was good for the commu- for engaging in what she de-
TIMOTHY FADEK FOR THE WALL STREET JOURNAL
whom either pleaded guilty or nity, or if it was done for a scribed as a “media blitz” that
were convicted at trial. friend. bordered on misconduct fol-
In Kentucky, during an ad- In Kentucky in the early lowing Mr. Silver’s arrest.
dress that lasted about 45 1990s, more than a dozen law- Back in Mr. Bharara’s home
minutes, Mr. Bharara drew oc- makers and lobbyists were con- state, some legislators wel-
casional laughter, nodding ap- victed on an array of charges comed his influence on their
proval and gasps of disbelief, stemming from a wide-ranging affairs. A news release from
particularly when he quoted federal probe into bribery and Assemblyman Steve McLaugh-
wiretapped phone conversa- extortion in connection with lin, a Republican from the Capi-
tions and other evidence from horse-racing legislation and tal region, put it bluntly. “Preet
recent public corruption trials. hospital regulations. needs our help,” it announced.
Martha Jane King, a state In response to the charges, “Let’s clean up Albany.”
representative from south- Kentucky passed a package of —Erica Orden CELEBRATING EPIPHANY: Men dressed as the three wise men or kings, who in the Bible brought
central Kentucky, said she ethics laws and restrictions on contributed to this article. gifts to the baby Jesus, marched Wednesday in East Harlem’s annual Three Kings Day Parade.
A18 | Thursday, January 7, 2016 * * THE WALL STREET JOURNAL.
SPACES THURSDAY
(TOP LEFT, CLOCKWISE): ANDREW LAMBERSON FOR THE WALL STREET JOURNAL; ARCHPARTNERS; ANDREW LAMBERSON FOR THE WALL STREET JOURNAL
A rendering of the Enclave at the Cathedral next to the Cathedral
of St. John the Divine, above. Below, the rental building’s undulating
concrete columns; and a view from an eighth floor apartment, left.
Rising to the Level of Saints

Apartments offer exclusive views of Cathedral of St. John the Divine, rankling some neighbors
Just beyond the floor-to- mirers of the church’s archi- apartments on the same on the church, he noted.
ceiling picture windows of a tecture, many neighbors say. lot?” The concrete columns of
new rental building on West They say the Enclave But the Very Rev. James the West 113th Street facade
113th Street is hides public views of some A. Kowalski, the cathedral’s of the Enclave have irregular
SPACES a view of of the celebrated features of dean, said he was “thrilled protruding angles that the
JOSH carved saints the 600-foot long Episcopal in a lot of ways” by the new architects say echo the pat-
BARBANEL and gargoyles, cathedral for the term of the building. tern of buttresses tucked be-
stained glass 99-year lease on the land— He said the Enclave and a hind them, but some neigh-
and the huge, and perhaps considerably second rental building that bors aren’t happy. Laura
granite buttresses of the longer. opened in 2008 on the Friedman, president of the
gothic-style Cathedral of St. The new modernist build- southeastern corner of the Morningside Heights His-
John the Divine. ing, designed by Handel Ar- cathedral’s campus will pro- toric District Committee,
Renters willing to pay chitects, is 150 feet high, and vide income to stabilize the said the design “will never
from $2,400 a month for a was built with glass walls cathedral’s finances, rebuild fit in.”
studio and up to $6,500 for set back behind undulating its endowment and provide The Enclave, between
a two-bedroom apartment in concrete columns. It rises up money to maintain its build- Amsterdam Avenue and
a concrete-and-glass build- to the eaves of the cathedral ings. Morningside Drive, will have
ing known as the Enclave at and it extends along more The north site was cho- a 200-car garage and 430
the Cathedral can get close- than 400 feet of the cathe- sen for development, he apartments, including 87 Thomas Brodsky, a princi- val and performances from a
up looks at often unseen de- dral’s north wall in two sec- said, after a careful study of apartments set aside for af- pal at the Brodsky Organiza- jazz series at the cathedral,
tails of the church, including tions. sight lines of the cathedral fordable housing as part of tion, said he expected about as well as by forming part-
a 9½-foot tall bronze statue “It has basically privat- from various angles. Plans the 421-a tax abatement pro- half of the apartments to be nerships with local busi-
of the Archangel Gabriel, ized views of the cathedral,” were developed in consulta- gram. Once fully rented, it rented by students at nearby nesses in Harlem and Morn-
facing east, blowing a trum- said Andrew Dolkart, head of tion with the city’s Land- will provide between $2.5 Columbia University, and ingside Heights.
pet above a row of stone the historic preservation de- mark Preservation Commis- million to $3 million a year others by individuals and Cathedral views aren’t
saints. partment at Columbia Uni- sion, he said. in payments to the cathe- families drawn to the neigh- the only thing the Enclave
The building is due to versity’s Graduate School of For decades before the dral, Mr. Kowalski said. borhood. has to offer. Apartments on
open next month. Architecture, Planning and Enclave was built, views of The building was built by The idea, he said, is to the Morningside Drive side
But the views savored by Preservation. “Is this how the north side of the church the Brodsky Organization, create a community within also feature a dramatic tab-
the new renters are a loss we want to treat our inter- were partially blocked by a which took over the project the Enclave by bringing in leau, down the slopes of
for the neighborhood of nationally significant his- stone yard and a large con- after several other potential films from the annual Har- Morningside Park with views
Morningside Heights and ad- toric sites, by jamming struction shed used for work developers dropped out. lem International Film Festi- across most of Harlem. GEO. P. HALL & SON/THE NEW-YORK HISTORICAL SOCIETY/GETTY IMAGES
The interior of the main concourse of Pennsylvania Station in 1911, the year after it opened.
PENN Midtown Mainstay

1910—The Pennsylvania Vornado Realty Trust as
Continued from page A15 Railroad opens original developers of the train hall
Avenue that is owned by Madi- Pennsylvania Station and new project, named after its
son Square Garden. Hudson River tunnels. champion, the late New York
A state official said Mr. U.S. Sen. Daniel Patrick
Cuomo’s plan would render 1963—Original Penn Station Moynihan.
moot a decade-old agreement is demolished, making way for
between a New York economic- current Penn Station to open 2007—Then-New York Gov.
development agency and two underneath Madison Square Eliot Spitzer pushes a larger
major developers, Vornado Re- Garden and Two Penn Plaza. plan urged by developers to
alty Trust and the Related move Madison Square Garden
Cos., without triggering finan- 1992—Amtrak, now owner of and rebuild Penn Station.
cial penalties or any delay. the station, pushes plan to
Those developers are un- build a grand train hall inside 2008—Madison Square
likely to fade away. Indeed, the James A. Farley Post Office Garden, frustrated with
they have had a significant building across Eighth Avenue. sluggish progress, drops out of
head start on any other poten- Moynihan Station plan and
tial competitors. Vornado is by 2005—New York state announces $1 billion renovation
far the largest landowner selects Related Cos. and to its existing arena.
around Penn Station.
A look ahead from Steven Roth, Vornado’s City subway lines also connect way for two new planned Hud-
chief executive and chairman, to the station. son River rail tunnels.
The Wall Street Journal. was among the guests at a In addition to making the Tom Wright, president of
Madison Square Garden event station more appealing to trav- the Regional Plan Association,
on Wednesday where Mr. elers, Mr. Cuomo’s plan ap- an urban-planning think tank,
READ MORE AT WSJ.COM/FOE Cuomo announced his plan, peared directed in large part said Mr. Cuomo’s plan could
but declined to comment. to improving passenger flow to spark a much-needed transfor-
A spokeswoman for Related make it easier to move around mation of the transit hub.
said the company looked for- the crowded station, board and “They’ve chummed the wa-
ward to reviewing solicitation disembark trains. ters,” Mr. Wright said.
materials and expected to bid While there was little men- “They’ve put enough money on
on the project. tion of increasing the capacity the table and enough economic
The nation’s busiest train for trains, the governor’s Penn value on the table to hopefully
station, Penn is a Midtown Station plan would set the get the private sector to start
nexus for Amtrak intercity stage for expected growing de- thinking very creatively about
© 2016 Dow Jones & Co., Inc. All rights reserved. 3DJ2921
trains and NJ Transit and Long mand for rail service into Man- how they can generate some
Island Rail Road commuter hattan and an eventual expan- revenues and do something
trains. Two major New York sion of the station to make here.”
THE WALL STREET JOURNAL. * * Thursday, January 7, 2016 | A19
HEARD & SCENE
Stars and Swag at the National Board of Review Awards
DIMITRIOS KAMBOURIS/GETTY IMAGES

JAMIE MCCARTHY/GETTY IMAGES (3)
National Board of Review President Annie Schulhof, actor Matt Damon and Luciana Barroso, above. Below, Jessica Chastain.
TAYLOR HILL/GETTY IMAGES

During the cocktail hour turned to the Oscar conver- This year’s stockpile in- guests scavenge the tables.
before the National Board of sation lately because of her cluded plenty of stuff one The biggest knock-down-
Review Awards at Cipriani supporting role in “Clouds doesn’t need and wouldn’t drag-out fights were over
42nd Street on Tuesday, one of Sils Maria”; Sylvester buy in the store, but because the stuffed Bing Bongs,
nattily dressed gentleman Stallone, who won the sup- they are right there in the which is just a fun name to
described the evening as his porting actor NBR award for center of the table, they say.
favorite party of the year. “Creed”; Jennifer Jason draw you towards them, like Other than that, this par- Clockwise from top left: Samuel L. Jackson and Jennifer Jason
That might Leigh, who won for “The a Jedi mind trick: the sound- ticular event—which this Leigh; Tessa Thompson; and Emily Blunt and Benicio del Toro.
be the case Hateful Eight”; Brie Larson track to “Creed”; screen- year was hosted by Willie
simply be- who won best actress for ers of “Straight Outta Geist—isn’t necessarily “Rocky,” a screenplay the ac- my life,” she said.
cause of the “Room”; Matt Damon, who Compton”; the Patricia long. The ceremony runs tor had also written. That The best, least circuitous
celebrity turn- won best actor for “The Highsmith novel on about two hours. But uphill climb involved “an in- speech of the evening came
out. Martian”; and Jessica which “Carol” is there are so many credible amount of courage,” from Jacob Tremblay, the
MARSHALL Despite the Chastain, who gave an based; “Mad Max: speeches. And everyone said Mr. Damon and paved precocious 9-year-old star of
HEYMAN fact that it overly impassioned speech, Fury Road” is so earnest. And the way for him, he added, “Room.”
isn’t entirely her signature. This time it branded iPhone earnest speeches and “Good Will Hunting.” “I just need to take a mo-
clear who was for Ridley Scott, who di- screen cloths; are genuinely the Insert eye roll here. ment,” he said, as Ms. Lar-
votes on them—“movie en- rected her in “The Martian.” lots of stuffed most exhaust- Occasionally you’d get a son, who plays his mother in
thusiasts” is a term often “I feel like I should just toys from “In- ing kind of down-to-earth amusing mo- the film, recorded it with
bandied about—the NBRs move in here,” said Ms. side Out” (An- speeches, es- ment, like “Creed” director her iPhone. “The mind of me
have become a splashy step Chastain, of how much time ger, Sadness, pecially when Ryan Coogler talking about is blown.”
on the awards season circuit she has spent at this partic- Bing Bong); and they’re be- stopping at Best Buy to get The other amusing
in that they fall during the ular banquet hall. a game of Jenga, ing given by a copy of “Rocky 2” to sign throughline over the course
window before Academy For many guests, the long which real insiders Hollywood peo- by Mr. Stallone while on his of the night were the ques-
Award nomination ballots evening makes them feel the might recognize as ple. way to their first meeting, tionable choices in mens-
are due. same. the centerpiece of Mr. Damon or Ms. Jason Leigh describ- wear. There were tieless or
Some of the celebrities in Besides hobnobbing with a scene with Ryan started the evening ing her time shooting “Hate- Nehru collars and foulards
attendance—all of whom movie stars, guests seem to Gosling in “The Big off-track by saluting ful Eight” like this: and strange sweaters made
were either presenting to a love the National Board of Short.” Mr. Stallone for re- “I was covered in blood from bandanna material.
co-star or buddy or being Review awards is that the At the end of the fusing to take no for and chained to another actor Somehow director Jona-
given an award—included tables are piled high with night, it’s quite an answer when he for six months and I hon- than Demme was able to in-
Kristen Stewart, who has re- swag. something to watch wanted to star in estly never had more fun in corporate each of these.
ARTS & ENTERTAINMENT
In ‘Lamb,’ 13-Year-Old
Shows Off Acting Chops
(TOP LEFT, CLOCKWISE): THE ORCHARD; WEINSTEIN COMPANY/EVERETT COLLECTION; JOAN MARCUS
BY STEVE DOLLAR Despite all that, Mr. Par- and Denver meant the
tridge still wasn’t sure. Oona movie’s final, and most tear-
When he was casting for “grew up in New York and streaked, scene had to be
the new independent film she’s much more sophisti- done on the second day. She
“Lamb,” writer-director Ross cated than her character,” he nailed it. “The boom opera-
Partridge was nervous about said. Then he met her. tor was shaking,” Mr. Par-
finding the right actress to “It all of a sudden made tridge recalled.
play opposite him. sense,” recalled Mr. Par- “It would have been nice Actress Oona Laurence stars in ‘Lamb,’ above. She also appeared with Jake Gyllenhaal in ‘Southpaw,’
The intense and intimate tridge, who next appears in to have a few more days,” below right; and was one of four actresses who shared the title role in ‘Matilda,’ below left.
drama, which opens Friday the Netflix supernatural se- the young actress said, “but
at Cinema Village and on ries “Stranger Things.” it was so exciting because it
iTunes and video-on-demand “There was not an ounce of was such a challenge for
Jan. 12, is mostly a two- self-consciousness about her, me.”
hander. The plot, which Mr. which is rare. This young kid Oona’s own wealth of act-
Partridge calls a “love story is so already who she is.” ing experience helped her to
upside-down,” is also tricky. Her performance as Tom- connect with Tommie’s emo-
It follows an unusual rela- mie, a lonely child with a tions. She tried not to over-
tionship between a pair of dismal home life who takes think anything.
troubled souls: a middle- off on a road trip with Mr. “If you dwell on it too
aged man and an 11-year-old Partridge’s title character, much, then it becomes more
girl. helps to give delicate psy- fake,” she said. “You have to
“If we didn’t find the right chological balance to a story learn to do it unconsciously.
girl, I thought, we won’t that might otherwise be dis- As long as you have time to
make the movie,” said Mr. turbing. become the character, then
Partridge, who adapted the “It was a different kind of movements come naturally.” “When she was between 5 which freaked out her dad. ger Games” movies, idolizes
film from the novel by Bon- sadness for her because she To keep things loose, Jen- and 7 years old, we did this “I would get these videos Emma Stone and takes dance
nie Nadzam. His casting di- had been going through it nifer Lafleur, the film’s co- experimental film with her,” of Oona falling from a tree in classes three times a week.
rector urged him to consider her entire life,” Oona, 13, producer who also is mar- said her father. “None of it a harness,” her father said, Working alongside major ce-
Oona Laurence for the role. said. “She has so many lay- ried to Mr. Partridge, would was scripted. She was very “and it looked like she was lebrities doesn’t intimidate
Then 11 years old, she had ers. It’s so fun to unravel lead singalongs to the kara- used to following her own going to go splat on the her.
already won a Tony Award those and really understand oke favorite “The Final path for what she was doing ground.” “They might sometimes
and been nominated for a her more than you would if Countdown” as she carried at any given moment.” Next, she goes to New Or- seem stuck-up or whatever,
Grammy Award for the it was a one-sided charac- Oona to the set on her back Oona has kept up a steady leans to do a comedy with or they’re like perfect or
Broadway musical “Matilda.” ter.” before any big emotional pace in her career. She trav- Mila Kunis. amazing or glamorous,” she
Not long after she agreed to The performer had to go scenes. eled to New Zealand to star For all that globe-trotting, said. “They’re not. They’re
do “Lamb,” Oona won a deep into the role almost im- Her two younger sisters in the live-action remake of Miss Laurence remains very just like regular people. And
prominent role as Jake Gyl- mediately. The tight schedule Aimée and Jetè also act, and the Disney favorite “Pete’s much a kid. She is an avid it’s fun to get to be buddies
lenhaal’s daughter in “South- of the 18-day production, her father suggests Oona’s Dragon,” which involved a reader who loves Harry Pot- with them on a film. It’s re-
paw.” shot on location in Wyoming talent was present early on. lot of green-screen work, ter, Dr. Who and “The Hun- ally cool.”
www.cartier.us
CLÉ DE CARTIER
MANUFACTURE MOVEMENT 1847 MC
©2015 Cartier
SPORTS
Four Years Later, Forward Kristaps Porzingis and point guard Jerian Grant don’t play
together enough. When they do, the Knicks are often at their best.
Piazza Enters Hall

BY JARED DIAMOND
It probably took a little longer than it

should have, but the best offensive catcher in
baseball history is now the best offensive
catcher in Cooperstown.
In his fourth year on the ballot, Mike Pi-
azza, one of the most productive and beloved
sluggers to play for the Mets, was elected to
the Hall of Fame on Wednesday. After receiv-
ing 69.9% of the Baseball Writers’ Association
of America’s votes last year, Piazza jumped to
83.0% this year, comfortably over the 75% nec-
essary for enshrinement.
“What an amazing life I’ve had in baseball,”
Piazza said Wednesday. “It’s truly a blessing,
and I’m very, very grateful.”
He will be honored at a ceremony in Coo-
perstown, N.Y., on July 24, alongside Seattle
Mariners outfielder Ken Griffey Jr., who set a
record by receiving 99.3% of the vote, breaking
Mets pitcher Tom Seaver’s previous mark of
98.8%.
From a statistical standpoint, Piazza’s place
in the Hall is indisputable. In his 16-year career
from 1992 through 2007, he hit 427 home runs,
including 396 as a catcher, the most ever. He
batted .308, made 12 All-Star teams, and won
10 Silver Slugger awards.
“I’m sure the wait has been a bit of a
weight,” said Bobby Valentine, Piazza’s man-
ager with the Mets from 1998 to 2002. “He
knew all along he might be delayed, but he
wouldn’t be denied.”
Nonetheless, the voting members of the
BBWAA had to this point kept Piazza out, likely
due to suspicion that he used illegal perfor-
mance-enhancing drugs. Piazza has denied the
Knicks’ Future Comes Into Focus

accusations and has never been linked publicly
to PEDs in any credible way, though he has ad-
mitted using several then-legal substances that
have since been banned. Piazza’s unusual origin
story—he was picked in the 62nd round of the
1988 draft and rose to superstardom—and
bulging biceps fueled the speculation. Developing synergy between rookie first-round picks Kristaps Porzingis and Jerian Grant is reason for hope
Piazza, 47, came up with the Los Angeles
Dodgers and put up enormous numbers there, BY CHRIS HERRING To be specific, he’s gotten rid of the ball behind the arc, for a pair of wide-open 3-point-
batting .331 in parts of seven seasons. But his about 15% quicker over the past two months, ers. Then on Monday, Grant collapsed one side
most memorable years came after he was MIAMI—The Knicks have been streaky all going from 3.97 seconds per touch in Novem- of the floor briefly with a drive, freeing up Por-
traded to the Mets on May 22, 1998—just eight season, seemingly unable to find any real con- ber to 3.64 seconds in December, and now 3.39 zingis for a shot he banked off the glass.
days after the Dodgers had dealt him to the sistency from week to week. But it’s under- seconds in January, according to SportVU The duo hasn’t played together a lot (just
Florida Marlins. For the Mets, the move was standable if fans are beginning to buy into the player-tracking technology. under five minutes a game in their last three
transcendent. Duquette, the assistant GM under team and its improved play of late. Fisher, for one, has noticed the difference. outings as a tandem), but their symbiosis mer-
Steve Phillips at the time, recalled that the day Heading into Wednesday’s game against the “If you come from being a point guard and a its a deeper look from the coaching staff—es-
the Mets made the trade, they had 22,307 fans Miami Heat, the Knicks had won three of their leader on a college team, then go to a pro team, pecially in second quarters, when Porzingis
at Shea Stadium. The next day, with Piazza in last four, including back-to-back victories over you may be the lowest guy on the totem pole in sees more time as a No. 1 option as Anthony
the lineup, they had 32,908. Atlanta and a solid win over Detroit, a pair of takes a breather.
“I remember saying to Steve, ‘You live for winning teams currently in playoff position. The numbers show that Grant’s aggression
being the general manager that acquires a Carmelo Anthony and Arron Afflalo, the
‘Instead of just throwing him and athleticism help get Porzingis better shots.
player of Piazza’s caliber,’” Duquette said. Knicks’ two best scorers, are playing their best into the fire, we’re gradually So far, Porzingis has made 64% of the shots he’s
Piazza, who retired in 2007 after brief basketball of the season, while coach Derek taken after receiving a pass from Grant, the
stints with the San Diego Padres and Oakland Fisher appears finally to have settled on a
letting him get there,’ said best percentage he’s logged off any one player’s
Athletics, will almost certainly be wearing a group he feels comfortable using each night. Carmelo Anthony of Porzingis. passes. (By contrast, he has shot 41% off passes
Mets cap on his Hall of Fame plaque. It would But the brightest spot may be the progress from starting point guard Jose Calderon.) Posi-
make him the second Met in Cooperstown, and synergy the Knicks are seeing from their tioning has a lot to do with this. Nearly 46% of
alongside Seaver. An official announcement pair of rookie first-rounders: point guard Je- terms of whose locker room it is, whose ego is Porzingis’s shots have come at the rim when he
will come Thursday at the New York Athletic rian Grant and forward Kristaps Porzingis. the biggest, who you have to satisfy when shares the court with Grant, as opposed to 23%
Club. The Mets are also expected to retire Pi- That may sound odd, given that both were you’re out there, who gets the most touches,” he with Calderon, per NBA.com.
azza’s No. 31 at some point in 2016. shooting considerably worse in their previous said. It’s not your ball to play with to do what- “When I’m on the floor with Jerian or
10 games (Porzingis at 38.8%, Grant 27.3%) ever you want to with it,” Fisher said. Langston [Galloway], we’re playing more pick
than their season averages. But examining how The difference was apparent Sunday against and roll, so they can kind of create or kick the
those numbers happened—with each player Atlanta, when Fisher and his staff told Grant it ball to me where I can be more of a play-
making quicker choices, and often going to- was OK to go back to his bread and butter by maker,” said Porzingis, who has punished de-
ward the basket—they can be forgiven to some calling for more ball screens and relying less fenders for closing too hard on his jumper by
extent, since they haven’t hurt the flow of the on the triangle offense, since the Hawks were driving to the basket more than twice as often
Knicks’ offense. jumping passing lanes the Knicks use as part in the past two weeks.
Grant, who had seen his playing time dwin- of their triangle attack. All in all, the steady progress of Grant and
dle due to his hesitation with the ball at the “The offense we run, some teams are start- Porzingis is excellent news for an organization
top of the key, has been quicker either to pull ing to read what we’re doing,” Grant said. “So that, for the first time in decades, truly appears
the trigger from outside, where his jumper is to change things up a bit to make me more vested in the idea of player development.
still a work in progress, or challenge defenders comfortable, I think it helps us out.” “Instead of just throwing him into the fire,
who have settled in the paint in hopes of cut- It helped that Grant’s screener was Porzingis, we’re gradually letting him get there,” Anthony
ting off his aggressive drives. His ability to another player who thrives in screen-roll sce- said of Porzingis. “Sometimes you see it, and
bend the defense is his greatest attribute, and narios thanks to the inside-out pressure he puts he’s comfortable. Sometimes you see that he
his eight drives to the basket per 36 minutes on defenses. Twice in Sunday’s win, Grant drew still needs a better feel for being a No. 1 option.
are nearly twice the rate of any other Knick, two defenders trying to cut off his drive and But he’ll get there. You see plays and flashes of
Mike Piazza earned 83% of the BBWAA’s vote. according to NBA.com. kicked the ball to Porzingis, who had popped out what he’ll be able to do. He’ll get there.”
Piazza Far From First to Wait

For the Cooperstown Invitation
Considering the undeniable worthiness of anybody who had played for at least 10 big-
Mike Piazza’s career numbers—including a better league seasons, leading to a huge pool of can’t-
on-base-plus-slugging percentage (.922) than miss candidates spanning several decades. They
Ken Griffey Jr. (.907)—it seems hard to believe settled on five players for the first class: Ty
NATHANIEL S. BUTLER/NBAE/GETTY IMAGES (PORZINGIS/GRANT); DAVID SEELIG/GETTY IMAGES (PIAZZA); TAN: GETTY IMAGES (3)
that it took the voting members of the Baseball Cobb, Babe Ruth, Honus Wagner, Christy
Mathewson and Walter Johnson.
Take a Number This created a backlog of great players: Nap
Lajoie, Tris Speaker and Cy Young went next in
1937, followed by 373-game winner Pete Alexan-
Writers’ Association of America four years to der in 1938. (Starting in 1946, players weren’t eli-
elect him to the Hall of Fame. gible for election until they had been retired for
But looking through history, maybe Piazza, one year. In 1954, the requirement was expanded Cy Young Joe DiMaggio Gaylord Perry
who along with Griffey will make up the Hall’s to five years, a criterion that stands today.) (2nd ballot, 1937) (4th ballot, 1955) (3rd ballot, 1991)
class of 2016, shouldn’t feel so bad. Plenty of The logjam continued into the 1950s, making
deserving players had to wait a while for their
invitation to Cooperstown.
it difficult for any player to generate enough sup-
port. In 1950, nobody got in, even though the bal-
Waiting Room
It took Harmon Killebrew, who bashed 573 Here’s a starting lineup comprising the greatest Hall of Famers who weren’t elected in their first year of eligibility.
lot included Mel Ott (511 homers), Jimmie Foxx
home runs, four tries on the ballot to receive (534), Bill Terry (.341 batting average) and Al POSITION PLAYER HALL OF FAME TEAM YEAR (YEARS ON BALLOT) STATS
the 75% of votes necessary for enshrinement in Simmons (.334). It’s harder to figure why they C Yogi Berra Yankees 1972 (2nd) .830 OPS, 358 HR
1984. Third baseman Eddie Mathews hit 512 made Yogi Berra wait a year in 1971. 1B Jimmie Foxx Red Sox 1951 (7th) 1.038 OPS, 534 HR
homers, but didn’t get an invitation until his The near-impossible standards of yore have 2B Rogers Hornsby Cardinals 1942 (5th) 1.010 OPS, .358 BA
fifth try, in 1978. The same goes for Rogers stretched into the modern era, which explains SS Luis Aparicio White Sox 1984 (6th) 9 Gold Gloves
Hornsby in 1942, and he retired with an almost why no player has ever been voted in unani-
3B Eddie Mathews Braves 1978 (5th) .885 OPS, 512 HR
unimaginable lifetime batting average of .358 mously: If Ruth or Cobb didn’t receive 100% of
over 23 seasons. the vote, how could anybody else? The shadow 0F Joe DiMaggio Yankees 1955 (4th) .977 OPS, .325 BA
As strange as that sounds, it isn’t surprising cast by the so-called “steroid era” has added a OF Mel Ott Giants 1951 (3rd) .947 OPS, 511 HR
in context. The voting rules and procedures in new wrinkle, which is probably why Craig Biggio OF Tris Speaker Indians 1937 (2nd) .928 OPS, .345 BA
the early days of the Hall of Fame changed al- and his 3,060 hits had to wait three voting cy- SP Cy Young Spiders 1937 (2nd) 511 W, 2.63 ERA
most every year, essentially ensuring that some cles before election in 2015. SP Juan Marichal Giants 1983 (3rd) 243 W, 2.89 ERA
all-time greats wouldn’t immediately be called. “Knowing the history of the game and how SP Lefty Grove Red Sox 1947 (4th) 300 W, 3.06 ERA
Votes were held every three years from 1940 to many great players had to wait a year, some-
SP Gaylord Perry Giants 1991 (3rd) 314 W, 3.11 ERA
1945, and then every other year from 1957 to times many years, it keeps it in perspective,” Pi-
1965, further clogging the pipeline. azza said. “That was something I was able to RP Rich Gossage Yankees 2008 (9th) 3.01 ERA, 310 SV
When balloting began in 1936, voters were draw from, keep patient and keep optimistic.” Source: WSJ
asked to choose 10 20th-century players from —Jared Diamond
WSJ.D B4 | CROSSWORD B7
BUSINESS & TECH.

Apple App Store Sales Valeant Picks Ex-CFO
Top Record $20 Billion As Its Interim Boss
MOBILE | B4 DRUGS | B3
© 2016 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Thursday, January 7, 2016 | B1
Chipotle Outbreak Probed

Restaurant chain gets norovirus outbreak at a Simi that the disease is relatively safety lawyers said the law
Valley, Calif., restaurant in Au- common and that the local normally applies to manufac-
subpoena related gust that sickened 234 people, health department would nor- turers, packagers and distribu-
to illness stemming from including 17 employees. mally have sole jurisdiction in tors, rather than restaurants.
TIMOTHY A. CLARY/AGENCE FRANCE-PRESSE/GETTY IMAGES

The subpoena is connected such matters. Norovirus is the “It makes me suspect it’s
California location to a criminal investigation be- most common cause of food- part of a bigger investigation
ing conducted by the U.S. at- borne-disease outbreaks in the involving Chipotle’s supply
BY JULIE JARGON torney’s office for the Central chain or an intentional con-
33%
AND JESSE NEWMAN District of California, in con- tamination by an outside party
junction with the Food and at that store,” said Steve Klut-
Federal authorities are con- Drug Administration’s Office ing, regional director of the
ducting a criminal probe tied of Criminal Investigations, The percentage drop in shares food and agribusiness group at
to an outbreak of foodborne Chipotle said, adding that it of Chipotle since October, when risk-management firm Arthur
disease at one of Chipotle intends to cooperate with the outbreaks were reported. J. Gallagher & Co.
Mexican Grill Inc.’s restau- investigation. Chipotle has apologized for
rants last year, the company The U.S. attorney’s office the foodborne illnesses at its
said, raising the stakes in a se- and the FDA declined to com- U.S., according to the Centers restaurants, and said it is
ries of such outbreaks that ment, and it couldn’t be for Disease Control and Pre- working with authorities to
have battered Chipotle’s sales. learned if Chipotle was the vention. determine the cause while
The company said in a se- target of the probe. A person familiar with the overhauling its food-safety Macy’s has stumbled amid pressure from online and off-price stores.
curities filing Wednesday that Legal experts said a federal matter said the subpoena is practices to prevent future
Macy’s to Slash
it was served with a grand- investigation of a norovirus likely related to misdemeanor problems.
jury subpoena in December outbreak at a single restaurant violations of the federal Food, But that hasn’t been enough
seeking information about a would be highly unusual, given Drug and Cosmetic Act. Food- Please see PROBE page B2
Costs as Sales
Sharply Decline
BY SUZANNE KAPNER and off-price chains that sell
similar goods at lower prices.
Macy’s Inc.’s woes deep- It has responded by launching
ened after disappointing holi- its own off-price chain called
day sales prompted the de- Macy’s Backstage, but analysts
partment-store chain to cut say it could take years for the
thousands of jobs and hire format to meaningfully affect
more advisers to re-examine sales and profits.
its real-estate holdings in mar- “Macy’s and other mall-fo-
kets including New York and cused peers have been all but
San Francisco. been crushed by the shopper
Sales at existing stores in migration to off-mall retailers
November and December fell such as off-price chains,” said
4.7%, and the company said it Craig Johnson, the president
ROB HART FOR THE WALL STREET JOURNAL
expects the decline to con- of market-research firm Cus-

tinue this month. It would be tomer Growth Partners.
the sharpest holiday period Macy’s flagging share price,
decline since 2008. The com- which dropped nearly 47% last
pany had been expecting year, has made it the target of
fourth quarter sales, which activist investors. Starboard
also includes January, to de- Value LP has urged the com-
cline between 2% and 3%. pany to spin off its real estate,
Macy’s is the first major re- arguing the properties are
tailer to release holiday sales worth $21 billion. That would
figures, and its results are be nearly double the com-
JX Enterprises, which runs 19 truck dealerships in the Midwest, has 150 unsold new trucks on its lots, up from under 40 a year ago. likely to reinforce concerns pany’s current market value.
that the season was a chal- Macy’s board has rejected
Big-Rig Buyers Slam on the Brakes

lenging one, particularly for Starboard’s call for a spin off,
department stores which were but the company said Wednes-
burdened by excess inventory day it has hired more advisers
and a shift to Web shopping. to explore joint ventures for
BY BRIAN BASKIN of passenger vehicles soar and Terry J. Lundgren, Macy’s its real estate. The discussions
Shifting Loads the wider economy is adding chief executive, said sales include its flagship stores
Trucking companies are Heavy duty truck orders, change Unsold dealer inventories of jobs. were crimped by unusually which have prime locations in
buying fewer vehicles amid from a year earlier heavy-duty big rigs Daimler AG this week said warm weather through much New York City, San Francisco
lackluster demand for hauling Dec.* Nov. it would cut about a third of of the Northeast and by lower and Chicago. Starboard de-
freight, triggering job cuts 10% 60,000 its 3,100 workers at a Cleve- spending in its stores by inter- clined to comment.
27,800 trucks 57,041
among equipment manufactur- land, N.C., Freightliner truck national tourists due to the The company said real-es-
0 ▼37%
ers and leaving a near-record 50,000 assembly factory. Rivals Volvo strong U.S. dollar. tate developer Tishman
number of big rigs gathering AB and Paccar Inc. recently “About 80% of our com- Speyer, which had been advis-
–10
dust on dealers’ lots. 40,000 disclosed workforce reduc- pany’s year-over-year declines ing Macy’s on its real-estate
Many of those unsold –20 tions at their U.S. factories. in comparable sales can be at- strategy, has expressed inter-
trucks were ordered months 30,000 Navistar International Corp. tributed to shortfalls in cold- est in pursuing partnerships
ago when the economy ap- –30 reduced its staff by 1,400 in its weather goods such as coats, on its flagship locations. As
peared to be heating up and 20,000
fiscal year ended in October. sweaters, boots, hats, gloves such, it won’t act as an adviser
carriers were expecting higher –40 Engine maker Cummins Inc. and scarves,” he said. on those deals, but will con-
bookings from retailers and said in October it would cut Macy’s has stumbled re- tinue to work with the com-
–50 10,000
manufacturers. Instead, slower 2,000 jobs world-wide. cently amid online pressures Please see MACY'S page B2
growth this fall spooked fleet Meanwhile, dealers are
owners into scotching expan- –60 0 stuck with over 57,000 unsold
2015 2010 ’11 ’12 ’13 ’14 ’15
sion plans.
Heavy-duty truck orders
plunged nearly 37% in Decem-
*Preliminary Sources: FTR (orders); WardsAuto THE WALL STREET JOURNAL.
trucks, according to data pro-
vider WardsAuto Group, a
number last surpassed in
United Chief Munoz
ber from the same month last
year, according to data com-
piled by industry research
ting to new vehicles, which
can cost more than $150,000
each.
ing companies are holding
back to see whether consumer
demand pushes new expan-
2006. To entice reluctant buy-
ers, some are offering cash re-
bates and no money down—in-
Has Heart Transplant
firm FTR. Some carriers say The sharp slowdown in sion. That hesitancy has man- centives normally rolled out CHICAGO—Oscar Munoz, pected Mr. Munoz to return to
they are waiting to see how truck orders is one of the ufacturers of trucks and parts during a recession. United Continental Holdings his duties sometime in the cur-
much consumers spend over clouds hanging over the econ- cutting payrolls and scaling “It is a buyer’s market,” Inc.’s chief executive, under- rent quarter, but the company
the holidays before commit- omy heading into 2016. Truck- back production, even as sales Please see TRUCKS page B2 went a heart-transplant opera- said Wednesday that date may
tion early Wednesday and is in slip to the beginning of the
recovery, the company said, second quarter. Brett Hart, for-
Starboard Calls for Yahoo CEO’s Ouster the latest twist in months of
By Susan Carey,
Ted Mann and
merly United’s general counsel,
has been acting CEO since
shortly after Mr. Munoz fell ill.
Mr. Munoz’s illness has
BY DOUGLAS MACMILLAN vember, when the investor turnaround attempt and risk a “It appears that investors Joann S. Lublin shaken a company that was al-
AND DAVID BENOIT urged Yahoo to abandon a public shareholder vote that have lost all confidence in man- ready under stress. The com-
spinoff of shares in Alibaba could push her out as well as agement,” Starboard wrote in leadership upheaval that has pany had been plagued by
Activist investor Starboard Group Holding Ltd. Yahoo most of the board. its Jan. 6 letter to Yahoo. “Dra- roiled the giant carrier. poor labor relations and oper-
Value LP says it won’t back halted the spinoff the follow- The call to action also matically different thinking is Mr. Munoz, who turned 57 ational glitches since it was
down from its fight with Ya- ing month, saying instead it comes as a growing number of required, together with signifi- this month, suffered a heart at- formed in a 2010 merger.
hoo Inc. until Chief Executive would explore a spinoff of its Yahoo shareholders are voic- cant changes across all aspects tack in October and has been on Mr. Munoz, a former rail-
Marissa Mayer is out. core Internet business. ing their own impatience with of the business starting at the medical leave. United said late road executive and longtime
In a letter to Yahoo’s board In an emailed statement, a management. board level, and including exec- Wednesday that the transplant United board member, as-
on Wednesday, the hedge fund Yahoo spokeswoman said the Canyon Capital Advisors utive leadership.” was considered the “preferred cended to the CEO position af-
threatened to pursue a proxy company’s “board and man- LLC, a Los Angeles investment Representatives from Sprin- treatment” and wasn’t the re- ter his predecessor was ousted
battle in the coming weeks un- agement team engage in and firm that ranks among Yahoo’s gOwl and Canyon Capital de- sult of a setback in his recovery. in September and had served
less Ms. Mayer and an unspec- maintain regular, open dia- 15 largest shareholders, last clined to comment further. United directors learned for just six weeks before he
ified number of directors are logue with all our sharehold- month urged the board to find Yahoo’s stock is down about Tuesday about the ailing CEO’s suffered the heart attack.
replaced and the company en- ers, and consistently strive to a buyer for its core Internet Please see YAHOO page B4 imminent heart transplant, Mr. Munoz by that time had
acts a new strategy to sell or deliver and to maximize share- business or the entire com- one person close to the matter already outlined a new strat-
restructure itself. holder value.” pany, while New York hedge MORE ON MOBILE said late Wednesday. egy for the nation’s second-
The letter was the first Starboard’s threat raises fund SpringOwl Asset Manage- The airline declined to say largest airline by traffic, one
time Starboard has demanded pressure on Yahoo’s board to ment LLC is proposing a new Explore an online where the surgery was per- designed to improve employee
Ms. Mayer’s ouster and threat-
ened a proxy fight to replace a
majority of directors, a step
decide whether to fire the CEO
they have stood behind for
more than three years, or let
plan to slash the company’s
workforce by 75% and replace
Ms. Mayer with an operations-
WSJ
.COM
database of firms
targeted by
activist investors,
formed, but said it would pro-
vide additional information
within 24 hours.
morale, customer service and
punctuality.
His absence has created
up from its demand last No- Ms. Mayer proceed with her focused CEO. WSJ.com/Activist. United earlier had said it ex- Please see UNITED page B2
B2 | Thursday, January 7, 2016 * *** THE WALL STREET JOURNAL.
INDEX TO BUSINESSES BUSINESS NEWS

These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A
Acadia Pharmaceuticals
..................................... C8
Management .......... A10
F-G
R
Reis..............................C1
Repsol..........................C4
China Proposes Overhaul UNITED
Of Car-Sales Regulations
Facebook......................C2
Advanzia Bank..........A10 Fort Management.......C2 S Continued from the prior page
Alector.........................B7 GFT Group...................A7 SandRidge Energy ...... B8 worry among workers who im-
Alibaba Group Holding Goldman Sachs Group Southwestern Energy.C4
..................................... C8 mediately took to Mr. Munoz,
................................B3,C2 SPDR S&P Oil & Gas
Amazon.com .......... B7,C1 Exploration &
and has forced the manage-
H-J SHANGHAI—China moved ment team to juggle roles and
Ambev ......................... C2 Production.................C4
American International Hasbro.........................A7 to allow automobile dealers improvise to stick to his vi-
Spotify.........................B4
Group.........................C3 Human Condition Safety
..................................... C3
Starboard Value.....B1,C8 more leeway to acquire new sion.
Axiometrics.................C1 Syngenta.....................B3 cars, steps that would weaken Mr. Munoz visited United’s
J.P. Morgan Chase......C2
B JX Enterprises............B2
T the power of car makers to de- operations center in its down-
Bank of America.........A1 TransCanada................B8 cide who can sell their cars town Chicago headquarters on
K-L
Barclays.....................A10 Truck Center................B2 and at what price in the Thanksgiving, a rare public ap-
KLM Royal Dutch
Bed Bath & Beyond....C1 U world’s largest vehicle market. pearance since his October
BM&F Bovespa S/A Airlines ..................... D1
Électricité de France A10 Ultra Petroleum..........C4 In drafted rules published heart attack. People who saw
Bolsa de Valores United Continental
Mercadorias e Futuros Lloyds Banking Group.C3 on Wednesday, the Ministry of him said he looked well.
Holdings....................B1
..................................... C2 M United Technologies...B7 Commerce proposed to permit The National Heart, Lung
C Macy's.........................B1 V dealers to sell domestically and Blood Institute says recov-
Chesapeake Energy.....C4 Magnit.........................C2
Valeant Pharmaceuticals
made branded cars without ery time for a heart transplant
Chipotle Mexican Grill Marathon Oil...............C4 permission from manufactur- often involves one to two
International.............B3
................................B1,C4 Monsanto....................B3 ers and would prohibit auto weeks in a hospital and several
Vanguard FTSE
Morgan Stanley...A10,C1
Coca-Cola.....................B7 Emerging Markets....C2 makers from imposing sales more months of monitoring,
Comcast.......................B4 N Volvo............................B1 targets on authorized dealers. including frequent blood tests,
ConAgra Foods............B2 Navistar InternationalB1 W The ministry’s proposal echocardiograms and heart-
Consol Energy.............C4 Netflix.........................B4 Walgreens Boots
Credit Suisse...............C3
also would require dealer con- tissue biopsies. Recipients
O-P Alliance.....................B3 tracts with manufacturers to must take medicine to prevent
Cummins ..................... B1 Wal-Mart Stores........A7
Odyssey Logistics & run for at least three years. their immune systems from at-
D-E Technology................B2 Walt Disney...........A7,B4
Williams......................C4 Currently auto makers usually tacking their new hearts. The
Daimler........................B1 Paccar..........................B1
AFP/GETTY IMAGES
Eclipse Resources.......C4 Pals Plush...................A7 Williams-Sonoma.......A7 sign yearly contracts with survival rate in the U.S. is
Électricité de France .. A1 Peanut of America ..... B2 Y their dealers. about 88% after one year and
Epizyme.......................C8 PepsiCo........................B7 Yahoo......................B1,C8 The rules would also bar about 75% after five years.
Eton Park Capital Petrobras Argentina...C8 YouTube.......................B4 auto manufacturers from for- It is rare for a sitting cor-
bidding dealers from selling porate executive to undergo an
INDEX TO PEOPLE car parts to each other, and

ban forced selling of insurance
to consumers. The draft rules
Buicks are assembled at a GM plant in China in January 2015.
The current legal frame- dealers,” said the dealer asso-

organ transplant. John C.
Bogle, founder of Vanguard
Group, underwent a successful
A-B I-J Pearson, Michael........B3 are open for public comment work, which has been in place ciation’s Mr. Li. “Once the heart transplant in February
Atwater, Peter............C8 Icahn, Carl ................... C4 R through Feb. 6. since 2005, requires dealers to new rules take effect, dealers 1996. The prior month, Mr.
Balcer, Yves.................C2 Jones, Paul Tudor.....A10 Robin, Nicolas.............C1 The move represents get permission from auto mak- can sell cars to each other, cir- Bogle, who was born with a
Baugh, Lex...................C3 Jorgensen, Eric...........B2 Rothschild, N.M..........C8 China’s latest step toward ers to legally sell their cars. cumventing the manufactur- heart condition, had stepped
Beach, Doug................B2 Jutting, Rurik ........... A10 Russell, Alezandra......C1 shaking up its auto industry at The framework has effec- ers,” he said. down from the CEO job at the
Buffett, Warren..........C8 K S a time when sales growth has tively allowed auto makers in China has more dealerships investment management com-
C Kelleher, Colm.............C1 Sass, Jeff....................B2
Kluting, Steve.............B1
slipped and competition has China to dictate the prices than the U.S. after years of fu- pany but remained chairman.
Cameron, David...........B7 Schachter, Joshua.......C4
intensified. that their dealers pay for new rious expansion. China had Steve Jobs, co-founder of
Comstock, Diana.........C2 L Schiller, Howard ......... B3
Schimek, Rob .............. C3 Analysts say the rules could cars and branded replacement over 26,000 dealers at the end Apple Inc., underwent a liver
D Leverenz, Justin..........C1
Lundgren, Terry J ....... B1 Shenker, Eric...............C4 pose a greater challenge for parts, say dealers. New-car of 2014, 60% more than the transplant in 2009 during a
Denton, Jay.................C1
Silverstein, Josh.........C4 global auto makers’ profit in sellers here earn scant mar- U.S. market, the research firm medical leave for a condition
Devonald, Andrew....A10 M Slagle, Dennis.............B2
DeWitt, Bob................C2 the country. China’s rapid eco- gins on new-vehicle sales, a said. the company hadn’t explained.
Mack, John..................C2 Sparks, Kimberly
F-G Mayer, Marissa......B1,C8
nomic gains have been a boom change from the past, and “We’re convinced that the Several months after he re-
Minasian....................C2
Munoz, Oscar..............B1 for international auto makers. some say they now are selling dealer networks in China are turned to work in June of that
Fleming, Gregory ........ C1 T
Fredericks, Michael.....C4 N It is a “breakthrough” to vehicles at losses. Car makers too dense, too fragile, and will year, Mr. Jobs appeared in pub-
Taubman, Paul ............ C2
Gallo, Fabrizio...........A10 Nizami, Motiur Rahman Templeton, John ......... C8
shatter auto makers’ monop- have provided subsidies to act as a catalyst for declining lic for the first time. He said he
Gorman, James...........C1 .....................................A7 Thiam, Tidjane............C3 oly over car sales, said Li Yan- cover those losses. pricing and profitability in the had received the liver of a
Grant, Hugh ................ B3 Nyad, Diana ................ A2 Thompson, David........C2 wei, an analyst at China Auto- “At present, wholesale car industry,” Bernstein analyst young adult who died following
H P W mobile Dealers Association, an prices are usually higher than Robin Zhu said in a recent a car accident, and urged oth-
Hastings, Reed ........... B4 Parnell, Stewart ......... B2 Webb, Maynard .......... B4 industry group comprising retail prices, and the losses note. ers to become organ donors.
Hogan, Art...................C4 Paulson, John..............C4 Wren, Scott.................C4 more than 22,000 dealers. are mostly undertaken by —Rose Yu Mr. Jobs died in 2011 after
battling pancreatic cancer.
According to the not-for-
PROBE
charge stemming from a profit United Network for Or-
2006-2007 salmonella out- gan Sharing, there are cur-
break. In September, Stewart rently more than 4,100
Parnell, the former owner of candidates on a national wait-
Continued from the prior page Peanut Corp. of America, was ing list for hearts for transplant
to reassure many consumers. sentenced to 28 years in surgeries. The list for all candi-
On Wednesday Chipotle esti- prison for presiding over a dates waiting for kidneys, liv-
mated that its fourth-quarter cover-up in a deadly salmo- ers, lungs, hearts and other or-
sales from restaurants open a nella outbreak. gans is nearly 122,000 people.
year or more fell 14.6%—far Chipotle’s business has Once a person is accepted
more than the 8% to 11% de- struggled since late October, by a transplant hospital and
cline it had expected as of when authorities in Oregon goes on the waiting list for an
early December. Last month’s and Washington reported an E. organ, the wait time can range
sales plunged 30% from a year coli outbreak involving Chi- from a day to many years, the
earlier, worse than the 16% de- potle restaurants. That out- organ-sharing network said.
ROB HART FOR THE WALL STREET JOURNAL
cline in November at the break has widened to include Mr. Munoz, who was presi-
height of an E. coli outbreak nine states and 53 people re- dent of railroad operator CSX
that expanded to nine states. ported ill. The CDC last month Corp. before he became
Chipotle said it now expects said it found five more E. coli United’s CEO, said in an inter-
fourth-quarter earnings of cases that it linked to Chipotle view shortly after he arrived
$1.70 to $1.90 a share, down in three more states. at United that he enjoys bike
sharply from its earlier fore- In the California case, Doug riding, playing golf and tennis
cast of $2.45 to $2.85 a share. Beach, a spokesman for the and surfing.
Shares of Chipotle fell Ventura County Environmental He and his family live in
nearly 5% on Wednesday to Health Division, which oversees Ponte Vedra Beach, Fla., near
close at $426.67. The stock has restaurant inspections in the CSX headquarters in Jackson-
fallen 33% since October. area including Simi Valley, said ‘It is a buyer’s market,’ says Eric Jorgensen, CEO of JX Enterprises, which is offering customer incentives. ville.
The Justice Department has his agency received calls from
stepped up enforcement of
food-safety laws, including
several prominent prosecu-
tions. Last year, a ConAgra
the FDA and U.S. attorney’s of-
fice in October and November
seeking information about the
norovirus outbreak there.
TRUCKS replace its older vehicles with
new, more fuel-efficient mod-
els. But with freight volumes
down and fuel about 30%
said.
“Our safety net is the
macro economy,” said Dennis
Slagle, president of Volvo MACY’S
Foods Inc. unit agreed to pay “Chipotle was having prob- Continued from the prior page cheaper than it was a year Group Trucks North America,
a record fine and plead guilty lems in other states, and they said Eric Jorgensen, chief ex- ago, there isn’t as compelling which markets vehicles under Continued from the prior page
to a federal misdemeanor said they were interested in ecutive of JX Enterprises Inc., a reason to plow so much the Volvo and Mack brands. pany on other properties.
other incidents,” Mr. Beach which runs 19 truck dealer- money into upgrading its fleet, “If you believe in 2% or 2.5% Macy’s also is looking to hire a
said. “It’s a total surprise to us ships in the Midwest. “We Mr. Riggs said. growth next year, that means senior executive to oversee its
Sales Hit that a federal agency would be went from a situation where “We got caught up and now a lot of trucks running real estate.
Chipotle's quarterly same-store interested in a case in Ventura there seemed to be a shortage we’re looking to go back to around.” Macy’s shares closed down
sales change from a year earlier County.…We’ve never gotten a of equipment to one where normal” when it comes to or- In December, Volvo re- 2% at $36.14, but rose 2.8% in
call from the federal govern- there is more equipment on dering new trucks, he said. ported North American after-hours trading on the new
20% ment that I’m aware of.” the road than what’s needed.” Dealers, manufacturers and heavy-duty truck sales fell expense reductions. The cuts
Mr. Beach said Chipotle Mr. Jorgensen, who also analysts are anticipating a be- 2% in November from a year are expected to save about
knew Aug. 18 that at least one heads trade group American tween 10% and 15% drop in earlier to 4,970. For the year, $400 million annually, begin-
10 employee in the Simi Valley Truck Dealers, said his dealer- sales compared with this year. its sales were up 14%. ning this year. Macy’s will take
restaurant was complaining of ships have 150 unsold new FTR predicts 260,000 new U.S. Navistar reported a 20% de- a $200 million charge to earn-
gastrointestinal illness, and trucks, up from under 40 a cline in heavy-duty truck ings, of which about $165 mil-
that the company continued to year ago. He is allowing new sales in North America in its lion is expected to be cash, in
0
serve food at that location for customers to defer their first
Fleet buyers have fiscal quarter ended in Octo- its fiscal fourth quarter.
two days. He said Chipotle payment until March and of- one less reason to ber. To adjust for the lower
didn’t inform local health offi- fers a $2,500 rebate for parts Volvo’s Mr. Slagle said he sales, Macy’s plans to elimi-
–10
4Q company
cials until Aug. 21, after it had and service. He last offered
buy new trucks with expected the industry would nate about 4,800 jobs al-
projection
already shut down overnight such incentives in the down- diesel prices so low. need three to six months to though some employees will
t14.6% on Aug. 20 to sanitize the res- turns of 2001 and 2009, and work through inventories of be relocated to other positions
taurant, throw out all the food briefly in 2013. unsold trucks before bounc- in the company. About 2,700
–20
and reopen the next morning Smaller trucking companies truck sales in 2016, said Don ing back. of the job cuts will come from
2013 ’14 ’15 with a new crew. are most reluctant about plac- Ake, commercial vehicles ana- When that recovery 40 stores to be closed.
Source: the company Chipotle declined to coming orders, said John Hopkins, lyst the research group. Three comes, however, it is likely to Macy’s employed about
THE WALL STREET JOURNAL. ment, citing the investigation. chief executive of Truck Cen- months ago, FTR had probe fast, analysts say. Truck 166,900 full-time and part-
ter Inc., which operates seven jected sales of 290,000 trucks makers will need several time workers as of Jan. 31,
dealerships in the Midwest for the year. weeks to train new workers 2015.
and is acquiring two more. In part, carriers have less before they can raise produc- The company currently op-
Some larger companies are incentive to upgrade to more tion, meaning distribution erates about 770 Macy’s
scaling back as well. Swift fuel-efficient trucks now that channels for trucking cus- stores. The 40 stores it is
Transportation Inc., the larg- diesel prices have plunged. tomers could get backed up closing includes locations
est U.S. truckload carrier, in Companies that placed large while order backlogs quickly from Kailua, Hawaii, to Ha-
October said it would stop ex- orders for new trucks last year swell if freight demand picks gerstown, Md., and represent
panding its fleet, after grow- sold their older models into up. “You can’t double pro- about $375 million in annual
ing by about 5% in the previ- the used market. That de- duction in a day,” said Jeff sales, some of which the com-
ous year. presses resale prices, a factor Sass, senior vice president of pany expects to retain at
Odyssey Logistics & Tech- in trucking companies’ deci- North America truck sales nearby locations and through
nology Corp., which operates sion to trade in. and marketing at Navistar. its online operations.
a fleet of more than 300 Truck makers say retail —Bob Tita The company said it
trucks, ordered between 70 sales during the holidays will contributed to this article. doesn’t expect a major im-
and 80 trucks this year but ex- be crucial. Stores held unusu- provement in sales in Janu-
DAVID RYDER/REUTERS
pects to buy half as many next ally high inventories for much EXPLORE ary, and cut its earnings guid-
year, said Glenn Riggs, the of 2015, a major factor behind ance for the year to $3.85 to
company’s senior vice presi- this fall’s weak freight vol- For the latest $3.90 a share, down from
dent of corporate logistics op-
erations and strategy.
Odyssey took advantage of
umes. Truck orders picked up
in December from November’s
lows, indicating the market
WSJ
.COM
news and analysis
on supply-chain
issues, go to
$4.20 to $4.30 a share. The
guidance excludes expenses
related to the layoffs and
Chipotle’s business has struggled since E. coli outbreaks in the fall. strong customer demand to may be stabilizing, Mr. Ake WSJ.com/logistics. store closures.
THE WALL STREET JOURNAL. * * * * Thursday, January 7, 2016 | B3
BUSINESS NEWS
Valeant Names Schiller Interim CEO

Former finance chief other companies have done the architect of Valeant’s busi- through aggressive deal making,
that lower taxes. ness strategy, which focused as well as meet the revised sales
replaces three-person A polished and cerebral on buying and selling existing and earnings-per-share targets
committee, while leader sidekick to the gruffer and drugs—often with steep price that Mr. Pearson announced a
more forceful Mr. Pearson, Mr. hikes—over the traditional few weeks ago.
remains hospitalized Schiller, who is 53 years old, drug-industry model of invest- Making the assignment
brings a familiarity with the ing in research. He also was more difficult, according to an-
ANDREW HARRER/BLOOMBERG NEWS

BY JONATHAN D. ROCKOFF drug company’s lean and de- leading the company’s re- alysts, is that Valeant can’t
AND JACQUIE MCNISH centralized business that sev- sponse to recent controversy rely as much on some of the
eral analysts said would enable about the approach. practices that propelled its
The appointment of board Valeant to regain its footing After Valeant cut ties with a rise. Its high debt will make it
member Howard Schiller as in- without disruption. mail-order pharmacy it difficult to use deals to add
terim chief executive of A spokeswoman for Valeant counted on to boost sales, for products and their sales.
Valeant Pharmaceuticals In- said Mr. Schiller was unavail- instance, Mr. Pearson found a And recent public attention
ternational Inc. on Wednes- able for comment. replacement in Walgreens given to its drug-price hikes and
day marks the latest turn of Shares of Valeant rose 1.5% Boots Alliance Inc. use of a mail-order pharmacy to
events for a company buffeted Howard Schiller served as Valeant CFO until stepping down last year. Wednesday to $102.40 despite Now, Mr. Schiller will have to secure insurance reimbursement
by scrutiny of its business a broader market selloff. The see that the unusual drug-dis- of some drugs may limit how
practices and now the ill severe pneumonia, and just and turning it into one of Wall stock fell in extended-hours tribution agreement with Wal- much Valeant can raise prices,
health of its leader. days after the board created a Street’s high-flying stocks. trading Tuesday after The Wall greens is implemented. according to some analysts.
Mr. Schiller is a former three-member committee to Mr. Schiller also assisted as Street Journal reported the Walgreens said in a state- Valeant contends its growth
Goldman Sachs banker who lead the company during his the company has confronted company’s plans to name an ment: “We are confident in mov- depended on increasing the
served as Valeant’s chief finan- medical absence. the recent swirl of scrutiny of replacement CEO. Valeant said ing forward as announced with volume of drugs sold as well as
cial officer until stepping Analysts described the de- its accounting, which it has de- Mr. Pearson is still in the hos- plans to begin providing patient prices, though Mr. Pearson has
down last year, and he has re- velopments as the next-best fended, as well as its sales pital, where he is being treated services later this month.” said he didn’t expect the com-
mained active at the company. option to the immediate return practices and pricing. He testi- for severe pneumonia, and he Mr. Schiller also will have to pany would keep doing deals
He takes the reins of of Mr. Pearson because Mr. fied before a congressional will remain on medical leave fulfill Mr. Pearson’s goal of cut- for underpriced drugs.
Valeant after CEO Michael Schiller was Mr. Pearson’s key committee probing cross-bor- until further notice. ting the $30 billion in long-term —Liz Hoffman
Pearson’s hospitalization for deputy in making over Valeant der deals that Valeant and Mr. Pearson, 56, has been debt Valeant has accumulated contributed to this article.
Monsanto Struggles to Get

Syngenta to Bargaining Table
BY JACOB BUNGE Wednesday. ously outlined cost-reduction
A spokesman for Syngenta plans helped it report a
Monsanto Co.’s top execu- declined to comment. smaller-than-expected first-
tive said the seed giant is Seed and pesticide makers, quarter loss. But the St. Louis
struggling in its efforts to en- buffeted by a three-year de- company said it would cut an-
gage rival Syngenta AG in deal cline in major crop prices that other 1,000 jobs, after unveil-
talks—despite statements last has forced farmers to scale ing plans in October to elimi-
month by his counterpart that back spending on farm sup- nate 2,600 positions, as the
the Swiss company was open plies, are pursuing deals as a company continues to struggle
to discussing a sale. way to continue growing and against punishing currency
Monsanto Chief Executive cut expenses. The group of so- swings and commodity-price
Hugh Grant said a deepening called Big Six seed and chemi- drops.
decline in the agricultural in- cal companies already is set to Monsanto reported that
REUTERS
dustry has strengthened the shrink after DuPont Co. and revenue slid 23% in the quar-
rationale for combining Mon- Dow Chemical Co. in Decem- ter ended Nov. 30 from a year
santo, the world’s largest seed ber struck a deal to merge and earlier as corn sales weak- Monsanto products on display at a Paris store. The firm is trying to start talks with rival Syngenta.
company by sales, and Syn- then separate into three com- ened. For the year ending in
genta, the top seller of pesti- panies, one of which will be- August, the crop-biotechnol- Monsanto earlier in 2015 chael Mack departed in Octo- ness to discussing a deal with
cides, but “we haven’t seen come the world’s largest com- ogy company said it expects to failed to woo Syngenta’s board ber and Syngenta’s interim Monsanto.
much progress on that front.” bined seed and pesticide come in at the low end of its into formal deal talks with a CEO, Chief Financial Officer Mr. Grant didn’t elaborate
"I’d say that engagement company by revenue. adjusted-earnings guidance of $46 billion takeover pitch, John Ramsay, said in an inter- on the difficulty in engaging
has been difficult,” Mr. Grant Monsanto on Wednesday $5.10 to $5.60 a share, citing leaving some Syngenta inves- view last month that the com- Syngenta.
told analysts on a conference said brisker sales of soybeans the currency devaluation in tors fuming after Monsanto pany was discussing possible Corn sales—Monsanto’s
call discussing Monsanto’s fis- to South American farmers Argentina. Shares slipped 1.6% dropped the pursuit in August. deals with “a number of par- biggest source of profit—fell
cal first-quarter results on and fast progress on previ- to $95.21 on Wednesday. Former Syngenta CEO Mi- ties” and signaled new open- 20% to $745 million.
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B4 | Thursday, January 7, 2016 * *** THE WALL STREET JOURNAL.
TECHNOLOGY @wsjd | wsjd.com
Netflix Expands Global

Reach to 190 Countries
BY EZEQUIEL MINAYA shows consumers are accus-
AND AMOL SHARMA tomed to finding on the U.S.
version of the service. “It will
Netflix Inc. said Wednesday take a while to bring the cata-
that it had tripled its reach logs together,” he said. There
globally by expanding into an is resistance from foreign me-
additional 130 countries as the dia companies seeking the
video-streaming service took same rights in their home
its most aggressive step yet in markets and studio executives
its plans for international who are wary of Netflix’s
growth. growing power.
The announcement, made Netflix isn’t yet available in
by Netflix Chief Executive China but said it continues to
Reed Hastings at the annual explore options for providing
Consumer Electronics Show in the service. “Right now we’re
Las Vegas, boosted the com- in the relationship-building
JOHN TAGGART/BLOOMBERG NEWS
pany’s stock price. Shares, up phase,” Mr. Hastings said.

144% over the past year, rose “Getting to know partners and
9% to $117.68. government.”
With the expansion into Netflix also won’t be avail-
new markets like Russia, India, able in Crimea, North Korea
Singapore and Poland, Netflix and Syria because of U.S. gov-
is now available in more than ernment restrictions on Amer-
190 countries. The company ican companies.
also added service in Arabic, At the start of 2015, Netflix
Apple offers apps for its newest devices such as the Apple Watch, bringing its total tally of apps to 1.5 million. Korean and Chinese dialects to released a letter to sharehold-
the 17 languages already sup- ers unveiling plans to branch
ported. Netflix said its original into 200 countries. The com-
Apple’sAppStoreSalesat$20Billion of apps for Apple, which posted million. Though the App Store implies that developers earned
programming, including
“Daredevil,” “Jessica Jones,”
“Narcos” and “Marco Polo,”
will be available to consumers
pany has signaled it plans to
complete the global rollout by
the end of this year.
The company has been
The biggest day of
revenue of $233 billion and net is expanding at an impressive about $15 billion in 2015, mean- in all markets. growing faster overseas than
sales was Jan. 1, when income of $53 billion in the fis- clip, there are signs of slowing ing billings totaled roughly That won’t be the case, at in the U.S. In the third quar-
customers spent more cal year ended September. growth. The company had said $21.4 billion, based on Apple’s least initially, with many pop- ter, the streaming-video pro-
The roughly 1.5 million apps App Store billings increased revenue split with developers. ular shows produced and dis- vider added 880,000 domestic
than $144 million boost the appeal of Apple’s 50% in 2014, while Apple’s fig- On Wednesday, Apple said tributed by major Hollywood subscribers, lower than the
highly profitable hardware and ures suggest that sales growth total billings from paid apps studios. Netflix has global 1.15 million subscribers it pro-
BY DAISUKE WAKABAYASHI help to distinguish Apple’s fell to about 40% in 2015. It is and purchases made within rights to some shows like jected in July and a slowdown
products from those of its com- hard to say definitively be- apps from iPhone, iPad, Apple Fox’s “Gotham,” AMC’s “Break- from the addition of 980,000
Apple Inc. said App Store petitors. cause Apple didn’t provide ex- Watch and Apple TV custom- ing Bad” and ABC’s “How to customers in the year-earlier
billings topped a record $20 bil- Apple created the App Store act figures for comparison. ers was “over $20 billion” in Get Away with Murder” but is quarter.
lion in 2015, but growth from for the iPhone in 2008, later add- A year ago, Apple didn’t 2015. Using the $21.4 billion still working to secure such Overseas, however, the
the business appeared to slow ing apps for the iPad. Last year, provide total billings for 2014, figure, billings would have rights for many shows. In an company signed up more users
even as the company intro- it opened a software marketplace saying only it had grown 50% grown about 43% from a year interview, Mr. Hastings said than it expected, adding 2.74
duced apps on new devices such for the Apple Watch and its lat- from a year earlier. It had earlier, shy of last year’s 50% the originals will nonetheless million subscribers compared
as Apple TV and Apple Watch. est Apple TV box. By opening provided a total figure of pace. be the foundation of a compel- with a forecast of 2.4 million.
Apple keeps 30 cents of ev- those products to software from more than $10 billion for Apple said the business of ling content offering. “As we As Netflix has expanded,
ery dollar that flows through outside developers, Apple sup- 2013, implying that App Store creating apps for its products looked at our new markets like costs and exposure to cur-
the App Store, meaning the plements the basic features of its billings eclipsed $15 billion in has created and supported— Spain and Italy, the viewing of rency volatility have in-
store generated more than $6 products with broader and more 2014. directly and indirectly—1.9 our originals is just huge,” Mr. creased. In the latest reported
billion in Apple revenue for diverse offerings. But Apple also said Wednes- million jobs in the U.S. Those Hastings said. quarter, international opera-
the year; the remainder of the The company said its big- day that it had paid out nearly estimates are based on re- Eventually, Netflix’s goal is tions again weighed on profit,
money goes to developers. gest day of sales in the App $40 billion to developers since search partly sponsored by for all of its services globally as the segment’s third-quarter
The figures highlight the Store was Jan. 1, when cus- 2008. Last January, Apple put Apple and the Progressive Pol- to have similar content offer- loss more than doubled to $68
growing financial importance tomers spent more than $144 that figure at $25 billion. This icy Institute. ings, including all of the major million.
Digital Slowdown Hits Music, Video Sales

BY ETHAN SMITH AND BEN FRITZ song downloads plummeted Despite the massive popu- crease in 2013.
more than 12% to 964.8 mil- larity of Adele’s album, the hit Sales of DVDs and Blu-ray
The music industry and lion, according to Nielsen. The single “Hello” was the seventh discs meanwhile, plummeted
home-entertainment business market for selling songs online most popular song on You- 12% to $6.1 billion, greater
posted mixed results in 2015, appeared to be challenged by Tube, with almost 199 million than 2014’s 11% drop as con-
as slowing digital download the rise of streaming services views. The most popular song sumers increasingly defect
sales took a toll. that let users rent access to an on video services was Silento’s from physical media, though it
In the music business, unlimited library of songs for novelty hit “Watch Me,” which still remains a substantially
there was Adele and then $10 a month, or free if they sit registered a total 487 million larger business for movie stu-
VIRGINIA SHERWOOD/NBC/ASSOCIATED PRESS
there was everybody else. The through ads. video streams. dios than digital.
British pop singer sold 7.4 Users of such services, in- Separately, home-entertain- Rentals of physical discs
million copies of her album cluding Spotify and Google ment movie sales in the U.S. dropped 8% to $3.07 billion,
“25” in the U.S., according to Play, listened to 144.9 billion fell 6% to just under $13 bil- higher than the 2.5% decline in
Nielsen, almost four times as songs, an 83% increase from lion, according to data com- digital video-on-demand rent-
many as the second-best-sell- 2014. piled by the Digital Entertain- als to $1.93 billion.
ing album, Taylor Swift’s Music consumption on You- ment Group, an industry Last year’s best-selling
“1989,” which sold just shy of Tube and other online video organization. movie to watch at home was
2 million copies. services doubled to 172.4 bil- Revenue from purchases of the animated “Big Hero 6”
Combined sales of CDs and lion. Nielsen arrives at that digital copies rose 18% to from Walt Disney Co., DEG
album downloads declined 6% tally by counting any video $1.89 billion, a healthy in- said. Other top titles included
from 2014, to 241.4 million that includes the master re- crease but slower than the “Jurassic World” from Com-
units, while sales of individual cording of a song. 30% rise in 2014 and 47% in- cast Corp.’s Universal Pictures. Adele sold 7.4 million copies of her album ‘25’ in the U.S. in 2015.
YAHOO
tion may be larger. would shut down its online
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THE WALL STREET JOURNAL. Thursday, January 7, 2016 | B5
ECO:NOMICS
Investing in the Future of Energy
APRIL 6–8, 2016

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China Investment Corporation - Winston Ma, Managing Director and Head, North America Office
Duke Energy - Lynn J. Good, President, CEO and Vice Chair
Energy Capital Partners - Doug Kimmelman, Senior Partner
Ford Motor Company - Mark Fields, President and CEO
GE Ventures and Healthymagination - Sue Siegel, CEO
Hudson Clean Energy - Neil Auerbach, Founder and CEO
Koch Industries, Inc. - Sheryl Corrigan, Director of Environmental, Health and Safety
Morgan Stanley - Jeffrey Holzschuh, Chairman, Institutional Securities Group
NRG Energy - David Crane, former President and CEO
Opower - Dan Yates, CEO and Founder
Peabody Energy - Glenn Kellow, President and CEO
Pioneer Natural Resources - Scott D. Sheffield, Chairman and CEO
Royal Dutch Shell - John Abbott, Downstream Director and Member, Executive Committee
Sierra Club - Michael Brune, Executive Director
SolarCity - Lyndon Rive, Co-Founder and CEO
Southern Company - Thomas A. Fanning, Chairman, President and CEO
U.S. Senator - Joe Manchin, West Virginia
Williams Companies, Inc. - Alan Armstrong, President and CEO
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BUSINESS NEWS
Crucial Bee Colonies Appear at Risk Coke Ad

Sparks
EPA releases its first of the largest imidacloprid
preliminary report on
widely used product’s
suppliers, said the EPA’s re-
view didn’t yet represent a fi-
nal analysis, and currently
Kerfuffle
effect on the insects
“appears to overestimate the
potential for harmful expo-
sures in certain crops, such as
Abroad
BY JACOB BUNGE citrus and cotton, while ignor- Coca-Cola Co.’s holiday
ing the important benefits marketing backfired in Eastern
The U.S. Environmental these products provide and Europe when a New Year’s ad-
Protection Agency found that management practices to pro- vertisement depicting a map of
bee colonies may face health tect bees.” Russia inflamed first Russians,
risks from a class of contro- A spokesman for Syn- and then Ukrainians, over the
versial insecticides called neo- genta declined to comment. hotly disputed Crimea region.
nicotinoids in certain situa- Friends of the Earth, a
tions, adding to a debate over Washington-based environ- By Mike Esterl in
how the chemicals affect in- mental group, said the EPA’s Atlanta and Paul
sects that are critical to U.S. report reinforced a “strong Sonne in Moscow
agriculture. body of evidence” demonstrat-
MARCIO JOSE SANCHEZ/ASSOCIATED PRESS

The EPA’s preliminary re- ing the insecticide’s threat to The spat also has tripped up,
port, published Wednesday, is bees and called for the EPA to to a lesser extent, rival PepsiCo
its first assessment of the ef- immediately suspend U.S. Inc., which had posted a contro-
fect on bee colonies from use sales of the product. versial map of Russia on its
of neonicotinoids, which dis- Even before the new report, website. Both U.S. beverage
rupt insects’ nervous systems the EPA had taken some steps companies have been scram-
and are widely used in the U.S. to protect bees from high lev- bling this week to pacify angry
to kill pests like aphids and els of exposure to neonicoti- consumers, bloggers and even
whiteflies on a range of crops. noids, including a proposal the Ukrainian government.
The review found that one last year to bar their use Coke posted a map of Rus-
variety of the chemicals, when crops are in bloom and sia decorated with Christmas
called imidacloprid, can Mortality rates are rising among bees, which are needed to pollinate about $15 billion in U.S. crops. bees are being used for polli- trees, snowflakes and wrapped
leave residue in cotton and nation services. presents on the Russian social
citrus plants at levels that last year that 42% of U.S. hon- defended the products, which in the U.S. for about two de- Dennis vanEngelsdorp, an media network Vkontakte last
could harm bee colonies, but eybee colonies died in the 12- generate hundreds of millions cades. assistant entomology profes- week. Under the map was the
that levels on other crops like month period ended in April of dollars in sales annually for The EPA’s review, which sor who studies bees at the message: “Ring in the New
corn and leafy vegetables 2015. companies including Bayer AG it called preliminary risk as- University of Maryland, said Year together with Coca-Cola.”
didn’t pose a risk. While scientists have and Syngenta AG. The Euro- sessment, said more data is the report reflected that the Initially, the map didn’t in-
Regulators, academics, en- pointed to a combination of pean Union in 2013 set a tem- needed to fully assess any insecticide’s use on some clude Crimea, which Russia an-
vironmental groups and the factors afflicting beehives, in- porary ban on neonicotinoid risks to bee colonies from use crops represented a relatively nexed in 2014 from neighboring
agriculture industry have cluding tiny parasites, envi- insecticides, though the United on cereal grains and le- low risk to bees, but that it Ukraine, or the Kuril Islands,
struggled to explain and curb ronmental groups for years Kingdom last year moved to gumes. The agency wasn’t a “get out of jail free parts of which are claimed by
rising mortality rates among have urged regulators to more again allow limited use by said Wednesday’s report is the card” for pesticide makers. both Russia and Japan. The
bees, which are needed to pol- closely scrutinize neonicoti- some farmers, after com- first of four bee-focused neo- “I think that the industry is map also didn’t include the
linate about $15 billion in U.S. noids, and called for tougher plaints of growing crop dam- nicotinoid reviews it aims to really aware there are prob- Russian exclave of Kaliningrad.
crops annually. The U.S. Agri- controls. age from pests. complete by 2017. lems here they have to fix,” he The U.S. and European
culture Department estimated Chemical companies have Imidacloprid has been used A spokesman for Bayer, one said. Union sanctioned Russia in re-
sponse to Crimea’s annexation
and still recognize the terri-
address what its founders believe include chips based on technology
Drone Registrations Take Off tory as part of Ukraine.
Business could be the root cause of de-
mentia: a failure of the immune
licensed by ARM Holdings PLC,
the most widely used processor
After the exclusion of Crimea
drew criticism from Russians, a
Watch system to clear plaque from the
brain. It was founded in 2013 to
type in smartphones. The com-
pany said it was trying to ad-
new version of the greeting was
posted this week with a map in-
hunt down potential drug targets dress the issue that many home cluding all three territories.
DAVID MCNEW/AGENCE FRANCE-PRESSE/GETTY IMAGES
based on new research linking devices are severely limited in “We sincerely apologize for the
several genes to the likelihood of computing and networking power. situation. The map is fixed!”
developing Alzheimer’s. Alector’s Its Alpine chips, the company said a post on VKontakte.
ALECTOR founders then discovered that said, pack up to four processors The new map, however, trig-
two-thirds of all genes associated and multiple kinds of networking gered a firestorm in Ukraine,
Alzheimer’s Research with Alzheimer’s were involved in technology to boost the perfor- where some lawmakers called
Gets Big Investment immune-system function. mance of its customers’ products. for a boycott of Coke for rec-
A promising new avenue in —Denise Roland —Don Clark ognizing Crimea as Russian.
Alzheimer’s research that fo- and Greg Bensinger On Tuesday, Coke removed
cuses on the eradication of brain SEMICONDUCTOR BUSINESS the post. It has apologized,
plaque by the immune system UNITED TECHNOLOGIES saying the ad agency that cre-
has become the first investment
Amazon Enters ated the original map made
for a $100 million fund dedi- Branded-Chips Arena Pratt & Whitney changes without Coke’s knowl-
cated to delivering new demen- A secretive Amazon.com Inc. To Take a Charge edge. “We, as a company, do
tia drugs within a decade. unit broke its silence Wednes- United Technologies Corp. More than 181,000 people have registered drones with the federal not take political positions un-
The Dementia Discovery Fund, day about plans to market com- said Wednesday it will take a government since Dec. 21, the first public count of drone users in related to our business,’’ Coke
set up last year with backing from puter chips and related compo- $870 million charge in its Pratt the U.S. Users who purchased a drone before that date have until said. A spokeswoman wouldn’t
the U.K. government and several nents to other companies. & Whitney division, the latest in Feb. 19 to register. Above, a DJI drone shown at CES in Las Vegas. name the ad agency.
of the world’s biggest pharmaceu- Annapurna Labs, an Israeli a series of costly lumps the PepsiCo also has been
tical companies, has led a $29.5 company purchased by Ama- company has endured as it drawn into the controversy. A
million investment round to back zon last year, said it is targeting launches a brand new jet engine. map on PepsiCo’s Russian
research under way at San Fran- customers designing home equip- In a securities filing, the com- starting this year that are ex- A spokeswoman for the Ca- website showed Crimea as
cisco-based Alector LLC. ment such as Wi-Fi routers and pany said the pretax charge fol- pected to total about $965 mil- nadian government said the part of Russia, according to
The fund aims to launch at media-streaming devices. Some of lows modifications to royalty lion. The company had ac- agreement “eliminates the un- recent screenshots of the im-
least one breakthrough dementia its technology already is available payments with Canadian author- counted for some of these certainty and risk associated age published by Russian and
treatment by 2025, and forms part in commercial products, An- ities. Instead of paying the Cana- payments in 2015, and will take with royalty-based repayment,” Ukrainian media. But that map
of U.K. Prime Minister David Cam- napurna said. It cited manufactur- dian government royalties on the remaining $870 million while securing greater commit- drew far less attention. A Pep-
eron’s efforts to address what he ers that include Asustek Computer sales and future engine deliver- charge in the fourth quarter. ments from Pratt to continue re- siCo spokesman said Wednes-
called a “market failure” in the area. Inc., Netgear Inc. and Synology Inc. ies, United Technologies will A company spokesman de- search work in Canada. day the map has been removed,
Alector is developing drugs to Annapurna said its products make four annual payments clined to provide further details. —Ted Mann but didn’t comment further.
Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
d t
Edmonton -0s <0 1 2 3 4 5 6 7 8 9 10 11 12 62 Leb. neighbor 25 “We Are Young”
20s 0s band
Vancouver
10s 0s 13 14 15 63 Dog-tired
V C l ary
Calgary
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B8 | Thursday, January 7, 2016 * * THE WALL STREET JOURNAL.
BUSINESS NEWS
Company
Takes Legal
Oil Firm Won’t Shut Down Wells
Sandridge is defying
Actions on Oklahoma regulator’s
request despite fears
Off the Charts
The number of quakes rumbling
Keystone
Oklahoma has spiked. A growing
body of research links them to
about earthquakes wastewater disposal wells.
2,500 2,561
BY CAROLYN KING BY ERIN AILWORTH
AND WILLIAM MAULDIN
2,000
A financially strapped Okla-
TransCanada Corp. on homa oil company is defying 1,500
Wednesday said it was pursu- the state regulator’s request
ing dual legal actions against that it shut down six wells 1,000
the Obama administration in used to dispose of wastewater,
response to its refusal to issue despite fears they may be con- 500
a border-crossing permit tributing to earthquakes.
for the company’s Keystone XL Sandridge Energy Inc., 0
pipeline project. which has complied with simi- 2009 ’10 ’11 ’12 ’13 ’14 ’15
Calgary-based TransCan- lar requests in the past, said Note: Quakes of magnitude 2.5 and higher
ada said in a statement that it this time it won’t stop using Source: U.S. Geological Survey
would initiate an international its wastewater disposal wells, THE WALL STREET JOURNAL.
arbitration case against the U.S. which are part of the com-
under the North American Free pany’s oil-and-gas fracking op- quake prone areas.
Trade Agreement, calling the erations. “How much evidence do we
Obama administration’s No- A growing body of research need to know that there is a
ORLIN WAGNER/ASSOCIATED PRESS

vember denial of a presidential links temblors in Oklahoma problem here?” he said.
permit for the pipeline “arbi- and other oil-and-gas-produc- Michael McNutt, a spokes-
trary and unjustified.” ing states to the use of dis- man for Gov. Fallin, said the
Through a process known posal wells, though Sandridge Oklahoma Corporation Com-
as investor-state dispute set- and other prominent shale mission has exclusive author-
tlement, companies and inves- producers have been vocal ity over oil and gas operations
tors from one country can critics of those geologic rein the state. “The governor ab-
challenge the acts of a foreign ports. solutely does not,” he said.
government and receive com- The Oklahoma Corporation In the wake of the Edmond
pensation if they can show Commission, which regulates Sandridge’s conundrum is one that more drillers could face this year if oil prices stay at low levels. quake, the commission on
they weren’t treated in accor- energy companies, is working Monday issued a new request
dance with international law. on legal action to modify San- it needs every bit of revenue it ties Exchange Commission. wells, which are located at to several energy companies,
In its filing, TransCanada ar- dridge’s permits in order to can generate at this point, said Sandridge’s shares, which much deeper levels than aqui- asking them to curtail disposal
gues that under Nafta the U.S. force it to comply, said Matt Jason Wangler, an analyst at trade around 15 cents apiece, fers. well operations.
must deal with the Canadian Skinner, a spokesman for the Wunderlich Securities. Even if are down about 90% in the Such wells have proliferated The price of crude-oil has
company in accordance with its agency. Sandridge continues to pump past year. The company said across Oklahoma over the last crashed from over $100 a bar-
treatment of its own domestic Oklahoma’s regulator has all the oil and gas it can, the Wednesday it was delisted five years as the U.S. drilling rel to less than $40 in the last
companies and in line with in- been clamping down on waste- company could run out of cash from the New York Stock Ex- industry boomed. Over the 18 months, forcing many debt-
ternational standards, without water disposal, asking opera- in 2016, he said. change. Moody’s, the credit- same period, earthquakes have laden energy companies into
appropriating its assets. tors to voluntarily pull back on The company has said that ratings firm, has called San- rattled the state in skyrocket- pumping as much as possible
TransCanada said it would their use of disposal wells in it isn’t resisting regulators be- dridge a “potentially ing numbers. so they can make payments to
attempt to recover more than earthquake-prone areas. Last cause of its financial position. unsustainable capital struc- Oklahoma registered more their creditors and stave off
$15 billion in costs and dam- year, those requests resulted in “Any directive by the Okla- ture.” than 2,500 earthquakes with a bankruptcy. But producing
ages that the company said it the shutting down or curtail- homa Corporation Commission The six wells in question magnitude of 2.5 or higher last more oil and gas means pro-
has suffered “as a result of the ing of operations of about 300 to the industry should be are located more than 100 year, according to the U.S. ducing more wastewater—and
U.S. administration’s breach of wells. based on solid science—a posi- miles northwest of Oklahoma Geological Survey. In 2005, finding ways to dispose of it.
its Nafta obligations.” The Sandridge’s refusal to com- tion that is independent of our City, near the state’s border there were only three. There are alternatives.
company said it also has filed ply is a closely watched chal- financial condition,” said David with Kansas. They are used to A 4.3-magnitude quake last Some oil-field service compa-
suit in the U.S. federal court in lenge to the state’s authority. Kimmel, a spokesman for San- re-inject wastewater back into week temporarily knocked out nies load wastewater into
Houston, claiming President The company’s earthquake co- dridge. the ground. When energy pro- power to nearly 4,500 homes trucks and haul it to special
Barack Obama’s decision to nundrum is one that more Sandridge warned investors ducers pull oil and gas out of a and businesses in Edmond, a treatment plants, where it is
block the project exceeded his drillers could face this year if last fall that if it loses even well, thousands of barrels suburb of Oklahoma City. That cleaned for reuse—sometimes
power under the U.S. Constitu- oil prices continue to languish some of its ability to use worth of salty water laced quake prompted State Rep. recycled back into oil-and-gas
tion. “We do not comment on at low levels. Some of those, wastewater disposal wells it with heavy metals flow up Richard Morrissette (D-Okla- operations or, in some cases,
pending litigation,” a State De- like Sandridge, need disposal may be forced to significantly along with the fossil fuels. homa City) to call on Gov. used to water crops. But those
partment representative said. wells to keep producing crude. dial back production, which That hazardous wastewater is Mary Fallin to use her execu- options are usually more ex-
—Amy Harder Sandridge may be reluctant would cut into sales, according often pumped back under- tive authority and halt waste- pensive than using disposal
contributed to this article. to shut down the wells because to filings with the U.S. Securi- ground into so-called disposal water injection wells in earth- wells.
THE SHORTANSWER by Brent Kendall,Willa Plank & Erik Brynildsen

Which mergers will face antitrust scrutiny in 2016?
Six notable M&A deals, including in the cable and food-distribution industries, failed in
2015 because of objections by U.S. antitrust enforcers, though many others received
government approval after detailed investigations. As a wave of mega deals
continues, the Justice Department and Federal Trade Commission are expected to
make more major merger decisions during the final year of the Obama administration.
Here are some transactions under the microscope:
AB InBev & SABMiller 2014 market share

This roughly $108 billion deal
Global North America
announced in October would combine
the world’s two largest brewers, but 30% 58%
AB InBev
the companies say they will sell off
SABMiller's U.S. operations to address SABMiller
competition concerns, a move that
could minimize the domestic impact.
Dow Chemical & DuPont 2014 market share

This merger of industry titans, Seed (U.S.)
announced last month, could prompt Pesticides (global) Soybean Corn
concerns about consolidation in crop 17% 38% 41%
seeds and pesticides, though analysts DuPont
believe any antitrust issues could be Dow
resolved by selling-off overlapping
product lines.
Anthem & Cigna 2014 revenue, in billions*

UnitedHealth
Aetna & Humana $130.5
These mergers unveiled in July would Anthem Cigna
reshape the health insurance industry $73.9 $34.9
reducing the number of top companies Aetna Humana
from five to three amidst changes tied $58.0 $48.5
to the Affordable Care Act.
Halliburton & Baker Hughes 2015 global market share, based on revenue
Under review for more than a year, Completion
this merger of oilfield-services firms Fracking Cementing equipment
has faced skepticism from antitrust 38% 49% 52%
enforcers around the globe. Halliburton
Deliberations continue in multiple
countries.
Baker Hughes
Walgreens & Rite Aid U.S. drugstore market share U.S. store count
This $9.4 billion transaction (2015 estimate)
announced in October would
combine the nation’s No. 1 and No. 3 Walgreens 8,173 as of Aug. 31
pharmacy chains. The companies
50%
compete head-to-head in many
states, particularly along the East
and West Coasts.
Rite Aid 4,558 as of Dec. 26
Staples & Office Depot Latest fiscal year revenue, in billions

This deal is already in front of a North America
federal judge. The FTC sued in Retail Commercial Int’l
December, alleging the merger Staples $10.4 $8.3 $3.8
would hurt large corporate buyers
of office supplies. Court proceedings Office Other
are scheduled for March. Depot 6.5 6.0 3.4
*Includes revenue from businesses other than insurance

Sources: Euromonitor International (beer, drugstore market share); Morgan Stanley (agriculture market shares); S&P Capital IQ (insurer
revenues); Spears & Associates (energy services market share); the companies (store counts, office supply revenues); Getty Images (photos)
THE WALL STREET JOURNAL.
IN THE MARKETS C4 | MARKETS DIGEST C5 | COMMODITIES C7
For Activists,
Invested Interest It’s Personal
AFP/GETTY IMAGES
BLOOMBERG NEWS
HEARD ON THE
AIG backs a maker of wearable devices FINANCE | C3 STREET | C8
© 2016 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Thursday, January 7, 2016 | C1
DJIA 16906.51 g 252.15 1.47% S&P 1990.26 g 1.31% NASDAQ 4835.76 g 1.14% 10–YR. TREAS. À 20/32, yield 2.177% OIL $33.97 g $2.00 EURO $1.0781 YEN 118.47 See more at WSJMarkets.com
Emerging High Official

Markets
Fund Ace At Morgan
Is Tested
BY CAROLYN CUI
Stanley Quits
Gregory Fleming exits over how the 57-year-old Mr.
Gorman would manage his se-
When the $29 billion Oppen- as co-President Colm nior team over the next several
heimer Developing Markets Kelleher is clear heir to years and shifts the focus to a
fund sagged during an emerg- new crop of executives who
ing-markets rout in late 2014, CEO James Gorman will be in position to be the
portfolio manager Justin Le- firm’s next leader. In October,
verenz took a few days off BY JUSTIN BAER when Mr. Gorman narrowed
to read some books at his Mr. Fleming’s responsibilities
home. Morgan Stanley co-Presi- and elevated two other execu-
He wanted to be sure dent Gregory Fleming, a major tives, many in the industry
he wouldn’t make rash figure on Wall Street who had wondered what the move indi-
decisions to buy or sell. long been considered a candi- cated about Morgan Stanley’s
“That’s against every- date to take over the firm, succession plan.
thing that I believe in,” said Mr. abruptly stepped down After the October shuffling,
Leverenz, who runs the largest Wednesday after an- Mr. Fleming sug-
actively managed U.S. stock other deputy’s pro- gested to Mr. Gorman
fund focused on emerging mar- motion ended his bid that it might be a
kets. to become chief exec- good time for him to
This year could again put his utive. leave Morgan Stanley,
trading decisions to the test. Morgan Stanley people familiar with
Shares, bonds and currencies of CEO James Gorman the matter said. Over
many developing nations Portfolio manager Justin Leverenz named Colm Kelleher dinner, Mr. Gorman
largely stabilized over the last to be the firm’s sole asked Mr. Fleming to
AGATON STROM FOR THE WALL STREET JOURNAL
quarter of 2015. But many in- president and his suc- stay on, noting his
vestors expect renewed turmoil Emerging Issues cessor should he contributions in
as capital flows out and the Investors have been shunning emerging-market funds, as faltering leave the position un- spearheading the
commodities bust grinds on. growth and weakening currencies have hurt returns. expectedly. wealth division’s re-
Emerging markets kicked off Mr. Gorman also Colm Kelleher cent successes.
the new year with a rout after Net investor flows Assets under management Annual return reiterated his intent Yet in recent
data showed a fresh decline for $8 billion $40 billion 75% to remain in his role for at months, Mr. Gorman deter-
manufacturing in China, a key least five more years. The mined he needed a sole No. 2
commodities consumer. 6 50 firm’s board endorsed that to help free the CEO to devote
How Mr. Leverenz’s fund 30
timetable, which all but elimi- more time to key responsibili-
fares could have outsize impor- nates Mr. Fleming, 52 years ties in running the firm, people
4 Through 25
tance, as his fund is the largest Nov. old, as a long-term CEO choice. familiar with the matter said.
holder of many emerging-mar- Mr. Gorman picked Mr. He picked Mr. Kelleher, a Mor-
ket stocks as well as a top per- 2 20 0 Kelleher in part for his experi- gan Stanley lifer, and in recent
former among emerging-mar- ence in running Morgan Stan- weeks informed both Mr. Kelle-
ket managers over the past 15 0 –25 ley’s trading businesses, which her and the firm’s directors,
years. Oppenheimer are adapting with the rest of the people said.
10
Developing
Mr. Leverenz’s strategy for –2 –50 Wall Street to a new era of On Tuesday, over lunch at
Markets Fund
the fund he has run since May stiffer regulations. Mr. Kelleher the firm’s midtown Manhattan
MSCI Emerging
2007 is to choose companies he also served as the firm’s fi- headquarters, Mr. Gorman told
–4 0 –75 Markets Index
thinks have potential for long- nance chief during the finan- Mr. Fleming that he planned to
term growth and to hold their 2005 ’07 ’09 ’11 ’13 ’15 2005 ’07 ’09 ’11 ’13 ’15 2005 ’07 ’09 ’11 ’13 ’15 cial crisis. remain CEO for at least five
Please see FUND page C2 Sources: Morningstar (flows, assets); OppenheimerFunds (return) THE WALL STREET JOURNAL. The moves end speculation Please see BANK page C2
Gasoline’s Sharp Drop Ignites Energy-Market Rout

7.6%
BY NICOLE FRIEDMAN global oil prices tumbling to tures declined 9.49 cents, or day. Meanwhile, the World Widespread distress in the
more than 11-year lows and 7.6%, to $1.1618 a gallon on Bank cut its 2016 global energy sector due to plummet-
Gasoline futures plunged helping to fuel a broad rout in Nymex, the lowest level in growth forecast to 2.9%, from ing oil prices has rattled
Wednesday, intensifying the stock and energy markets. nearly seven years. Decline in gasoline futures, to its June estimate of 3.3%. global financial markets and
pain in the energy sector and Brent crude, the global The Dow Jones Industrial $1.1618 a gallon, their lowest “Gasoline was the last bit of weighed on stock indexes over
setting up consumers for more benchmark, dropped $2.19, or Average declined 252.15 level in nearly seven years the market that was still the past two years. Energy
savings at the pump. 6%, to $34.23 a barrel on ICE points, or 1.5%, to 16906.51, strong,” said Nicolas Robin, a producers have cut hundreds
Demand for gasoline has Futures Europe, its lowest set- and has fallen six of the past commodities fund manager at of thousands of jobs and bil-
been robust over the past two tlement level since 2004. Oil eight trading sessions. global growth also damped in- Columbia Threadneedle In- lions of dollars in spending,
years, but U.S. consumption traded on the New York Mer- Concerns about oil demand vestor sentiment. China’s ser- vestments, which manages but global output continues to
waned in late December, ac- cantile Exchange fell $2, or from China, the world’s sec- vice activity expanded at a $471 billion. “Short term, we exceed demand.
cording to federal data re- 5.6%, to $33.97, its lowest ond-largest consumer of crude slower pace in December, a probably have to trade a bit With gasoline consumption
leased Wednesday, sending close since 2008. Gasoline fu- behind the U.S., and sluggish private gauge showed Wednes- weaker still.” Please see GAS page C2
Bed Bath & Beyond’s Bad Spot Rents Leap at Fastest Pace in Years BY LAURA KUSISTO metrics Inc., a Dallas-based tough lending standards for
BY STEVEN RUSSOLILLO shipping tends to drive online apartment-research company, home buyers and in part be-
Little-Box Store margins lower, a factor that Apartment rents increased showed that rents increased cause of a shortage of apart-
It is an Amazon.com Inc. Bed Bath & Beyond same-store doesn’t affect brick-and-mor- faster last year than at any 4.7% in the fourth quarter ments for middle-income rent-
world. Everyone else is living sales, change from a year earlier tar sales. The retailer’s oper- time since 2007, a boon for compared with the same quar- ers. The homeownership rate
in it. ating margins have fallen in landlords but one that has ter a year earlier, the stron- in the third quarter stood at
That is the harsh reality 8% each of its past three fiscal stoked concerns about housing gest year-end performance 63.7%, near a 30-year low.
facing Bed Bath & Beyond years. And while online sales affordability for renters. since 2005. Unlike home prices, which
Inc., one of 6 growth is important, it has a Average effective rents na- The fourth quarter crashed during the recession
AHEAD OF many retailers tendency to shift overall sales tionwide rose 4.6% in 2015, “wrapped up an incredible and have taken years to re-
THE TAPE struggling to 4 rather than increase the total the biggest gain since before year for the apartment mar- cover, rents scarcely dipped
adapt to rapidly Estimate pie. the recession, according to a ket, probably the strongest during the downturn. Since
changing shop- 2 Making matters more diffi- report by real-estate re- we’ve ever seen,” said Jay then annual increases have ac-
per habits. Late to the e-com- cult, Bed Bath & Beyond’s searcher Reis Inc. The average Denton, senior vice president celerated from 2.3% in 2010 to
merce game, the home-fur- 0 same-store-sales growth has apartment rent now stands at of analytics at Axiometrics. about 4% in each of the past
nishings retailer has only FY 2010 ’11 ’12 ’13 ’14 ’15 slowed on a fiscal basis for nearly $1,180, up from about Rents have marched two years. Over the past 15
recently invested heavily in Note: Fiscal year ends in February the past five years. Analysts $1,125 a year ago. steadily higher for six consec- years, rents have increased by
its online presence. The strat- Source: FactSet estimate that third-quarter Another report from Axio- utive years, in part because of an average of 2.7% annually,
egy has yielded mixed results. same-store sales fell 0.4%, according to Reis.
And while the stock is Bed Bath & Beyond, which which would be the first In general, the higher rents
down 40% over the past 12 sells everything from bedding quarterly decline since the fi- Up, Up and Away go, the more difficult it will
months, it appears the tough and kitchen appliances to cof- nancial crisis. Apartment rents have jumped since the recession as vacancy rates be for young people to save
times may get worse before fee makers and vacuums, is Granted, Bed Bath & Be- have declined. for down payments, making
they get better. focused on a three-pronged yond shares look cheap. The them likely to rent even lon-
Bed Bath & Beyond late sales strategy: selling online, stock, which trades near a Year Vacancy Average effective Change from a year earlier ger. The percentage of first-
rate Rent, U.S.
last month cut earnings guid- in its brick-and-mortar stores five-year low, fetches nine time buyers among all home
ance for its fiscal third quar- and on mobile. While the re- times earnings projected over 2015 4.4% $1,179 4.6% buyers is at its lowest level in
ter due to lower-than-ex- tailer is growing online sales, the next 12 months. That is 2014 4.3% $1,127 3.9% three decades, according to
pected sales. So when the they represented only about its lowest multiple since No- the National Association of
2013 4.3% $1,085 3.3%
retailer actually reports re- 8% of total sales in its second vember 2008. But the shares Realtors.
sults on Thursday for the quarter. are cheap with good reason. 2012 4.6% $1,050 3.9% In some cases, meanwhile,
quarter that ended in Novem- Those efforts have put ad- Investors should look beyond 2011 5.3% $1,011 2.4% professionals well into their
ber, the attention will fall ditional pressure on margins this retailer. 30s are choosing to rent
2010 6.6% $987 2.3%
squarely on holiday guidance already hurt by sales promo- rather than buy, preferring the
and its 2016 outlook. tions. That is because free Email: tape@wsj.com 2009 8.0% $964 –2.9% financial flexibility.
2008 6.7% $993 2.0% Alezandra Russell, a 34-
INDEX Credit Markets................................................ C3 Exchange-Traded Funds......................... C8 Heard on the Street................................... C8 Mutual Funds........................................... C8 year-old founder of a non-
2007 5.7% $974 4.7%
Cash Prices................................................. C6 Currency Trading.......................................... C5 Finance Watch................................................ C2 IPO Scorecard.................................................. C8 New Highs & Lows.......................... C4,6 profit, and her husband sold
Commodities............................................. C7 Dividend News................................................ C7 Global Finance................................................. C3 Money Rates................................................... C8 Stock Listings........................................... C6
Source: Reis Inc. THE WALL STREET JOURNAL. Please see RENTS page C2
C2 | Thursday, January 7, 2016 * *** THE WALL STREET JOURNAL.
MONEY & INVESTING
RENTS new supply, which is especially

likely to weigh on rents in
high-end buildings in down-
town areas. In all, more than
to cool, while smaller, less ex-
pensive ones are starting to
heat up. That might reflect
that the affluent renters who
a rental broker in Portland,
said a few years ago she could
easily find clients a one-bed-
room apartment in the $900-
Continued from the prior page 188,000 apartment units were dominate those markets are a-month range. Today, she is
their five-bedroom house in completed in 2015, the most reaching the limit of what lucky to snag one for less than
suburban Maryland in 2014 in since 1999, according to Reis. they can afford and are mov- $1,500.
favor of an 800-square-foot Bob DeWitt, president and ing to older buildings or Much of the new demand in
apartment they rent in down- chief executive of GID, a Bos- neighborhoods farther from Portland has been driven by
town Baltimore for about ton-based apartment owner downtown. people fleeing cities such as
$2,500 a month. and developer, is currently in- Rents in the San Francisco Seattle and San Francisco,
Even though the rent has volved in developing 15 apart- area increased 7.6% year-over- where rents have shot up.
increased slightly every year, ment projects across the coun- year in the fourth quarter, Diana Comstock, a 42-year-
she said renting has given try. But he said the increased compared with 11.8% in the old painter, moved to Portland
them more financial freedom competition is starting to limit third quarter, according to Ax- from Santa Barbara last sum-
than when they had a mort- how much more rent tenants iometrics. Rents in San Jose, mer. She said the local moms’
gage that they were “stressed are willing to pay. Calif., increased 7.1%, com- group she belongs to on Face-
out about constantly.” “We certainly believe that pared with 9.9% in the third book is full of people decrying
Analysts say the apartment over the next two or three quarter. huge rent rises driven by peo-
market is showing some early years rent trends are going to Meanwhile, rents in Port- ple coming from out of state.
signs of peaking. Vacancy slow and in some places they land, Ore., traditionally a more “I tend not to tell people
rates rose slightly in the may actually back up,” he said. affordable city, jumped by 12% I’m from California,” she said.
SHANNON STAPLETON/REUTERS
fourth quarter to 4.4% from Both reports showed that in the fourth quarter from a “You can’t blame people for
4.3% in the previous quarter. some of the hottest markets in year earlier, Axiometrics said. coming here when it’s a good
The main factor: a flood of the country are finally starting Kimberly Minasian Sparks, bargain.”
Gregory Fleming had been considered a possible CEO successor.
BANK her are under the most pres-

sure at the moment. In the
third quarter, for example, a
15% drop in trading revenue
Continued from the prior page contributed to disappointing
years and had picked Mr. Kelle- earnings that led to a slide in
her as his top deputy, the peo- the company’s shares.
ple said. The board had urged But Mr. Gorman, a former
him to select a No. 2, Mr. Gor- McKinsey & Co. consultant and
man explained, the people Merrill Lynch executive, has
said. Mr. Fleming responded by never been a trader or invest-
saying the decision left him ment banker, heightening the
without a role at the firm. importance of keeping a risk
“That’s what I thought you’d manager like Mr. Kelleher at
AGATON STROM FOR THE WALL STREET JOURNAL

think,” Mr. Gorman said, while the firm.
making clear Mr. Fleming A gregarious former ac-
could remain with Morgan countant who grew up in the
Stanley. ranks of Morgan Stanley’s
Mr. Fleming resigned, and debt-capital-markets and fixed-
the meeting soon drew to a income divisions, Mr. Kelleher
close. joined the firm in 1989. The
In a memo to employees, 58-year-old spent much of his
Mr. Gorman said Mr. Fleming career in London, but was in
would “pursue other interests.” New York working closely with
The surprise dual announce- then-CEO John Mack as chief
ment of Mr. Kelleher’s promo- financial officer when the firm
tion and Mr. Fleming’s exit un- nearly ran out of money during Justin Leverenz’s fund is the largest holder of many emerging-market stocks and a top performer among emerging-market managers.
derscores Morgan Stanley’s the crisis. According to the
commitment to its core invest-
ment-banking and trading
businesses, which Mr. Kelleher
oversees.
book “Too Big to Fail,” Mr.
Kelleher described a potential
emergency deal for Morgan
Stanley as “ a s— sandwich
FUND under management.
“It’s par for the course when
investing in emerging markets
that risks can come from all
about 4% so far in January.
Following the financial cri-
sis, investors had filed into
emerging markets in search of
pany.
The fund’s large size leaves
Mr. Leverenz with less flexibil-
ity than smaller funds that can
While Mr. Gorman has built even I can’t get my big mouth Continued from the prior page different directions,” said Patri- higher returns as interest rates move in and out of less-traded
up the wealth-management around.” shares for typically around five cia Oey, a senior analyst with fell to near zero in most of the markets like Vietnam, said Ste-
unit that Mr. Fleming led since Mr. Kelleher studied world years. That didn’t work in 2015, Morningstar who follows developed world. From 2009 ven Holden, founder of Copley
2010, Wednesday’s move history at Oxford University when his fund lost 14%, beating emerging-market funds. through 2014, a total $1.6 tril- Fund Research, which tracks
shows the Morgan Stanley and is known to use references its benchmark but trailing half Mr. Leverenz responded to lion of investor money flowed emerging-market funds. Mr. Le-
chief now views that unit as to British art, medieval history of all emerging-market funds, outflows in recent months by into emerging markets, accord- verenz has to think harder
stable enough to be able to and “Star Wars” to explain according to Morningstar Inc. cutting the number of stocks ing to the Institute of Interna- about how he can get out of his
withstand Mr. Fleming’s depar- Wall Street nuances. In 2012, The culprit: large concentra- the fund owns to 98 from 125. tional Finance. The Oppen- positions if he has to, Mr.
ture without losing much Mr. Kelleher won a different tions of shares issued by com- He focused on large positions heimer fund was one of the Holden said.
ground. That unit accounted power struggle at the firm panies in Russia, Brazil, Colom- in more liquid shares like largest beneficiaries—receiving During the past six months,
for about $11.3 billion in reve- when investment-banking chief bia and Nigeria, where China’s Tencent Holdings Ltd. $25.7 billion during the years the fund has increased its hold-
nue through the first nine Paul Taubman, a rival of Mr. currencies depreciated signifi- and Alibaba Group Holding Ltd. and seeing its size swell over ings of many Chinese e-com-
months of 2015, or about 41% Kelleher’s, left and Mr. Kelleher cantly against the dollar over $40 billion in 2014. However, merce companies, bringing its
of the firm’s total. was promoted to oversee both the past 18 months as com- money started to flee these total bets on the sector to more
Mr. Fleming, a former No. 2 trading and investment bank- modity prices slid. The fund
The fund cut the markets as the U.S. prepared to than $5 billion, according to
at Merrill Lynch & Co., was ing. holds fewer positions in South number of stocks it raise rates and the growth out- Copley. The fund also is heavily
regularly mentioned as a can- Mr. Kelleher will move back Korea and Taiwan, whose cur- look weakened in emerging invested in Colombia and Nige-
didate when other CEO jobs to New York for his new role. rencies have been more resil-
owns to 98 from 125 economies. ria, two countries that rely on
became available across Wall Morgan Stanley is expected to ient. after recent outflows. The 47-year-old Mr. Le- commodity exports.
Street. appoint a new head of its Eu- Mr. Leverenz said picks in- verenz said he is always trying He said he can’t paint a
Ironically, parts of the busi- ropean business, one person cluding Russian retailer Mag- to get out of the box to see “hugely bullish” picture for
nesses overseen by Mr. Kelle- said. nit and BM&F Bovespa SA, a His moves included buying things that most people are emerging markets, given the
Brazilian exchange operator, some Chinese stocks and sell- probably missing. slow growth in trade and ex-
were fine. He blames the poor ing Brazilian brewer AmBev Before the financial crisis, ports. One concern is the slow-
J.P. MORGAN CHASE performance on what he calls a SA, saying it was becoming when everybody was excited down in China’s manufacturing
Finance Pact on Broker-Pay “radical collapse” in the for-
eign-exchange markets.
overpriced.
He had a boom-and-bust
about commodities and China’s
strong growth, he bought a
sector.
But he thinks investors are
Watch Disclosure Reached
J.P. Morgan Chase & Co.
“All of a sudden I found my-
self owning a bunch of compa-
year. Halfway through 2015,
Oppenheimer Developing Mar-
bunch of shares of cheaply
priced consumer-staples com-
missing out on growth in
China’s health-care, e-com-
agreed to pay $4 million to set- nies in countries that happened kets was underperforming panies, a move that helped him merce and education sectors.
tle charges it misled customers to go down a lot in currencies,” more than 80% of the emerg- avoid the worst of the selloff And he thinks emerging-market
about its brokers’ compensation, he said. ing-market funds Morningstar during the financial meltdown. currencies may be near a bot-
the Securities and Exchange His fund suffered nearly $4 tracks. During the last three He often takes large posi- tom, as countries improve their
HEDGE FUNDS Commission said. billion of net investor outflows months of 2015, the fund per- tions in companies in markets trade balances.
The SEC said it found that in the first 11 months of 2015, formed better than 93% of where trading can be scarce. “You only need a few posi-
Goldman Unit Buys J.P. Morgan Securities falsely according to Oppenheim- those peers. The $33 billion For example, the fund is the tive things to happen to flip the
10% Stake in Firm stated on its private-banking erFunds, a subsidiary of Massa- Vanguard FTSE Emerging largest shareholder of Housing whole situation,” he said of
A private-equity fund run by website and in marketing mate- chusetts Mutual Life Insurance Markets exchange-traded fund, Development Finance Corp., an sentiment toward emerging
Goldman Sachs Group Inc. has rials that advisers are compen- Co., with $220 billion of assets the largest of its kind, is down Indian housing-finance com- markets.
purchased a 10% stake in a sated “based on our clients’ per-
Maryland hedge-fund firm that formance; no one is paid on
uses computer-driven, automatic
trading strategies to wager on
trends.
The minority share in the $1.6
commission.”
The investigation found that
registered representatives were
compensated not based on cli-
GAS cessing it into gasoline, diesel
and other fuels, could earn
smaller margins if gasoline
prices fall further.
billion Fort Management LP is ent performance but paid a sal- Continued from the prior page Cheap gasoline, along with
DANIEL ACKER/BLOOMBERG NEWS
the second bet on a commodity- ary and a discretionary bonus. now softening, traders said, it higher employment, spurred
trading adviser by Goldman’s Pe- The SEC said the claims were is hard to find a reason to buy consumers to drive more miles
tershill business, which takes mi- made from 2009 to 2012. oil in the short term, even and buy less-fuel-efficient cars
nority stakes in hedge-fund “There was no allegation that though it is cheap. Analysts in the past two years. U.S. gas-
firms. Its first was U.K.-based the mistake made years ago and investors widely expect oil oline demand rose 2.5% in
Winton Capital Management, was intentional or that any cli- prices to stay low through at 2015, the EIA estimated in De-
which manages more than $30 ent was harmed,” a representa- least the first half of 2016. cember.
billion. The Petershill fund will tive for the bank said. “We have Prices at the pump have However, inclement
share in Fort’s management and further enhanced our procedures fallen less quickly than oil weather and the holiday sea-
performance fees. and processes to prevent a reoc- prices in the past 18 months Filling up in Illinois. Pump prices have fallen 8.9% in the past year. son kept drivers off the road
“It’s satisfying to have such a currence.” due to strong consumption. in recent weeks.
formidable investor with signifi- J.P. Morgan Securities agreed U.S. drivers paid an average of formation Administration said tious on the oil market in the Gasoline stockpiles in the
cant resources aligned with us in to be censured and cease and $1.999 a gallon for retail gaso- Wednesday. Global oil demand week ended Dec. 29, cutting U.S. rose by 10.6 million bar-
further institutionalizing and de- desist from future similar viola- line Wednesday, according to advanced at the fastest pace in the number of bets they held rels last week, the biggest
veloping the firm,” said Fort co- tions. The bank didn’t admit or AAA, down 8.9% from a year five years in 2015, but con- on both rising and falling weekly increase since 1993 and
founder Yves Balcer. deny the findings. ago. In comparison, Nymex oil sumption still wasn’t suffi- Nymex crude prices, according the highest level since March,
—Juliet Chung —Anne Steele has fallen 30% in the past year. cient to counteract the persis- to the Commodity Futures as demand fell 13%, the EIA
Retail gasoline prices could tent oversupply of crude. Trading Commission. said. The four-week average
fall 10 or more cents a gallon Increasing oil supplies in the Increased turmoil in the for gasoline demand dropped
THE INSTITUTIONAL INVESTOR next week, analysts said, fol- U.S. and globally have sparked Middle East is historically below nine million barrels a
lowing sharp drops in whole- worries that some regions bullish for oil prices, but day for the first time since
MOURNS THE PASSING OF OUR FOUNDER sale markets around the coun- could run out of storage space, heightened tension between May.
try. That would offer forcing buyers out of the mar- Saudi Arabia and Iran this Even if the decline in gaso-
additional savings to U.S. con- ket. week hasn’t had the effect of line demand was a temporary
sumers, who already saved The energy exploration- boosting prices. blip due to the Christmas and
GILBERT E. KAPLAN $134 billion at the pump last and-production sector of the Signs of weakening fuel de- New Year’s holidays, “demand
(1941-2016) year compared with what they
spent in 2014, according to
S&P 500 lost 6.7% Wednesday,
reflecting an acceptance by
mand are the latest blow to
energy producers, some of
lost is lost forever,” said David
Thompson, executive vice
Gasbuddy.com. traders that the global glut of which are struggling to stay president at energy brokerage
HIS CREATIVITY AND INTEGRITY Total U.S. inventories of crude that has hammered oil afloat after more than a year Powerhouse. “Nobody is going
crude oil and refined products, prices is far from subsiding. of low oil prices. Refiners, to go drive twice as much be-
WILL CONTINUE TO INSPIRE US! such as gasoline, hit a record Money managers including which have profited by buying cause they were snowed in
last week, the U.S. Energy In- hedge funds became more cau- relatively cheap oil and pro- one day.”
THE WALL STREET JOURNAL. * * * * Thursday, January 7, 2016 | C3
GLOBAL FINANCE
Lloyds in Rigging Probe
New inquiry into traders at Lloyds and isn’t a at individuals involved in to set prices in those markets,
broader industrywide probe some of those cases, and could according to people familiar
possible manipulation into the massive gilt market, bring charges later this year, with the matter. The FCA has
of gilts market may one person said. Lloyds in re- some of the people said. been assisting the Justice De-
cent months has been handing Taken together, the con- partment in that investigation,
signal more scrutiny over information to the FCA, tinuing investigations suggest which focuses in large part on
HARRY HAMBURG/ASSOCIATED PRESS

and some of its traders have banks will remain in the cross London-based traders, some of
Broad government scrutiny retained outside lawyers, the hairs of prosecutors and regu- the people said.
of possible market rigging has people said. lators for many months with As previously reported by
deepened with a probe by the The probe is yet another the potential for new, sizable The Wall Street Journal, the
U.K.’s financial watchdog into front opening in government penalties. They also appear to market for trading in U.S. gov-
trading of British government investigations into the manip- indicate that problems that at ernment debt also has come
ulation of crucial markets. under scrutiny by the Justice
By David Enrich,
Since 2012, authorities in the
U.S., Britain and elsewhere
The probe is a new Department and regulators
Previous investigations
Aruna Viswanatha
and Christopher
have levied more than $10 bil- front for government were aided by strong evidence Neil Barofsky was appointed by New York’s financial regulator.
Whittall
lion in penalties on some of
investigations in of traders openly discussing
bonds by Lloyds Banking

the world’s biggest banks for
trying to rig widely used inter-
est-rate and foreign-exchange
crucial markets.
their efforts in Bloomberg
chat rooms. Some of the con-
tinuing probes, including the
Monitor Is Delaying
Group PLC, according to peo-
ple familiar with the matter.
The Financial Conduct Au-
benchmarks. As a result of
those cases, those banks have
been obligated to turn over to
first appeared limited to a
handful of markets may be
further currency investiga-
tions, so far haven’t unearthed
as much strong evidence, peo-
Exit From Credit Suisse
thority’s inquiry, which is at prosecutors any evidence of more widespread than that. ple familiar with the matter BY JOHN LETZING The tolling period ramped
an early stage, is examining additional wrongdoing, spur- One active investigation said. Government and internal up pressure on Credit Suisse,
whether Lloyds traders sought ring further probes. centers around debt issued by bank investigators in the in- ZURICH—Neil Barofsky was the person familiar with the
to increase their profits, either Now, markets ranging from subsovereigns, supranationals quiries are examining record- meant to delve into Credit Su- matter said, and means that
by driving down the prices U.S. Treasurys to debt issued and agencies, or SSAs, which ings of phone calls between isse Group AG for no more Mr. Barofsky may end
that the British bonds, known by global quasigovernmental is currently worth $2.4 trillion traders for similar evidence, than two years. up probing the bank for three
as gilts, fetched in government agencies have drawn attention in outstanding instruments, which is a more time-consum- Now, the former Treasury years or more. Credit Suisse
auctions, or by artificially in- from law-enforcement authori- according to Barclays’ bond in- ing process, the people said. Department investigator, as- has sought to bring the tolling
flating their prices when the ties. And while major banks dices. In some of the cases, U.S. signed by a New York regula- period to a close soon by pro-
bonds were sold on to other have settled currency probes The U.S. Justice Depart- prosecutors still are trying to tor in 2014 to monitor the viding everything Mr. Barof-
investors, one person said. focused on trading between ment and other regulators are determine whether there is a Swiss bank after a tax-evasion sky has asked for, the person
The investigation is cur- euros and U.S. dollars, the Jus- looking at whether traders at strong U.S. connection to jus- scandal, may be sticking familiar with the matter said.
rently focused on individual tice Department still is looking different institutions colluded tify bringing a case. around much longer. The rea- Related costs have
son: The bank hasn’t been able mounted. For the sec-
to provide all of the informa- ond quarter of this year,
AIG Invests in Worker-Tracking Tech tion he has requested in a

timely manner.
For Credit Suisse, his lon-
ger-than-expected stay high-
Credit Suisse disclosed ex-
penses including the cost of
the monitor that amounted to
66 million Swiss francs ($65.5
BY LESLIE SCISM technology might give employ- and lost wages to injured em- to vet the efforts with lights the challenge of drawing million). The figure rose to 68
ers and insurers access to de- ployees. Insurers say that if their lawyers and in many in- a line under its recent trou- million francs for the third
One of the nation’s largest tailed information about indi- they can reduce on-the-job in- stances may need to negoti- bles, as the bank revamps un- quarter.
insurers is searching for prof- viduals’ behavior and health juries and deaths, they may be ate with unions. der new management. Credit Suisse must continue
its in construction workers’ and that employees will have able to cut costs—and thus AIG said in a statement that Mr. Barofsky was tapped by to accommodate Mr. Barof-
vests. to be persuaded that the boost profits for themselves it “takes the privacy of our cli- the New York Department of sky as it seeks to move for-
American International safety benefits are worth it. and their corporate customers. ents and their employees very Financial Services to investi- ward with a strategy overhaul
Group Inc. said it has invested The company in which AIG Marsh & McLennan Cos.’s seriously. And we consider the gate Zurich-based Credit Su- under Chief Executive Tidjane
an undisclosed sum in a maker is investing, Human Condition Marsh brokerage, one of the protection of data one of our isse’s compliance programs Thiam. The bank recently
of wearable devices designed Safety, uses sensors at- nation’s biggest middlemen for highest priorities.” It said its and its dealings with American raised six billion francs in cap-
to monitor the movements of tached to the back of workers’ arranging workers’ compensa- focus is on aggregating data clients after the bank admit- ital to bolster that effort. Mr.
employees in factories, on safety vests and transmits tion and other insurance for “to help make work sites safer ted in May 2014 to aiding U.S. Thiam said he has “found the
construction sites and at other data about their movements in large corporations, foresees a for all employees.” tax evasion. monitor’s work very helpful.”
hazardous workplaces to re- real time. In a video on AIG’s range of potential benefits A number of firms are try- Not long after Mr. Barof- A spokesman for New
duce on-the-job accidents. website describing the poten- from wearables, including sen- ing to apply similar technol- sky’s engagement in October York’s DFS said: “Both at
AIG’s investment is part of tial of the technology to re- sors that could warn of an em- ogy to the workplace. AIG 2014, a tolling period was trig- Credit Suisse and more gener-
a broader push by insurers, duce workplace injuries, one ployee wandering into the studied many startups before gered, as Credit Suisse strug- ally, monitorships are a criti-
brokers and other companies speaker notes that sen- path of a forklift or an electri- it settled on Human Condition gled to produce information at cal part of making sure we
in the nearly $90 bil- sors could help managers cian approaching an area Safety, an 18-month-old com- a pace and volume that he re- truly clean up and reform a
lion workers’-compensation know “where all of their work- where circuits haven’t been pany based in New York, ac- quired, according to a person bank’s operations.”
industry to use sophisticated ers are” while another touts shut off. cording to Lex Baugh, AIG’s familiar with the matter. Mr. Barofsky is one of a
data analysis to cut costs and their ability to decrease fraud. Still, privacy already is senior casualty insurance ex- The tolling period has de- number of monitors placed at
boost profits. Workers’-comp coverage emerging as “a big concern,” ecutive. AIG announced the in- layed the start of a countdown big banks in recent years, as
Efforts to monitor workers’ is one of the biggest product said Thomas Ryan, an expert vestment Wednesday as the to the end of Mr. Barofsky’s regulators seek to deter future
movements for insurance pur- lines in the insurance industry in workers’-comp issues Consumer Electronics Show in tenure, which was originally misbehavior. Other foreign
poses are in their infancy and because of state laws across at Marsh. Mr. Ryan said that Las Vegas got under way, and slated to “not exceed two banks assigned monitors by
could take time to put into the U.S. mandating that busi- to put wearables into use one of its most-senior execu- years,” according to a consent U.S. regulators include
practice, industry experts nesses provide medical cover- in their workers’-comp pro- tives, Rob Schimek, will dis- order. Mr. Barofsky’s term Deutsche Bank AG and HSBC
say. One concern is that the age, rehabilitation services grams, employers would need cuss it at the confab on Friday. is being paid for by the bank. Holdings PLC.
Bonds | WSJ.com/bonds
Tracking Bond Benchmarks
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week highs and lows for different types of bonds
Total return Yield (%), 52-Week Range l Latest Total return Yield (%), 52-Week Range l Latest
close YTD total return (%) Index Latest Low 0 4 8 12 16 20 High close YTD total return (%) Index Latest Low 0 4 8 12 16 20 High
1834.10 0.5 Broad market Barclays Aggregate 2.550 1.920 l 2.630 686.19 0.6 France 1.020 0.490 l 1.360
2483.04 0.5 U.S. Corporate Barclays Capital 3.640 2.780 l 3.710 497.99 0.7 Germany 0.650 0.160 l 1.040
2426.91 0.4 Intermediate 3.050 2.210 l 3.120 278.72 0.2 Japan 0.650 0.570 l 0.890
3176.61 0.8 Long term 5.000 4.030 l 5.110 546.00 0.6 Netherlands 0.800 0.240 l 1.130
521.49 0.5 Double-A-rated 2.620 1.980 l 2.700 838.58 1.6 U.K. 2.150 1.730 l 2.480
615.83 0.5 Triple-B-rated 4.280 3.280 l 4.330 671.22 0.1 Emerging Markets ** 6.715 5.679 l 6.817
330.73 -0.005 High Yield Constrained Merrill Lynch 8.834 5.853 l 9.073 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds In U.S. - dollar terms Euro-zone bonds
278.89 -0.1 Triple-C-rated 18.441 10.017 l18.452 ** EMBI Global Index Sources: S&P Dow Jones Indices; Merrill Lynch; Barclays Capital; J.P.Morgan
2376.88 0.1 High Yield 100 7.649 5.016 l 8.056

303.88 0.001 Global High Yield Constrained 8.433 5.894 l 8.519 Corporate Debt
262.70 -0.2 Europe High Yield Constrained 5.640 3.550 l 5.732 Price moves by a company’s debt in the credit markets sometimes mirror and sometimes anticipate moves in
1585.99 0.4 U.S Agency Barclays 1.600 1.110 l 1.680 that same company’s share price. Here’s a look at both for two companies in the news.
1432.37 0.3 10-20 years 1.400 0.940 l 1.480 Investment-grade spreads that tightened the most…
3035.58 1.0 20-plus years 3.230 2.490 l 3.370 Spread*, in basis points Stock Performance
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
1912.12 0.3 Mortgage-Backed Barclays 2.770 2.280 l 2.900 Goldcorp GCN 2.125 March 15, ’18 225 –25 n.a. ... ...
1891.77 0.3 Ginnie Mae (GNMA) 2.680 2.170 l 2.860 Capital One NA COF 1.500 March 22, ’18 107 –19 n.a. … …
1117.98 0.3 Fannie mae (FNMA) 2.790 2.300 l 2.910 Expedia EXPE 4.500 Aug. 15, ’24 262 –18 n.a. 119.04 –0.74
1720.53 0.3 Freddie Mac (FHLMC) 2.830 2.310 l 2.930 American Express AXP 2.125 March 18, ’19 78 –15 n.a. 64.42 –2.78
Canadian Imperial Bank of Commerce CM 1.550 Jan. 23, ’18 72 –14 n.a. 64.81 –1.28
503.11 0.7 Muni Master Merrill Lynch 1.638 1.475 l 2.099 Teck Resources TCKBCN 3.750 Feb. 1, ’23 1489 –13 n.a. ... ...
351.81 0.9 7-12 year 1.634 1.498 l 2.144 Barrick North America Finance ABXCN 4.400 May 30, ’21 479 –12 486 ... ...
389.21 0.7 12-22 year 2.033 1.924 l 2.636 Microsoft MSFT 1.625 Dec. 6, ’18 25 –12 n.a. 54.05 –1.82
369.83 0.8 22-plus year 2.733 2.542 l 3.351
…And spreads that widened the most
2245.47 0.4 Yankee Barclays 3.050 2.390 l 3.110 Freeport–McMoRan FCX 3.550 March 1, ’22 1310 106 n.a. 6.17 –8.05
524.61 0.6 Global Government J.P. Morgan 1.510 1.240 l 1.780 Transocean RIG 6.500 Nov. 15, ’20 1462 82 n.a. 11.52 –5.19
Anglo American Capital AALLN 4.125 April 15, ’21 1174 54 n.a. ... ...
759.44 0.5 Canada 1.600 1.380 l 1.970
Southwestern Energy SWN 7.500 Feb. 1, ’18 1554 53 1492 6.69 –12.55
359.96 0.6 EMU 1.156 0.724 l 1.609
Encana Corporation* ECACN 3.900 Nov. 15, ’21 625 43 588 ... ...
Continental Resources CLR 3.800 June 1, ’24 721 42 n.a. 21.66 –8.41
Global Government Bonds: Mapping Yields Noble Holding International NE 5.950 April 1, ’25 1025 31 n.a. … …
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Teck Resources TCKBCN 4.750 Jan. 15, ’22 1833 30 n.a. ... ...
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session High-yield issues with the biggest price increases…
Country/ Spread Under/Over U.S. Treasurys, in basis points Bond Price as % of face value Stock Perfomance
Yield (%)
Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
1.000 U.S. 2 0.988 t l 1.016 0.955 0.629 Global Ship Lease GSL 10.000 April 1, ’19 83.500 2.50 92.250 2.41 1.69
2.250 10 2.178 t l 2.240 2.274 1.944 Hexion U.S. Finance HXN 6.625 April 15, ’20 80.375 2.13 78.000 ... ...
5.500 Australia 2 2.001 s 1.998 2.100 2.196 98.2 156.7 EP Energy EPENEG 6.375 June 15, ’23 52.000 2.00 n.a. ... ...
l 101.3
Intelsat Luxembourg S.A. INTEL 7.750 June 1, ’21 50.000 2.00 n.a. ... ...
3.250 10 2.717 t l 2.755 2.957 2.725 53.8 51.5 78.1
QEP Resources QEP 5.250 May 1, ’23 74.250 1.75 n.a. 12.50 –9.02
4.250 France 2 -0.325 t l -0.320 -0.211 -0.043 -131.3 -133.6 -67.2 Swift Energy SFYW 7.875 March 1, ’22 12.340 1.59 8.000 ... ...
1.000 10 0.883 t l 0.913 1.009 0.744 -129.6 -132.8 -120.0 Claire's Stores CLE 9.000 March 15, ’19 62.000 1.50 n.a. ... ...
0.500 Germany 2 -0.378 t l -0.372 -0.294 -0.098 -138.8 -72.7 DFC Finance DLLR 10.500 June 15, ’20 63.000 1.50 n.a. ... ...
-136.6
1.000 10 0.507 t l 0.542 0.682 0.445 -167.1 -169.8 -149.9 …And with the biggest price decreases
4.500 Italy 2 -0.001 t l -0.001 0.116 0.494 -98.9 -101.7 -13.5 BMC Software Finance BMC 8.125 July 15, ’21 64.000 –2.81 n.a. ... ...
2.000 10 1.492 t l 1.509 1.551 1.854 -68.6 -73.1 -9.0 Fiat Chrysler Automobiles FCAIM 5.250 April 15, ’23 97.750 –2.25 n.a. ... ...
HCA HCA 5.250 April 15, ’25 101.600 –1.78 101.375 65.98 –0.69
0.100 Japan 2 -0.017 t l -0.015 -0.021 -0.024 -100.5 -103.1 -65.3
Halcon Resources HKUS 8.625 Feb. 1, ’20 69.000 –1.75 70.000 ... ...
0.300 10 0.254 t l 0.260 0.332 0.287 -192.4 -198.0 -165.7
Tmx Finance TMXFIN 8.500 Sept. 15, ’18 73.000 –1.75 n.a. ... ...
0.500 Spain 2 -0.008 s l -0.008 0.076 0.403 -99.6 -102.4 -22.6 Coveris Holdings S.A. EXOPAC 7.875 Nov. 1, ’19 87.000 –1.69 89.000 ... ...
2.150 10 1.669 t l 1.699 1.731 1.611 -50.9 -54.1 -33.3 Community Health Systems CYH 6.875 Feb. 1, ’22 92.500 –1.63 95.000 24.04 –7.86
Murray Energy MURREN 11.250 April 15, ’21 18.625 –1.63 n.a. ... ...
1.000 U.K. 2 0.523 t l 0.570 0.649 0.378 -46.6 -44.6 -25.1
2.000 10 1.795 t l 1.877 1.924 1.566 -38.3 -36.3 -37.8 *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
Source: Tullett Prebon Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
C4 | Thursday, January 7, 2016 * **** THE WALL STREET JOURNAL.
IN THE MARKETS
Dow Falls 252 Points to Three-Month Low
Stocks add to this to a stock-market selloff earlier past,” said Michael Fredericks, two times in 2016, with both
this week. portfolio manager of the $12 increases coming in the second
year’s losses as price Additionally, China’s central billion BlackRock Multi-Asset half of the year. “On their dual
of oil sinks 5.6% and bank guided the yuan to a fresh Income Fund. Part of that is mandate of full employment
five-year low in the mainland driven by higher stock-market and the right amount of infla-
JASON REDMONDAGENCE FRANCE-PRESSE/GETTY IMAGE

China fears continue market, sending it to its weak- valuations after several years of tion, I would argue that they’re
est level on record in offshore gains, and part of it is driven not really there on either of
BY SAUMYA VAISHAMPAYAN markets. In August, China’s sur- by concerns about growth, he those two,” he said, pointing to
prise currency devaluation rip- said. the slow increase in wages and
A steep fall in oil prices and pled across markets and led to “When you add to those low inflation.
fresh concerns about China heavy selling in stocks. headwinds, whether it’s uncer- Labor-market data released
sent the Dow Jones Industrial On Thursday, China’s stock tainty around the Chinese cur- Wednesday showed private-sec-
Average to a three-month low, market tumbled and suffered rency movements or conflict tor payrolls jumped last month,
extending markets’ shaky start its shortest trading day in its in the Mideast, it’s just an- with employers hiring at the
to the year. 25-year history, as Beijing’s other issue to raise the ire of fastest clip in a year. The gov-
The Dow Jones Industrial growing tolerance of a weaker investors,” Mr. Fredericks said. ernment’s employment report
Average declined 252.15 currency intensified concerns Minutes from the U.S. Fed- for December is due Friday.
points, or about capital flight and the eral Reserve’s December policy Geopolitical concerns also
WEDNESDAY’S 1.5%, to health of the world’s No. 2 meeting showed some officials attracted attention, including
MARKETS 16906.51, its Chipotle Mexican Grill sales continue to fall after illness outbreaks. economy. The stock market expressed concern about linger- the flare-up in tensions be-
lowest close stopped trading about 30 mining low inflation and stifling ef- tween Saudi Arabia and Iran.
since Oct. 6. points, or 1.1%, to 4835.76. growth in the world’s second- utes after opening, as a newly fects on the U.S. economy of a North Korea said it success-
Stocks extended losses as oil In the U.S. stock market, 8.1 largest economy, after the fo- installed mechanism to limit strong dollar and slow growth fully staged its first test of a
prices careened lower, hitting billion shares changed hands, cus had shifted to weakness in volatility kicked in for the sec- overseas. In December, Fed offi- more powerful form of nuclear
shares of energy companies. more than the 2015 average. the junk-bond market and a ond time this week. The bench- cials voted to raise benchmark weapon.
U.S. crude oil slumped 5.6% “Volumes are decent but rout in commodities. mark Shanghai Composite In- interest rates for the first time “You’ve got a bad mix of
to $33.97 a barrel, settling at its nowhere near the levels that China’s service activity grew dex ended the dramatically in nearly a decade. the fundamental concerns
lowest level since December would indicate you’re seeing at a slower pace in December, a brief trading day down 7.2% at Investors now are searching about economic growth, which
2008. Energy stocks in the S&P people throw in the towel,” private gauge showed Wednes- 3115.89. for clues on when the U.S. cen- drives earnings, and the geo-
500 slid 3.6%, sharply outpacing said Eric Shenker, head of U.S. day. The Caixin China services Elsewhere in Asia early tral bank will make its next political concerns,” said Art
losses in other sectors. The equity trading at Mizuho Se- purchasing managers index fell Thursday, Japan’s Nikkei was move, and how many rate in- Hogan, chief market strategist
SPDR S&P Oil & Gas Explora- curities USA. Trading on to 50.2, from 51.2 in November, down 1.8% and Hong Kong’s creases could happen this year. at Wunderlich Securities.
tion & Production exchange- Wednesday was driven by just above the 50 reading that Hang Seng Index was down Fed officials have emphasized Investors bought traditional
traded fund fell 6.9% to its low- shorter-term investors, such separates expansion from con- 2.4%. they plan to lift rates gradually. haven assets. Treasury prices
est close since April 2009. as hedge funds, he added. traction. The service-sector “There’s probably more ap- Scott Wren, senior global rose, pushing the yield on the
The S&P 500 lost 26.45 Investors said this week’s reading follows a drop in the prehension about the path for equity strategist at Wells Fargo 10-year note down to 2.177%,
points, or 1.3%, to 1990.26. The Chinese data rekindled con- corresponding manufacturing equities over the course of 2016 Investment Institute, said he from 2.248% Tuesday. Gold
Nasdaq Composite fell 55.67 cerns about decelerating sector PMI, which contributed than there has been in the expects the Fed to raise rates rose 1.3% to $1,091.90 an ounce.
Energy Firms Cut

Drilling Budgets—
And Are Punished
BY TIMOTHY PUKO Those moves have been
lauded by many investors and
Wall Street has been clam- analysts as the only solution
MLADEN ANTONOV/AGENCE FRANCE-PRESSE/GETTY IMAGES

oring for oil and gas compa- left for a glut that has sunk oil
nies to cut costs amid an epic and gas prices by more than
energy bust, but that hasn’t half from 2014’s highs.
stopped investors from punish- New data on Wednesday
ing them the moment they do. showed big increases in gaso-
Consol Energy Inc. led off line and diesel lifted commer-
what turned out to be a day of cial petroleum stockpiles to a
widespread record 1.3 billion barrels last
ENERGY losses in the en- week, according to the U.S.
STOCKS ergy sector by Energy Information Adminis-
plummeting 11% tration. Analysts also said they
after announcing expect that natural-gas stock-
it would halve its expected piles ended last week about
outlay for oil-and-gas produc- 14% above levels from a year
tion in 2016. The losses came ago, on pace to challenge the
two days after natural-gas record winter-end high. Shares of Consol Energy slid after the firm said it would halve its 2016 production outlay. Above, workers at a Consol facility in 2012.
producer Eclipse Resources That data helped energy
Corp. lost 6.4% after saying it prices fall again Wednesday know their companies might ary delivery lost 5.8 cents per that contributed to its 20% Production even could in-
expects production to fall 15% and deepen a route that has lose out to competitors and million British thermal units, loss last year—its worst since crease in 2016, though compa-
in the first quarter compared sent stock prices of U.S. explo- may not be able to pay their or 2.5%, to $2.2670 per million the financial crisis—as Consol nies still are likely to cut
with a year earlier. ration-and-production compa- debts if they are the first to BTUs on Wednesday. tumbled 77%. Carl Icahn ex- spending, said Josh Silver-
Analysts have been looking nies as a group down about slow down. Snow Capital, with about $5 panded his stake in Chesa- stein, a Deutsche Bank analyst.
at these companies this week 35% in six months. On “In this market, they cannot billion under management, has peake Energy Corp., which Even if some investors punish
as a bellwether for an indus- Wednesday, Southwestern win,” said Joshua Schachter, owned Southwestern and trou- fell 74%. And in late 2014, them for cuts, company execu-
try in turmoil. Many are ex- Energy Co., Williams Cos., senior portfolio manager at bled producer Ultra Petro- John Paulson added 70 million tives know they face a similar
pecting these to be among Marathon Oil Co. and several Snow Capital Management LP leum Corp. It is scouting Con- shares of Talisman Energy fate if they don’t cut, he said.
the first in a wave of spend- other energy companies outside of Pittsburgh. “If they sol and has been adding other Inc., taken over last spring by “They’re trying to hunker
ing-cut announcements in topped the list of worst per- cut, it’s a sign of weakness. If oil and gas producers it can Repsol SA, which has fallen by down,” he added. “There’s no
coming weeks. Some 17 explo- formers in the stock market, they don’t, it’s a sign of weak- get at low prices with the ex- half since the acquisition. reason to go out and be a hero
ration-and-production compa- with losses of as much as 13%. ness.…Right now, it’s very pre- pectation they can make big Deutsche Bank AG analysts for most of these companies
nies already have announced Consol’s plight is emblem- carious times for them.” gains over the course of sev- on Wednesday warned clients because you’re not going to
a combined 30% cut in their atic of problems for the entire The renewed selloff came eral years, Mr. Schachter said. to be selective in energy get rewarded.”
capital budgets from 2015 to sector, investors and analysts even as the plunge in natural- Cut-rate energy stocks have stocks until there is more evi- —Juliet Chung
2016, according to data com- said. Production has to drop gas futures markets abated lured many big-name inves- dence of producers rationing contributed to this article.
piled by The Wall Street for commodity prices and en- amid a long-awaited blast of tors. In 2015, David Einhorn’s their investments. They cut
Journal and Tortoise Capital ergy companies to stabilize, cold weather in the Northeast. Greenlight Capital Inc. added their forecast both for oil and Heard on the Street: Bottom
Advisors. but many management teams Nymex natural gas for Febru- to its stake in Consol, a wager natural-gas prices for 2016. pickers beware ........................ C8
New Highs and Lows | WSJ.com/stocks Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
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Sym Hi/Lo Chg Stock
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The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE MKT and Nasdaq Stock ConchoResources CXO 82.77 -7.4 HyattHotels H 42.78 -6.2 PatriotNational PN 5.78 -3.9 TIMPartADR TSU 8.19 0.5 VanguardTaxExempt VTEB 51.39 0.4 FlexSharesIntlQual IQDF 20.60 -1.4
Market stocks that hit a new 52-week intraday high or low in the latest session. CrawfordA CRD/A 4.66 -3.7 IRSA GDR IRS 10.80 -10.0 PearsonADR PSO 10.38 -2.2 TRIPointeGroup TPH 11.67 -3.3 VelocityShares3x DWTI 255.60 14.8 FlexMDevexUSFac TLTD 53.08 -1.6
% CHG-Daily percentage change from the previous trading session.
CullenFrostBankers CFR 55.83 -0.3 InfraREIT HIFR 17.25 -3.6 PebblebrookHotelTr PEB 26.50 -3.2 TargaResources TRGP 22.89 -12.1 GldmnSchsGSCnnct GSC 19.16 -2.7
Wednesday, January 6, 2016 DeckersOutdoor DECK 45.08 -2.8 IntrawestResorts SNOW 7.40 -1.7 PenskeAuto PAG 36.05 -7.1 TaylorMorrisonHome TMHC 14.93 -2.9 NYSE Arca lows - 202 GlbCommodityEquity CRBQ 28.25 -2.1
52-Wk % 52-Wk % 52-Wk % DelekUS Hldgs DK 20.98 -10.4 IntrepidPotash IPI 2.47 -10.9 Pentair PNR 47.19 -2.3 Team TISI 29.84 -3.2 ALPSIntlDivDogs IDOG 22.47 -2.0 GlblXBrazilMidCap BRAZ 5.83 -2.7
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg DelticTimber DEL 56.52 -3.6 Intrexon XON 25.06 -8.4 PerformanceSports PSG 8.94 -3.6 TelefonicaADR TEF 10.50 -1.1 AdvisorShEquityPro EPRO 26.53 -1.4 GlblXChnaIndust CHII 11.98 -1.8
OrbitalATK OA 94.92 2.8 BRFADR BRFS 13.28 -2.1 DenburyResources DNR 1.68 -14.9 iStar STAR 11.32 -1.6 PetroChinaADR PTR 61.39 -3.5 TenarisADR TS 22.29 -3.8 QAM Equity Hedge QEH 26.18 -3.0 GlbXCopperMiners COPX 10.90 -5.0
NYSE highs - 47 PIMCO CAMuniIII PZC 12.32 0.3 BancoBilbaoVizADR BBVA 6.95 -2.6 Diebold DBD 27.88 -3.1 J.G.WentworthClA JGW 1.33 1.3 PetroleoBrasilADRA PBR/A 3.12 -5.2 TenetHlthcr THC 26.57 -5.5 ArrowDowJonesGlbYd GYLD 16.80 -1.9 GlblXFTSEGreece20 GREK 7.62 -3.0
AssurGrMunHldg nt AGOpE 25.89 0.4 PIMCO MuniIII PMX 11.80 0.9 BancoBradescoPfADR BBD 4.60 -1.3 Dillards DDS 63.69 -1.4 JohnsonControls JCI 36.92 -3.2 PotashCp POT 16.03 -4.4 Textainer TGH 12.86 -3.1 BarcETNFIEnhEur50 FEEU 86.00 -4.0 GlbXFTSENordReg GXF 20.54 -1.6
AsrdGrnt6.875Bd AGOpB 26.31 1.1 PutnmMgdMun PMM 7.52 -0.1 BancoSantanderADR SAN 4.47 -4.0 Domtar UFS 35.01 -2.4 KBFinancialGrpADR KB 26.73 -1.9 PulteGroup PHM 16.78 -2.2 Textura TXTR 19.85 -1.3 CSOPChinaCSI300AH HAHA 27.88 -6.9 GlbXFTSEPortugal20 PGAL 9.63 -1.5
BlackHillsUn BKHU 56.60 1.0 SouthernNts2015A SOJA 27.19 ... BkNovaScotia BNS 39.15 -2.4 DunBradst DNB 98.94 -1.4 KB Home KBH 11.53 -3.7 QuakerChm KWR 71.57 -3.5 ThirdPointReins TPRE 12.48 -2.3 CambriaGlbValue GVAL 17.14 -1.8 GlbXFertilizersPot SOIL 8.61 -3.1
BlkRkCA MI Tr BFZ 16.13 0.2 THLCreditNts123022 TCRZ 25.05 -0.2 BarclaysADR BCS 12.36 -2.7 ENIADR E 28.18 -2.5 K12 LRN 8.12 -1.7 RackspaceHosting RAX 23.15 -7.2 ThomsonReuters TRI 36.39 -0.1 CambriaValue VAMO 22.70 -1.1 GlbXMSCINigeria NGE 6.62 -1.6
BlkRkMuniInco Tr BFK 15.03 -0.2 WstAstMgdMuni MMU 14.46 1.0 BasicEnergySvcs BAS 2.28 -6.0 ENSCO ESV 12.60 -9.3 KeysightTechs KEYS 27.21 -1.6 Rayonier RYN 21.76 -2.9 TimeInc. TIME 14.38 -0.1 CreditSuisseS&PMLP MLPO 14.80 -17.4 GlblXMSCINorwayETF NORW 9.10 -2.8
BlackrockTerm BTT 22.15 0.6 WestAssetMuniTr MTT 24.74 0.9 BeazerHm BZH 10.60 -4.3 EOG Res EOG 66.70 -4.0 Kirby KEX 48.32 -5.5 RealogyHoldings RLGY 33.70 -2.0 Toll Bros TOL 31.91 -2.5 CurShsBritPnd FXB 143.00 -0.3 GlbXNextEmerging EMFM 16.58 -1.3
BlkRkMunienFd MEN 12.26 0.7 XinyuanRealEstADR XIN 3.99 3.4 Belden BDC 42.26 -4.5 EagleMaterials EXP 56.41 -5.1 Knoll KNL 18.02 -1.6 RestaurantBrands QSR 32.77 -3.0 Transocean RIG 11.10 -5.2 CurShsCanDlr FXC 70.33 -0.6 GlbXSuperDivEM SDEM 11.77 -1.9
BlRkMuHldgNYQlty MHN 14.70 0.1 ZionsBncpNt28 ZBK 28.98 0.5 BigLots BIG 37.27 -1.3 EatonVance EV 30.50 -2.5 KoreaFund KF 30.34 -1.2 RestorationHardwr RH 73.82 -3.5 TransoceanPartners RIGP 8.07 -2.4 ChineseRenminbi FXCH 72.19 -3.1 GSActiveBetaEM GEM 23.85 -2.2
BlkRkMunivestFdII MVT 16.69 0.6 BlkRkEngyResTr BGR 12.14 -5.1 Energen EGN 36.67 -10.9 KratnPrfmcPlymr KRA 15.44 1.0 Revlon A REV 25.91 -4.1 TravelCtrsAmerica TA 8.83 -3.7 DBAgricDoubleLgETN DAG 2.99 -3.8 GSActiveBetaIntlEq GSIE 23.45 -2.1
BlkRkMuniyldQlty MQY 16.36 -0.4 NYSE lows - 263 BoiseCascade BCC 22.89 -4.9 Enerplus ERF 2.97 -7.4 LaQuintaHoldings LQ 12.50 -5.4 RioTinto ADR RIO 26.69 -5.7 TribuneMediaClA TRCO 32.63 ... DeutscheXMSCIBrazl DBBR 7.87 -1.9 GugCnEngy ENY 6.40 -3.8
BlRkMunyldQltyIII MYI 14.99 0.6 ABBADR ABB 16.83 -1.7 BostonBeerClA SAM 189.38 -2.1 EssentGroup ESNT 20.86 -0.7 LeggMason LM 37.02 -2.8 RitchieBros RBA 21.87 -4.4 TurkcellIletismADR TKC 8.11 -0.8 DeutscheXMSCMexico DBMX 19.92 -1.2 GuggenheimDJIADiv DJD 24.60 -0.8
ExtendedStayAmer STAY 14.46 -3.9 LendingClub LC 10.11 -5.6 RobHalfIntl RHI 44.82 -2.7
BlkRkNY Muni BQH 15.45 0.9 ACCOBrands ACCO 6.48 -5.0 BrookfieldMgt BAM 29.28 -2.7 TycoInternational TYC 30.43 -1.0 DirexnBrazilBull3X BRZU 10.11 -4.1 GugFrMkts FRN 10.44 -1.4
BlkRkNYQltyTr BSE 13.90 0.9 ARCDocumentSolns ARC 3.91 -6.2 BrookfieldInfr BIP 35.60 -2.9 FMCTechnologies FTI 26.76 -5.9 LloydsBankingADR LYG 4.17 -2.8 Rockwell ROK 97.02 -2.7 UnionPacific UNP 74.24 -4.3 DirexnCyberBull2X HAKK 32.80 -3.9 GugIntlMltyAst HGI 13.72 -2.2
FairmountSantrol FMSA 2.15 -7.6 MVOilTrust MVO 4.31 -8.4 Rogers ROG 43.82 -3.6
BlkRkNY MI Tr BNY 15.86 0.3 AVX AVX 11.32 -5.5 BuckleInc BKE 28.53 -3.3 Unit UNT 10.20 -13.1 DrxEnrgBull 3x ERX 20.43 -11.8 GuggenheimShipping SEA 11.94 -2.5
9.62 -4.0 FederatedInvestors FII 27.15 -2.5 MagnaInt MGA 36.79 -4.3 RoseRockMidstream RRMS 13.30 -7.3
ChinaNewBorunADR BORN 1.60 3.9 Aaron's AAN 21.23 -7.6 CBD Pao ADR CBD Univar UNVR 15.58 -1.8 DirexionChBull3X YINN 14.51 -6.5 IQ CndaSmCap CNDA 11.70 -0.5
CDI 5.95 -4.0 Ferro FOE 10.00 -5.0 ManulifeFinancial MFC 13.90 -2.9 RoylBkCan RY 50.72 -2.4
CubeSmart CUBE 31.88 1.4 AberdeenSingapore SGF 8.28 -2.0 CDI VF VFC 59.86 -1.7 DirexFTSEEurBull3x EURL 21.35 -5.0 IQGlobalResources GRES 20.41 -1.2
77.34 0.9 ACW 1.41 -9.6 CEB 57.40 -2.1 FiatChrysler7.875 FCAM 74.50 -3.6 MarathnOil MRO 11.14 -11.6 RoyalBkScotlandADR RBS 8.51 -2.3 29.70 0.3
DigitalRealtyTrust DLR Accuride CEB ValeADRClAPfd VALE/P 2.25 -7.7 DirexnHmbldrBull3X NAIL 23.99 -6.1 iPathBloomGrainsTR JJG
DreyfStrMuni LEO 8.66 0.3 AdamsNaturalRscsFd PEO 16.86 -3.3 CFIndustries CF 35.27 -8.6 Fitbit FIT 22.64 -5.8 MarriottVacations VAC 51.57 -3.6 SEACORHoldings CKH 49.04 -3.9 5.79 -3.9
FleetCorTechs FLT 131.26 -3.0
ValeADR VALE 2.87 -7.6 DrxDlLtAmBull 3x LBJ 10.55 -6.2 iPathGSCrdOil nts OIL
EaglePoint7%Nts20 ECCZ 24.95 -0.5 AdvDrainageSystems WMS 21.72 -2.7 CIT 38.03 -2.0 MatadorResources MTDR 17.09 -8.1 SKTelecomADR SKM 19.14 -4.1
CIT Grp ViolinMemory VMEM 0.79 -6.3 DXNDlyNatGas3XBl GASL 4.57 -25.7 iPathPBAgriculture DIRT 30.47 -0.5
EatonVanceMunInc28 ETX 19.07 -0.1 AegonADR AEG 5.33 -1.5 CAL 25.61 -2.0
GOLLinhasADR GOL 0.46 -17.5 MetLife MET 44.05 -4.4 SM Energy SM 16.02 -16.3
Caleres VoyaFinancial VOYA 34.43 -3.9 DirexionDailyRusBl RUSL 9.91 -6.4 iPathPBBroadCmod BCM 23.10 -1.3
ELS 66.99 0.1 AerojetRocketdyne AJRD 14.71 -2.2 CanNtlRlwy CNI 51.98 -3.3
Gallagr AJG 39.36 -1.9 MineralsTechs MTX 40.85 -3.2 SPXFLOW FLOW 25.20 -6.2
EquityLife
GenworthFinClA GNW 3.40 -3.8
VoyaNaturalRscs IRR 5.26 -2.7 DirexionS&POil&Gas GUSH 5.14 -21.0 iPat PBCrudeOil OLEM 14.16 -3.5
91.93 0.8 CanPacRlwy CP 115.98 -7.1
MobileTeleSysADR MBT 5.72 -4.5 SafeBulkers SB 0.71 -5.8
ExtrSpcStor EXR Agrium AGU 85.14 -3.0 WEX WEX 79.18 -2.8 ETRACSMly2xDJRlEst RWXL 27.70 -2.9 iPathPBGrains WEET 32.29 -0.8
CapOneFnlWt COF/WS 27.21 -2.5
GerdauADR GGB 0.99 -7.4 MS ChinaShrFd CAF 18.00 -3.1 SandRidgeEngy SD 0.15 -11.8
FedAgri C AGM 34.34 6.4 AirProducts&Chems APD 122.85 -2.4 WPXEnergyPfdA WPXP 28.05 -13.3 ETRACSMnly2xLevISE HOML 19.12 -5.6 iPathPBNickel NINI 14.63 -0.3
GlblPwrEquipment GLPW 3.33 0.3 Mosaic MOS 26.27 -6.6 SantanderCnsmrUSA SC 14.90 -1.9
FstRep5.5%DepPfdD FRCpD 25.53 0.6 AmericaMovilADR AMX 13.31 -3.1 CarMax KMX 47.70 -7.3 WPXEnergy WPX 4.93 -16.0 ETRACSUBSBloomberg UCIB 11.70 -1.8 iPathPBS&PGSCIWt SBV 18.94 -1.8
GlobalShipLeaseClA GSL 2.26 1.7 MuellerIndustries MLI 25.71 -1.9 ScorpioBulkers SALT 5.20 -17.1
GabelliConv pfB GCVpB 26.90 -0.6 AmericanAxle AXL 16.76 -4.3 CeladonGroup CGI 8.96 -5.9 Wabtec WAB 66.10 -3.5 E-TRACS Engy UBN 5.78 -4.9 iShCommOptimized CMDT 31.41 -1.1
GrahamHoldings GHC 450.13 -0.8 MurphyOil MUR 19.78 -10.9 ScorpioTankers STNG 7.05 -3.1
GabelliDivInco pfD GDVpD 26.99 -0.2 AmEqtyLf AEL 21.84 -2.9 CtrlEuropeRussiaFd CEE 15.89 -2.5 WadlRed A WDR 26.49 -4.5 EGBeyondBRICs BBRC 13.93 -2.0 iShCoreMSCIEurope IEUR 40.40 -1.7
GranayMonteroADR GRAM 2.55 -5.7 NtlOilwellVarco NOV 31.14 -6.8 SeaDrill SDRL 3.02 -8.2
Invesco MIO OIA 7.51 0.3 AmericanExpress AXP 64.24 -2.8 Cenveo CVO 0.80 -2.5 WattsWater A WTS 47.02 -0.7 EGSharesEMQualDiv HILO 11.00 -1.2 iShCurHdgMSCIItaly HEWI 20.96 -3.4
Greenbrier GBX 28.24 -5.5 NaviosMaritime NNA 2.65 -1.8 ShawCom B SJR 16.71 -0.9
InvescoInvNYMuni VTN 14.79 0.4 AnadarkoPetroleum APC 43.72 -9.8 ChesapeakeGranite CHKR 2.90 -4.5 Whirlpool WHR 140.40 -2.6 ElemntsRogrAgri RJA 6.12 -0.4 iShCurrHdgMSCISK HEWY 22.60 -2.8
Gp1Auto GPI 63.18 -10.9 NimbleStorage NMBL 8.17 -4.3 Sothebys BID 22.92 -2.6
MedleyCapNts21 MCX 24.75 0.1 ArcelorMittalNotes MTCN 6.00 -8.2 ChinaMobileADR CHL 52.72 -2.5 WhitingPete WLL 7.77 -12.5 ElemntsRogrEngy RJN 2.17 -4.8 iShCurHdgMSCISpain HEWP 19.63 -2.2
GrubHub GRUB 21.73 -3.2 Noble NE 9.41 -6.7 StJudeMedical STJ 59.71 -1.1
NatlStorage NSA 17.94 2.5 Archrock AROC 6.60 -8.7 ChinaUnicomADR CHU 11.46 -1.8 WilliamLyonHomes WLH 14.42 -5.3 ElemntsRogrTr RJI 4.44 -1.8 iShIntlSelDividend IDV 27.44 -2.0
Gulfmark GLF 3.83 -8.3 NordAngliaEduc NORD 17.64 -5.2 StateSt STT 62.83 -3.3
NewJerseyResources NJR 34.59 1.4 AresManagement ARES 11.91 -5.6 ChipotleMex CMG 423.00 -5.0 WillmSnoma WSM 55.43 -3.2 EnSelectSectorSPDR XLE 57.71 -3.8 iShU.S.EnergyETF IYE 32.44 -3.8
HFF A HF 28.26 -2.5 Nordstrom JWN 47.71 -3.0 StatoilADR STO 13.02 -3.9
NipponTelegraphADR NTT 40.90 0.8 ArmstrongWInd AWI 43.86 -1.6 CimarexEngy XEC 84.44 -6.1 WyndhamWorldwide WYN 68.91 -2.5 ETFS PlldmShr PALL 48.67 -4.9 iShUSOilEquip&Svcs IEZ 33.61 -4.7
HNI HNI 34.11 -3.1 NorthAtlDrilling NADL 1.79 9.2 SteelPartnersHldgs SPLP 15.40 -2.0
NuveenCalAMT NKX 15.52 -0.1 AsburyAutomotive ABG 56.99 -12.0 ClayEngy CWEI 25.49 -6.5 YPFADR YPF 14.55 -4.8 EthoClimateLeader ETHO 23.86 -1.9 iShUSOil&GasExpln IEO 49.64 -5.7
HarleyDavidson HOG 42.89 -4.2 NuverraEnvlSolns NES 0.37 4.0 StifelFinancial SF 39.39 -3.7
NuvnEnhMuniVlFd NEV 16.14 0.3 AsiaTigersFund GRR 8.77 -1.5 CobaltIntlEnergy CIE 4.61 -7.8 FIEnhancedEur50ETN FIEU 88.84 -3.7 iShEmgMktDividend DVYE 28.56 -1.5
Harsco HSC 7.32 -4.4 OceaneeringIntl OII 35.51 -5.3 Stillwater SWC 7.93 -2.3
NuvMuniInco NMI 12.42 -0.7 AssdBanc-Corp8.00% ASBpB 26.02 -0.8 CommunityHlthSys CYH 23.13 -7.9
HarteHanks HHS 2.83 -4.0 Ooma OOMA 5.66 1.5 STMicroelectronics STM 6.28 -2.8
NYSE Arca highs - 10 FidelityLtdTermBd FLTB 49.50 -0.2 iShEnhancedUSSC IESM 28.49 -0.8
NuvValue NUV 10.30 0.5 AtwdOcn ATW 9.02 -7.4 EngGr-Cmg ADR CIG 1.32 -2.2 DBBaseMtlsShrtETN BOS 38.79 3.4 FidelityMSCIEn FENY 16.38 -3.8 iSharesEuropeETF IEV 38.41 -1.7
HavrtyFurn HVT 20.11 -4.3 OppenHldgs OPY 15.52 -1.0 SummitHotelProp INN 11.05 -3.8
NuvNY Valu NNY 10.19 0.6 AutoNation AN 47.91 -10.5 COPELADR ELP 5.51 -0.2 DBCommodityShrtETN DDP 70.00 18.6 FstTrEngyAlpDx FXN 12.97 -5.9 iShLatinAmerica40 ILF 20.32 -2.2
HavrtyFurn A HVT/A 20.45 -4.9 OwensIL OI 15.76 -2.6 SummitMaterialsClA SUM 17.38 -5.9
HershaHospitalityA HT 20.30 -3.1 PVH Corp. PVH 71.68 -2.3 SuncorEnergy SU 24.13 -4.4 DBCrudeOilDblShrt DTO 187.00 8.9 FTHeitmanPrmRlEst PRME 19.83 -1.8 iShMSCIAllPeruCap EPU 19.74 -1.7
Online>> HertzGlobal HTZ 12.96 -6.4
Hess HES 44.86 -6.2
PacificDrilling PACD
PandoraMedia P
0.75 -8.7
11.01 -3.0
SunstnHtlInv SHO
SprEngy SPN
11.98 -3.2
11.91 -6.8
DBCrudeOilShortETN SZO
iShiBdDec21AMTFree IBMJ
100.89 5.5
25.80 1.1
FTMidCapValue FNK 25.49 -2.1 iShMSCIBrazilCap EWZ 19.81 -1.5
FlexSharesCurrHdDM TLDH 23.21 -0.9 iShMSCIBrazilSC EWZS 6.44 -0.7
During the trading day, 52-week highs and lows are updated hourly HHGregg HGG 2.51 -34.0 ParkElchm PKE 14.15 -1.8 SwissHelvFd SWZ 10.25 -2.1 iShiBdDec22AMTFree IBMK 25.92 1.0 FlexGlbUpstmNatRsc GUNR 21.38 -2.8 iShMSCICanadaETF EWC 20.56 -2.2
at WSJMarkets.com. Lists for each market are available free, along HiltonWorldwide HLT 19.84 -5.2 ParkerDrilling PKD 1.65 -6.2 TCFFinancial TCB 13.50 -1.2 PSUltBloomCrudeOil SCO 156.15 9.4 FlexSharesIntlDiv IQDE 20.25 -1.6 iShMSCIEurozoneETF EZU 33.38 -1.6
with easy access to charts and headlines. HowardHughes HHC 104.00 -0.9 ParkerHannifin PH 92.98 -1.3 TERNIUMADR TX 11.35 -2.1 UntdStsShrtOil DNO 88.49 5.1 FlexSharesIntl IQDY 21.35 -1.8 Continued on Page C6
THE WALL STREET JOURNAL. Thursday, January 7, 2016 | C5
MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
16906.51 t 252.15, or 1.47% Trailing P/E ratio * 16.03 16.49 1990.26 t 26.45, or 1.31% Trailing P/E ratio * 22.95 19.37 4835.76 t 55.67, or 1.14% Trailing P/E ratio * 23.25 24.25
High, low, open and close for each P/E estimate * 16.10 15.71 High, low, open and close for each P/E estimate * 17.44 16.50 High, low, open and close for each P/E estimate * 20.04 18.95
trading day of the past three months. Dividend yield 2.63 2.47 trading day of the past three months. Dividend yield 2.14 1.94 trading day of the past three months. Dividend yield 1.17 1.26
All-time high 18312.39, 05/19/15 All-time high: 2130.82, 05/21/15 All-time high: 5218.86, 07/20/15
Current divisor 0.14602128057775

18500 2150 5250
18000 2100 5100
17500 2050 4950
17000 2000 4800
Session high
65-day moving average
65-day moving average DOWN UP 16500 1950 65-day moving average 4650
t
Session open Close
Close Open
t
16000 1900 4500
Bars measure the point change from session's open Session low
15500 1850 4350
Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan.
Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week Range % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE MKT Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE MKT
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 1,053,571,413 9,638,490
Industrial Average 17154.83 16817.62 16906.51 -252.15 -1.47 18312.39 15666.44 -3.9 -3.0 8.0 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 156,381,244 3,857,137
Transportation Avg 7334.80 7183.06 7217.05 -146.90 -1.99 9178.48 7217.05 -17.7 -3.9 9.3 Most-active issues in late trading Decl. volume* 893,414,526 5,465,352
Utility Average 582.42 575.26 580.50 -0.47 -0.08 652.11 541.97 -6.6 0.5 7.7 Volume After Hours Issues traded 3,225 380
Company Symbol (000) Last Net chg % chg High Low Advances 813 153
Total Stock Market 20717.89 20410.37 20523.22 -283.08 -1.36 22287.78 19528.72 -2.6 -2.7 10.3
VelocityShares 3x Lg UWTI 22,027.3 3.09 0.050 1.645 4.44 3.03 Declines 2,342 207
Barron's 400 502.48 495.88 498.54 -7.39 -1.46 586.75 497.51 -5.6 -3.5 9.7
Bank Of America BAC 19,339.3 16.11 0.030 0.187 16.16 16.08 Unchanged 70 20
Nasdaq Stock Market SPDR S&P 500 SPY 14,751.2 199.15 0.330 0.17 207.75 197.65 New highs 47 4
Nasdaq Composite 4866.04 4804.69 4835.76 -55.67 -1.14 5218.86 4506.49 4.0 -3.4 16.0 21st Century Fox Cl B FOX 7,634.0 26.60 0.100 0.38 26.60 26.49 New lows 263 16
Nasdaq 100 4467.55 4409.49 -40.19 4719.05 4016.32 -3.3 Closing tick 16 33
4443.99 -0.90 6.8 17.7 VISA Cl A V 6,157.2 75.04 -0.230 -0.31 78.06 75.02
Closing Arms† 1.99 1.05
Rite Aid RAD 5,447.5 7.90 0.020 0.25 7.92 7.88
Standard & Poor's Block trades* 5,591 105
21st Century Fox Cl A FOXA 5,201.7 26.72 … unch. 26.79 26.71
500 Index 2011.71 1979.05 1990.26 -26.45 -1.31 2130.82 1867.61 -1.8 -2.6 10.7 Nasdaq NYSE Arca
General Motors GM 4,974.2 31.27 … unch. 34.33 31.24
MidCap 400 1373.61 1353.81 1360.83 -19.48 -1.41 1549.44 1351.29 -4.9 -2.7 8.8 Total volume* 2,131,377,590 365,027,062
SmallCap 600 654.13 647.31 650.21 -7.56 -1.15 742.13 641.76 -3.7 -3.2 9.7 Percentage gainers… Adv. volume* 431,101,722 72,858,566
Decl. volume* 1,688,790,379 290,211,682
Other Indexes Zumiez ZUMZ 20.0 17.25 2.17 14.39 17.25 15.08
Issues traded 2,965 1,430
Russell 2000 1109.46 1088.77 1094.37 -16.07 -1.45 1295.80 1083.91 -6.9 -3.7 7.6 US Auto Parts Ntwk PRTS 5.0 3.20 0.26 8.84 3.20 3.20
Advances 837 323
NYSE Composite 9925.90 9821.33 9868.26 -159.80 -1.59 11239.66 9601.42 -7.1 -2.7 4.4 Mistras Group MG 11.1 20.00 1.35 7.24 21.25 18.65 Declines 2,040 1,096
Value Line 438.95 428.90 431.09 -7.86 -1.79 522.42 431.09 -12.1 -3.3 4.2 DXN Dly NatGas 3X Bl GASL 13.7 4.78 0.21 4.60 6.20 4.59 Unchanged 88 11
NYSE Arca Biotech 3672.88 3587.71 3620.62 -90.93 -2.45 4431.87 3303.47 3.1 -5.1 30.9
Constellium Cl A CSTM 5.0 8.18 0.30 3.76 8.18 8.18 New highs 25 10
New lows 183 202
NYSE Arca Pharma 534.49 528.32 531.06 -6.14 -1.14 605.94 509.74 -1.2 -1.9 11.9 ...And losers
Closing tick 386 21
KBW Bank 70.76 69.72 70.03 -1.24 -1.74 80.41 66.40 -0.8 -4.2 9.2 Ardelyx ARDX 9.1 13.89 -1.07 -7.15 15.39 13.80 Closing Arms† 1.61 1.23
PHLX§ Gold/Silver 47.42 46.66 46.81 0.63 1.37 82.07 43.21 -37.3 3.3 -34.0 Atmel ATML 87.4 8.05 -0.52 -6.07 8.57 7.97 Block trades* 7,789 1,533
PHLX§ Oil Service 156.26 148.10 149.01 -7.63 -4.87 224.32 149.01 -25.2 -5.5 -13.8 Resources Connection RECN 10.0 14.98 -0.95 -5.96 15.93 14.98 * Primary market NYSE, NYSE MKT NYSE Arca only.
PHLX§ Semiconductor 639.36 626.28 631.20 -18.27 -2.81 746.08 559.59 -5.1 -4.9 16.6 Globus Medical GMED 22.8 25.98 -1.61 -5.84 27.92 25.98 †(TRIN) A comparison of the number of advancing and declining
CBOE Volatility 21.86 19.80 1.25 40.74 11.95 13.1 issues with the volume of shares rising and falling. An
20.59 6.46 6.6 14.2 pSivida PSDV 7.5 3.91 -0.22 -5.33 3.91 3.80 Arms of less than 1 indicates buying demand; above 1
Philadelphia Stock Exchange Sources: SIX Financial Information; WSJ Market Data Group indicates selling pressure.
International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD Latest Session 52-Week Latest Session 52-Week
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 2255.36 –28.33 –1.24 –3.5 American Independence AMIC 12.45 3.68 42.04 13.24 8.50 20.2 HHGregg HGG 2.52 -1.30 -34.03 6.87 2.51 -56.6
The Global Dow Euro 1975.49 –30.23 –1.51 –2.5 Auris Medical Holding EARS 7.79 1.85 31.14 7.96 3.02 121.9 General Steel Holdings GSI 2.09 -0.98 -31.83 5.20 0.53 -37.0
DJ Global Index 298.01 –3.66 –1.21 –3.2 Direxion Natl Gas Bear 3x GASX 68.51 14.24 26.24 87.21 37.50 ... DXN Dly NatGas 3X Bl GASL 4.57 -1.58 -25.69 247.00 4.57 -96.9
World DJ Global ex U.S. 202.20 –2.17 –1.06 –3.8 Direxion S&P Oil Gas Br DRIP 100.68 17.27 20.71 109.00 38.00 ... Epizyme Inc. EPZM 11.54 -3.58 -23.68 28.48 10.86 -37.7
Heat Biologics HTBX 4.32 0.66 18.03 10.90 1.67 6.4 Lucas Energy LEI 5.30 -1.60 -23.19 11.25 1.23 101.9
Americas DJ Americas 473.74 –6.77 –1.41 –2.8
–3.6 MaxLinear MXL 15.60 2.11 15.64 17.75 7.31 111.4 Direxion S&P Oil Gas GUSH 5.28 -1.40 -20.96 41.06 5.14 ...
Brazil Sao Paulo Bovespa 41773.14 –646.18 –1.52
–2.2
VelocityShares 3x Inv DWTI 251.85 32.45 14.79 255.60 56.32 62.3 Sky Solar Holdings ADR SKYS 5.49 -1.17 -17.57 12.54 4.29 -50.0
Canada S&P/TSX Comp 12726.80 –193.34 –1.50
Hooker Furniture HOFT 28.22 3.40 13.70 28.39 17.04 60.0 Identiv Inc. INVE 1.95 -0.41 -17.38 14.88 1.53 -86.5
Mexico IPC All-Share 41691.19 –350.49 –0.83 –3.0
Cape Bancorp CBNJ 14.06 1.67 13.48 14.15 8.62 52.8 Ring Energy REI 5.56 -1.16 -17.26 13.41 5.55 -39.6
Chile Santiago IPSA 2890.78 –8.92 –0.31 –1.8
Direxion S&P Biotech Bear LABD 39.72 4.56 12.97 66.40 24.00 ... Scorpio Bulkers SALT 5.40 -1.11 -17.05 35.39 5.20 -76.7
Europe Stoxx Europe 600 354.35 –4.53 –1.26 –3.1
Nobilis Health HLTH 3.10 0.35 12.73 9.34 2.15 14.8 Anavex Life Sciences AVXL 5.11 -1.01 -16.50 14.84 0.63 594.3
Euro zone Euro Stoxx 332.17 –4.31 –1.28 –3.8
Vuzix VUZI 6.89 0.77 12.58 8.56 3.61 24.1 SM Energy SM 16.39 -3.19 -16.29 60.28 16.02 -52.3
Belgium Bel-20 3613.69 –39.49 –1.08 –2.3
Direxion Daily En Bear 3x ERY 32.41 3.40 11.72 40.52 15.75 34.2 WPX Energy WPX 4.97 -0.95 -16.05 14.65 4.93 -54.0
France CAC 40 4480.47 –57.16 –1.26 –3.4 MeetMe MEET 3.94 0.38 10.53 3.99 1.32 173.3 Stone Energy SGY 3.58 -0.68 -15.96 19.65 3.06 -75.9
Germany DAX 10214.02 –96.08 –0.93 –4.9 Akari Therapeutics ADR AKTX 17.57 1.67 10.50 62.00 4.00 -66.2 ChemoCentryx CCXI 5.75 -1.06 -15.57 9.46 5.40 -17.4
Israel Tel Aviv 1523.41 –8.01 –0.52 –0.3
Italy FTSE MIB 20422.39 –560.85 –2.67 –4.7
Netherlands AEX 428.76 –6.24 –1.43 –3.0 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 9197.40 –137.80 –1.48 –3.6 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Sweden SX All Share 486.55 … Closed –3.7
Switzerland Swiss Market 8613.42 –88.04 –1.01 –2.3 SPDR S&P 500 SPY 137,057 17.4 198.82 -1.26 213.78 182.40 Cape Bancorp CBNJ 1,462 5239 14.06 13.48 14.15 8.62
–2.7 VelocityShares 3x Lg UWTI 88,928 180.0 3.04 -15.56 43.20 2.99 Auris Medical Holding EARS 6,726 3585 7.79 31.14 7.96 3.02
U.K. FTSE 100 6073.38 –63.86 –1.04
Bank Of America BAC 83,326 4.8 16.08 -2.13 18.48 14.60 OceanFirst Financial OCFC 734 2256 19.04 -4.56 21.00 16.01
Asia-Pacific DJ Asia-Pacific TSM 1341.66 –12.43 –0.92 –3.5 Apple AAPL 67,767 54.7 100.70 -1.96 134.54 92.00 SPDR SSgA Ultra Shrt ULST 190 2217 39.96 -0.02 41.00 39.63
Australia S&P/ASX 200 5123.10 –61.30 –1.18 –3.3 iPath SP 500 VIX Sht Tm VXX 65,811 7.8 21.29 3.00 37.35 15.48 AR Capital Acquisition AUMA 436 2054 9.73 ... 10.48 8.75
China Shanghai Composite 3361.84 74.13 2.25 –5.0
iShares MSCI Emg Markets EEM 63,846 1.3 30.78 -1.91 44.19 30.00 First Tr NASDAQ Glbl Auto CARZ 155 1823 33.83 -3.40 42.44 20.01
Hong Kong Hang Seng 20980.81 –207.91 –0.98 –4.3
Finl Select Sector SPDR XLF 62,015 51.3 23.10 -1.53 25.62 18.52 IQ Hedge Mkt Neutral QMN 100 1261 24.95 ... 26.47 24.58
India S&P BSE Sensex 25406.33 –174.01 –0.68 –2.7
General Electric GE 61,699 -32.7 30.25 -1.59 31.49 19.37 Acceleron Pharma XLRN 3,427 1250 37.10 -7.76 50.86 20.00
Japan Nikkei Stock Avg 18191.32 –182.68 –0.99 –4.4
Ford Motor F 61,008 125.8 13.11 -4.45 16.74 10.44 Videocon d2h ADR VDTH 2,648 1122 8.21 -5.74 13.49 7.51
Singapore Straits Times 2804.27 –29.96 –1.06 –2.7 iShares MSCI Japan ETF EWJ 56,336 55.3 11.87 -1.74 13.35 11.03 iSh iBonds Dec 2021 Corp IBDM 209 1101 24.43 0.15 25.37 24.22
South Korea Kospi 1925.43 –5.10 –0.26 –1.8 * Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
* Volumes of 100,000 shares or more are rounded to the nearest thousand
Taiwan Weighted 7990.39 –84.72 –1.05 –4.2 5,000 shares =Has traded fewer than 65 days
Sources: SIX Financial Information; WSJ Market Data Group
Consumer Rates and Returns to Investor Benchmark

Treasury Yields
yield curve Forex Race Currencies
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs.
U.S.-dollar foreign-exchange rates in late New York trading
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
Five-year ARM, Rate US$vs, US$vs,
A consumer rate against its Wed YTDchg Wed YTDchg
5.00% 15%
benchmark over the past year Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Bankrate.com avg†: 3.58% 10 WSJ Dollar index
4.00 s Americas Thailand baht .02759 36.250 0.6
Arundel Federal Savings Bank 2.63% 5 Vietnam dong .00004515 22150 unch
4.00% Glen Burnie, MD Argentina peso .0722 13.8476 7.0
410-768-7800 3.00 Europe
t 0 Brazil real .2485 4.0244 1.6
Kearny Bank 2.75% s Canada dollar .7104 1.4077 1.7 Czech Rep. koruna .03988 25.073 0.7
3.00 2.00 –5
5-year adjustable- Kearny, NJ 800-273-3406 Yen Chile peso .001398 715.10 0.9 Denmark krone .1445 6.9212 0.7
rate mortgage –10 Colombia peso .0003072 3255.52 2.5 Euro area euro 1.0781 .9276 0.7
Oritani Bank 2.75% Wednesday 1.00 s
t
(ARM) 2.00
One year ago –15 Euro Ecuador US dollar 1 1 unch Hungary forint .003426 291.90 0.5
t
Twp of Washington, NJ 888-674-8264

.0570 17.5394 2.0 .007625 131.15 0.7
t Mexico peso Iceland krona
1.00 0.00 –20
5-year Treasury Florence Savings Bank 2.88% Peru new sol .2937 3.405 –0.3 Norway krone .1117 8.9551 1.3
note yield 1 3 6 1 2 3 5 710 30 2015
Florence, MA 800-644-8261 Uruguay peso .03315 30.1700 0.9 Poland zloty .2477 4.0369 2.9
0.00 month(s) years Venezuela b. fuerte .158595 6.3054 unch Russia ruble .01337 74.789 4.0
J F M A M J J A S O N DJ Garden State Home Loans 2.88%
maturity Asia-Pacific Sweden krona .1165 8.5870 1.7
2015 Cherry Hill, NJ (609) 216-7912 Switzerland franc .9927 1.0074 0.5
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Australian dollar .7072 1.4140 3.0
Turkey lira .3331 3.0024 2.9
China yuan .1525 6.5591 1.0
Yield/Rate (%) 52-Week Range (%) 3-yr chg Ukraine hryvnia .0429 23.3330 –2.8
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Hong Kong dollar .1290 7.7529 unch
UK pound 1.4631 .6835 0.7
India rupee .01499 66.699 0.7
Federal-funds rate target 0.25-0.5 0.25-0.5 0.00 l 0.50 0.25 Corporate Borrowing Rates and Yields Indonesia rupiah .0000720 13891 0.4 Middle East/Africa
Prime rate* 3.50 3.50 3.25 l 3.50 0.25 Yield (%) 52-Week Total Return (%) Japan yen .008441 118.47 –1.5 Bahrain dinar 2.6539 .3768 –0.1
Bond total return index Close Last Week ago High Low 52-wk 3-yr Kazakhstan tenge .002892 345.75 2.1 Egypt pound .1277 7.8319 unch
Libor, 3-month 0.62 0.61 0.25 l 0.62 0.32
Macau pataca .1253 7.9787 –0.3 Israel shekel .2535 3.9450 1.3
Money market, annual yield 0.28 0.27 0.25 l 0.43 -0.23 Treasury, Ryan ALM 1417.692 1.830 1.954 1.957 1.305 –0.123 1.934
Malaysia ringgit .2262 4.4210 2.7 Kuwait dinar 3.2847 .3044 0.3
Five-year CD, annual yield 1.41 1.39 1.37 l 1.53 0.05 10-yr Treasury, Ryan ALM 1702.526 2.177 2.305 2.480 1.669 –1.949 2.063 New Zealand dollar .6642 1.5056 2.9 Oman sul rial 2.5972 .3850 unch
30-year mortgage, fixed† 4.01 4.07 3.71 l 4.22 0.28 DJ Corporate 343.344 3.349 3.451 3.462 2.633 –0.886 2.299 Pakistan rupee .00954 104.850 unch Qatar rial .2746 3.642 unch
15-year mortgage, fixed† 3.28 3.32 2.94 l 3.42 0.24 Aggregate, Barclays Capital 1834.100 2.550 2.620 2.630 1.920 0.134 1.743 Philippines peso .0213 47.053 0.4 Saudi Arabia riyal .2664 3.7531 unch
Jumbo mortgages, $417,000-plus† 4.51 4.53 4.00 l 4.97 0.38 Singapore dollar .6963 1.4362 1.3 South Africa rand .0630 15.8620 2.5
High Yield 100, Merrill Lynch 2376.875 7.649 7.808 8.056 5.016 –4.535 1.240 South Korea won .0008330 1200.52 2.1
Five-year adj mortgage (ARM)† 3.58 3.58 3.14 l 4.00 0.50 Close Net Chg % Chg YTD%Chg
Fixed-Rate MBS, Barclays 1912.120 2.770 2.820 2.900 2.280 1.269 2.183 Sri Lanka rupee .0069469 143.95 –0.2
New-car loan, 48-month 3.17 3.21 2.71 l 3.33 0.34 Taiwan dollar .02996 33.380 1.4 WSJ Dollar Index 90.87 0.14 0.15 0.77
Muni Master, Merrill 503.105 1.638 1.755 2.099 1.475 2.991 3.076
HELOC, $30,000 4.60 4.58 4.24 l 4.71 -0.03
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 671.220 6.715 6.699 6.817 5.679 2.156 –0.170 Sources: Tullett Prebon, WSJ Market Data Group
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
Commodities Wednesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
DJ Commodity 442.54 -5.85 -1.30 584.70 441.41 -20.07 -2.48

ONLINE
WSJ
Reuters-Jefferies CRB 169.45 -3.61 -2.09 231.77 169.45 -24.71 -3.87
Crude oil, $ per barrel 33.97 -2.00 -5.56 61.43 33.97 -30.17 -8.29
Real-time U.S. stock quotes are available on WSJ.com. Track most-active stocks, new highs/lows, mutual funds and
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Gold, $ per troy oz. 1091.90 13.50 1.25 1300.70 1050.80 -9.81 2.98
WSJMarkets.com
C6 | Thursday, January 7, 2016 THE WALL STREET JOURNAL.
BIGGEST 1,000 STOCKS

WSJ.com/stocks
How to Read the Stock Tables Net Net Net Net Net Net
The following explanations apply to NYSE, NYSE Arca, NYSE MKT and Nasdaq Stock Market listed Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
securities. Prices are composite quotations that include primary market trades as well as trades GenElec GE 30.25 -0.49 M&T Bnk MTB 115.74 -2.39 PrecisionCastparts PCP 232.78 0.48 Textron TXT 40.35 -1.25 Amazon.com AMZN 632.65 -1.14 LibertyVenturesA LVNTA 42.15 -0.30
reported by Nasdaq OMX BXSM (formerly Boston), Chicago Stock Exchange, CBOE, National Stock
Exchange, ISE and BATS. GeneralGrowthProp GGP 27.62 0.25 MGMResortsIntl MGM 22.39 -0.36 PrincipalFinancial PFG 42.32 -1.82 ThermoFisherSci TMO 137.45 -1.06 Amdocs DOX 53.27 -0.67 LibertyMediaA LMCA 37.40 -0.10
The list comprises the 1,000 largest companies based on market capitalization. GeneralMills GIS 56.73 -0.47 MPLX MPLX 36.83 -2.21 Procter&Gamble PG 77.86 -0.76 t ThomsonReuters TRI 37.01 -0.03 Amerco UHAL 379.00 -6.96 LibertyMediaC LMCK 36.26 -0.05
Underlined quotations are those stocks with large changes in volume compared with the issue’s GeneralMotors GM 31.27 -1.16 MSCI MSCI 70.59 -0.55 ProgressiveCorp PGR 31.06 -0.35 3M MMM 144.49 -2.97 t AmericaMovilClAADR AMOV 13.20 -0.55 LinearTechnology LLTC 40.55 -1.37
average trading volume. Genpact G 24.07 -0.24 Macerich MAC 81.77 -0.73 Prologis PLD 42.55 -0.23 Tiffany TIF 72.92 -1.38 AmerAirlinesGrp AAL 41.23 0.71 LinnEnergy LINE 1.25 -0.12
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous GenuineParts GPC 82.66 -1.67 MacquarieInfr MIC 67.90 -1.62 PrudentialFin PRU 76.92 -2.65 TimeWarnerCable TWC 181.87 -1.06 AmeriCapAg AGNC 17.86 0.07 lululemonathletica LULU 54.91 -0.68
closing price was $2 or higher.
Gildan GIL 27.84 -0.13 Macys M 36.15 -0.81 PrudentialADR PUK 41.80 -1.68 TimeWarner TWX 68.62 3.10 Amgen AMGN 156.72 -1.45 ManhattanAssoc MANH 62.70 -1.98
Footnotes: listing standards vj-In bankruptcy or GlaxoSmithKlineADR GSK 40.24 -0.44 MagelnPtnrs MMP 67.02 -2.24 PublicServiceEnt PEG 38.61 -0.32 t Toll Bros TOL 32.13 AmTrustFinSvcs AFSI 59.09 -2.63 Markit MRKT 29.33 -0.42
s-New 52-week high. lf-Late filing receivership or being -0.82
t-New 52-week low. q-Temporary exemption from reorganized under the GlblPymts GPN 63.75 0.20 t MagnaInt MGA 37.17 -1.66 PublicStorage PSA 251.67 0.40 Torchmark TMK 55.91 -1.10 AnacorPharm ANAC 109.07 -5.20 t MarriottInt A MAR 63.62 -1.97
dd-Indicates loss in the most Nasdaq requirements. Bankruptcy Code, or securities GoDaddyClA GDDY 31.73 0.16 Mallinckrodt MNK 70.27 -2.93 t PulteGroup PHM 16.94 -0.38 TorntoDomn TD 37.05 -0.84 AnalogDevices ADI 51.74 -2.30 Mattel MAT 26.92 -0.34
recent four quarters. t-NYSE bankruptcy assumed by such companies. Goldcp GG 11.81 0.22 ManpowerGroup MAN 79.12 -2.41 Qihoo360Technology QIHU 72.10 -0.07 TotalADR TOT 42.65 -0.77 Apple AAPL 100.70 -2.01 MaximIntProducts MXIM 35.18 -1.05
FD-First day of trading. v-Trading halted on primary GoldmanSachs GS 169.84 -4.25 t ManulifeFinancial MFC 14.01 -0.42 QuestDiag DGX 69.68 -1.10 TotalSystemSvcs TSS 47.90 -0.65 AppliedMaterials AMAT 17.73 -0.76 Medivation MDVN 45.34 -1.99
h-Does not meet continued market. GraceWR GRA 95.18 -2.03 t MarathnOil MRO 11.28 -1.48 ArchCapitalGroup ACGL 69.21 0.11 MelcoCrownEntADR MPEL 15.96 -0.97
QuintilesTransnat Q 66.74 -0.37 ToyotaMotorADR TM 118.38 -2.76
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and
Grainger GWW 199.05 -0.63 MarathonPetroleum MPC 48.72 -1.88 RELXADR RENX 16.32 -0.21 TransCan TRP 31.70 -0.52 AthenaHealth ATHN 165.30 2.08 MercadoLibre MELI 107.33 -2.35
changes in the closing prices from 4 p.m. the previous day. GpoAeroportuarADR PAC 83.67 -1.52 MarineHarvestADR MHG 12.97 0.06 RELXADR RELX 17.34 -0.22 TransdigmGrp TDG 230.10 2.51 t AtlassianClA TEAM 27.05 0.28 MichaelsCos. MIK 22.07 -0.03
GpoAvalAccionesADR AVAL 6.30 -0.31 Markel MKL 866.30-16.40 RPM RPM 42.44 -0.49 TransUnion TRU 27.41 -0.16 Autodesk ADSK 59.54 -0.85 MicrochipTech MCHP 44.93 -0.71
Wednesday, January 6, 2016 Net Net GpFinSantandMexADR BSMX 8.40 -0.11 MarshMcL MMC 54.11 -0.66 RalphLaurenA RL 108.10 -2.78 TravelersCos TRV 109.04 -1.43 ADP ADP 81.26 -1.01 MicronTechnology MU 14.22 -0.60
Net Stock Sym Close Chg Stock Sym Close Chg GrupoTelevisaADR TV 25.86 -0.70 MrtnMarMat MLM 129.83 -3.35 RayJamFnl RJF 54.26 -2.20 t TurkcellIletismADR TKC 8.17 -0.07 AvagoTech AVGO 133.29 -4.23 Microsoft MSFT 54.05 -1.00
Stock Sym Close Chg GuangshenRailADR GSH 24.23 -0.16 MAS 27.38 -0.22 Raytheon RTN 125.82 0.01 TurquoiseHillRscs TRQ 2.32 BaiduADR BIDU 185.61 -1.76 Middleby MIDD 101.75 -6.17
t BarclaysADR BCS 12.42 -0.35 Credicorp BAP 93.47 -1.22 Masco -0.14
BCR 184.02 -0.78 CreditSuisseADR CS 20.81 -0.39 HCAHoldings HCA 65.98 -0.46 MasterCard MA 93.35 -1.45 t RealogyHoldings RLGY 33.92 -0.68 Twitter TWTR 21.39 -0.53 t BedBath BBBY 47.02 -2.02 MondelezIntlClA MDLZ 43.99 -0.16
NYSE Bard CR
BarrickGold ABX 7.94 0.29 CrescentPntEnrg CPG 10.54 -0.54 HCP HCP 37.49 -1.57 McCormick MKC 84.27 -0.15 RealtyIncome O 52.60 0.31 t TycoInternational TYC 31.11 -0.30 Biogen BIIB 293.68 -3.02 MonsterBeverage MNST 146.30 0.23
t ABBADR ABB 16.92 -0.29 Baxalta BXLT 39.30 -2.21 CrestwoodEquity CEQP 18.65 -1.15 HDFCBankADR HDB 60.59 0.09 McCormickVtg MKC/V 84.07 0.08 RedHat RHT 80.59 -1.32 TylerTechnologies TYL 166.41 -2.20 BioMarinPharm BMRN 100.44 -3.01 Mylan MYL 53.36 -0.73
ACE ACE 112.74 -2.14 BaxterIntl BAX 37.41 0.09 CrownCastl CCI 86.41 -0.73 HP HPQ 11.29 -0.42 McDonalds MCD 118.40 -0.80 RegencyCtrs REG 69.26 0.40 TysonFoodsClA TSN 52.26 -0.04 BlackBerry BBRY 8.74 -0.12 NXP Semi NXPI 80.35 -2.04
ADTCorp. ADT 31.34 -1.02 BectonDksn BDX 146.94 -1.48 CrownHoldings CCK 49.59 -0.82 HSBCHoldingsADR HSBC 37.17 -1.33 McGrawHillFin MHFI 94.08 -1.04 RegionsFinancial RF 9.26 -0.16 UBSGroup UBS 18.78 -0.24 Broadcom BRCM 55.34 -1.03 Nasdaq NDAQ 57.23 -0.17
AES AES 9.23 -0.33 Berkley WRB 53.08 -0.68 s CubeSmart CUBE 31.72 0.43 Halliburton HAL 33.42 -0.98 McKesson MCK 193.10 -2.40 ReinsuranceGrp RGA 84.42 0.05 UDR UDR 37.17 -0.27 CA CA 27.27 -0.61 t NetApp NTAP 24.69 -0.53
Aflac AFL 58.20 -0.90 BerkHathwy A BRK/A197415415.01 Cummins CMI 88.68 -0.41 Hanesbrands HBI 29.94 -0.07 MeadJohnNutr MJN 77.50 -0.05 RensHldg RNR 113.34 -0.01 UGI UGI 34.03 -0.07 CBOE Holdings CBOE 62.46 -0.64 NeteaseADR NTES 173.67 -0.19
AGLResources GAS 63.85 -0.15 BerkHathwy B BRK/B 131.33 0.08 DDR Corp DDR 17.05 0.21 t HarleyDavidson HOG 43.40 -1.89 Mednax MD 69.25 -0.56 RepublicServices RSG 43.99 0.15 UltraparPartADR UGP 14.50 -0.13 CDKGlobal CDK 47.28 0.34 Netflix NFLX 117.68 10.02
AT&T T 34.06 -0.05 BestBuy BBY 29.95 -1.20 DTEEnergy DTE 79.59 -0.36 HarmanIntlInds HAR 93.04 -2.96 Medtronic MDT 76.20 0.21 ResMed RMD 51.40 -1.04 UnderArmour A UA 79.87 -0.28 CDW CDW 41.25 0.32 NewsCorpClA NWSA 12.71 -0.06
AbbottLabs ABT 42.56 -0.36 BioMedRealtyTrust BMR 23.70 0.02 Danaher DHR 90.78 -1.07 Harris HRS 87.37 -0.80 Merck MRK 52.42 -0.73 t RestaurantBrands QSR 33.15 -1.04 UnileverADR UN 41.45 -0.66 CH Robinson CHRW 63.16 -0.31 NewsCorpClB NWS 13.23 0.12
AbbVie ABBV 57.38 0.01 BlackKnightFinSvcs BKFS 31.48 -0.03 Darden DRI 62.92 -0.47 HrtfrdFnl HIG 42.24 -1.13 t MetLife MET 44.37 -2.05 ReynoldsAmer RAI 47.77 1.20 UnileverADR UL 41.50 -0.60 CMEGroupClA CME 88.93 -0.44 NrthnTrust NTRS 69.01 -1.68
AccentureClA ACN 102.16 -0.20 BlackRock BLK 330.16 -3.80 DaVitaHlthcrPtrs DVA 68.16 -0.96 HealthNet HNT 68.66 -0.56 MetlrToledo MTD 324.74 -6.64 t RioTinto ADR RIO 27.03 -1.62 t UnionPacific UNP 74.83 -3.38 t CSX CSX 24.37 -1.16 NorwegianCruise NCLH 56.97 -0.74
AcuityBrands AYI 229.94 -6.23 BlackstoneGroup BX 27.29 -0.85 Deere DE 75.66 -0.86 HelmPayne HP 50.48 -3.08 MichaelKorsHldgs KORS 39.76 -0.96 RiteAid RAD 7.88 -0.01 UnitedContlHldgs UAL 55.20 0.14 CadenceDesign CDNS 20.20 -0.34 NuanceComms NUAN 19.31 -0.24
AdvanceAuto AAP 147.20 -4.00 BlockHR HRB 33.01 -0.24 DelhaizeGroupADR DEG 24.10 0.01 Herbalife HLF 51.86 -2.14 MidAmApt MAA 90.69 -0.47 t RobHalfIntl RHI 45.06 -1.23 UtdParcel B UPS 94.42 -1.36 Carlyle CG 15.24 -0.30 NVIDIA NVDA 31.53 -1.36
AdvSemiEnggADR ASX 5.38 -0.11 BdwlkPipePtnr BWP 12.19 -0.44 DelphiAutomotive DLPH 79.49 -2.17 Hershey HSY 87.73 0.06 MindrayMed ADR MR 26.88 -0.08 t Rockwell ROK 97.92 -2.69 UnitedRentals URI 66.70 -3.35 Celgene CELG 116.71 -1.25 OReillyAuto ORLY 241.07 -6.89
t AegonADR AEG 5.38 -0.08 Boeing BA 138.83 -2.24 DeltaAir DAL 48.93 0.36 t HertzGlobal HTZ 13.14 -0.90 MitsubishiUFJADR MTU 6.13 -0.11 RockwellCollins COL 90.93 -1.69 US Bcp USB 41.05 -0.63 Cerner CERN 57.62 -0.46 OldDomFrght ODFL 57.52 -1.41
AerCapHoldings AER 39.95 -1.04 BoozAllenHamilton BAH 30.65 0.24 DeutscheBank DB 23.14 -0.34 t Hess HES 45.07 -3.00 MizuhoFinancialADR MFG 3.96 -0.08 RogerComm B RCI 34.27 -0.62 US Steel X 7.93 -0.29 CharterComms CHTR 174.31 -0.86 OpenText OTEX 46.75 -0.42
Aetna AET 110.22 -0.56 BorgWarner BWA 40.21 -1.36 DevonEnergy DVN 30.21 -2.62 HewlettPackardEnt HPE 14.80 -0.23 t MobileTeleSysADR MBT 5.76 -0.27 RollinsInc ROL 24.87 -0.34 UnitedTech UTX 93.12 -2.60 ChkPntSftwr CHKP 77.78 -1.30 Paccar PCAR 47.18 0.01
AffiliatedManagers AMG 147.93 -6.80 BostonProperties BXP 127.24 -0.02 DiageoADR DEO 107.22 -1.13 t HiltonWorldwide HLT 20.00 -1.10 Mobileye MBLY 38.03 1.90 RoperTechnologies ROP 183.37 -3.89 UnitedHealthGroup UNH 115.49 -1.19 CincinnatiFin CINF 57.09 -0.79 PacWestBncp PACW 41.82 -0.16
AgilentTechs A 40.73 0.18 BosSci BSX 18.00 -0.18 s DigitalRealtyTrust DLR 77.00 0.71 HollyFrontier HFC 38.82 -2.29 MohawkIndustries MHK 182.12 -3.93 t RoylBkCan RY 50.84 -1.23 UniversalHealthB UHS 115.70 -2.73 Cintas CTAS 88.03 -0.40 PaneraBreadClA PNRA 187.79 -1.05
AgnicoEagleMines AEM 28.45 0.83 BristolMyers BMY 67.15 -1.20 DiscoverFinSvcs DFS 51.56 -1.03 HomeDepot HD 129.08 -1.35 MolsonCoors B TAP 90.80 -1.84 t RoyalBkScotlandADR RBS 8.53 -0.20 UnumGroup UNM 31.69 -0.89 CiscoSys CSCO 26.01 -0.28 Paychex PAYX 50.78 -0.73
t Agrium AGU 85.65 -2.61 BrixmorPropertyGrp BRX 26.05 0.12 Disney DIS 100.36 -0.54 HondaMotorADR HMC 30.24 -0.51 Monsanto MON 95.21 -1.53 RylCaribn RCL 95.31 -1.23 VEREIT VER 7.97 -0.06 CitrixSystems CTXS 73.99 0.44 PayPalHoldings PYPL 33.98 -0.33
t AirProducts&Chems APD 123.79 -3.09 BdridgeFnlSol BR 52.52 -0.41 DollarGeneral DG 72.71 -0.12 Honeywell HON 102.24 -1.17 Moodys MCO 96.81 -1.76 RoyalDutchADRA RDS/A 44.02 -1.59 t VF VFC 60.19 -1.03 CognizantTechSolns CTSH 57.13 -1.00 People'sUnitedFin PBCT 15.61 -0.15
Airgas ARG 138.37 -0.09 t BrookfieldMgt BAM 29.54 -0.82 DominionResources D 68.47 0.42 HormelFoods HRL 80.08 0.27 MorganStanley MS 30.50 -0.78 RoyalDutchADRB RDS/B 44.18 -1.77 VISAClA V 75.27 -1.00 Comcast A CMCSA 55.22 -0.43 PilgrimPride PPC 22.07 -0.21
AlaskaAirGroup ALK 78.20 1.11 t BrookfieldInfr BIP 35.88 -1.09 Dominos DPZ 109.77 -0.16 DR Horton DHI 29.66 -0.76 t Mosaic MOS 26.44 -1.86 SAPADR SAP 77.65 0.68 t ValeADR VALE 2.91 -0.24 CommScopeHldg COMM 24.44 -0.67 Premier PINC 35.70 -0.01
Albemarle ALB 52.31 -2.39 BrownFormanClA BF/A 105.42 -0.89 DouglasEmmett DEI 30.28 -0.15 HostHotels&Resorts HST 15.07 -0.32 MotorolaSolutions MSI 65.43 -0.96 SINOPECShanghaiADR SHI 39.76 -0.17 ValeantPharmIntl VRX 102.40 1.54 CoStarGroup CSGP 194.87 -4.86 PricelineGroup PCLN 1196.71-13.98
AlcatelLucentADR ALU 3.89 -0.03 BrownFormanClB BF/B 95.38 -1.88 Dover DOV 59.19 -1.28 HuanengPowerADR HNP 34.92 0.74 NTTDoCoMoADR DCM 20.60 -0.40 t SKTelecomADR SKM 19.15 -0.81 ValeroEnergy VLO 70.66 -0.50 CostcoWholesale COST 158.45 -1.48 Qiagen QGEN 26.51 -0.19
Alcoa AA 8.61 -0.66 BuckeyePartners BPL 62.86 -3.14 DowChemical DOW 48.46 -1.09 Hubbell HUBB 98.74 -1.56 NVR NVR 1587.06 -7.03 SL GrnRlty SLG 109.25 -1.67 Valspar VAL 81.50 -0.69 Ctrip.comIntlADR CTRP 47.89 0.20 Qorvo QRVO 44.62 -2.91
AlexREEq ARE 89.73 -0.61 Bunge BG 66.75 0.17 DrPepperSnap DPS 94.50 1.13 Humana HUM 176.61 -3.02 NationalGridADR NGG 69.71 0.65 Salesforce.com CRM 76.29 -0.76 Vantiv VNTV 46.79 -0.73 DISHNetworkClA DISH 56.06 -1.29 Qualcomm QCOM 48.64 -0.50
AlibabaGroupADR BABA 77.33 -1.30 CBRE Group CBG 32.91 -1.48 DrReddysLabADR RDY 44.97 -1.15 HuntingtonIngalls HII 127.47 0.45 t NtlOilwellVarco NOV 31.34 -2.28 SanofiADR SNY 41.79 -0.46 VarianMed VAR 78.43 -0.41 Dentsply XRAY 59.19 -0.87 QunarCaymanIslADR QUNR 41.89 -0.52
Alleghany Y 473.22 -3.05 CBSClA CBS/A 50.74 -0.08 DuPont DD 63.38 -0.90 t HyattHotels H 42.86 -2.84 NtlRetailProp NNN 40.36 0.08 t SantanderCnsmrUSA SC 15.09 -0.29 Ventas VTR 57.21 -0.53 Dexcom DXCM 79.39 -1.37 RandgoldRscsADR GOLD 63.08 0.50
Allegion ALLE 62.77 -1.69 CBSClB CBS 46.13 0.01 DukeEnergy DUK 71.86 0.16 ICICIBankADR IBN 7.34 -0.24 NetSuite N 80.86 -1.50 SasolADR SSL 25.58 -1.05 Verizon VZ 45.52 -0.41 DiscoveryCommsA DISCA 26.28 -0.19 RegenPharm REGN 519.48 10.50
Allergan AGN 303.45 -5.28 t CFIndustries CF 35.84 -3.39 DukeRealty DRE 20.89 -0.30 IHSClA IHS 113.18 -2.59 NewOrientalEducADR EDU 28.97 -0.30 SCANA SCG 61.01 -0.05 VipshopHldgsADR VIPS 14.50 -0.03 DiscoveryCommsC DISCK 25.10 -0.17 RossStores ROST 53.89 -0.84
AllianceData ADS 270.18 -3.87 CGI Gp A GIB 38.46 -0.61 EMC EMC 25.25 -0.26 IMSHealthHoldings IMS 24.63 -0.12 NY CmntyBcp NYCB 15.85 -0.18 Schlumbgr SLB 67.70 -1.80 Visteon VC 111.69 -0.85 DollarTree DLTR 80.52 0.54 RyanairHoldingsADR RYAAY 85.67 0.18
AllncBrnstnHldg AB 22.97 -0.13 t CIT Grp CIT 38.32 -0.77 t ENIADR E 28.47 -0.72 INGGroepADR ING 12.87 -0.27 Newell NWL 42.22 -1.20 SchwabC SCHW 30.79 -1.09 VMware VMW 55.25 -1.77 DunkinBrands DNKN 40.21 0.03 SBACommunications SBAC 106.17 -0.98
AlliantEnergy LNT 62.64 0.08 CMSEnergy CMS 35.94 0.05 t EOG Res EOG 67.32 -2.81 Invesco IVZ 32.53 -0.57 NewfldExpl NFX 30.04 -2.45 ScrippsNetA SNI 51.90 -1.50 VornadoRealtyTrust VNO 99.25 -0.47 Dyax DYAX 37.73 -0.01 SEIInvestments SEIC 50.22 -1.32
Allstate ALL 59.85 -0.68 CNAFinancial CNA 34.11 -0.49 EQT EQT 49.53 -3.07 ITCHoldings ITC 40.07 ... NewmtMin NEM 18.56 0.14 SealedAir SEE 42.78 -0.68 t VoyaFinancial VOYA 34.58 -1.40 E Trade ETFC 27.98 -0.60 SS&CTechs SSNC 64.79 -1.69
AllyFinancial ALLY 18.32 -0.30 CNOOCADR CEO 100.31 -2.60 EQTMidstreamPtrs EQM 72.25 -3.23 IDEX IEX 74.17 -0.83 NextEraEnergy NEE 104.24 -0.34 SempraEnergy SRE 92.00 -2.29 VulcanMaterials VMC 90.40 -2.15 EastWestBancorp EWBC 39.95 -0.44 SVBFinancialGroup SIVB 114.61 -1.95
AltriaGroup MO 59.17 0.62 CRHADR CRH 27.97 -0.38 EastmanChemical EMN 65.81 -1.30 IllinoisToolWorks ITW 87.52 -2.21 Nidec ADR NJ 17.31 -0.39 ServiceCp SCI 25.47 -0.19 eBay EBAY 26.41 0.29 Sabre SABR 26.97 -0.27
WABCO Hldg WBC 98.45 -2.71
AlumofChinaADR ACH 7.81 -0.11 CSRA 28.06 -0.45 EatonCorp.PLC ETN 50.92 -0.93 InfosysADR INFY 16.07 -0.13 NielsenHoldings NLSN 46.13 -0.27 ServiceMasterGlb SERV 39.43 0.16 ElectroArts EA 63.68 -1.26 SanDisk SNDK 75.57 -0.52
CSRA WECEnergyGroup WEC 51.73 -0.14
AmbevADR ABEV 4.28 -0.05 CVSHealth CVS 95.56 -1.18 Ecolab ECL 108.07 -4.83 Ingersoll-Rand IR 53.39 -1.16 NikeClB NKE 61.49 -0.89 ServiceNow NOW 81.42 -2.58 W.P.Carey WPC 60.54 0.57 EndoInternational ENDP 57.31 -2.04 SeagateTechnology STX 34.75 -1.58
Ameren AEE 43.82 0.28 Cablevision CVC 31.59 -0.09 EcopetrolADR EC 6.52 -0.30 Ingredion INGR 92.70 -1.28 s NipponTelegraphADR NTT 40.83 0.31 t ShawCom B SJR 16.88 -0.15 t Wabtec WAB 66.52 -2.41
s Equinix EQIX 309.13 5.72 SeattleGenetics SGEN 40.33 -2.21
t AmericaMovilADR AMX 13.33 -0.42 CabotO&G COG 16.02 -1.55 EdgewellPersonal EPC 78.28 -0.19 ICE ICE 255.28 -2.30 NiSource NI 19.94 0.11 SherwinWilliams SHW 248.38 -7.40 WalMart WMT 63.55 0.63 EricssonADR ERIC 9.15 -0.13 ShireADR SHPG 194.90 -4.45
AmCampus ACC 41.84 0.23 Calpine CPN 14.34 -0.34 EdisonInt EIX 58.58 -0.39 InterContinentlADR IHG 37.19 -0.74 NobleEnergy NBL 31.69 -1.96 ShinhanFinADR SHG 32.37 -0.70 WasteConnections WCN 54.89 -0.11 Expedia EXPE 119.04 -0.89 SignatureBank SBNY 143.17 -2.51
AEP AEP 59.03 0.22 CamdenPropertyTr CPT 76.93 -0.27 EdwardsLife EW 80.44 0.43 IBM IBM 135.17 -0.68 NokiaADR NOK 7.08 -0.07 SignetJeweler SIG 127.31 1.73 WasteMgt WM 53.30 0.65 ExpeditrInt EXPD 43.64 -0.91 SiliconwareADR SPIL 7.68 -0.03
t AmericanExpress AXP 64.42 -1.84 Cameco CCJ 11.48 -0.35 Embraer ADR ERJ 28.93 -0.40 IntFlavor IFF 117.17 -1.76 NomuraHoldingsADR NMR 5.47 -0.08 SilverWheaton SLW 12.24 0.02 Waters WAT 129.71 -0.10 ExpressScriptsHldg ESRX 87.09 -0.51 SiriusXMHoldings SIRI 3.89 -0.01
AmericanFinancial AFG 70.21 -0.66 CameronIntl CAM 61.92 -1.28 EmersonElectric EMR 46.45 -0.54 InternationalPaper IP 37.39 -0.60 t Nordstrom JWN 48.49 -1.48 SimonPropertyGroup SPG 195.69 -0.48 WeatherfordIntl WFT 7.91 -0.35 F5Networks FFIV 95.02 -1.50 SironaDental SIRO 106.57 -1.20
AmIntlGp AIG 59.75 -0.89 CampbellSoup CPB 51.76 -0.09 EmpresaNacADR EOC 36.35 -0.07 Interpublic IPG 22.87 -0.39 NorfolkSouthern NSC 79.48 -2.79 SixFlagsEnt SIX 53.97 -0.10 WellsFargo WFC 51.88 -1.01 FacebookClA FB 102.97 0.24 t SkywrkSol SWKS 69.15 -4.14
AmericanTowerREIT AMT 98.26 -0.35 CIBC CM 64.81 -0.84 EnbridgePtnr EEP 23.08 -1.00 IronMountain IRM 27.12 -0.21 NorthrpGrum NOC 190.47 -1.92 SmithAO AOS 73.28 -1.48 Welltower HCN 69.94 -0.15 Fastenal FAST 39.86 0.11 SolarCity SCTY 50.20 -0.24
AmericanWaterWorks AWK 59.89 -0.26 t CanNtlRlwy CNI 52.17 -1.79 Enbridge ENB 31.67 -1.22 IsraelChemicals ICL 4.11 -0.08 Novartis ADR NVS 85.03 -1.18 Smith&NephewADR SNN 34.49 -0.27 FfthThrd FITB 19.32 -0.29 Splunk SPLK 55.19 -2.01
WestarEngy WR 42.74 0.10
Amerigas APU 35.87 0.92 CndNatRes CNQ 20.85 -1.08 Encana ECA 4.95 -0.32 ItauUnibancoADR ITUB 6.22 -0.05 NovoNordiskADR NVO 57.29 -0.69 Smucker SJM 122.40 -0.90 FirstSolar FSLR 69.52 -2.51 Staples SPLS 9.56 -0.14
WesternGasEqtyPtrs WGP 35.84 -1.26
AmerprsFncl AMP 100.31 -3.53 t CanPacRlwy CP 117.10 -8.89 EngyTrnsfrEqty ETE 11.93 -2.05 JPMorganChase JPM 62.81 -0.92 Nucor NUE 39.36 -0.60 SnapOn SNA 167.79 -0.55 WesternGasPartners WES 44.10
Fiserv FISV 89.23 -0.68 Starbucks SBUX 58.13 -0.52
-3.42
AmeriSrcBrg ABC 101.78 -1.58 CanonADR CAJ 29.34 -0.56 EnergyTransfer ETP 32.68 -2.06 JacobsEngineering JEC 40.53 -0.80 NuSTAREnergy NS 39.24 -1.82 SOQUIMICH ADR SQM 17.95 -0.36 WesternUnion WU 17.15
FlextronInt FLEX 10.96 -0.19 Stericycle SRCL 120.01 -0.52
-0.40
Ametek AME 51.19 -1.19 CapOneFnl COF 68.55 -0.91 t Enerplus ERF 3.01 -0.24 JamesHardieADR JHX 11.61 -0.32 OGEEnergy OGE 25.75 -0.23 SonyADR SNE 23.63 -1.84 WestlakeChemical WLK 50.55
Fortinet FTNT 29.50 -0.34 Symantec SYMC 20.85 -0.03
-2.60
AmphenolClA APH 49.11 -1.19 CardinalHealth CAH 87.24 -2.44 EnersisADR ENI 11.51 -0.23 Jarden JAH 55.32 -0.89 ONEOK OKE 24.22 -1.15 Southern SO 47.37 0.01 WestpacBankingADR WBK 22.60
FrontierComms FTR 4.76 0.04 Synopsys SNPS 44.31 -0.66
-0.87
t AnadarkoPetroleum APC 43.77 -4.75 Carlisle CSL 83.65 -2.23 EnLinkMidstream ENLK 15.08 -1.56 JohnsJohns JNJ 100.39 -0.51 ONEOKPartners OKS 27.62 -2.17 SoCopper SCCO 25.20 -0.75 WestRock WRK 44.23
Garmin GRMN 35.93 -1.01 TDAmeritrade AMTD 32.34 -1.07
-1.26
AnheuserBuschADR BUD 120.23 -2.32 t CarMax KMX 48.31 -3.81 ETR 68.51 -0.44 t JohnsonControls JCI 37.34 -1.24 OccidentalPetrol OXY 65.44 -3.09 SowestAir LUV 42.85 0.39 GileadSciences GILD 100.30 1.04 TFSFinancial TFSL 18.39 -0.14
Entergy Weyerhaeuser WY 29.24 -0.66
AnnalyCap NLY 9.65 0.06 Carnival CCL 53.52 -0.16 EntPdtsPtnr EPD 25.09 -1.12 JonesLangLaSalle JLL 154.46 -5.73 Och-ZiffCapMgmt OZM 6.14 -0.31 SpectraEnergy SE 24.99 -0.16 t Whirlpool WHR 141.20 Goodyear GT 30.35 -0.35 T-MobileUS TMUS 40.05 -0.17
-3.70
AnteroResources AR 19.77 -2.34 Carnival ADR CUK 55.95 -0.07 EnvisionHealthcare EVHC 27.34 0.38 JoyGlobal JOY 10.78 -0.96 OldRepublic ORI 18.68 0.01 SpectraEnergyPtrs SEP 44.18 -2.07 Grifols ADR GRFS 16.11 0.26 TRowePrice TROW 68.90 -1.58
WhiteWaveFoods WWAV 37.80 -0.99
Anthem ANTM 137.79 -3.45 Carters CRI 91.52 -1.38 Equifax EFX 109.23 -0.88 JuniperNetworks JNPR 26.78 -0.77 OmegaHlthcr OHI 35.70 -0.08 SpectrumBrndsHldgs SPB 99.12 -3.14 HDSupplyHoldings HDS 28.42 -0.87 TeslaMotors TSLA 219.04 -4.39
Williams WMB 22.90 -3.43 TXN 53.42 -0.35
Aon AON 89.88 -1.38 Caterpillar CAT 66.22 -1.06 s EquityLife ELS 66.47 0.06 KARAuctionServices KAR 35.65 -1.10 OmnicomGroup OMC 71.94 -2.02 SpiritAeroSystemsA SPR 49.89 -0.81 Hasbro HAS 69.89 1.71 TX Instr
WilliamsPartners WPZ 25.89 -2.41
Apache APA 38.53 -5.00 Celanese A CE 65.18 -1.75 EqResdntl EQR 80.73 -0.77 t KBFinancialGrpADR KB 26.77 -0.51 OneMainHoldings OMF 39.05 -0.72 Sprint S 3.59 0.01 HenrySchein HSIC 154.21 -1.58 TractorSupply TSCO 82.54 -1.15
t WillmSnoma WSM 55.67 -1.82
ApartmtInv AIV 40.20 -0.46 CemexADR CX 5.10 -0.06 EssexProp ESS 238.05 -1.99 KKR KKR 15.14 -0.31 OpkoHealth OPK 9.14 -0.68 t StJudeMedical STJ 60.10 -0.69 Hologic HOLX 38.42 0.50 TrimbleNav TRMB 20.78 -0.45
WiproADR WIT 11.27 0.01
ApolloGlobalMgmtA APO 14.85 -0.38 CencosudADR CNCO 5.85 -0.27 EsteeLaudr A EL 85.09 -2.92 KTADR KT 11.68 -0.22 Oracle ORCL 35.82 0.18 StanCorpFinancial SFG 114.04 0.02 JBHunt JBHT 70.92 -1.14 TripAdvisor TRIP 80.10 -1.83
WooriBankADR WF 21.60 -0.36
AquaAmerica WTR 29.68 0.03 CenovusEnergy CVE 12.33 -0.07 EvrstReGrp RE 178.86 -1.51 KSCitySo KSU 70.58 -3.40 OrangeADR ORAN 16.62 0.09 StanleyBlDck SWK 101.29 -1.42 HuntgBcsh HBAN 10.55 -0.17 21stCenturyFoxClA FOXA 26.72 0.13
Workday WDAY 74.40 -2.84
Aramark ARMK 32.29 -0.15 Centene CNC 65.97 -1.00 EversourceEnergy ES 51.46 0.11 Kellogg K 72.01 0.14 s OrbitalATK OA 94.55 2.56 StrwdHtlRsrt HOT 65.55 -2.47 IACInteractv IACI 58.82 -0.35 21stCenturyFoxClB FOX 26.50 -0.10
t WyndhamWorldwide WYN 69.62 -1.82
ArcelorMittalADR MT 3.91 -0.35 CenterPointEnergy CNP 18.21 -0.23 Exelon EXC 28.19 0.03 KeyCp KEY 12.62 -0.23 OrixADR IX 70.59 -0.38 StarwoodPrTr STWD 20.76 0.11 IdexxLab IDXX 71.32 -0.51 UltaSalon ULTA 183.21 0.54
XL Group XL 37.96 -0.33
ArcherDan ADM 35.36 -0.88 CenturyLink CTL 24.72 -0.27 s ExtrSpcStor EXR 91.15 0.75 t KeysightTechs KEYS 27.30 -0.45 OwensCorng OC 45.35 -0.84 t StateSt STT 63.07 -2.17 IcahnEnt IEP 62.37 -1.19 UltimateSoftware ULTI 183.39 -1.80
XcelEnergy XEL 36.44 0.38
AristaNetworks ANET 73.53 -4.75 Chevron CVX 86.07 -3.54 ExxonMobil XOM 77.47 -0.65 KilroyRealty KRC 62.13 -0.81 PG&E PCG 52.72 -0.30 t StatoilADR STO 13.06 -0.53 Illumina ILMN 177.56 -0.46 UnitedTherapeutics UTHR 147.12 -2.92
Xerox XRX 10.15 -0.13 VRSN 81.02 -0.39
ArrowElec ARW 50.73 -1.69 ChinaEasternAirADR CEA 25.54 -0.59 FMC FMC 36.02 -1.56 KimberlyClark KMB129.02 -0.06 PNC FnlSvcs PNC 91.60 -1.69 Steris STE 74.41 0.12 Incyte INCY 102.26 -1.54 VeriSign
Xylem Inc. XYL 35.62 -0.45 Intel INTC 33.08 -0.75 VeriskAnalytics VRSK 74.64 -0.39
Ashland ASH 101.02 -1.45 ChinaLifeInsADR LFC 14.86 -0.33 t FMCTechnologies FTI 27.11 -1.70 KimcoRealty KIM 26.32 -0.24 POSCOADR PKX 34.77 -0.79 t STMicroelectronics STM 6.31 -0.18 t YPFADR YPF 14.98 -0.75
Assurant AIZ 78.78 -1.05 t ChinaMobileADR CHL 52.77 -1.34 FactSetResearchSys FDS 156.63 -2.10 KinderMorgan KMI 14.77 -0.81 PPG Ind PPG 96.47 -1.84 Stryker SYK 90.75 -0.14 IntrctvBrkGrp IBKR 39.73 -1.46 VertxPharm VRTX 122.23 -1.22
YanzhouCoalADR YZC 4.56 0.20
AstraZenecaADR AZN 33.34 -0.56 ChinaPetroleumADR SNP 56.12 -2.31 FedRlty FRT 147.44 0.90 KingDigitalEnt KING 17.91 0.06 PPL PPL 33.93 -0.11 SumitomoMitsADR SMFG 7.45 -0.20 Intuit INTU 96.29 0.34 Viacom A VIA 42.80 -0.52
YoukuTudouADR YOKU 27.06 0.04 IntutvSrgcl ISRG 553.24 1.28 Viacom B VIAB 40.06 -0.50
AtmosEnergy ATO 62.80 0.20 ChinaSoAirlinesADR ZNH 35.13 -0.10 FedEx FDX 140.77 -3.88 Kohl's KSS 50.05 0.27 t PVH Corp. PVH 72.79 -1.71 SunLifeFinancial SLF 29.64 -0.59 YumBrands YUM 71.52 -0.51 IonisPharma IONS 58.72 -2.22 VimpelComADR VIP 3.26 -0.15
Autoliv ALV 115.34 -2.51 ChinaTelecomADR CHA 44.41 -0.80 FiatChryslerAutos FCAU 8.54 -0.53 KoninklijkePhilADR PHG 24.42 -0.32 PackCpAm PKG 60.93 -1.36 t SuncorEnergy SU 24.21 -1.11 ZayoGroupHoldings ZAYO 27.00 0.07
t AutoNation AN 50.76 -5.98 t ChinaUnicomADR CHU 11.52 -0.21 FibriaCelulose ADR FBR 12.46 -0.19 KoreaElcPwrADR KEP 21.20 0.02 PaloAltoNetworks PANW 167.31 -3.25 SunocoLgst SXL 24.46 -1.26 JD.comADR JD 29.76 -0.24 VodafoneGroupADR VOD 31.93 -0.30
ZimmerBiomet ZBH 104.38 0.45 JackHenry JKHY 77.71 0.06 WPPADR WPPGY 111.45 -1.95
AutoZone AZO 729.20 -9.66 t ChipotleMex CMG426.67-22.36 FidNtlFnl FNF 33.76 -0.59 Kroger KR 42.05 -0.04 t ParkerHannifin PH 93.80 -1.26 SunTrustBanks STI 41.20 -0.57 Zoetis ZTS 48.02 0.01 JazzPharma JAZZ 132.74 -4.65 WalgreensBootsAll WBA 79.63 -1.24
Avalonbay AVB 183.50 -1.38 Chubb CB 130.19 -1.36 FNFVGroup FNFV 10.66 -0.09 KyoceraADR KYO 44.53 -0.91 PartnerRe PRE 139.70 -0.08 SynchronyFinancial SYF 29.90 -0.21
t PearsonADR PSO 10.41 -0.23 JetBlue JBLU 21.85 0.07 WstnDgtl WDC 58.80 -1.34
Avangrid AGR 38.05 -0.08 ChunghwaTelecomADR CHT 29.62 -0.04 FidelityNtlInfo FIS 59.18 -1.11 LBrands LB 94.64 -1.85
PembinaPipeline PBA 20.64 -0.85
SyngentaADR SYT 75.38 -1.70 NASDAQ KLA Tencor KLAC 66.58 -2.16 WholeFoods WFM 33.43 -0.22
AveryDennison AVY 60.95 -0.72 Church&Dwight CHD 82.41 -0.39 58.comADR WUBA 63.80 0.46 LGDisplayADR LPL 9.49 -0.42 Sysco SYY 40.19 -0.14
Aviva ADR AV 14.55 -0.29 Cigna CI 143.03 -1.11 FirstRepublicBank FRC 64.25 -0.56 L-3Communications LLL 117.48 -2.12 t Pentair PNR 47.74 -1.12 TEConnectivity TEL 62.08 -1.19 AMCNetworks A AMCX 75.43 0.74 KeurigGreenMtn GMCR 90.28 0.38 WillisTowersWatson WLTW119.98 -5.86
Avnet AVT 40.51 -1.44 t CimarexEngy XEC 85.04 -5.54 FirstEnergy FE 31.85 0.31 LabCpAm LH 120.84 -1.16 PepcoHoldings POM 25.80 -0.15 TEGNA TGNA 24.55 -0.11 Ansys ANSS 88.29 -1.13 KraftHeinz KHC 73.53 0.14 WynnResorts WYNN 66.44 -3.63
PEP 99.48 0.03 ARMHoldingsADR ARMH 42.43 -1.23 LKQ LKQ 28.41 -0.21 Xilinx XLNX 45.63 -0.85
AxaltaCoatingSys AXTA 25.64 -0.37 Citigroup C 50.12 -0.74 t Fitbit FIT 22.90 -1.40 LasVegasSands LVS 42.69 -1.35 PepsiCo TELUS TU 26.75 -0.51
PerkinElmer PKI 52.25 -0.76 ASMLHolding ASML 84.61 -1.81 LamResearch LRCX 73.56 -4.59 Yahoo YHOO 32.16 -0.04
AxisCapital AXS 55.66 -0.37 CitizensFinancial CFG 25.28 -0.40 t FleetCorTechs FLT 132.66 -4.10 Lazard LAZ 41.75 -1.74 t TERNIUMADR TX 11.71 -0.25
ActivisionBliz ATVI 36.79 -0.35 LamarAdvertisingA LAMR 60.68 0.21 Yandex YNDX 14.97 -0.44
BB&T BBT 36.15 -0.51 Clorox CLX 127.03 -0.06 FlwrsFoods FLO 21.37 -0.24 LearCorp LEA 113.24 -4.00 Perrigo PRGO 144.28 1.60 TJX TJX 70.09 -1.85
t PetroChinaADR PTR 61.58 -2.23 AdobeSystems ADBE 91.02 -1.32 LibertyBroadbandA LBRDA 49.22 -0.66 ZionsBcp ZION 25.65 -0.77
BCE BCE 38.86 0.13 Coach COH 32.79 -1.18 Flowserve FLS 40.28 -0.84 Leggett&Platt LEG 40.34 -1.14 TableauSoftware DATA 93.50 -0.80
t AkamaiTechnologies AKAM 50.48 -1.54 LibertyBroadbandC LBRDK 49.28 -0.66 Zynga ZNGA 2.57 0.01
BHPBillitonADR BHP 23.76 -1.51 CocaCola KO 42.32 -0.23 Fluor FLR 45.50 -1.28 LennarClA LEN 45.40 -1.39 PetroleoBrasilADR PBR 3.95 -0.23 TaiwanSemiconADR TSM 21.34 -0.61
t PetroleoBrasilADRA PBR/A 3.13 -0.17 TGT 74.08 -0.76 AlexionPharm ALXN 184.07 -0.83 LibertyGlobalClA LBTYA 40.78 -0.78
BHPBillitonADR BBL 20.87 -1.38 Coca-ColaFemsaADR KOF 68.58 0.10
CocaColaEnt CCE 47.89 -0.06
FomentoEconMexADR FMX 89.11
FootLocker FL 65.23
-1.77 LennarClB LEN/B 36.95 -1.14
PFE 31.61 -0.57
Target
TaroPharm TARO 152.58 -0.35 AlignTechnology ALGN 64.87 -0.08 LibertyGlobalClB LBTYB 43.53 2.40
NYSE MKT
BPADR BP 30.30 -0.63 -1.00 LennoxIntl LII 120.78 -2.31 Pfizer
t BRFADR BRFS 13.42 -0.29 ColgatePalmolive CL 64.14 -0.86 FordMotor F 13.11 -0.61 LeucadiaNational LUK 16.80 -0.26 PhilipMrrsIntl PM 87.85 -0.02 TataMotorsADR TTM 26.92 -0.75 Alkermes ALKS 75.05 -0.22 LibertyGlobalClC LBTYK 39.05 -0.75 BritishAmTobADR BTI 108.57 -0.22
BTGroupADR BT 34.24 -0.04 ColumbiaPipeline CPGX 19.19 -1.00 ForestCityRealtyA FCE/A 21.95 0.29 Level3Comm LVLT 52.92 -0.82 PhilippineLgDisADR PHI 42.80 -0.50 TaubmanCtr TCO 76.87 -0.37 AlnylamPharm ALNY 90.28 -4.49 LibertyGlbLiLACAWi LILA 38.73 -0.17 CheniereEnergy LNG 37.06 -1.41
BakerHughes BHI 43.65 -2.27 Comerica CMA 40.51 -0.47 ForestCityRealtyB FCE/B 22.00 0.32 LibertyPropertyTr LPT 32.25 0.12 Phillips66 PSX 78.03 -2.97 TecoEnergy TE 26.90 -0.09 AlphabetClA GOOGL 759.33 -2.20 LibertyGlbLiLACClC LILAK 40.69 0.01 CheniereEngyPtnr CQP 25.98 0.13
Ball BLL 72.27 -0.69 ConAgraFoods CAG 41.79 0.22 FortBrandsHomeSec FBHS 52.38 -1.83 EliLilly LLY 83.58 -0.53 PiedmontNaturalGas PNY 57.88 0.54 TelecomItaliaADR TI/A 9.85 -0.05 AlphabetClC GOOG 743.62 1.04 LibertyInteractQVC QVCA 26.12 -0.50 ImpOil IMO 31.03 -1.03
t BancoBilbaoVizADR BBVA 7.00 -0.19 t ConchoResources CXO 84.29 -6.76 Franco-Nevada FNV 47.72 1.91 LincolnNational LNC 46.92 -2.22 PinnacleFoods PF 42.76 0.38 TelecomItaliaADR TI 11.88 -0.45
BancodeChileADR BCH 58.75 -0.33 ConocoPhillips COP 45.35 -2.05 FranklinResources BEN 35.20 -0.92 LinkedInA LNKD 226.08 -2.92 PinaclWCap PNW 64.49 0.09 Teleflex TFX 131.40 3.08
ED 65.22 0.31 PioneerNaturalRscs PXD 116.15 -9.02 TelefonicaBrasADR VIV 8.70 -0.17
BcoSantChileADR BSAC 17.37
t BancoSantanderADR SAN 4.51
-0.25
-0.19
ConEd
ConstBrands A STZ 143.12 -0.50
Freeport-McMoRan FCX 6.17
FreseniusMedADR FMS 42.71
-0.54
0.24
LiveNationEnt LYV 23.77
t LloydsBankingADR LYG 4.18
-0.14
-0.12 PlainsAllAmPipe PAA 22.04 -2.04 t TelefonicaADR TEF 10.61 -0.12 Cash Prices | WSJ.com/commodities Wednesday, Jan. 6, 2016
BanColombiaADR CIB 25.78 -1.07 ConstBrands B STZ/B142.90 2.18 t Gallagr AJG 39.53 -0.78 LockheedMartin LMT 217.63 -0.63 PlainsGPHldgsClA PAGP 8.84 -0.84 TelekmIndonesiaADR TLK 45.89 -0.27
BankAm BAC 16.08 -0.35 ContinentalRscs CLR 21.66 -1.99 Gap GPS 25.29 -0.99 Loews L 37.05 -0.84 PlumCrk PCL 46.73 -0.87 t TenarisADR TS 22.53 -0.90
These prices reflect buying and selling of a variety of actual or “physical”
BkMntrl BMO 53.19 -1.58 Cooper COO 131.59 0.01 Gartner IT 88.41 -0.63 Lowe's LOW 73.94 -1.50 PolarisIndustries PII 84.55 -2.67 Tesoro TSO 106.37 0.09 commodities in the marketplace—separate from the futures price on an
BankNY Mellon BK 38.82 -1.00 Corning GLW 17.50 -0.40 Gazit-Globe GZT 9.18 -0.07 LuxotticaGroupADR LUX 61.94 -0.40 t PotashCp POT 16.16 -0.75 TesoroLogistics TLLP 47.81 -2.62 exchange, which reflects what the commodity might be worth in future
t BkNovaScotia BNS 39.17 -0.97 CotyClA COTY 24.17 -0.77 GenDynam GD 135.26 -1.38 LyondellBasell LYB 83.51 -4.13 Praxair PX 100.30 -1.02 TevaPharmADR TEVA 64.96 -0.90
months.
Wednesday Wednesday
New Highs and Lows | WSJ.com/stocks Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Energy
Cotton,1 1/16 std lw-mdMphs-u
Cotlook 'A' Index-t
0.6225
*69.40
Propane,tet,Mont Belvieu-g 0.3712 Hides,hvy native steers piece fob-u 81.000
Continued From Page C4 52-Wk % 52-Wk % AntaresPharma ATRS 1.16 -2.5 Harmonic HLIT 3.59 -1.1 QuinStreet QNST 3.72 -4.7 Butane,normal,Mont Belvieu-g 0.5402 Wool,64s,staple,Terr del-u,w n.a.
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg AratanaTherapeutic PETX 4.37 -4.6 HerculesOffshore HERO 1.81 -4.9 RandLogistics RLOG 1.33 -5.0
Stock Sym Hi/Lo Chg SPDRMSCIEmgQuality QEMM 45.36 -1.1
NaturalGas,HenryHub-i 2.350
ArcticCat ACAT 15.10 -3.7 Iberiabank IBKC 52.09 -0.7 Rapid7 RPD 14.13 4.8 2.320
NYSE MKT lows - 16 NaturalGas,TranscoZone3-i Grains and Feeds
iShMSCIFranceETF EWQ 23.05 -1.6 SPDRMSCIMexicoQual QMEX 21.17 -1.5 AssemblyBioscience ASMB 6.62 2.2 InfinityPhar INFI 6.28 -9.8 RedRobin RRGB 58.40 0.6 NaturalGas,TranscoZone6NY-i 3.010 Barley,top-quality Mnpls-u n.a.
iShMSCIGloblEnProd FILL 15.60 -1.4 SPDRMSCITaiwanQual QTWN 45.21 -2.8 AberdLatAmEq LAQ 14.66 -0.9 AtlassianClA TEAM 26.02 1.0 InnophosHoldings IPHS 27.08 -0.8 RennovaHealth RNVA 1.00 -13.3 NaturalGas,PanhandleEast-i 2.260 Bran,wheat middlings, KC-u 103
iShMSCIGlbMet&MnPr PICK 7.86 -3.8 SPDRS&PEmgLatAmer GML 33.61 -2.0 CVSL CVSL 0.90 -3.3 Bazaarvoice BV 4.09 -1.7 InterParfums IPAR 21.43 -5.5 Rent-A-Center RCII 14.47 -5.1 NaturalGas,Opal-i 2.430
BBBY 46.73 -4.1 IntlMultiAssetDiv YDIV 15.50 -2.0 RexEnergy REXX 0.83 -8.7
Corn,No. 2 yellow,Cent IL-bp,u 3.4450
iShMSCIMalaysiaETF EWM 7.36 -2.3 SPDREmMktsDiv EDIV 22.56 -1.5 ContangoO&G MCF 5.67 -10.2 BedBath NaturalGas,MarcellusNE PA-i 1.320
20.15 -1.7 0.34 -3.6 1.31 -9.1 Corn gluten feed,Midwest-u,w 111.3
iShMSCIPolandCap EPOL 16.75 -2.2 SPDRS&P500FossFree SPYX 47.99 -1.4 EvolutionPetroA EPMpA 24.70 -1.2 BldrsDev100 ADRD InterpaceDiagnostics IDXG RitterPharmactl RTTR NaturalGas,HaynesvilleN.LA-i 2.310
19.61 -1.8 27.30 -2.4 1.00 -9.1 Corn gluten meal,Midwest-u,w 453.3
iShMSCISaudiArabia KSA 22.62 -3.7 SPDRS&PGlbDividend WDIV 54.95 -1.6 FriedmanIndustries FRD 5.32 -3.3 BldrsEur100 ADRU iShCommodSelStrat COMT RokaBioscience ROKA Coal,C.Aplc.,12500Btu,1.2SO2-r,w 43.500
23.25 -1.0 37.91 -1.9 6.09 -4.5 Cottonseed meal-u,w 258
iShMSCISingapore EWS 9.83 -2.0 SPDRS&PGlbInfr GII 39.69 -1.2 Globalstar GSAT 1.24 -3.7 BluStrTABIGIIsrael ITEQ iShMSCIACWIexUSETF ACWX SLM SLM Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 10.900
HC2Holdings HCHC 4.75 -5.1 CBPharmaAcqnRt CNLMR 0.17 -17.5 iShMSCIEmgMktLA EEML 23.35 -1.8 SearsCanada SRSC 4.38 -5.3 Hominy feed,Cent IL-u,w 95
iShMSCISpainCapped EWP 26.94 -1.9 SPDRS&PGlbNatRes GNR 30.62 -2.9
iShMSCISwedenETF EWD 27.52 -1.5 SPDRS&PNAmNatlRscs NANR 24.26 -2.8 ImmunoCelrTherap IMUC 0.34 -5.7 CSICompressco CCLP 9.85 -15.3 iShMSCIEuropeFinls EUFN 19.27 -1.9 Senomyx SNMX 3.57 -2.2 Meat-bonemeal,50% pro Mnpls-u,w 205
Metals Oats,No.2 milling,Mnpls-u 2.6700
iShMSCIThailandCap THD 56.87 -1.1 SPDRS&POil&GasEq XES 16.19 -5.7 IntlTowerHillMines THM 0.18 0.4 CSX CSX 24.17 -4.5 JasonIndustriesWt JASNW 0.04 -20.0 ShilohIndustries SHLO 4.64 -5.2 Gold, per troy oz
iShMSCIUK EWU 15.44 -1.8 SPDRSSgAGlbAll GAL 32.21 -0.6 NewConceptEngy GBR 1.05 ... CVDEquipment CVV 9.61 0.3 LeadingBr LBIX 2.16 -1.1 Sizmek SZMK 3.39 5.2 Rice, 5% Broken White, Thailand-l,w 345.00
Engelhard industrial 1090.50 Rice, Long Grain Milled, No. 2 AR-u,w 23.25
iShMSCIEAFEValue EFV 44.56 -2.0 SchwabFundEmgLrg FNDE 17.47 -2.3 NrthrnOilGas NOG 3.19 -8.4 Camtek CAMT 2.05 -2.8 LeggMasonDevelopedex-USDivCore DDBI 23.96 -1.6 Sky-mobiADR MOBI 2.08 3.3 Engelhard fabricated 1172.29 Sorghum,(Milo) No.2 Gulf-u 7.2900
iShNorthAmNatRscs IGE 26.89 -3.9 SchwabFundIntLrgCo FNDF 22.85 -1.8 OverseasShiphldgA OSG 2.64 -2.9 CapellaEducation CPLA 41.70 -3.3 LeggMasonEMDivCore EDBI 23.88 -0.9 SkywrkSol SWKS 68.33 -5.6 Handy & Harman base 1091.40
iShGlobalEnergyETF IXC 26.82 -3.5 SchwIntlEqty SCHF 26.47 -1.8 RingEnergy REI 5.55 -17.3 CarrizoOil CRZO 24.61 -12.9 LeggMasonLowVol LVHD 24.34 -0.2 SthsdBcsh SBSI 22.84 -0.1 SoybeanMeal,Cent IL,rail,ton48%-u 277.70
Handy & Harman fabricated 1211.45
iShGlobalMaterials MXI 42.86 -2.6 SPDRIntGovtETF WIP 49.96 ... SeabrdCp SEB 2560.00 -8.7 CarverBancorp CARV 3.29 2.4 LeggMasonUSDivCore UDBI 24.28 -0.9 SparkTherapeutics ONCE 36.93 -8.0 Soybeans,No.1 yllw IL-bp,u 8.6100
LBMA Gold Price AM *1078.00
iShrsSP GSCI Cmdty GSG 13.55 -2.9 SPDR DJMCap RSCO 73.83 -1.7 SifcoInd SIF 9.05 -4.8 CatalystPharma CPRX 2.17 -6.8 Limoneira LMNR 14.12 0.9 Sphere3D ANY 1.21 -6.8 Wheat,Spring14%-pro Mnpls-u 6.0975
LBMA Gold Price PM *1077.00
iSharesGlobalInfra IGF 34.91 -1.3 SPDR EurSTOXX FEZ 32.59 -1.7 SynergyResources SYRG 7.53 -6.6 Ceres CERE 0.30 -6.5 Lionbridge LIOX 4.32 -0.2 StarBulkNts2019 SBLKL 9.10 -13.0 Wheat,No.2 soft red,St.Louis-bp,u 4.0800
Krugerrand,wholesale-e 1136.25
JohnHancockConsDis JHMC 24.39 -3.7 SpdrSPIntDiv DWX 31.87 -2.1 CescaTherapeutics KOOL 0.17 -6.0 Mannkind MNKD 0.64 -2.5 StarBulkCarriers SBLK 0.42 -26.5 1147.18
Wheat - Hard - KC (USDA) $ per bu-u 4.3900
JPMorganDivRetEM JPEM 39.01 -1.8 SPDR S&P IntEngy IPW 14.47 -2.3 Nasdaq highs - 25 ChinaAutoSystems CAAS 4.27 -4.5 MarriottInt A MAR 62.53 -3.0 StateAutoFinancial STFC 19.50 1.5
Maple Leaf-e
American Eagle-e 1147.18 Wheat,No.1soft white,Portld,OR-u 5.2138
JPMDivReturnEurope JPEU 48.94 -1.5 SPDR S&P IntMtrls IRV 16.01 -1.8 AmerIndep AMIC 13.24 42.0 CoffeeHolding JVA 3.40 -2.3 MarroneBioInnova MBII 0.97 -2.9 StevenMadden SHOO 29.29 -1.2 Mexican peso-e 1325.29
LatticeGlbSCStrat ROGS 22.35 -1.3 SPDRS&POilGasExpl XOP 27.95 -6.9 AndinaAcqnIIUn ANDAU 10.66 -0.2 Cognex CGNX 31.31 -3.6 McGrathRentCorp MGRC 23.42 -0.8 SunEdisonSemicon SEMI 7.05 -1.4 Austria crown-e 1073.92
Food
MktVecAfrica AFK 17.26 -0.9 SPDR STOXX Eu50 FEU 30.47 -1.6 AurisMedicalHldg EARS 7.96 31.1 ContraVirPharm CTRV 1.37 -7.3 MercerInt MERC 8.25 -0.8 SynutraIntl SYUT 4.20 -4.3 Austria phil-e 1147.18 Beef,carcass equiv. index
MktVecAgBusETF MOO 44.69 -2.0 SprottPhysPlatinum SPPP 5.77 -3.2 CapeBancorp CBNJ 14.15 13.5 CorbusPharmactl CRBP 1.34 -7.7 MerrimackPharm MACK 7.04 -7.4 TRACONPharma TCON 8.24 -4.2 choice 1-3,600-900 lbs.-u 208.51
Silver, troy oz.
MktVecBrazilSm BRF 9.76 -1.1 TeucriumAgricFd TAGS 24.72 -4.4 CtznCmntyBcp CZWI 9.73 2.1 CowenGroup COWN 3.57 -2.4 Methanex MEOH 30.03 -4.9 TTMTechnologies TTMI 5.93 -0.7 select 1-3,600-900 lbs.-u 200.27
Engelhard industrial 13.9700
MktVecCoal KOL 6.00 -2.1 TeucriumCornFund CORN 20.73 -0.2 CitizensHolding CIZN 24.36 1.7 Cyanotech CYAN 5.05 ... MethesEnergiesIntl MEIL 0.13 -18.8 TesseraTechs TSRA 28.35 -1.2 Broilers,dressed 'A'-u 1.1300
Engelhard fabricated 16.7640
MVGlobalSpinOff SPUN 16.78 -5.1 TrimTabsIntlFrCash FCFI 20.25 -5.1 Equinix EQIX 310.28 1.9 CyclacelPharm CYCC 0.47 -3.7 MobileMini MINI 27.89 -4.3 BancpBk TBBK 5.92 1.2 Broilers, National comp wghtd-u,w 0.8670
Handy & Harman base 13.9800
MktVctrsIntlHiYdBd IHY 22.35 0.7 USCFStockSplitIndx TOFR 14.42 -1.3 1stCnsttnBcp FCCY 13.54 2.0 Cytosorbents CTSO 5.15 -8.2 MorgansHotelGroup MHGC 2.88 -4.2 TiVo TIVO 8.14 -1.7 Butter,AA Chicago 2.0375
Handy & Harman fabricated 17.4750
MktVectorsIsrael ISRA 28.04 -1.2 USBrentOilFd BNO 11.19 -5.3 FTSSIStratCvSec FCVT 27.91 0.1 DXPEnterprises DXPE 20.63 -2.0 NIIHoldings NIHD 4.01 -8.0 TokaiPharma TKAI 7.41 -6.5 Cheddar cheese,bbl,Chicago 148.00
LBMA spot price £9.5571
MktVectorsJPMEMLC EMLC 16.66 -1.2 USDieselHeatingOil UHN 11.93 -4.1 GenomicHealth GHDX 35.79 ... DipexiumPharma DPRX 9.16 -2.6 NetApp NTAP 24.61 -2.1 TrilliumTherap TRIL 11.12 -7.6 Cheddar cheese,blk,Chicago 147.00
(U.S.$ equivalent) 14.0050
MktVecMngstrItl MOTI 25.71 -4.5 USGasolineFd UGA 26.60 -6.8 Lifevantage LFVN 10.55 4.1 DvsfdRestaurant SAUC 1.70 -1.1 NetScout NTCT 28.95 -1.8 TuttleTactMgtMulti TUTI 22.91 -0.8 Milk,Nonfat dry,Chicago lb. 74
Coins,wholesale $1,000 face-a 12740
MVNaturalRscs HAP 25.41 -2.4 UnitedStatesOilFd USO 10.06 -5.2 MBTFinancial MBTF 7.20 1.3 DixieGroup DXYN 4.68 -0.2 Neurometrix NURO 1.60 3.4 TwinDisc TWIN 9.93 -3.7 Cocoa,Ivory Coast-w 3536
MktVectorsOilSvcs OIH 24.91 -4.5 US12moOilFd USL 15.93 -3.7 MSBFinancial MSBF 12.89 0.5 Donnelly RRD 13.93 -2.2 NivalisTherapeutic NVLS 6.65 -3.6 UMBFinancial UMBF 44.47 -0.3 Other metals
LBMA Platinum Price PM *893.0
Coffee,Brazilian,Comp 1.2596
MktVecPoland PLND 12.37 -2.8 VangdEngy VDE 79.57 -3.9 MedAssets MDAS 31.35 0.3 EPIQSystems EPIQ 11.88 -6.9 NowestBioTher NWBO 2.83 -6.6 Uni-Pixel UNXL 0.43 -12.0 Coffee,Colombian, NY 1.4125
MktVecSteel SLX 18.46 -3.8 VanguardFTSEEurope VGK 47.80 -1.7 MeetMe MEET 3.99 10.5 ElectroRent ELRC 8.95 0.3 OdysseyMarineExpln OMEX 0.21 -12.7 uniQure QURE 14.52 -7.8 Platinum,Engelhard industrial 874.0
Platinum,Engelhard fabricated 974.0 Eggs,large white,Chicago-u 0.9450
MktVectorsUnconv FRAK 12.32 -6.7 VelocityShares3x UWTI 2.99 -15.6 OceanShoreHolding OSHC 17.62 0.8 ElizabethArden RDEN 9.05 -2.8 OnconovaTherapeutc ONTX 0.76 -15.9 ValideaMktLegends VALX 22.31 -1.8 Flour,hard winter KC 13.50
MeidellTacticalAdv MATH 26.93 -0.5 WBITacticalLCG WBIE 22.34 -1.0 PSBHoldings PSBH 10.32 2.0 EmpireResorts NYNY 15.31 -6.5 OncoSecMedical ONCS 2.15 -3.4 VestinRealtyMtg II VRTB 2.18 -4.8 Palladium,Engelhard industrial 522.0
Palladium,Engelhard fabricated 622.0 Hams,17-20 lbs,Mid-US fob-u n.a.
NashvilleAreaETF NASH 25.12 -1.8 WBITacticalLCS WBIL 22.01 -0.9 PoageBankshares PBSK 18.85 2.3 EncoreCapitalGroup ECPG 26.99 -3.7 OpexaTherapWt OPXAW 0.05 -19.2 Vicor VICR 8.81 1.0 Hogs,Iowa-So. Minnesota-u 53.73
OShsFTSEEurQltyDiv OEUR 22.39 -1.2 WBITacticalLCV WBIF 22.27 -0.7 SIFinancialGroup SIFI 14.22 3.4 Endocyte ECYT 3.70 -4.6 Outerwall OUTR 34.53 0.1 VictoryCEMPDevEnh CIZ 30.13 -1.8 Aluminum, LME, $ per metric ton *1473.0
Antimony-d 2.5250 Pork bellies,12-14 lb MidUS-u n.a.
OppenheimerRevWtd RTR 28.08 -2.5 WBITacticalLCY WBIG 21.20 -0.7 ShoreBancshares SHBI 11.25 0.4 EnduranceIntl EIGI 10.02 -1.3 OxbridgeReHldgsWt OXBRW 0.40 -9.1 VictoryCEMPItlHiDv CID 30.89 -2.2 Pork loins,13-19 lb MidUS-u 0.8745
PwrShsDBComTr DBC 12.88 -1.6 WBITacticalSMS WBID 20.69 -0.8 SouthrnFrst SFST 23.10 6.2 Epizyme EPZM 10.86 -23.7 PapaJohns PZZA 52.30 -3.8 VictoryCEMPIntlVol CIL 32.41 -1.3 Copper,Comex spot 2.0805
Lead,NA solder-d 105.138 Steers,Tex.-Okla. Choice-u n.a.
PowerSharesDBEnFd DBE 10.53 -4.1 WBITacticalSMV WBIB 21.99 -1.3 SurgicalCareAff SCAI 41.33 -2.0 Essendant ESND 30.56 -2.1 Pendrell PCO 0.45 -4.3 VictoryCEMPUSDiscv CSF 33.24 -1.0
Iron Ore, 62% Fe CFR China-s 41.9 Steers,feeder,Okla. City-u,w 183.88
PowerSharesDBOilFd DBO 8.35 -4.8 WBITacticalSMY WBIC 20.98 -0.9 UnityBancorp UNTY 13.55 4.8 EzcorpClA EZPW 4.56 -2.9 Perseon PRSN 0.13 -32.7 VictoryCEMPUS500 CFO 34.73 -1.5
Shredded Scrap, US Midwest-s,w 170
PwrShsDynEngySec PXI 31.44 -4.7 WMELocalDebt ELD 33.62 -1.0 WintrustFinlPfd. WTFCM 26.99 0.3 Federal-MogulHldgs FDML 5.90 -7.6 PowerSolutions PSIX 16.54 -6.9 VictoryCEMPUS500 CFA 34.65 -1.8 Fats and Oils
PwrShrEmrgInfra PXR 25.92 -1.7 WisdomTreeEMHiDiv DEM 30.14 -1.9 YourCommunityBkshs YCB 33.92 5.8 FirstTrIdxGlbAgric FTAG 3.82 -2.7 PSDBOptYdDivCmdty PDBC 14.99 -1.8 VictoryCEMPUSSmCp CSB 32.00 -0.4
Stainless steel scrap,US-d 1560
Steel, HRC USA, FOB Midwest Mill-s 380 Corn oil,crude wet/dry mill-u 40.0000
PwrShsIntDivAch PID 12.96 -2.7 WisdomTreeEurope HEDJ 51.50 -2.0 FirstTrLatAmerica FLN 12.68 -2.8 PowerShDWATactical DWTR 24.01 -0.9 VictoryCEMPUSSmCp CSA 31.82 -0.5
PwrShrETFEmgMk PXH 13.30 -2.1 WisTrGlNatRes GNAT 10.45 -3.5 Nasdaq lows - 183 FTSSIStratCvSec FCVT 24.42 0.1 PSFTSEIntlLowBeta IDLB 23.61 -1.9 Viggle VGGL 0.32 -5.9
Tin,NA solder-d 868.168 Grease,choice white,Chicago-u 0.2000
Zinc,NA-d 76.719 Lard,Chicago-u n.a.
PwrShsIntlCorpBd PICB 24.91 -0.1 WisdmTrIntDiv DOO 36.52 -1.7 ACADIA Phar ACAD 28.52 -15.1 FlexSharesRealAsst ASET 23.85 -1.2 PwrShrGlblAgricult PAGG 22.06 -2.9 ViperEnergyPtrsUn VNOM 13.00 -1.3
Soybean oil,crude;Centl IL-u 0.2866
PowerSharesS&PIntl IDHB 22.18 -1.5 WisdomTreeIntlHi DTH 36.15 -1.6 AkamaiTechnologies AKAM 50.38 -3.0 GSV Capital GSVC 6.45 -2.6 PSRuss1000LowBeta USLB 24.00 -1.4 WernerEnterprises WERN 22.01 -3.2 Fibers and Textiles Tallow,bleach;Chicago-u 0.2325
PSUltBloombergCrd UCO 10.59 -10.0 WisdmTrIntLgCp DOL 41.40 -1.8 AlexzaPharm ALXA 0.57 -10.8 GWPharmADR GWPH 63.19 -6.6 PwrShSP CnsDscr PSCD 43.95 -1.9 WesBanco WSBC 28.87 0.4
23.24 -12.0 14.18 -6.0 14.33 -5.0
Burlap,10-oz,40-inch NY yd-n,w 0.5000 Tallow,edible,Chicago-u 0.2350
ProShrsUltBrzl UBR 23.42 -1.6 Alico ALCO 36.53 0.1 GlbBloodTherap GBT PwrShSP SmEnrg PSCE WisdomTreeInvs WETF
ProShrUlOilGas DIG 27.45 -7.6 NYSE MKT highs - 4 Amaya AYA 11.84 -2.9 GoldenOceanGroup GOGL 0.88 -7.6 PwrShSP SmMatr PSCM 29.75 -2.6 WisdTreeWstnAsset UBND 46.91 -0.2
ProShsUltraOil&Gas UOP 18.52 -13.5 EtnVncMuni II EIV 13.48 0.3 AmericaMovilClAADR AMOV 13.20 -4.0 GreatBasinScien GBSN 0.65 -11.2 PranaBiotechADR PRAN 0.61 -5.1 xGTechnology XGTI 0.19 -9.0 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=Ryan's Notes;
E=Manfra,Tordella & Brooks; G=ICE; I=Natural Gas Intelligence; L=livericeindex.com; M=midday; N=nominal;
SPDRMSCICdaQuality QCAN 42.67 -2.2 NuvCA Fd3 NZH 14.44 0.2 AmericanCaresource GNOW 0.39 -4.3 GreenBancorp GNBC 9.83 -1.9 ProfessionalDivers IPDN 0.44 -10.5 ZebraTechsClA ZBRA 61.55 -4.0 n.a.=not quoted or not available; R=SNL Energy; S=The Steel Index; T=Cotlook Limited; U=USDA; W=weekly,
SPDREAFEQualityMix QEFA 52.67 -1.4 NuveenNYMuni NYV 15.71 0.8 AmericanPubEdu APEI 17.17 -1.7 HTGMolecularDiagn HTGM 3.98 -4.7 ProNAiTherapeutics DNAI 12.95 -3.9 ZionsBcp Wt ZIONW 2.57 -5.0 Z=not quoted. *Data as of 1/5
SPDRMSCIEM50 EMFT 36.01 -3.0 PacGE pfH PCGpH 25.00 2.2 Andersons ANDE 30.11 -0.6 HainCelestialGroup HAIN 38.07 -4.6 PyxisTankers PXS 1.00 6.7 ZynerbaPharma ZYNE 8.92 -1.6 Source: WSJ Market Data Group
THE WALL STREET JOURNAL. Thursday, January 7, 2016 | C7
COMMODITIES
Futures Contracts | WSJ.com/commodities Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest
Contract Open Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD
Metal & Petroleum Futures Open High hilo Low Settle Chg interest March 14.60 14.64 t 14.40 14.42 –.15 379,862 March .7152 .7158 t .7084 .7090 –.0057 163,771
Contract Open May 14.35 14.35 t 14.10 14.12 –.13 183,861 June .7156 .7159 t .7092 .7094 –.0056 1,991
Open High hi lo Low Settle Chg interest NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
Feb 1.1309
1.1393 t 1.0720 1.0807 –.0446 94,350 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £
Copper-High (CMX)-25,000 lbs.; $ per lb. March 1.1527
1.1537 t 1.0922 1.0976 –.0467 64,507 March 26.00 26.00 s 25.90 25.90 .03 2,942 March 1.4678 1.4682 t 1.4602 1.4628 –.0037 221,381
Jan 2.0790 2.0830 2.0710 2.0805 –0.0080 1,683 May 26.00 26.00 s 26.00 26.00 .12 2,215 June 1.4648 1.4685 t 1.4610 1.4634 –.0036 520
March 2.0950 2.0955 2.0715 2.0880 –0.0075 125,736 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
Feb 1.2508 1.2532 t 1.1535 1.1618 –.0949 110,028 Cotton (ICE-US)-50,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF
Gold (CMX)-100 troy oz.; $ per troy oz. 1.2819 1.2828 t 1.1855 1.1927 –.0940 59,614 .9944 .9970 t .9897 .9964 .0020 50,102
March March 62.61 62.68 t 61.86 62.00 –.68 121,475 March
Jan 1081.60 1093.70 s 1081.60 1091.90 13.50 260 .9978 1.0013 .9964 1.0009 .0020 139
Feb 1076.80 1094.90 s 1074.40 1091.90 13.50 272,995 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. May 63.41 63.42 t 62.55 62.75 –.70 32,725 June
April 1078.10 1095.30 s 1075.20 1092.50 13.50 60,868 Feb 2.345 2.360 2.241 2.267 –.058 221,300 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD
June 1076.90 1095.40 s 1075.90 1093.20 13.50 29,516 March 2.370 2.385 t 2.271 2.289 –.057 209,883 Jan 142.00 142.00 142.00 143.05 .95 520 March .7136 .7148 t .7025 .7037 –.0090 98,586
1077.80 1096.50 s 1077.80 1094.00 13.50 9,972 April 2.385 2.423 s 2.328 2.344 –.032 99,848 June .7112 .7119 t .6997 .7009 –.0090 378
Aug March 143.40 146.90 s 142.25 145.80 3.20 11,521
1080.00 1099.00 s 1079.80 1096.10 13.50 17,654 May 2.412 2.462 s 2.368 2.384 –.029 71,117
Dec Mexican Peso (CME)-MXN 500,000; $ per MXN
Sept 2.516 2.562 s 2.494 2.511 –.004 43,223
Palladium (NYM) - 50 troy oz.; $ per troy oz. Interest Rate Futures March .05738 .05742 t .05667 .05669 –.00067 143,241
Oct 2.546 2.591 s 2.519 2.539 –.004 60,479
Jan 555.90 555.90 s 555.90 505.05 –30.05 4 June .05665 .05705 t .05633 .05633 –.00067 123
Feb 533.00 533.00 t 518.00 506.00 –30.05 21 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Agriculture Futures March 153-310 155-230 153-230 155-190 1-29.0 491,088
Euro (CME)-€125,000; $ per €
March 536.20 538.55 t 503.10 505.05 –30.70 24,643 March 1.0770 1.0818 1.0732 1.0806 .0043 403,243
June 531.00 531.00 t 505.90 505.60 –30.60 357 Corn (CBT)-5,000 bu.; cents per bu. June 153-270 154-060 153-270 154-090 1-29.0 16
June 1.0800 1.0849 1.0770 1.0837 .0043 2,651
Platinum (NYM)-50 troy oz.; $ per troy oz. March 353.50 354.75 t 350.25 353.25 .25 730,600 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Jan 875.00 880.00 t 874.40 873.70 –14.90 900 May 359.00 360.00 t 355.50 358.50 … 203,522 March 126-100 126-295 126-075 126-275 19.5 2,534,242
889.00 893.00 t 873.70 875.00 –15.00 61,773 Oats (CBT)-5,000 bu.; cents per bu. Index Futures
April June 126-005 126-075 126-000 126-080 20.5 243
Silver (CMX)-5,000 troy oz.; $ per troy oz. March 210.00 212.25 208.50 212.00 1.75 7,087 Mini DJ Industrial Average (CBT)-$5 x index
May 211.00 212.00 209.00 210.75 .25 1,484 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March 17074 17096 s 16723 16838 –243 74,645
Jan 14.000 14.065 14.000 13.957 0.008 361 118-192 118-307 118-180 118-297 12.2 2,294,159
March 13.950 14.135 13.855 13.976 0.005 129,393 Soybeans (CBT)-5,000 bu.; cents per bu. March June 16996 17013 s 16663 16764 –247 138
Jan 867.00 878.25 s t 861.75 875.75 8.00 8,026 June 118-120 118-135 118-120 118-167 12.7 175 S&P 500 Index (CME)-$250 x index
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Feb 36.18 36.39 t 33.77 33.97 –2.00 436,383 March 856.50 868.00 s t 852.00 864.75 7.50 323,192 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% March 2011.90 2012.60 s 1971.30 1985.90 –25.80 93,768
March 37.39 37.57 t 35.07 35.20 –1.98 282,755 Soybean Meal (CBT)-100 tons; $ per ton. March 108-217 108-247 108-215 108-245 3.2 1,031,430 June 1973.00 1985.70 s 1965.70 1978.80 –25.90 3,378
April 38.46 38.59 t 36.21 36.31 –1.92 131,906 Jan 265.10 268.70 s 263.50 266.90 1.60 1,947 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini S&P 500 (CME)-$50 x index
May 39.46 39.55 t 37.21 37.30 –1.85 84,273 March 266.50 270.60 s 264.50 268.70 2.40 191,959 Jan 99.665 99.665 t 99.663 99.665 … 170,644 March 2010.75 2013.25 s 1970.50 1986.00 –25.75 2,562,248
June 40.25 40.25 t 38.07 38.16 –1.78 142,637 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Feb 99.645 99.645 s t 99.640 99.645 … 154,207 June 2004.00 2005.75 s 1964.00 1978.75 –26.00 10,310
Dec 43.50 43.55 t 41.53 41.65 –1.54 168,697 Jan 29.56 29.60 t 29.19 29.59 –.04 2,126 Mini S&P Midcap 400 (CME)-$100 x index
29.76 29.84 t 29.34 29.78 –.03 171,939
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
March
103.000 103.250 s March 1376.20 1376.70 t 1348.00 1357.60 –18.30 86,532
March 102.906 103.203 .719 30,309
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Mini Nasdaq 100 (CME)-$20 x index
Jan 1163.00 1163.00 s 1158.00 1157.50 –9.50 86 1 Month Libor (CME)-$3,000,000; pts of 100% March ... 4487.5 s 4386.0 4446.8 –37.0 301,767
Dividend Changes March 1188.00 1196.50 1179.00 1183.00 –9.50 9,718 Jan ... ... s
Eurodollar (CME)-$1,000,000; pts of 100%
... 99.5700 … 1,423 June 4461.0 4482.0 s 4384.8 4442.3 –36.8 322
Wheat (CBT)-5,000 bu.; cents per bu. Mini Russell 2000 (ICE-US)-$100 x index
Dividend announcements from January 6. March 461.25 465.75 456.75 462.75 1.50 241,992 Jan 99.3850 99.3875 99.3775 99.3800 … 215,327 March 1108.60 1109.10 t 1083.70 1091.20 –16.70 376,069
Amount Payable / July 475.25 478.75 t 469.75 475.75 1.50 64,194 March 99.2900 99.3050 s 99.2800 99.3000 .0150 1,299,193 June 1081.20 1081.20 t 1081.20 1090.20 –16.70 4
Company Symbol Yld % New/Old Frq Record Wheat (KC)-5,000 bu.; cents per bu. June 99.1350 99.1650 99.1300 99.1600 .0300 1,162,960 Mini Russell 1000 (ICE-US)-$100 x index
March 460.00 464.00 454.75 461.00 1.00 112,207 Dec 98.8150 98.8750 s 98.8100 98.8700 .0600 1,310,015 March 1095.60 1108.30 t 1091.80 1099.50 –14.10 7,523
Increased July 478.75 483.00 473.75 480.50 1.50 43,582
Sabine Royalty Tr UBI SBR 12.7 .276 /.04261 M Jan29 /Jan15 U.S. Dollar Index (ICE-US)-$1,000 x index
Wheat (MPLS)-5,000 bu.; cents per bu. Currency Futures March 99.52 99.75 s 99.20 99.27 –.23 72,681
SpectraEnergy SE 6.5 .405 /.37 Q Mar08 /Feb12 March 487.75 493.00 484.75 489.75 2.00 33,540
Japanese Yen (CME)-¥12,500,000; $ per 100¥ June 99.60 99.81 99.29 99.36 –.23 1,483
May 496.25 501.50 s 493.00 497.50 1.50 14,379
Funds and investment companies March .8406 .8467 s .8402 .8459 .0043 219,626
Credit Suisse S&P MLP Idx MLPO 7.8 .2902 Q Jan25 /Jan14
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June .8460 .8490 s .8426 .8483 .0043 890 Source: SIX Financial Information
Jan 166.975 168.975 166.000 168.325 .550 6,710
CS X-Links Multi-Asset Hi MLTI 16.1 .3418 M Jan25 /Jan14
March 164.400 166.150 162.850 165.450 .400 14,340
DE Enhncd Glbl Div Inco DEX 9.8 .075 M Jan29 /Jan15
Delaware Grp Div & Income DDF 7.2 .0525 M Jan29 /Jan15 Cattle-Live (CME)-40,000 lbs.; cents per lb.
Feb 136.425 136.975 135.450 136.525 –.250 98,094
Delaware Invest Colo VCF 4.9 .06 M Jan29 /Jan15
April 136.750 137.750 136.100 137.300 –.050 73,826
Delaware Invest Minn VMM 4.6 .0525 M Jan29 /Jan15 ADVERTISEMENT
Delaware Invest Ntl Muni VFL 5.4 .06 M Jan29 /Jan15 Hogs-Lean (CME)-40,000 lbs.; cents per lb.
Dreyfus Mun Bd Infr Fd 5.9 .0625 Feb01 /Jan21 Feb 60.875 61.500 s 60.650 60.825 –.275 67,498
M
Legal Notices
DMB
April 66.200 66.475 65.600 65.850 –.225 43,706
Eaton Vance Mun Incm 2028 ETX 4.5 .07083 M Jan29 /Jan22
Flaherty & Crumrine PFD 8.2 .09 M Jan29 /Jan22 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
Flaherty & Crumrine Dyn DFP 8.2 .16 M Jan29 /Jan22 Jan 256.20 256.80 254.50 255.50 –1.00 477 To advertise: 800-366-3975 or WSJ.com/classifieds
Flaherty & Crumrine Pfd PFO 8.3 .073 M Jan29 /Jan22 March 255.50 257.60 253.70 254.30 –1.60 2,752
Flaherty & Crumrine Pfd FFC 8.2 .136 M Jan29 /Jan22 Milk (CME)-200,000 lbs., cents per lb.
Flaherty & Crumrine TR Fd FLC 8.4 .136 M Jan29 /Jan22 Jan 13.55 13.58 13.49 13.52 .02 4,016
Feb 13.34 13.34 t 13.13 13.20 –.10 4,735
CLASS ACTIONS
NexPoint Credit Strat Fd NHF 14.2 .24 M Jan29 /Jan22
PennantPark Floatg Rt Cap PFLT 10.0 .095 M Feb01 /Jan20 Cocoa (ICE-US)-10 metric tons; $ per ton.
Pioneer Mun Hi Inc Adv Tr MAV 7.1 .08 M Jan29 /Jan15 March 3,033 3,052 t 2,970 2,981 –78 93,970
Pioneer Mun Hi Incm Tr MHI 6.3 .07 M Jan29 /Jan15 May 3,049 3,054 t 2,974 2,984 –77 46,987
Coffee (ICE-US)-37,500 lbs.; cents per lb. ><HA> =1?)<
KEY: A: annual; c: corrected; M: monthly; Q: quarterly; r: revised; SA: March 123.05 123.25 t 119.50 119.95 –3.05 84,951

semiannual; S2:1: stock split and ratio; SO: spin-off. May 125.10 125.35 t 121.65 122.10 –3.00 34,463 ! " #$ %&
% ' & () ' *

> G =

2 A
Macro & Market Economics: Energy Report

1
(

Prices, Then and Now Nymex-traded futures
<G<=A=1 H+%2 <11><"<=1 A"%=1
! " #$ 2> I5D!777!777
$
11 IJ!677!777
Crude-oil futures, per barrel Natural gas, per million BTUs
$ !
IE!777!777
%
& %& '
( )! &C IKFD!777
)*+" )* )*+ +,- 1<A) I5!B6D!777
$160 $8
.! .*+" C? I877!777
.* ./+ +,- &* 2 I8!677!777
120 6 ! &* & &* *

&+ &*+,- 0 .
0*.- "*

80 4

G! ; )
! $

)

G 5K! 675E! 2
40 2
1 )*) 3 ! $!

$! ! ' ? ; 3 ! $!
0 0 2 !
! ; )
2013 2014 2015 2013 2014 2015

! " 57! 675E A

2 3 2 A )
Crude-oil futures, per barrel Gasoline futures, per gallon Natural gas, per million BTUs
" F! 675E

1 ! 0
!

4 5! 6778 4 5! 6757!
!
$40 $1.35 $2.35 %

)
38 1.30 2.25 1 (

?
36 1.25 2.15 ! !
-
?
high ! $
open 34 1.20 2.05
$ G 66! 675E! !
close %
& - !
low 32 1.15 1.95

?
30 1.10 1.85 !
28 4 28 4 28 4

G 66! 675E 1

95 :; 2 < =.- >* ? )- 2 A 1 %
Dec. Jan. Dec. Jan. Dec. Jan. ) = )
2 @ >* )- 2 @ >*
%A! ?
! 2>- 6 G 0 A 58! 675E 5(B7
< )! >- < A ! ? - 1 % )! 8D7 H H A
!
Pricing Overview Futures-market, spot and retail prices )- 1 A ? ! ? - 1 ) B! 5F L! G ! ) ! J8576
1 )- 1 1

Price ($) YTD 52-Week Range ($) Last(l) 52-week 1 : )
! 11- !
Latest Last wk % chg Low High pct chg(%) B )- ! ? - A ! ? -
=<) ? - < ! ?
! 1 )
@
! ?
Crude oil, Nymex futures; per barrel 33.97 36.60 -8.29 33.97 l 61.43 -30.17 - 8 &C ) &C A )
! ? > ) )! 2
&C- D 1<A) ) 1<A) A ! ?
! ) A G 0 ! )
RBOB gasoline, Nymex futures; per gallon 1.1618 1.2300 -8.31 1.1618 l 2.1464 -13.14 1<A)- E C ? C A ! ! M ?
Unleaded gasoline, retail; per gallon 2.135 2.141 -0.28 2.133 l 2.920 -7.50 ?
! C?- F 2 )- 2 = ; ! )
A ! ? - 2 < %A ? - 2 0 N ! 3
,
Natural gas, Nymex futures; per MMBtus 2.267 2.214 -3.00 1.755 l 3.233 -21.04 G 1 )! >
! 2 1
2
NY Harbor ULSD, Nymex Futures; per gallon 1.0807 1.0791 -1.82 1.0791 l 2.2989 -36.43
1 )
)

5 0 * 1 G = G !
Diesel fuel, retail; per gallon 2.211 2.235 -1.07 2.211 l 3.137 -29.52 >H ! ? ! 0 *>H : ! ? ! 5*KKK*6F7*7FDJ!

>H < ! ? ! >H < %A! 0 ! >- 2 A !
Sources: SIX Financial Information via WSJ Market Data Group; U.S. Energy Information Admin.; DJ Newswires 6 2 ) 2 ) ! H @ ) >>)! 2 &$ K7K7D8!
= A - B =<) ) A 2 ! )A J8JFD*K7D8
Watching the Gauges: U.S. Supply and Demand PUBLIC NOTICES

Inventories, imports and demand for the week ended January 1. Current figures are in thousands of barrels or

thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import

LEGAL
Natural-gas import and demand data are available monthly only. ! " !
#$ % " $& ' " ! !#$(
Inventories, 000s barrels Imports, 000s barrels per day ! ) ## )
"%& "" !#*
NOTICES
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year ++, +-./ 01#" 234
Current change week ago avg avg Current change week ago avg avg ## ) "*(
" 01#" 23 *% )!
Crude oil and !#" ' " ) ' !#$ "
#" * 5 ) * (
petroleum prod 1,312,571 ... 1,305 1,149 1,308 1,086 9,103 ... 9,462 9,520 9,476 9,866 & * # " ' % "*
Crude oil """6 ! " ! #$ %,
! # % #$ %,
excluding SPR 482,324 300 487 382 486 353 7,510 ... 7,892 6,856 7,760 7,935
Gasoline 231,996 ... 221 237 223 233 602 ... 487 760 521 784 ADVERTISE TODAY ! " ! #$ %,
!5! " ! #$ %, !
! #$ %, ! % #$ %,
Finished gasoline 28,809 1800 27 31 28 52 100 ... 95 328 68 202 ! &" " ! #$ %,
Reformulated 29 ... 0 0 0 0 0 ... 0 0 0 0 !5! " ! #$ % )
7 ! " ! #$ %
Conventional 28,780 ... 27 30 28 51 100 ... 95 328 68 35
Blend. components 203,187 ... 194 207 196 181 502 ... 391 432 453 479 (800) 366-3975 "4

Natural gas (bcf) 3,756 ... 4 3 4 3 ... ... ... ... ... ... #% &), ) , $ !$%
#" *% !!"" '
Kerosene-type
jet fuel 40,191 ... 41 38 40 40 76 ... 34 150 93 46
sales.legalnotices ! !# " )*" )))4
!!# "4!#, !" '
7 #" 4 %
Distillates
Heating oil
159,418
23,735
2100
...
153
16
137
15
154
18
142
27
164
58
...
...
167 265
70 59
146
62
217
69
@wsj.com & !!"" %
" % * &), ) ,
135,683 ... 137 122 136 115 ... 97 206 84 137 $ #" #
Diesel 106 ! !# " )*", % #%
Residual fuel oil 42,105 ... 42 33 43 37 249 ... 92 227 227 258 ! ! ! " )" "
Other oils 239,097 ... 242 227 244 207 390 ... 672 1,136 599 758 Place an ad with the !$% #"
* # %6 (
#" , ! " !
Net crude, petroleum
products, incl. SPR 2,007,691 ... 2,000 1,840 2,004 1,787 4,760 ... 5,119 5,761 5,069 6,765 self-service tool at: #$ % 0 3, 44 8 99/9,
$,
.:.-., 7)%,
/ , $,
.:.-+;
Weekly Demand, 000s barrels per day Natural gas storage wsj.com/classifieds !6 0+./3 <=>(>--- "#
0+./3(<=>(>-.- 6 ?
! " !4!#4
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals # 0123 #
Current change week ago avg avg # * 5 ' "
&* )))4 !!# "4!#
Total petroleum *% !!7 ' 7 # 4
4250
product 18,296 ... 20,478 19,344 19,699 18,610
Finished 3250
THEMART
Five-year average
t
motor gasoline 8,159 ... 9,395 8,809 8,990 8,397 for each week
Kerosene-type 2250 ADVERTISE TODAY
jet fuel 1,700 ... 1,396 1,527 1,554 1,406 t (800) 366-3975
Distillates 3,034 ... 3,633 2,865 3,546 3,672 1250 sales.mart@wsj.com
Natural gas,
Residual fuel oil 378 ... 297 425 363 309 lower 48 states Place an ad using
Propane/propylene 1,280 ... 1,034 1,435 1,241 ... 250 the self-service option at:
Other oils 3,745 ... 4,723 4,283 4,005 ... J F M A M J J A S O N D wsj.com/classifieds
2015 © 2016 Dow Jones & Company, Inc.
© 2016 Dow Jones & Company, Inc.
All Rights Reserved. All Rights Reserved.
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions.
Sources: SIX Financial Information via WSJ Market Data Group; U.S. Energy Information Administration; Dow Jones Newswires
C8 | Thursday, January 7, 2016 THE WALL STREET JOURNAL.
Email: heard@wsj.com
HEARD ON THE STREET FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard
Falling Yuan
Has Uneven
Oil Price: Bottom Pickers Beware OVERHEARD
The oil market is teaching recently as October 2011 and Biotech stocks notched a
Brent, Not Broken
Side Effects investors a lesson that they
always seem to relearn the
hard way: Don’t try to catch
Energy Select Sector SPDR exchange-traded fund
is some 50% above its reces-
sion low. In other words, a
steep loss, but hardly panic
record on Tuesday—just not
the kind that investors neces-
sarily wanted to witness.
$100
Depreciation of the yuan a falling barrel. territory. Eight biotech companies
often is seen as a beggar- Global crude prices 90 Analysts at Deutsche Bank announced plans to issue
thy-neighbor policy. The re- started Wednesday at an 11- estimate that North Ameri- shares via secondary offer-
ality is more nuanced. year low and then took an- 80 can exploration-and-produc- ings. This marked a new sin-
Devaluation jitters are in- other sharp leg down after a tion stocks now factor in a gle-day record for deals even
tensifying, with the yuan surprise jump in U.S. gaso- 70 long-term oil price of under if not for total dollars sought,
falling again Wednesday line inventories. Pessimism 60
$65 a barrel. That is low rel- according to Dealogic. Com-
against the dollar. And its has gripped the market. ative to the $110 hit 18 bined, the companies are set
offshore variant, traded in Perhaps the best indicator 50 months ago. to raise proceeds of nearly
Hong Kong, hit its widest of that: A flare-up in tension Wednesday But that lofty level was $1.2 billion, Dealogic noted. In
40 $58.17
gap against the mainland between megaproducers reached in a world of seem- the largest deal of the bunch,
yuan, a 2.1% difference, with Saudi Arabia and Iran over ingly insatiable emerging- Acadia Pharmaceuticals said
30
one dollar fetching 6.7 yuan. the weekend was only good market demand. Today, that it would raise $300 million.
Who benefits from China’s for a price spike lasting a 2006 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 is in doubt, particularly The reason for the equity
currency moves isn’t as sim- few hours on Monday. Source: FactSet THE WALL STREET JOURNAL. when it comes to China, raises is no mystery: Drug de-
ple as it seems, though. But an even more pro- which is showing worrisome velopment is quite expensive,
According to the Bank for found insight, espoused by traders about energy stocks in the world, as a classic sign signs of a lasting slowdown. and companies without es-
International Settlements, successful investors from citing “capitulation,” “form- of a false dawn. Now, though, Energy stocks probably tablished products need to
the Chinese yuan has risen N.M. Rothschild to John ing a low” or, in the case of a he thinks that commodity present an attractive buying tap capital markets to fund
34% since 2010 against a Templeton to Warren Buffett, sharp but fleeting rebound prices themselves really are opportunity since the aver- their operations. And taking
weighted basket of trading is to be greedy when others that occurred last spring, be- very close to a bottom. age Brent crude price of the advantage of high share
partners’ currencies. But the are fearful, and vice versa. ing “past the lows.” But equities, the vehicle past decade was a little prices can reasonably be
appreciation is far less if one Are energy-stock investors Peter Atwater, president most investors use to bet on above $80 a barrel. But viewed as deft management.
takes into account China’s terrified enough to invoke of Financial Insyghts, which a recovery in energy prices, those with the willingness, Although biotech stocks are
imports from neighboring that maxim? specializes in tracking inves- may not be as close. Con- and ability, to hang on to re- down markedly since hitting a
countries. These are often There certainly have been tor sentiment, points to last sider, for example, the widely alize a profit must be aware peak this summer, the SPDR
parts that get processed in some false alarms. Going June’s announcement of a held Energy Select SPDR ex- that we are a long way from S&P Biotech exchange-traded
China and exported. back as far as late 2014, 100-year bond by Brazil’s change-traded fund. Down there—and perhaps even a fund still is up 200% over the
Nearly 30% of China’s im- there were numerous media Petrobras, the most-in- 43% from its June 2014 peak, good distance from the bot- past five years.
ports last year came from interviews with analysts and debted large energy company it fetched a similar price as tom. —Spencer Jakab Yet such issuance still
parts and components that presents risks for investors:
eventually will be assembled New equity issuance waters
into exports. So depreciation
in Japanese yen or South Ko-
rean won gave Chinese as-
For Yahoo vs. Activists, This Time It’s Personal down a current owner’s stake
in the enterprise. Such dilu-
tion has been only a minor
semblers pricing power for Yahoo’s Christmas wish fight, should the board prove In contrast, Yahoo said down 6% for 2015. worry in the euphoric envi-
parts in recent years, notes was for another year to fig- “unwilling to accept the need last month that it may need The irony that Ms. Mayer ronment of recent years. This
Deutsche Bank. The yuan has ure out a new plan. That for significant change.” another year to try its latest owes her job to the last ac- is because it wasn’t uncom-
gained only 19% in the past now looks like wishful think- That adds a personal note idea: a spinoff of its core tivist who got interested in mon to see a biotech stock
six years, adjusting for the ing. Instead, time is running to the activist’s long-running business. That doesn’t, how- the company won’t get her rise immediately after a com-
“supply-chain effect.” short for the troubled Inter- feud with Yahoo. Since last ever, address the lack of a out of the current jam. True, pany announced it was doing
The effect is even more net company and chief Ma- September, Starboard has clear strategy. And this is Yahoo’s share price may still a secondary offering.
prominent across different rissa Mayer. been pushing the company even though Ms. Mayer has be more than double its level But investor reaction to
industries. The yuan has ap- On Wednesday, activist to spin off its minority in- had a few years now to come from when she took the job. the spate of deals was
preciated by nearly one-third fund Starboard Value un- vestments, cut costs and up with one. But the increase mostly re- sharply negative: All eight
since 2010 for the auto sec- leashed its latest barrage curb its acquisition spree. Plus, investors aren’t con- flects Alibaba gains. What- companies traded lower early
tor; it has gained only 12.5% against Yahoo in a letter to But while the fund has been vinced. The stock is down 7% ever hopes that investors Wednesday. One company,
for cellphone makers, who the company’s board. Star- critical of moves made by since that announcement once projected onto the for- Epizyme, lost around 19%.
depend on parts from Korea, board noted that while the Ms. Mayer, Starboard had re- and shed about 34% in 2015. mer Google executive, and Given clinical-stage firms’
Taiwan and Japan. So today, board made the right call in frained from calling her out The declines reflect both by extension onto the stock, reliance on the capital mar-
car makers stand to benefit deciding not to spin off its or challenging the board. the diminished value of Ali- have faded. kets, the risk of shareholder
more as the yuan slides. Alibaba stake, the deteriora- Until now. In doing so, it baba itself and a core search Starboard has come to the dilution should be on inves-
While the yuan is still tion of the company’s core is facing up to an apparent and display-advertising busi- conclusion that investors can tors’ minds. They ought to
likely to depreciate against business now calls for a reality: Ms. Mayer’s attempts ness that resembles a melt- no longer afford for Yahoo to hope companies think hard
the dollar this year, the win- “change in leadership and to turn around Yahoo have ing ice cube. Analysts expect dither. Indeed, it is time for before going back to the mar-
ners and losers are less strategy.” The letter also failed. New approaches are combined net revenue for radical change. ket trough.
clear-cut. —Jacky Wong raised the specter of a proxy desperately needed. those two segments to be —Dan Gallagher
Mutual Funds | WSJ.com/fundresearch Fund

Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
Net YTD MFS Funds Class I BlChip 70.12 -0.68 -3.1 TxMIn r 11.40 -0.18 -3.6 TgtRe2020 26.73 -0.19 -1.5 GrwthInst 53.22 -0.61 -2.8
Explanatory Notes Data provided by Fund NAV Chg % Ret ValueI V
32.06 -0.46 -2.7 CapApp 24.68 -0.18 -1.5 ValAdml 31.05 -0.46 -2.4 TgtRe2025 15.34 -0.13 -1.8 InPrSeIn 10.33 +0.03 0.6
Top 250 mutual-funds listings for Nasdaq-published share classes with
net assets of at least $500 million each. NAV is net asset value. IntAd r 34.68-0.51 -3.5 MFS Funds Instl EmMktS 27.32 -0.50 -4.1
VANGUARD ADMIRAL WdsrllAdml 57.80 -1.00 -2.8 TgtRe2030 27.14 -0.26 -2.1 InstIdx 181.83 -2.34 -2.6
Percentage performance figures are total returns, assuming reinvestment TotMktAd r 57.09-0.77 -2.7 IntlEq 19.82 -0.23 -3.6 EqInc 27.66 -0.51
500Adml -2.8
183.64 -2.37 -2.6 WellsIAdml 59.11 -0.15 -0.5 TgtRe2035 16.44 -0.18 -2.4 InstPlus 181.84 -2.35 -2.6
of all distributions and after subtracting annual expenses. Figures don’t First Eagle Funds Mutual Series EqIndex 53.54 BalAdml
-0.69 28.81 -0.19
-2.6 -1.4 WelltnAdml 62.53 -0.57 -1.6 TgtRe2040 27.71 -0.33 -2.6 InstTStPlus 44.72 -0.60 -2.7
reflect sales charges (“loads”) or redemption fees. NET CHG is change in GlbA 50.17-0.58 -2.3 GlbDiscA 28.07 -0.33 -2.7 Growth CAITAdml 11.93 +0.04 0.7 WndsrAdml 62.16 -1.41 -3.7 TgtRe2045 17.31 -0.21 -2.6 MidCpInst 31.87 -0.61 -3.0
NAV from previous trading day. YTD%RET is year-to-date return. 3-YR 51.85 -0.57 -3.4
FMI Funds GlbDiscz 28.55 -0.34 -2.7 HelSci 66.62 CapOpAdml r 114.79 -1.59
-0.92 -3.3 -3.3 VANGUARD FDS TgtRe2050 27.73 -0.34 -2.7 MidCpIstPl 157.17 -3.00 -3.0
%RET is trailing three-year return annualized.
LgCap 18.11-0.26 -2.7 HiYield 6.17 EMAdmr ... 26.18 -0.36
-0.1 -4.2 DivdGro 21.88 -0.32 -2.5 TgtRetInc 12.38 -0.03 -0.6 SmCapInst 51.41 -0.79 -3.1
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply.
j-Footnotes e and s apply. k-Recalculated by Lipper, using updated data. FPA Funds O InstlCapG 27.91 EqIncAdml
-0.34 60.55 -0.84
-3.4 -2.3 GNMA 10.70 +0.02 0.4 TotIntBdIxInv 10.61 +0.02 0.6 STIGradeInst 10.58 +0.01 0.2
p-Distribution costs apply, 12b-1. r-Redemption charge may apply. s-Stock FPACres 30.39-0.32 -2.2 Oakmark Funds Cl I ExplrAdml 72.08 -1.13 -3.6 HlthCare r 215.36 -2.06 -2.3 WellsI 24.40 -0.06 -0.5 TotBdInst 10.69 +0.04 0.5
Intl G&I 12.70 -0.16 -2.8
split or dividend. t-Footnotes p and r apply. v-Footnotes x and e apply. FrankTemp/Frank Adv ExtndAdml 61.54 -0.98 -3.2 IntlVal 30.05 -0.50 -3.3 Welltn 36.21 -0.33 -1.6 TotBdInstPl 10.69 +0.04 0.5
EqtyInc 27.93 -0.33 -2.2 IntlStk 14.77 -0.19 -3.3
x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to IncomeAdv 2.04
-0.02 -1.4 Oakmark GNMAAdml 10.70 +0.02 0.4 INSTTRF2025 18.73 -0.15 -1.8 WndsrII 32.58 -0.56 -2.7 TotIntBdIdxInst 31.84 +0.06 0.5
incomplete price, performance or cost data. NE-Not released by Lipper; data 60.55 -1.24 -3.7 MCapGro 71.10 -1.14 -3.0
FrankTemp/Franklin A GrwthAdml 53.22 -0.61 -2.8 LifeCon 17.68 -0.07 -0.9 VANGUARD INDEX FDS TotIntlInstIdx r 93.47 -1.43 -3.6
under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. OakmrkInt 20.33 -0.31 -4.8 MCapVal 24.39 -0.35 -2.2
CA TF A p 7.55
+0.02 0.7 Old Westbury Fds HlthCareAdml r 90.84 -0.87 -2.3 LifeGro 26.63 -0.28 -2.3 500 183.64 -2.37 -2.6 TotItlInstPlId r 93.49 -1.42 -3.6
Wednesday, January 6, 2016 N Horiz 40.86 -0.58 -3.8 LifeMod 22.69 -0.16 -1.6 ExtndIstPl 151.85 -2.42 -3.2 TotStInst 49.44 -0.67 -2.7
Fed TF A p 12.42+0.04 0.6 LrgCpStr 12.10 -0.15 -3.0 N Inc HYCorAdml r 5.54 ... 0.1
Net YTD Net YTD 9.40 +0.03
InfProAd 0.5
25.36 +0.08 0.6 Primcp r 96.92 -1.26 -2.8 TotIntl 13.98 -0.21 -3.5 VirtusFunds Cl I
Growth A p 71.40-0.84 -2.7 Oppenheimer Y
Fund NAV Chg % Ret Fund NAV Chg % Ret OverS SF r 8.69 -0.12
IntlGrAdml -3.3
64.25 -0.99 -4.2 PrmcpCor 20.26 -0.25 -2.7 TotSt 49.42 -0.66 -2.7 EmMktI 8.69 -0.07 -3.0
IncomeA p 2.06
-0.02 -1.4 DevMktY 28.82 -0.40 -3.9 R2015
US SmCpVal 29.42 -0.46 -3.5 13.48 -0.09
ITBondAdml -1.5
11.33 +0.05 0.7 SelValu r 25.08 -0.44 -3.0 VANGUARD INSTL FDS
A RisDv A p 46.53-0.66 -2.6 IntGrowY
USLgVa 29.91 -0.57 -3.0 FrankTemp/Franklin C
34.60 -0.49 -3.6 R2020 19.34 -0.15
ITIGradeAdml -1.8
9.68 +0.03 0.5 STAR 22.86 -0.19 -1.8 BalInst 28.81 -0.19 -1.4 W
R2025 14.65 -0.13
LTGradeAdml -2.0
9.99 +0.09 1.0 STIGrade 10.58 +0.01 0.2 DevMktsIndInst 11.42 -0.17 -3.5 Western Asset
American Century Inv Dodge & Cox Income C t 2.08
-0.02 -1.5 P R2030 21.31 -0.22 -2.3
MidCpAdml 144.27 -2.75 -3.0 TgtRe2015 14.06 -0.08 -1.2 ExtndInst 61.53 -0.98 -3.2 CorePlusBdI 11.47 +0.03 0.4
Ultra 33.98 -0.39 -3.0 Balanced 92.52 -0.96 -2.0 FrankTemp/Temp A
American Funds Cl A Income 13.33 +0.03 0.3 Parnassus Fds R2035 15.40 -0.16
MorgAdml -2.5
75.03 -0.82 -2.8
GlBond A p 11.39-0.13 -1.6 ParnEqFd 36.04 -0.40 -2.5 R2040
AmcpA p 25.25 -0.30 -2.7 Intl Stk 34.84 -0.73 -4.5 Growth A p 21.11-0.29 -3.7 PIMCO Fds Instl 21.98 -0.26
MuHYAdml -2.7
11.39 +0.03 0.7
AMutlA p
BalA p
33.11
23.49
-0.41
-0.16
-2.2
-1.4
Stock 157.61
DoubleLine Funds
-2.63 -3.2 FrankTemp/Temp Adv AllAsset NA
SmCapStk
... NA Value
37.37
30.40
MuIntAdml
-0.51
MuLTAdml
-0.46
14.36 +0.05
-3.2
11.84
-2.7 +0.04
0.7
0.8
Borrowing Benchmarks | WSJ.com/bonds
GlBondAdv p 11.35 -0.13 -1.6 ShortT NA ... NA
BondA p 12.65 +0.04 0.5 TotRetBdI NA ... NA MuLtdAdml 11.05 +0.02 0.3
CapIBA p
CapWGrA
55.00
42.16
-0.45
-0.51
-1.5
-2.8
TotRetBdN NA ... NA G TotRt
PIMCO Funds A
10.10 +0.01 0.3 S MuShtAdml 15.81 +0.01
PrmcpAdml r 100.40 -1.30
0.1
-2.8
Money Rates January 6, 2016
EupacA p 43.95 -0.72 -3.1 F GMO Trust Class IV TotRetA 10.10 +0.01 0.3 Schwab Funds REITAdml r 113.39 -0.41 0.4
IntlEq 19.43 -0.28 -3.2 PIMCO Funds D S&P Sel 30.75 -0.39 -2.6 Key annual interest rates paid to borrow or lend money in U.S. and
FdInvA p 49.32 -0.64 -2.7 Fidelity Advisor A SmCapAdml 51.41 -0.80 -3.1
IncomeFd NA ... NA STBondAdml 10.46 +0.02 0.3 international markets. Rates below are a guide to general levels but
GwthA p 39.96 -0.52 -3.2 NwInsghtA p 25.29 -0.33 -3.3 H PIMCO Funds Instl
T STIGradeAdml 10.58 +0.01 0.2 don’t always represent actual transactions.
HI TrA p 9.33 -0.01 -0.1 Fidelity Advisor I
ICAA p 32.57 -0.41 -2.4 Harbor Funds IncomeFd NA ... NA TIAA/CREF Funds TotBdAdml 10.69 +0.04 0.5
NwInsghtI 25.76 -0.34 -3.3 EqIdxInst 14.67 -0.19 -2.7 Inflation Other short-term rates
IncoA p 19.93 -0.17 -1.5 Fidelity Freedom CapApInst 58.77 -0.54 -3.4 PIMCO Funds P TotIntBdIdxAdm 21.22 +0.04 0.6
N PerA p 34.80 -0.48 -3.4 IntlInst r 57.25 -0.84 -3.7 IncomeP NA ... NA Tweedy Browne Fds TotIntlAdmIdx r 23.37 -0.36 -3.6 Nov. index Chg From (%) Week 52-Week
FF2020 14.26 -0.12 -1.9
NEcoA p 34.86 -0.40 -3.1 Price Funds GblValue 23.82 -0.21 -2.6 TotStAdml 49.43 -0.67 -2.7 level Oct. '15 Nov. '14 Latest ago high low
FF2025 12.18 -0.11 -2.1
NwWrldA 48.47 -0.64 -3.1 FF2030 14.81 -0.18 -2.6
I Call money
SmCpA p 42.14 -0.65 -3.4 U.S. consumer price index
FreedomK2020 13.27 -0.11 -1.8 Invesco Funds A
TxExA p
WshA p
13.16
37.49
+0.04
-0.54
0.6
-2.5
FreedomK2025 13.81 -0.13 -2.1 EqIncA 9.43 -0.11 -2.0 Exchange-Traded Portfolios | WSJ.com/ETFresearch All items
Core
237.336
244.075
–0.21
0.04
0.5
2.0 Commercial paper
2.25 2.25 2.25 2.00
FreedomK2030 13.96 -0.17 -2.6
AMG Managers Funds FreedomK2035 14.33 -0.20 -2.9 J Largest 100 exchange-traded funds, latest session Closing Chg YTD 30 to 270 days n.q. ... ... ...
YacktmanFd 20.46 -0.15 -2.0 FreedomK2040 14.36 -0.20 -2.9 John Hancock Class 1 ETF Symbol Price (%) (%) International rates
AQR Funds Wednesday, January 6, 2016 Commercial paper (AA financial)
Fidelity Invest LSBalncd 13.98
-0.11 -1.8 iShS&P500ValueETF IVE 86.41 –1.49 –2.4
MgdFutStrI 10.29 +0.06 1.1 Closing Chg YTD Week 52-Week 90 days 0.60 0.57 0.64 0.06
AMgr50% 15.84
-0.09 -1.2 LSGwth 14.46
-0.16 -2.5 ETF Symbol Price (%) (%) iSharesUSPreferred PFF 38.98 –0.23 0.3
Artisan Funds Latest ago High Low
Balanc 20.81
-0.20 -1.9 John Hancock Instl iSh1-3YTreasuryBd SHY 84.47 0.06 0.1 Euro commercial paper
Intl Inv 27.83 -0.27 -3.0 AlerianMLPETF AMLP 11.39 –5.71 –5.5
BalancedK 20.81
-0.20 -1.9 DispValMCI 18.56
-0.34 -3.1 CnsmrDiscSelSector iSh7-10YTreasuryBd IEF 106.65 0.60 1.0
XLY 75.97 –0.98 –2.8 Prime rates 30 day -0.08 n.q. -0.02 -0.12
BluCh 66.62
-0.83 -3.4 JPMorgan Inst Class iSh20+YTreasuryBd TLT 122.59 1.35 1.7
B Contra 95.88
-1.00 -3.1 MdCpVal 33.21
CnsStapleSelSector
-0.54 -2.2 DBGoldDoubleLgETN
XLP 50.00 –0.34 –1.0
iShChinaLarge-Cap FXI 33.22 –2.18 –5.9
U.S. 3.50 3.50 3.50 3.25 Two month n.q. n.q. -0.01 -0.09
BlackRock Funds A DGP 19.32 2.81 6.5 Canada 2.70 2.70 3.00 2.70 Three month n.q. n.q. 0.01 -0.08
ContraK 95.81
-1.00 -3.1 JPMorgan R Class iShRussellMCGrowth IWP 89.25 –1.61 –2.9
GlblAlloc p 17.55 -0.14 -1.6 DBGoldDoubleShrt DZZ 8.32 –2.92 –6.2 Japan 1.475 1.475 1.475 1.475 Four month n.q. n.q. 0.02 0.00
CpInc r -0.039.06 -0.9 CoreBond 11.61
+0.04 0.4 DeutscheXMSCIEAFE MktVectorsBiotech BBH 122.23 –1.18 –3.7
BlackRock Funds C DBEF 26.35 –1.83 –3.0 Five month n.q. n.q. 0.04 0.01
DivIntl 33.91
-0.45 -3.3 JPMorgan Select Cls MktVectorsOilSvcs OIH 25.06 –4.53 –5.3
GlblAlloc t 15.99 -0.14 -1.7 EnSelectSectorSPDR XLE 58.20 –3.85 –3.5
PPH 63.98
Policy Rates Six month n.q. n.q. 0.05 0.02
DivIntlK r 33.84
-0.45 -3.3 CoreBond 11.60
+0.04 0.5 FinSelSectorSPDR XLF 23.10
MktVectorsPharm –1.04 –2.0
BlackRock Funds Inst –1.53 –3.1 Euro zone 0.05 0.05 0.05 0.05
GroCo 132.16
-1.91 -3.5 USLgCpCorPls 25.89
-0.46 -3.4 FTDorseyWrightFoc5 MktVectorsRetail RTH 76.09 –1.01 –2.1 Libor
EqtyDivd 20.50 -0.30 -2.4 FV 22.75 –1.22 –3.2 Switzerland 0.50 0.50 0.50 0.50
GrowCoK 132.07
-1.90 -3.5 MktVectorsSemi SMH 50.88 –2.58 –4.5
FstTrDJIntrnt FDN 71.67 –0.57 –3.9 One month 0.42350 0.42390 0.42950 0.16625
GlblAlloc 17.64 -0.15 -1.6 InvGrBd 11.08
+0.03 0.5 L PwrShrs QQQ QQQ 108.26 –0.96 –3.2 Britain 0.50 0.50 0.50 0.50
GuggenheimSP500EqW RSP 74.58 –1.83 –2.7 Three month 0.62010 0.60670 0.62010 0.25210
HiYldBd 7.13 ... 0.1 LowP r 46.50
-0.61 -2.6 PS SP500LoVoltlPrt SPLV 37.93 –0.89 –1.7 Australia 2.00 2.00 2.50 2.00
Lazard Instl HealthCareSelSect XLV 70.49 –0.82 –2.1 Six month 0.85130 0.83340 0.85130 0.35390
StratIncOpptyIns 9.76 ... -0.1 LowPriStkK r 46.45
-0.62 -2.6 SPDRBarclaysHiYdBd JNK 33.78 –0.09 –0.4
EmgMktEq -0.19 -3.3 IndSelSectorSPDR
12.99 XLI 51.63 –1.54 –2.6 Overnight repurchase One year 1.16535 1.15950 1.17800 0.60990
MagIn 86.88
-1.12 -2.9 SchwIntlEqty SCHF 26.59 –1.85 –3.5
iShIntermCredBd CIU 107.48 0.15 0.2
D OTC 79.76
-1.53 -4.4
Loomis Sayles Fds
CSJ 104.63 0.08 0.0 SchwUS BrdMkt SCHB 47.75 –1.24 –2.6 U.S. 0.47 0.38 0.47 0.07 Euro Libor
Puritn 19.95
-0.15 -1.9 LSBondI -0.05 -0.9 iSh1-3YCreditBond
12.77 SchwUS LrgCap SCHX 47.33 –1.30 –2.6
Davis Funds A iSharesTIPSBondETF TIP 110.39 0.32 0.6 One month -0.211 -0.204 -0.001 -0.211
NYVen A 29.56 -0.60 -4.3 SrsInvGrdF 11.08
+0.03 0.4 Lord Abbett A IEI 123.27 0.29 0.5 SPDR DJIA Tr DIA 168.94 –1.43 –2.9 U.S. government rates -0.131 -0.127 0.049 -0.131
Dimensional Fds StratInc 10.13
... +0.01 0.3 iSh3-7YTreasuryBd
-0.1 ShtDurIncmA p 4.32 SPDR GldTr GLD 104.67 1.44 3.2
Three month
iShCoreMSCIEAFEETF IEFA 52.55 –1.76 –3.4 Discount Six month -0.045 -0.038 0.134 -0.058
5GlbFxdInc 10.94 +0.02 0.4 TotalBond 10.30
+0.03 0.4 Lord Abbett F IEMG 37.79 –1.79 –4.1 SPDR S&PMdCpTr MDY 247.36 –1.41 –2.6
EmgMktVa 19.65 -0.28 -3.7 Fidelity Selects ShtDurIncm ... ... iShCoreMSCIEmgMk
4.31 SPDR S&P 500 SPY 198.82 –1.26 –2.5 1.00 1.00 1.00 0.75 One year 0.052 0.059 0.283 0.031
iShCoreS&P500ETF IVV 199.77 –1.31 –2.5
EmMktCorEq 15.18 -0.20 -3.7 Biotech r 219.54
-7.69 -6.9 IJH 135.69 SPDR S&P Div SDY 72.03 –1.15 –2.1 Euro interbank offered rate (Euribor)
M iShCoreS&PMdCp –1.40 –2.6 Federal funds
IntlCoreEq 11.00 -0.18 -3.4 Health r 201.68
-2.49 -3.1 IJR 106.64 –3.2 TechSelectSector XLK 41.64 –1.23 –2.8
iShCoreS&PSmCpETF –1.14 One month -0.214 -0.206 0.012 -0.214
IntSmCo 16.69 -0.22 -3.0 Fidelity Spartan Metropolitan West AGG 108.43 UtilitiesSelSector XLU 43.42 –0.18 0.3 Effective rate 0.3600 0.3600 0.3800 0.0600
iShCoreUSAggBd 0.38 0.4 Three month -0.136 -0.132 0.071 -0.136
IntSmVa 18.12 -0.29 -3.0 500IdxInv -0.91 -2.6 TotRetBd
69.95 10.66 +0.03 0.4 iShSelectDividend DVY 74.25 –1.01 –1.2 VangdInfoTch VGT 104.66 –1.36 –3.4 High 0.5600 0.5625 0.5900 0.2500
VangdSmCapValue VBR 96.02 –1.56 –2.8 Low 0.2500 0.2800 0.3000 0.0100 Six month -0.044 -0.041 0.168 -0.051
Dimensional Fds 500IndInst -0.91 -2.6 TotRetBdI
69.96 10.66 +0.03 0.4 iSharesGold IAU 10.57 1.63 3.3
TRBdPlan 10.04 +0.03 0.4 iShiBoxx$InvGrCpBd VangdHlthCr VHT 129.53 –1.02 –2.5 Bid 0.3500 0.3200 0.3500 0.0000 One year 0.056 0.059 0.319 0.039
US CoreEq1 16.68 -0.24 -2.9 Fidelity Spartan Adv LQD 114.46 0.39 0.4
US CoreEq2 15.86 -0.25 -3.0 500IdxAd -0.90 -2.6 MFS Funds Class A
69.96 iShiBoxx$HYCpBd HYG 80.25 ... –0.4 VangdDivApp VIG 76.04 –1.21 –2.2 Offer 0.5000 0.3500 0.5200 0.0500 Value 52-Week
US Small 27.44 -0.34 -3.2 ExtMktAd r -0.77 -3.2 ValueA p
48.59 31.89 -0.46 -2.7 iShMBSETF MBB 108.15 0.32 0.4 VanguardFTSEDevMk VEA 35.47 –1.83 –3.4 Latest Traded High Low
iShMSCIACWIETF ACWI 54.05 –1.50 –3.2 VanguardFTSEEmgMk VWO 31.28 –1.79 –4.4 Treasury bill auction
SCZ 48.52 VanguardFTSEEurope VGK 48.05 –1.66 –3.7 4 weeks 0.200 0.170 0.235 0.000 DTCC GCF Repo Index
iSharesMSCIEAFESC –1.68 –2.9
IPO Scorecard iSharesMSCIEAFEETF EFA 56.78 –1.65 –3.3 VangdAllWldxUS VEU 41.84 –1.71 –3.6 13 weeks 0.215 0.260 0.280 0.000 Treasury 0.494 121.370 0.639 0.059
Performance of IPOs, most-recent listed first iShMSCIEmgMarkets EEM 30.78 –1.91 –4.4 VangdGrowth VUG 103.44 –1.10 –2.8 26 weeks 0.500 0.550 0.585 0.065 MBS 0.500 91.674 0.705 0.075
% Chg From % Chg From iShMSCIEurozoneETF EZU 33.61 –1.64 –4.1 VangdHiDivYld VYM 65.41 –1.31 –2.0
Open Implied
Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day iShMSCIGermanyETF EWG 25.03 –1.15 –4.4 VngdInter-Term BIV 83.66 0.41 0.7 Secondary market Settle Change Interest Rate
IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close iShMSCIJapanETF EWJ 11.87 –1.74 –2.1 VangIntrCorpBd VCIT 84.50 0.32 0.5
USMV 41.32 –0.63 –1.2 VangdLgCap VV 91.12 –1.31 –2.5 Fannie Mae DTCC GCF Repo Index Futures
Yirendai 8.44 –15.6 –7.3 Mimecast 9.00 –10.0 –10.9 iShMSCIUSAMinVol
iShNasdaqBiotech IBB 321.12 –1.79 –5.1 VangdMdCap VO 116.47 –1.85 –3.0 30-year mortgage yields
YRD Dec. 18/$10.00 MIME Nov. 19/$10.00 Treasury Jan 99.555 -0.005 8389 0.445
iShNatlAMTFrMuniBd MUB 111.09 0.44 0.3 VangdReit VNQ 80.07 –0.27 0.4
Atlassian 27.05 28.8 –2.6 Square 11.52 28.0 –11.9 iShRussell1000Gwth 30 days 3.485 3.610 3.750 3.024 Treasury Feb 99.555 -0.005 5520 0.445
IWF 96.90 –1.05 –2.6 VanguardS&P500 VOO 182.30 –1.27 –2.5
TEAM Dec. 10/$21.00 SQ Nov. 19/$9.00 60 days 3.518 3.646 3.788 3.080 Treasury Mar 99.485 0.005 3741 0.515
iShRussell1000ETF IWB 110.40 –1.32 –2.6 VangdShrtTrm BSV 79.68 0.11 0.1
Axsome Thera 14.47 60.8 65.6 Instructure 22.38 39.9 24.3 iShRussell1000Val IWD 95.43 –1.53 –2.5 VangShrtCorpBd VCSH 78.95 0.04 –0.1
Notes on data:
AXSM Nov. 19/$9.00 INST Nov. 13/$16.00 iShRussell2000Gwth IWO 133.27 –1.78 –4.3 VangdSmCap VB 107.31 –1.50 –3.0
IWM 108.57 BND 81.18 0.45 0.5 U.S. prime rate is effective December 17, 2015. Discount rate is effective December 17, 2015. U.S.
Duluth Hldgs 14.96 24.7 9.6 Mesoblast 6.33 –20.9 –21.9 iShRussell2000ETF –1.52 –3.6 VangdTtlBndMkt
prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks;
DLTH Nov. 19/$12.00 MESO Nov. 13/$8.00 iShRussell2000Val IWN 89.48 –1.17 –2.7 VanguardTtlIntlStk VXUS 43.50 –1.69 –3.6 Other prime rates aren’t directly comparable; lending practices vary widely by location; DTCC GCF
iShRussell3000ETF IWV 117.07 –1.35 –2.7 VangdTtlStock VTI 101.59 –1.34 –2.6 Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable
Match Grp 13.92 16.0 –5.6 Xtera Comm 4.38 –12.4 –12.4 iShRussellMid-Cap IWR 155.98 –1.66 –2.6 VangdTotlWrld VT 55.82 –1.48 –3.1 CUSIPs. Value traded is in billions of U.S. dollars. Futures on the DTCC GCF Repo Index are traded on
MTCH Nov. 19/$12.00 XCOM Nov. 13/$5.00 iShRussellMCValue IWS 67.02 –1.73 –2.4 VangdValue VTV 79.64 –1.42 –2.3 NYSE Liffe US.
iShS&PMC400Growth IJK 156.81 –1.09 –2.6 WisdomTreeEurope HEDJ 51.85 –1.98 –3.6 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; SIX Financial Information;
Sources: WSJ Market Data Group; FactSet Research Systems iShS&P500Growth IVW 112.72 –1.10 –2.7 WisdomTreeJapanHdg DXJ 48.13 –2.21 –3.9 General Electric Capital Corp.; Tullett Prebon Information, Ltd.
STYLE & TRAVEL
Pajamas Everywhere A Letter From

College Football
Chic sleepwear hits the streets FASHION | D3 JASON GAY | D5
© 2016 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, January 7, 2016 | D1
Year of Living Connectedly Hope for

Cutting the
At the tech industry’s big annual trade show, gadgets help us work harder and relax better
Cord More
PERSONAL
TECHNOLOGY
BY GEOFFREY A. FOWLER AND JOANNA STERN Handily
Every January at the consumer electronics show in Las Vegas, BY GEOFFREY A. FOWLER
the tech world reveals its latest works in progress. Here’s a look
at the best—and craziest—devices, from app-controlled shoes to Las Vegas
a two-way video-call system...for your pet. It ain’t easy being a cable cut-
ter. You have to juggle remotes
and services, and you still don’t al-
ways watch exactly what you
want. But this year at CES, the
tech industry promised to make
life a little easier for people brav-
ing television’s online frontier.
Amid this annual confab’s prod-
uct launches and
new TVs, two
ideas stand out:
CLOCKWISE FROM UPPER LEFT: PETCHATZ (2); LEGO; HP; BARTESIAN
Finding what you

want to watch
Lego Education WeDo faster in a sea of
What it is: Lego robots that teach channels and apps—and getting
science and coding more content without a cable sub-
Playing with Lego is fun, but now scription.
it’s also a way to teach science. Lego Sling TV, the $20-a-month live
Education WeDo 2.0, a big wireless streaming service that made its
update to a system that launched in debut at last year’s CES, unveiled
2009, teaches children to build tiny ro- plans to completely overhaul its
bots while challenging them to solve app.
real-world science problems with cod- It’s more than cosmetic—Sling
ing and, of course, bricks. The system 2.0 uses our individual and collec-
includes an electronic building brick, a tive viewing habits to highlight
motion sensor and a motor, as well as shows we’d be most likely to
a wireless hub. Projects are open- watch at any moment. (These com-
ended:Students are asked to design a panies are tracking that data any-
device that could mitigate devastation way, so we might as well benefit
PetChatz HD With PawCall in a storm-damaged region. Unlike from it.)
What it is: A two-way videoconferencing system for pets Lego Mindstorms, which are designed Previously, Sling looked more
Look, the current crop of pet cams aren’t very fair. You can see what your furry friend is up to for middle schoolers, WeDo aims like a traditional cable TV channel
24/7, but what if they have to get in touch with you? PetChatz understands the four-legged pain. younger, at grades 2 and 3. The $160 guide. The new Sling app, due in
The HD camera already had two-way video chat and an app-controlled treat dispenser. This year’s in- kits are mainly for schools but families the next three months, lets you
novation? The PawCall accessory, which lets Fido initiate the call. When the pet-safe button is can buy them, too. identify your must-see TV. It
pressed, you’ll get a request on your smartphone or computer for a quick woof or meow—or more stores most of your shows for
likely one of those delicious hidden treats. The PetChatz HD system is available now for $380. The three days in the cloud and makes
PawCall will be available in February for an additional $100. recommendations about what to
watch live.
TV makers are also helping
Bartesian Cocktail Machine people find more to watch. Most
What it is: A pod-based mixed- of the biggest brands unveiled new
drink maker smart TV software that doesn’t
Bartesian does for the marga- just put streaming apps front and
rita what Nespresso did for coffee. center, but also the shows they
Pop in a capsule, select a desired contain. You don’t have to sit
strength and this robot bartender
prepares one of potentially hun-
dreds of cocktails. The Bartesian
A TV removes the need
draws on four containers filled for extra remotes and a
with rum, vodka, tequila and gin.
The capsules—which come in fa- HP EliteBook Folio G1
streaming service mixes
miliar flavors such as Cosmopoli- What it is: A Windows 10 laptop slimmer than Apple’s MacBook cable and local channels.
tan, Zest Martini and even Sex on Thin is in for laptops, and Apple is no longer the skinniest supermodel. HP’s
the Beach—contain the bitters, newest business-targeted laptop squeezes a 12.5-inch screen into an aluminum
juices and other flavors needed to shell that’s 0.47 inches thick—trimmer than an AA battery and a hair thinner there, trying to remember, say,
complete the cocktail, no shaking than the 12-inch MacBook’s 0.52-inch-thick body. But while Apple had only one which service streams “Jessica
or stirring required. Bartesian new USB-C port for both power and wired connections, HP managed to fit in Jones.” (It’s Netflix.)
costs $300, plus $20 for a mixed two ports. The Folio can swing open 180 degrees, and HP claims its battery For its 2016 TVs, LG worked
pack of 12 capsules, and is ex- should last over 10 hours, if you choose the model with the HD screen. Expect it with a company called Xumo on a
pected to ship in the spring. to arrive in March starting at $999. feature that combines video from
Please see GADGETS page D2 a range of different sources—like
BuzzFeed, Popsugar and yes, The
Wall Street Journal—into a single
Bid Perks Adieu: Airlines Auction Upgrades

searchable guide.
And for cable cutters who get
their content from multiple de-
vices like Xboxes, Samsung is add-
BY SCOTT MCCARTNEY miles and several hundred dollars years ago. And Delta wants to push upgrade auction app that Virgin ing tech to its 2016 TVs that’s
each way, depending on the airline, that to 70% over the next two America began using in September, smart enough to recognize many
Airlines are sold on using auc- fare paid, status level and route. years, Delta executives told inves- thinks those frequent fliers may be add-on boxes. Once identified, the
tions to peddle more premium But auctions are migrating into do- tors in December. prime candidates for auctions. TV’s main clicker can control them
seats rather than giving them mestic U.S. flights, where airlines In addition, airline mergers “We give fliers some control as well, so instead of dealing with
away free to loyal customers. have been trying to wean travelers have consolidated the armies of rather than being 39th on the list,” a sea of remotes, you only have to
More than 30 airlines around off frequent free upgrades. travelers with elite status, so even says SeatBoost founder and chief keep track of one.
the world now hold auctions to sell Delta Air Lines, for example, top-tier fliers are competing with executive Kevin Stamler. One bold—and, if it works,
upgrades to first- says that as a result of offering many others for a couple of empty American Airlines says it exper- breakthrough—new service un-
THE MIDDLE class, business- discounted first-class fares and first-class seats each flight. imented with an auction system veiled at CES is Vidgo. This would
SEAT class or premium- paid upgrades for fees, 57% of its Customers in the lower tiers of and got good feedback from cus- be the first low-price, online-only,
economy seats. first-class seats have customers elite status often see themselves at tomers, but set it aside during its live TV service to include premium
More will be who paid their way in rather than the bottom of very long upgrade computer-system integration in the and local channels nationwide.
launching auctions in 2016. Some free upgrades, up from 11% a few lists. SeatBoost, which launched an Please see AUCTION page D2 The big challenge is getting lo-
even auction off the chance to cal network affiliate channels on
have an empty seat beside you in board (and online) without the
coach. It’s an opportunity for trav- sorts of legal wrangling that led to
elers who don’t have super-elite the demise of upstart services like
status to enjoy the perks without Aereo. Sony’s PlayStation Vue of-
paying full price. fers those channels in some mar-
“Any opportunity to upgrade a kets, but it costs $50 and up, and
long-haul flight for significantly comes with a number of strings at-
less than buying into the business- tached.
class cabin is good,” says Michael Vidgo says it is in beta testing
Trager, a New Jersey native living and will launch initially in 15 mar-
in Amsterdam who has been the kets in the first half of the year.
high bidder in several KLM Royal Backed by Atlanta-based tech com-
Dutch Airlines upgrade auctions. pany Gotham Media, the company
His strategy is to bid no more says it has spent five years build-
than $322 to $430 (€300 to €400) ing relationships with Internet ser-
each way in auctions. If he wins, vice providers and media compa-
his business-class round-trip fare nies, and has developed
TIM BOWER FOR THE WALL STREET JOURNAL
would be about $1,600 (€1,500)— proprietary tech for lower-band-

less than half the cost of buying a width streaming.
business-class seat outright. He’s But Vidgo, at its unveiling, is
been in at least six KLM auctions still light on details, including
over the past year and has been which cities and channels would
the winning bidder three times. be included when it rolls out, and
Airlines rarely offer free up- how much it will cost.
grades on long-haul international At the end of the day, it’s no
flights; even elite-level frequent fli- longer the technology that holds
ers have to pay for business-class back cable cutting—it’s the law-
upgrades, often involving 25,000 yers.
D2 | Thursday, January 7, 2016 THE WALL STREET JOURNAL.
STYLE & TRAVEL
GADGETS
Digitsole Smartshoe
What it is: A highly connected sneaker
Forget Marty McFly’s self-lacing sneakers from “Back to the Future.”
When you pair your smartphone with Digitsole’s Smartshoe, you can
Continued from the prior page wirelessly control the temperature of the insole, adjust for a snugger fit
and even turn on the shoe’s built-in flashlight. Naturally it tracks your
GreatCall Lively Wearable step count to calculate calories burned and distance walked. And what
What it is: A wearable fitness and would sneakers of the future be without built-in wireless charging? If you
safety monitor for seniors miss the charging mat, you’ll still get multiple days on a charge, says the
Designed to help both seniors and French maker, which promises this tall order by fall for $450 a pair.
their families, the Lively combines Fit-
bit-like fitness tracking with an always-
on emergency service. Worn on the
wrist or as a necklace, it pairs with a
smartphone to gauge and report activ-
ity. A companion app offers daily chal-
lenges and virtual rewards for goals,
and shares updates with family mem-
bers. With a press of Lively’s emer-
gency button, a service called 5Star re-
sponds. The device can also make a 4Moms Car Seat
call if it senses a fall. The waterproof What it is: A self-installing baby seat
Lively lasts up to six months on a Solving a Rubik’s Cube with one hand is easier than install-
charge. Arriving this spring, it will cost ing many car seats properly. 4mom’s smart car seat, for ba-
$100, plus $15 a month for emergency bies weighing from 4 to 30 pounds, aims to end all your ex-
service. pletives with dual LCD screens and speakers right in the seat,
to help guide you through the process. Once you connect the
base to the car’s metal clips, it automatically levels itself and
Fitbit Blaze audibly confirms that all is safe and sound. All that tech
What it is: A fitness-focused smartwatch doesn’t come at the expense of comfort either: It has a peek-
Fitbit fans no longer have to live with monochrome screens and basic fitness a-boo canopy, a pop-up sun shade and an adjustable head-
tracking. With a high-resolution color touch screen, the Blaze combines the com- rest.The seat is expected in June for $500.
pany’s workout tracking with smartwatch features. It has all you’d want for your
morning run: continuous heart-rate tracking and on-screen workouts from Fit-
Star. (It relies on your smartphone for GPS tracking.) When you’re done sweat- Variowell Smart Bed
ing, you can change the watch face to something more polished, put on a What it is: A mattress that responds to your fitness tracker
leather band and get your calendar and text notifications. And watch out Apple: There are more sleep-tracking devices than sheep to count
Fitbit is promising up to five days of battery life. The $200 smartwatch will be but Variowell’s smart bed promises to actually do something
available on March 1. with the data. The mattress connects to smartwatches and fit-
CLOCKWISE FROM UPPER LEFT: GREATCALL; DIGITSOLE; 4MOMS; VARIOWELL; SENSORWAKE; FITBIT
ness trackers. Then, in real time, it adjusts the firmness based

on your sleep stage. In light sleep, it firms up. In deep sleep, it
softens to make sure you’re most comfortable. Before you
wake up, it becomes firm again. If you prefer, you can adjust
the firmness manually using a smartphone app. It sounds like a
dream come true, but we’ll have to wait until May to find out.
SensorWake
What it is: An olfactory alarm clock
Wake up to the scent of the seaside…or a croissant! This clock’s
“alarm” is a little hatch that spritzes fragrance until you shut it off.
(Alas, there’s no snooze button.) SensorWake’s makers say their scents
wake 99% of sleepers in two minutes, the key being pleasant yet jarring
fragrances such as peppermint, chocolate and coffee. Invented by 19-
year-old Guillaume Rolland, SensorWake is now working with Swiss fra-
grance manufacturer Givaudan on the hyper-concentrated scents: A two-
scent pack costs $10.90 and is good for 60 wake-ups. SensorWake is
taking preorders for $109 and intends to ship in June.
ADVERTISEMENT Ask Teri Columnist Teri Agins answers readers’ fashion questions
Leisure Travel Q: I keep spotting these hole-in-the- grances online is a broad selection of inven-
wall shops and street stalls selling tory from past seasons. You can even buy
To advertise: 800-366-3975 or WSJ.com/classifieds discount designer perfumes throughout sample vials for as little as a couple of dol-
Manhattan as well as at lots of discount lars. The discount-fragrance market is chock-
stores and online. Can you tell me what is a-block with hundreds of brands, including
AMY DEVOOGD FOR THE WALL STREET JOURNAL
FRANCE the difference between these highly dis- hard-to-find fragrances and closeouts. Also
counted perfumes and the same brands for sale at steep discount are “tester” bot-
sold at Macy’s or Saks? Are the cheaper tles (unused bottles designed for sampling
products genuine or are they old products for fragrance counters). I buy with confi-
past their expiration date? How can I tell? dence only at retailers that guarantee their
—CB New York City products are genuine and back that claim
with a returns policy.
A: Designer and brand-name fra-

grances are launched at department
stores and upscale cosmetic chains such as
I can’t vouch for discounted fragrances
sold at swap meets or independent shops
where legitimate goods are final sale, leav-
Sephora and Ulta Beauty, which typically sell ing disappointed consumers without re-
at suggested retail prices. Yet, wholesale fra- course. Discounted goods sold by indepen-

grance distributors are under pressure to dents are often manufacturers’ overruns—

keep inventory moving, unloading slow-mov-
ing merchandise to discounters and jobbers,
There’s no shortage of discounted fra-
grances at such stores and websites as Am-
and not necessarily counterfeit products,
which do exist but tend to be rare, as manu-
in a matter of months. azon, T.J. Maxx, Wal-Mart, Perfumania and facturers fight to keep them off the retail
It’s an industry glutted with hundreds of FragranceNet.com as well as mall kiosks and marketplace, says Karen Grant, global
fragrances—new and older brands—that have swap-meets. Factory-sealed fragrances that beauty industry analyst for NPD Group Inc.,
been on the market for years, priced according have been properly stored in a cool place market researchers.
to supply and demand, with discounts as high last for years without deteriorating.
as 75% for closeouts or discontinued scents. The advantage to buying discounted fra- Email questions to askteri@wsj.com
AUCTION
expand. The carrier won’t commodate passengers off Mr. Trager, who lives in
disclose average winning canceled flights, and the Amsterdam but visits family
bids, but says the auctions winning bidder isn’t and graphic-printing clients

have gotten competitive. “It awarded an upgraded seat. often in the U.S. and has

Continued from the prior page does drive last-minute pur- Most of Plusgrade’s cus- top-level Diamond status in
US Airways merger. “It is chase behavior,” says Virgin tomers are European, Asian Delta’s frequent-flier pro-
something we would like to America spokeswoman Abby and Middle Eastern airlines, gram, says he typically finds
revisit for further assess- Lunardini. founder and chief executive, discounted coach tickets be-
ment,” a spokesman says. Virgin America also uses Ken Harris says. In addition tween $645 and $860 (€600
United Airlines and Delta a system from a company to Virgin America, Hawaiian and €800) on Delta partner
say they are both watching called Plusgrade that Airlines says it will begin of- KLM. (Tickets sold in Europe
the auction phenomenon launches auctions days be- fering Plusgrade auctions. for trips to the U.S. are often
closely. fore departure. The airline Mr. Harris says more U.S. less than tickets sold in the
Virgin America says it started picking flights for airlines will be launching U.S. for trips to Europe.)
began testing SeatBoost auc- auctions based on bookings auctions in 2016. But he’ll buy business
tions at the gate an hour be- last spring, and invites some Germany’s Lufthansa uses class if he can find a dis-
fore boarding on Las Vegas passengers to bid. Ms. Lu- Plusgrade to auction off pre- counted fare for no more
flights. Bidding starts at $10, nardini says the Plusgrade mium-economy seats only— than €2,000, or $2,150. That’s
$30 or $50, depending on auctions have been very suc- a way to entice coach pas- rare. The round-trip fare be-
the length of the flight and cessful, but Virgin America sengers to try out the new, tween New York and Amster-
whether passengers are bid- won’t disclose details on dam is typically at least
ding on extra-legroom seats successful bids or revenue $4,084 (€3,800) when bought
in coach or a first-class seat. generated.
Upgrades by auction in Europe, he says. The auc-
Passengers who bid see Plusgrade says it has 45 cost ‘significantly tion has helped him ride in
where they stand on a carriers under contract—33 business-class more often.
leader board, and just before of them live with auctions
less’ than paying full “It’s worth rolling the
boarding begins, the airline and 12 in development. Air- fare, passengers say. dice,” says Mr. Trager, who
awards one upgrade to Main lines send invitations to an six months ago started blog-
Cabin Select and one to auction based on the cus- ging about travel and casino
first. The auction, with peo- tomer’s fare, frequent-flier plusher economy option. El gambling at a site he created
ple bidding against each status or particular criteria, Al, Air Berlin and Tigerair in called TravelZork.
other in the gate area, can such as traveling with an in- Singapore are among the The KLM auction tells
add some excitement—and fant, that might make the airlines to auction off empty you when your bid is the
some potential added frus- passenger more eager to adjacent seats. Mr. Harris highest, and sends an email
tration—to the boredom of spend on an upgrade. says about 20 airlines have whenever someone tops
waiting for a flight. Bidders see a sliding committed to the practice, your bid. “As a good gam-
Virgin America says its scale depicting the strength known as neighbor-free auc- bler, you need to know what
top-level elite passengers of their bid—a way to entice tions. your maximum is,” Mr.
get upgrades to Main Cabin them to raise the ante. Each The more participants, Trager says. KLM, like many
Select seats before the auc- airline can decide when to the higher prices go, Mr. airlines, also offers more se-
tion, and it still sells up- end the auction, typically 24 Harris says. Trans-Atlantic date upgrade options, from
grades through its airport to 72 hours before depar- winning bids typically range using miles and cash to up-
kiosks and its gate agents. ture, and whether there will between $300 and $1,000. grading for a fee at check-in.
The Las Vegas auctions are a be any winners. Sometimes “It’s always less than buying Auctions close 24 hours be-
test, and the airline says it seats sell right before depar- a business-class seat out- fore departure, and aren’t
is too early to tell if it will ture, or are needed to ac- right,” he says. available on all flights.
THE WALL STREET JOURNAL. Thursday, January 7, 2016 | D3
STYLE & TRAVEL

BY CHRISTINA BINKLEY labels have been sprinkling paja-
mas fit for public wearing into
Showing up at work in pajamas their collections.
is a recurrent theme in many For more affordable versions,
nightmares, so why do man-style try pieces from Topshop or Zara.
PJs keep appearing on red carpets Customer reviews of Anthropolo-
and streetwear blogs? The fashion gie’s “Chirpy” loungers—pajama
industry seems bent on killing ev- pants with an eccentric bird print
ery taboo in the pursuit of new- (unfortunately sold out) show that
ness. the pants were worn on planes
Still, this is one crazy trend and to run errands despite being
that has legs (literally). More chic billed as “sleep pants.” Some
than yoga wear and brands are riffing off the theme,
ON STYLE just as forgiving, pa- such as Club Monaco, with its “Pa-
jamas are surpris- jama Piqué Polo” shirt, which has
ingly versatile and PJ-like piping at the collar, sleeves
can make sense as day wear or and pocket.
formal wear. Bedroom slippers, too, have
“It’s a languid, approachable been making an appearance on
way of [addressing] this season’s runways—most memorably paired
new eccentricity dressing, which with Gucci’s kangaroo-lined slides,
Gucci is really owning right now,” which the label has had to re-pro-
says Sarah Rutson, vice president duce several times since last Janu-
of global buying for luxury retailer ary to keep up with demand.
Net-a-Porter. A favorite subject of “Sleepwear is chic wear in the
street style blogs, Ms. Rutson coolest closets,” says Neiman Mar-
FROM THE LEFT: DANIEL BRUNO GRANDL; CORBIS

traipsed about Milan in a set of cus fashion director Ken Downing,
big-floral-print jams from the label who attributes the emergence of
For Restless Sleepers last Septem- pajama pants on the streets to the
ber. She paired them with velvet widespread acceptance of track
heels, as a nod, she says, to the pants as fashion. “Stripes, florals
velvet slippers that are traditional and foulard prints, shimmering
men’s lounge footwear. satins, and piped-edge details all
Worn head to toe, this is a add up to a fashion trend that
high-fashion look. It’s best suited translates as casually cool, day
to social gatherings and formal af- into evening.”
fairs, where—paired with dressy As with any look that borders
shoes and a belt or shimmery on outré, it takes a deft touch to
blazer—elegant pajamas offer an Sarah Rutson of Net-a-Porter, left, traipsed about Milan this fall in a set of pajamas from the label For Restless avoid looking like a fashion victim
eye-catching alternative to a gown Sleepers. Heidi Klum, right, was seen in a pajama look at Los Angeles International Airport. when heading out the door in pa-
or cocktail dress. New York-based jamas. Remember: No childish
Fashion’s Latest Command:

stylist Heidi Bivens says that fine prints. Leave the teddy bears for
black satin PJs for formalwear bed. Go with luxe fabrics like silk,
“can be a hit, and not just with the satin, or fine-spun cotton.
eccentric crowd.” Accessorize conservatively. Go
Wear Pajamas in the Daytime

Few offices or courtrooms are light on the jewelry. Those jams
ready for this look. But analyzed in should be the center of attention.
the clear light of day, it isn’t all Dressy heels or flat sandals are a
that nutty. Pajama tops are a must. And don’t pair them with
roomy version of a buttoned shirt bedroom slippers.
or blouse; they’re easy to wear (Careful accessorizing is a key ele- several seasons, and plenty of la- clothes she likes to wear casually. Add a belt or sash for a more
tucked into pants or a skirt or left ment of success in the pajamas-in- bels are catering to the whim. Ms. Ruffini, whose husband, Remo fitted look. Layer a dressy blazer
loosely untucked. Pajama-style public look.) Stylist Joshua Liebman created Ruffini, is chief executive of Mon- over them to tighten the look up,
pants are forgiving enough to Pajamas had a moment in the a pajama look for the Paris-based cler, makes pajamas in fine silks or add a fine-gauge sweater.
work for many figures. The best 1980s when designer Marc Ja- Maiyet label’s Resort 2016 collec- and cottons from Como, Italy, that Tanya Gill, a Los Angeles-based
fits are slightly tailored with a cobs—one of the globe’s major tion by pairing a hammered silk are so well tailored that they bor- stylist and founder of the Icon-
firm flat waistband in front and trendsetters for the past quarter pajama bottom with a tailored der on being pantsuits. Net-a-Por- house fashion and art blog, has
elastic at the back. High fashion century—was earning his chops. blazer. “The most important thing ter began carrying them this fall worked with pajamas with clients
doesn’t get much more practical or Mr. Jacobs, who has been gadding for women and men to keep in and Ms. Rutson says they “blew such as Jane Fonda, who wore a
comfortable than this. about in PJs for years, has proba- mind when looking to sport the out of stock.” Nicholas Oakwell robe to the 2014
Pajamas, in fact, have been ap- bly played a role in keeping this sleep-wear look in the waking Two London labels—Yolke, and Vanity Fair Oscars party. “The
pearing outside the bedroom since look smoldering for long enough world is contrast,” Mr. Liebman Sundays London— have nailed the trick is to find a balance and mix
Marlene Dietrich and Katharine that it seems poised to become a says. crossover appeal, making roomy the masculine with the feminine,”
Hepburn wore them as androgy- fashion perennial. For Restless Sleepers was but sleekly tailored pajama sets in- she notes, as well as a bit of “re-
nous loungewear. Hugh Hefner ac- Celebrities from Rihanna to launched two years ago by Fran- tended to be worn to bed or out bellious spirit.”
cessorized his PJs and bathrobe Rashida Jones have been making cesca Ruffini, who says she de- on the town. Thakoon, Alexander Ms. Gill adds, “Coco Chanel
adroitly with a pipe and cravat. public appearances in pajamas for signed them because they’re the Wang, Dolce & Gabbana and other would approve.”
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ARTS IN REVIEW
ART APPRECIATION
A Master Resurfaces
FREER GALLERY OF ART
GETTY IMAGES
Pierre Boulez leads the Staatskapelle Berlin at Carnegie Hall in 2009.
Above: Tawaraya Sotatsu’s
Sotatsu: Making
Waves
Arthur M. Sackler Gallery
Through Jan. 31
‘Waves at Matsushima’
(probably made about 1625
and 1628); left: ‘Nobles
ChampionofArtandTech
Viewing the Nunobiki BY TOD MACHOVER formance of the work.
P
Waterfalls,’ from the ‘Tales of All went reasonably well
BY LEE LAWRENCE Ise’ (early to mid-1600s). ierre Boulez, who died during the rehearsals. But as
Jan. 5 at age 90, had a Mr. Boulez took the podium to
W
Washington ate patterns or repeat motifs. brilliant, bold, idiosyn- start the historic premiere, a
alking into “Sotatsu: These appear in handscrolls cratic and creative view of mu- worsening thunderstorm out-
Making Waves” we and poem cards (some 7.5- sical history, and possessed a side the gymnasium where it
can almost hear the by-6.5 inches) on which So- singular vision of the role and was to be performed could be
splash of waves swirling, eddy- tatsu created designs with any responsibility of the modern heard by the capacity crowd—a
ing and cresting in a wild, combination of silver, gold, musician. For him, creating who’s who of the international
enigmatic golden seascape mica, ink and paint while through radical composition, music scene.
that spills across two six-pan- Hon’ami Koetsu, a well-con- re-creating through conduct- In this atmosphere, Mr. Bou-
eled folding screens. The in- nected calligrapher and potter, ing, and enabling and educating lez cued the fast rhythmic play-
cessant movement contrasts penned classic verses. The Ta- through institutions (many of ing by a chamber orchestra of
with the straight lines of pale- waraya studio regularly sup- which he invented, established winds, brass and strings, with
gold sandbars and swathes of plied calligraphers with deco- and led himself) were insepara- no electronic sound at first. The
MINNEAPOLIS INSTITUTE OF ARTS
greens, blues and reddish rated papers, but the works we ble activities. Who else in re- audience was seated around the
browns that coalesce into mas- see here seem to have been cent times has accomplished— stage, being further surrounded
sive rocks and promontories. created in collaboration, or even attempted—so much? by six soloists in the gymna-
Probably made about 1625 and painter and artist improvising I was fortunate to experience sium balcony who were con-
1628, the scene floats, un- in response to one another. the intersection of Mr. Boulez’s nected to the 4X machine and
moored to anything but the ink Their variety is astonishing, activities when I worked at his massive amplification. One of
drawing that is occasionally their energy captivating, their Institut de Recherche et Coor- music’s great moments is
visible beneath the pigments beauty nothing short of mes- dination Acoustique/Musique when—after about seven min-
(a technique known as hori- merizing. (Ircam), from 1978 to 1985. He utes of acoustic instrumental
nuri). Despite its title, “Waves creasing attention and came to infused giant dragons with So how could Sotatsu have invited me there at first as a scurrying—the center ensemble
at Matsushima” doesn’t feel award him canonical status. otherworldly force and mys- sunk into near oblivion? The kind of “guinea pig” to try the stops on a tremolo chord, and
like the representation of a Now, Mr. Ulak and co-curator tery. The tones range from second part of the show may new technology, then named the six soloists come crashing
place. It’s a celebration of the Furuta Ryo from Tokyo Univer- smoke-wisp grays to outer- point to an answer. We see me Ircam’s first director of mu- in, playing forceful lines that
power and beauty of nature— sity of the Arts are persuading space blacks. As in much of his painters well into the 20th sical research. are scattered and shattered
and of paint. American audiences to follow century reprising Sotatsu’s Although Mr. Boulez had electronically throughout the
As such, it is an effective in- suit. techniques and compositions— trained in mathematics and sci- space. It is as if the heavens
troduction to a show about The first part of “Sotatsu” Despite his celebration most famously, Ogata Korin ence as well as in music, he had have opened up, and a new
“the most important Japanese focuses on the breadth, inven- of the power and (1658-1716), who painted his been less successful than oth- world has been introduced.
artist you’ve never heard of,” tiveness and exuberance of his own homage to “Waves at Ma- ers in his generation—which All went well through those
as James Ulak, senior curator work. Plucking episodes from beauty of nature, tsushima” and disseminated included such giants as Karl- first seven minutes of acoustic
of Japanese art at the Freer Japanese literature, for exam- Sotatsu had sunk into tarashikomi, making it a fa- heinz Stockhausen—in creating playing. The musicians reached
and Sackler Galleries, is fond ple, the artist variously ar- vored technique in the long- innovative electronic music. He their tremolo chord, Mr. Boulez
of saying. Scholars know little ranged scenes from the “Tale near oblivion. lived Rinpa style he helped en- was one of the great orchestra- held the fermata, and at that
about Tawaraya Sotatsu except of Genji” across an eight-panel gender. We can almost feel very moment, just before Pierre
that he headed a commercial gilded screen, encapsulated these tributes falling like a cued in the six soloists, a huge
studio from about 1600 to moments from the “Tales of painted work, Sotatsu here and thick mantle over the master, Pierre Boulez (1925- clap of thunder was heard out-
1640, and that during his last Ise” in small, colorful composi- there deployed a technique obscuring him from view. The 2016) possessed a side, a massive bang occurred,
20 years he was a star of the tions, and brought to life all known as tarashikomi. He quality here varies widely and, and the electricity went out.
Kyoto art scene. But his fame manner of classics within the added layer upon still-moist while some artists left us singular vision of With perfect calm and charm-
soon dimmed. Except for the arched format of folding fans layer so that the ink pooled beautiful works, none carry the role and ing demeanor, Pierre an-
occasional flare of interest— that were, in turn, mounted into random, semi-translucent forward their hero’s vibrant nounced from the podium: “Due
including Charles Lang Freer’s onto gilded screens to appear shapes, imbuing the work with energy, leaving us with an urge responsibility of the to the circumstances, we will
purchase of two of the show’s as though floating along a depth and texture. to return to Sotatsu. Best give modern musician. take our intermission now. See
masterpieces in 1906 and river. In his ink paintings, Priming us to detect So- in, and quickly, before the you back here in 20 minutes.”
1905—Sotatsu wasn’t on many meanwhile, Sotatsu variously tatsu’s favorite techniques, a show closes. After about five minutes,
people’s radar until the Japan distilled a plum tree to its bare video early on illustrates hori- power was restored, we re-
Fine Arts Association exhibited essentials, evoked the ethereal nuri, tarashikomi and a third Ms. Lawrence writes about tors of instrumental music of booted the 4X machine without
his work in 1913. Gradually, nature of an eccentric Zen technique, kataoshi, in which Asian and Islamic art for the the 20th century—and he felt being able to test whether it
Japanese scholars paid in- priest perched in a tree, and the artist used stamps to cre- Journal. that postwar electronic tech- was in full working order, and
nology was inadequate. So he’d the audience returned. Mr.
created Ircam to bring compos- Boulez had remained cool and
FILM ers, instrumentalists, engineers collected; the performance had
and scientists together to in- to go on. This time, all went
Gilbert Talks
vent the sounds, structures and flawlessly. The six soloists en-
systems to make possible the tered with crashing electronics,
music he imagined. and the performance pro-
At Ircam, Mr. Boulez ap- ceeded to the end. With no
BY DAVID MERMELSTEIN Cary Grant—especially when proached electronic composi- break, Mr. Boulez gave the lec-
T
delivering lines like “Oh, baby, tion almost as a student, taking ture-demo and then played
his Saturday marks the don’t think I’m such a heel just notes on exactly how each new “Répons” a second time.
80th anniversary of because I am” to the blond process worked, looking to un- I—and many others—imme-
John Gilbert’s death. If beauty Leila Hyams, his co- derstand the furthest and most diately knew that we had heard
you don’t know this silent- star here and in two films that precise potential of machine in- a masterpiece. And we had also
movie idol, you are not alone, immediately followed. telligence, rehearsing each ef- observed Mr. Boulez at his
for his renown peaked be- “Gentleman’s Fate” (1931), fect until it sounded splendid, best: pursuing great risk for
tween the mid-1920s and early directed by Mervyn LeRoy, ef- and then adapting his musical his art; remaining calm and
1930s. Yet it’s a measure of fectively gives Gilbert the op- sketches accordingly. charming in adversity; gra-
how considerable his fame was portunity to play two charac- I got to Ircam when Mr. ciously supporting his team
that the U.S. Postal Service in- ters: the rich Jack Thomas, Boulez was first exploring how and his machines; preparing
cluded Gilbert—born John Ce- adopted at an early age into to put these elements together. meticulously for the moment
cil Pringle in Utah in 1899— high society, and Giacomo He would get up at 4 every that mattered, knowing not ev-
among luminaries like Charlie Tomasulo, the son of a gang- morning, make musical erything can be controlled.
Chaplin, Rudolph Valentino ster. They turn out to be the sketches for his first interac- Through these qualities,
and Lon Chaney when it is- same man, and that revelation tive electronic piece (a revision Pierre Boulez marked the mu-
sued a series of stamps cele- causes an identity crisis that of his 1971 “Explosante-Fixe” sic and culture of our times. He
brating silent-screen stars in neither one woman’s scorn nor that we were working on to- has left a legacy as a bold
1994. And unlike Valentino and another’s love can reconcile. gether), meet me at Ircam at 6 fighter for the seriousness, so-
Chaney, who died before talk- But however corny the story, a.m. so we could discuss how phistication and transforma-
ies superseded silents, Gilbert the movie gave Gilbert an op- to translate his sketches into tive power of music at a mo-
made 10 pictures with audible portunity to demonstrate that workable processes on the new ment when we have often
dialogue before he died, at age there was nothing fixed about Ircam machines (the first of forgotten how—or don’t have
36, in 1936. his screen persona. their kind), and by 10 a.m. he the time—to really listen.
With his chiseled features, He never found a better would shift gears to his admin-
lean physique and raven mane, role in a talkie than that of the istrative duties, then come Mr. Machover is professor
GETTY IMAGES
Gilbert had been a dashing Saturday marks the master illusionist Chéri-Bibi in back to rehearse the electronic of music and media at the MIT
leading man in silent movies, 80th anniversary of “The Phantom of Paris” (1931), excerpts we were developing. Media Lab. His composition
equally comfortable in both John Gilbert’s death. based on a Gaston Leroux Many of his special qualities “Re-Structures” had its pre-
costume melodramas, like Er- novel with broad parallels to are demonstrated through the miere at the 2015 Lucerne Fes-
ich von Stroheim’s “The Merry “The Count of Monte Cristo.” fraught premiere of his great tival, in honor of Pierre Bou-
Widow” (1925), and then-con- in the Rain” (1952) is thought Night,” from 1929, his second Gilbert plays Bibi—framed and work “Répons” at the 1981 lez’s 90th birthday.
temporary stories, such as to be based on his misfor- such picture but the first to be convicted of murdering the re- Donaueschingen Festival, one
King Vidor’s World War I epic tunes. But now we can make screened in theaters.) calcitrant father of the woman of the most important post-
“The Big Parade” (1925), in up our own minds about Hol- The new batch’s earliest he loves—with undeniable World War II festivals, held in Pepper ...
which he played an eager if lywood history. Late last year, film, “Redemption” (1930), magnetism, demonstrating Germany’s Black Forest region.
callow doughboy. His three si- which is actually Gilbert’s first that sound pictures did not on Pierre had finished the score in
And Salt
lents with Greta Garbo, most talkie, is worth seeing only to their face doom his prospects time—just!—for rehearsal to THE WALL STREET JOURNAL
notably “Flesh and the Devil” The silent-movie idol’s discover how steep the learn- as an actor. Only poor films take place in Paris, and Ircam’s
(1926), were touchstones of short-lived career in ing curve was as Hollywood and inferior roles could do new 4X machine (the world’s
the period. In these films and converted to sound. A that. first digital synthesizer) had
others, Gilbert played flawed talkies has us wretched adaptation of Tol- Had Gilbert lived longer, he also been finished and pro-
characters but radiated irre- pondering what might stoy’s play “The Living might have moved into juicy grammed at the last minute, a
sistible charm, which together Corpse,” the movie is stiffly character parts, as John Bar- fantastic, futuristic, but ex-
with his shiny handsomeness have been. acted, poorly paced and flatly rymore did. Or he might sim- ceedingly fragile device. The
left moviegoers swooning. His directed. And it’s painful to ply have faded away, in the Donaueschingen version of
talkies, by contrast, found him see Gilbert struggle in the new manner of other silent stars. “Répons” was less than 20
cast in roguish, often unsym- Warner Archive issued four medium. But by “Way for a Instead, he left just enough of minutes long, so the concert
pathetic parts. manufactured-on-demand Sailor” (1930), co-starring a legacy for us to ponder what plan was to play the piece a
Conventional wisdom later discs from the MGM library Wallace Beery, he had clearly might have been. first time, take an intermission,
held that Gilbert was a wash- that essentially completed the grown. Though he speaks at a and then come back for an ex-
out in sound films, stylistically release on home video of all higher pitch than he did later, Mr. Mermelstein writes for planation of the piece and
mannered and squeaky-voiced. Gilbert’s sound films. (The Gilbert displays a new kind of the Journal on film and classi- demonstration of the technol-
Some of the satire in “Singin’ lone exception is “His Glorious charm, similar to that of early cal music. ogy, followed by a second per-
THE WALL STREET JOURNAL. * * * * Thursday, January 7, 2016 | D5
SPORTS
Heard On
The Field
Griffey, Piazza Book

Trips to Cooperstown
They began their careers as op-
posite in stature as any two players
could be. Ken Griffey Jr. was the No.
1 overall draft pick in 1987. A year
later, Mike Piazza was the 1,390th
player selected. Now, they are bound
for Cooperstown together. Griffey
and Piazza will be inducted into the
National Baseball Hall of Fame this
summer after being voted in by eli-
gible members of the Baseball Writ-
ers’ Association of America, the Hall
announced Wednesday.
Griffey, a former outfielder
whose 630 home runs rank sixth
on baseball’s all-time list, was se-
lected by 99.3% of voters, the high-
est percentage ever for a player
voted in by the BBWAA. The previ-
ous record belonged to pitcher Tom
Seaver, who was selected on 98.8%
of ballots in 1992. It was Griffey’s
first year on the ballot.
Piazza, arguably the greatest hit-
ting catcher of all time, was se-
lected on 83% of the 440 ballots
cast, easily clearing the 75% re- This season’s college-football semifinals—which were won by Clemson and Alabama—saw a nearly 40% drop in television ratings on New Year’s Eve.
quired for induction. It was his
College Football’s Letter to America

fourth year on the ballot.
Former Houston Astros first
baseman Jeff Bagwell fell just short
of induction, earning votes on 71.6%
of ballots cast. Former All-Star out-
fielder Tim Raines (69.8%) and pitch- Attention Good People of America: Turns out America actually likes put- at least you’re falling asleep on the Turns out that next season, the last
ers Trevor Hoffman (67.3%) and Curt Hey! Greetings from your friends at ting on novelty sunglasses in the couch with your hand in a box of mini- week of the NFL regular season is on
Schilling (52.3%) were the only other the planet’s most important sport, shape of a number and dancing around donuts on December 31. January 1, 2017. Hmm. It’s tough to
players to receive votes on more college football. with Ryan Seacrest and Pitbull. How about pushing all of that fun compete with the NFL on anything.
than half the ballots submitted. Soooo…we saw those funky TV We made a big bet against disgust- stuff one more day? Whaddaya say! How about celebrating your New
Pitcher Roger Clemens finished numbers. You guys weren’t really feeling champagne hangovers—and dis- It’s not as big a deal as you think. Year’s Eve on January 2?
at 45.2% and slugger Barry Bonds ing our New Year’s Eve gusting champagne hangovers won. Everything just slides over 24 hours. Wait: we just heard from Rose Bowl
finished at 44.3%, the most support football playoff semifinals! (Unlike Michigan State.) Considering hosting a party? Throw it and Sugar Bowl. They’re not thrilled
either player has received in their The ratings for both of Here’s the problem: next season, a day later. Let your guests know now, about the idea of you celebrating New
four years on the ballot together. our fancy games on Dec. we’re going to have the same conflict. and give them plenty of time to find Year’s Eve on January 2, because they
Before Griffey, there had never 31 dropped close to 40% Our semifinals are back on New babysitters. bumped the Rose and Sugar to Janu-
been a first overall draft pick in- from the prior year’s, Year’s Eve. If you’re used to feeling terrible and ary 2 next year to not conflict with the
ducted into the Hall of Fame. JASON which were held a day But we’re reasonable people. We’re eating bacon all day on on January 1, January 1 NFL games.
—Brian Costa GAY later on January 1. not going to make same mistake twice. just feel terrible and eat bacon all day So….how about…looking at the calen-
Forty percent drops. We want to offer you a proposal. on January 2. Don’t worry about work: dar here…Tuesday, January 3? There’s
That’s like Tom Brady’s We want a compromise that allows call in sick, everyone will. (Also, next no football that day. All that happens
backup wide receivers. you to enjoy our wondrous college year, January 2 is a holiday!) is the Cleveland Browns will fire their
We were shocked. We thought football semifinal games—and also ring The best part: By January 1, those next coach.
America was ready for a thrilling new in a healthy and happy 2017. crazy 2017 sunglasses will be half off. Ring in the New Year on January 3.
REUTERS (BRIDGEWATER); GETTY IMAGES (4)
tradition: 10½ hours of college football We’d like America to celebrate You might think that this is another How about that for a great new Amer-
on New Year’s Eve. New Year’s Eve on New Year’s Day, example of college football’s hubris. Last ican tradition? And think of how easy it
Some called our idea for New Year’s January 1, 2017. year we asked you to watch change will be to get a restaurant reservation.
Eve college football “hubris.” We Now hold with us for a second. We your habits and watch college football on All we ask is that you consider do-
thought it was…OK, it was hubris. know this is weird—you’re accustomed New Year’s Eve—and now we are asking ing it. We know you’ll come around.
Now everyone thinks we’re a bunch to celebrating the end of the year at, you to move New Year’s Eve itself. You’re America, and college football is
of overconfident dopes. ESPN won’t you know, the end of the year. Maybe But this is college football, people. the greatest entertainment in this
say it out loud, but we know they you’re at a romantic party with Billy We haven’t messed up a thing in our country. Just ask our fearless leader,
want to push us all in a pool. Crystal and Meg Ryan. Maybe you’re history. We know what we’re doing. Nick Saban.
Turns out you guys were all too just falling asleep on the couch with Wait: We’re just getting a quick Your pal,
busy for football on New Year’s Eve! your hand in a box of mini-donuts, but word from our friends at the NFL. College Football
The Trickiest Play in Football: Paying for a Quarterback

BY KEVIN CLARK None of the top three highest paid
quarterbacks—Drew Brees ($23.8 Minnesota’s Teddy Bridgewater
It’s been an odd season for NFL million), Atlanta’s Matt Ryan and counts just $1.5 million against the
quarterbacks. San Diego’s Philip Rivers—are on salary cap, the 45th-highest salary
Tom Brady was suspended, then playoff teams. In fact, none of them among quarterbacks in the league.
he wasn’t, and then he led the league led their teams to winning records.
in touchdown passes. Peyton Man- There’s a perfectly logical expla-
ning was injured, lost his starting nation for this. Over the last decade,
job, then got it back in time to help passing has exploded in the NFL.
the Denver Broncos finish as the The five most productive passing
AFC’s top seed. Players like Wash- seasons in league history have oc-
ington’s Kirk Cousins had breakout curred since 2011. A generation of
years. Buffalo’s Tyrod Taylor, who great quarterbacks--led by Manning,
had never started a game in his first Brady and Brees—combined with lib-
four seasons, had one of the highest eralized offensive rules to rewrite
quarterback ratings in the league. the record books.
But as strange as this season was, As a result of this, quarterbacks
things are about to get stranger. The became more expensive than ever. At
quarterback position is changing the same time, new draft salary re-
more than ever before, and team ex- strictions put young players on stag-
ecutives say the league is in the geringly affordable contracts. In
midst of a paradigm shift. No one 2013, while leading the Seahawks to
knows exactly what the value of a the Super Bowl, quarterback Russell
quarterback is in the modern era. Wilson made less than the team’s
Around the league, there’s a long snapper.
growing belief that the most impor- Wilson is still just the 19th-high-
tant position in sports is becoming est paid quarterback this season, but
impossible to compensate fairly. You he won’t be making peanuts for long.
can’t let a great quarterback leave, Last summer, Wilson was rewarded
but you also can’t master the salary with a four-year deal worth $87 mil-
cap while paying one top dollar. lion that will give him a massive kings can afford to splurge on play- possible,” but sometimes even that Still, in the NFL these days, it
In a league where the draft and raise starting next season. ers like running back Adrian Peter- is hard to do, he said. His policy on seems that the cheaper your quar-
free agency remain vital, the hardest Deals like those have helped to son, who takes up 10% of the team’s cutting players to trim cap space, he terback, the better. There’s over-
decision a team can make in 2016 is create a cluster of top-heavy teams cap space, according to Spotrac. said, was to have the coach rank the whelming evidence that paying any
how much to pay its quarterback. that have to rely on a few elite play- Teams with highly priced quarter- positions on a team, one through 22 one player so much—regardless of
There are 13 quarterbacks this sea- ers rather than building a roster that backs don’t get such luxuries. “If number 22 is a fullback, you cut position—is not a smart team-build-
son who command more money from is deep across the board. “The fat gets cut from the depth him, if number 21 is a [strongside] ing strategy.
their team’s salary cap than New The alternative is teams like the of the team,” said former Tampa Bay linebacker, you get a cheaper one,” Only one of 10 highest-paid defen-
England’s Brady ($14 million), accord- NFC North champion Minnesota Vi- Buccaneers general manager Mark Dominik said. That, in turn, is how a sive tackles is in the playoffs. The po-
ing to Spotrac. Nine of them failed to kings, which benefits from a dis- Dominik, now an analyst for ESPN. team loses some of its shine. sition with the closest correlation is
lead their teams to the playoffs this count quarterback. Minnesota’s “You are going to fill the roster with Let’s be clear, Dominik has no actually linebacker—seven of the top
season and, of the four who did reach Teddy Bridgewater counts just $1.5 late-round draft picks, undrafted free sympathy for a team that has quar- 10 richest linebackers will be suiting
the postseason, three barely snuck in million against the salary cap, the agents, the offensive line gets cut a terback deservedly taking home lots up for a game these next two weeks.
as either a No. 5 or No. 6 seed. Then 45th-highest salary among quarter- lot because you can’t afford the of money. Carolina will likely have But franchises do not rise and fall
there’s Manning, who had been rele- backs in the league, just behind San depth there.” few regrets when the presumptive with linebackers or defensive tack-
gated to backup duty behind Brock Francisco’s mediocre Blaine Gabbert. Dominik said teams with big- 2015 NFL MVP, Cam Newton, sees les. So teams are left to deal with
Osweiler until he made a dramatic With the money they save on money quarterbacks “try to hold off his salary cap hit jump to $19 million their biggest problem: Is the most
cameo off the bench last week. their quarterback’s salary, the Vi- on cutting the starters as long as from $13 million next season. important position too important?
© 2016 Starbucks Coffee Company. All rights reserved.

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