The Wall Street Journal - 28.10.2019

B2|Monday,October28,2019 **** THEWALL STREETJOURNAL.

INDEXTOBUSINESSES

Theseindexescitenotablereferencestomostparentcompaniesandbusinesspeople
intoday’sedition.Articlesonregionalpageinsertsaren’tcitedintheseindexes.

A
Accenture....................R6
Airbnb..........................B4
Alphabet................B1,B2
Amazon.com...B1,R6,R10
American Express.....R14
Anheuser-Busch InBev
R4
Apple.................B2,B4,R6
AT&T............................B2
B
Bank of America.......R15
Bank of EastAsia......B9
Blackstone Group.......B1
BOC HongKong
(Holdings).................B9
Brown-Forman..........R16
C
Campari Group............R4
CiscoSystems.............B4
Comcast.....................R16
Culture Cipher
Consulting...............R15
CVS Health..................B3
D
D1 CapitalPartners..A10
Dow...........................R16
E
Ernst &Young...........R12
F - G
Facebook......................B2
FiatChrysler
Automobiles.............B1
Ford Motor..................B1
General Electric..........B2
General Motors...B1,R12

GiantFood Stores......B3

GlobalPayments.........B4

H

HangSeng Bank.........B9

Highfields Capital

Management............A1

HSBC Holdings............B9

I - J

IBM.........................B1,R6

Intercontinental

Exchange.................B10

Interpublic Group of

Cos...........................R16

JetBlueAirways.........R5

Johnson & Johnson....R6

J.P. Morgan Chase A10,

R11, R12, R15

L

LinkedIn.......................B4

LVMH Mo t Hennessy

Louis Vuitton............A1

M

MagicLeap..................B2

Mark Anthony BrandsR4

MarketAxess Holdings

B10

Meijer..........................B3

Microsoft.............B1,R12

MorganStanley........A10

N - O

Netflix.......................R10

Nielsen Holdings.......R11

O - P

Och-Ziff Capital .......A10

Oracle..........................B4

Paamco Prisma.........A10

PayPal Holdings........R14

PepsiCo......................R13

PG&E...........................A1

Procter & Gamble

B3,R6,R11

Progressive........R11,R15

R

Restaurant Brands

International.............B3

Rockwell Automation

R12

S

Salesforce.................R16

SAP............................R12

Senator Investment

Group......................A10

Sequoia Capital...........B4

SoftBank Group..........B1

Standard Chartered....B9

Starbucks..................R13

Stripe...........................B4

T

Target..........................B3

3G Capital...................B3

Tiffan y.........................A1

Tradeweb Markets....B10

TSYS............................B4

U

UnitedWaste Systems

R8

W

Walmart......................B3

Walt Disney................B2

WeWork......................B1

X

XPOLogistics..............R8

INDEXTOPEOPLE

A
Akino, Mitsushige......B9
B
Barnett, Neil.............R12
Barra, Mary...............R11
Bowman,Cynthia.....R15
Buhrmester, Tate......R13
Bushnell, Nolan..........B4
C
Caplan,Ken.................B7
Chemis, Joey.............R12
Crawford,Ron...........R13
D
Doxy,Lily...................R14
E
Earp,Pedro..................R4
F
Farrell, Jim................R13
G - H
Gabor, Maté................R3
Gibson, David..............B9
Gonzalez,William.....R12
Greene,Ross...............R3
Hackett, Jim...............B1

Hahl, Oliver.................R8

Hebl, Mikki................R14

Helm,Lucy................R13

J

Jacobson, Jonathon....A1

Johnson, Brian............B1

Johnson,Toby...........R13

Jones, Nadia.............R15

K

Kendall, Don..............R13

Kenny, David.............R11

Kerr, William...............B4

Klabin,Alexander.....A10

Korte,Travis.............R14

Kunze-Concewitz, BobR4

L

Lightbody,Colin..........B2

Lipp-Hendricks,Pam.R15

M

McGruder,Telva........R12

Meggitt,Lottie.........R11

Moore, Matt..............R14

N

Neufeld, Gordon..........R3

Nishikawa, Hiroyuki...B9

P

Pantley, Elizabeth.......R3

Parmelee, Michele....R11

Piani,Valeria.............R11

Putnam,Keri.............R10

R

Reali, Peter...............R11

Reback, Brad...............B2

Redha, Hani...............B10

Reid, Karl..................R12

Roberts, Laura..........R14

S

Schulte, Matthew.......B2

Segal,Benjamin..........B1

Shanker,Stuart..........R3

Silverman, Douglas..A10

Sundaram, Eash..........R5

T

Taylor, David.............R11

Tsabary, Shefali..........R3

V

Vesey, Andrew............A1

Vinik, Jeffrey............A10

W

Watson,Patricia.........B4

BUSINESS &FINANCE

ing to one of the people familiar

with the matter. “Joker”is a

brooding character-studycon-

sidereda“hard”Rfor it sstrong

languageand violence. Fu rther

limiting itscommercial pros-

pects, “Joker”wasconceived as

astand-alonefilm rather than a

pieceofalargernarrativestruc-

tureofsequels,spinoffs and

prequels—a model perfected by

Disney’s Marvel CinematicUni-

vers e.

As it turned out,“Joker”has

resonated with audiences across

the globe.

“I think‘Joker ’worked be-

cause people arefascinated with

this character.The source mate-

rial wasgreat,”said Eric Han-

dler, an analyst at equityre-

search firm MKM Partners.

“The film wasalso very differ-

entfromall other movies out

righ tnow.”

But thefilm’suniqueness

wasinitially met with skepti-

cism.

Befor emoving forward,War-

ner Bros.executives enlisted

BRONStudios andVillageRoad-

showPictures asfinancial part-

nerstohelp sharethe film’s

risk,with each shouldering be-

tween 20% and 25% of its

roughly $60 million production

budget, according to another of

the people familiar with the

matter.

Marketing thefilm around

the world cost morethan $100

million.

Thestudio previouslyshared

the spoils on the DarkKnight

Batman trilogywith Legendary

Pictures ,which helpedfinance

the hitfilms.

Afterthat, Warner Bros.

committedtoastrateg yofa c-

cepting only limited outsidefi-

nancial backing on itsmost

promisingreleases,such as its

DC Comics and HarryPotterti-

tles.

Now, the outside backerson

“Joker”stand to ta ke home to-

gether between 40% and 50% of

the film’sprofits,the person fa-

miliar with thefinancing deals

said.

Theinitially iffyfinancial

outlookfor“Joker”helped di-

rector Todd Phillips and Mr.

Phoenix, the movie’s star, se-

curegenerous profit participa-

tion deals,accordingto an-

other person familiar with the

deal.

Such bonus structures are

increasingly uncommon on ti-

tles that studios areconfident

will generat esignificantre-

turns.

Recor dreturnsfor“Joker”

have the movie’sbacker slaugh-

ing theirway to the bank,but

the studio that made thefilm,

Warner Bros.,could ha ve reaped

even bigger profitsifithadn’t

unloadedasubstantial shareof

the film to outside investor s, ac-

cording to people familiar with

terms of thefilm’sfinancing.

Nowthe top-grossingR-ra ted

film of all time,“Joker”reached

atotal of $849.1 millionworld-

wide over theweekend, accord-

ing to Warner Bros.,aunit of

AT&TInc.The previousrecord

of $782.6million washeld by

“Deadpool,”released in 2016 by

Twentieth CenturyFox,now

part ofWalt DisneyCo.

Mixedreviewsfor“Joker,”

which starsJoaquinPhoenix,

have failed to deter moviegoers

sincethe film soaredto $96.2

million in theU.S. and Canada

during itsopeningweekend ear-

lier this month.

During itsdevelopment,

“Joker”wasconsidered byWar-

ner executives unlikelyto gener-

atethe same kind of block-

busterreturns as the studio’s

moreconventional DCcomic-

book movies such as“Aquaman”

and “WonderWoman,”accord-

BYR.T.WATSON

Warner Must Share ‘Joker’ Haul

The studio enlistedbackersto sharethe risk of the brooding movie, which is thetop-grossing R-rated film of all time.

NIKO

TA

VERNISE/WARNERBR

OS

.PICTURES

/A

SS

OCIATEDPRESS

EstimatedBox-OfficeFigures,ThroughSunday

SALES,INMILLIONS

FILM DISTRIBUTOR WEEKEND* CUMULATIVE %CHANGE

1.Joker WarnerBros. $18.9 $277.6 -35

2.Maleficent:

MistressofEvil

Disney $18.5 $65.4 -50

3.TheAddams

Family

UnitedArtists

Releasing

$11.7 $72.8 -28

4.Zombieland:

DoubleTap

Sony $11.6 $47 -57

5.Countdown STX

Entertainment

$9 $9 --

*Friday,SaturdayandSundaysalesinNorthAmerica Source:Comscore

Ford’s health-caretab isex-

pectedto to p$1billion next

year forthe firsttime,accord-

ing to people closeto the talks.

If fo rced to maintain the

status-quo on health benefits,

Ford bargainersare likelyto

push to offset that with sav-

ingsino ther areas,these peo-

ple sa y. One optioncould beto

pres sfor asmaller signing bo-

nus than the $11,000 payout

that GMworker sare to re-

ceivefor ratifying theircon-

tract, the people closeto the

talks said.

Matthew Schulte, aworker

at Ford’s truck plant in Dear-

born ,Mich., said he isn’ttoo

concerned aboutFord match-

ingthat hefty signing bonus.

But heexpectsthe companyto

hold the line on bigger issues

such as healthcare.

“With GMworker sdoing 40

days on strike, that’s perhaps

asign forthe automakers

that this is the pattern we es-

tablished, andyouneed to

take it,”Mr. Schulte said.

gaining, the main economic

gains made by the union in the

first round of negotiations,

such as onwagesand health

care,are largely carried over

to the nexttwo companies—

sometimes with minor changes

to meet each automaker ’s

uniquefinancial needs.

But afterfour yearsof

steady profits, thosetweaks

will likely be moredifficultfor

Ford and Fiat Ch rysler bargain-

erstomake, labor expertssay.

If the othertwo companies

push back on dealsreached

with GM ontemporarywork-

ers or healthcare in particu-

lar,that could triggeranother

walkout because theUAWisn’t

likely to bend onterms that it

fought hardfor by striking

GM,said Colin Lightbody,a

former Fiat Ch rysler negotia-

tor and laborconsultant.

“Oneconomics,thereis

usuallyvery little wiggleroom,

but thiscould be moreofa

strict pattern thanwe have

seen in quiteawhile,”he said.

is tryingto boost freecash flow
to ease investors’ concerns
about howthe companywould
fareast he U.S. autoindustry
preparesforane xpected down-
turn incar-market sales.
Moody’s Investor sService
last month cutFord’s bond rat-
ing to junk status,citing weak
cash generation and thecom-
pany’sability to weather acycli-
caldownturn.Standard&Poor’s
on Fridaycut it srating onFord
to one notch abovejunk.
Ford executives arecon-
cerned about rising health-
care costsfor it s56,000 UAW-
representedworker s, which is
alargernumber than at GM.

Continuedfromthepriorpage

UAW Pact

Sets Up

Costly Deals

supply 100,000 HoloLens aug-

mentedreality glassesto the

U.S. Army.

Thecompanybeat outwell-

funded augmented reality

startupMagicLeap. The U.S.

government in August also

awarded a10-year$7.6 billion

Pentagoncontractto General

Dynamics Corp. that includes

replacingexisting information-

technologysystems with Mi-

crosoft’s Office 365.

TheJEDI lossisablowto

Amazon’sgoal of makinggov-

ernmentcontractsalarger

portion of the businessfor its

cloud division.Thecompany

last year said itwas setting up

asecond headquarters in

northernVirginia, known as

HQ2, in partto house itsex-

pandinggovernment-linked

operations.

Amazon, in a statement on

Friday, said itwassurprised

by thePentagon’s choice. The

companycan contest the out-

come but hasn’t said if it

would.

Microsoft’spresident for

U.S. regulated industries,Toni

Townes-Whitley,said Saturday

that “we brought our best ef-

fortstothe rigorous JEDI

evaluationprocess and appre-

ciatethat DoD has chosen Mi-

crosoft.”

Amazon also faces the pros-

pect ofcompetitionforits

cloudwork for U.S. spy agen-

cies. The intelligencecommu-

nity ,inanew plan published

in June,said it wanted to

“promoteinnovation andcom-

petition” by using multiple

vendors.

market shareint he previous
quartercompared with Micro-
softwith an 18.1% slice, ac-
cording to analysis firm
Canalys. But thatgap is more
than 3 percentage points nar-
rowerthan itwasayear prior
as the tota lmarket grew
around 37%, Canalysdata
shows.
TheJEDI deal bringsMicro-
softanother step closerto
contesting Amazon’s position
as th eworld’slargest public
cloud vendor,said Holger
Mueller, principal analyst at
Cons tellation Research Inc.
“This might help Microsoft
overtakeAmazonto become
theNo. 1cloud vendor,”Mr.
Mueller said.
Microsoftlast week also se-
cured adeal with German
software giantSAPSEthat
makes Azurethe preferred
cloudforthe Europeantech
company’s customers.
TheJEDI contract, which
Stifel Nicolaus analyst Brad
Rebac ksaid could eventually
boos tannual Microsoftfree
cash flow by $300 million, is
one of severalto deepen Mi-
crosoft’sties to the Pentagon.
Microsoftlatelast year won
a$480 millioncontract to

Continuedfromthepriorpage

Microsoft

Gains On

Amazon

Fiat Chrysler could have

moretrouble with the changes

to new-hire pay and temp

workers’ status,because many

of it s47,200 UAW-represented

worker swerehired within the

past decade and haven’t yet

reached the highest payrung.

TheGMcontract cutsin

half the time ittakes for new

hires to re ach the newtop rate

of about $32 an hour,from

eightyearstof our,meaning

manyFiat Chrysler employees

could topout much sooner

andcost thecompanymore

forlabor.New hires nowstart

at roughly $17 an hour.

As is typical in pattern bar-

FiatChryslercould

havemoretrouble

withthechangesto

new­hirepay.

ond consecutiveweek.The com-

panies in the indexare projected

to re port a3.7%dropinp rofits

from ayear earlier—the largest

decline since2016,accordingto

FactSet. Some analystsare par-

ticularlyworried that dented

corporat econfidencewill con-

tinue to limit businessinvest-

ment,removingagrowthdriver.

Heavy-machinerymaker Cat-

erpillar Inc.and chipcompany

Texas InstrumentsInc.were

among thecompanies that low-

ered futureprofitprojections

last week,citing continuing eco-

nomic uncertainty.

“Atthe end of the day, we re-

ally need progressontrade,”

said Adam Phillips,director of

port folio strategyatEPWealth

Advisors. “That’ swhat’sreally

going to re stor ebusinesssenti-

ment andrestor ecapital spend-

ing.”

BellwethersAppleInc.,Face-

bookInc., Google parentAlpha-

betInc.,AT&TInc.andGeneral

ElectricCo.are scheduledto

post resultsthis week.

TheFederal Reserveis ex-

pectedto lowerrates Wednes-

dayfor the thirdtime thisyear.

Federal-fundsfutures used by

trader stowager on monetary

policyshowmarket spricing in a

94%chanceofacut, CME Group

datashow.

mark in 2019.The indexisup

5.2% from itsJanuary2018 high.

Thesidewaystrading pattern

also shows howskeptical global

investor sare that incremental

prog ress on atrade agreement

will alleviate anxiety abouttar-

iffs .The possibility of another

round of duties in December

continuesto fuel caution, offset-

ting some of the optimism about

lowerinterestratesaround the

world.

“Ever yone’svision isvery

blurred at this point,” said

Meghan Shue,senior investment

strategist atWilmingtonTrust.

“Atthe firstsign of trouble,we

could head lowerbecause what

we have is averytenuous trade

pact, notaformal agreement

and no deal.”

Bullish investor shope better-

than-feared earningsresultsthis

week canpowerstocks.Roughly

150 companies in the S&P 500

areslated to re port forthe sec-

Continuedfromthepriorpage

Stocks’

Rally Is

Measured

BUSINESSOPPORTUNITIES

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