The Wall Street Journal - 16.08.2019

***** FRIDAY, AUGUST 16, 2019 ~ VOL. CCLXXIV NO. 40 WSJ.com HHHH$4.

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They Played at Woodstock 50 Years Ago—No, Really

iii

Crowds at the 1969music festival got to see Janis, Jimi and...Ira

Sommer.

It’s been said if you remem-

ber Woodstock, you weren’t

there. Mr. Stone and other

lesser-known musicians were

there, but few remember

them.

“If I bring it up, people

think I’m joking,” said Robert

Leonard, a respected forensic

linguist based at Hofstra Uni-

versity in New York. He is a

former member of the ‘50s-

themed group Sha Na Na,

which performed right before

Hendrix closed the musical ex-

travaganza that drew some

450,000 fans to a farm in

Bethel, N.Y.

Sha Na Na began as a vocal

ensemble at Columbia Univer-

sity, and most of its members

had their sights on professions

other than music. Besides, af-

ter Woodstock and all the rest,

what’s left for an encore?

“I played with Jimi Hendrix.

I drank with Janis Joplin,” Mr.

Leonard said. “Maybe I had

PleaseturntopageA

To recall the list of bands

and performers who played

the Woodstock Music & Art

Fair in 1969 is to revel in rock

’n’ roll glory: Jimi Hendrix,

Janis Joplin, Santana, The

Who, Grateful Dead and

Crosby, Stills, Nash & Young.

Don’tforgetIraStone.He

also took the festival stage 50

years ago to play guitar, Ham-

mond organ and harmonica

for singer-songwriter Bert

BYCHARLESPASSY

Israel

Halts

Visit by

Critics in

Congress

Trump urged ally to

block Tlaib and Omar,

two of his opponents,

sparking a backlash

ON STANDBY: In

recent days,

thousands of young

paramilitary

policehavemoved

into a sports

stadium in a

residential area of

the Chinese border

city of Shenzhen—a

show of force to a

restive Hong Kong

less than 5 miles

away. A

the list is so exhaustive and

the terms appear in many

news articles.

Big advertisers have been

burned several times in recent

years when their digital ads

appeared next to offensive

content, including fabricated

news articles, hateful or racist

videos on YouTube and porno-

graphic material.

Such miscues happen, in

part, because of the complexi-

ties of online ad-buying,

where brands generally target

certain kinds of audiences

rather than specific sites or

types of content. It has be-

come clear to advertisers that

one way to protect themselves

is to stipulate types of web

content they want to avoid,

PleaseturntopageA

Like many advertisers, Fi-

delity Investments wants to

avoid advertising online near

controversial content. As a re-

sult, the Boston-based finan-

cial-services company has a

lengthy blacklist of words it

considers off-limits.

If one of those words is in

an article’s headline, Fidelity

won’t place an ad there. Its

list earlier this year, reviewed

by The Wall Street Journal,

contained more than 400

words, including “bomb,” “im-

migration” and “racism.” Also

off-limits: “Trump.”

Some news organizations

have had difficulty placing Fi-

delity’s ads on their sites, ad-

sales executives said, because

BYSUZANNEVRANICA

INSIDE

MANSION

The 2019 Buyer’s Guide:

Some expert advice

on how to prevail in

any marketM

THOMAS PETER/REUTERS

Advertiser Blacklists

Hobble Publishers

‘Bomb’ and ‘Trump’ are among the words

marketers insist not appear near ads online

TEL AVIV—Israel on Thurs-

day barred U.S. congresswomen

Rashida Tlaib and Ilhan Omar

from entering the country amid

pressure from President

Trump, who said allowing them

in “would show great weak-

ness.”

The first-term Democrats

were supposed to arrive this

weekend for a several-day tour

and had planned visits to Jeru-

salem and the West Bank cities

of Bethlehem, Hebron and Ra-

mallah. U.S. lawmakers rou-

tinely visit Israel and the Pales-

tinian territories, but Ms. Tlaib

and Ms. Omar had drawn fire

from Mr. Trump and others be-

cause of their criticism of Is-

raeli policy.

Israel’s decision prompted a

backlash from Democrats and

Jewish groups, stoking fears in

Washington and Israel that it

could erode American biparti-

san support for Israel. Israel’s

security establishment counts

on congressional support to

maintain security assistance.

Washington is set to give Israel

$3.1 billion this year, part of a

10-year, $38 billion military aid

package reached under the

Obama administration.

Prime Minister Benjamin

Netanyahu said Israel decided

to block the congresswomen

because of their support for a

movement to boycott Israel,

which has gained support in

the U.S. and Europe and led to

Israeli legislation allowing its

advocates to be banned.

Officials said Israel would

consider allowing Ms. Tlaib,

who is a Palestinian-American,

to visit relatives in the Israeli-

occupied West Bank if she

made a humanitarian request.

“They planned a visit whose

sole objective is to strengthen

the boycott against us and

deny Israel’s legitimacy,” Mr.

Netanyahu said, referring to an

itinerary he said mentioned

only Palestine, not Israel, and

skipped meetings with Israeli

officials.

Israel’s decision came after

Mr. Trump urged the govern-

PleaseturntopageA

BYFELICIASCHWARTZ

Long-term government

bonds, total returns in

dollar terms, year to date*

Source: Refinitiv

*Through Wednesday

Austria 100 -year

Japan 4 0 -year

Germany 3 0 -year

U.S. 3 0 -year

U.K. 5 0 -year

68%

28

28

27

18

Police Flex

Muscles

Opposite

Hong Kong

Commerce Department said

Thursday.

The robust retail report—

the best since March—is a

welcome sign for the economy,

and investors. Markets stabi-

lized a day after the Dow in-

dustrials suffered their biggest

decline of the year.

The government data came

as Walmart Inc. reported sales

rose in the second quarter,

and the retail giant raised its

profit forecasts for the year.

J.C. Penney Co., however, fared

worse in its latest quarter

with sales down 9%.

Consumer spending ac-

counts for more than two-

thirds of U.S. economic output.

Spending gains will feed into

the broader pace of economic

growth for the quarter, which

could offset weakness from

manufacturing and business

investment.

After the retail-sales report,

forecasting firm Macroeco-

nomic Advisers raised its

gross-domestic-product

growth prediction, to a 2% an-

nual rate in the third quarter

from an earlier estimate of

1.7%. The Atlanta Fed said the

retail-sales report caused it to

raise its estimate of third-

PleaseturntopageA

WASHINGTON—American

shoppers spent strongly in

July, helping to counter weak-

ness in U.S. manufacturing due

to simmering trade tensions

and slowing global growth.

Retail sales, a measure of

purchases at stores, restau-

rants and online, climbed a

seasonally adjusted 0.7% in

July from a month earlier, the

BYHARRIETTORRY

ANDSARAHCHANEY

Consumer Spending Helps Offset

Decline in Manufacturing Output

Despite this week’s partial

reprieve from the Trump ad-

ministration, the latest round

of tariffs on Chinese imports

compound the problems al-

ready facing many companies

and threaten to erode their

profit margins. Especially vul-

nerable are manufacturers,

miners and retailers.

At best, earnings for the

companies in the S&P 500 will

grow 1.5% this year, FactSet

projects, far short of estimates

from analysts in January for

growth of more than 6%.

Worse, a few analysts predict

earnings could end up con-

tracting for 2019.

Dozens of companies, in-

cluding Eastman Chemical Co.,

Macy’s Inc., Caterpillar Inc.

and Cisco Systems Inc., have

issued downbeat outlooks,

contributing to the pullback in

profit expectations.

“Everyone in April and

PleaseturntopageA

Investors counting on a cor-

porate earnings rebound in the

second half of the year are

risking disappointment.

Wall Street analysts have

cut their third-quarter profit

estimates in recent weeks,

presenting a gloomy picture

for investors already facing a

trade war, pockets of eco-

nomic weakness and ominous

signs from the bond market.

BYMICHAELWURSTHORN

Worsening Earnings Outlook

Leaves Investors in a Bind

STREETWISE: The rush to

ultralong bonds is a big gamble,

James Mackintosh writes...... B

 Walmart adds to its sales run

as rivals lag................................. B

 Heard on the Street: Shoppers

shrug off caution signals... B

CONTENTS

Business News.. B3,

Crossword............... A

Heard on Street. B

Life & Arts....... A10-

Mansion.............. M1-

Markets..................... B

Opinion.............. A13-

Sports........................ A

Streetwise................. B

Technology............... B

U.S. News............. A2-

Weather................... A

World News. A6-8,

s2019 Dow Jones & Company, Inc.

All Rights Reserved

>

What’s

News

Israel barredU.S. con-

gresswomen Tlaib and

Omar from entering the

country amid pressure

from Trump, prompting a

backlash from Democrats

and Jewish groups.A

China renewedits vow to

retaliate against U.S. tariffs

set to be imposed in coming

weeks, despite Trump’s de-

cision to delay implement-

ing some of the levies.A

Economic developments

threaten to complicate the

central selling point of

Trump’s presidency ahead

of the 2020 election.A

The president’simagina-

tion has been captured by the

idea of the U.S. buying Green-

land, according to people fa-

miliar with the matter.A

Chinese paramilitarypo-

lice have been arriving in

large numbers in the border

city of Shenzhen, a show of

force to nearby Hong Kong.A

Gibraltar releasedan

Iranian tanker that the

British overseas territory

had impounded in July.A

Israel and the U.A.E.held

secret, U.S.-arranged meet-

ings in recent months on

what they see as the increas-

ing threat posed by Iran.A

The FDA proposeda

rule that would require

cigarette packs to feature

graphic health warnings.A

North Korea firedtwo

short-range projectiles, Seoul

officials said, extending a

string of weapons tests.A

July was the hottest

month world-wide in more

than a century of record-

keeping, scientists said.A

A

merican shoppersspent

strongly in July, helping

to counter weakness in U.S.

manufacturing resulting from

simmering trade tensions

and slowing global growth.A

Walmart reported

higher second-quarter sales

and raised its profit out-

look, extending a multiyear

streak of growth.B1, B

The Dow and S&P 500

rose 0.4% and 0.2%, respec-

tively, after the release of

upbeat retail-sales data. The

Nasdaq slipped 0.1%.B

Investors countingon a

corporate-earnings rebound

in the second half are risk-

ing disappointment, as ana-

lysts cut estimates.A

GE has maskedthe depths

of its problems, an account-

ing expert who raised red

flags about Madoff alleged.

The firm’s shares fell 11%.B

Capital One employees

raised concerns within the

firm about cybersecurity is-

sues before the data breach.B

The ECB will announce

stimulus nextmonth that

should exceed investors’ ex-

pectations, an official said.A

Revlon hiredGoldman to

help review strategic alter-

natives, including the sale of

all or parts of its business.B

Activist investorEngine

Capital is urging Care.com to

pursue a sale, saying the com-

pany is “at a crossroads.”B

China’s Alibaba posted

a 42% increase in sales and

more than doubled profit

for its latest quarter.B

Marcato, an activist

hedge fund that had Ack-

man’s backing, has lost more

than 90% of its assets.B

Business&Finance

World-Wide

Trump Has Eye on New Property, Mulls U.S. Purchase of Greenland

COLD CALLING: A U.S. purchase of Greenland has captured President Trump’s imagination, according to people familiar with the matter.

Some advisers have supported the idea, saying it would be a good economic play, while others dismissed it as a fleeting fascination. A

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