BUSINESSS TA R T R I B U N E . C O M / B U S I N E S S • S E C T I O N D

Aetna, Humana decide to call off $34 billion deal. D3

Erasing your internet footprint can be tough. D6Winner, Best Business Columnist, Lee Schafer

Awarded by the Society of American Business Editors and Writers (2016)

Federal Reserve Board Chairwoman Janet Yellen said in testi-mony that interest-rate hikes this year still seem appropriate.

By KRISTEN LEIGH PAINTER kristen.painter@startribune.com

Delta Air Lines gave $1.1 billion of last year’s profit to its employees worldwide Tuesday, with a sizable chunk going to its Twin Cities-based workers.

The Valentine’s Day payout amounted to about $87.5 million for its more than 7,500 employees at Minne-apolis-St. Paul International Airport. The average among MSP workers was about $11,500, but the actual sum given to each worker varies widely depending on base pay.

This yearly ritual fluctuates depending on how well the airline

performed financially. The Atlanta-based carrier had a profit of more than $4.3 billion in 2016, down about 3 percent from the year before. Last year, Delta had a record-setting year with a $4.5 billion profit that trans-lated into a $1.5 billion profit-shar-ing pool for its more than 80,000 employees worldwide.

While technically a bonus, Delta’s profit-sharing plan has historically been an important part of the work-ers’ overall pay. This year’s drop in profit-sharing is due to a change in Delta’s formula for all nonpilot work-ers at the end of 2015. Flight atten-dants, ground crew and other merit workers saw a 14.5 percent increase

in their base pay last year and are scheduled to receive another 6 per-cent bump in April. The trade-off, however, is a change to those workers’ profit-sharing formula that reduces payouts on highly profitable years.

Under the new calculation, the only way for these employees to see greater profit-sharing is if the airline’s overall profit surpasses the previous year’s, according to the company’s most recent financial disclosure filing.

The pilots, which are the only unionized work group at Delta, nego-tiated an 18 percent pay raise, retro-active to the start of 2016 and main-tained their profit-sharing formula.

Minneapolis-St. Paul is Delta’s second-largest hub, by traffic, Chief Executive Ed Bastian told the Star Tribune last summer. But it is not the second-largest hub by employee count or average pay. Its 33,000 employees in Atlanta are sharing $392 million in profit, 11,600 work-ers in New York will split $119 million and $101 million will be divvied up by Delta’s 6,900 employees in Detroit.

Kristen Leigh Painter • 612-673-4767

Delta doles out $1.1B in profit-sharing for employees

Fed chairwoman says economy isn’t hurt by oversight, adds that rate hikes could come soon.

By BINYAMIN APPELBAUM New York Times

WASHINGTON – Senate Democrats on Tuesday enlisted Janet Yellen, the Federal Reserve chairwoman, as an expert witness against Republican plans to roll back post-crisis finan-cial regulations.

In testimony before the Senate Banking Committee, Yellen said repeatedly that the new safeguards were effective and that regulation was not impeding economic growth.

Sen. Sherrod Brown of Ohio, the ranking Democrat on the committee, asked Yellen whether regulation had reduced the risk of financial crises. “I believe the financial system is much more resilient than it was,” she said.

Are businesses unable to get loans? No, Yellen responded.

Are banks unable to compete with foreign rivals? No, she said.

Are consumers better protected against predation? Yes, she said.

Brown closed with a flourish as he summarized the testimony, “Steps taken after the crisis made our econ-omy stronger, our financial system

Yellen says regulations are effective

The stock dipped 11 percent at the for-profit education firm as fourth-quarter profits dropped.

By EVAN RAMSTAD evan.ramstad@startribune.com

Capella Education Co. reported a 2 percent drop in fourth-quarter profit Tuesday. Shares fell more than 11 per-cent, though, as executives signaled heavier spending in 2017.

The Minneapolis-based education services company said its total active enrollment was up 3.5 percent in the last three months of 2016 compared with the same period in 2015. But it signed fewer new students in the period than a year earlier.

The company earned $11.43 mil-lion, down from $11.65 million a year earlier. That amounted to 97 cents a diluted share, 2 cents more than ana-lysts surveyed by Zack’s Investment Research expected.

Revenue rose 4.9 percent to $111.3 million, an acceleration at the end of

Capella shares slide; spending hikes forecast

CEOs will push to stop possible 20 percent border adjustment tax in meeting with president.

By JIM SPENCER jim.spencer@startribune.com

WASHINGTON – The CEOs of Target Corp. and Best Buy will urge President Donald Trump and mem-bers of Congress on Wednesday not to enact a 20 percent border adjust-ment tax that analysts believe could result in significant cost increases to their customers and worrisome hits to their bottom lines.

The Retail Industry Leaders Asso-ciation (RILA) confirmed the trip to

the Star Tribune.Retail chief executives, including

Target’s Brian Cornell and Best Buy’s Hubert Joly, are scheduled to meet with Trump at 10:15 a.m. Wednesday and with members of Congress later in the week to explain that the bor-der adjustment tax proposal, which is essentially a 20 percent tax on imports, will translate into price hikes to customers. Those price increases could become permanent, retailers fear.

“In the short term, most of an import tax increase will land on con-sumers,” predicted Luis Resendiz, who for 20 years has advised busi-nesses with international trade as an attorney at Fredrikson & Byron in

Minneapolis. “At the end of the day, businesses will need to make a profit. If they get whacked with a 20 percent tax, prices will go up.”

That means customers could pay up to 20 percent more for Target clothing or housewares, virtually all

of which are foreign-made, at a time when the chain is already struggling to increase sales, said Brian Yar-brough, an analyst with the financial advisory firm Edward Jones.

Resendiz said the same reasoning applies to Best Buy, which sells TVs, laptops, game consoles and other electronics that come mostly from foreign sources.

The tax could also rest heavily on other Minnesota companies, includ-ing those in medical technology, such as Medtronic, and some manufactur-ers, such as Polaris Industries, which have foreign production facilities or use foreign parts in finished products assembled in the U.S.

But by far the biggest cries of pro-

test have come from retailers, with Best Buy reportedly circulating a flier showing that a 20 percent border adjustment tax could turn the com-pany’s bottom line from black to red.

“Given that retail is the largest private sector American employer, retailers support sound policies that spur economic growth and job cre-ation,” RILA said Tuesday in a pre-pared statement. “Later this week, several top retail executives will visit Capitol Hill to meet with lawmakers and discuss progrowth policies that will benefit both American consum-ers and job creators.”

Sen. Amy Klobuchar and Sen. Al Franken will each meet with Cornell,

Target, Best Buy to lobby Trump in D.C.

By CHRISTOPHER SNOWBECK csnowbeck@startribune.com

Medical centers are giving the bum’s rush to conventional hospital gowns.

Following months of study, offi-cials with Methodist Hospital in St. Louis Park have decided to adopt new hospital gowns that feature sharper colors, a different mix of fabrics and a design that aims to keep patient pos-teriors under wraps.

The key difference: Patients tie new gowns closer to their sides, so there’s less straining with knots at the middle of their backs. In focus groups, patients told hospital offi-cials they feel exposed with current hospital gowns.

“They had a gown on that did not fully cover them,” said Christa Getch-ell, president of a foundation that’s connected to Methodist. “Some-times the color was so faded that it was see-through. At other times, their backsides were hanging out, and they were cold. And so they felt vulner-able.”

The hospital-wide switch at Meth-odist will take place Feb. 21. It’s one of several transitions across the Twin Cities over the coming year at hospi-tals and clinics in the Allina, Fairview and HealthPartners systems.

Methodist Hospital is part of Bloomington-based HealthPart-ners, which expects to introduce the gowns at Regions Hospital in St. Paul during the third quarter.

The gowns already have been introduced at three hospitals in the Minneapolis-based Allina Health System, which expects to add them at more hospitals over the next six weeks.

The hospitals rent gowns from Health Systems Cooperative Laun-dries, a St. Paul-based service that also washes the garments. The laun-dry service is in the process of buying 100,000 new hospital gowns at a cost of about $500,000, said Larry Hilton, the general manager with Health Sys-tems Cooperative Laundry.

Hospitals will see savings over time, Hilton said, even though each

A new kind of health coverage

GLEN STUBBE • glen.stubbe@startribune.comNurses Katie Orsucci and Cat Hemp checked out a new gown coming to Methodist Hospital. The gowns, being introduced this month, are designed to make patients feel more comfortable while in the hospital.

Methodist Hospital joins medical centers launching improved attire for patients

See GOWNS on D2 Ø

Target CEO Brian Cornell, left, and Best Buy CEO Hubert Joly worry that a border adjustment tax will hurt consumers and company profits.

See LOBBY on D2 Ø

See YELLEN on D2 Ø

DOW 20,504.41 s 92.25 S&P 500 2,337.58 s 9.33 NASDAQ 5,782.57 s 18.61 10-YR T-NOTE 2.47% s 0.04 GOLD $1,223.90 t 0.50 EURO in dollars 1.0572 t -.0028OIL $53.20 s 0.27

$87.5MPayout to Delta’s 7,500 employees at MSP.

$11,500Average amount paid out, but final sum varies.

See CAPELLA on D2 Ø

ZSW [C M Y K] D1 Wednesday, Feb. 15, 2017

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a year when revenue grew 3.1 percent.

For the first three months of 2017, Capella forecast slightly faster revenue growth, in a range of 5 to 6 percent. But executives sig-naled they expected that growth to slow through the rest of the year, with a fore-cast for full-year revenue to rise in a range of 3 percent to 5 percent.

The company’s shares fell 11.4 percent to close at $74.15 , essentially where they were before a postelection rally began for shares in Capella and other for-profit educa-tion providers.

In a call with analysts, Capella executives described several spending efforts this year that they expect will drive faster growth in 2018. The company will spend more to develop its job-ready training programs and increase marketing for nearly all of its programs during the first half of this year.

“2017 is going to be a year where we are target-

ing to improve our revenue growth rate while investing in building growth for 2018 and beyond,” Steve Polacek, the company’s chief financial officer, said on a conference call with analysts.

Asked about the prospect for congressional reforms that will help the for-profit education business, Chief Executive Kevin Gilligan described an appearance before a House subcommit-tee earlier this week.

“I found the session to be very constructive,” he said.

Evan Ramstad • 612-673-4241

Capella shares tumble; higher spending forecastø CAPELLA from D1

4TH QUARTER FY2016, 12/31 2016 2015 Revenue $111.3 $106.1 +4.9Cont. ops. 11.5 12.7 –9.7Disc. ops. –0.0 –1.0 —Income 11.4 11.6 –1.9Earn/share 0.97 0.96 +1.0

12 MONTHSRevenue $429.4 $416.5 +3.1Cont. ops. 42.4 43.6 –2.8Disc. ops. 0.6 –3.4 —Income 43.0 40.2 +6.9Earn/share 3.62 3.27 +10.7Figures in millions except for earnings per share.

new gown costs roughly $1 more than a conventional gar-ment.

The new gowns should last longer that the 40-wash life cycle with current garments, thereby lowering replacement costs. Plus, the new gowns weigh less, which will help hospitals in terms of their by-the-pound pricing agreements for laundering.

With the switch, hospitals expect to save 4 cents per pound in their laundry costs. That’s a significant reduction, said A. Blanton Godfrey , a pro-fessor in the college of textiles at North Carolina State Uni-versity.

Godfrey published a report in 2009 that found hospitals spend anywhere from 26 cents to 60 cents per pound in laun-dering costs.

“Hospitals die for 10 to 20 percent savings,” said Godfrey,

who has worked for the past decade on a project promoting innovative designs in hospitals gowns.

Tie-in-the-back gowns have been used in hospitals for decades, Godfrey said, with the original design dat-ing to 1910. The backside slit that can be embarrassing for patients makes for easy use of bedpans, he said.

Godfrey estimates that hos-pitals across the country spend nearly $100 million per year on hospital gowns. In 2015, a North Carolina-based hos-pital supplier called Premier Inc. put the figure at roughly $85 million.

Starting in 2006, a team at North Carolina State started developing a new design for hospital gowns, but God-frey said it’s taken years to convince medical centers to make the upfront investment needed for innovation. “A hos-

pital might charge you $1,000 a day for your room, but they want to keep the gown under 10 cents,” he said. “They are buying on price.”

The road to new hospital gowns at Methodist Hospital started with focus groups in 2010 and 2011, followed by a fundraiser that featured a run-way show. The contest spot-lighted an innovative gown from designers at the Univer-sity of Minnesota, but Getch-ell said it took several years to advance the project.

The hospital and laun-dry service cooperated on a study of new gowns that was launched in 2015, and helped document patient prefer-ences for new garments. The new blend of fabrics is softer, and the blue-green color is a vibrant contrast with the washed-out look of the past, said Roxanna Gapstur, the president of Methodist

Hospital.“The other feature that

patients really liked was just the wrap style,” Gapstur said. “There’s a bit more of a wrap to these gowns, and they can tie on the side, which sort of eliminates that drafty open-back piece that’s been very traditionally part of the hos-pital gown.”

At Methodist, 1,000 new gowns will be stocked on carts and in cabinets Tuesday to make the transition. That’s about how many gowns are used each day across the Meth-odist campus, which includes specialty centers and clinics.

“Anything worthwhile is worth waiting for,” said Getch-ell, president of the Park Nicol-let Foundation. “The results of the study are worth the time spent.”

Christopher Snowbeck • 612-673-4744Twitter: @chrissnowbeck

Gowns mean better health coverage ø GOWNS from D1

Photos by GLEN STUBBE • glen.stubbe@startribune.comThe new gowns coming to Methodist Hospital are longer, come in sharper colors, have a side tie and wider, snapped sleeves. The gowns also last longer and weigh less than traditional gowns, which means hospitals will save a lot of money in laundry costs.

more stable, our banks better capitalized and our consumers better protected.”

The performance drew muted criticism from Senate Republicans, who pressed Yel-len to say that the post-crisis pendulum had swung too far in the direction of regulation. In part, the tempered tone of their questions reflected the reality that Republicans are in power and free to move forward with plans to reduce regulation.

President Donald Trump has criticized the post-crisis overhaul of financial regula-tion as a “disaster.” He signed an executive order this month instructing the Treasury Department to assess the effect of those regulations. Republicans also are consid-ering new legislation.

The new chairman of the banking committee, Sen. Mike Crapo, R-Idaho, said he hoped the Fed would cooperate with Trump in its efforts to reduce financial regulation.

“It is time to reassess what is working and what is not,” Crapo said. “Financial regu-lation should strike a proper balance between the need for a safe and sound financial sys-tem and the need to promote a vibrant, growing economy.”

Sen. Patrick J. Toomey, R-Pa., went further, express-ing the hope that the Fed would “refrain from issuing major new regulations” until Trump had the chance to name his people to senior roles at the central bank, including the position of vice chairman for regulation, created after the crisis to oversee rule-making.

Yellen was invited to Capi-tol Hill to deliver a biannual report on monetary policy to the Senate Banking Com-mittee. And she found time to tell the committee that the Fed remained pleased with the performance of the economy and expected to continue rais-ing its benchmark interest rate, although she dodged ques-tions about the timing.

The unemployment rate was little changed during the last year, standing at 4.8 per-cent in January, even as the economy added an average of 190,000 jobs a month during the second half of 2016, and an additional 227,000 jobs last month. That indicates people

are returning to the workforce.Inflation also showed signs

of rising to a healthier level. Prices increased by 1.6 per-cent during 2016, a percentage point more than in the previ-ous year, although that is still below the Fed’s preferred 2 percent annual pace.

Yellen demurred when asked directly whether the Fed planned to raise rates at its next policymaking meeting, in March. But she reiterated the Fed’s December prediction of three increases in 2017, raising the Fed’s benchmark rate from its current range, 0.5 percent to 0.75 percent, to a range of 1.25 percent to 1.5 percent.

“It is our expectation that rate increases this year will be appropriate,” she said.

Other officials have echoed that view. Charles Evans, presi-dent of the Federal Reserve Bank of Chicago, told report-ers last week that the expecta-tion of three increases “is not unreasonable.”

The comments are par-ticularly noteworthy because Evans remains one of the strongest proponents of rais-ing rates slowly to support continued growth.

Investors continue to pre-dict that the Fed will not raise rates until its June meeting, although the chance of an ear-

lier increase rose after Yellen’s testimony.

Yellen also offered Con-gress the broad advice that changes in fiscal policy should focus on long-term improve-ments in productivity rather than short-term growth.

Here, too, she dodged ques-tions about the details. When one senator asked for her views on a particular tax pro-posal, Yellen smiled and said, “I’m not going to tell you that.”

Changes in fiscal policy have the potential to scram-ble the Fed’s economic out-look. Trump has called for measures to stimulate growth, like tax cuts and infrastructure spending.

Yellen and other Fed offi-cials have suggested that the Federal Reserve would seek to offset such measures by raising rates more quickly because the Fed judges the economy to be growing at roughly the maxi-mum sustainable pace already. But she reiterated that before acting, the Fed would see what Congress may do.

On regulation, however, Yellen got down to basics.

Gary Cohn, the president’s chief economic adviser and a former Goldman Sachs execu-tive, said this month that bank lending had been constrained by changes requiring banks to

raise a larger share of funds from investors rather than lenders. Such funding protects a bank in the event of losses, because it need not be repaid.

Cohn described this regula-tion incorrectly, saying banks were required to “hoard” capi-tal. In fact, capital is funding; it is not held or hoarded.

Under questioning by Sen. Elizabeth Warren, D-Mass., Yellen defended the impor-tance of capital standards and she corrected Cohn.

“It’s not a requirement that they stick it in a safe and it can’t be used,” she said.

Yellen agreed with Senate Republicans that government should draw a greater distinc-tion between the regulation of big banks and smaller ones.

Sen. John Kennedy, R-La., secured an acknowledgment from Yellen that community banks were not responsible for the 2008 financial crisis, then pressed her to explain why they had been subjected to any additional regulation.

In response to a sepa-rate question about possible remedies, Yellen suggested that Congress might exempt smaller banks from require-ments that are rarely relevant but still impose significant administrative costs, like lim-its on executive compensation.

Yellen: No need to reduce financial regulationsø YELLEN from D1

ANDREW HARNIK • Associated Press

“It is our expectation that rate increases this year will be appropriate.”

Janet Yellen, Federal Reserve chairwoman

T I L E S H O P H O L D I N G S I N C .(TTS) A specialty retailer of manufactured and natural stone tiles.

4TH QUARTER FY2016, 12/31 2016 2015

Revenue $76.6 $71.9 +6.5Income 0.3 3.8

–92.8Earn/share 0.01 0.07 –85.7

12 MONTHSRevenue $324.2 $293.0 +10.6Income 18.5 15.7 +17.6Earn/share 0.36 0.30 +20.0Figures in millions except for earnings per share.

EARNINGS

and the border adjustment tax is expected to come up during the discussions, staff members confirmed.

A source told the Star Tri-bune that Joly will be among a group of CEOs meeting with Rep. Kevin Brady, R.-Texas, the chairman of the House Ways & Means Committee.

The Trump administra-tion injected the border adjustment tax into a national discussion a few weeks ago when administration spokes-man Sean Spicer suggested that a 20 percent tax on Mexi-can imports to the U.S. could pay for a wall along the U.S.’s southern border.

The tax is actually part of a House Republican tax reform plan and applies to imports from any country. It creates a border tax by ending retailers’ ability to deduct the cost of merchan-dise that they import. That means companies would be taxed at nearly the full selling price of imported merchan-dise and not just their profit from those sales.

It is supposed to work in concert with an overall reduction in the U.S. corpo-rate tax rate and with tax-free U.S. exports to increase American production facili-ties and create U.S. jobs while simultaneously balancing trade, making the U.S. dollar more valuable, sustaining profits and keeping prices down.

But RILA has argued that the tax will raise consumer prices and may never be fully offset. Information included in Target’s and Best Buy’s Securities and Exchange Commission (SEC) filings explain the risks.

“A large portion of our merchandise is sourced, directly or indirectly, from outside the United States, with China as our single

largest source,” Target said in its 2016 annual report, not-ing that “trade restrictions” could hurt operations.

“Changes in the costs of procuring commodities used in our merchandise or the costs related to our sup-ply chain ... could have an adverse effect on gross mar-gins.”

Best Buy reported that more than half of the mer-chandise it purchased in 2016 came from five companies — Apple, Samsung, Hewlett-Packard, Sony and LG Elec-tronics — all of which are either foreign-based or have extensive foreign sourcing networks for their parts and products.

The tax reform plan, said Dan Mitchell, an economist and senior fellow at the conservative Cato Institute, is untested on the scale at which it has been proposed. No one can say how much prices might rise, how long they will stay up or when a lower corporate tax rate and export incentives will offset a 20 percent border adjust-ment tax.

“We’re in uncharted ter-ritory,” Mitchell said. “I’m guessing the adjustment period will be bumpy at best.”

In any scenario, Resendiz said the border adjustment tax on U.S. imports will not do what the Trump admin-istration suggested it could: Make Mexico pay for a wall along the U.S. border to keep out undocumented immi-grants.

“The tax is a U.S. tax,” Resendiz said. “The tax will be paid by U.S. companies or by consumers to whom it is passed on. It’s not going to be paid by Mexico or any other foreign country.”

Staff writer Kavita Kumar contributed to this story.Jim Spencer • 202-662-7432

Target, Best Buy will lobby Trump in D.C.ø LOBBY from D1

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NATION & WORLD

STOCKS

Stocks rise again behind bank sharesBank stocks jumped Tuesday on hopes that bigger profits are ahead, and U.S. indexes again pushed to record highs. Stocks had been mostly lower when the day’s trading began, but indexes reversed course after Federal Reserve Chair-woman Janet Yellen told a Senate committee that the central bank could raise interest rates as soon as next month. Bond yields jumped immediately afterward and fed through to shares of banks. The Standard & Poor’s 500 index rose 9.33 points, or 0.4 percent, to 2,337.58 for its sixth straight day of gains. Earlier in the day, it was down as much as 0.3 percent. The Dow Jones industrial average rose 92.25 points, or 0.5 percent, to 20,504.41. The Nasdaq composite rose 18.62, or 0.3 percent, to 5,782.57.

MEDIA

NBC buys 25 percent stake in EuronewsComcast Corp.’s NBC News, looking to strengthen its inter-national coverage, acquired a stake in Euronews, a France-based news service that will extend its reach to 277 mil-lion new households. NBC bought a 25 percent stake in Euronews for $30 million, according to Bloomberg News. Euronews employs almost 500 journalists. Deborah Tur-ness, the U.S.-based president of NBC News, will lead the company’s international news operation

AUTOMOTIVE

Judge gives initial OK to another VW dealA federal judge in San Francisco granted initial approval Tuesday to a deal worth at least $1.2 billion that aims to compensate the owners of roughly 78,000 Volkswagens with 3-liter engines that were rigged to cheat on emissions tests. The company previously agreed to spend up to $10 bil-lion compensating owners of roughly 475,000 Volkswagens and Audi vehicles with 2-liter diesel engines — the bulk of the vehicles caught up in Volkswagen’s emissions cheating scandal. U.S. District Judge Charles Breyer granted prelimi-nary approval to the smaller deal involving Volkswagens, Audis and Porsches. The deal offers thousands of dollars in compensation to car owners on top of buybacks or repairs.

AVIATION

American pilots vote no-confidence in CEOThe leaders of American Airlines’ pilot union voted no-confidence in Chief Executive Doug Parker, citing pay and scheduling problems, delays in implementing their full con-tract and a “toxic” company culture. “The straw that broke the camel’s back was Parker skipping last week’s meeting with President [Donald] Trump and other airline industry executives at the White House,” the Allied Pilots Associa-tion said in a statement Tuesday. American has said that Parker chose instead to address a previously scheduled gathering of 1,600 of the airline’s managers. The vote wid-ened a gap between the pilots and management, who have been at odds over Parker’s refusal last year to consider a pay raise to match or surpass Delta Air Lines and United Continental Holdings Inc.

NEWS SERVICES

Judge cites antitrust concerns about prices and benefits in blocking deal.

By TOM MURPHY Associated Press

INDIANAPOLIS – Major health insurers Aetna and Humana called off their $34 billion combination after a federal judge, citing concerns about prices and benefits, rejected the deal.

The announcement Tues-day came days after another federal judge shot down a tie-up between two other mas-sive insurers. Blue Cross-Blue Shield carrier Anthem Inc. had been attempting to buy Cigna Corp. for $48 billion.

Anthem is appealing the judge’s decision in that case.

Aetna, the nation’s third largest insurer, bid for Humana in 2015. The deal would have given Aetna the opportunity to significantly expand its presence in Medicare Advan-tage coverage, which involves privately run versions of the federal Medicare program for people over 65 or disabled.

But Aetna’s attempt to gob-

ble up the nation’s fifth largest health insurer brought in the Department of Justice, which sued last summer to block that deal and the Anthem-Cigna combination.

Regulators worried how the deal would affect consumer choices and competition in the market for Medicare Advan-tage plans.

U.S. District Judge John Bates wrote in the decision last month that neither new

competition nor plans to shed some of the combined company’s businesses would be enough to ease antitrust concerns.

Federal regulation would likely be “insufficient to pre-vent the merged firm from raising prices or reducing ben-efits,” Bates ruled.

Aetna Chairman and CEO Mark Bertolini said in a com-pany release Tuesday that “the current environment makes it

too challenging to continue pursuing the transaction.”

Humana is entitled to a $1 billion breakup fee, which would amount to about $630 million after taxes.

The two deals blocked in federal courts would have melded the nation’s five larg-est insurers into three, with Minnetonka-based United-Health Group Inc. currently the biggest.

The insurers argue that growing by acquisitions allows them to better negoti-ate prices with pharmaceuti-cal firms, hospitals and doctor groups. They also expect to cut costs and add more customers, which helps them spread out the cost of new technology.

Insurers have also said that combining would help them stabilize their business on the Affordable Care Act’s public insurance exchanges.

But the American Medical Association said last week, after the Anthem-Cigna deal was shot down, that a merger would have created a health care behemoth too large to regulate and with too much control over the lives of con-sumers in the country.

Aetna, Humana call off $34B merger

By STEVEN MUSON Washington Post

WASHINGTON – President Donald Trump signed his first piece of legislation on Tuesday, a measure that could presage the most aggressive assault on government regulations since Ronald Reagan.

The bill cancels out a Secu-rities and Exchange Commis-sion regulation requiring oil and gas and mining companies to disclose the payments they made to foreign governments.

It is the first of a series of

bills Congress is considering to take advantage of the Con-gressional Review Act of 1996, used once before today. The act gives a new president and Congress the power to revoke rules and regulations by the previous administration in its final 60 legislative days.

The previous time the review act was invoked was in 2001 to overturn a Clinton administration regulation about ergonomics.

“It’s a big deal,” Trump said. “The energy jobs are coming back. Lots of people going back

to work now.”Hill Republicans are also

seeking to use the review act to overturn regulations that would prevent coal-mining operations from dumping waste into nearby waterways; restrict methane emissions by oil and gas operations on federal land; require federal contractors to self-certify that they comply with U.S. labor laws; require each state to issue annual ratings for teacher-prep programs; and introduce a planning rule for federal lands.

Supporters of the SEC regu-lation said it would have pro-vided greater transparency and made corruption more difficult. The regulation was drafted in response to direc-tions in the Dodd-Frank finan-cial reform legislation.

Foes of the regulation, led by the U.S. Chamber of Commerce and the Ameri-can Petroleum Institute, said the rule would put natural resource companies at a com-petitive disadvantage with for-eign firms by disclosing too much of their contract terms.

In first legislation, Trump rolls back SEC energy rules

Cigna sued its merger partner Anthem after ending their $48 billion agreement, a deal that had been blocked by a U.S. judge. Anthem, minutes later, said Cigna had no right to terminate the deal.

In a statement, Cigna said its complaint seeks payment by Anthem of the $1.85 billion reverse termination fee included in the merger plan. The move further escalates the discord between the two U.S. health insurers, whose merger had been riven with clashes for months.

In its own statement, Anthem said it had extended the proposal through April 30 after the deal was blocked. Cig-na’s purported termination of the agreement is “invalid,” Anthem said.

The announcements came just hours after the other U.S. health-insurance megadeal, between Aetna Inc. and Humana Inc., ended peacefully when the companies mutu-ally decided to walk away from their agreement.

BLOOMBERG NEWS

Cigna sues Anthem over $1.85B fee

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$495 CUSTOM LASIK$495 CUSTOM LASIKHURRY,

OFFER EXPIRESDEC. 31st

HURRY,OFFER EXPIRESMAR 31st

Dr. Karen A. He

Over 28,000 succe

procedures perfor

Eye on buildersA key measure of U.S. homebuilders’

confidence should provide insight into the

new-housing market.

The National Association of Home

Builders/Wells Fargo Housing Market Index

slid to 67 last month, a pullback from

December, when the index reached its

highest level in 11 years. Readings above 50

indicate more builders view sales conditions

as good rather than poor. The index has

been above 60 since September. Econo-

mists predict that this month’s reading, due

out today, will show that builder confidence

rebounded from January.

Refreshing results?Wall Street predicts that PepsiCo’s earnings and

revenue improved in the fourth quarter versus a year

earlier.

Financial analysts expect

the maker of Gatorade,

Mountain Dew and other

beverage brands to report

today that earnings and

revenue increased in the

fourth quarter. Investors will

be listening for an update on

how sales of Pepsi’s lineup of

drinks and snacks have fared

so far this year.

Cisco’s turnaroundCisco Systems delivers its

latest quarterly earnings

today.

The internet gear maker

has scrambled to overhaul

its business as corporate

customers increasingly rely

on remote data centers for

their computing needs,

rather than online networks

maintained on their own

premises. Cisco has

slashed thousands of jobs

as part of the shift.

CSCO

25

30

$35$32.30

’16

Source: FactSet

Price-earnings ratio: 15based on past 12-month results

Dividend: $1.04 Div yield: 3.2%

$25.11

Operating

EPSQ2 ’16 Q2 ’17

$0.57est.

$0.56

Source: FactSet

NAHB/ Wells Fargo indexseasonally adjusted

60

65

70

FJDNOS’16 ’17

65

67

est.68

63

69

63

17,600

18,400

19,200

20,000

20,800

A FS O N D J

19,800

20,160

20,520 Dow Jones industrialsClose: 20,504.41Change: 92.25 (0.5%)

10 DAYS

2,080

2,160

2,240

2,320

2,400

A FS O N D J

2,240

2,300

2,360 S&P 500Close: 2,337.58Change: 9.33 (0.4%)

10 DAYS

Zais Grp 4.32 +2.27 +110.7PhotMdx rs 2.41 +.59 +32.4Reliv In rs 7.53 +1.73 +29.8Cynosure 65.93 +14.43 +28.0LightPath 2.20 +.48 +27.5Functnx rs 2.72 +.56 +25.9Identive lf 5.68 +1.02 +21.9XOMA rs 5.82 +1.00 +20.7ZosanoPh h 2.02 +.32 +18.8CellectBio n 6.12 +.97 +18.8ChinaNRes 2.53 +.35 +16.1RetailMNot 10.35 +1.40 +15.6FstNBC lf 4.50 +.60 +15.4NaviosMar 2.04 +.27 +15.3CaraThera 15.53 +2.02 +15.0ScorpioTk 4.47 +.51 +12.9Novan n 4.79 +.53 +12.4CorbusPhm 8.40 +.90 +12.0Cellectar rs 2.34 +.25 +12.0SeadrillLtd 2.17 +.22 +11.3

NAME CLOSE CHG. %CHG.

N AT I O N A L G A I N E R S

NAME CLOSE CHG. %CHG.

R E G I O N A L G A I N E R S

MySize n 7.88 -3.09 -28.2KBS Fash rs 8.08 -1.72 -17.6VinceHldg 2.10 -.40 -16.0GilatSatell 5.18 -.89 -14.7TileShop 17.30 -2.70 -13.5VistaGn n 2.56 -.35 -12.0Hibbett 29.35 -3.90 -11.7CapellaEd 74.15 -9.50 -11.4FenixPrt lf 2.36 -.29 -10.9GalmedPh 4.15 -.51 -10.9Dynatronic 2.55 -.31 -10.9NetSolTch 4.45 -.50 -10.1MeridWs n 2.73 -.27 -9.1FlowrsFds 18.99 -1.85 -8.9AmrRlty 8.73 -.84 -8.8LogMeIn 94.35 -8.95 -8.7RamacoRs n 11.15 -1.00 -8.2AmkorTch 9.61 -.83 -8.0Big 5Sprt 14.45 -1.25 -8.0ION Geo rs 4.60 -.40 -8.0

NAME CLOSE CHG. %CHG.

N AT I O N A L L O S E R S

Advanced 1556Declined 1400New Highs 201New Lows 10

Vol. (in mil.) 3,395Pvs. Volume 3,239

1,8371,747

15671202

18527

NYSE NASD

DOW 20504.41 20374.02 20504.41 +92.25 +0.45% s s s +3.75%DOW Trans. 9471.12 9405.56 9444.22 -31.56 -0.33% s s s +4.43%DOW Util. 670.32 663.62 667.37 -4.23 -0.63% s s s +1.18%NYSE Comp. 11468.88 11396.51 11468.88 +34.94 +0.31% s s s +3.73%NASDAQ 5783.09 5748.74 5782.57 +18.61 +0.32% s s s +7.42%S&P 500 2337.58 2322.17 2337.58 +9.33 +0.40% s s s +4.41%S&P 400 1730.24 1718.15 1729.56 +3.89 +0.23% s s s +4.15%Wilshire 5000 24460.84 24305.24 24458.93 +96.60 +0.40% s s s +4.41%Russell 2000 1397.13 1386.35 1396.65 +4.27 +0.31% s s s +2.91%

HIGH LOW CLOSE CHG. %CHG. WK MO QTR YTD

Buenos Aires Merval 19606.38 19606.38 19606.38 +98.84 +0.51% s s s +15.89%Frankfurt DAX 11787.82 11752.68 11771.81 -2.62 -0.02% s s s +2.53%London FTSE 100 7292.65 7251.81 7268.56 -10.36 -0.14% s s s +1.76%Hong Kong Hang Seng 23735.11 23614.47 23703.01 -7.97 -0.03% s s s +7.74%Paris CAC-40 4897.89 4879.06 4895.82 +7.63 +0.16% s s s +0.69%Tokyo Nikkei 225 19501.01 19232.85 19238.98 -220.17 -1.13% s s s +0.65%Seoul Composite 2074.57 2074.57 2074.57 -4.08 -0.20% t s s +1.37%Sydney All Ordinaries 5810.89 5810.89 5810.89 -2.01 -0.03% s s s +1.61%Toronto TSE300 15800.34 15713.51 15786.03 +29.45 +0.19% s s s +3.26%

GLOBAL HIGH LOW CLOSE CHG. %CHG. WK MO QTR YTDS T O C K S R E C A P

F O R E I G N E X C H A N G E C O M M O D I T I E SU.S. crude oil prices rose 0.5 percent whilenatural gas pric-es fell more than1 percent. Goldwas mostly un-changed andsilver prices roseslightly.

Crude Oil (bbl) 53.20 52.93 +0.51 -1.0Ethanol (gal) 1.54 1.58 -0.25 -4.2Heating Oil (gal) 1.64 1.63 +0.67 -3.9Natural Gas (mm btu) 2.91 2.94 -1.32 -22.0Unleaded Gas (gal) 1.55 1.54 +0.14 -7.1

FUELS CLOSE PVS. %CHG %YTD

Name PE Vol. Last Chg. Name PE Vol. Last Chg. Name PE Vol. Last Chg. Name PE Vol. Last Chg. Name PE Vol. Last Chg. Name PE Vol. Last Chg. Name PE Vol. Last Chg.

Gold (oz) 1223.90 1224.40 -0.04 +6.4Silver (oz) 17.87 17.80 +0.38 +12.2Platinum (oz) 1000.30 1000.30 ... +11.0Copper (lb) 2.73 2.78 -1.64 +9.4

METALS CLOSE PVS. %CHG %YTD

Cattle (lb) 1.17 1.16 +1.25 -1.4Coffee (lb) 1.44 1.44 -0.42 +4.8Corn (bu) 3.74 3.76 -0.33 +6.3Cotton (lb) 0.76 0.77 -0.38 +8.0Lumber (1,000 bd ft) 365.40 365.40 ... +15.4Orange Juice (lb) 1.70 1.67 +1.74 -14.2Soybeans (bu) 10.45 10.54 -0.88 +4.9Wheat (bu) 4.50 4.52 -0.61 +10.2

AGRICULTURE CLOSE PVS. %CHG %YTD

USD per British Pound 1.2465 -.0064 -.51% 1.4517Canadian Dollar 1.3075 +.0005 +.04% 1.3841USD per Euro 1.0572 -.0028 -.26% 1.1255Japanese Yen 114.22 +.60 +.53% 113.26Mexican Peso 20.2760 -.0474 -.23% 18.9155

1YR.MAJORS CLOSE CHG %CHG AGO

Israeli Shekel 3.7497 -.0036 -.10% 3.8815Norwegian Krone 8.4061 +.0169 +.20% 8.5721South African Rand 13.1226 -.2159 -1.65% 15.8614Swedish Krona 8.9419 +.0065 +.07% 8.4179Swiss Franc 1.0072 +.0016 +.16% .9759

EUROPE/AFRICA/MIDDLE EAST

Australian Dollar 1.3070 -.0012 -.09% 1.4082Chinese Yuan 6.8674 -.0106 -.15% 6.5718Hong Kong Dollar 7.7605 +.0009 +.01% 7.7878Indian Rupee 66.842 -.126 -.19% 68.180Singapore Dollar 1.4207 -.0033 -.23% 1.3968South Korean Won 1139.27 -9.83 -.86% 1205.59Taiwan Dollar 30.85 -.17 -.55% 33.05

ASIA/PACIFIC

The dollar rosecompared to the Japanese yen,the euro and the British pound.The dollar also rose against the Canadian dollar, but fell versus the Mexicanpeso.

NorSys 4.31 +.23 +5.7BestBuy 45.29 +1.32 +3.0TactSys n 15.48 +.35 +2.3FDaves 5.50 +.10 +1.9TCF Fncl 17.73 +.33 +1.9WellsFargo 57.98 +.90 +1.6Clearfield 16.75 +.25 +1.5CommSys 4.70 +.07 +1.5Ameriprise 127.81 +1.66 +1.3CardiovSys 28.05 +.36 +1.3Target 65.65 +.84 +1.3Surmodic 23.95 +.25 +1.1Electrmed 5.00 +.05 +1.0BioAmber 3.50 +.03 +0.9Ecolab 122.84 +1.08 +0.9Hormel s 37.59 +.34 +0.9PiperJaf 80.25 +.75 +0.9MTS 55.20 +.45 +0.8Patterson 43.49 +.34 +0.8US Bancrp 54.55 +.42 +0.8

NAME CLOSE CHG. %CHG.

R E G I O N A L L O S E R S

CapellaEd 74.15 -9.50 -11.4EvineLive 1.37 -.05 -3.5ChrisBnk 1.18 -.04 -3.3GWG Hldgs 8.49 -.19 -2.2ProtoLabs 57.25 -1.10 -1.9Supvalu 3.86 -.07 -1.8FullerHB 48.81 -.82 -1.7CantbryPk 10.05 -.15 -1.5NthnO&G 3.30 -.05 -1.5Tennant 70.60 -1.05 -1.5Pentair 58.62 -.86 -1.4ImageSens 3.85 -.05 -1.3SPS Cmce 55.70 -.62 -1.1Donaldson 41.97 -.42 -1.0Hawkins 50.70 -.50 -1.0Graco 90.80 -.87 -0.9DigiIntl 12.70 -.10 -0.8NVE Corp 74.65 -.62 -0.8XcelEngy 41.72 -.31 -0.7MGC Diag 9.20 -.05 -0.5

A-B-CABB Ltd ... 12151 22.82 -.12AFLAC 11 20783 71.04 +.06ANI Ph h 75 1167 64.11 +1.50ASML Hld 35 18033 126.25 -.25AT&T Inc 16 192451 40.75 +.10AbbottLab 22 82828 43.65 +.43AbbVie 14 95950 60.82 +.31Accenture 21 25171 120.00 +1.41ActivsBliz 37 151997 44.98 -.72AdobeSy 51 15241 117.58 -.07Aetna 17 50632 125.81 +3.76Agilent 30 34095 50.39 -.13Agrium g 19 4793 107.24 +1.33AirProd 22 19962 142.13 +1.63Alexion lf 53 27939 129.50 +1.73Alibaba 32 101851 101.59 -1.51Allergan 18 26087 248.57 +1.81Allete 25 1838 65.12 -.26Allstate 16 17172 u79.80 +.19Alphabet C 25 10320 820.45 +1.21Alphabet A 27 10469 840.03 +1.07Altria 24 49512 71.88 -.16Amazon cc 24814 836.39 -.14AMovilL 45 30969 12.99 +.06AmAirlines 7 61467 46.57 -.84AEP 16 21278 63.27 -.52AmExp 14 34632 u79.41 +.50AmIntlGrp 44 72713 66.89 +.75AmTower 69 15576 106.78 -.77Ameriprise 14 13036 u127.81 +1.66AmeriBrgn 15 20328 90.82 +.34Amgen 15 30479 168.05 +.39Amphenol 25 10355 69.13 +.16Anadarko dd 33326 68.33 +.19AnalogDev 28 25420 77.84 -.08ABInBev ... 21448 108.44 +1.62Anthem 17 43608 u163.32 -.20Aon plc 19 7846 115.85 -.02Apache dd 73893 55.50 -1.68ApogeeE 21 1818 59.17 +.07Apple Inc 16 308882 u135.02 +1.73ApplRecy h dd 124 1.19 ApldMatl 21 97186 35.23 -.23ArcelorMit 10 184394 9.16 -.06ArchDan 20 26954 43.73 +.02ArcticCat dd 2307 18.59 +.01AsscBc pf D ... 85 23.34 -.04AstraZen s 9 53671 29.59 -.05Autodesk dd 40175 84.54 +.26AutoData 26 15780 99.44 +.86AutoZone 18 2655 735.79 -.30AvalonBay 23 5241 178.46 -.09BB&T Cp 17 43415 u47.87 +.89BCE g ... 8977 44.40 -.07BHP BillLt ... 21313 40.47 +.04BHPBil plc ... 16724 35.18 +.19BP PLC 41 76372 34.58 -.08BT Grp s ... 6524 19.30 +.01Baidu 12 19270 182.77 -1.54BakrHu dd 19274 61.50 +.44BcBilVArg ... 32215 6.63 +.18BcoBrades s ... BcoBrad s ... 59319 10.48 +.08BcoSantSA ... 30192 5.46 +.07BcoSBrasil ... 18216 11.20 -.16BkofAm 19 1333635 u24.06 +.66BkMont g ... 3422 u77.00 -.03BkNYMel 15 46553 46.82 +.70BkNova g 11 5743 u61.76 +.19Barclay ... 44488 11.75 +.18Bard 23 4016 240.66 +.07BarrickG 44 138206 19.27 -.15Baxter s 25 27140 48.96 -.27BectDck 32 6503 178.77 +.22Bemis 19 4214 48.76 +.02BerkHa A 16 z388 250419 +2079BerkH B 17 29749 166.95 +1.10BestBuy 15 46124 45.29 +1.32Bio-Techne 50 2198 104.52 +.61Biogen 16 23729 285.14 +6.23BioMarin dd 7685 91.19 +.30BlkHillsCp 19 5841 61.43 -.43BlackRock 20 5816 384.98 -.85Blackstone 19 37158 30.45

Boeing 20 24640 168.50 +.47BostProp 24 9511 135.79 +1.03BostonSci 49 83379 25.18 -.12BrMySq 32 193175 53.71 +1.68BritATob s ... x28351 61.79 -.52BritATob ... 124.61 BroadcLtd 44 16241 205.33 -1.38BrkfdAs g s 20 11201 36.80 -.02BuffaloWW 31 3721 157.60 -.60CBS B 17 30240 65.33 +.03CH Robins 22 8945 77.20 +.22CME Grp 29 11897 121.01 -.37CNOOC ... 729 124.17 -.40CRH ... 3933 34.26 -.52CSX 27 62971 48.00 +.09CVS Health 13 53042 78.67 -.03CampSp 22 13628 63.03 -.40CIBC g 10 3530 u88.61 +.31CdnNR gs ... 6414 71.53 +.05CdnNRs gs ... 23398 30.36 +.41CP Rwy g ... 9505 150.16 +.28Canon ... 1330 29.11 +.04CantbryPk 10 9 10.05 -.15CapellaEd 20 1742 74.15 -9.50CapOne 13 21335 90.18 +1.15CardnlHlth 15 16828 78.88 +.81CardiovSys dd 6779 u28.05 +.36Carnival 17 27433 56.37 -.09CarnUK ... 2850 55.27 -.02Caterpillar 30 42966 98.09 -.41Celgene 30 34804 117.02 +.60CntryLink 10 48791 24.54 -.08Cerner 28 44357 54.55 +2.03ChartCm n ... 10814 322.00 -1.02ChkPoint 24 6728 100.97 +.03Chevron cc x53824 112.52 -.31ChinaLife s ... 1969 15.77 +.01ChinaMble ... 5199 56.80 -.59ChinaPet ... 503 79.50 -.63ChinaTel ... 292 48.89 -.21ChinaUni ... 1654 12.12 -.14ChrisBnk dd 14743 d1.18 -.04ChubbLtd 13 9832 u133.99 +.18ChungTel ... 4288 32.49 +.10Cigna 18 18794 146.68 +.83Cisco 15 299238 u32.31 +.34Citigroup 13 215953 59.83 +.88CitizFincl 20 51052 u37.98 +1.06Clearfield 41 782 16.75 +.25Clorox 26 8174 127.40 +.27CocaCola 25 319485 40.53 -.09CocaCEur n ... 8504 35.09 -.11Cogentix h ... 247 1.85 -.03CognizTch 22 71903 57.36 -.28ColgPalm 24 50939 67.74 +.03Comcast 21 75426 76.09 +.38CommSys dd 69 4.70 +.07ConAgra 21 18042 39.79 +.03ConchoRes cc 6874 144.26 +2.01ConocoPhil dd 58142 50.14 +.44ConEd 19 12166 73.69 -.66ConstellA 24 11209 155.89 +.40ContlRescs dd 19264 46.97 +.54Corning 17 87494 u27.24 +.51Costco 32 22179 u173.63 +1.67Coty 30 98853 19.27 +.90Credicp ... 3166 166.81 -2.71CredSuiss ... 62395 15.06 +.25CrwnCstle 27 20165 90.25 +.03Ctrip.com s cc 70431 45.07 +.12Cummins 18 13666 151.96 -.89CybrOpt ... 631 37.70 -.10

D-E-FDTE 23 13486 98.21 +.14Danaher 20 12934 84.10 -.09Deere 22 33780 110.05 -.70DellTch n ... 11127 64.85 +.02DelphiAuto 15 18000 75.96 -.04DeltaAir 9 68903 49.86 -.20Deluxe 15 2851 75.00 +.28Dentsply 28 22195 59.74 +.90DeutschBk ... 52356 19.53 +.32DevonE dd 32797 45.94 +.68Diageo ... 4341 113.42 -.70DigiIntl 28 433 12.70 -.10

DigitalRlt 67 18146 105.30 -1.94Discover 12 22681 70.85 +1.27DishNetw h 30 27475 61.95 Disney 20 46879 110.33 +.68DollarGen 18 29679 77.14 +1.12DollarTree 24 27185 79.80 +2.10DomRescs 19 27959 73.12 -.61Donaldson 27 3228 41.97 -.42DowChm 20 44517 61.72 +.16DrPepSnap 22 20655 93.07 -.42DuPont 23 21239 78.05 +.23DukeEngy 16 36526 78.04 -.65eBay s 5 73787 33.63 -.16ENI dd 2418 30.94 +.09EOG Rescs dd 38386 101.23 +.88Eaton 17 20607 72.01 -.19Ecolab 28 8540 122.84 +1.08Ecopetrol ... 9003 9.51 -.05EdisonInt 28 14460 75.39 -.17EdwLfSci s 31 17428 89.49 -.47ElectroSen 13 1 4.30 Electrmed 29 955 5.00 +.05ElectArts cc 29115 86.06 -.26EliLilly 25 32651 78.81 +1.04EmersonEl 25 39003 u64.14 -.01Enbridge ... 24956 43.25 +.07EgyTrEq s 19 83059 19.38 +.80EngyTsfr dd 34887 39.53 +1.12Entegris 27 10644 u21.60 +.25Entellus n dd 854 17.01 -.06EntProdPt 23 49289 28.90 +.14Equifax 26 6984 130.32 +.20Equinix cc 3179 382.64 -4.05EqtyRsd 19 14083 62.00 -.14Ericsson ... 25487 5.78 +.06EssexPT 30 3027 226.02 -.69EsteeLdr 27 16635 83.25 +.66EversrceE 20 10316 55.95 -.54EvineLive dd 406 1.37 -.05Exelon 14 55069 35.36 +.26Expedia 52 29092 119.67 +.17ExpScripts 14 34946 69.63 +.33ExxonMbl 37 108844 82.82 -.18Facebook 32 138117 133.85 -.20FairIsaac 36 2105 128.46 +1.69FDaves dd 435 5.50 +.10Fastenal 29 11957 50.39 +.26FedExCp 18 9268 192.46 -.11FidNatInfo 21 11533 80.50 -.41FifthThird 14 63680 27.55 +.81FstRepBk 27 9406 96.42 +.04Fiserv 25 8088 110.14 +.04Fleetcor 24 5922 167.36 -.89FEMSA ... 4261 79.54 +.32FordM 7 267964 12.65 +.09Fortive n ... 10010 57.29 -.24FrankRes 15 29484 42.10 +.59FrptMcM dd 223239 15.90 -.06FresenMd ... 1332 40.65 -.13FullerHB 20 1845 48.81 -.82

G-H-IG&K 26 1484 94.83 -.11GGP Inc 14 28220 25.03 -.27GenDynam 19 13556 187.23 +.63GenElec 25 335679 30.28 +.24GenMills 22 36172 63.09 +.20GenMotors 6 287955 37.24 +1.72GenuPrt 21 4832 99.66 -.23GileadSci 7 142862 67.55 -.10GlaxoSKln ... 44612 40.11 +.12Goldcrp g dd 75249 16.62 -.14GoldenEnt 9 868 12.14 -.62GoldmanS 15 40799 u249.46 +3.19Graco 26 2523 90.80 -.87Graingr 22 7495 253.75 -.59GpFnSnMx ... 18757 7.31 GpTelevisa ... 15719 22.83 -.40HCA Hldg 13 19246 u83.71 -.04HCP Inc 11 25493 30.41 -.44HDFC Bk ... 13097 71.40 +.11HMN Fn 14 18.50 HP Inc 10 168662 u16.06 +.02HSBC ... 16396 u43.51 +.23Hallibrtn dd 59445 56.54 +.22HarrisCorp 19 6929 u107.94 +.93

HartfdFn 15 24040 48.50 +.45Hawkins 23 266 50.70 -.50HSchein 27 4738 166.65 +1.54Hershey 26 6823 108.34 +.13Hess dd 28191 52.00 +.12HP Ent n 14 96369 24.14 +.02Hilton 13 56.57 HomeDp 23 47371 u141.36 +1.49Honda ... 8503 32.01 -.12HonwllIntl 19 30604 u123.62 Hormel s 23 18115 37.59 +.34HostHotls 14 77859 18.75 +.19Humana 23 22000 205.97 -.73HuntBncsh 21 100318 14.12 +.31ICICI Bk ... 53056 8.44 -.01IHS Mark 53 14053 39.97 +.04ING ... 28449 14.52 +.06Ikonics cc 5 10.50 +.06ITW 23 9495 129.60 +.23Illumina 53 6953 164.46 +.62ImageSens dd 117 3.85 -.05Imation dd 1854 .66 -.02ImpOil g 13 1048 32.49 +.06Incyte cc 18516 u123.32 +2.17IndoTel s ... 2827 28.67 -.65Infosys 11 90681 14.91 +.26IngerRd 18 17056 81.67 -.31Insignia s 38 193 1.50 Intel 16 230045 35.93 +.13IntcntlExc s 11 28897 58.65 -.38IBM 14 25132 u180.13 +.77IntPap 17 27801 52.88 +.20IntriCon dd 10 7.40 +.02Intuit 35 14524 118.84 +.44IntSurg 35 3055 714.92 +4.22ItauUnibH ... 117035 12.92 +.14

J-K-LJD.com dd 33036 29.43 -.09JPMorgCh 15 166629 u89.56 +1.41JohnJn 17 51098 116.36 +.48JohnContl n 28 60779 41.49 -.26KB FnclGp ... 1189 41.80 +.20KLA Tnc 16 8870 86.99 -.23Kellogg 19 18630 75.92 +.30Keycorp 19 98611 u18.87 +.41KimbClk 20 18173 122.88 -.55KindMorg 73 78796 22.54 -.01KoreaElc ... 4938 17.86 -.04KraftHnz n 59 22808 u90.81 +.23Kroger s 15 134510 33.07 -.14Kyocera ... 45 54.96 -.32L Brands 14 38251 58.14 +.32LabCp 17 7225 135.88 +.95LamResrch 19 11982 115.63 -.63LVSands 25 33075 53.06 -.10Level3 32 16653 57.87 -.14LibtyGlobC ... 24074 34.28 -.12LincNat 11 22206 u72.13 +1.05LinearTch 31 10041 63.85 -.02LloydBkg ... 30660 3.38 +.01LockhdM 20 7992 262.56 +.21Loews 21 7880 46.96 +.15Lowes 20 80565 75.72 +1.82Luxottica ... 300 53.64 +.34LyonBas A 11 19697 93.15 +.93

M-N-OM&T Bk 21 10365 u168.22 +1.42MGC Diag ... 36 9.20 -.05MGM Rsts 26 90638 28.65 -.51MOCON 34 17 19.95 +.10MPLX LP dd 9295 38.81 +.50MTS 27 536 55.20 +.45MagellMid 23 5271 80.36 +.28Magna g s 10 10016 45.21 +.53Manulife g ... 19768 19.09 +.29MarathnO dd 110044 16.41 +.35MarathPt s 10 x43232 50.96 +1.04MarIntA 25 23475 u87.89 +.51MarshM 22 14650 u71.94 +.46MartMM 36 15501 226.41 -4.98MasterCrd 31 22746 108.88 +.60McDnlds 23 26342 125.81 +.27McKesson 12 31814 145.20 +4.71MeadJohn 26 78499 88.04 -.16

Medtrnic 18 37136 77.05 +.13Merck 17 93012 u65.66 +.89MetLife 12 48761 53.88 +.38Microchp cc 52098 70.78 +.12MicronT dd 493191 23.12 -.78Microsoft 28 x215775 64.57 +.24MitsuUFJ ... 12736 6.73 -.06MizuhoFn ... 2068 3.70 -.05Mohawk 19 5397 224.23 +.43MolsCoorB 31 41142 99.50 +3.29Mondelez 32 55507 44.99 -.04MoneyGrm 32 7436 12.56 -.16Monsanto 22 13607 107.63 -.04MonstrBv s 38 18096 43.38 -.04Moodys 23 7298 109.26 +.23MorgStan 16 128783 u46.04 +.78Mosaic cc 33714 34.02 +.27Mylan NV 9 52168 40.75 +.97NRG Egy 21 53442 16.79 +.04NTT DOCO ... 1731 23.53 -.41NVE Corp 29 183 74.65 -.62NXP Semi ... 20957 102.28 +.02NatGrid ... 5119 59.75 -.14NOilVarco 31 30185 40.66 +1.06NetEase 23 10905 256.12 -4.66Netflix s cc 83109 140.82 -2.38NewellRub 19 34583 47.53 +.47NewmtM 35 55198 37.09 -.29NextEraEn 22 16026 126.00 Nielsen plc 24 34527 44.77 -.21NikeB s 25 86703 56.45 +.36NipponTT ... 2629 42.01 -.94NobleEngy dd 68571 37.65 -.81NokiaCp ... 65972 4.97 +.01Nomura ... 2733 6.67 -.09NorflkSo 22 12011 122.49 +.28NorSys cc 1005 4.31 +.23NthnO&G 8 3731 3.30 -.05NthnTech dd 15.37 NorTrst 20 12459 87.58 +1.30NorthropG 21 7156 239.62 +.54Novartis 15 30197 75.16 -.27NovoNord ... 24140 34.55 -.04Nucor 27 25107 63.09 -.50Nvidia 41 208320 108.78 +.40OReillyAu 25 7941 269.52 +1.04OcciPet dd 86376 67.16 -.23Omnicom 18 17597 85.03 -.90OneBeacon 18 625 16.18 +.04Oracle 20 92030 41.10 +.01Orange ... 4788 15.42 -.03OrbitATK 18 1578 89.15 +.10Orix ... 324 76.99 -.28OtterTail 25 892 38.15 -.10

P-Q-RPG&E Cp 22 19806 63.32 -.37PNC 18 23573 u126.10 +1.68POSCO ... 3482 u61.45 +.70PPG s 17 15006 101.57 +.76PPL Corp 14 23977 35.47 -.26Paccar 47 19826 u70.07 +.20PaloAltNet dd 8472 156.91 +.68ParkerHan 22 7180 152.63 +.17Patterson 18 9111 43.49 +.34Paychex 28 10839 59.27 +.23PayPal n 34 61396 41.62 +.45Pentair 20 11903 58.62 -.86PepsiCo 23 55778 106.92 +.40PetChina ... 575 79.19 -.13PetrbrsA ... 50197 10.27 +.26Petrobras ... 151127 10.91 +.34Pfizer 14 224790 32.75 +.14PhilipMor 21 32162 102.58 -.15PhilipsNV ... 11897 29.09 -.18Phillips66 12 23519 79.98 +.08PioNtrl dd 19112 u198.90 +1.86PiperJaf 22 905 u80.25 +.75Polaris 25 3778 87.71 +.45Potash 18 61201 19.28 +.17Praxair 21 7524 117.32 -.12PriceTR 15 14111 69.86 +.04Priceline 42 3868 1637.29 -8.89PrinFncl 14 12036 u62.06 -.03ProLogis 21 26457 49.92 -.05ProctGam 23 163091 87.86 -.45

ProgsvCp 21 23017 37.45 -.15ProtoLabs 34 4259 57.25 -1.10Prudentl 11 27077 u110.45 +.65Prud UK ... 3004 40.52 -.18PSEG 16 18690 43.43 -.33PubStrg 31 5047 216.90 -3.16Qualcom 16 128767 55.48 +.55QuintIMS 23 35812 u82.30 +2.30Qumu Cp dd 467 2.10 RELX NV s ... 589 17.34 -.02RELX plc s ... 778 18.57 -.14Raytheon 24 17714 u151.35 -.50RltyInco 40 15757 60.78 -.84RedHat 41 13000 80.09 +.32Regenrn 50 9584 376.52 +.86RegionsFn 18 120158 u15.49 +.34Regis Cp cc 1885 12.58 +.08RepubSvc 36 9091 58.43 -.06ReynAm s 26 67646 60.02 -.29RioTinto ... 33486 46.25 -.40RockwlAut 25 12121 152.21 +.20RogCm gs 16 2328 42.91 -.04Roper 31 4577 205.37 -.37RossStrs s 25 19557 68.70 +.65RBCda pfT ... 5 28.35 -.15RoyalBk g ... 7520 u74.58 +.30RBScotlnd ... 14716 6.05 +.14RylCarb 25 8752 u96.52 +.02RoyDShllB 88 23299 57.96 +.04RoyDShllA 83 32735 54.45 +.01Ryanair ... 1312 82.71 -.51

S-T-US&P Glbl 21 12136 126.92 +.39SAP SE ... 4247 92.47 -.06SBA Com cc 5768 108.73 -.89SK Tlcm ... 3604 22.28 +.10SPS Cmce 84 1851 55.70 -.62Salesforce cc 37954 80.92 +.01Sanofi ... 12005 42.76 +.22Sasol ... 2749 29.17 +.16Schlmbrg 72 45909 82.46 +.64Schwab 32 76865 41.26 +.54SeagateT 12 40591 u47.85 +.05SelCmfrt 20 8223 21.94 +.12SempraEn 22 5672 104.33 -.83ServcNow cc 14190 u92.89 +1.15Sherwin 25 8133 309.90 +.28ShinhanFn ... 604 u41.23 +.17Shire ... 8616 172.32 +1.77SilvBayRT 43 1183 17.92 +.09SimonProp 22 10072 180.94 -.73SiriusXM 36 195870 4.74 -.02SkywksSol 18 15920 91.80 -.83Smith&N 53 6470 30.36 +.09Smucker 17 11051 137.93 -.86SonyCp ... 5471 31.63 -.05SouthnCo 16 51384 48.59 -.63SthnCopper 38 11377 38.63 -.01SwstAirl 15 48446 55.31 -.42SpectraEn 37 32199 42.19 +.09SpectraEP 14 7148 45.50 +.15Sprint dd 234229 9.07 +.23StanBlkDk 20 5432 125.79 -.62Starbucks s 29 81489 56.58 +.47StateStr 16 31415 81.45 +2.16Statoil ASA ... 16275 17.85 -.04Stratasys dd 7086 21.97 +.10Stryker 25 11078 125.26 +.93SumitMitsu ... 9837 8.03 -.05SunLfFn g ... 3142 40.00 +.08Suncor g ... 32837 32.01 +.11SunTrst 17 36323 u59.59 +1.45Supvalu 7 23339 3.86 -.07Surmodic 33 324 23.95 +.25Symantec 8 61164 28.68 -.38Synchrony 14 42367 37.32 +.67Syngenta ... 15361 85.76 -.54Sysco 24 38160 52.73 -.08T-MobileUS 39 174621 61.60 +.70TCF Fncl 11 14132 17.73 +.33TD Ameritr 27 20530 42.94 +.21TE Connect 16 12872 75.42 -.02TJX 23 36151 78.08 +1.18TactSys n ... 561 15.48 +.35TaiwSemi ... 51457 31.33 -.36

Target 11 50570 65.65 +.84TataMotors ... 78577 33.41 -4.01TeckRes g ... 68791 25.09 -.37TelItalia ... 873 8.53 -.08TelItaliaA ... 271 6.91 -.09TelefBrasil ... 17592 15.31 +.13TelefEsp ... 11722 9.70 +.08Telus gs ... 3240 32.90 -.06Tenaris ... 12118 34.50 +.14Tennant 28 751 70.60 -1.05Tesla Inc dd 72496 u280.98 +.38TevaPhrm 12 165314 34.90 +.90TexInst 24 38924 75.64 +.12ThermoFis 27 14177 157.28 +.93ThomsonR 20 6968 44.86 +.033M Co 22 20041 181.60 +.58TileShop 38 14706 17.30 -2.70TimeWarn 16 42086 96.39 +.32Toro Co s 29 5182 59.85 -.04TorDBk gs ... 13227 u52.47 +.12Total SA ... 17454 50.71 -.21Toyota ... 2254 114.47 +.34TrCda g 19 5809 47.65 -.10Travelers 12 12463 120.24 +.5321stCFoxA 19 91537 30.30 +.5821stCFoxB 15 26575 30.02 +.54TwoHrbInv 10 16570 8.94 Tyson 15 19720 65.00 -.30UBS Grp ... 33336 15.88 +.04UltaBeauty 45 6159 271.46 +3.34UnilevNV ... 11514 41.28 -.05Unilever ... 9984 41.67 -.16UnionPac 21 28619 109.16 +.84UtdContl 9 25171 73.74 -.10UPS B 19 55582 108.99 +.49US Bancrp 17 76544 u54.55 +.42UtdTech 17 27080 111.57 -.45UtdhlthGp 20 29193 163.13 +1.14

V-WVF Corp 18 36057 50.87 +.48Vale SA ... 265035 11.16 -.18Vale SA pf ... 79125 10.48 -.16ValeroE 18 24625 67.62 +.58Valspar 23 2020 110.67 -.04VascSol 60 1126 56.00 +.05Ventas 23 16399 61.64 -1.16Verisk 23 4362 85.09 +.13VerizonCm 12 205400 48.27 -.28VertxPh cc 16436 88.91 +1.19ViacomB 13 60763 44.25 +.80Visa s 30 58029 u86.85 +.41Vodafone ... 30536 24.88 -.11Vornado 14 13531 u109.03 +2.58VulcanM 40 15963 122.74 +.28WEC Engy 20 14285 57.36 -.52WPP plc ... 728 117.64 -1.28WSI Inds ... 22 2.95 WalMart 15 82067 68.66 +.89WalgBoots 18 26466 83.79 +.36WasteCon 29 5363 80.80 +.19WsteMInc 37 11981 70.86 +.02WellsFargo 14 160706 57.98 +.90Welltower 18 12909 65.51 -.78WDigital 17 52070 76.41 -2.06WestpacBk ... 916 25.23 -.06WestRck ... 14569 53.52 +.82Weyerhsr 28 39453 33.29 -.50WmsCos 67 97893 28.89 -.15WillmsPtrs dd 5759 40.92 -.08WillisTwW 19 6317 125.17 +.03Winmark 23 30 113.90 -.20Wipro ... 4492 9.56 +.11

X-Y-ZXcelEngy 19 20895 41.72 -.31Xilinx 26 23542 58.75 -.76Yahoo dd 62414 u45.02 -.44YumBrnds 19 19096 68.58 +.47ZimmerBio 15 11261 117.18 -.57Zoetis 26 52052 55.02 -.12

Net YTDFund NAV Chg. ret.

Net YTDFund NAV Chg. ret.

Net YTDFund NAV Chg. ret.

Net YTDFund NAV Chg. ret.

Net YTDFund NAV Chg. ret.

Net YTDFund NAV Chg. ret.

Net YTDFund NAV Chg. ret.

Net YTDFund NAV Chg. ret.

American Funds

AMCAPA m 28.71 +.04 +5.4

AmBalA m 25.58 +.03 +3.1

BondA m 12.74 -.03 +.4

CapIncBuA m 58.94 -.08 +2.3

CpWldGrIA m 45.86 -.02 +4.6

EurPacGrA m 47.49 -.17 +5.3

FnInvA m 57.24 +.18 +5.1

GrthAmA m 44.92 +.09 +6.9

IncAmerA m 22.28 +.02 +2.8

InvCoAmA m 37.87 +.08 +4.5

MutualA m 38.08 +.08 +3.4

NewPerspA m 37.45 -.06 +6.0

SmCpWldA m 49.16 +.10 +6.9

WAMutInvA m 42.38 +.17 +3.5BlackRock

GlobAlcI 18.87 +.03 +3.2

StrIncIns 9.91 +.01 +1.2

DFA

EmMkCrEqI 19.13 +.04 +10.2

EmMktValI 26.58 +.08 +11.0

IntCorEqI 12.32 +.01 +5.7

USCorEq1I 20.13 +.08 +4.5

USCorEq2I 19.38 +.08 +4.1

USLgValI 36.50 +.21 +4.0

USSmValI 38.11 +.21 +1.9

USSmallI 34.61 +.12 +2.3Dodge & Cox

Bal 106.94 +.47 +3.5

Income 13.66 -.01 +.5

IntlStk 40.62 +.10 +6.6

Stock 193.27 +1.39 +4.9FPA

Crescent d 33.92 +.09 +4.0Fidelity

500IdxIns 82.01 +.35 +4.7

500IdxInsPr 82.01 +.35 +4.7

500IdxPr 82.01 +.35 +4.7

Bal 22.96 +.06 +4.3

BlChGrow 73.29 +.27 +8.8

Contra 105.45 +.37 +7.8

ContraK 105.38 +.37 +7.8

ExtMktIdxPr 58.19 +.17 +4.8

FrdmK2020 14.45 +.02 +3.5

FrdmK2030 15.56 +.04 +4.6

GrowCo 147.66 +.79 +8.0

GrthCmpK 147.52 +.79 +8.0

LowPriStk 51.22 +.22 +3.5

Puritan 21.55 +.06 +4.7

TotBond 10.55 -.02 +.6

TtlMktIdxPr 67.56 +.27 +4.7First Eagle

GlbA m 56.46 -.11 +4.1FrankTemp-Franklin

Income C m 2.38 +.01 +2.9

IncomeA m 2.35 +.01 +2.6

FrankTemp-Templeton

GlBondAdv 12.27 +.07 +2.8Harbor

CapApInst 61.10 +.17 +7.9

IntlInstl 60.95 -.16 +4.3MFS

ValueI 37.64 +.15 +3.9Metropolitan West

TtlRetBdI 10.54 -.01 +.3

TtlRetBdM b 10.54 -.02 +.2Oakmark

EqAndIncInv 31.55 +.18 +3.7

IntlInv 23.83 -.02 +5.0

OakmarkInv 75.37 +.46 +4.0Old Westbury

LgCpStr 13.38 +.02 +4.3PIMCO

AllAssetI 11.55 +3.6

Income P 12.15 +1.4

IncomeInl 12.15 +1.4

TotRetIs 10.08 -.03 +.8Schwab

S&P500Sel d 36.03 +.35 +4.7T Rowe Price

BlChpGr 78.32 +.17 +7.9

CapApprec 27.11 +.05 +3.5

EqIndex d 62.89 +.27 +4.6

EqtyInc 32.31 +.15 +2.6

GrowStk 57.70 +.18 +8.4

MidCpGr 80.04 +.17 +6.2

NewHoriz 46.64 +.20 +7.7

NewIncome 9.38 -.01 +.4

R2025 16.13 +.03 +4.1

Rtmt2020 21.13 +.02 +3.5

Rtmt2030 23.53 +.04 +4.4

Rtmt2040 24.39 +.05 +5.1

Value 35.06 +.18 +4.2Vanguard

500Adml 216.23 +.93 +4.7

500Inv 216.21 +.93 +4.7

BalIdxAdm 32.01 +.05 +2.9

BdMktInstPls 10.65 -.02 +.3

DivGr 24.35 +.11 +3.9

EqIncAdml 70.33 +.26 +2.9

ExtdIdAdm 76.21 +.24 +4.8

GNMAAdml 10.52 -.01 +.1

GrthIdAdm 61.24 +.20 +6.9

HYCorAdml 5.89 +1.7

HltCrAdml 84.01 +.71 +7.8

ITGradeAd 9.65 -.03 +.4

InstIdxI 213.36 +.91 +4.7

InstPlus 213.38 +.91 +4.7

InstTStPl 52.70 +.22 +4.7

IntlGrAdm 73.28 -.22 +8.8

IntlStkIdxAdm 26.06 +5.8

IntlStkIdxI 104.20 -.02 +5.8

IntlStkIdxIPls 104.22 -.02 +5.8

MidCpAdml 172.18 +.43 +5.7

MidCpIst 38.04 +.10 +5.7

MuIntAdml 13.93 -.02 +.6

MuLtdAdml 10.90 -.01 +.8

PrmcpAdml 115.44 +.25 +6.1

REITIdxAd 118.23 -.67 +1.2

STBondAdm 10.43 -.01 +.2

STGradeAd 10.65 -.01 +.4

SmCpIdAdm 64.35 +.21 +4.2

Star 24.56 +.02 +3.7

TgtRe2015 14.84 +2.3

TgtRe2020 29.07 +.02 +2.9

TgtRe2025 16.88 +.01 +3.2

TgtRe2030 30.28 +.04 +3.7

TgtRe2035 18.46 +.03 +4.1

TgtRe2040 31.56 +.06 +4.5

TgtRe2045 19.76 +.04 +4.6

TlIntlBdIdxAdm 21.48 -.02 -.8

TlIntlBdIdxInst 32.24 -.02 -.8

TlIntlBdIdxInv 10.74 -.01 -.8

TotBdAdml 10.65 -.02 +.3

TotBdInst 10.65 -.02 +.3

TotIntl 15.58 +5.8

TotStIAdm 58.71 +.24 +4.7

TotStIIns 58.72 +.24 +4.7

TotStIdx 58.68 +.23 +4.7

WellsI 25.73 -.01 +1.0

WellsIAdm 62.35 -.01 +1.1

Welltn 40.09 +.12 +2.6

WelltnAdm 69.23 +.20 +2.6

WndsIIAdm 64.58 +.34 +3.6

WndsrII 36.40 +.20 +3.6

Stock Footnotes: cld - Issue has been called for redemption by company. d - New 52-week low. ec - Company formerly listed on the American Exchange’s Emerging Company Marketplace. g - Dividends and earnings in Canadian dollars. h - Does not meet continued-listing standards. lf - Late filing with SEC. n - Stock was a new issue in the last year. The 52-week high and low figures date only from the beginning of trading. pf - Preferred stock issue. pr - Preferences. pp - Holder owes installments of purchase price. rt - Right to buy security at a specified price. rs - Stock has undergone a reverse stock split of at least 50% within the past year. s - Stock has split by at least 20 percent within the last year. wi - Trades will be settled when the stock is issued. wd - When distributed. wt - Warrant, allowing a purchase of a stock. u - New 52-week high. un - Unit,, including more than one security. vj - Company in bankruptcy or receivership, or being reorganized under the bankruptcy law. Appears in front of the name. PE Footnotes: q - Stock is a closed-end fund - no P/E ratio shown. cc - P/E exceeds 99. dd - Loss in last 12 months. Volume Footnotes: x - ex-dividend - yesterday was the first day that the stock traded without the right to receive a dividend and the price change is adjusted to reflect that fact. z - sales are in total shares. Fund Footnotes: b - Fee covering market costs is paid from fund assets. d - Deferred sales charge, or redemption fee. f - front load (sales charges). m - Multiple fees are charged, usually a marketing fee and either a sales or redemption fee. NA - not available. p - previous day’s net asset value. s - fund split shares during the week. x - fund paid a distribution during the week. Souce: The Associated Press and Morningstar.

MUTUAL FUNDS

CONSOLIDATED STOCKS LISTINGS

DAILY MARKETS

(Previous and change figures reflect current contract.)

ZSW [C M Y K] D4 Wednesday, Feb. 15, 2017

D4 • S TA R T R I B U N E B U S I N E S S W E D N E S DAY, F E B R U A RY 1 5 , 2 0 1 7

Going off-grid means trade-offs, but there is a middle ground.

By ABBY OHLHEISER • Washington Post

For those of us who spend a lot of time on the internet, there will be the occasional urge to simply disappear — delete your accounts, roll back your Google results and become invisible.

At this particular moment in time, a lot of people seem to be interested in making that a reality — or at least in trying to completely cover up their tracks. Signal, a text and phone-call encryption app that comes with a recommendation from Edward Snowden, recorded a 400 percent jump in downloads after the election.

But what does “disappearing” online mean, anyway? I asked Brad-ley Shear, a lawyer who specializes in social media and privacy, to walk me through a few ways to try to become invisible. Before we get into the details, it must be said: If you really want to step away from the internet and leave no digital trace, you are probably going to have to change a lot of things about the way you live day to day. And you’re probably not going to like it.

To go the full off-the-grid route, “it’s cash, barters,” Shear said. “Do not use any electronic device that can lead back to your whereabouts.”

But there are also advantages to having a robust digital life, ones that deleting everything will eliminate. So for those of us stuck in the middle, here are a few considerations:

Delete your accounts,or at least clean them up

Having a social-media account is,

more or less, ensuring your active par-ticipation in letting the internet learn more about you.

Facebook, in particular, knows a lot about you and is very good at track-ing what you do across the rest of the Web. (Yes, even when you’re not actively using Facebook.)

“You have to think about the digital accounts you currently have,” Shear said. “You have a Facebook, Linke-dIn, Amazon, old Myspace? Anything that has your name on it. You want to either delete content from them or delete the accounts altogether.” Once that’s done, many of the companies will still keep the data you previously gave them, but at least it won’t be pub-licly shared.

No more social media, fine. But that’s nothing compared with what Shear suggests next — getting rid of your Gmail account.

“Every time you access it, they have your IP address,” he said. For those who use an encrypted e-mail service such as ProtonMail, a life dis-appeared would also mean you can’t send e-mails to people using a Gmail or Yahoo account.

And if you want your activity not to be tracked across the Web, you would have to essentially use a vir-tual private network, or VPN, every time you access the internet, unless you exclusively access the internet from public machines (such as those at a public library).

For searches, you can use sites such as DuckDuckGo instead of Google or Yahoo, or any other search engine that tracks you.

Create ‘alternative facts’For those who aren’t going the full

“off the grid” or the “delete all your accounts” routes — which would be most of us, let’s be honest — Shear said that one of the most valuable things you can do is to litter the internet with misinformation about yourself.

“Never have a real birthday,” he said. “Always use a throwaway birth-day” when signing up for social-media accounts or pretty much any other service online. Use a throwaway e-mail. If a site or an app is asking for a bunch of information that you think it doesn’t need from you to provide you with whatever service it is promising, don’t do it. If that personal informa-tion is required to use that service, then make up some stuff. “You want to provide as many alternative facts as possible,” Shear said.

If you have already given such information to a bunch of sites, try to change it. On Facebook, it’s possible to change your birthday, for instance. But Facebook has a limit on how many times you can do this, so be careful.

Yes, Shear knows that this means he’s essentially advising you to ignore the terms of service for these sites, and he’s OK with that.

“Feel free to protect your privacy and violate their terms of service,” he said.

Go after the data brokersAnyone who has ever self-Googled

knows that there are a ton of “people search” sites out there that promise to host valuable information about indi-viduals. Welcome to the fun world of data brokers, the businesses that col-lect this information to sell it to other businesses. Trying to fully disappear from their databases, Shear warned, is like “Whac-A-Mole.”

Here’s how to start: “Look at the first five to 10 pages of your Google results and see who has your name,” Shear said. Your information will probably be on sites such as White-pages, Spokeo and Intelius, for instance. Each of these sites should have a way to opt out, but Shear warns that sometimes the opt-out process can be a scam. If the site requires you to verify your identity before opting out by giving more information about yourself or providing a government ID, don’t do that.

If you want to start by requesting an opt-out from each of the major data brokers, this list is a good start. There are hundreds of sites like these, though, so be prepared to spend a significant amount of time on the opt-out process. And, you’ll need to plan regular checkups for when your information eventually pops back up somewhere else.

The second part of keeping your information out of the hands of data brokers involves plugging any of your existing digital leaks and preventing the creation of new ones. Have you ever signed up for an account by link-ing it to your Facebook or Google accounts? That was not smart. Don’t do that. Undo it if you can.

What permissions have you given each of the apps on your phone? “Most apps ask for way too much information,” Shear warned. Does Yelp really need access to your con-tact list? For that matter, how much do you need that app that requires a ton of access to your phone and data? If you want to keep your phone, Shear recommended, go ahead and delete every single app you don’t actually need. Be brutal.

Erasing your internet footprint is really no walk on the beach

iStock

By JON GAMBRELL • Associated Press

DUBAI, United Arab Emirates — Up, up and away: Dubai hopes to have a passenger-carrying drone regularly buzzing through the skyline of this futuristic city-state in July.

The arrival of the Chinese-made EHang 184 — which already has had its flying debut over Dubai’s iconic, sail-shaped Burj al-Arab skyscraper hotel — comes as the Emirati city also has partnered with other cutting-edge technology companies, including Hyperloop One.

The question is whether the egg-shaped, four-legged craft will really take off as a transportation alternative in this car-clogged city already home to the world’s longest driverless metro line.

Mattar al-Tayer, the head of Dubai’s Roads & Transportation Agency, announced plans to have the craft regularly flying at the World Govern-ment Summit. Before his remarks on

Monday, most treated the four-legged, eight-propeller craft as just another curiosity at an event that views itself as a desert Davos.

“This is not only a model,” al-Tayer said. “We have actually experimented with this vehicle flying in Dubai’s skies.”

The craft can carry a passenger weighing up to 220 pounds and a small suitcase. After buckling into its race-car-style seat, the craft’s sole passen-ger selects a destination on a touch-screen pad in front of the seat and the drone flies there automatically.

The drone, which has a battery allowing for a half-hour flight time and a range of up to 31 miles, will be monitored by a control room on the ground. It has a top speed of 100 mph, but authorities say it will be operated typically at 62 mph.

Al-Tayer said the drone would begin regular operations in July. He did not elaborate.

The Road and Transportation

Agency later issued a statement say-ing the drone had been examined by the Dubai Civil Aviation Authority and was controlled through 4G mobile internet. The agency did not imme-diately respond to further questions.

The United Arab Emirates already requires drone hobbyists to register their aircraft. However, drone intru-

sions at Dubai International Airport, the world’s busiest for international travel, has seen it shut down for hours at a time in recent months.

EHang did not respond to a request for comment.

In May, authorities in Nevada announced they would partner with EHang to test the 184 to possibly be cleared by the U.S. Federal Aviation Administration.

The drone may be a techno curi-osity for now but Dubai — the com-mercial capital of the oil-rich UAE and home to the long-haul carrier Emirates — has bold visions for the future and the 184 fits right into its plans.

Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, announced in April he wanted 25 percent of all passenger trips in the city to be done by driverless vehicles in 2030. To that end, Dubai already has had the box-shaped driverless EZ10, built by France’s EasyMile, cruise the Burj Khalifa, the world’s tallest building.

In Dubai, a drone taxi is nearly ready to give passengers a lift

JON GAMBRELL • Associated PressThe EHang 184 was on display on Monday, the second day of the World Government Summit in Dubai, United Arab Emirates.

DIGITAL LIFE

S T E V E A L E X A N D E R

Q: After reading your col-umn about updating Win-dows 7 (see tinyurl.com/zzhdlyf), I typed your tinyurl address into my browser and got strange results. A repeat-ing audio warning said I had a virus and spyware infec-tion, and that I should call the number on the screen (855-257-9669) before the PC became disabled. I restarted the PC and got the same warn-ing. I then ran Microsoft’s Malicious Software Removal Tool (find it at tinyurl.com/z85al7o), which found noth-ing amiss. Finally, I called the number on the screen and played along while a man urged me to give him remote access to my PC, then hung up. Was this situation caused by your tinyurl?

CHUCK WILKINSON, Eau Claire, Wis.

A: No. While I’m glad you realized that the man on the phone was running a scam, this wasn’t a chain reaction caused by you typing my tinyurl into your browser. It was caused by a malicious program on your PC that is still active and needs to be removed.

Known generically as the “855-257-9669 pop-up,” the malware produces the fake virus warning and the tele-phone “help” number that charges to “fix” your PC. It can also secretly download browser extensions, which change browser behavior, and other unwanted programs.

To uninstall the pop-up and remove traces of it from your browser, see tinyurl.com/gnm8w6c. But com-pletely clearing it from your PC requires additional fixes. While the same website tells you how to do this manually, it requires the risky altera-tion of the PC’s registry (a database of settings), which I don’t recommend because of the potential for creat-ing errors. Instead, run the free version of the Malware-bytes security program (see tinyurl.com/jsdacdk). I’m not criticizing the Microsoft security software; it’s just that no one program catches all malware.

Q: My printer, a Lexmark model Z2420, has stopped printing documents sent from my Windows 10 laptop. I’ve owned the printer for two or three years and bought the Windows 10 PC six months ago, and initially they worked together. What’s wrong?

RAY HUGHES, Elida, Ohio

A: You have software compat-ibility problems. Lexmark has discontinued its model Z2420 printer, and as a result doesn’t provide Windows 10 software drivers for it. Lexmark sug-gests that you try its Windows 8 software drivers (see tinyurl.com/hzago2x), which might work. But future Windows 10 updates could render the Win-dows 8 drivers useless.

Q: My girlfriend traded her iPhone 5c for an iPhone 6s Plus. Because she couldn’t remember her Apple ID and password, the Verizon Wire-less technician couldn’t trans-fer the old phone’s music to the new phone. Now she has a new Apple ID. How can she do the song transfer?

MARK HEMMANN, Colorado Springs, Colo.

A: Because she lacks the origi-nal Apple ID data, the easiest way is to bypass Apple’s soft-ware entirely and try the non-Apple programs AnyTrans ($40; seven-day, limited-use free trial) for PC (tinyurl.com/h6qqaqs) or Mac (tinyurl.com/zrl4upq). Connect both phones to the computer via cable and click “clone device” to transfer songs from the old phone to the new one.

E-mail tech questions to steve.j.alexander@gmail.com. Include name, city and telephone number.

How a PC virus scam really happens

ZSW [C M Y K] D6 Wednesday, Feb. 15, 2017

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