**** TUESDAY, NOVEMBER 5, 2019 ~ VOL. CCLXXIV NO. 108 WSJ.com HHHH $4.00 DJIA 27462.11 À 114.75 0.4% NASDAQ 8433.20 À 0.6% STOXX 600 403.41 À 1.0% 10-YR. TREAS. g 17/32 , yield 1.787% OIL $56.54 À $0.34 GOLD $1,508.00 unch EURO $1.1129 YEN 108.57 In Iraq and Lebanon, Protesters Turn Their Anger on Iran Dow Hits What’s News A Record As U.S. Business&Finance Outpaces he Dow notched its first Trecord since mid-July, gaining 0.4% to 27462.11, World while the S&P 500 and Nas- daq again posted fresh highs, underscoring investors’ faith Sound economic data in the U.S. economy. A1, B11 and robust earnings An anonymous email warning about the safety of lift blue-chip index to Vale’s dams two weeks before first high since summer the Brazil disaster prompted then-CEO Schvartsman to pur- BY AMRITH RAMKUMAR sue the writer’s identity and call the person a “cancer.” A1 The Dow Jones Industrial SoftBank’s strategy of Average climbed Monday to its pouring cash into promising first record since mid-July, the young firms to create big win- latest example of investors’ ners failed at WeWork and is faith in the domestic economy showing cracks at a number powering U.S. stocks to fresh of its other investments. A1 highs. Buoyed by optimism about a Uber posted a steep quar- U.S.-China trade accord and last terly loss even as revenue week’s upbeat figures on third- rose 30%. The company pro- quarter economic growth and jected a full-year profit for AHMAD AL-RUBAYE/AGENCE FRANCE-PRESSE/GETTY IMAGES October hiring, the blue-chip 2021 on an adjusted basis. B1 ON EDGE: Iraqi demonstrators gathered outside Baghdad’s high-security Green Zone during antigovernment protests on Monday. index rose 0.4% to 27462.11. Under Armour shares fell Mass demonstrations against corruption in Iraq and other Arab countries have also targeted Iran as Tehran’s influence has grown. A8 The rally brought its 2019 ad- nearly 19% after the company vance to 18% in what has been confirmed it was the sub- a banner year on Wall Street. ject of a federal probe into Stocks, bonds and commodi- its accounting practices. B1 ties have all posted outsize gains, with resilient consumer McDonald’s said its hu- SoftBank’s Tech Problems Widen spending and labor-market man-resources chief has left strength easing fears of an im- the firm, days after the chain minent economic downturn. fired its CEO over his rela- investments failed to ignite Bank’s investing strategy, ThelatestrecordforU.S. tionship with an employee. B1 Beyond WeWork, other growth. After a sizable bet on By Phred Dvorak, which has had big successes in shares also underscores its re- Xerox and Fujifilm have companies backed by online car-lessor Fair, that com- Rolfe Winkler the past. cent leadership in global mar- agreed to end a 57-year- the Vision Fund have pany is struggling to stay and Heather SoftBank will be under scru- kets. After hitting another re- old joint venture more than afloat. Wag is for sale, people Somerville tiny on Wednesday when it re- cord Monday, the S&P 500 is a year after an attempt at a struggled recently with knowledge of the compa- leases earnings. Analysts are up 23% for the year and on full merger soured. B1 nies said. losing money on every fare estimating SoftBank and the Vi- track for its best annual per- SoftBank Group Corp.’s long- Dozens of other firms, such booked. Coupang, in which the sion Fund will have to take bil- formance since 2013. Sprint lost 91,000 of its time strategy of dumping as Chinese ride-hailing giant Vision Fund has invested $2.7 lions of dollars in losses as they The MSCI AC World ex USA most lucrative phone connec- mountains of cash on promis- Didi Chuxing and South Korean billion, said that last year its mark down the value of many PleaseturntopageA2 tions in the latest quarter, as ing young companies to create e-commerce company Coupang, operating loss grew faster than investments. Investors are the No. 4 U.S. carrier strug- big winners failed dramatically are in industries known for its revenue. watching the fund’s perfor- gled to retain subscribers. B4 at WeWork, and is showing burning cash and with uncer- The failure of WeWork’s ini- mance closely—particularly be- Cuts in Tariffs A single large player cracks at a number of its other tain paths to profitability. The tial public offering forced cause SoftBank is trying to manipulated the price of investments. Wall Street Journal reported SoftBank to fund a $9.5 billion raise funds for a second Vision On the Table bitcoin as it ran up to SoftBank’s nearly $100 bil- that Didi—the Vision Fund’s bailout to salvage its $9 billion Fund even bigger than the first. nearly $20,000 two years lion Vision Fund gave compa- biggest investment at $11.8 bil- investment and helped to sour “All funds have investments U.S. and China consider ago, a study concluded. B10 nies like dog-walking app Wag lion—was seeking more cash the market on big-spending, that are performing at different rolling back some levies to and indoor farm Plenty more this summer, months after a unprofitable startups. It has levels,” said a SoftBank spokes- clinch partial trade deal....... A2 World-Wide cash than they wanted, but the company executive said it was also drawn attention to Soft- PleaseturntopageA6 U.S. and Chinese offi- cials are actively consider- Warned of Uber Posts Loss, Obscure Model Puts Price ing rolling back some tar- iffs to clinch the partial Predicts Gains trade deal under negotia- A Problem, Uber aims to turn a profit in tion, according to people 2021, even as its quarterly On Healthy Year of Life familiar with the talks. A2 Vale’s CEO losses surpass $1 billion. B1 The ex-U.S. ambassador Quarterly net profit/loss to Ukraine said State De- partment officials didn’t Lashed Out $4 billion QALY concept drives down drug costs by tallying value of benefits publicly support her out of fear of being overruled by BY LUCIANA MAGALHAES BY DENISE ROLAND Trump, according to the 2 3Q 2019 The Institute for Clinical and Economic Re- AND SAMANTHA PEARSON transcript of her impeach- t$1.2B view, an outgrowth of Harvard Medical ment-inquiry testimony. A4 The makers of the cholesterol-lowering School with no political affiliation or official 0 Giuliani associate Lev BELO HORIZONTE, Brazil— drug Praluent, which first went on sale for policy-making role, has latched onto the con- Parnas, in a reversal, intends Vale SA’s top managers re- $14,600, offered to sell it for as little as cept, called the QALY, for “quality-adjusted to comply with a congres- ceived an anonymous email –2 $4,500, after rebates. A new migraine drug life year.” It puts a dollar figure on a year of sional subpoena to the extent warning about the state of the called Aimovig, expected to cost up to healthy life, calculates how much health a he can, his lawyer said. A4 miner’s dams two weeks be- $10,000 a year, went on sale for $6,900. And drug restores to a sick patient, then prices The four administration fore a deadly disaster, a note –4 Zolgensma, a lifesaving gene therapy for chil- drugs accordingly. officials whose testimony im- that prompted the chief execu- dren that its maker said might cost up to $5 With public and bipartisan political pres- tive to pursue the writer’s million, was priced at $2.1 million. sure mounting over high drug prices, includ- peachment investigators had –6 scheduled for Monday didn’t identity and call the person a Behind all the price restraint was a com- ing from the Trump administration and Dem- appear for depositions. A4 “cancer,” a police document 1Q 3Q 1Q 3Q 1Q 3Q plex economic model invented decades ago to ocratic presidential candidates such as shows. 2017 ’18 ’19 determine how to price health care fairly. Elizabeth Warren, pharmaceutical companies An appeals court ruled Authorities said they are Source: the company These days, a little-known Boston nonprofit have started paying attention. Novartis AG that Trump’s accounting firm focusing on then-CEO Fabio group is using it to shame drug manufactur- set the price of its lifesaving gene therapy must comply with a New Schvartsman’s response as ers to lower their prices. PleaseturntopageA12 York grand-jury subpoena for they investigate whether a cul- his financial information. A6 ture of retaliation at the com- The U.S. has officially pany contributed to the Jan. The Struggle to Grow a Beard Is started the process of exit- 25. mine-dam collapse in Bru- ing the Paris climate ac- madinho that killed 270 peo- Real, So Men Decide to Fake It cord, citing an unfair eco- ple, the world’s deadliest min- nomic burden on American ing disaster of its kind in more iii workers and businesses. A3 than 50 years. The Jan. 9 email, which was Eye shadow, fibers, sprays create full The largest mass protests sent to Mr. Schvartsman, cur- to hit Iraq and Lebanon in de- rent Chief Executive Eduardo facial hair; ‘the Rick Ross look’ cades are posing a direct chal- Bartolomeo, Chief Financial #1 has a nice lenge to the influence Iran has Officer Luciano Siani Pires and BY RAY A.