A14 EZ RE THE WASHINGTON POST.THURSDAY, AUGUST 22 , 2019
6 Monitor your investments at washingtonpost.com/markets Data and graphics by
Note: Bank prime is from 10 major banks. Federal Funds rate is the market rate, which can vary from the federal
target rate. LIBOR is the London Interbank Offered Rate. Consumer rates are from Bankrate. All figures as of
4:30 p.m. New York time.
Treasury Performance Over Past Three Months
8020.21 +0.9 +20.
2924.43 +0.8 +16.
26,202.73 +0.9 +12.
Daily Stock Market Performance
Index Close % Chg
Nasdaq Composite Index
Dow Jones Industrial Average
S&P 500 Index
% Chg –9.0%^0 +9.0%
Multiline Retail 8.
Specialty Retail 2.
Textiles & Apparel 2.
Construction & Engineerng 2.
Communications Equipment 1.
Water Utilities –0.
Industrial Conglomerates –0.
Energy Equipment & Svcs –0.
Diversified Consumer Svcs –0.
Wireless Telecomm Svcs –0.
S&P 500 Industry Group Snapshot
30-Year fixed mortgage
15-Year fixed mortgage
Money market funds
New car loan
Index Close Daily % Chg YTD % Chg
DJ Total Stock Market Index 29,988.22 0.8 16.
Russell 2000 1509.85 0.8 12.
Post-Bloomberg DC Area Index 617.46 0.5 31.
CBOE Volatility (VIX) 15.80 –9.7 –37.
Canada (S&P/TSX Comp.)
Eurozone (DJ Stoxx 600)
France (CAC 40)
U.K. (FTSE 100)
Australia (ASX 200)
China (CSI 300)
Hong Kong (Hang Seng)
YTD % Chg
–30% 0% +30%
International Stock Markets
Gainers Losers Close% Chg
Target Corp $103.00 20.
Assertio Therpt $1.53 15.
Tile Shop Holdings $2.62 12.
Lowe's $108.00 10.
Dean Foods $1.06 8.
Chemours Co $14.11 8.
Tailored Brands Inc $4.66 7.
Urban Outfitters $22.36 6.
Express Inc $2.06 6.
PA REIT $4.64 6.
Lumber Liquidators $8.95 6.
LSC Communications $1.42 6.
Abercrombie & Fitch $16.59 5.
Alliance Data Sys $138.07 5.
Nordstrom Inc $26.54 5.
Progenics Pharma $3.86 5.
Buckle Inc $17.92 5.
Kohl's Corp $47.06 4.
Five Below Inc $117.24 4.
Ingevity Corp $79.13 4.
Cree Inc $49.01 –15.
Covetrus Inc $13.80 –7.
Aflac Inc $48.98 –5.
HIan Holding $24.10 –5.
Tegna Inc $14.77 –4.
Kirkland's Inc $1.20 –4.
Bonanza Creek Enrgy $22.41 –4.
National Beverage $41.33 –4.
Owens & Minor $4.70 –4.
Toll Brothers Inc $35.26 –4.
Coca-Cola Bottling $349.60 –4.
Nabors Industries $1.96 –4.
Geospace Tech $12.83 –4.
Range Resources $4.11 –4.
LSB Industries Inc $4.33 –3.
ScanSource Inc $30.14 –3.
EQT Corp $11.86 –3.
Surmodics Inc $44.74 –3.
Avanos Medical Inc $34.50 –3.
Amcor PLC $9.65 –3.
Gainers and Losers from the S&P 1500 Index
Company Close % Chg
Company Close % Chg
3M Co 161.15 0.1 –15.
AmExp 122.50 0.9 28.
Apple Inc 212.64 1.1 34.
Boeing 339.99 2.5 5.
Caterpillar 117.68 0.9 –7.
Chevron Corp 117.88 1.5 8.
Cisco Systems 48.77 1.8 12.
Coca-Cola 54.10 0.4 14.
Dow Inc 43.28 0.
Exxon Mobil 69.72 1.0 2.
GoldmnSchs 200.68 0.4 20.
Home Depot 220.40 1.5 28.
IBM 134.25 0.9 18.
Intel Corp 47.15 1.2 0.
J&J 131.53 0.7 1.
JPMorg Ch 107.61 0.3 10.
McDonald's 220.71 1.0 24.
Merck 86.91 1.5 13.
Microsoft 138.79 1.1 36.
Nike 82.74 2.7 11.
P&G Co 119.20 0.3 29.
Pfizer Inc 34.87 0.8 –20.
Travelers 147.04 0.4 22.
United Tech 127.33 0.5 19.
UnitedHealth 240.35 0.1 –3.
Verizon 56.59 0.6 0.
Visa Inc 180.94 0.9 37.
Walgreen 50.90 0.5 –25.
WalMart 112.02 0.0 20.
Walt Disney 135.76 0.5 23.
Dow Jones 30 Industrials
Brazil R$ per
Japan ¥ per
US $ per
Canada $ per
Mexico $ per
Britain £ per
US $ EU € Japan ¥ Britain £ Brazil R$ Canada $ Mexico $
1.1085 0.0093 1.2123 0.2481 0.7526 0.
0.9021 0.0085 1.0937 0.2238 0.6789 0.
106.6100 118.1700 129.2330 26.4500 80.2190 5.
0.8248 0.9142 0.0077 0.2047 0.6208 0.
4.0309 4.4679 0.0378 4.8867 3.0339 0.
1.3288 1.4728 0.0124 1.6110 0.3297 0.
19.7032 21.8389 0.1850 23.8868 4.8890 14.
Cross Currency Rates
Exchange-Traded (Ticker) $
Value of $1000 invested for the past: day month
Coffee (COFF.L) 2.
Copper (COPA.L) 0.
Corn (CORN.L) –0.
Cotton (COTN.L) 0.
Crude Oil (CRUD.L) 1.
Gasoline (UGAS.L) 2.
Gold (BULL.L) 0.
Natural Gas (NGAS.L) –2.
Silver (SLVR.L) 0.
Close % Chg
Close % Chg
Copper $2.5920 +0.
Corn $3.7025 +0.
Crude Oil $55.68 –0.
Gold $1,515.70 0.
Natural Gas $2.17 –2.
Orange Juice $1.0045 +2.
Silver $17.29 0.
Soybeans $8.7300 +0.
Sugar $0.1139 –0.
Wheat $4.6800 +0.
BY JENA MCGREGOR
The Business Roundtable
packed a lot into its headline-
grabbing 300-word statement
Monday, listing the various stake-
holders chief executives should
commit to serving, acknowledg-
ing Americans deserve “a life of
meaning and dignity” and ditch-
ing more than two decades of
dogma that shareholders should
always come before everything
But the statement also offered
sparse detail on how those com-
mitments would change behavior
in the future, what shifts in policy
or practices the public should now
expect or how success in a stake-
holder-driven approach to capi-
talism might be measured.
Presidential candidates, com-
mentators and others all called on
CEOs to explain how they would
meet the commitments of the
statement, in which the group
representing nearly 200 chief ex-
ecutives of large companies up-
dated how it views the purpose of
“I’m pleased, but I’m also like,
okay, this was a long time coming,”
said Raj Sisodia, a professor at
Babson College and co-author,
with Whole Foods Market co-
founder John Mackey, of the book
“Conscious Capitalism.” Such
statements of purpose, he said,
have to go “beyond nice words.
How do we implement this in
Socially responsible invest-
ment firms, academics who study
corporate leadership and labor
economists from left-leaning
think tanks all said they would be
looking for varying signs that
would help answer that question
— and reassure them the new
statement would be backed up by
“We’re thrilled these people are
saying these things, but we’ve re-
ceived a lot of questions about, ‘Is
this real, or is this PR?’ ” said John
Streur, president and CEO of
Calvert Research and Manage-
ment, a socially responsible in-
vestment subsidiary of Eaton
Vance that manages $17.1 billion
in assets. “Leadership is about
taking real action. We’d love to see
them follow through.”
The statement, which comes
amid rising income inequality,
shifting expectations from the
public regarding corporate be-
havior and a political climate that
is increasingly hostile to big busi-
ness, sparked questions over
where the statement left share-
holders. The Council of Institu-
tional Investors (CII), an associa-
tion of pension funds, endow-
ments and foundations, said it
“respectfully disagree[d]” with
the statement, suggesting it “un-
dercuts notions of managerial ac-
countability to shareholders,” and
that it’s the government’s job to
make decisions in society’s best
In response, the well-known
corporate lawyer Martin Lipton, a
founding partner of the law firm
Wachtell, Lipton, Rosen & Katz,
said that the CII’s view is “mis-
guided.” “Shareholder primacy
was ill-conceived in the first place
and has utterly failed to provide
for the needs of all stakeholders,”
Lipton wrote as part of a broader
statement. “The alternative is
state corporatism in the form of
legislation like Senator Warren’s
Accountable Capitalism Act. Not
many members of the CII would
One concrete thing boards
should do, said Jonas Kron, direc-
tor of shareholder advocacy at
Trillium Asset Management, a so-
cially responsible investment
firm, would be to dramatically
increase how much of CEOs’ com-
pensation is tied to goals outside
of financial metrics.
While a growing number of
companies do consider things
such as worker safety, diversity or
“sustainability” in the formula for
executives’ pay, the weighting
they typically receive is “infinites-
imal” compared with the weight
given to financial metrics such as
total shareholder return or return
on invested capital, Kron said.
“It’s always a very small por-
tion, and there’s always an enor-
mous amount of discretion” in
how the board considers such en-
vironmental or social metrics.
Currently, “it’s not clear if CEOs
will suffer any measurable conse-
quences” in their pay if they don’t
account for other stakeholders,
Calvert’s Streur and several
others said they would be watch-
ing for companies to offer the
same level of rigorous data report-
ing and transparency they do with
financial metrics to other figures,
such as employee diversity, gen-
der pay data or greenhouse gas
reduction targets. While some
companies provide some of this
data — whether in sustainability
reports or following external pres-
sure — many others choose not to
release it, experts said.
“Imagine if you had regular fi-
nancial statements for a compa-
ny’s impact on the environment,
for its labor standards, audited by
external sources — and not being
truthful had the same penalties,”
said Neil Malhotra, a professor at
Stanford’s Graduate School of
Business who directs the school’s
Center for Social Innovation.
“This is only a meaningful state-
ment if it’s about a clear trade-off.”
Some companies already
choose to have such data moni-
tored by an outside party. Compa-
nies that want to be certified as a B
Corp, a certification given out by
the nonprofit B Lab to companies
such as Patagonia or New Belgium
Brewing that do well by various
stakeholders, must meet a list of
standards related to their social
and environmental performance,
accountability and transparency.
All companies that are B Corps
must also make changes to be-
come legally accountable to all
stakeholders in their corporate
governance documents, said An-
drew Kassoy, B Lab’s co-founder
and a former private equity part-
Kassoy thinks the Business
Roundtable’s statement will make
it easier for some companies to
consider becoming a B Corp, not-
ing that his organization has been
in discussions with several large
multinational public companies
about making the change. “Some
of those public companies could
say we’re going to put into action
what we’re saying by actually
changing our corporate govern-
ance,” he said.
Others will be watching for
how companies deal with their
employees, given the statement’s
commitment to compensating
and supporting workers. Law-
rence Mishel, a distinguished fel-
low at the Economic Policy Insti-
tute, a left-leaning think tank,
said he would be looking for a
shift in how big corporate CEOs
are willing to engage with unions
and work with employees toward
a new system of collective bar-
“What would be really my most
hopeful moment would be if these
CEOs expressed a recognition of
the importance of worker voice
and their own workers to be able
to bargain collectively,” Mishel
A spokeswoman for the Busi-
ness Roundtable said it expects to
continue recently added advocacy
efforts around policies on eco-
nomic opportunity, such as in-
creasing the federal minimum
wage. She said the new statement
was intended to reorient the
group’s language “in a way that’s
more consistent with how our
CEOs think companies should op-
erate. But there’s no way this state-
ment can address every issue.”
Group rewrites role of CEOs but o≠ers few prescriptions
BY CHRISTOPHER ROWLAND
Gilead Sciences took the un-
usual step of mounting a chal-
lenge to U.S. government pat-
ents on Wednesday, saying the
government’s claim to have in-
vented the use of the drug
Truvada for HIV prevention is
The pharmaceutical compa-
ny filed a petition with the U.S.
Patent and Trademark Office,
asking for a reexamination of
the government’s patents.
Gilead says medical profession-
als were widely discussing Tru-
vada, approved in 2004 for
treating people already infected
with HIV, for prevention of the
disease before the government
filed its patent claim in 2006.
“That was already known in
the public domain, and you
can’t take that back,’’ Gilead
patent lawyer Patricia Thayer
said in an interview Wednesday.
Gilead’s filing included reams of
documents the company says
prove that the concept of using
Truvada for prevention was
widely known several years be-
fore the government’s applica-
The Department of Health
and Human Services declined to
comment. “We do not comment
about matters in litigation,”
spokeswoman Caitlin Oakley
Gilead’s battle over Truvada
for PREP, as the prevention
dose is known, has spawned a
broad controversy since The
Washington Post reported in
March on the government’s de-
cision not to seek enforcement
in the courts of its own patents.
Truvada for PREP is the
linchpin of public health strate-
gies to eradicate HIV and AIDS
by 2030, a goal adopted by
The U.S. Centers for Disease
Control and Prevention won its
Truvada for PREP patents in
2015 after a nine-year patent
application. The CDC said gov-
ernment scientists in govern-
ment labs, working with gov-
ernment primates, showed that
Truvada worked for prevention.
Using tens of millions of dollars
in federal and private founda-
tion grants, researchers later
proved it could work in hu-
The government has collect-
ed no royalties from Gilead for
its contributions. It has written
letters to Gilead asserting its
patent but stopped short of
going to court with an infringe-
HIV/AIDS activists have
slammed Gilead for its $20,
annual price tag for Truvada for
PREP, saying its monopoly pric-
ing is curbing use of the lifesav-
Members of Congress say the
cost is a prime example of a
drug company profiteering on a
medical therapy developed with
The Justice Department
launched a review of the patents
in April, and Gilead said Wednes-
day it has not heard from Justice
The company said the patent
fight is distracting from efforts
to reduce stigma and more
widely distribute Truvada for
“Our hope and our belief is
that taking this step is poten-
tially the most rapid path to
getting the issue resolved,’’ said
Amy Flood, Gilead’s senior vice
president for public affairs.
“The true barriers to access to
PREP don’t involve the patents
themselves. There’s a lot of
work to be done.’’
The Gilead filing Wednesday
includes a sworn statement by a
British researcher, Michael
Youle, who said he publicly
declared in 2002 that antiretro-
viral drugs could be used to
prevent HIV infection. His
lengthy affidavit describes the
various hypotheses in play
among providers and research-
ers before 2006.
But activists dismissed
Gilead’s assertions and said the
move was a sign that the compa-
ny is worried the government
will take action.
Gilead’s arguments in
Wednesday’s petition “point to
early speculation about the pos-
sibility of Truvada as PREP,’’
said Nick Faust of the advocacy
group PrEP4All. “Speculation is
not the same thing as invention.
The CDC invented PREP.’’
Gilead has agreed to provide
free Truvada for the govern-
ment’s efforts to eradicate HIV/
AIDS but has said the offer is
not related to its patent dispute
with the government.
Gilead challenges government patents on use of a drug for HIV prevention
Company asks for
review, says Truvada’s
potential was known
J. LAWLER DUGGAN FOR THE WASHINGTON POST
Jamie Dimon, chairman and chief executive of JPMorgan Chase,
also chairs the Business Roundtable, an association of CEOs.