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Home Sales Extend Slump Despite Economic Strength TUESDAY, JULY 24, 2018 ~ VOL. CCLXXII NO. 19 WSJ.com HHHH $4.00 DJIA 25044.29 g 13.83 0.1% NASDAQ 7841.87 À 0.3% STOXX 600 384.88 g 0.2% 10-YR. TREAS. g 19/32 , yield 2.963% OIL $67.89 g $0.37 GOLD $1,224.00 g $5.50 EURO $1.1694 YEN 111.34 Housing Developments Google What’s Rising mortgage rates have ...while home values have ...due to low inventory. contributed to the drop in sales... continued to increase... 5 million units 30-year fixed-rate Median sales price of existing Available homes for sale, Blasts News mortgage rates homes, change from a year prior by months supply 4 Business&Finance 6% 10% 12 Through 3 oogle parent Alphabet Sales of previously Hurdles Gposted sales and profit 4 8 surpassing analysts’ esti- owned homes declined Parent Alphabet posts mates, a sign the company’s 2 in June for the third 0 strength in online ads will straight month. strong quarter despite help offset the impact of Existing-home sales, 2 4 $5 billion EU fine; new EU regulations. A1 1 seasonally adjusted shares keep rising Home sales slumped in annual rate the second quarter despite BY DOUGLAS MACMILLAN what was likely the strongest 0 0 –10 0 period for U.S. growth in years, 2010 2010 2010 2010 Google’s advertising ma- the latest sign that the ex- chine keeps racing ahead even pansion faces headwinds. A1 Sources: National Association of Realtors via Haver Analytics (sales); National Association of Realtors via Moody’s Analytics (prices, inventory); Freddie Mac (mortgage rates) THE WALL STREET JOURNAL. as regulators try to construct Fannie Mae’s CEO is slated new guardrails to curtail the to leave the mortgage-finance internet giant’s global domi- giant by year’s end, a move nance. that comes at a time of un- Alphabet Inc., Google’s par- certainty about its future. A2 Home Sales Extend Slump ent, reported sales and profit surpassing analysts’ estimates Government-bond on Monday, a sign the com- prices fell world-wide, pany’s strength in online ads roiled by reports that cen- will help offset the impact of tral banks could be about Despite Economic Strength sweeping new European regu- to take another step back lations for online privacy and from easy-money policies. B11 perceived abuses of its posi- The S&P 500 rose 5.15 BY LAURA KUSISTO Home sales have now de- rate profit growth continues said Zillow Senior Economist tion in the market. points to 2806.98, led by fi- AND SHARON NUNN clined on an annual basis in to looks strong. Aaron Terrazas. The results highlight how nancial stocks. The Dow shed five of the first six months But weakness in the hous- Mortgage-application vol- even while Silicon Valley’s 13.83 points to 25044.29. B11 Home sales slumped in the this year, a worrying trend ing market could muddy the ume decreased 2.5% in the leading tech firms are en- Nike is raising salaries second quarter despite what since housing is considered a picture. Housing contributes week ending July 13, com- snared in a range of contro- for more than 7,000 em- was likely the strongest period crucial indicator of overall about 15% to 18% of gross do- pared with a week earlier, in- versies, the underlying busi- ployees and changing how forU.S.growthinyears,the economic health, economists mestic product. Existing-home cluding a 5% decline in pur- nesses are mightier than ever. it awards bonuses to its latest sign that the economic say. sales help drive other sectors chase applications, according Shares of Google rose to global staff as part of a broad expansion faces headwinds. By a number of measures, of the economy. Consumer to an index put out by the $1,285.84 in after-hours trad- compensation overhaul. B1 Existing-home sales slipped the economy looks to be accel- confidence and home-improve- Mortgage Bankers Association ing, reaching an all-time high. 0.6% in June from the previ- erating after a long stretch of ment spending, construction last week. Advertisers have shrugged Fiat Chrysler said its Eu- ous month to a seasonally ad- subpar growth. Economists and mortgage lending tend to New home construction, off negative headlines sur- ropean operations chief re- justed annual rate of 5.38 mil- are forecasting U.S. growth to suffer when home sales slump. which is the major driver of rounding Google and tech rival signed, adding to the turmoil lion, the National Association exceed 4% for the second “The housing market led housing-related employment, PleaseturntopageA6 at the firm after Marchio- of Realtors said Monday. Com- quarter when numbers are re- the general economy out of has also struggled lately. nne’s sudden departure. B1 pared with a year earlier, sales leased on Friday. Jobless the recovery and now it’s lead- Housing starts declined 12.3% Heard on the Street: Results Cooperman told clients in June declined 2.2%. claims are falling, and corpo- ing” it toward a slowdown, PleaseturntopageA2 soothe cost worries............. B12 of his Omega hedge fund that he would be returning their capital and turning his Boat in Missouri Tragedy Is Brought to Surface firm into a family office. B10 Highflying Medical Whirlpool cut its profit outlook as it booked a charge on its European operations Firm Falls to Earth, and said it wouldn’t be able to offset the effect of steel tariffs with higher prices. B3 Its Sales Questioned World-Wide Practices at MiMedx, a skin graft maker, The Trump administra- included channel stuffing, ex-workers say tion exchanged threats with Iran, turning to a Just last year, MiMedx running the company. longstanding security con- Group Inc. was a health-care A Wall Street Journal re- cern and a top foreign-pol- star. The maker of surgical view of company emails, icy focus of the president’s and tissue-graft products had court documents and inter- key supporters. A1 dazzled investors with five nal complaints, plus inter- Trump is considering straight years of over 50% views with current and for- revoking the security sales growth, boosting its mer employees, paint a clearances of six former market value to near $2 bil- picture of a company seeking senior national security lion. That its products helped to grow at almost any cost. officials, including former veterans heal combat wounds Several former employees made the story even better. alleged that MiMedx some- CIA Director Brennan. A4 times shipped more skin Hackers working for By Gretchen grafts than had been ordered Russia claimed hundreds Morgenson, and booked them as sales, a NATHAN PAPES/THE SPRINGFIELD NEWS-LEADER/ASSOCIATED PRESS of victims last year in a Joseph Walker practice known as channel SALVAGE MISSION: The U.S. Coast Guard on Monday supervised the successful raising of the duck-style campaign that put them and Charley Grant stuffing. tour boat that sank last week in near-hurricane-force winds on a Missouri lake, killing 17 people. A3 inside the control rooms One ex-employee said for of U.S. electric utilities, Fortune magazine in Sep- some tissue implants, a federal officials said. A3 tember named MiMedx the MiMedx sales rep in Califor- The administration is fifth-fastest-growing public nia recorded inaccurate advancing a plan to freeze company in America, calling dates and surgeons’ names Trump and Iran Leader Swap fuel-economy standards its wound-care products and improperly listed recipi- for new cars and trucks, “modern medical alchemy.” ents as John or Jane Doe. and to escalate its fight Parker “Pete” Petit, the com- In February the Journal pany’s 78-year-old chief ex- reported that MiMedx hadn’t Taunts as Sanctions Loom against California. A2 ecutive, told employees in a reported payments made to Trump’s legal team has memo: “Frankly, this is a doctors who use or promote submitted a counteroffer to lifetime achievement.” its products, despite a fed- BY JESSICA DONATI OR YOU WILL SUFFER CONSE- Rouhani said earlier. The com- Mueller on a possible inter- Now MiMedx is nursing eral law requiring most drug AND NANCY A. YOUSSEF QUENCES THE LIKES OF ments were tougher than view with the president. A4 its own wounds. In June, the and medical-device makers WHICH FEW THROUGHOUT usual for the Iranian presi- WASHINGTON—The Trump The EU is cautiously company said an internal in- to disclose payments or gifts HISTORY HAVE EVER SUF- dent, who is seen in the Ira- administration exchanged betting on its top official, vestigation had shown that to doctors. The company FERED BEFORE.” nian context as a moderate. threats with Iran, turning to a Juncker, to dissuade its reported financial results said its products were ex- The tweet late Sunday night Iranian officials on Monday longstanding security concern Trump from escalating the going back to 2012 were no empt from the rule. appeared to refer to comments warned they would retaliate longer reliable and would MiMedx provided employ- and a top foreign-policy focus by President Hassan Rouhani against any U.S. military ac- trans-Atlantic trade fight. A5 have to be restated. ees with a way to report is- of President Donald Trump’s warning the Trump adminis- tion. North Korea has begun Mr. Petit has since re- sues that troubled them. Eight key supporters. tration against continuing Mr. Trump’s threat wasn’t dismantling its main satel- signed. The stock has ex-employees said they were In a Twitter message ad- hard-line policies against Iran. accompanied by any U.S.
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