华尔街日报-2021-11-10.pdf

* WEDNESDAY, NOVEMBER 10, 2021 VOL. CCLXXVIII NO. 112 WSJ.com HHHH $5.00DJIA 36319.98 g112.24 0.3% NASDAQ 15886.54 g0.6% STOXX600 482.71 g0.2% 10-YR.TREAS. 19/32, yield1.431% OIL $84.15 $2.22 GOLD $1,830.20 $2.80 EURO $1.1596 YEN 112.88Over the past decade, the University ofSouthern California has used a for-profitcompany to help enroll thousands of studentsin its online social-work masters program.The nonprofit school used its status-sym-bol image to attract students across thecountry, including low-income minority stu-dents it targeted for recruitment, often withaggressive tactics. Most students piled ondebt to afford the tuition, which last yearreached $115,000 for the two-year degree.The majority never set foot on the posh LosAngeles campus but paid the same rate foronline classes as in-person students.Recent USC social-work graduates whotook out federal loans borrowed a median$112,000. Half of them were earning $52,000or less annually two years later, a WallStreet Journal analysis of newly releasedU.S. Education Department data found. Com-pared with other masters-degree programsPleaseturntopageA14BYLISABANNON ANDANDREAFULLERNicaragua, following a pres-idential election called fraudu-lent by the U.S., is now widelyseen to have become LatinAmericas third dictatorshipand part of a broader trend ofdemocratic backsliding acrossthe region, U.S. officials andpolitical analysts said.President Daniel Ortegacoasted to a fourth consecutiveterm in Sundays vote by win-ning about 75% of the ballotscast, according to Nicaraguaselection authority. The electiontook place after Mr. Ortegasregime jailed seven leadingpresidential candidates, allow-ing only a handful of relativeunknowns to oppose him.Less than one in five regis-tered voters cast a ballot, ac-cording to Urnas Abiertas, alocal electoral watchdog.The vote removed “any lastshred of doubt that Nicaraguais, sadly, a dictatorship,” a for-mer Panamanian vice president,Isabel Saint Malo de Alvarado,wrote Monday in AmericasQuarterly, a policy journal.Most of the international com-munity also bills Cuba and Ven-ezuela as dictatorships.Ms. Saint Malo de Alvaradourged the international com-munity to show it wouldnttolerate another dictatorshipin the region by withdrawingambassadors and stopping anyinternational loans to the Cen-tral American nation.Some 34 countries, includ-ing European Union and LatinAmerican nations, have con-demned the Nicaraguan elec-tions as fraudulent.In a confrontational speechMonday evening, Mr. Ortegalashed out at the EU and theU.S., calling the Europeans for-mer associates of Hitler whowere now instruments of U.S.colonial and interventionistpolicy toward Nicaragua. Healso called his imprisoned op-PleaseturntopageA8BYDAVIDLUHNOWANDJOS DECRDOBATHE(ALMOST)CAR-FREECITYR1-10IsSantaComingtoTown?MaybeiiiDemand is highbut St. Nicks arein short supplyBYKATHERINEBINDLEYIn her 39 years bookingSantas for holiday events,Susen Mesco says she hasnthad a year like this one.Ms. Mesco has worked latenights and early morningssince September, fielding callson average every eight min-utes from clients desperate tosecure a jolly, bearded man ina red suit for their holidayevent. Never before, not evenin the Christmas-party boomof the 1980s, has she had toturn customers away.“I had one lady call me uptwo days ago in tears. Sheneeded a Santa for her coun-try club,” said Ms. Mesco. “ShePleaseturntopageA15BYTHOMASGRYTAFacebook has allowed pla-giarized and recycled contentto flourish on its platform de-spite having policies against it,the tech giants researcherswarned in internal memos.About 40% of the traffic toFacebook pages at one point in2018 went to pages that stoleor repurposed most of theircontent, according to a re-search report that year byFacebook senior data scientistJeff Allen, one of a dozen in-ternal communications re-viewed by The Wall StreetJournal. Pages are used bybusinesses and organizationsto disseminate content onFacebook, while individual us-ers put content on what Face-book calls “profiles.”The researchers also wroteFacebook has been slow tocrack down on copyright in-fringement for fear of openingitself to legal liability.“Whats the easiest (lowesteffort) way to make a big Face-book Page?” Mr. Allen wrote inan internal slide presentationthe following year. “Step 1:Find an existing, engaged com-munity on Facebook. Step 2:Scrape/Aggregate content pop-ular in that community. Step 3:Repost most popular contenton your Page.”Mr. Allen, who left Facebookin late 2019, wrote that Face-book pages seeking big follow-A$115,000USCDegreeYieldsLowPay,HugeDebtsEliteschoolhiredfor-profitfirmtowoostudentstosocial-workmastersMeta CurbsTargeted AdsPersonalized advertising onpolitics is dropped.A6General Electric through theyears in photos. A12-13Heard on the Street: GE shedsconglomerate label. B13ings simply had to ask onequestion of the content theywere considering recirculating:“Has it gone viral in the past?”Posting unoriginal contentcontinues to be a formula forsuccess on Facebook, accord-ing to data the company hasPleaseturntopageA6BYKEACHHAGEYANDJEFFHORWITZFacebookRifeWithStolenContent Teslas valuation punishes thewary. B1 James Mackintosh: Own Teslastock? Do like Musk. B11Tax BillLoomsasMusk EyesShareSaleElon Musks pledge to sell10% of his Tesla Inc. stockhighlights the complex finan-cial web the worlds richestman has spun around his per-sonal fortune.Selling a stake valued atabout $17 billion could provideMr. Musk, who has at timessaid he was cash-poor, with asizable liquidity infusion. Itcould also go a long way to-ward helping the billionairepay a bill likely coming duefrom the Internal RevenueService. Completing thesemoves before year-end wouldhelp Mr. Musk avoid a possibletax increase.Mr. Musk is worth about$300 billion on paper, accordingto the Bloomberg BillionairesIndex, with the majority of thatwealth tied up in Tesla and hisrocket company, Space Explora-PleaseturntopageA2ByRebeccaElliott,RichardRubinandTheoFrancisDemocracyLosesFavorAcrossLatinAmericaGeneral Electric Co., thecompany that for more than acentury stood as a beacon ofU.S. manufacturing might andmanagement prowess, will splitinto three public companies,drawing the curtain on an eraof businessthe dominance ofindustrial conglomerates.The decision, announcedTuesday by Chief ExecutiveLarry Culp, ends the myth thatGE wielded a magic touch torun companies better, andmake everyone richer, throughits management of varied en-terprises around the world.When Mr. Culp took over asCEO of a wounded GE threeyears ago, he faced calls frominside and outside to break itapart. He resisted the idea,saying he wanted to fix GE andjust needed more time. He re-paired company finances, butultimately concluded that in-vestors wanted a simplerstructure. “It was clear thisPleaseturntopageA13GEBreakupMarksEndofanEraCompanythatsymbolizedU.S.manufacturingpowertosplitintothreepartsOverthepastfourdecades,GEsrevenueswelledandebbedunderfourCEOsasitfocusedondierentbusinesses,includingashiftawayfromconsumergoodsandabetonnance.GEsrevenuebysegmentAdjustedforinationShareandindexperformancesince1980JohnFlanneryAugLarryCulpOctCEOJackWelchApril CEOJeImmeltSeptFinanceMediaInfrastructure&TechnologyConsumerGoods&PlasticsEnergy&PowerCapitalAviationHealthcareRenewableEnergyPower1980 1990 2000 2010 2020 2020 $84.83B2004 $224.19B1980 $74.37BNotes:SegmentcategorizationsforGEsannualrevenueweretakenasinitiallyreportedinthecompanysannualreportsfrom1980to2020andadjustedforination.ThegraphicexcludescorporateitemsandeliminationsthatGEreportedinsomeyears.RevenuefromGECapitalisincludedstartingin1988whenGEbeganreportingconsolidatedrevenuesthatincludedthenancebusinessinitsannualreport.Inprioryears,GEreportedearningsfromthesubsidiary,whichwascalledGECreditCorp.Sources:SEClings,stareports(revenue);FactSet(shareprice)ElliotBentley,ErikBrynildsenandLuisSantiago/THEWALLSTREETJOURNAL1980 1990 2000 2010 2020 DowIndustrials4,230%GE1,272%LatestinaseriesCONTENTSArts in Review. A17Business News. B3,7Crossword. A18Heard on Street. B13Markets. B12Opinion. A19-21Personal Journal A15-16Property Report. B6Sports. A18Technology. B4U.S. News. A2-6Weather. A18World News. A8-11s 2021 Dow Jones & Company, Inc.All Rights ReservedWhatsNews Nicaragua,after a presi-dential election the U.S. calledfraudulent,is now widelyseen to have becomeLatinAmericas thirddictatorshipand part of a broader trend ofdemocratic backsliding acrossthe region,U.S. officials andpoliticalanalysts said.A1 Portssnarled with sup-ply-chain problems will beable to redirect money fromother federally funded proj-ects to help ease the logjamsunder a plan outlined by theBiden administration. A2 The Oklahoma SupremeCourt overturned a rulingthat held J&J liable forcontributing to the statesopioid-addiction crisis. A2 Pfizerandpartner BioN-Tech asked U.S. health reg-ulators to expand the au-thorization of their Covid-19 booster to people asyoung as 18 years old. A3 Afederaljudge said re-cords fromtheTrump WhiteHouse can be turned over tothe House committee investi-gating the Jan.6 assaultonthe Capitol, rejecting formerPresidentTrumpsrequesttoblock theirdisclosure.A4 NewHampshireGov. Su-nunusaid he wont runfor theSenate,deliveringasetbacktoMcConnells push torecruittopcandidates inthe Republi-can Partys efforttoreclaimcontrolof thechamber.A4 SeveralTrumpadministra-tionofficialsshoweda“willfuldisregard”oflawscurbinggovernmentemployees polit-ical activityinthefinalweeksofthe2020presidential cam-paign, afederalwatchdogre-portconcluded.A4GeneralElectric, the com-pany that for more thana century stood as a beaconof U.S. manufacturing mightand management prowess,will split into three publiccompanies, drawing the cur-tain on an era of businessthe dominance of industrialconglomerates.A1,A12,A13 U.S. stocks fell back,from record levels, withthe Nasdaq, S&P 500 andDow declining 0.6%, 0.4%and 0.3%, respectively. B12 Rivianpriceditshighlyan-ticipatedIPOat$78ashare,wellaboveitsraisedexpecta-tions,valuingtheelectric-vehi-clemakeratmorethan$77bil-liononafullydilutedbasis.B1 Paneraplanstogopublicandhassecuredanunconven-tionalinvestmentfromrestau-rateurDannyMeyersSPAC.B1 Semiconductor makershave earmarked less than 17%of the roughly $146 billion theindustry willdevote tocapitalspending this year to legacychips, Gartner estimates.B1 Hertz,whichemergedfrombankruptcythissummer,listedontheNasdaq,withsharesclosingdownnearly10%inthefirstdayoftrading.B1 DoorDashsaid it agreed toacquire European food-deliv-ery company Wolt in a dealvalued at over $8 billion.B3 Prestoisclose to a deal tocombinewithaSPACandgopublicinamergerthatwouldvaluetherestaurant-technol-ogyfirmatabout$1billion.B3 Videogame companyUnity agreed to pay $1.63billion for major parts of vi-sual-effects studio Weta. B4Business&FinanceWorld-Wide.A2|Wednesday,November10,2021 * THEWALLSTREETJOURNAL.THE WALL STREET JOURNAL(USPS 664-880) (Eastern Edition ISSN 0099-9660)(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036Published daily except Sundays and general legal holidays.Periodicals postage paid at New York, N.Y., and other mailing offices.Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020.All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of which areavailable from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, NewYork, N.Y. 10036. The Journal reserves the right not to accept an advertisers order. 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SUBMIT IT AT WSJ.COM/TIPSU.S.WATCHNotice to readersSome Wall Street Journalstaff members are working re-motely during the pandemic.Please send reader commentsonly by email or phone, usingthe contacts below, not viaU.S. Mail.CORRECTIONS AMPLIFICATIONSReaders can alert The Wall StreetJournal to any errors in news articlesby emailing orby calling 888-410-2667.U.S. NEWSbecome both a logistical andpolitical problem for theWhite House and has persisteddespite months of attention tothe issue.Under the new program,ports could apply unusedmoney from existing projectstoward solutions for the im-mediate crisis. The Port of Sa-vannah, Ga., for example, willbe able to reallocate morethan $8million of funding tocreate five temporary inlandcontainer yards to reducedockside congestion, the ad-ministration said.Dozens of ships have backedup off the port, the fourth-larg-est U.S. gateway for seaborneimports, in recent months be-cause of a surge of imports.The pop-up sites will allowthe Georgia Ports Authority tomove thousands of containersoff docks and free up space tounload containers and moveboxes inland more quickly, of-ficials said.TheportsintheU .S.ar egenerally owned by states orother government entities andrun by government boardssuch as ports authorities.Many act essentially as land-lords for private companiesthat run cargo-handling opera-tions on docks.The administration said itwould also make $240 millionin grant funding available inthe next 45 days for ports andidentify projects for U.S. ArmyCorps of Engineers construc-tion at coastal ports and in-land waterways within 60days.Some $17 billion in totalwill flow to port and waterwayprojects under the $1 trillioninfrastructure plan.Mr. Biden, whose public ap-proval rating has suffered inrecent months, has acknowl-edged the frustration fromconsumers about delays andshortages.“You can understand whypeople are upset,” he said Sat-urday after the infrastructurebill had passed the House.“Whether you have a Ph.D. oryoure working, you know, in arestaurant, its confusing. Andso, people are understandablyworried. Theyre worried.”Congestion has been mostsevere at the nations busiestcontainer ports in SouthernCalifornia. The administrationrecently pushed to get thePort of Los Angeles to operatearound the clock, following apilot program at the neighbor-ing Port of Long Beach. Suchefforts have been slow to getoff the ground because of alack of interest from shippersand truckers.On Tuesday, Mr. Bidenspoke with the CEOs of Wal-mart Inc., United Parcel Ser-vice Inc., FedEx Corp. and Tar-get Corp. and receivedupdates on “the effortstheyre taking to speed upthroughput in our entiregoods movement supplychain,” the White House saidin a statement that predicted“shelves will be well-stockedthis holiday season.”WASHINGTONPortssnarled with supply-chainproblems, including a majorone in Georgia, will be able toredirect money from otherfederally funded projects tohelp ease the logjams under aplan outlined by the Biden ad-min