todayinpersonaljournal te …online.wsj.com/public/resources/documents/pageone101414.pdf · of...

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YELLOW ***** TUESDAY, OCTOBER 14, 2014 ~ VOL. CCLXIV NO. 89 WSJ.com HHHH $2.00 DJIA 16321.07 g 223.03 1.35% NASDAQ 4213.66 g 1.5% NIKKEI Closed (15300.55) STOXX 600 321.56 g 0.02% 10-YR. TREAS. Closed , yield 2.305% OIL $85.74 g $0.08 GOLD $1,229.30 À $8.30 EURO $1.2752 YEN 106.84 Getty Images TODAY IN PERSONAL JOURNAL Teens Who Are Multitask Masters PLUS New Ways to Live With Multiple Sclerosis CONTENTS CFO Journal................. B6 Corporate News.... B2,3 Global Finance............ C3 Health & Wellness D2,3,5 Heard on the Street C10 In the Markets........... C4 Leisure & Arts............ D4 Opinion.................. A13-15 Sports.............................. D6 Technology................... B4 U.S. News................. A2-7 Weather Watch........ B6 World News... A8-11,16 s Copyright 2014 Dow Jones & Company. All Rights Reserved > What’s News i i i World-Wide n U.S. hospitals face the challenges of cost and train- ing to deal with the prospect of additional Ebola cases. A1 n The second person diag- nosed with Ebola in Texas was identified as a 26-year-old Viet- namese-American nurse. A6 n The CDC’s director said the agency is rethinking its ap- proach to Ebola control after the nurse became infected. A7 n Islamic State’s siege of the Syrian Kurdish city of Kobani has roiled Turkey’s push to end its own Kurdish insurgency. A10 n Afghan security officials said Islamic State is begin- ning to seek a foothold there as foreign troops leave. A10 n Britain is analyzing an ar- ticle purportedly written by a U.K. hostage in which he says he expects to be killed. A11 n A Vatican document called for greater outreach to gay and divorced Catholics, mark- ing a dramatic shift in tone. A16 n Hong Kong police stepped up efforts to remove protesters’ barricades and open roads. A11 n North Korean dictator Kim was shown in public for the first time in weeks. A11 n A Ukraine rebel figurehead was hospitalized after his car was shot at and crashed. A9 n Russia and China signed some 40 deals as Moscow seeks ties to counter sanctions. A9 n Sections of a fault system beneath California’s Bay Area are ready to unleash large quakes, a new study says. A2 n A Chinese court sentenced 12 people to death for deadly attacks in Xinjiang. A11 i i i P enney named Home De- pot and Target veteran Marvin Ellison as its next CEO as the chain struggles to fit in a changing retail landscape. A1 n U.S. stocks tumbled in volatile trading, with energy shares among the worst per- formers. The Dow closed down 223.03 at 16321.07. C1 n Global oil prices fell to near a four-year low. More declines are likely after exporters vowed to keep production steady. C1 n Iliad dropped plans to buy a controlling stake in T-Mobile US, ending a four-month pur- suit by the French firm. B1 n France’s Jean Tirole won the Nobel Prize in economics for his work on large firms and antitrust regulation. A8 n Fidelity named Abigail Johnson as chief executive. She succeeds her father, who has been CEO since 1977. C1 n Aviation-safety experts called for sweeping changes to limit the fire hazard from lithium-battery shipments. B1 n Microsoft plans to release a patch for a hole in Win- dows that hackers used to spy on Ukrainian officials. B4 n Janus is buying a provider of exchange-traded funds, a deal that may give Gross a plat- form to launch his own ETF. C2 n Targa is acquiring Atlas in a $5.87 billion deal that would create a pipeline company ac- tive in several Texas fields. B3 n Some potential witnesses in the tax-evasion trial of an ex-UBS official refuse to travel to the U.S. for fear of arrest. C2 Business & Finance As the Ebola epidemic in West Africa expands, more cases could require treatment at U.S. hospi- tals far from the specialized cen- ters that have handled patients so far. But the challenges even these medical centers have encountered show the steep learning curve others face. Treating Ebola takes money, space, aggressive care and obses- sive vigilance to prevent doctors and nurses from getting infected, say infectious disease doctors at such specialized hospitals in At- lanta and Omaha, Neb. Also im- portant is extreme diplomacy in dealing with suppliers and con- tractors, which have balked at handling blood samples, soiled linens and hospital waste out of fear of the virus, the hospitals say. On Monday, the director of the Centers for Disease Control and Prevention, Tom Frieden, said the country needs to boost hospital training and prevention tech- niques for Ebola. He said experts are examining such things as how protective gear was worn and re- moved by workers at the Dallas hospital where a nurse was in- fected while treating a Liberian man who later died of the disease. The nurse’s case is the first known transmission of the virus in the U.S. Dr. Frieden said there may be Please turn to page A6 BY BETSY MCKAY AND PETER LOFTUS Ebola Response Strains Hospitals This time around, J.C. Penney Co. is playing it safe, picking a new chief whose strength is in the nuts and bolts of retailing rather than flashy merchandising. The struggling retailer on Monday named Home Depot Inc. and Target Corp. veteran Marvin Ellison as its next CEO, opting for an executive who is known for his strong operational skills and giv- ing him a long transitional period to come up to speed. The caution contrasts with Penney’s riskier and ultimately di- sastrous bet three years ago on former Apple Inc. executive Ron Johnson, who upended its pricing strategy and offerings in an effort to make the chain more hip but ended up blowing a $4 billion hole in the company’s sales. The appointment also reflects a broader shift in retail in which some big companies have favored detail-oriented operators over ex- ecutives mainly lauded for bril- liance in merchandising, as the in- dustry faces giant new challenges in managing its supply chains and keeping customers from defecting to the Web. Brian Cornell, a former Pep- siCo Inc. executive who recently became CEO of Target, and Art Peck, incoming CEO of Gap Inc., are valued more for their ability to run large organizations than for their gut instinct about the next hot trend. Penney will need those sorts of skills as it maps out the next steps of a recovery. The department-store chain has fended off a cash crunch and reversed a steep drop in sales and traffic. The company’s loss for the six months that ended Aug. 2 nar- rowed to $524 million from $934 million a year earlier, as sales grew 6% to $5.6 billion. Yet ques- Please turn to the next page By Suzanne Kapner, Shelly Banjo and Joann S. Lublin Retail CEOs Go Back to Basics New Penney Chief Shows Growing Industry Preference for Operators Over Trend Spotters U.S.-Led Coalition Bombards City in Effort to Save It European Pressphoto Agency Senate Race Tests Voters’ Appetites for Military Action CINCINNATI—As voices and music swelled on a recent Sunday morning, bringing a traditional 19th-century hymn to an arena-rock crescendo, hands of all hues reached toward the heavens. “This is beautiful,” said pastor Chris Beard, look- ing over pews filled with African-American, white and Asian worshipers in a church service that opened with a prayer for two dozen Ethiopian ba- bies and closed with a benediction in Korean. “To be one church family pleases the heart of the Lord.” The faces were nearly all white in 2001, when Mr. Beard took charge of the century-old First Christian Assembly of God. Today, half its mem- BY LAURA MECKLER A CHURCH OF MANY COLORS The Most Segregated Hour In America Gets Less So LITTLE ROCK, Ark.—Few can- didates emphasize their military experience more than Rep. Tom Cotton. The Republican Senate challenger peppers stump speeches with references to his stint in the Army. He tours the state in a camouflage-themed RV. A former drill sergeant appears in one of his 30-second TV spots. The 37-year-old first-term con- gressman also has become a lead- ing advocate for increased U.S. in- volvement in the world. He was one of the few members of either party to back President Barack Obama’s calls last year for air- strikes in Syria. Mr. Cotton for months has been warning against the dangers of the militant group Islamic State, before the behead- Please turn to page A4 BY PATRICK OCONNOR BERLIN—On each of his last 15 visits to Detroit, Dimitri Hege- mann has visited his old friend, Fisher Body 21. “We really stay in touch,” says the 60-year-old Berliner with flowing blonde- and-white hair. “Fisher Body is my first real love.” Fisher Body 21 is a decrepit six-story building that is covered in graffiti, lined with smashed windows and, ac- cording to state authorities, dan- gerously contaminated. Built in 1919, the former auto-parts plant in Detroit was deserted two de- cades ago. But where others see a case for the wrecking ball, Mr. Hegemann and his friends see the first step toward the revival of America’s abandoned city. The asbestos- filled ruin, he says, “has a special aura…and I have plans for it.” Mr. Hegemann, founder of a Berlin nightclub and record label, is spearheading a project called the Detroit-Ber- lin Connection, an effort by the movers and shakers in this city’s music scene to help re- start the Motor City. The Berlin- ers compare De- troit to their city after the fall of the Berlin Wall and say it has all the ingredients for a similar re- birth as a center of underground culture: deserted buildings, cheap Please turn to page A12 BY JACK NICAS Where Motown Sees a Derelict Factory, Berliners See a Techno Dance Club i i i Germans Pitch Detroit Ideas on Music Scene; Deserted Auto Plant’s ‘Special Aura’ Fisher Body 21 bers are white and a quarter are black; 30 nation- alities make up the rest. The Rev. Martin Luther King Jr. famously said that Sunday at 11 a.m. was the most segregated hour in America. Today, pastors like Mr. Beard are working to change that, with some success. The proportion of churches in the U.S. with mixed-race congregations—where no single group tops 80%— has grown from 7% in 1998 to 13% in 2012, accord- ing to an analysis of the National Congregations Study, a survey run by Duke University. “I just began to wonder about our being so mono-ethnic in a multiethnic city,” said Mr. Beard, the senior pastor of what is now called Peoples Please turn to page A12 More Clouds Gather on the Horizon Source: SIX Financial Information The Wall Street Journal S&P 500 2000 1600 1700 1800 1900 200-day moving average Jan. Feb. March April May June July Aug. Sept. Oct. Monday 1874.74 t1.65% AIR FORCE: Planes hit Kobani, Syria, near the Turkish border Monday in an effort to break a siege of the Kurdish city by Islamic State fighters. A10 BAD OMENS: The S&P 500 dropped below a key indicator Monday, suggesting to some traders that more declines are ahead. C1 Nurse diagnosed with Ebola in Texas is identified........................ A6 U.S. rethinks response, focuses on lapses ........................................... A7 Health crisis becomes fodder for campaign season.................. A7 Gerald F. Seib: Democrats lose edge on peace, prosperity....... A4 Call1-800-iShares for a prospectus, which includes investment objectives, risks, fees, expenses and other information you should read and consider carefully before investing. Risk includes loss of principal. Diversification may not protect against market risk or loss of principal. Transactions in shares of ETFs will result in brokerage commissions and will generate tax consequences. All regulated investment companies are obliged to distribute portfolio gains to shareholders. The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company named above. Distributed by BlackRock Investments, LLC. ©2014 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are trademarks of BlackRock, Inc. iS-12264-0414 IVV IJH IJR iShares Core S&P 500 Fund iShares Core S&P Mid-Cap Fund iShares Core S&P Small-Cap Fund After all, that’s why you invest. iShares Funds are diversified, low cost and tax efficient. Ask your financial advisor. Visit iShares.com iShares Funds can help you keep more of what you earn. C M Y K Composite Composite MAGENTA CYAN BLACK P2JW287000-5-A00100-1--------XA CL,CN,CX,DL,DM,DX,EE,EU,FL,HO,KC,MW,NC,NE,NY,PH,PN,RM,SA,SC,SL,SW,TU,WB,WE BG,BM,BP,CC,CH,CK,CP,CT,DN,DR,FW,HL,HW,KS,LA,LG,LK,MI,ML,NM,PA,PI,PV,TD,TS,UT,WO P2JW287000-5-A00100-1--------XA

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Page 1: TODAYINPERSONALJOURNAL Te …online.wsj.com/public/resources/documents/pageone101414.pdf · of exchange-traded funds,a ... Islamic State,beforethe behead- ... SIX Financial Information

YELLOW

* * * * * TUESDAY, OCTOBER 14, 2014 ~ VOL. CCLXIV NO. 89 WSJ.com HHHH $2 .00

DJIA 16321.07 g 223.03 1.35% NASDAQ 4213.66 g 1.5% NIKKEI Closed (15300.55) STOXX600 321.56 g 0.02% 10-YR. TREAS. Closed , yield 2.305% OIL $85.74 g $0.08 GOLD $1,229.30 À $8.30 EURO $1.2752 YEN 106.84

Getty

Images

TODAY IN PERSONAL JOURNAL

Teens Who Are Multitask MastersPLUS New Ways to Live With Multiple Sclerosis

CONTENTSCFO Journal................. B6Corporate News.... B2,3Global Finance............ C3Health &Wellness D2,3,5Heard on the Street C10In the Markets........... C4

Leisure & Arts............ D4Opinion.................. A13-15Sports.............................. D6Technology................... B4U.S. News................. A2-7Weather Watch........ B6World News... A8-11,16

s Copyright 2014 Dow Jones & Company.All Rights Reserved

>

What’sNews

i i i

World-Widen U.S. hospitals face thechallenges of cost and train-ing to deal with the prospectof additional Ebola cases. A1nThe second person diag-nosedwith Ebola in Texas wasidentified as a 26-year-old Viet-namese-American nurse.A6n The CDC’s director said theagency is rethinking its ap-proach to Ebola control afterthe nurse became infected. A7n Islamic State’s siege of theSyrian Kurdish city of Kobanihas roiled Turkey’s push to endits own Kurdish insurgency.A10n Afghan security officialssaid Islamic State is begin-ning to seek a foothold thereas foreign troops leave. A10n Britain is analyzing an ar-ticle purportedly written by aU.K. hostage in which he sayshe expects to be killed. A11nA Vatican document calledfor greater outreach to gayand divorced Catholics, mark-ing a dramatic shift in tone.A16nHongKong police stepped upefforts to remove protesters’barricades and open roads. A11nNorth Korean dictator Kimwas shown in public for thefirst time in weeks. A11nA Ukraine rebel figureheadwas hospitalized after his carwas shot at and crashed. A9nRussia and China signedsome 40 deals asMoscow seeksties to counter sanctions.A9n Sections of a fault systembeneath California’s Bay Areaare ready to unleash largequakes, a new study says. A2n A Chinese court sentenced12 people to death for deadlyattacks in Xinjiang. A11

i i i

Penney named Home De-pot and Target veteran

Marvin Ellison as its next CEOas the chain struggles to fit ina changing retail landscape. A1n U.S. stocks tumbled involatile trading, with energyshares among the worst per-formers. The Dow closeddown 223.03 at 16321.07. C1nGlobal oil prices fell to neara four-year low.More declinesare likely after exporters vowedto keep production steady. C1n Iliad dropped plans to buya controlling stake in T-MobileUS, ending a four-month pur-suit by the French firm. B1n France’s Jean Tirole wonthe Nobel Prize in economicsfor his work on large firmsand antitrust regulation. A8n Fidelity named AbigailJohnson as chief executive.She succeeds her father, whohas been CEO since 1977. C1n Aviation-safety expertscalled for sweeping changesto limit the fire hazard fromlithium-battery shipments. B1nMicrosoft plans to releasea patch for a hole in Win-dows that hackers used tospy on Ukrainian officials. B4n Janus is buying a providerof exchange-traded funds, adeal that may give Gross a plat-form to launch his own ETF. C2n Targa is acquiring Atlas ina $5.87 billion deal that wouldcreate a pipeline company ac-tive in several Texas fields. B3n Some potential witnessesin the tax-evasion trial of anex-UBS official refuse to travelto the U.S. for fear of arrest. C2

Business&Finance

As the Ebola epidemic in WestAfrica expands, more cases couldrequire treatment at U.S. hospi-tals far from the specialized cen-ters that have handled patients sofar. But the challenges even thesemedical centers have encounteredshow the steep learning curveothers face.

Treating Ebola takes money,space, aggressive care and obses-sive vigilance to prevent doctorsand nurses from getting infected,say infectious disease doctors atsuch specialized hospitals in At-lanta and Omaha, Neb. Also im-portant is extreme diplomacy indealing with suppliers and con-tractors, which have balked athandling blood samples, soiledlinens and hospital waste out offear of the virus, the hospitals say.

On Monday, the director of theCenters for Disease Control andPrevention, Tom Frieden, said thecountry needs to boost hospitaltraining and prevention tech-niques for Ebola. He said expertsare examining such things as howprotective gear was worn and re-moved by workers at the Dallashospital where a nurse was in-fected while treating a Liberianman who later died of the disease.The nurse’s case is the firstknown transmission of the virusin the U.S.

Dr. Frieden said there may bePleaseturntopageA6

BY BETSY MCKAYAND PETER LOFTUS

EbolaResponseStrainsHospitals

This time around, J.C. PenneyCo. is playing it safe, picking anew chief whose strength is in thenuts and bolts of retailing ratherthan flashy merchandising.

The struggling retailer onMonday named Home Depot Inc.and Target Corp. veteran MarvinEllison as its next CEO, opting foran executive who is known for hisstrong operational skills and giv-ing him a long transitional periodto come up to speed.

The caution contrasts with

Penney’s riskier and ultimately di-sastrous bet three years ago onformer Apple Inc. executive RonJohnson, who upended its pricingstrategy and offerings in an effortto make the chain more hip butended up blowing a $4 billionhole in the company’s sales.

The appointment also reflects

a broader shift in retail in whichsome big companies have favoreddetail-oriented operators over ex-ecutives mainly lauded for bril-liance in merchandising, as the in-dustry faces giant new challengesin managing its supply chains andkeeping customers from defectingto the Web.

Brian Cornell, a former Pep-siCo Inc. executive who recentlybecame CEO of Target, and ArtPeck, incoming CEO of Gap Inc.,are valued more for their ability

to run large organizations thanfor their gut instinct about thenext hot trend. Penney will needthose sorts of skills as it maps outthe next steps of a recovery.

The department-store chainhas fended off a cash crunch andreversed a steep drop in sales andtraffic. The company’s loss for thesix months that ended Aug. 2 nar-rowed to $524 million from $934million a year earlier, as salesgrew 6% to $5.6 billion. Yet ques-

Pleaseturntothenextpage

By Suzanne Kapner,Shelly Banjo

and Joann S. Lublin

Retail CEOsGoBack toBasicsNewPenney Chief Shows Growing Industry Preference for Operators Over Trend Spotters

U.S.-Led Coalition Bombards City in Effort to Save It

European

Presspho

toAgency

Senate RaceTests Voters’Appetites forMilitaryAction

CINCINNATI—As voices and music swelled on arecent Sunday morning, bringing a traditional19th-century hymn to an arena-rock crescendo,hands of all hues reached toward the heavens.

“This is beautiful,” said pastor Chris Beard, look-ing over pews filled with African-American, whiteand Asian worshipers in a church service thatopened with a prayer for two dozen Ethiopian ba-bies and closed with a benediction in Korean. “Tobe one church family pleases the heart of the Lord.”

The faces were nearly all white in 2001, whenMr. Beard took charge of the century-old FirstChristian Assembly of God. Today, half its mem-

BY LAURA MECKLER

A CHURCH OF MANY COLORS

The Most Segregated HourIn America Gets Less So

LITTLE ROCK, Ark.—Few can-didates emphasize their militaryexperience more than Rep. TomCotton. The Republican Senatechallenger peppers stumpspeeches with references to hisstint in the Army. He tours thestate in a camouflage-themed RV.A former drill sergeant appearsin one of his 30-second TV spots.

The 37-year-old first-term con-gressman also has become a lead-ing advocate for increased U.S. in-volvement in the world. He wasone of the few members of eitherparty to back President BarackObama’s calls last year for air-strikes in Syria. Mr. Cotton formonths has been warning againstthe dangers of the militant groupIslamic State, before the behead-

PleaseturntopageA4

BY PATRICK O’CONNOR

BERLIN—On each of his last 15visits to Detroit, Dimitri Hege-mann has visited his old friend,Fisher Body 21.

“We really stay in touch,” saysthe 60-year-oldBerliner withflowing blonde-and-white hair.“Fisher Body ismy first reallove.”

Fisher Body21 is a decrepitsix-story buildingthat is covered ingraffiti, linedwith smashedwindows and, ac-cording to state authorities, dan-gerously contaminated. Built in1919, the former auto-parts plantin Detroit was deserted two de-cades ago.

But where others see a case for

the wrecking ball, Mr. Hegemannand his friends see the first steptoward the revival of America’sabandoned city. The asbestos-filled ruin, he says, “has a specialaura…and I have plans for it.”

Mr. Hegemann, founder of aBerlin nightcluband record label,is spearheadinga project calledthe Detroit-Ber-lin Connection,an effort by themovers andshakers in thiscity’s musicscene to help re-start the MotorCity. The Berlin-ers compare De-

troit to their city after the fall ofthe Berlin Wall and say it has allthe ingredients for a similar re-birth as a center of undergroundculture: deserted buildings, cheap

PleaseturntopageA12

BY JACK NICAS

WhereMotown Sees a Derelict Factory,Berliners See a Techno Dance Club

i i i

Germans Pitch Detroit Ideas on Music Scene;Deserted Auto Plant’s ‘Special Aura’

Fisher Body 21

bers are white and a quarter are black; 30 nation-alities make up the rest.

The Rev. Martin Luther King Jr. famously saidthat Sunday at 11 a.m. was the most segregatedhour in America. Today, pastors like Mr. Beard areworking to change that, with some success. Theproportion of churches in the U.S. with mixed-racecongregations—where no single group tops 80%—has grown from 7% in 1998 to 13% in 2012, accord-ing to an analysis of the National CongregationsStudy, a survey run by Duke University.

“I just began to wonder about our being somono-ethnic in a multiethnic city,” said Mr. Beard,the senior pastor of what is now called Peoples

PleaseturntopageA12

More Clouds Gather on the Horizon

Source: SIX Financial Information The Wall Street Journal

S&P 500

2000

1600

1700

1800

1900

200-day moving average

Jan. Feb. March April May June July Aug. Sept. Oct.

Monday1874.74t1.65%

AIR FORCE: Planes hit Kobani, Syria, near the Turkish border Monday in an effort to break a siege of the Kurdish city by Islamic State fighters. A10

BAD OMENS: The S&P 500 dropped below a key indicator Monday,suggesting to some traders that more declines are ahead. C1

Nurse diagnosed with Ebola inTexas is identified........................ A6

U.S. rethinks response, focuseson lapses........................................... A7

Health crisis becomes fodderfor campaign season.................. A7

Gerald F. Seib: Democrats loseedge on peace, prosperity....... A4

Call1-800-iShares for a prospectus, which includes investment objectives, risks, fees, expensesand other information you should read and consider carefully before investing. Risk includesloss of principal. Diversification may not protect against market risk or loss of principal. Transactionsin shares of ETFs will result in brokerage commissions and will generate tax consequences. All regulatedinvestment companies are obliged to distribute portfolio gains to shareholders. The iShares Funds arenot sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC nor does this companymake any representation regarding the advisability of investing in the Fund. BlackRock is not affiliatedwith the company named above. Distributed by BlackRock Investments, LLC. ©2014 BlackRock, Inc. Allrights reserved. iSHARES and BLACKROCK are trademarks of BlackRock, Inc. iS-12264-0414

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