2014 11 07 cmyk NA 04
1
YELLOW ***** FRIDAY, NOVEMBER 7, 2014 ~ VOL. CCLXIV NO. 110 WSJ.com HHHH $2.00 DJIA 17554.47 À 69.94 0.4% NASDAQ 4638.47 À 0.4% NIKKEI 16792.48 g 0.9% STOXX 600 337.08 À 0.2% 10-YR. TREAS. g 7/32 , yield 2.376% OIL $77.91 g $0.77 GOLD $1,142.30 g $3.10 EURO $1.2375 YEN 115.21 The In-Laws Can Boost Your Property Values wsj. magazine the innovators issue IN TOMORROW'S PAPER MANSION CONTENTS Corporate News... B2-4 Earnings......................... B5 Global Finance............ C3 Heard on the Street C8 In the Markets........... C4 Movies ............................ D4 Opinion................... A11-13 Sports ........................... D10 Television...................... D8 Theater....................... D6,9 U.S. News................. A2-6 Weather Watch........ B6 World News..... A7-9,14 s Copyright 2014 Dow Jones & Company. All Rights Reserved > What’s News i i i World-Wide n Obama wrote to Iran’s su- preme leader last month in an apparent effort to buttress the battle against Islamic State and push for a nuclear deal. A1 n Boehner warned that uni- lateral action by Obama on im- migration would “poison the well” for any cooperation with the new GOP Congress. A1 n Iraqi Kurdish forces helping to defend Kobani, Syria, have halted several Islamic State assaults but have yet to tilt the balance on the battlefield. A8 n The U.S. military launched airstrikes in Syria in an effort to kill a French-born bomb maker and other targets thought linked to al Qaeda. A8 n A U.S. appeals court up- held bans on same-sex mar- riage in four states, renewing pressure on the Supreme Court to rule on the issue. A2 n Libya’s high court ruled that the nation’s parliament is un- constitutional, a decision that threatens to plunge the nation into further political chaos. A8 n Chinese and Japanese offi- cials are trying to set up a meeting next week between the two nations’ leaders, the first since both took power. A14 n Pakistan said it plans to sign deals worth billions of dollars with China for infrastructure and energy projects. A14 n Typhoon Haiyan survivors continue to wait for govern- ment aid, a year after the deadly Philippines storm. A14 n A visa lottery that gives im- migrants a chance to become permanent residents drew over 11 million applicants in 2014. A6 i i i H ome Depot said hackers who compromised credit- card accounts gained access with a stolen password and stole email addresses as well. A1 n OPEC would likely act to curtail the slide in oil prices once crude hits $70 a barrel, cartel officials signaled. C1 n U.S. oil drillers are start- ing to cut back on expansion plans but say they aren’t dial- ing back existing output. B3 n Documents providing new details on corporate tax deals in Luxembourg thrust the EU’s Juncker to the center of a global debate on tax havens. B1 n Europe’s central bank sent a strong signal that it is pre- pared to act more aggressively to fight ultralow inflation. A7 n The Dow rose 69.94 to a record 17554.47. The S&P 500 also notched another high. C4 n BofA is in advanced talks with U.S. regulators to settle a foreign-exchange probe. The bank set aside an extra $400 million for legal expenses. C1 n PepsiCo President Abdalla, widely viewed as a potential successor to CEO Nooyi, is leaving the company. B1 n Fannie and Freddie posted sharply lower profits while also citing the potential for a thaw in home-loan access. A2 n Genworth’s shares plunged 38% after it announced a $345 million charge tied to long-term-care insurance. C1 n Disney’s CEO said he con- tinues to back cable bundling, as the company reported an 8% rise in quarterly profit. B3 Business & Finance WASHINGTON—President Ba- rack Obama secretly wrote to Iran’s Supreme Leader Ayatollah Ali Khamenei in the middle of last month and described a shared interest in fighting Is- lamic State militants in Iraq and Syria, according to people briefed on the correspondence. The letter appeared aimed both at buttressing the campaign against Islamic State and nudg- ing Iran’s religious leader closer to a nuclear deal. Mr. Obama stressed to Mr. Khamenei that any cooperation on Islamic State was largely con- tingent on Iran reaching a com- prehensive agreement with global powers on the future of Tehran’s nuclear program by a Nov. 24 diplomatic deadline, the same people say. The October letter marked at least the fourth time Mr. Obama has written Iran’s most powerful political and religious leader since taking office in 2009 and pledging to engage with Tehran’s Islamist government. The correspondence under- scores that Mr. Obama views Iran as important—whether in a po- tentially constructive or negative role—to his emerging military and diplomatic campaign to push Islamic State from the territories it has gained over the past six months. Mr. Obama’s letter also sought to assuage Iran’s concerns about the future of its close ally, Presi- Please turn to page A8 BY JAY SOLOMON AND CAROL E. LEE Obama Secretly Wrote to Ayatollah Two days after his party’s mid- term romp, House Speaker John Boehner became the second lead- ing Republican to warn that uni- lateral action by President Barack Obama on immigration would “poison the well” for any cooper- ation with the new GOP Congress. Among the causes of the standoff: a year of previously un- reported talks between Messrs. Boehner and Obama over a legis- lative compromise to fix the balky immigration system. The two men started talking after the 2012 election, according to detailed accounts provided by several aides on both sides. The discussions ended this summer with the two sitting stony-faced around a white wrought-iron ta- ble outside the Oval Office. “When you play with matches, you take the risk of burning your- self,” Mr. Boehner said Thursday of possible unilateral immigration action by the president. “And he’s going to burn himself if he con- tinues to go down this path.” Sen. Mitch McConnell, the Kentucky Republican who is ex- pected to lead the GOP’s new Sen- ate majority, made similar admo- nitions a day earlier, setting the Republican legislative and Demo- cratic executive agendas on a col- lision course. The immigration is- sue stands to imperil what had looked like a rare opportunity of- fered to find common ground on trade and business taxes, among other matters. Mr. Obama vowed in his Wednesday postelection news conference to move ahead on im- migration by himself, making changes that people close to the process say could give safe har- bor to perhaps a few million peo- ple in the U.S. illegally. At the White House, the ques- tion isn’t whether Mr. Obama will act but how sweeping his order will be. He is under intense pres- sure from immigration activists, who worry he will back down be- cause of the election results or to Please turn to page A4 BY CAROL E. LEE AND PETER NICHOLAS Face-Off Over Immigration Boehner Warns President Against Taking Executive Action; Quiet Talks Failed Jim Lo Scalzo/European Pressphoto Agency (Boehner); Brendan Smialowski/Agence France-Presse/Getty Images (Obama) Home Depot Hackers Stole Buyer Email Addresses Former Dallas Cowboys linebacker Steve Octavien recently landed a marketing job, got married, brought his newborn daughter home from the hospital and is saving up for the down payment on a house. But as he gets on with life after six years of professional football, the 29-year-old Mr. Octavien regrets handing over $80,000, including his sign- ing bonus, to a stockbroker named Mary Wong in 2008. They met while he was playing at the Uni- versity of Nebraska, where he says she sometimes paid his rent, cellphone bills, car insurance and other expenses, a likely violation of National Colle- giate Athletic Association rules. BY JULIE STEINBERG FINANCIAL PENALTIES Colleges Push to Keep Advisers Out of the Locker Room Home Depot Inc. said hackers got into its systems last April by stealing a password from a ven- dor, opening a tiny hole that grew into the biggest retail- credit-card breach on record. On Thursday, the company an- nounced the breach was worse than earlier thought. In addition to the 56 million credit-card ac- counts that were compromised, Home Depot now says around 53 million customer email addresses were stolen as well. Those addresses are by their nature semipublic, but they can be used by hackers hoping to trick people into giving away more sensitive information, and Home Depot warned its custom- ers to be on guard. The findings—which come af- ter more than two months of in- vestigations by the company, Please turn to page A2 BY SHELLY BANJO Alan Grossman, a New York lawyer, is fond of his gleaming new iPhone 6 Plus. Seated at his favorite cafe on a recent morn- ing, he conjures up a Google map of Memphis. Then, he pulls from his back pocket an illus- trated map of Memphis printed on thick color paper. Un- folding it to its full, detailed, 18- by-27-inch gran- deur, he places it next to the dig- ital map. “Here is Memphis,” he says pointing to the iPhone, “and here is MEMPHIS,” he says indi- cating the paper. The digital map on his 5 ½-inch screen, with its simple dark lines, “could be Anywhere, U.S.A.,” he says. The paper Memphis map, with its pastel peach landscape bor- dered by an azure blue Missis- sippi River, shows 137 sites, most with hand-drawn illustrations, flagging possible points of inter- est to die-hard—really die-hard— Elvis fans. There is Graceland, of course, Elvis’s mansion and final resting place. But there is also Coletta’s Italian restau- rant, where Elvis enjoyed a slice of pizza. There are dozens of markers for buildings that don’t exist anymore—like the Britling Cafeteria, where his mom, Gladys, worked as a wait- ress in 1952, and Crown Electric Co., where he took a job as a truck driver in 1953. In an era where Google and other online maps rule, a pas- Please turn to page A10 BY LUCETTE LAGNADO Even as We Navigate the Digital Era, Paper Maps Refuse to Fold i i i Cartographers and Their Fans Don’t Want The Past to Get Lost; Searching for Elvis The $80,000 soon disappeared, he says, and Ms. Wong pleaded guilty in 2010 to securities fraud re- lated to an alleged Ponzi scheme that victimized other clients. She is serving a 63-month sentence in federal prison. “Now I have a family,” says Mr. Octavien, who earned roughly $600,000 in his NFL career with four teams. “That would have been money that I would have loved to give them.” Prison officials say Ms. Wong told them she declined to comment for this article. It is illegal in most states for sports agents to provide gifts or other items of value to amateur ath- letes—and agents are supposed to register with Please turn to page A10 Cord-Cutters Hurt Pay TV The Wall Street Journal Source: MoffettNathanson –200 200 –150 –100 –50 0 50 100 150 AT&T Verizon Dish Network Charter DirecTV Cablevision Comcast Time Warner Cable Net change in pay-TV subscribers for third quarter, in thousands SUBSCRIBER FLIGHT: As more consumers drop cable and satellite-TV connections, the pay-television industry contracted during the third quarter at a greater rate than in the year-earlier period. B1 Democrats look for lessons... A4 GOP weighs action plan........... A4 Iraqi Kurds battle in Kobani... A8 New airstrikes in Syria.............. A8 ‘When you play with matches, you take the risk of burning yourself, and he’s going to burn himself if he continues to go down this path.’ HOUSE SPEAKER BOEHNER ‘Before the end of the year, we’re going to take whatever lawful actions that I can take that I believe will improve the functioning of our immigration system.’ PRESIDENT OBAMA C M Y K Composite Composite MAGENTA CYAN BLACK P2JW311000-5-A00100-1--------XA CL,CN,CX,DL,DM,DX,EE,EU,FL,HO,KC,MW,NC,NE,NY,PH,PN,RM,SA,SC,SL,SW,TU,WB,WE BG,BM,BP,CC,CH,CK,CP,CT,DN,DR,FW,HL,HW,KS,LA,LG,LK,MI,ML,NM,PA,PI,PV,TD,TS,UT,WO P2JW311000-5-A00100-1--------XA
Transcript of 2014 11 07 cmyk NA 04
YELLOW
* * * * * FRIDAY, NOVEMBER 7, 2014 ~ VOL. CCLXIV NO. 110 WSJ.com HHHH $2 .00
DJIA 17554.47 À 69.94 0.4% NASDAQ 4638.47 À 0.4% NIKKEI 16792.48 g 0.9% STOXX600 337.08 À 0.2% 10-YR. TREAS. g 7/32 , yield 2.376% OIL $77.91 g $0.77 GOLD $1,142.30 g $3.10 EURO $1.2375 YEN 115.21
The In-Laws Can BoostYour Property Values
wsj. magazinethe innovators issue
INTOMORROW'S
PAPER
MANSION
CONTENTSCorporate News... B2-4Earnings......................... B5Global Finance............ C3Heard on the Street C8In the Markets........... C4Movies............................ D4
Opinion................... A11-13Sports........................... D10Television...................... D8Theater....................... D6,9U.S. News................. A2-6Weather Watch........ B6World News..... A7-9,14
s Copyright 2014 Dow Jones & Company.All Rights Reserved
>
What’sNews
i i i
World-WidenObama wrote to Iran’s su-preme leader last month in anapparent effort to buttress thebattle against Islamic Stateand push for a nuclear deal. A1n Boehner warned that uni-lateral action by Obama on im-migration would “poison thewell” for any cooperation withthe new GOP Congress. A1n Iraqi Kurdish forces helpingto defend Kobani, Syria, havehalted several Islamic Stateassaults but have yet to tilt thebalance on the battlefield. A8n The U.S. military launchedairstrikes in Syria in an effortto kill a French-born bombmaker and other targetsthought linked to al Qaeda. A8n A U.S. appeals court up-held bans on same-sex mar-riage in four states, renewingpressure on the SupremeCourt to rule on the issue. A2n Libya’s high court ruled thatthe nation’s parliament is un-constitutional, a decision thatthreatens to plunge the nationinto further political chaos. A8nChinese and Japanese offi-cials are trying to set up ameeting next week betweenthe two nations’ leaders, thefirst since both took power. A14nPakistan said it plans to signdeals worth billions of dollarswith China for infrastructureand energy projects. A14n Typhoon Haiyan survivorscontinue to wait for govern-ment aid, a year after thedeadly Philippines storm. A14nA visa lottery that gives im-migrants a chance to becomepermanent residents drew over11million applicants in 2014.A6
i i i
Home Depot said hackerswho compromised credit-
card accounts gained accesswith a stolen password andstole email addresses aswell.A1n OPEC would likely act tocurtail the slide in oil pricesonce crude hits $70 a barrel,cartel officials signaled. C1n U.S. oil drillers are start-ing to cut back on expansionplans but say they aren’t dial-ing back existing output. B3nDocuments providing newdetails on corporate tax dealsin Luxembourg thrust the EU’sJuncker to the center of aglobal debate on tax havens. B1n Europe’s central bank senta strong signal that it is pre-pared to act more aggressivelyto fight ultralow inflation. A7n The Dow rose 69.94 to arecord 17554.47. The S&P 500also notched another high. C4n BofA is in advanced talkswith U.S. regulators to settlea foreign-exchange probe. Thebank set aside an extra $400million for legal expenses. C1n PepsiCo President Abdalla,widely viewed as a potentialsuccessor to CEO Nooyi, isleaving the company. B1n Fannie and Freddie postedsharply lower profits whilealso citing the potential for athaw in home-loan access. A2nGenworth’s shares plunged38% after it announced a$345 million charge tied tolong-term-care insurance. C1n Disney’s CEO said he con-tinues to back cable bundling,as the company reported an8% rise in quarterly profit. B3
Business&Finance
WASHINGTON—President Ba-rack Obama secretly wrote toIran’s Supreme Leader AyatollahAli Khamenei in the middle oflast month and described ashared interest in fighting Is-lamic State militants in Iraq andSyria, according to peoplebriefed on the correspondence.
The letter appeared aimedboth at buttressing the campaignagainst Islamic State and nudg-ing Iran’s religious leader closerto a nuclear deal.
Mr. Obama stressed to Mr.Khamenei that any cooperationon Islamic State was largely con-tingent on Iran reaching a com-prehensive agreement withglobal powers on the future ofTehran’s nuclear program by aNov. 24 diplomatic deadline, thesame people say.
The October letter marked atleast the fourth time Mr. Obamahas written Iran’s most powerfulpolitical and religious leadersince taking office in 2009 andpledging to engage with Tehran’sIslamist government.
The correspondence under-scores that Mr. Obama views Iranas important—whether in a po-tentially constructive or negativerole—to his emerging militaryand diplomatic campaign to pushIslamic State from the territoriesit has gained over the past sixmonths.
Mr. Obama’s letter also soughtto assuage Iran’s concerns aboutthe future of its close ally, Presi-
PleaseturntopageA8
BY JAY SOLOMONAND CAROL E. LEE
ObamaSecretlyWrote toAyatollah
Two days after his party’s mid-term romp, House Speaker JohnBoehner became the second lead-ing Republican to warn that uni-lateral action by President BarackObama on immigration would“poison the well” for any cooper-ation with the new GOP Congress.
Among the causes of thestandoff: a year of previously un-reported talks between Messrs.Boehner and Obama over a legis-lative compromise to fix the
balky immigration system.The two men started talking
after the 2012 election, accordingto detailed accounts provided byseveral aides on both sides. Thediscussions ended this summerwith the two sitting stony-facedaround a white wrought-iron ta-ble outside the Oval Office.
“When you play with matches,you take the risk of burning your-self,” Mr. Boehner said Thursdayof possible unilateral immigrationaction by the president. “And he’sgoing to burn himself if he con-tinues to go down this path.”
Sen. Mitch McConnell, theKentucky Republican who is ex-pected to lead the GOP’s new Sen-ate majority, made similar admo-nitions a day earlier, setting theRepublican legislative and Demo-cratic executive agendas on a col-lision course. The immigration is-sue stands to imperil what hadlooked like a rare opportunity of-fered to find common ground ontrade and business taxes, amongother matters.
Mr. Obama vowed in hisWednesday postelection newsconference to move ahead on im-
migration by himself, makingchanges that people close to theprocess say could give safe har-bor to perhaps a few million peo-ple in the U.S. illegally.
At the White House, the ques-tion isn’t whether Mr. Obama willact but how sweeping his orderwill be. He is under intense pres-sure from immigration activists,who worry he will back down be-cause of the election results or to
PleaseturntopageA4
BY CAROL E. LEEAND PETER NICHOLAS
Face-Off Over ImmigrationBoehner Warns President Against Taking Executive Action; Quiet Talks Failed
Jim
LoScalzo/EuropeanPresspho
toAgency(Boehn
er);BrendanSm
ialowski/AgenceFrance-Presse/Getty
Images
(Obama)
Home DepotHackers StoleBuyer EmailAddresses
Former Dallas Cowboys linebacker Steve Octavienrecently landed a marketing job, got married, broughthis newborn daughter home from the hospital and issaving up for the down payment on a house.
But as he gets on with life after six years ofprofessional football, the 29-year-old Mr. Octavienregrets handing over $80,000, including his sign-ing bonus, to a stockbroker named Mary Wong in2008. They met while he was playing at the Uni-versity of Nebraska, where he says she sometimespaid his rent, cellphone bills, car insurance andother expenses, a likely violation of National Colle-giate Athletic Association rules.
BY JULIE STEINBERG
FINANCIAL PENALTIES
CollegesPush toKeepAdvisersOut of theLockerRoom
Home Depot Inc. said hackersgot into its systems last April bystealing a password from a ven-dor, opening a tiny hole thatgrew into the biggest retail-credit-card breach on record.
On Thursday, the company an-nounced the breach was worsethan earlier thought. In additionto the 56 million credit-card ac-counts that were compromised,Home Depot now says around 53million customer email addresseswere stolen as well.
Those addresses are by theirnature semipublic, but they canbe used by hackers hoping totrick people into giving awaymore sensitive information, andHome Depot warned its custom-ers to be on guard.
The findings—which come af-ter more than two months of in-vestigations by the company,
PleaseturntopageA2
BY SHELLY BANJO
Alan Grossman, a New Yorklawyer, is fond of his gleamingnew iPhone 6 Plus. Seated at hisfavorite cafe on a recent morn-ing, he conjures up a Google mapof Memphis.
Then, he pulls from his backpocket an illus-trated map ofM e m p h i sprinted on thickcolor paper. Un-folding it to itsfull, detailed, 18-by-27-inch gran-deur, he places it next to the dig-ital map.
“Here is Memphis,” he sayspointing to the iPhone, “andhere is MEMPHIS,” he says indi-cating the paper. The digitalmap on his 5 ½-inch screen,with its simple dark lines,“could be Anywhere, U.S.A.,” hesays.
The paper Memphis map, withits pastel peach landscape bor-dered by an azure blue Missis-sippi River, shows 137 sites, mostwith hand-drawn illustrations,flagging possible points of inter-est to die-hard—really die-hard—Elvis fans.
There is Graceland, of course,Elvis’s mansionand final restingplace. But thereis also Coletta’sItalian restau-rant, where Elvisenjoyed a slice ofpizza. There are
dozens of markers for buildingsthat don’t exist anymore—likethe Britling Cafeteria, where hismom, Gladys, worked as a wait-ress in 1952, and Crown ElectricCo., where he took a job as atruck driver in 1953.
In an era where Google andother online maps rule, a pas-
PleaseturntopageA10
BY LUCETTE LAGNADO
Even as We Navigate the Digital Era,Paper Maps Refuse to Fold
i i i
Cartographers and Their Fans Don’t WantThe Past to Get Lost; Searching for Elvis
The $80,000 soon disappeared, he says, and Ms.Wong pleaded guilty in 2010 to securities fraud re-lated to an alleged Ponzi scheme that victimizedother clients. She is serving a 63-month sentencein federal prison.
“Now I have a family,” says Mr. Octavien, whoearned roughly $600,000 in his NFL career withfour teams. “That would have been money that Iwould have loved to give them.” Prison officialssay Ms. Wong told them she declined to commentfor this article.
It is illegal in most states for sports agents toprovide gifts or other items of value to amateur ath-letes—and agents are supposed to register with
PleaseturntopageA10
Cord-Cutters Hurt Pay TV
The Wall Street JournalSource: MoffettNathanson
–200 200–150 –100 –50 0 50 100 150
AT&T
Verizon
Dish Network
Charter
DirecTV
Cablevision
Comcast
TimeWarner Cable
Net change in pay-TVsubscribers for thirdquarter, in thousands
SUBSCRIBER FLIGHT: As more consumers drop cable and satellite-TVconnections, the pay-television industry contracted during the thirdquarter at a greater rate than in the year-earlier period. B1
Democrats look for lessons... A4 GOP weighs action plan........... A4
Iraqi Kurds battle in Kobani... A8 New airstrikes in Syria.............. A8
‘When you play with matches, you takethe risk of burning yourself, and he’sgoing to burn himself if he continues
to go down this path.’
HOUSE SPEAKER BOEHNER
‘Before the end of the year, we’re going totake whatever lawful actions that I can
take that I believe will improve thefunctioning of our immigration system.’
PRESIDENT OBAMA
CM Y K CompositeCompositeMAGENTA CYAN BLACK
P2JW311000-5-A00100-1--------XA CL,CN,CX,DL,DM,DX,EE,EU,FL,HO,KC,MW,NC,NE,NY,PH,PN,RM,SA,SC,SL,SW,TU,WB,WEBG,BM,BP,CC,CH,CK,CP,CT,DN,DR,FW,HL,HW,KS,LA,LG,LK,MI,ML,NM,PA,PI,PV,TD,TS,UT,WO
P2JW311000-5-A00100-1--------XA
