1、* MONDAY, JULY 1, 2019 VOL. CCLXXIV NO. 1 WSJ.com HHHH $4.00Lastweek: DJIA 26599.96 g 119.17 0.4% NASDAQ 8006.24 g 0.3% STOXX600 384.87 0.03% 10-YR.TREASURY 19/32, yield 2.000% OIL $58.47 $1.04 EURO $1.1372 YEN 107.89cords in Germany are alreadygetting busted right and left.Ms. Mayer bought a porta-
2、ble air-conditioning unit forher office desk, setting offsomething of a tempest in ateapot among her colleagues.“Everybody was curious.They would say, Does it workwell? And I said, Hey, whydont you sit in my seat andtry it out,” said Ms. Mayer, abusiness developer at retailstartup Fit Analytics. Two
3、 co-workers bought their own.Germans have alwayslooked down on Americasfondness for artificially chilledair as wasteful, unnatural andwimpy. Rather than install cli-PleaseturntopageA12BERLINNatalie Mayerknows why Germans disdainthe air conditioner, or the Kli-maanlageliterally, climateapparatus.“Peo
4、ple here dont like airconditioning. They think its awaste of energy, its bad forthe environment, and peoplesay it makes them sick,” saidMs. Mayer, a Californian whohas lived abroad for more thana decade, including the lastfour years in Berlin.She also knows its easy tobe anti-A/C until gettingpunche
5、d in the face by 100-de-gree weather. Summer isbarely a week old, and heat re-BY SARA GERMANOGermany, Its 100 Degrees.Crank Up the KlimaanlageiiiA country that sees air conditioning asweak and wasteful, reconsidersRussell1000index10-yearperformanceSource:FactSet050100150200250%2010Quarterlydata15 19
6、GrowthValueSEOULPresident Trumpbecame the first sitting U.S.president to step across theboundary dividing North andSouth Korea, leading to a hast-ily organized meeting withNorth Korean leader Kim JongUn and a commitment to re-start nuclear talks.Mr. Trump said Sunday thetwo nations had agreed to des
7、-ignate nuclear negotiatingteams that will begin work overthe next several weeks. “Werenot looking for speed. Werelooking to get it right,” he said.“Were on a very good path.This was a terrific day.”While the sequence of eventswas remarkable, experts onNorth Korea expressed cautionabout the unexpect
8、ed burst ofdiplomacy. The two sides re-main deeply divided over how,and when, Pyongyang shouldPleaseturntopageA8By Timothy W.Martin, Alex Learyand Andrew JeongGrowth Stocks Get a BoostGrowth stocks have extended their outperformance over valuestocks, even as investors have grappled with fears about
9、theeconomic outlook, B1. Plus, Markets Review it may beworse than that,” Chief JusticeJohn Roberts wrote. “But ourconcern is not with tawdrytales of Ferraris, Rolexes andball gowns. It is instead withthe broader legal implicationsof the governments boundlessinterpretation of the federalbribery statu
10、te.”In the Bridgegate case, thecatchall, there must be evi-dence of bribery or kickbacks.In 2016, the high courtweighed in on the case of for-mer Virginia Gov. Bob McDon-nell, a Republican accused ofaccepting gifts and loans froma businessman. In question waswhether Mr. McDonnells con-duct, which in
11、cluded setting upmeetings and making phonecalls, was criminal.care data provider IQVIA.Sales for the drug have de-clined annually since 2010,when they were more than $3billion. Early last year, Purduesaid it would stop promotingthe drug, amid public criticismthat its aggressive sales tacticscontribu
12、ted to overuse of Oxy-Contin and led to addiction.Nearly 218,000 people diedin the U.S. from overdoses re-lated to prescription opioidsbetween 1999 and 2017, ac-cording to federal data. Purdueand the Sacklers have broadlydenied accusations that thecompany misled the public andmedical communities abo
13、ut theaddictive risks of prescriptionpainkillers; the company andfamily have said they want tohelp solve the epidemic. Thecompany has helped fund thedistribution of opioid overdoseantidote naloxone, for example.Purdues reliance on Oxy-Contin for the bulk of revenueis the result of business deci-sion
14、s made by the company,whose board for decades in-cluded members of the Sacklerfamily. Over the years, theboard reviewed dozens of po-tential acquisitions that wouldhave helped diversify revenue,but directors remained risk-averse and often couldntagree on the types of assets tobuy, people familiar wi
15、th thematter said. Also, the Sacklersregularly took profits out ofthe company that could havebeen reinvested into Purdue.Today, senior leaders of theStamford, Conn.-based com-pany are less focused on grow-ing the business, spendingmost of their time on the liti-gation, the people familiar withthe ma
16、tter said. They said em-ployees suffer from low morale.Last year, Purdue got rid ofits entire sales force. Its totalemployee count now sits atabout 500. In 2015, there werenearly 1,700 employees, ac-cording to an internal trainingdocument from then viewedby The Wall Street Journal.Representatives fo
17、r theSackler family referred com-ContinuedfromPageOnePurduePharmaStrugglesU.S. NEWSRICHARDDREW/ASSOCIATEDPRESSClosed highway lanes leading to the George Washington Bridge paralyzed Fort Lee, N.J., for several days in 2013.Federal prosecutors calledthe gridlock a corrupt retribu-tion scheme, alleging
18、 that threepublic officialsBridget Kelly,then a top aide to former NewJersey Gov. Chris Christie; BillBaroni, an executive at the PortAuthority of New York andNew Jersey; and David Wild-stein, a Port Authority direc-torcreated the traffic to pun-ish Fort Lees Democraticmayor, who didnt back the re-e
19、lection bid of Mr. Christie, aRepublican.Mr. Baroni and Ms. Kellysaid they believed they wereconducting a traffic study. Mr.Wildstein, who cooperated withfederal prosecutors, said thethree officials were co-conspir-ators in a political plot. In2016, a federal jury found Ms.Kelly and Mr. Baroni guilt
20、y ofseveral crimes. Last year, a fed-eral appeals court tossed somecounts and upheld the others.Mr. Baroni is serving an 18-month prison sentence. Ms.Kelly is out on bail. Mr. Wild-stein was sentenced to proba-tion. Mr. Christie has said heThe U.S. Supreme Courtsdecision to hear a New Jerseycase abo
21、ut traffic as politicalpaybacka scandal known asBridgegateis a likely effort bythe high court to limit prosecu-tors ability to bring corruptioncases against public officialswithout straightforward brib-ery or kickback schemes, legalexperts say.The underlying questions ofthe line between distastefula
22、nd illegal political conduct isone the high court has taken upin recent years.“The Supreme Court mayonce again be troubled by whatthe justices view as federalstatutes being used to criminal-ize what appears to them aseveryday politics,” said CarrieCohen, a former federal prose-cutor in Manhattan.For
23、 five days in 2013, trafficjams paralyzed the borough ofFort Lee, N.J., which sits at thefoot of the George WashingtonBridge, due to closed highwaylanes leading onto the bridge.BY CORINNE RAMEYCourt Has NewChance to DefinePublicCorruptionstrictest gun laws in the coun-try. Now bullet buyers willhave
24、 to show their IDs and un-dergo a check that for the firsttime blocks sales to felons andothers who are also barredfrom possessing firearms.Four other states requireammunition buyers to carry apermit that requires a back-ground check, but California isthe first to implement one atthe point of sale.
25、Advocatessay the requirement will allowthe check to be more up-to-date than a license that mayhave been issued years before.Previously, anyone over 18could buy bullets without abackground check in California.Shooters Pro Shop in Rose-ville has sold ammunition atnearly triple the normal ratefor the p
26、ast month, said ownerJeff Jordan.“Weve had a few peoplewho have purchased in excessof 10,000 rounds,” he said.“Thats a lot for one person.”Ammo sales have also tri-pled in the past week com-pared with a normal week atWest Coast Ammo in Temec-ula, said owner Jason Grif-fith.Gov. Gavin Newsom cham-New
27、som, a Democrat, said ata news conference June 24.“A gun requires a dangerouscomponent and thats ammu-nition.”Gun-rights advocates saythe new restrictions will cre-ate unnecessary hurdles forpeople who legally own gunsand a black market for thosewho dont. The National RifleAssociation has sued to bl
28、ockthe new requirement, arguingthat it is unconstitutional.“Criminals will continue toignore this law, as they dothe other 800 gun laws onthe books in California,” saidAmy Hunter, an NRA spokes-woman. “This is typical of theCalifornia Legislature, whichcontinues to go soft on crimi-nals and hard on
29、law-abidinggun owners.”As part of its implementa-tion of the new law, the Cali-fornia Department of Justiceestimated that there will bemore than 13 million purchasesof ammunition each year.Beginning Monday, therewill be only a small number ofinstances in which consumersin California can buy ammuni-t
30、ion without a backgroundcheck, including at gun ranges.Sales of ammunition inCalifornia gun stores havesurged in advance of a first-in-the-nation background-check requirement for mostammunition purchases thatgoes into effect Monday.Americas most populousstate already has some of theBY ZUSHA ELINSONB
31、ackground checks,set to begin Monday,are the first in nationrequired at purchasepioned the new ammunitionrestrictions, which passed aspart of a ballot initiative in2016, when he was lieutenantgovernor.“Unless a gun is used as ablunt instrument, a gun is notparticularly dangerous,” Mr.DemocraticGov.
32、GavinNewsom hasbeen a keysupporter ofthe newrestrictions.California Rule Spurs Rush to Buy Bulletsdogged/dg d/adjectiveVictorActiveSearchDogRescuedfromRedding,CA.PhotographedbyShainaFishmanatSDFsNationalTrainingCenter.Despitespendingmyearlylifeinashelter,theresnodogmoredeterminedthanme.ThankstotheNa
33、tionalDisasterSearchDogFoundation,ifyoureevertrappedunderrubbleafteradisaster,Illfindyou.Thatsmyjob,andwhatIwasborntodo.Youllneverfindadogmoredogged.THENATIONALDISASTERSEARCHDOGFOUNDATIONStrengtheningdisasterresponseinAmericabyrescuingdogsandpartneringthemwithfirstresponderstosavelives.BePartoftheSe
34、archtoday.Call(888)4K9-HERO,visitSearchDogFoundation.org,orwritetoSDF,6800WheelerCanyonRoad,SantaPaula,CA93060.THE WALL STREET JOURNAL. Monday, July 1, 2019 | A5U.S. NEWStions once reserved for higher-ranking employees.Advocates say legal cove-nants for interns help safe-guard trade secrets such asc
35、ustomer lists in an era when itis easy to download informa-tion and share it, for instanceon social media or with a com-petitor. Critics argue the agree-ments hamper young peoplesjob opportunities and mobilityeven before they get a foot onthe career ladder.Ms. Dunnes noncompeteagreement stated that
36、shecouldnt work for a competitorin software or banking within15 miles of Wilmington for ayear after leaving TekMountain.Ms. Dunne said she wasgiven the agreement on herfirst day. “I had no idea what Isigned, they didnt explain it tome.”After leaving TekMountain,she did a separate three-monthinternsh
37、ip with nCino, a finan-cial-technology company inWilmington.In a May 7 letter, TekMoun-tains parent, CastleBranch Inc.,laid out her obligations underthe noncompete agreement, de-scribed the confidentiality ofits proprietary information as“very serious,” and asked fordetails about her relationshipwit
38、h nCino. Ms. Dunne said shedidnt respond.The noncompete “eliminateda good portion of the compa-nies in town in the industry Iwanted to be in,” said Ms.Dunne, who is relocating to theWashington, D.C., area for anew job. “I have to leave all ofmy friends behind and startover.”CastleBranch Chief Execut
39、iveBrett Martin said: “Our employ-ment agreements are fair. Theyare not designed to limit theopportunities of young employ-ees such as Delaney, but to pro-tect ourselves and our partnersfrom competitors who couldgain access to our intellectualproperty and confidential busi-ness information.” He adde
40、d:“We have not, and will not,pursue any legal action againstDelaney.”Mr. Martin said the noncom-pete agreement focused on in-dustries that were direct com-As a junior in college, Dela-ney Dunne took an internshipfor class credit and $10 an hourat co-working company Tek-Mountain in Wilmington, N.C.On
41、 graduation day this year,she received a letter from Tek-Mountains parent asking abouther employment status and re-minding her she had signed anoncompete agreement withTekMountain in November 2017that restricted her employmentoptions.“I burst into tears hours be-fore I was set to graduate fromcolleg
42、e,” said Ms. Dunne, 22years old. “That noncompeteagreement that I signed whenI was 20 years old was stillhaunting me.”Internships have long beenan opportunity for inexperi-enced workers to try out differ-ent industries and build valu-able contacts. For companies, itis a way to attract future talent.
43、But increasingly interns arebeing asked to sign noncom-pete, nondisclosure and forcedarbitration agreements, restric-BY HARRIET TORRYNoncompete PactsSpread to Internspetitors to CastleBranch.Noncompete agreements areunenforceable in a number ofstates, and regulators haveclamped down on their useamon
44、g low-skilled workers likefood preparers. While no dataexist on how many interns areaffected by noncompete agree-ments, around 1 in 5 workers inthe labor force overall arebound by such pacts.“The idea of noncompetesfor interns is ludicrous,” saidTerri Gerstein, a Harvard Uni-versity academic who pre
45、vi-ously served in the New Yorkattorney generals office. “In-ternships are supposed to befor educational and profes-sional development, and areabout expandingnot limit-ingjob opportunities.” Shesaid it is unlikely intern non-compete agreements would beupheld in court in most states.Jessica Jeffers,
46、an econo-mist at the University of Chi-cago, said noncompete agree-ments “operate mainlythrough a deterrent effect”such as cease-and-desist let-ters sent to former employees.The noncompete agreementsseem to prevent people fromleaving or keeping a job, evenif they rarely result in a courtcase, she sa
47、id.Some interns are pushingback. Harvard Law School stu-dents last year set up the Pipe-line Parity Project to protestlaw firms use of mandatory ar-bitration and other restrictionson summer associates. Theproject discourages studentsfrom taking jobs at firms withsuch policies and began in thewake of
48、 high-profile sexual-ha-rassment cases in the legal pro-fession and the broader #Me-Too movement.Michael C. Bendercontributed to this article.A noncompete agreement that Delaney Dunne signed as an intern crimped her job search later on.CAITLINPENNAFORTHEWALLSTREETJOURNALcrease in the second quarterp
49、artly to economic uncertaintythat slowed the market in thefirst quarter. “This is catch-up,”he said.Demand grew particularly inChicago and Houston. Move-insin those markets outpacedapartment construction bynearly 3 to 1, RealPage datashowed.Monthly rental prices na-tionwide shot up 3% from thesecond quarter of 2018 to thesame period this year. Manysmall metros saw bigger in-creases. Rents rose 7.4% in Wil-mington, N.C., and 6.4% inHuntsville, Ala., according tothe report.Although apartment con-struction is near the highe
