Month: October 2019

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When police took Jane Fonda away Friday in Washington, D.C., it was the second time she had been arrested during climate change protests this month. But it wasn’t the second time she’s been arrested overall.

Long revered (and reviled) as a staunch member of the resistance, the two-time Oscar-winning actress has been outspoken about her brushes with the law while advocating for her many causes, ranging from the Vietnam War to the #MeToo movement.

Her fist-in-the-air mug shot from a 1970 arrest at a Cleveland airport — on suspicion of smuggling drugs and assaulting a customs officer — became a silent symbol of disobedience.

At the time, she was traveling on a speaking tour to spread awareness about the Vietnam War. Lab tests later confirmed that the pills she was carrying were vitamins.

Fonda recently told The Times she planned to get arrested every week while marching for climate change on Capitol Hill. The 81-year-old got her wish twice — last Friday and now today — along with her “Grace & Frankie” costar Sam Waterston.

Fonda’s arrest history has produced not only an iconic mug shot but also several quotable soundbites about activism and resistance. Here’s a roundup of her quips.

2009: “It was the ‘Klute’ haircut”

Fonda retrospectively elaborated on the 1970 Cleveland incident on her website in 2009. In a lengthy post about the mug shot and arrest, she explained that she was on her way back from a tour stop in Canada when airport authorities stopped her and raided her luggage, supposedly on orders from former President Richard Nixon’s administration.

Later in the message, the activist speculated that the whole stunt might have been part of a conspiracy to keep her from protesting the Vietnam War — with some additional commentary on her mug appearance, which she attributed to her Oscar-winning turn in 1971’s “Klute.”

“I think they hoped this ‘scandal’ would cause the college speeches to be canceled and ruin my respectability,” Fonda wrote. “I was handcuffed and put in the Cleveland Jail, which is when the mug shot was taken. (I had just finished filming ‘Klute’ so, yes, it was the Klute haircut).”

2016: “I slipped out of the handcuffs”

A few years ago, Fonda made an appearance on “The Tonight Show With Jimmy Fallon” — as did her 1970 mug shot. While chatting with the host, Fonda explained how she achieved her cavalier power pose.

“I was in handcuffs, but I have double-jointed hands, so I slipped out of the handcuffs,” she said, demonstrating for Fallon and the audience. “It really surprised the guards.”

The comic then presented Fonda with a real set of cuffs, which she clicked on like a pro before Houdini-ing her way back out of them in seconds.

“Just try to arrest me,” she joked.

2017: “It was a frame-up”

Fallon wasn’t the only late-night host to ask Fonda about Cleveland. During a segment of “The Late Show With Stephen Colbert” featuring longtime partners-in-crime Fonda and Lily Tomlin, the comedian brandished a copy of Fonda’s mug shot while chatting about the Women’s March.

The actress quickly took the opportunity to clear her name.

“I have to say, I was accused of smuggling drugs — they were vitamin pills,” she said. “But the guy who arrested me said he was taking orders from the Nixon White House. It was a frame-up.”

Colbert then revealed another photo up his sleeve — Fonda’s mug shot printed on a coffee mug, which is still for sale on the star’s website — joking, “The revolution will not be televised, but it will be merchandized.”

“It was my idea,” Fonda said proudly. “And there’s evening bags of my mug shot too. And all the money goes to my nonprofit.”

2018: “I sure got a lot of mileage”

Last year, Fonda joined the likes of Tessa Thompson, Common and Lena Waithe for a highly publicized “Respect Rally” at the Sundance Film Festival in opposition to Trump. On the car ride there, she reminisced to The Times about her previous airport arrest and mug shot, which served as the poster for the documentary “Jane Fonda in Five Acts.”

“I sure got a lot of mileage out of that arrest,” Fonda said with a laugh from the front seat of the festival-bound SUV.

Fonda was unfazed by the snow storm and bitter Park City cold as she approached her appointment to speak about women’s rights along with fellow leaders, including “Fleabag’s” Phoebe Waller-Bridge and high-profile attorney Gloria Allred.

“Onward!” she said, lifting her famous fist into the air. “Let’s go kick ass!”

2019: “What can [Trump] do?”

While speaking with The Times prior to storming Washington on behalf of Mother Earth, Fonda offered some insight into her fearless mentality when facing authorities.

During the conversation, she detailed her plans to take on the fossil fuel industry and her desperation to change President Trump’s attitude about environmental issues. And if that meant going to jail, so be it.

“I’ve been here before,” she said in the interview. “I mean, I can’t be attacked any more than I already have. So what can [Trump] do? I’ve got nothing to lose.”

2019: “That’s the least of it”

After her first climate change protest arrest last week, Fonda spoke with CNN about about her experience, her decision to move to Washington and her activist inspirations, including Swedish environmental activist Greta Thunberg.

When interviewer Christiane Amanpour tried to focus the conversation on the nitty-gritty of Fonda’s recent arrest — asking about having her wrists zip-tied and being carted off in a police cruiser — the seasoned activist immediately put her ordeal into perspective.

“That’s the least of it,” she said with a shrug. “There is so much going on in the world and over it all is this ticking time bomb … but we do have time. We have time, and it’s going to require that people in every country all around the world organize and mobilize and — if necessary — bring governments to a halt if we can’t make them do the right thing.”


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“South Park” is the latest beneficiary of Hollywood’s rerun mania.

The show’s creators and media giant Viacom Inc. expect to share between $450 million and $500 million by selling the streaming rights to the animated comedy, one of the longest-running TV series in U.S. history, according to people familiar with the matter.

As many as a half-dozen companies are bidding for exclusive U.S. streaming rights to past episodes of the show, which has been available on Walt Disney Co.’s Hulu in recent years. Viacom and the show’s creators hope to secure a new deal by the end of 2019 and could decide on the winning bidder as soon as this weekend, said the people, who asked not to be identified because the negotiations are private.

The value of popular TV reruns has skyrocketed, fueled by new streaming platforms seeking programming that can attract subscribers and provide an edge over rivals. Viacom and “South Park” creators Trey Parker and Matt Stone expect the multiyear deal to net more than double what Hulu paid in 2015.

That’s comparable to what Comcast Corp. paid to license “The Office” for its coming streaming service Peacock and what AT&T Inc. paid to grab “Friends” for HBO Max. Both of those programs are on Netflix for now. Netflix Inc. responded by paying more than $500 million for worldwide rights to “Seinfeld.”

Most shows won’t generate such fevered bidding, but “South Park” is a rare title. Created in the late 1990s, the animated comedy about potty-mouthed children in a small Colorado town is in its 23rd season. The longest-running show on Viacom’s Comedy Central, it is still one of the most-watched TV programs among young men and has been renewed for three more seasons.

Comedy Central just aired the show’s 300th episode, and the sheer volume means “South Park” will garner less money per episode than “Friends” or “Seinfeld.” But Viacom and the show’s creators expect the overall deal amount to be comparable, said the people.

Peacock and HBO Max are rushing to build libraries of shows ahead of their debuts next year. They are announcing new licensing deals every few weeks and have been the most aggressive in bidding on library titles. Both are in the chase for “South Park,” the people said.

Netflix, Amazon.com Inc. and Hulu have previously shown an interest in adult animation, though Netflix is now focused more on original series, such as “Big Mouth.” Netflix has dropped out of the bidding, according to one of the people.

Hulu, meanwhile, remains interested in keeping the show on its platform, though only if the price doesn’t go too high, one of the people said.

CBS Corp., which is merging with Viacom, has its own streaming service that could be a home for the show. But that merger won’t close before the licensing deal does, and CBS doesn’t have the same resources on its own as most of the bidders.

One company that probably won’t be bidding is Apple Inc., the people said. The tech giant has eschewed controversial programming that could damage its brand, and it’s wary of offending China, where it sells a lot of iPhones. “South Park” was just banned in China after an episode mocked the country’s censorship of Western movies and TV.

The riches from the sale will be split between Viacom, Parker and Stone under a unique deal forged in 2007. The creators and the media giant split all the digital rights 50-50 under a joint venture that covers streaming, mobile and games.

Netflix previously licensed “South Park” through a deal with Viacom, a transaction that paid out in the tens of millions. Hulu snagged the rights in 2014 and reupped a year later.

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Parker and Stone have used the proceeds from “South Park” and their hit Broadway play “The Book of Mormon” to create and fund their own studio, which was valued at $300 million in 2013. That value is about to go way up.


Jamestown might be 325 miles north of Los Angeles in the Sierra foothills, but this historic Gold Rush town still has a Hollywood connection. Dozens of movies and TV shows have been filmed at Jamestown’s Railtown 1897 State Historic Park, which offers rides aboard a vintage steam train along with a glimpse of one of the last working roundhouses in the country. Jamestown even has its own “Walk of Fame” highlighting the movies and shows filmed here (they include such classics as “Little House on the Prairie,” “Back to the Future III” and “Unforgiven”). The tab: A night at the National Hotel costs $140-$160, plus tax; lunch for my family of four with appetizers and drinks at the Service Station was about $90, plus tip; and coach tickets on Railtown’s Polar Express cost $50 per person.

THE BED

Jamestown’s charming Main Street, just off California 108, is lined with hotels, restaurants, antique shops, wine-tasting rooms and a cigar lounge. The National Hotel’s balcony, which displays miniature flags from countries around the world, overlooks Main Street. The hotel has nine rooms, most featuring brass beds with pillow-top mattresses and private bathrooms with pull-chain toilets. The hotel offers indoor and courtyard dining along with a historic saloon where you can sip a Gold Rush Margarita.

THE MEAL

Guests at the National Hotel are served a buffet breakfast with quiche, sourdough French toast, homemade granola and more. For lunch or dinner, head a short distance on Main Street to the Service Station. The restaurant has a beautiful old bar inside and a relaxing lounge out back. Our meal started with mimosas and fun appetizers that included soft pretzels with beer cheese and stone-ground mustard dips. I enjoyed my grilled chicken sandwich with garlic pesto aioli and sun-dried tomato spread with cheese, bacon, tomato and arugula served with a side of onion rings. After our meal, we got some exercise by strolling the Walk of Fame from Main Street to Railtown 1897 State Historic Park.

THE FIND

Railtown hosts weekend train rides from April to October as well as special events throughout the year. The park’s festive Polar Express train rides, based on the book and movie of the same name, will be Friday and Saturday Nov. 29 and 30 and Fridays, Saturdays and Sundays through Dec. 22 (except Dec. 1). Passengers are encouraged to wear their pajamas on the hourlong, evening train rides. My family and I rode the Polar Express a few years ago when our kids were 1 and 10 years old. We didn’t dress in our pj’s, but we quickly got in the spirit. It’s difficult not to as dancing waiters serve hot cocoa and cookies as you head to see Santa at the “North Pole.” Once there, Santa boards the train and hands each passenger a sleigh bell.

THE LESSON LEARNED

Tickets for the Polar Express train rides went on sale Oct. 11 and often sell out. For those who can’t face Christmas just yet, there’s Railtown’s Harvest Haunt Express. Passengers are encouraged to dress up as pirates and princesses on Oct. 19 and 20 and as witches and wizards on Oct. 26 and 27.

National Hotel, 18183 Main St., Jamestown; (800) 894-3446, national-hotel.com. Not wheelchair accessible. (rooms are upstairs).

Service Station 18242 Main St., Jamestown; (209) 782-5122, jamestownservicestation.com. Wheelchair accessible.

Railtown 1897 State Historic Park, 10501 Reservoir Road, Jamestown; (209) 984-3953, railtown1897.org. The Polar Express hotline is (209) 984-3407. Railtown staff, with notice, can accommodate most wheelchairs on train rides and tours.


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Letters: More great places to eat in Hawaii

October 19, 2019 | News | No Comments

I read Rosemary McClure’s piece “A Big Island, a Small Check” [Oct. 13] and realized you’d already written one on Kauai. Here are some of my suggestions for Kauai.

She had some expensive spots on the list, but these places in Kapaa — Lava Lava Beach Club, Sam’s Ocean View and Oasis on the Beach — have some less expensive menu items too. Get to Oasis by 4 p.m. Wednesdays to get a seat for the Wednesday night show. Be prepared to hear the astounding ukulele performance by Aldrine Guerrero.

How could she omit Tip Top Motel, Bakery & Cafe in Lihue? It’s been there for more than 100 years.

She can’t leave out the Saddle Room in Waimea. Get a burger and a Bloody Mary.

Paniolo Santa Maria Style BBQ in Kapaa has the best barbecue on the island. It’s my favorite. Open mic night on Wednesdays will often leave you awestruck.

Don’t forget Kauai Beer Co. in Lihue and Koloa Fish Market in Poipu.

Chris Worley
Kapaa, Hawaii

Global Entry workaround

Regarding “A Global Entry Slowdown” [On the Spot, by Catharine Hamm, Sept. 29]: In my experience the Customs and Border Protection staffing problems exacerbated by the ongoing border crisis have caused serious delays.

Closing the Los Angeles office has had a ripple effect on the entire Southern California application process. In August there were openings at several offices, yet by mid-September the first available appointment at Long Beach was April 14. Calexico, Calif., had an opening two months later. An option for expediting the interview process is open for returning international travelers, though it’s frustrating to find local offices closed or overwhelmed by the process.

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My application was filed in April, conditionally approved in August, with a successful interview concluded in late September after a long day’s drive to Calexico and return home.

Sean Holland
Los Angeles


The Wall Street and political junkie arms of Twitter are, well, all a-twitter over an article in Vanity Fair implying that someone has been pocketing billions by front-running sudden policy shifts by President Trump.

We don’t want to spend too much time debunking the article, which has been dismantled in detail by others, including Matt Levine of Bloomberg (a former investment banker) and futures market experts such as George Pearkes.

But we do want to take aim at one of the recurrent arguments appearing in the debunkings, which is that “every trade involves both a buyer and a seller,” and, therefore, the impulse of one side is exactly canceled by the impulse on the other. In other words, if someone has inside knowledge on which he or she is trading, then someone else must have equivalent motivation for taking the other side. Ergo, no story.

Vanity Fair

That’s a very flawed argument, which we’ll return to in a moment.

First, the Vanity Fair assertion. Author William D. Cohan, himself a former investment banker, took aim at a number of trades in the market for Standard & Poor’s 500 futures and matched them against moves by Trump or other events that moved the stock market sharply and suddenly — Trump swerves on tariff policy, the drone strike on Saudi Arabia oil installations, etc., etc.

Vanity Fair called these trade “fantastically profitable,” and Cohan quoted a futures trader, anonymously, as saying, “There is definite hanky-panky going on.” Cohan made a similar claim back in July too.

As it happens, there’s no evidence to support Cohan’s picture of the futures trading. Market traders say he’s conflated what could be thousands of individual trades into single transactions, and that his assertion that the trading volume spiked suspiciously just prior to market-moving events doesn’t hold water. The volumes aren’t unusual overall, and one of his target dates was the last day of a quarter, when lots of activity takes place for legitimate portfolio reasons.

Moreover, there’s absolutely no evidence in Cohan’s stories, or elsewhere, that someone with connections to the White House has been trading on information about Trump’s chaotic policy-making. That’s especially so given that some of the trades involved events almost certainly outside White House knowledge, such as the drone strike and statements about the trade war coming from China that appear to have blindsided Trump along with everyone else.

So we can set the Vanity Fair allegations aside. But what about the buyer-and-seller argument?

At some level it’s true, of course, that every security or futures contract that’s bought must have a seller on the other side, and vice versa. But that doesn’t mean that both sides come to the transaction with equivalent motivations, or that they balance each other out. In his cogent deconstruction of the Vanity Fair piece, Felix Salmon explains that instead of calling one trade a sale and another a buy, Cohan could have just as well called the first a buy and the second a sale, since there were traders on both sides in both transactions–in other words, implicit in Cohan’s analysis is the erroneous idea that the buyers and sellers came to the market with equivalent, if opposite, motivations.

To take one of Cohan’s sample trades, “someone” sold short 120,000 S&P e-mini futures hours before the drone strike Sept. 13; when the market opened the following Monday, the S&P 500 index fell sharply, ostensibly earning that mysterious trader or trading group a nine-figure profit. (The e-mini is an electronically-traded future one-fifth the size of a conventional futures contract on the S&P 500 index.)

Yet the short sale of 120,000 contracts doesn’t mean a single trader bought the same contracts. For all anybody knows, the sellers, if they existed, assembled their short position from thousands of traders on the other side. Sure, for every contract, there was a seller and a buyer, but the number of sellers didn’t have to equal the number of buyers, and almost certainly did not.

It should be obvious that this trope doesn’t hold true anywhere in the investment markets. If it did, there would be no reason to prosecute insider trading, since buyers and sellers would come to the market with eyes equally open. That’s not how things work: Trades are typically initiated by one participant, and the others react.

A stock buyer with inside information about a pending merger will buy on the expectation that the stock will soar. He or she has to find a willing seller, who presumably isn’t privy to the same information. One can’t look at that transaction and say it must be innocent because there was a seller for every buyer.

So, yes. There are sound reasons to doubt the Vanity Fair claims, including the dearth of any concrete evidence for them. But the idea that there are sellers for every buyer isn’t one of them.


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California’s unemployment rate dropped to the lowest it has been in four decades as the Golden State outpaced the nation in job creation last month.

Joblessness stood at 4% in September, less than in any month since the current methodology was introduced in 1976, state officials reported. That was down from 4.1% in August and a year earlier.

Year over year, state payrolls grew by 320,000 jobs, to a total of 17.53 million. That was a 1.9% growth rate, compared with 1.4% nationwide.

Led by three sectors — professional services; arts, entertainment and recreation; and manufacturing — employers added 21,300 jobs during the month, down from an exceptionally strong 32,000 in August.

The U.S. unemployment rate was 3.5% in September.

“California is not immune to risks faced in the rest of the U.S. and the world, but for now, the state’s jobs machine continues to purr, defying recession fears,” said Lynn Reaser, an economist at Point Loma Nazarene University in San Diego.

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Robert Kleinhenz, an economist with the Los Angeles consultancy Beacon Economics, was equally upbeat. “With yearly job gains in nearly every one of the state’s major industries, including those most affected by trade conflicts, this is a reassuring report, especially at a time when there are concerns that the economy is cooling,” he said.

Nonetheless, some see the effects of President Trump’s trade wars beginning to take a toll.

“The ongoing trade war and the slowing global economic activities represent stiff head winds for the state’s economy,” Loyola Marymount University economist Sung Won Sohn said via email.

“Trade and transportation, which includes warehousing, remain lethargic. L.A. and Long Beach ports have reported significant slowdown in shipping activities compared to a year ago.

“Technology, a workhorse for the state’s economy, has lost some momentum in part due to the trade friction. For example, the job gains at the information sector — which includes web hosting, data storage, audio and video streaming, internet publishing, search portals — have been flat since its peak in December 2018.”

September payroll growth was notable in several Southern California areas, including the Inland Empire (6,300 jobs) and San Diego (4,900). Year over year, the Inland Empire (+2.3%) has experienced the fastest rate of job growth, followed by San Diego (+1.8%), Los Angeles (+1.1%) and Orange County (1.1%).

In Northern California, the San Francisco metro area added the most jobs (1,300), followed by San Rafael (600), San Jose (400) and the East Bay (200). Year over year, however, Northern California payrolls grew faster than those in the southern part of the state, with a 3.4% jump in San Francisco, a 3.1% increase in San Jose and a 1.9% rise in the East Bay.

Among the major industry sectors adding jobs across the state:

  • Professional and business services added 12,700 jobs, for a year-over-year total of 83,700.
  • Manufacturing payrolls rose by 4,100, for a year-over-year total of 13,900. Most of that was in computer and other electronic products, aerospace and motor vehicles. “Tesla is a source of exports,” Kleinhenz noted.
  • Education and health services expanded by 4,100 positions, for a year-over-year increase of 83,300.
  • Trade, transportation and utilities grew by 2,700 jobs, for a year-over-year total of 3,300.
  • Leisure and hospitality added 800 positions, for a year-over-year total of 46,400.

The state’s monthly job report, released by the California Employment Development Department, is based on two surveys. The unemployment rate comes from a federal survey of 5,100 California households. The nonfarm payroll job numbers come from a separate federal survey of 80,000 California businesses.


As WeWork prepares to cut potentially thousands of jobs this month and more executives head for the exits, SoftBank Group Corp. is assembling a rescue financing plan for WeWork that may value the office-sharing company below $8 billion, according to people familiar with the discussions.

The new figure is a fraction of the $47-billion valuation the start-up commanded as recently as January. The talks are fluid and the terms could change, said the people, who requested anonymity because the discussions are private.

WeWork, reeling since it scrapped its initial public offering, has been considering dueling plans from SoftBank and JPMorgan Chase & Co. to shore up its finances before it runs out of cash as early as next month. The company’s board could make a decision as soon as this weekend, according to some of the people familiar with the situation.

Representatives for WeWork and SoftBank declined to comment.

JPMorgan has been pitching investors on a $5-billion junk-debt package for WeWork. The unsecured and secured notes portion of the bank’s plan are being offered on a “best-efforts” basis, according to people familiar with the matter, meaning banks haven’t committed to funding the deal irrespective of investor demand.

The bank has been sharing its proposal with about 100 investors as it tries to line up support for what would be one of the riskiest debt offerings in recent years, people with knowledge of the matter said earlier this week.

Uncertainty around WeWork’s future has whipsawed its bonds in recent weeks. The debt plunged to record lows on Tuesday as the company weighed a financing package that included debt that could yield 15%, only to erase those losses a day later amid reports that SoftBank was considering a new investment. The debt currently trades at about 85 cents on the dollar, and hasn’t been near par since before the company pulled its IPO last month.

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SoftBank, which with its affiliates already owns nearly one-third of WeWork, has been in discussions to provide the company with $5 billion of funding in a mix of equity and debt. The financing would come directly from the Japanese firm, rather than its Vision Fund, a person said earlier this week. SoftBank would not amass a majority of voting rights, though its stake would increase, the person said. Part of the package may include non-voting preferred stock.

Part of the appeal of the SoftBank plan is the office-sharing company’s long-standing relationship with the investment behemoth, one of the people said. At the same time it would further dilute existing shareholders and employees — a consideration in favor of the JPMorgan proposal.

As WeWork’s board debates the best option for keeping the lights on, its executive ranks are rapidly thinning, with at least six C-level executives and the vice chairman leaving since last month.

Adam Kimmel, WeWork’s chief creative officer, is the latest to submit his resignation, according to two people familiar with the matter who asked not to be identified discussing a personnel matter. Kimmel joined the company in 2017 after a long career as a fashion designer and took on projects such as designing the company’s San Francisco offices. WeWork parent We Co. didn’t immediately have a comment on the departure.

Chief Executive Adam Neumann and his wife, Chief Brand and Impact Officer Rebekah Neumann, departed last month, followed by the chief product officer, the top spokesman and the head of marketing.

WeWork could cut about 2,000 jobs in the coming weeks, though the decisions haven’t been finalized.


The Standard & Poor’s 500 index closed out an uneven week of trading on Wall Street with its second straight weekly gain, even though stock indexes lost ground Friday.

Technology companies led the slide, which erased the major U.S. indexes’ gains from the day before. Communication services, industrial and healthcare stocks also fell, outweighing gains in real estate companies, banks and elsewhere in the market.

Investors continued to focus on company earnings reports, searching for a clearer picture of the U.S.-China trade war’s effects on companies and the broader economy.

“To some extent, the bleeding’s stopped, but now you need to figure out how healthy the patient is,” said Willie Delwiche, investment strategist at Baird. ”Earnings help with that, and economic data that we receive over the next couple of months will help with that.”

The S&P 500 index fell 11.75 points Friday, or 0.4%, to 2,986.20. The index is 1.3% below the all-time high it set in July.

The Dow Jones industrial average dropped 255.68 points, or 1%, to 26,770.20. The Nasdaq fell 67.31 points, or 0.8%, to 8,089.54. The Russell 2000 index of smaller-company stocks fell 6.36 points, or 0.4%, to 1,535.48.

All told, the S&P 500 ended the week with a gain of 0.5%. Last week, it notched a 0.6% gain. Smaller stocks outpaced the broader market, a sign that investors were growing more confident. The Russell 2000 ended the week with a gain of 1.6%; last week, it rose 0.8%.

Bond prices were little changed Friday. The yield on the 10-year Treasury held steady at 1.75%.

While trading turned choppy this week, investors mostly applauded companies’ results so far, including those from JPMorgan Chase, UnitedHealth Group and railroad operator Kansas City Southern.

That helped investors temporarily brush aside worries over the U.S.-China trade conflict. The early round of mostly good results could also help calm investors’ fears about another dismal forecast for earnings growth.

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For companies in the S&P 500, analysts expect profit to shrink nearly 5%, according to FactSet. Still, forecasts for declines in the first and second quarters were tempered as reporting progressed, and companies finished those earnings seasons with only tiny contractions instead.

Earnings forecasts in the third quarter are low enough that most companies should beat them, Delwiche said.

“The question is what happens with 2020 earnings,” he said. ”You still have robust 2020 numbers out there. Those likely need to come down.”

Chipmakers helped drag down technology-sector stocks Friday. Micron Technology dropped 4.5%. Nvidia fell 2%.

Communication services stocks also accounted for a big slice of the selling. Netflix led the slide, tumbling 6.2%.

Boeing declined 6.8%, lead industrial-sector stocks lower, after news that the aircraft manufacturer waited months to disclose troubling internal communications between two of its employees about its now-grounded 737 Max jet.

ETrade Financial climbed 4.6% after reporting surprisingly good third-quarter profit.

Coca-Cola advanced 1.8% after the company edged out Wall Street’s third-quarter revenue forecasts on improved sales of Coca-Cola Zero Sugar and other drinks.

Meanwhile, Johnson & Johnson fell 6.2% after the company said it is recalling a single lot of its baby powder because a test found trace amounts of asbestos in one bottle.

Another busy week of corporate earnings reports is coming up. McDonald’s is to report on Tuesday; Boeing and Microsoft, on Wednesday; and Amazon and American Airlines Group, on Thursday.

Benchmark crude oil fell 15 cents to settle at $53.78 a barrel. Brent crude oil, the international standard, fell 49 cents to close at $59.42 a barrel. Wholesale gasoline stayed at $1.62 a gallon. Heating oil stayed at $1.95 a gallon. Natural gas stayed at $2.32 per 1,000 cubic feet.

Gold fell $4.10 to $1,488.20 an ounce. Silver fell 4 cents to $17.50 an ounce. Copper rose 4 cents to $2.63 a pound.

Stock indexes in Europe closed broadly lower ahead of a weekend vote by Britain’s Parliament on the latest proposed deal covering its exit from the European Union. Britain is set to leave the trading bloc Oct. 31.


Get a grip with these tough-going trail runners

October 19, 2019 | News | No Comments

Trail running has made big gains in recent years, rising from 4.8 million participants in 2009 to 9.15 million in 2017, according to market data researcher Statista. What’s not to like? No cars to dodge, more nature to love, and less asphalt-induced pounding on your knees.

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As the sport grows, so does the variety of tough and grippy trail running shoes — some better for mud runs, others adapted for fire roads and hiking. Here are five to consider if you’re ready to hit the dirt.

The runner-hiker-biker shoe

La Sportiva Akyra: A burly do-it-all mountain running shoe

What we like: Monster sole with massive lugs makes it great for hiking, backpacking, even mountain biking as well as running. It has a protective rubber toe cap and a breathable mesh upper and, to lock the shoe in place on the upper, a thermoplastic polyurethane exoskeleton that uses triangular forms said to be inspired by origami structures.

Info: $140, lasportiva.com

The foot-shaped shoe

Altra Lone Peak 4: A super-comfortable shoe that follows the natural shape of a foot

What we like: It’s the only shoe with these two comfy, natural features: a super-wide toe box that does not smush toes together; and a zero-drop profile, meaning heel and forefoot are the same height off the ground (instead of the more-common elevated heel). It also has a gaiter trap in the heel, a convenient Velcro tie-down to secure a gaiter or cover that protects against dusty trails, stickers, insects and heavy bushes.

Info: $120, altrarunning.com

The mud/obstacle racing shoe

Salomon Speedcross 5: A shoe designed for obstacle course and mud runs

What we like: It has practical features for racing in muddy, wet conditions, such as a cinch-up “quick lace” that tightens with one pull, and a lace garage/pocket to stow it in; a welded exterior instead of stitched, which sheds mud and eliminates seams that could rub against your skin; and deep 1/4-inch lugs on the bottom that grip well and shed mud (but don’t hold up great on concrete). This shoe is available in a wide size.

Info: $130. salomon.com

The fire-road shoe

Hoka One One Stinson ATR 5: A super-cushioned shoe best for wide, hard-packed roads

What we like: The puffy, high-volume midsole cushioning (over an inch thick) will reduce pounding on all surfaces and may even relieve some runners’ knee and back pain, according to reviews. Loved by heavier runners, yet only 12.1 ounces in size 9, it may be best on non-technical paths such as flat, open fire roads that don’t require the ground feel and control you need on a single-track trail with tree roots and rocks.

Info: $160, hokaoneone.com

The build-your-own shoe

Saucony Mad River TR: A customizable shoe that lets you create your own level of traction, with drainage ports for running through creeks and puddles.

What we like: Two rows of eyelets give you the option of wide or narrow lacing or anything in between. The sole includes circle outlines that serve as guides for drilling drainage ports, a vital feature if your trail run includes creeks and seeps. You can also insert studs for running in snow. A gaiter-compatible D ring allows for extra debris protection, and an elastic lace keeper prevents snagging on branches.

Info: $110, saucony.com


Here is a short, steep workout of a walk in La Cañada Flintridge that starts in a leafy canyon and rises into sunny heights. Go early in the day to take advantage of the limited shade, and choose a clear day so you can enjoy the panoramic views.

Since it’s an out-and-back walk, you can go as long or short as you like and turn around when you run out of gas. Feel free to make it much longer: This path can take you all the way to the top of Mt. Lukens, the highest point in the city of Los Angeles, if you stay with it.

Wear sunscreen, take water and watch out for rattlesnakes, which have been seen in the area.

1. Begin this stroll in the Alta Canyada neighborhood, near the intersection of Jessen Drive and Solliden Lane. Park on the street and begin walking up the Earl Canyon Motorway. (There’s no street sign, but this is the narrow road that looks like a driveway running just to the left of the drainage canal under your feet.) Walk uphill past several houses, under the shade of oak and sycamore trees, and continue past a yellow gate onto a wide dirt path. You’ll know you’re going the right way when you see a sign that says Hall Beckley Canyon Recreation Area.

2. A short distance later, follow the main road as it doglegs hard to the left and begins to climb. And climb. And climb. Keep climbing! Though there is scant shade, most of it provided by oak trees beside the road, an early start will keep you out of the worst of the sun.

3. Soon you begin to get great views of Greater Los Angeles behind you. In the near distance are the communities of La Crescenta and Montrose. Behind those are the Verdugo Mountains, easily accessed by other L.A. Walks into Beaudry Motorway and La Tuna Canyon. Down to the left, you might find Descanso Gardens and another L.A. Walk through Cherry Canyon. Further still you will see the skyscrapers of downtown Los Angeles.

4. As the trail continues to climb and bend, you will begin to get eastern views of La Cañada Flintridge and Pasadena. To the west, your right, are Sunland-Tujunga and Lake View Terrace.

5. About 2.2 miles in, the wide dirt road bends left, with a narrower trail heading off to the right. Continue left a very short distance to any one of a number of lookout points — and the end of the road. Or, go right, and hike on! That trail will in time meet the Mt. Lukens Truck Trail and carry you to the 5,066-foot peak.

6. Retrace your steps back down the mountain, getting a good quad burn as you go, until you reach the Alta Canyada starting point.

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STATS

Distance: 4.4 miles round trip

Difficulty: 3 on a scale of 1 to 5

Duration: 2 hours

Steps: 11,500

Details: Free street parking. Dogs on leashes and bicycles OK. Bus service to Foothill Boulevard on Glendale lines 3, 32.

Fleming is the author of “Secret Stairs: A Walking Guide to the Historic Staircases of Los Angeles” and “Secret Walks: A Walking Guide to the Hidden Trails of Los Angeles.” Each month, he leads a free walk at one of his favorite spots in Southern California. Find out more at his Facebook page, Secret Stairs. He is on Twitter @misterfleming