Business pages Missouri Better Newspaper by Jean Buchanan

‘NEWSIES,’ ‘BEAUTIFUL’ ARE COMING TO THE FOX

A&E • D1

SUNDAY • 04.19.2015 • $2.50 • EARLY EDITION

DIVISIVE DEVICES Law enforcement in St. Louis and elsewhere use secret ‘cell site simulators’ to track phones, but prosecutors sometimes drop cases to keep technology from being scrutinized in court FREED FROM TESTIFYING

PRIVACY OVERREACH?

St. Louis police used the tool to locate robbery suspects, but more than a dozen charges were dismissed

Civil libertarians complain that device amounts to a warrantless search of countless properties

BY ROBERT PATRICK • St. Louis Post-Dispatch

ST. LOUIS • Just one day before a city police

officer was to face questions about a secret device used to locate suspects in a violent robbery spree, prosecutors dropped more than a dozen charges against the three defendants. The move this month freed the officer from having to testify about a highly controversial surveillance tool — one that is subject to a confidentiality agreement between the St. Louis police and the FBI. Prosecutors insist the charges’ dismissal was unrelated to the impending inquiry. But a public defender who intended to ask some of the questions believes otherwise.

HOW IT WORKS See a graphic that explains the StingRay technology. Inside, A6

See SECRECY • Page A6

Chesterfield is flexing muscle as a retail hub Skeptics had said that two outlet malls in the valley couldn’t coexist, but both developments are prospering as city’s shopping scene booms

A blueprint for Ferguson Two years into a consent decree with the Justice Department, East Haven, Conn., has made great strides

CHUCK RAASCH • craasch@post-dispatch.com

The Rev. James Manship (left) meets recently with Pedro Gutierrez in East Haven, Conn. The 2009 arrest of the priest sparked an intervention by the Justice Department. Gutierrez, the owner of a popular restaurant, said his business and relationship with police have improved under a federal consent decree. BY CHUCK RAASCH St. Louis Post-Dispatch

EAST HAVEN, CONN. • For Marcia Chacon,

that’s added hundreds of thousands of square feet of retail space in the last two years alone, with more on the way. For many retailers without stores in the St. Louis region, real estate brokers say Chesterfield is among the first places they look to enter the market now, including European menswear boutique Lindbergh, which opened its first local store this year at Chesterfield Mall.

business is better, and she no longer worries about her patrons on Main Street being stopped, even assaulted, by police for no apparent reason. Three years ago, the federal government began imposing reforms on the police department and local government in this classic New England town that has undergone an influx of Hispanic immigrants. The experiences of Chacon and other East Haven residents should elicit both hope and caution for residents of Ferguson, which also faces a future of change overseen by the Justice Department. “Now it is different. It is better,” said Chacon. “We have better communication with police, and they are very nice.” But Chacon, owner of My Country Grocery

See CHESTERFIELD • Page A10

See CONSENT • Page A4

LAURIE SKRIVAN • lskrivan@post-dispatch.com

Workers start construction Thursday for a new convenience store in Chesterfield. Developer Dean Wolfe is adding several new retailers at his Blue Valley development, which is adjacent to St. Louis Premium Outlets.

GROWTH OF 2014 TAXABLE SALES

BY LISA BROWN St. Louis Post-Dispatch

Chesterfield

6.4%

CHESTERFIELD • Name a national

St. Charles County

5.6%

St. Louis

3.5%

St. Louis County*

2.9%

* excluding Chesterfield SOURCE: Missouri Department of Revenue

TODAY

73°/51°

More in store

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TOMORROW

65°/44° DECREASING CLOUDS

WEATHER A25 POST-DISPATCH WEATHERBIRD ®

retailer and it’s likely already here, or plans to open a store here soon. H&M opened late last year, construction crews are now erecting walls for a new Burlington store, and Gander Mountain plans to open in Chesterfield before the end of this year. Those are just a few retail highlights in the west St. Louis County suburb

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A10 • ST. LOUIS POST-DISPATCH

LOCAL

M 1 • SUNDAY • 04.19.2015

Growth comes at expense of other centers

Laurie Skrivan • lskrivan@post-dispatch.com

George Salazar with Fenix Construction Co. sandblasts smooth the window opening in a concrete foundation wall for the Burlington Coat Factory on Thursday in Chesterfield. The Burlington apparel, furniture and accessories store is scheduled to open this fall. CHESTERFIELD • from A1

“Chesterfield Valley and Chesterfield in general are quickly becoming the second go-to node behind the St. Louis Galleria (in Richmond Heights) and Brentwood area,” said Patrick Willett, director of leasing and vice president of brokerage at Pace Properties. That growth also draws off retail sales from other retail centers in the St. Louis area, intensifying competition for consumer dollars, retailers and tax

revenue. With stagnant population growth in the region, there’s the “same number of people, just dividing the pie” into smaller pieces, said Sean Phillips, regional marketing director for Tennessee-based CBL & Associates Properties. CBL owns five St. Louis-area malls: West County Center, Chesterfield Mall, the Shoppes at St. Clair Square, South County Center and Mid Rivers Mall. The local retail scene got a jump-start when THF Realty,

co-founded by Michael Staen berg, developed the massive Chesterfield Commons in 1999. At the time, Chesterfield Valley along Highway 40 (Interstate 64) was populated mostly with corn and soybean fields. The more than mile-long stretch of retail now managed by the Staenberg Group runs the retail gamut, including a Walmart Supercenter, Target, Sam’s Club, and dozens of restaurants and retailers in smaller spaces. The Commons has 2.5 million

square feet of retail space, with a vacancy rate of less than 1 percent, and it brings in $600 million in sales annually, Staenberg said. “We have something for everybody,” he said. To add to this emerging retail corridor, two outlet malls opened in August 2013 in Chesterfield Valley, a few miles apart along Highway 40. The two malls, totaling more than 600,000 square feet of retail space, brought more than 100 stores.

One of those outlets, Sim o n P r o p e r t y G r o u p ’s 350,000-square-foot St. Louis Premium Outlets, opened fully leased and is seeking city approval for a 78,300-square-foot addition. Its more than 90 existing tenants include Calvin Klein, Kate Spade New York and Armani Outlet. Simon is not commenting on a timeline for an addition, said Brian Voyles, St. Louis Premium Outlets’ general manager. See CHESTERFIELD • Page A11

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04.19.2015 • SUNDAY • M 1

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LOCAL

ST. LOUIS POST-DISPATCH • A11 Post-Dispatch

Bustling site is attracting even more retailers

After the two outlet malls opened in Chesterfield, other malls in the region saw decreased foot traffic as some shoppers flocked to check out the newcomers. The St. Louis Outlet Mall in Hazelwood, formerly called St.

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“We are happy with the tenant mix we have here, with top retailers and brands,” Voyles said. Taubman Prestige Outlets, a rival outlet a couple of miles away with 310,000 square feet of space, has about 50 stores, including Restoration Hardware Outlet, Banana Republic Factory Store and a Polo Ralph Lauren Factory Store. “We have about five additional tenants that we’ll be announcing very shortly,” said Taubman’s general manager Colleen O’Neill. The city estimates that sales at the two outlet malls surpassed $154 million in 2014, based on Missouri sales tax data. “The outlet malls have given us a huge boost over the last couple of years,” said Libbey Malberg-Tucker, Chesterfield’s community services and economic development director. “They’ve outpaced what they estimated they’d do.” For those who expressed skepticism that the two outlet malls couldn’t coexist, they’ve been proved wrong, MalbergTucker said. The outlet malls have helped boost Chesterfield retail sales. Citywide, taxable sales rose 6.4 percent to $1.3 billion, according to data from the Missouri Department of Revenue. For St. Louis County excluding Chesterfield, taxable sales rose only 2.9 percent to $14.1 billion, while those sales in St. Charles County grew 5.6 percent to $4.8 billion. Taxable sales also include sales from some services, such as utilities and hotels. The city is part of a county pool system, through which its sales tax is combined with other municipalities’, so it doesn’t keep all of the taxes. Last year, it filed a lawsuit challenging the constitutionality of the pool system. That lawsuit is pending.

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CHESTERFIELD • FROM A10

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Post-Dispatch

“Chesterfield Valley and Chesterfield in general are quickly becoming the second go-to node behind the St. Louis Galleria and Brentwood area.” Patrick Willett, director of leasing and vice president of brokerage at Pace Properties.

Louis Mills, saw several retailers close recently, including a Gap Outlet and a Banana Republic Factory Store. But Frances Percich, the mall’s marketing director, said foot traffic is returning as the novelty of the outlet malls wear out. “We came back from that,” she said. “It wasn’t phenomenal double-digit (growth), but in 2014 we had a very good year.” Percich added that two new restaurants, including one with bowling lanes, are opening soon. CBL’s West County Center in Des Peres, about a 15-minute drive east of the Chesterfield outlets, had a 6 percent drop in its sales per square foot in 2013, falling to $448. Chesterfield Mall, which is a few miles east of Taubman, saw its sales per square foot drop 9 percent in 2013 to $273. When it released quarterly earnings last year, CBL attributed a decline in sales per square foot at its five St. Louisarea malls in 2013 to the Chesterfield outlet mall openings. Last year, the impact wasn’t as severe. West County Center’s sales per square foot regained some ground, with sales per square foot rising 2.7 percent to $460

a square foot in 2014, according to CBL’s annual report released this month. CBL’s other three malls’ sales per square foot declined in 2014, going against the national growth trend. Nationally, mall sales productivity rose 1.5 percent to $475 per square foot in 2014, according to the International Council of Shopping Centers. Sales at South County Center in south St. Louis County dropped 2.8 percent to $352 a square foot in 2014; Mid Rivers Mall in St. Peters slipped about 0.3 percent to $295 a square foot; and St. Clair Square in Fairview Heights decreased 1.3 percent to $383 a square foot. CBL didn’t disclose a sales per square foot figure for Chesterfield Mall in 2014 because the shopping center began a repositioning effort last year. That mall has been in a slump, and some worry that the outlet centers will continue to siphon customers. At 1.4 million square feet, Chesterfield Mall is the region’s largest mall, and it’s too large for retailers’ evolving needs, Phillips said. “The industry has changed,

and retailers are looking for smaller footprints,” he said. CBL is evaluating using some of the space in the mall for other uses such as more restaurants, entertainment and service businesses. This year, CBL’s local malls, including the two closest to the outlet centers — Chesterfield Mall and West County Center — are seeing a rebound in foot traffic, Phillips said. In January, CBL announced new store tenants totaling 80,000 square feet of space at its local properties. “I think there was a lot of education needed by the customer on what an outlet truly is,” Phillips said. “People needed to try it, and I think it took time for people to figure out that you don’t get the same products.” “It’s been an 18-months-long tryout, and we’ve seen improved traffic and sales since the fourth quarter of last year,” he said.

MORE COMING Construction was underway this week on more retail coming to Chesterfield on a large swath of land adjacent to St. Louis Premium Outlets. Dean Wolfe, a former May Department Stores Co. execu-

CHESTERFIELD tive, bought 137 acres of former TAXABLE In billions farmland beginning in 2007 $1.5 that he envisioned as attractive for an outlet mall. After his 1.2 company Wolfe Properties sold ground to Simon for the out.9 let mall, he turned his attention to about 70 acres next door, .6 dubbed Chesterfield Blue Valley. Visibility from the .3 thousands of drivers who cross the nearby Daniel Boone Bridge each day ’10 of ’11 ’13 is an attractive feature the ’12 SOURCE: Missouri Department of Revenue | property, Wolfe said. “We have an unobstructed view, and that was the driving force in my pursuing this,” he said. Several construction cranes were at the Blue Valley site last week, building a GasMart convenience store and a Burlington apparel, furniture and accessories store that will open this fall. Asked about selecting Chesterfield for their sixth St. Louisarea store, Burlington spokeswoman Amanda Fields cited the city’s “vibrant and growing” community. Another retailer, whose name Wolfe wouldn’t disclose, has signed a letter of intent to open another store at Blue Valley. That retailer is outdoor equipment and apparel chain Gander Mountain, according to documents filed with the city of Chesterfield’s architectural review board. Gander Mountain opened its first Missouri store in Fenton last year and plans to open at Blue Valley this fall, according to public documents. Cavender’s Boot City, which has a store in Joplin but none in the St. Louis region, also said this week that it plans to open a store at Blue Valley this fall. “We’ll have between 150,000 and 175,000 square feet under construction in 2015,” Wolfe said About 60 acres remain at the Blue Valley development for other retail, housing or office uses, Wolfe said, adding the development should be complete within three to four years. “Our timing was perfect,” he said of purchasing the Chesterfield farmland seven years ago. Lisa Brown • 314-340-8127 @lisabrownstl on Twitter lbrown@post-dispatch.com

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SUNDAY • 04.19.2015 • E

STIFEL’S DEAL MACHINE Revenue In billions $2.5

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Sterne Agee purchase is firm’s latest bid to turn turmoil into opportunity 1.0

0.5 OFF GROWING PAYS

Stifel Financial has made 23 acquisitions in the last 10 years, increasing its revenue ninefold. The deals have paid off for investors, who0have seen Stifel’s stock price rise 2004 ’06 ’08 ’10 ’12 ’14 at a compounded annual rate of more than 20 percent.

DAVID NICKLAUS St. Louis Post-Dispatch

Stifel Financial is on a shopping spree that never seems to end. The 125-year-old brokerage firm, based in downtown St. Louis, has made 23 acquisitions since 2005. The latest, of Sterne Agee Group, is the biggest yet in terms of revenue. Don’t expect Stifel to pause for long after it closes that deal this month. Ron Kruszewski, Stifel’s chief executive, made clear in an interview that he’ll continue to look at other potential

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COMPANY ACES CLICK-BAIT $60

Will new rule oust the IRA riffraff?

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Dylan Kickham spends a lot of time figuring out ways to get your attention. Like other staffers at Claytonbased Gateway Media, he goes to work each day, dreaming of the next big hit. Of going viral. Perhaps you’ve seen some of their work. Just recently, one of his coworkers came up with “20 creepy pictures of celebs next to younger

versions of themselves.” That one grabbed 13 million page views. And then there was “22 completely normal moments in Russia,” which attracted some 10 million views. Today, Kickham is working on a new idea. Or rather an idea that’s shown some promise in the past. It’s a slideshow based on abandoned cars. It was inspired by a similar article by a co-worker who was, in turn, inspired by something similar

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BY TIM BARKER St. Louis Post-Dispatch

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Gateway Media staffers gather at their Clayton office April 7 for a morning content and marketing meeting to brainstorm ideas and review recent articles. The company was spun off Answers.com last year.

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Systems rewarding advisers to sell certain products persist

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See NICKLAUS • Page E4

Friday close

Weekly closes

2004

acquisitions even as Stifel integrates Sterne’s 730 financial advisers with its own 2,000-person sales force. Kruszewski’s decade of dealmaking has reeled in large firms and small, specialty investment banking operations and broad-based retail brokerages such as Sterne Agee, which is based in Birmingham, Ala. Most had one thing in common: turmoil. KBW, a New York firm known as the banking industry’s banker, was losing money when Stifel bought it in 2012. Sterne Agee fired its chief executive, James Holbrook Jr., last May for allegedly misusing company assets. “Our general strategy is that we tend

FOR YOUR INFORMATION Gateway Media owns eight websites: Brainjet.com Suggest.com Aroundme.com Odometer.com Clipd.com Minq.com Oola.com Swifty.com

See GATEWAY • Page E3

The Labor Department has set out to purify the sometimes putrid advice people get on investments in their retirement accounts. But will the new rule proposed last week do the trick? The rule says that financial advisers have to put the clients’ interest before their own when advising on retirement plans such as IRAs and 401(k)s. That’s a change for most of them. But here’s the rub: The Labor Department lets the advice industry keep broker compensation schemes that can prompt rotten, self-serving advice, making brokers richer and clients poorer. In effect, advisers will have to take a vow of financial chastity. They would be expected to resist the temptation to steer clients toward the products and behaviors that make brokers and their bosses the fattest profit. See GALLAGHER • Page E4

High demand for wind energy is no guarantee of line’s success BY JACOB BARKER St. Louis Post-Dispatch

Developers of a cross-state transmission line say there is overwhelming demand for capacity to transmit wind power, but opposition still threatens to undermine the project. Clean Line Energy Partners, the Houston company behind construction of the 780-mile Grain Belt Express line, said it has received requests to transmit 20,600 megawatts of electricity on the line, more than 4.5 times what it can carry. Ten wind generation companies want to sell 3,300 megawatts to Missouri customers, far more than the 500 megawatts the project can deliver to the state. See WIND • Page E4

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E2 • ST. LOUIS POST-DISPATCH

M 1 • Sunday • 04.19.2015

Commentary

A banker too big to fail believes in unicorns

Embracing annuities requires new mindset

Dimon seems to say his smarts should grant a him a pass

As retirees age, emotions can overrule reason

By James Saft Reuters

By Janet Kidd Stewart Chicago Tribune

Jamie Dimon wants credit for being smart, but he also wants you to believe he’s living in a banking universe populated with unicorns. The chairman and chief executive of JPMorgan Chase & Co., in his most recent letter to investors, which was also clearly meant to be read by regulators, complains that the Fed’s stress tests “built into every bank’s results some of the insufficient and poor decisions that some banks made during the crisis.” I don’t quite know what an insufficient decision is, but Dimon seems to be implying that his track record of smart moves should qualify him, and JPMorgan, for a kind of big-kid hall pass. But this claim is undermined later in the letter when Dimon, bemoaning the lack of liquidity in financial markets he blames, rightly, on regulatory changes making it more expensive for banks to take risks, writes: “Then on one day, October 15, 2014, Treasury securities moved 40 basis points, statistically 7 to 8 standard deviations — an unprecedented move — an event that is supposed to happen only once in every 3 billion years or so.” Wow. Once every 3 billion years. What lucky people we are to be living in such a time of wonders. I want a ticket to the unicorn zoo. It is both demonstrably false and tremendously self-serving for a too-bigto-fail bank CEO to cite this kind of risk metric. Financial market movements don’t follow a normal distribution. There is a long and ugly history of risk managers making capital allocation decisions based on the hope that markets won’t bite them in the behind with a massive move, only to see it happen, and a lot more frequently than every billion years. That Dimon speaks this language indicates that, to borrow a phrase, some of the decisions may not be sufficient. Dimon goes on to say that a move of 1 in 3 billion years in a 200-year-old market should make you “question statistics.” It isn’t the statistics that are the problem, it is the way in which they are used to justify usually profitable but occasionally disastrous capital allocations. This is exactly why the Fed needs to assume poor or self-serving decisions by bank managers, no matter how they came through the last crisis.

Are we hard-wired to shun certain retirement investments? Some new research suggests so, and that has implications as the government gives the green light to annuities in 401(k)s and IRAs. In a research brief for the Center for Retirement Research at Boston College, Jeffrey Brown of the University of Illinois notes that more than half of pensioners elect to keep their monthly payout rather than convert to a lump sum, but very few 401(k) owners elect to turn their balances into annuities. This “may suggest a strong bias in favor of the pre-existing default rather than rational, well-informed decisions,” Brown wrote. He also found consumers are way off the mark when they try to value monthly benefits. Using Social Security benefits as a proxy for annuities, he found most individuals were only willing to pay a very small amount for a $100 increase in monthly benefits — an amount they could recoup in payouts in 30 months — and were only willing to give up $100 in benefits for a much higher price. “Individuals were internally inconsistent,” Brown said in an interview. In other words, the same individual would demand an unrealistically cheap price to buy in to a higher monthly benefit, but if he had a monthly benefit would demand a much higher price to convert it to a lump sum. What about legitimate concerns individuals might have about private annuities, including the risk of default of a carrier or their potential to lag behind inflation? The study didn’t factor in those concerns but aimed to demonstrate that individuals have a difficult time — and some more than others depending on their cognitive abilities — making an informed decision about annuities, Brown said. “We’ve conditioned people to think that the default is to take a lump sum and focus on wealth accumulation, but if we could make (the 401(k) market) a little more friendly to annuities, we could really move the needle” on shoring up retirees’ income picture, he said. The 401(k) mentality stressing flexibility and transparency, at times, works against our best long-term interests, said Terry Burnham, author of “Mean Markets and Lizard Brains: How to Profit from the New Science of Irrationality.” In other words, too much choice and too much information can be a bad thing, he said. So what’s a retirement saver to do? Consider these tips:

THE PRICE OF RISK There is an irony, of course, that risksuppressing measures by regulators might cause risky and sudden moves in financial markets, as appears to have been the case in October. Dimon goes on to argue that the regulatory changes put in place will have a big impact on the role banks will play in the next crisis, though even he says they make it less likely that the crisis comes from banks. Banks, he says, will all rush for the same safe assets, which due to regulatory changes (not to mention official actions) will be in shorter supply. Banks will also be less-willing to play the role of relationship bank — extending credit, rolling over loans and doing the other kinds of helpful things he says JPMorgan did last time round. And don’t count on those nasty nonbanks to lend in a pinch, because they won’t be there. In his letter, Dimon writes that “banks continued to lend at fair prices in the last crisis because of the long-term and total relationship involved. Banks knew they had to lend freely because effectively they are the ‘lender of last resort’ to their clients as the Federal Reserve is to the banks.” This isn’t so much special pleading but an attempt to make us see how letting banks take on more risk is good for us, too. But it isn’t true. The most important relationship a too-big-to-fail bank has, as Dimon’s actions show, is not the dispensable one with its clients but the iron-hooped one it has with its regulators, who are the effective guarantors of its ability to weather what storms may come. To say that banks are “lenders of last resort” to their clients is, obliquely, to acknowledge their quasi-government status. Only a central bank can be a true lender of last resort, and central banks shouldn’t be in the habit of sub-franchising to private banks, even very large and well-run ones. It isn’t fair and it isn’t healthy. The price of credit will go up, and many will be hurt by this. But the allocation of credit will, over time, improve, as banks respond to market forces. That will lead to steadier and more fairly distributed growth.

associated press

JPMorgan Chase & Co. Chairman and CEO Jamie Dimon in 2014. In his recent letter to investors, he says all banks shouldn’t be judged by the poor decision-making of some.

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The Bottom Line

Are we regularly waiving our right to sue?

Americans routinely sign away their right to sue when they apply for credit cards or cell phones. Go to stltoday.com to watch David Nicklaus and Jim Gallagher discuss why a government agency may want to end it.

Know your limits. Be aware of some of the mind games your brain can play, particularly as you age. “Economists assume we will act rationally, but in fact emotion drives most of our financial behaviors, to our detriment,” said Peter Geismar, founder of Confident Choice, a consulting firm to financial and insurance companies. “The closer we get to retirement age, the more our confidence in having enough money shifts in a negative direction,” Geismar said during a recent webinar for the Retirement Income Industry Association. “Uncertainty about the future increases, fear of bad outcomes increase, and the complexity of decisions that must be made increases.” Avoid making huge all-or-nothing bets on retirement investments at a time like this, experts advised. You can buy into annuities over time, for example, just as you may have dollar-cost averaged into investments during your working years. Frame your feelings. Be aware of the concept of framing, or the notion that the manner in which a topic is presented determines the response. A financial adviser might ask how you feel about annuities, or may ask how important it is to you to have a stream of income you can’t outlive. If you would have two very different answers to those questions, take some time to clarify your own priorities. Process, not product. Geismar counsels advisers not to leap into discussions about particular investment products before truly finding out what their clients want or need. Consumers should do the same for themselves, he said. How much of your fixed expenses would be covered by Social Security and traditional pensions? If it’s a high percentage, for example, maybe your goals for your investments should be more about flexibility than guarantees.

Business

04.19.2015 • Sunday • M 1

Mound City Money From David Nicklaus’ blog about St. Louis business. STLtoday.com/moundcitymoney Local firms get investments • Nine St. Louis companies received $7.1 million in venture capital investments in the first quarter, MoneyTree says. That compares with 12 deals and $5.5 million in last year’s first quarter. For all of 2014, 48 St. Louis companies attracted $170 million in investment. This year’s largest first-quarter deal was $2.5 million raised by Immunophotonics, which is developing a vaccine to treat cancerous tumors. Other sizeable sums included $2 million raised by TopOpps, a sales-automation software firm, and $1.8 million for BacterioScan, which is developing diagnostic instruments. (04.16) Reinsurance CEO pay rises • An abovetarget bonus and a growing pension account helped more than double the pay received last year by Reinsurance Group of America Chief Executive Greig Woodring. The

Chesterfield company’s proxy statement lists Woodring’s 2014 compensation at $9.5 million, up from $4.4 million in 2013. Woodring’s salary was $1.06 million after a 2 percent raise, and has been raised another 2 percent for 2015. His bonus paid out at 195 percent of its target value, or $2.68 million. Woodring also received $2.5 million in shares, contingent on the company’s achieving three-year goals for revenue growth and return on equity, along with $1.05 million in stock-appreciation rights.(04.13) Belden CEO pay increases • Belden Chief Executive John Stroup saw his total pay rise 10 percent last year to $6.4 million, even as reported earnings per share fell 27 percent. Stroup’s pay, disclosed Monday in a proxy statement, included a salary of $850,000, up 1.5 percent from 2013. His $1.1 million bonus was 103.5 percent of the target level. Stroup also received $2 million in performance-based shares and $1.9 million worth of stock appreciation rights, which are similar to options, and his pension increased in value by $387,080. Belden’s share price climbed 12 percent

Slideshows are built around interests

ST. LOUIS POST-DISPATCH • E3 statement, big raises were in order. Chief Executive Jeffrey Davis’ salary went up 25 percent to $483,333 last year. He’s been given a further raise to $500,000 for 2015. Because bonuses and stock grants are calculated as a multiple of salary, those sums went up too. Davis’ total compensation last year rose 36 percent to $3.0 million. Perficient’s earnings per share rose 4 percent last year but its stock price fell 20 percent. (04.14)

last year. The company, based in Clayton, makes cable and networking products. (04.14) Perficient CEO pay jumps • Perficient, a technology consulting firm based in Town and Country, decided last year that its top executives were underpaid. Because their salaries were “below the desired 50th percentile of the external market,” Perficient says in a proxy

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elsewhere. Perched in front of his laptop, he’s scrolling through thousands of online pictures showing cars in various stages of decomposition. “This is the bulk of my job, just sort of looking through Google images,” said Kickham, 24. Gateway Media operates eight websites — its most popular are Brainjet.com and Suggest.com — focused on packaging and sharing online content. In a nutshell, staffers try to figure out what people are interested in seeing, and then build slideshows and short articles to satisfy those interests. It’s “snackable” content — in the words of Gabe Douek, a St. Louis native and chief executive. Until late last year, Gateway was part of Answers.com, a St. Louis-based heavyweight in the realm of question and answer websites. Gateway was spun off after Answers was acquired in October by U.K.based private equity firm Apax Partners in a deal reportedly valued at $900 million. Following the split, Gateway has moved quickly to establish itself in the world of shared content providers. Already the company is making plans to double its space in the Clayton office tower, where it occupies a third of the 12th floor. It has 42 employees — a mix of software engineers, marketers and writers — and an eye toward growing the number of websites in its portfolio. The company expects to pull in $60 million in revenue this year. Douek’s goal is to turn Gateway into a dominant player in the world of shared content, a niche that’s grown up around the way we interact online. A decade ago, Internet users were more focused on Google and other search engines, giving rise to companies such as Answers.com, which built their content around popular searches. People are still asking questions today, but increasingly, they turn to their social networking friends for answers and entertainment. Gateway’s various sites — along with larger competitors viralnova.com, elitedaily.com and upworthy.com — use those interactions to draw traffic. “It’s become one of the more pervasive trends in digital over the past two years,” said Andrew Lipsman, vice president of marketing and insights for Internet traffic monitor comScore. Yet despite the traffic these sites generate (they can pull in 20 million or more unique visitors each month, according to comScore’s data), it’s understandable if you’ve never heard of them. One of the challenges facing the business model is that users generally find their way to these websites by way of referral — and then move on. “They can generate large audiences, but these aren’t audiences that stick around on the site,” Lipsman said. It creates a constant need to churn out new slideshows, videos and articles aimed at capturing the attention of Internet denizens. But it’s not enough to get someone to click a link taking them to Minq.com, Odometer.com or Swifty.com. They need the exponential growth that only happens when users suggest the articles to friends through their social networks, particularly Facebook, with its 1.2 billion users. “It’s not hard to produce good content,” Douek said. “It’s hard to produce content that gets shared by millions of people.”

BUZZWORDS AND MORE The quest for virality starts on Tuesday mornings when staffers gather around a

conference table arrayed with MacBooks. The room is dominated by 20-somethings clad in jeans, hoodies and T-shirts. They are, in many ways, the very demographic Gateway is chasing. Leading a recent meeting is Chad Garrison, who recently left his job as editor of the Riverfront Times to become Gateway’s director of content. His staff is broken into three squads, each with a writer, marketer and intern. During the week, each group will focus its attention on two of the company’s eight websites, producing at least eight articles. Included in the morning’s discussion is news that the company’s food-centric site, Oola.com, is up for a Webby Award, pitted against the New York Times and National Geographic. “Let’s pay special attention to that this week,” Garrison says, as they talk about ways to spread the word through their own networks of friends — the winner will be decided by popular vote. The short meeting also includes a bit of brainstorming and a postmortem on articles that did well the previous week, as well some that didn’t. Garrison is particularly interested in analyzing why a seemingly timely feature “21 fascinating ‘Mad Men’ facts to prepare you for the final episodes” failed to gain traction. “That was a good post,” Garrison said. “The problem was we launched it on Friday.” As in two days before the premiere of the second half of the hit show’s final season. A better strategy, he suggests, would have been to publish the article earlier. It’s a swing and miss illustrating the challenge faced by Garrison and his staffers. They know what people are interested in and what they’re talking about. They see it on sites such as Reddit and Buzzsumo, which offer real-time snapshots of what’s trending on social networks. “That’s where analytics come in,” said Scott Steinberg, a St. Louis-based technology consultant with TechSavvy. “You can see what people are searching for, and you work backwards. It’s almost like the story has pre-written itself.” And yet there are no guarantees that any article will touch a collective public nerve. Particularly not when there are droves competing for the Internet spotlight. “It’s still a challenge to figure it out,” said Kickham, who’s been with Gateway for a little over a year. That’s not to say that there aren’t some tricks to the trade. Part of the job is finding buzzwords and other devices that can snag the attention of Web surfers. It’s long been known, for example, that lists are hard to resist. Someone claims to have photos of the 19 scariest places on Earth, and you almost have to take a peek. But there’s more. Things in parentheses work (like, really well). As do buzzwords such as “hacks” and “ever.” “‘Creepy’ is big right now,” said Kickham, who joined Gateway shortly after graduating from Notre Dame. For the St. Louis native, this is a far cry from the future he once envisioned. There was a time when he dreamed of working for a magazine such as Rolling Stone. This job — with its need for a quick production pace — is about as far from magazine writing as you can get. Not that he cares. “The main thing I wanted to do with magazines was to write about pop culture,” he said. “So I still get to do that.” Tim Barker • 314-340-8350 @tbarker13 on Twitter tbarker@post-dispatch.com

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BUSINESS

E4 • ST. LOUIS POST-DISPATCH

THE WEEK IN REVIEW Bloomberg St. Louis last week

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Stifel CEO says deals won’t stop soon Rep. Wagner calls NICKLAUS • FROM E1

to merge with companies that maybe are struggling, to use a polite word,” Kruszewski said. “We tend to be contrarians, and Sterne fit that description ideally.” Stifel has shown a knack for buying companies that, although troubled, can be turned around quickly. And Stifel investors have reason to hope that the buying spree continues: The stock price has quintupled since the end of 2004. “Stifel has had an incredible run,” says Michael Wong, an analyst at Morningstar. “There are very few other companies that have done as well with acquisitions.” Kruszewski says the growth is about relevance, not size. When he became CEO in 1997, Stifel was little known outside the Midwest. By last year, it ranked No. 1 in some industry categories, such as equity underwriting for deals of under $500 million. It’s also

the nation’s biggest underwriter of school district bonds. Stifel actually has tried to slow its growth recently because it’s approaching $10 billion in assets, a size at which bank holding companies receive more scrutiny from regulators. Kruszewski says he’s prepared for that, and expects to hit the $10 billion mark later this year. After that, Wong expects the firm’s growth to accelerate. “If anything inKruszewski teresting comes up, they’ll be ready,” he said. “Once they pass the $10 billion threshold, there’s probably nothing holding them back.” Stifel’s growth has created jobs in St. Louis. It employs 1,273 people in the metro area, up from 500 in 2004. Stifel does face new obstacles. Wong says investment banking firms are very profitable right now, which

may make it difficult for Kruszewski to find bargains. Meanwhile, a Labor Department proposal to impose a fiduciary standard on retirement accounts could force firms such as Stifel to reduce their reliance on brokerage commissions. Kruszewski opposes the new rule, calling it “a threat to investor choice,” but he predicts that “the industry will figure it out” if it goes into effect. Wong believes a fiduciary rule could be a challenge to Stifel, but that it also might have a silver lining. “To the extent it affects smaller players with less capability to adapt, that would present another opportunity to do roll-up acquisitions,” he said. As Stifel has shown time and again, acquisitions are something it does very well. David Nicklaus • 314-340-8213 @dnickbiz on Twitter dnicklaus@post-dispatch.com

Clean Line faces hurdles to win approval WIND • FROM E1

CLEAN LINE ENERGY PROJECTS

The company disclosed the amounts in late March as part of an open process to sign up customers required by the Federal Energy Regulatory Commission. Despite the apparent demand, Clean Line still faces hurdles to winning approval for its route across Missouri: • The Missouri Public Service Commission must sign off on the route. Clean Line hopes the PSC will decide this summer. • Four of the eight county commissions along the line’s route through Missouri have rescinded their approval of the project. • And a bill in the Missouri House could keep transmission developers like Clean Line from building in the state. Missouri’s response to the project could set a precedent as more companies look to transmit wind energy from the sparsely populated Great Plains to the country’s big cities. Grain Belt is crossing Missouri en route to the Illinois-Indiana border, and the other states on the route have all granted approval to a Clean Line project (Illinois just received the Grain Belt application this month, but it has already approved another Clean Line project). Opponents of the project acknowledge Grain Belt probably won’t be the last company that seeks to run wires through the state’s rural farmland to connect wind power to the electric grid. With the amount of electricity wind generators want to wire through Grain Belt, it certainly looks like there could be similar projects coming through Missouri in future years. “We never really thought that the supply would be the challenge to the project,” Mark Lawlor, Clean Line’s director of development, said in a phone interview. Indeed, the U.S. Department of Energy projects big investments from wind developers. Already, wind is projected to serve about 7 percent of U.S. electricity demand by next year and rise to 25 percent over the next 35 years. But many landowners along the route in Missouri and Illinois are opposed to the project. If the PSC signs off on it, Clean Line would be given the same power as utilities and could use eminent domain if it can’t reach agreements for easements. “There’s a saying here in the country that their name is mud, and Clean Line’s name is very dirty in all the impacted counties,” said Jennifer Gatrel, a Caldwell County landowner who heads a group dubbed Block Grain Belt Express Missouri. She pointed to disclosures the company submitted to the PSC last week saying it had only reached easement agreements with the owners of 45 tracts of property, though it passes through hundreds in the state. “They are very strongly working with people trying to get easements signed,” Gatrel said. “And the fact that they were not able to do so is indicative that people will not voluntarily do business with them.” Clean Line is not pursuing agreements yet, Lawlor said, and only very eager landowners have signed up thus far. A more concerted effort will start if and when the PSC grants approval to its route. That effort will include convincing commissioners who rescinded their approval of the project to get on board again. Lawlor said the company was “con-

Houston-based Clean Line Energy is working to permit three transmission lines that it says will be used to take wind power from the heartland to population centers farther east. In Missouri, up to 500 megawatts of wind would be pumped into the grid if regulators approve the project. Rock Island

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fident” it would work out any issues with the county commissions, arguing county siting approval is an administrative function that must be granted if certain conditions are met. “It’s not a political decision that the counties get to use as sort of a veto over infrastructure,” he said. “I think they all know that, and they realize that.” A push in the Missouri Legislature could also derail the effort. Rep. Jim Hansen, R-Frankford, sponsored a bill to keep merchant transmission developers such as Clean Line from using eminent domain in the state. At issue is Clean Line’s relatively novel business model — it assumes all the risk for signing up customers, unlike a more typical transmission development chosen by a regional grid operator. Typical transmission projects go through an extensive planning process and are chosen by grid operators. If chosen, their developers are repaid by increasing electricity rates on customers deemed to benefit. Hansen’s bill would require transmission developers to go through that process. “This utility company is basically operating outside of the processes that we have in the state,” Hansen said. But Grain Belt is crossing multiple grid operators and multiple states, and experts say the grid managers haven’t perfected their process for evaluating interregional projects. In Missouri alone, there are three different electric grid managers that operate different parts of the state: one in Kansas City Power and Light’s territory, one in Ameren’s territory, and one for everyone else. For a line that crossed all three and wanted ratepayer reimbursement, each would have to agree the project was necessary and haggle over how much customers in each territory should pay to reimburse the developer. That kind of coordination is dif-

St. Louis

ficult, Clean Line says, which is why it’s assuming all the risk and selling space to power generators directly. “Missouri’s stuck in the middle of three of these systems, which is a very inefficient process of looking at the state as a whole,” Lawlor said. “This bill would wipe out merchant transmission lines in a state that probably makes the strongest case for merchant transmission lines.” Hansen’s bill faces a steep climb to pass before the session ends next month. However, Gatrel and Hansen both said they would push for passage next session, and they count the powerful Missouri Farm Bureau as an ally. “I guarantee there will be another one (cross-state transmission project) after this,” Hansen said. “Whether we get this on the books this year or next year, I don’t think this issue is going to go away.” Grain Belt, meanwhile, says it has the support of the Missouri Chamber of Commerce and large employers like Hubbell Power systems in Centralia and ABB Inc.’s St. Louis plant, which will supply millions of dollars in material for the project. The Columbia, Mo., City Council recently endorsed the line after a recommendation by its city-owned utility board. The city has its own renewable energy target, and it hopes to buy some of the newly transmitted wind power. There are few options available for wind developers in Kansas to get their electricity to market, Lawlor said, and they’re waiting on projects like Grain Belt. Grain Belt Express “absolutely is critical to the future of the industry, particularly in the middle part of the country,” he said. The bill is HB1027. Jacob Barker • 314-340-8291 @jacobbarker on Twitter jbarker@post-dispatch.com

rules an assault on local advisers GALLAGHER • FROM E1

But those devilish lures would still be out there, tugging advisers toward the dark side. Today’s compensation schemes have nasty consequences, according to a report issued by the administration of President Barack Obama in February. It found that rotten advice from conflicted advisers costs savers 1 percent of their retirement savings, or $17 billion a year. The investment industry disputed that report. Most brokers already give good advice. They build practices by pleasing customers and getting referrals. But some succumb to pressure to produce revenue for their firms, and big paychecks for themselves. Retirement plans are fat targets. About $1.7 trillion of IRA assets are invested in products that generate conflicts of interest, says the Obama administration. Most of that money was transferred from 401(k) plans — often at the urging of brokers who claim they can manage it better — for a nice fee, of course. Some tales are egregious. Professor Rob Weagley, who teaches future financial advisers at the University of Missouri, recalls trying to clean up the mess left by an adviser who sold a 92-year-old woman a $200,000 lifetime annuity — which pays high commissions to the salesman. The annuity promised income until she died — which she did two years later — leaving her heirs poorer. “There are a lot of scoundrels out there,” says Weagley, who chairs Mizzou’s financial planning program. The Labor Department would let financial firms keep commission systems that reward the adviser for selling more of one kind of product than another, or persuading investors to buy and sell frequently, which is not a good idea. The government won’t ban the “revenue sharing” (read kickback) system in which mutual fund companies pay brokerage firms for putting lots of client money into their funds. Brokerages can still talk up their house-brand mutual funds, even though other funds might have better records. They can keep selling clients bonds out of their firm’s own portfolios, even though the firms make money by selling bonds at high prices. (They would have to hunt up two comparable prices in the open market to justify their charge to clients.) All those conflicts of interest are just dandy if the broker ignores them and acts only in the interest of the client, according to Labor Department reasoning. The compensation would have to be disclosed to the client, but that doesn’t mean it’ll be understood. So, faced with a new edict from Washington, will brokers really resist temptation? For the shady brokers, the answer will depend on their fear of lawyers. The rule change “will definitely be helpful,” says one of those lawyers. Richard Fosher, of Oakes and Fosher in Brentwood, represents investors in arbitration cases against brokers accused of cheating. “It will be crystal clear that the broker does have a fiduciary obligation to the client,” he said. That makes it easier to win judgments against brokers and brokerages, and the new rule allows class action cases. The rule would change a basic premise under which many brokers operate when advising people on retirement savings. Most now operate on a “suitability standard.” They don’t have to pick the best investment for the customer, just one that’s suitable. For instance, an adviser can’t put a retiree’s life savings in a couple of high-risk stocks. But the adviser can put that client into mediocre mutual funds that reward the brokerage well, when other funds would be best for the client. The new rule gives brokers a “fiduciary” duty to put the client’s interest first. The rule applies only to advice for retirement plans, such as IRAs and 401(k)s. Brokers handling other accounts would continue to work under a suitability standard. The Securities and Exchange Commission is considering imposing a fiduciary standard on all brokers. To further confuse things, a class of adviser called “registered investment advisers” already use a fiduciary standard. The Labor Department proposed tougher rules in 2010 but retreated in the face of howls from the financial services industry. The industry claimed that restrictions on commissions and other compensation schemes would make it unprofitable to advise customers who don’t have a lot of money. Well-off customers often pay the broker a percentage of their assets, rather than trade-by-trade commissions. U.S. Rep. Ann Wagner, R-Ballwin, took up that argument last week. The new rule “potentially harms the very people that it claims to protect: lowand moderate-income Americans seeking advice for investing for their retirement,” she said. “This ill-advised, top-down assault on local financial advisers and broker-dealers is typical of President Obama and Sen. Elizabeth Warren,” she said. Weagley notes that some brokerages charge a flat fee for a financial plan for people who aren’t welloff. They’re also rolling out cheap “robo-advisers,” computer programs that issue investment advice after customers plug in their information. And the new rule, which will take effect after a 75-day comment period and hearing, still allows commissions. Wall Street has been fairly silent since the new rule appeared on Monday. SIFMA, Wall Street’s main trade group, said it was looking at the proposal. “We want to ensure it protects investor choice and doesn’t unnecessarily reduce access to education or raise costs, particularly for low- and middle-income savers,” the organization said. Jim Gallagher • 314-340-8390 jgallagher@post-dispatch.com

Market watch

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d Ap 17 ST. LOUIS POST-DISPATCH • 2015 E5

Track sTocks and Thenews laTesT news • com sTlToday.com/business Track your your stocks and get the geT Latest • Stltoday /business .com 15 best larGe-caP stocKs W

M Netflix Inc Celanese Corp Freeport McMoRan EnCana Corp Sthwstn Energy Antero Resources Mattel Inc Range Resources Philip Morris Intl Crescent Point Engy Incyte Corp Mobileye NV Cenovus Energy Pembina Pipeline Turquoise Hill Res

NFLX CE FCX ECA SWN AR MAT RRC PM CPG INCY MBLY CVE PBA TRQ

... 1.00 .20m .28 ... .68 1.52 .16 4.00 2.76 ... ... 1.06 1.74 ...

... 1.5 1.0 2.1 ... 1.6 5.7 .3 4.7 ... ... ... ... ... ...

15 best Mid-caP stocKs

cc 568.75 299.50 16 66.35 49.42 dd 39.32 16.43 10 24.83 10.53 12 49.16 21.46 41 67.92 33.25 20 40.00 22.32 24 95.41 43.88 18 91.63 75.27 22 44.84 18.38 dd 103.74 40.30 ... 60.28 31.11 22 32.64 16.11 33 48.89 29.88 cc 4.16 2.65

571.55 116.98 67.18 8.26 20.67 2.42 13.05 1.47 27.16 2.90 41.47 4.12 26.75 2.52 60.73 5.48 85.26 7.36 26.51 2.06 101.66 7.85 46.28 3.32 18.85 1.24 34.52 1.99 4.02 0.23

25.7 14.0 13.3 12.7 12.0 11.0 10.4 9.9 9.4 8.4 8.4 7.7 7.0 6.1 6.1

33.4 19.6 12.3 17.6 20.2 15.1 11.4 23.1 7.3 16.3 6.4 6.7 12.7 6.4 34.4

|997652 69.6 |61 3.7 |9651 -33.9 |9821 -43.0 |98521 -44.8 |9641 -33.0 |9321 -29.3 |9631 -32.6 |6421 4.8 |87653 -27.2 |999986521 133.7 | 0.0 |963 -32.5 |65321 -6.2 |76 10.7

Builders FirstSource Penn West Petrol Ziopharm Oncology Sage Therapeutics Yandex NV Sturm Ruger Eclipse Resources California Resources BreitBurn Energy Kite Pharma Anglogold Ashanti Seadrill Ltd Clovis Oncology Inc Anacor Pharma Linn Energy LLC

BLDR PWE ZIOP SAGE YNDX RGR ECR CRC BBEP KITE AU SDRL CLVS ANAC LINE

... .04m ... ... ... 1.25e ... .04 .50m ... ... ... ... ... 1.25

10 worst larGe-caP stocKs W

M ServiceNow Inc Wynn Resorts Ltd Las Vegas Sands Time Warner Cable Kroger Co PVH Corp Darden Rest Prec Castparts ASML Holding NV Walgreen Boots Alli

NOW ... WYNN 6.00a LVS 2.60f TWC 3.00 KR .74 PVH .15 DRI 2.20 PCP .12 ASML .81e WBA 1.35

... 4.8 4.7 2.0 1.0 .1 3.4 .1 .9 1.6

dd 18 16 21 21 20 50 16 ... 34

87 ... dd ... ... 29 ... ... 3 ... ... 1 dd dd 21

14.05 10.19 14.40 62.46 35.90 69.19 27.18 9.71 23.15 89.21 18.69 40.44 94.88 68.08 32.74

W 4.85 1.30 2.31 24.25 13.90 33.60 5.08 3.75 4.55 21.00 7.45 8.58 35.33 13.19 9.05

12.99 2.44 11.92 59.92 20.59 54.46 6.43 9.48 6.28 65.06 11.41 12.00 86.15 68.16 12.92

6.09 0.44 1.79 8.51 2.75 6.68 0.74 1.07 0.68 6.72 1.17 1.23 8.75 6.75 1.26

88.3 22.0 17.6 16.6 15.4 14.0 13.0 12.7 12.1 11.5 11.4 11.4 11.3 11.0 10.8

106.8 61.6 -14.2 12.3 40.7 7.8 6.5 28.3 4.5 -9.5 16.0 22.1 10.1 25.7 14.9

|86542 62.1 |8743 -68.3 |9987654 253.6 | 0.0 |743 -25.6 |641 -13.8 | 0.0 | 0.0 |8653 -60.1 | 0.0 |7641 -35.3 |86421 -57.0 |86541 61.8 |999876543 340.3 |842 -46.3

TCP Intl Hldgs Resolute Energy Molycorp Inc InVivo Therapeutics Travelzoo Inc Vantage Drilling Identive Inc Paragon Offshore MediciNova Inc Gulf Resources Inc Shake Shack Audience Inc ARC Group Wwde Synta Pharm Carbo Ceramics Inc

TCPI ... ... REN ... ... MCP ... ... NVIV ... ... TZOO ... ... VTG ... ... INVE ... ... PGN .50 25.3 MNOV ... ... GURE ... ... SHAK ... ... ADNC ... ... ARCW ... ... SNTA ... ... CRR .40m 1.0

M HeartWare Intl Core-Mark Holding Co Coupons.com Inc North Star Asst Mgmt IRSA Inv Rep PRA Health Sciences Haemonetics Lannett Co Fresh Market Inc Wellcare Hlth Plans

HTWR ... CORE .52 COUP ... NSAM .40 IRS .12e PRAH ... HAE ... LCI ... TFM ... WCG ...

... .9 ... 2.0 .7 ... ... ... ... ...

dd 30 dd ... ... ... 72 19 24 57

97.60 71.51 32.67 24.91 21.50 31.99 45.43 72.44 42.12 95.09

W 69.05 37.64 9.24 16.01 12.14 18.47 29.86 29.12 28.60 55.43

... 11.40 9 8.98 dd 5.15 ... 16.89 23 20.51 3 2.02 dd 21.31 ... 17.50 dd 5.90 5 2.86 cc 62.75 dd 13.11 ... 25.00 dd 4.97 16 156.00

W 1.76 .55 .28 1.88 8.45 .29 6.12 1.05 1.66 1.00 38.63 3.17 5.00 1.85 27.97

4.03 1.36 0.80 16.38 12.99 0.45 12.01 1.98 4.45 2.52 61.67 5.97 7.54 2.93 38.98

1.49 0.47 0.27 4.78 3.42 0.12 2.88 0.44 0.98 0.49 11.88 1.15 1.43 0.54 7.04

58.7 53.0 51.1 41.2 35.7 35.1 31.5 28.6 28.2 24.1 23.9 23.9 23.4 22.6 22.0

71.5 112.5 122.5 0.0 31.6 35.1 28.4 47.8 26.1 65.8 31.4 21.8 7.6 18.1 21.6

| 0.0 |997 -82.3 |9974 -83.5 | 0.0 |87421 -29.0 |98765421 -72.5 |95432 40.9 | 0.0 |99998432 166.7 |763 14.4 | 0.0 |9753 -48.6 |9841 -56.2 |864321 -25.0 |9876421 -70.2

10 worst sMall-caP stocKs

10 worst Mid-caP stocKs

73.29 -9.05 -11.0 -7.7 |99995432 55.5 125.50 -10.52 -7.7 -3.4 |998521 -34.7 55.16 -4.13 -7.0 -1.6 |987 -23.6 149.61 -11.20 -7.0 -5.2 |9765 19.4 71.84 -5.23 -6.8 -6.5 |9999876542 67.1 103.74 -6.64 -6.0 1.3 |87654 -13.1 64.94 -3.84 -5.6 -2.7 |9987652 39.7 201.15 -11.85 -5.6 -4.3 |976432 -19.3 94.50 -5.52 -5.5 -14.2 |96541 16.5 86.96 -5.06 -5.5 -1.4 9 | 9873 37.3

83.52 44.17 222.33 121.53 81.25 49.82 161.14 128.78 77.74 43.79 133.89 93.80 70.38 43.56 275.09 186.17 111.40 79.66 93.42 57.75

... ... ... ... ... 2.3 ... .4 8.0 ... ... ... ... ... 9.7

15 best sMall-caP stocKs

80.41 -14.06 -14.9 -6.5 |53 -1.7 55.62 -8.97 -13.9 -14.7 |9965432 47.9 12.41 -1.59 -11.4 8.7 |98521 -33.6 20.21 -2.03 -9.1 -16.3 | 0.0 17.86 -1.77 -9.0 -14.1 9 | 965421 47.6 27.58 -2.69 -8.9 -7.0 | 0.0 40.83 -3.93 -8.8 -7.8 9 | 6321 24.6 64.89 -6.26 -8.8 -5.4 9 | 999875432 103.9 37.92 -3.55 -8.6 -7.7 8 | 51 12.1 82.59 -7.61 -8.4 -11.9 9 | 8532 33.9

Athersys Inc Pfenex Inc Akebia Therapeutics Ocwen Financial Capricor Therap Pernix Therapeutics Bio-Path Holdings Flexion Therapeutics Altisource Ptfl Sol Systemax Inc

ATHX PFNX AKBA OCN CAPR PTX BPTH FLXN ASPS SYX

... ... ... ... ... ... ... ... ... ...

dd 3.43 ... 19.95 dd 31.00 dd 40.44 dd 10.68 dd 12.88 dd 3.62 dd 30.37 3 126.14 dd 18.86

1.08 5.28 8.47 5.66 3.05 4.07 1.45 11.06 12.28 10.17

1.40 15.12 8.31 7.70 6.57 8.35 1.44 19.23 17.39 10.32

-1.63 -3.86 -2.10 -1.85 -1.43 -1.74 -0.29 -3.80 -3.14 -1.59

-53.8 -20.3 -20.2 -19.4 -17.9 -17.2 -16.8 -16.5 -15.3 -13.4

-56.3 2.6 -33.3 -9.6 -31.9 -19.7 -18.6 -32.1 30.5 -21.7

.24 .92f 2.16 .52 2.80f 2.68 .92 5.60f .52 2.56 2.12 2.10 .24

33 18 10 33 23 31 33 42 33 21 20 20 25 12 24 22 76 29 23 15 37 59 13 18 24 15 33 21 dd cc 18 13 22 20 28 22 45 21 19 14 22 33 dd 10 52 8 11 13 90 19 29 17 14 17 20 22 22 25 31

|8764321 -17.1 | 0.0 |999843 -64.9 |9999762 -80.2 |732 5.0 |999995321 93.1 |997432 -42.2 |9975321 42.8 |99998632 -85.0 |976542 -27.0

Note: Stocks classified by market capitalization, the product of the current stock price and total shares outstanding. Ranges are $100 million to $1 billion (small); $1 billion to $8 billion (mid); greater than $8 billion (large).

s&P 500 How to read tHe tab e D m w w N D

m w

ootNote

M D m

m %

w m

m m

m m D

w W w W

N w

m m

m %

m W

ACE Ltd 2.60e 11 117.89 98.82 110.14 -1.76 -1.6 ADT Corp .84 23 42.88 28.85 40.63 -1.28 -3.1 AES Corp .40f 15 15.65 11.53 13.16 -.04 -.3 AFLAC 1.56 10 65.10 54.99 63.98 -.54 -.8 AGL Res 2.04f 11 57.75 46.50 49.70 -1.02 -2.0 AT&T Inc 1.88 27 37.48 32.07 32.51 -.26 -.8 AbbottLab .96 31 47.88 37.11 46.25 -.66 -1.4 AbbVie 2.04f 57 70.76 46.21 62.29 +.80 +1.3 Accenture 2.04e 20 96.78 73.98 92.39 -2.30 -2.4 Actavis cc 317.72 184.71 297.05 +2.26 +.8 AdobeSy cc 80.30 57.15 73.15 -3.38 -4.4 Aetna 1.00 19 109.90 66.85 107.72 -.19 -.2 AffilMgrs 25 221.46 174.43 218.02 +.32 +.1 Agilent .40 38 43.59 35.61 42.98 -.57 -1.3 AirProd 3.24f 31 158.20 114.28 149.85 -2.07 -1.4 Airgas 2.40f 21 119.00 101.36 104.74 -1.83 -1.7 AkamaiT 39 73.53 50.52 71.90 +.45 +.6 Alcoa .12 21 17.75 12.50 13.46 +.31 +2.4 Alexion 56 203.30 136.37 181.34 -1.34 -.7 AllegTch .72 90 46.32 27.12 29.84 -.33 -1.1 Allegion .40 ... 62.16 43.81 59.10 -2.14 -3.5 AlliData 26 307.98 230.54 294.67 -6.15 -2.0 Allstate 1.20f 12 72.87 54.81 70.87 -1.16 -1.6 AlteraCp lf .72 34 45.38 30.47 44.02 -.50 -1.1 Altria 2.08 20 56.70 37.74 51.75 -.76 -1.4 Amazon dd 389.37 284.00 375.56 -7.09 -1.9 Ameren 1.64 17 48.14 36.65 41.13 -.99 -2.4 AmAirlines .40 12 56.20 28.10 48.19 +.46 +1.0 AEP 2.12 17 65.38 49.06 55.73 -.66 -1.2 AmExp 1.04 14 96.24 77.12 77.32 -2.27 -2.9 AmIntlGrp .50 10 58.73 48.56 57.43 +.84 +1.5 AmTower 1.68f 48 106.31 80.61 96.10 +1.03 +1.1 Ameriprise 2.32 15 138.26 100.94 129.19 +4.66 +3.7 AmeriBrgn 1.16 cc 115.88 62.55 112.61 -2.74 -2.4 Ametek .36 21 54.50 45.12 51.71 -1.81 -3.4 Amgen 3.16 24 173.14 108.20 163.58 +.20 +.1 Amphenol s .50 26 60.54 45.15 57.96 -1.58 -2.7 Anadarko 1.08 dd 113.51 71.00 93.68 +3.58 +4.0 AnalogDev 1.60f 26 64.95 42.57 63.42 -.82 -1.3 Anthem 2.50f 17 160.64 90.75 152.48 -1.44 -.9 Aon plc 1.20f 23 107.08 78.26 96.17 -2.08 -2.1 Apache 1.00 dd 104.57 54.34 70.38 +2.54 +3.7 AptInv 1.12f 18 41.55 28.95 37.46 -.37 -1.0 Apple Inc s 1.88 17 133.60 73.05 124.75 -2.35 -1.8 ApldMatl .40 22 25.71 18.27 21.49 -1.01 -4.5 ArchDan 1.12f 15 53.91 41.63 48.28 +.32 +.7 Assurant 1.08 10 69.94 59.82 60.92 -.87 -1.4 AutoNatn 18 65.67 46.16 63.52 -1.94 -3.0 Autodesk cc 65.00 45.22 60.35 -2.39 -3.8 AutoData 1.96 28 90.23 64.37 83.53 -2.81 -3.3 AutoZone 20 704.45 491.93 683.43 -18.30 -2.6 AvagoTch 1.52f cc 136.28 57.27 121.85 -4.97 -3.9 AvalonBay 5.00f 32 181.69 132.07 168.31 AveryD 1.40 20 54.74 40.58 51.07 -2.97 -5.5 BB&T Cp .96 14 40.21 34.50 38.52 -.52 -1.3 BakrHu .68 16 75.64 47.51 66.98 +.44 +.7 BallCorp .52 21 77.20 53.61 71.80 -.62 -.9 BkofAm .20 23 18.21 14.37 15.56 -.16 -1.0 BkNYMel .68 15 41.79 32.68 40.50 -.36 -.9 Bard .88 45 180.35 132.81 171.06 +.58 +.3 Baxter 2.08 15 77.31 65.95 69.91 -.66 -.9

BectDck BedBath BerkH B BestBuy Biogen BlackRock BlockHR Boeing BorgWarn BostProp BostonSci BrMySq Broadcom BrownFB CA Inc CBRE Grp CBS B CF Inds CH Robins CME Grp CMS Eng CSX CVS Health CblvsnNY CabotO&G Cameron CampSp CapOne CardnlHlth CarMax Carnival Caterpillar Celgene s CenterPnt CntryLink Cerner ChesEng Chevron Chipotle Chubb Cigna Cimarex CinnFin Cintas Cisco Citigroup CitrixSys Clorox Coach CocaCola CocaCE CognizTch ColgPalm Comcast Comerica CompSci ConAgra ConocoPhil ConsolEngy ConEd ConstellA

2.40 24 14 17 .92f 10 34 8.72f 19 .80 13 3.64f 20 .52 20 2.60a 48 97 1.48 54 .56f 40 1.26 29 1.00 18 25 .60 20 6.00 11 1.52 22 2.00f 27 1.16 19 .72f 17 1.40 25 .60 16 .08 33 13 1.25 19 1.20 11 1.37 26 26 1.00 29 2.80 14 47 .99f 15 2.16 26 48 .35 8 4.28 11 48 2.28f 12 .04 17 .64 23 1.84f 17 .85f 22 .84f 17 .04 21 43 2.96 28 1.35 20 1.32f 25 1.12f 17 25 1.52f 29 1.00f 18 .80 15 .92 15 1.00 cc 2.92 12 .25 44 2.60 16 1.24 28

149.98 79.64 152.94 42.00 480.18 382.84 35.80 158.83 67.49 146.07 18.24 69.20 46.31 97.97 33.42 39.34 65.24 314.43 77.49 100.61 38.66 37.99 105.46 21.97 39.46 74.89 48.31 85.39 91.59 75.40 49.21 111.46 129.06 25.75 45.67 75.72 31.49 135.10 727.97 105.30 135.00 150.71 55.35 88.23 30.31 56.95 72.89 112.70 50.60 45.00 50.00 64.69 71.56 60.70 52.72 73.29 38.41 87.09 48.30 72.25 121.92

111.07 54.96 121.10 23.87 272.02 293.39 26.99 116.32 48.40 112.75 11.10 46.30 28.86 81.89 25.25 25.84 48.83 232.40 54.78 66.44 27.90 27.14 72.38 15.92 26.01 39.52 41.15 72.63 63.06 42.54 33.11 78.19 66.85 20.23 33.41 48.39 13.38 98.88 472.41 86.40 73.47 91.74 45.09 55.65 22.43 46.08 53.86 86.03 32.72 38.40 39.05 41.51 62.53 47.74 40.09 54.23 28.60 60.57 26.11 53.61 76.26

141.53 71.46 140.70 36.46 419.44 365.40 31.23 149.60 60.72 136.60 18.40 65.35 43.59 92.51 31.20 38.42 60.68 291.23 68.57 89.91 34.50 33.30 100.39 18.26 32.87 49.78 46.19 82.00 89.55 70.61 47.01 83.28 113.47 20.90 34.68 71.81 15.45 109.11 683.95 100.33 131.13 128.20 52.56 81.38 27.92 53.07 64.02 109.26 42.40 40.30 45.09 60.70 69.28 58.42 46.00 65.60 37.30 67.69 31.14 60.94 115.98

-1.68 -1.97 -2.80 -2.12 -6.21 -4.05 -.56 -4.78 -.59 -.98 +.30 +.71 -.64 -1.09 -.35 -.09 -.92 +6.71 -3.49 -2.36 -.34 -.45 -2.15 -.05 +1.87 +1.60 +.37 +1.39 -.97 -2.58 -1.32 +1.38 -3.60 +.14 -1.14 -3.19 +.61 +2.20 +.93 -.18 -2.18 +3.19 -.96 -.95 -.13 +.64 +.22 -1.41 -.63 -.58 -.63 -2.10 -.33 -1.39 +.40 -.25 -.55 +1.16 +2.43 +.08 -5.72

-1.2 -2.7 -2.0 -5.5 -1.5 -1.1 -1.8 -3.1 -1.0 -.7 +1.7 +1.1 -1.4 -1.2 -1.1 -.2 -1.5 +2.4 -4.8 -2.6 -1.0 -1.3 -2.1 -.3 +6.0 +3.3 +.8 +1.7 -1.1 -3.5 -2.7 +1.7 -3.1 +.7 -3.2 -4.3 +4.1 +2.1 +.1 -.2 -1.6 +2.6 -1.8 -1.1 -.4 +1.2 +.3 -1.3 -1.5 -1.4 -1.4 -3.3 -.5 -2.3 +.9 -.4 -1.5 +1.7 +8.5 +.1 -4.7

Mutual funds How to read tHe tables Friday value: Price at which shares can be sold. Year-to-date return: Figures don’t reflect sales charges and assume reinvestment of dividends. Three-year and five-year annualized return: Figures don’t reflect sales charges and assume reinvestment of dividends. Objective: Fund’s investment category. 1-yr Rank: On a 1-to-5 scale, with 1 meaning the fund ranks in the top 20% of its category. FUNd objectives: BALANCED TA - Target-Date 20002014 TD - Target-Date 2011-2015 TE - Target-Date 20162020 TG - Target-Date 2021-2025 TH - Target-Date 20262030 TI - Target-Date 20312035 TJ - Target-Date 20362040 TK - Target-Date 20412045 TL - Target-Date 2050+ MA - Moderate AlNAME

FRI NAV

AB GrandIncA m 5.58 AMG YacktmanSvc d 24.37 YkmFcsSvc d 25.24 AQR MaFtStrI 11.54 AllianzGI NFJAllCpVaA m 16.97 American Beacon LgCpVlIs 29.81 American Century EqIncInv 8.75 HeritA m 24.12 IntlGrA m 12.82 InvGrInv 29.84 SelectA m 58.36 UltraInv 36.34 American Funds AMCAPA m 29.20 AmBalA m 24.96 BondA m 13.02 CapIncBuA m 60.93 CapWldBdA m 19.85 CpWldGrIA m 48.28 EurPacGrA m 51.12 FnInvA m 52.83 GrthAmA m 44.69 HiIncA m 10.91 IncAmerA m 21.88 IntBdAmA m 13.68 InvCoAmA m 37.50 MutualA m 37.32 NewEconA m 38.95 NewPerspA m 38.50 NwWrldA m 56.62 SmCpWldA m 49.13 TaxEBdAmA m 13.14 WAMutInvA m 41.08 Artisan IntSmCpIv d 25.76 Intl d 31.41 IntlVal d 36.01 MdCpVal 25.48 MidCap 47.56 SmCap 30.94 SmCapVal 14.03 BBH CoreSelN d 22.65 Baird CrPlBInst 11.33 BlackRock Engy&ResA m 13.72 EqDivA m 24.72 EqDivI 24.77 GlobAlcA m 20.64 GlobAlcC m 18.93 GlobAlcI 20.76 HiYldBdIs 8.01 StIncInvA m 10.20 StrIncIns 10.20 CGM Realty 33.38 Causeway IntlVlIns d 15.93 Cohen & Steers Realty 77.68 Columbia 44.97 AcornIntZ AcornZ 33.23

location CA - Conservative Allocation RI - Retirement Income IH - World Allocation CV - Convertibles DOMEsTIC EquITY LG - Large Growth MG - Mid-Cap Growth sG - Small Growth LB - Large Blend MB - Mid-Cap Blend sB - Small Blend LV - Large Value MV - Mid-Cap Value sV - Small Value sN - Specialty Natural Res sT - Specialty Technology su - Specialty Utilities sH - Specialty Health sF - Specialty Financial sR - Specialty Real Estate sC - Specialty Communications BM - Bear-Market CA - Conservative Allocation MA - Moderate Allocation MR - Miscellaneous Sector LN - Leveraged Net Long CV - Convertibles LO - Long-Short International Equity sP - Specialty Precious Metals Ws - World Stock Es - Europe Stock GR - Global Real Estate

WK - PCT RETURN RNK CHG YTD 3YR 5YR OBJ 1YR -.05 +1.5

+16.2 +14.5 LV

-.21 -3.0 -.22 -2.5

+12.9 +11.5 LB +12.6 +11.3 LB

5 5

-.21 +8.6

+11.0

-.06

+.6

+14.7 +12.5 LV

-.09 +2.4

+17.4 +13.2 LV

-.08 -.37 -.16 -.42 -.88 -.53

+.3 +7.9 +6.0 +3.7 +5.5 +4.5

+12.6 +14.5 +10.0 +13.9 +14.1 +16.2

+10.9 +13.9 +7.7 +13.1 +13.6 +14.8

LV MG FG LG LG LG

4 2 5 3 2 2

-.08 -.08 +.06 +.13 +.14 -.23 -.64 -.45 -.31 -.08 +.05 -.20 -.29 -.05 -.39 -.61 +.05 +.01 -.38

+4.3 +1.6 +2.2 +3.1 +.1 +5.1 +8.5 +3.0 +4.7 +3.3 +2.2 +1.6 +2.3 +1.0 +5.9 +6.1 +5.8 +8.4 +1.2 +.8

+18.4 +12.5 +3.1 +10.5 +1.0 +14.1 +10.9 +16.2 +17.8 +6.3 +11.8 +1.3 +16.9 +15.3 +19.5 +14.2 +6.4 +14.8 +4.4 +15.8

+14.4 +11.3 +4.4 +9.1 +2.7 +9.8 +7.0 +12.8 +13.2 +6.8 +10.7 +2.3 +12.7 +12.8 +14.8 +11.0 +5.3 +11.1 +5.4 +13.8

LG MA CI IH IB WS FG LB LG HY MA CS LB LV LG WS EM WS MI LV

3 2 3 1 3 2 2 3 3 4 3 1 3 1 5 2 3 1 1 3

+.52 -.53 -.31 -.12 -.69 -.08 -.06

+14.7 +4.8 +5.3 +3.4 +4.7 +5.3 -.8

+14.7 +12.4 +15.6 +13.8 +14.8 +15.3 +4.5

+11.0 +10.3 +11.9 +12.8 +16.4 +16.3 +5.2

FR FG FB MV MG SG SV

5 2 2 5 4 3 5

-.11

-.2

+.05 +2.3

+5.8

+14.0 +12.9 LB +4.3

+5.8 CI

5 1

+.46 +3.5 -.33 -.3 -.35 -.3 +4.4 +4.2 +4.5 +3.1 -.04 +1.4 -.04 +1.5

+1.3 +0.4 EE +12.1 +11.5 LV +12.4 +11.7 LV +7.9 +6.6 IH +7.1 +5.8 IH +8.2 +6.9 IH +8.7 +8.9 HY +4.6 +5.0 NT +4.9 +5.3 NT

3 4 4 2 2 2 1 2 1

-.63 +1.5

+10.6 +11.9 SR

-.03 +7.7

+11.7

+8.3 FB

-.90 +1.5

+12.6 +13.9 SR

-.21 +7.8 -.22 +4.0

+10.5 +8.7 FR 3 +12.6 +11.7 MG 5

DP - Diversified Pacific/Asia PJ - Pacific/Asia exJapan Stk Js - Japan Stock EM - Diversified Emerging Mkts Ls - Latin America Stock IH - World Allocation FV - Foreign Large Value FB - Foreign Large Blend FG - Foreign Large Growth FA - Foreign Small/Mid Value FR - Foreign Small/Mid Growth Municipal Bond HM - High Yield Muni ML - Muni National Long MI - Muni National Interm Ms - Muni National Short sL - Muni Single State Long sI - Muni Single State Int/Sh MY - Muni New York Long MN - Muni New York Int/Sh MC - Muni California Long MF - Muni California Int/Sh MP - Muni Pennsylvania MT - Muni Massachusetts MJ - Muni New Jersey MO - Muni Ohio sM - Muni Minnesota NAME

FRI NAV

GlDivOppA m 18.38 MdCpValA m 17.17 Credit Suisse ComStrInstl 5.85 DFA 1YrFixInI 10.33 2YrGlbFII 9.94 5YrGlbFII 11.13 EmMkCrEqI 20.47 EmMktValI 27.74 EmMtSmCpI 21.99 IntCorEqI 12.61 IntSmCapI 20.13 IntlSCoI 18.34 IntlValuI 19.08 RelEstScI 33.27 TAUSCrE2I 14.60 USCorEq1I 18.35 USCorEq2I 17.92 USLgCo 16.42 USLgValI 34.40 USMicroI 19.86 USSmValI 35.79 USSmallI 32.15 USTgtValInst 22.96 Davis NYVentA m 37.86 Dodge & Cox Bal 102.41 GlbStock 12.30 Income 13.93 IntlStk 45.16 Stock 179.91 DoubleLine TotRetBdN b 11.08 Eaton Vance FltgRtI 9.02 FMI LgCap 21.75 FPA Cres d 34.03 NewInc d 10.13 Perennial d 54.92 Fairholme Funds Fairhome d 35.83 Federated StrValI 6.04 ToRetIs 11.19 Fidelity AstMgr20 13.50 AstMgr50 17.62 Bal 23.38 Bal K 23.37 BlChGrow 72.19 BlChGrowK 72.27 CapApr 37.74 CapInc d 10.03 ChinaReg d 37.38 Contra 100.72 ContraK 100.68 ConvSec 32.42 DivGrow 34.07 DivrIntl d 37.43 DivrIntlK d 37.38 EmergAsia d 37.09 EqInc 58.06 EqInc II 26.86 FF2015 13.08 FF2035 13.89 FF2040 9.78 FltRtHiIn d 9.77

ss - Muni Single State Short Taxable Bond GL - Long Government GI - Intermediate Government Gs - Short Government CL - Long-Term Bond CI - Intermediate-Term Bond Cs - Short-Term Bond uB - Ultrashort Bond BL - Bank Loan HY - High Yield Bond Mu - Multisector Bond IB - World Bond EB - Emerging Markets Bond VL - Stable Value IP - Inflation-Protected Bond FootNotes b -Fee covering market costs is paid from fund assets. d -Deferred sales charge, or redemption fee. f -front load (sales charges). m -Multiple fees are charged, usually a marketing fee and either a sales or redemption fee. NA-not available. p -previous day´s net asset value. s -fund split shares during the week. x - fund paid a distribution during the week.

WK - PCT RETURN RNK CHG YTD 3YR 5YR OBJ 1YR +.09 +2.9 -.21 +.9

+8.9 +7.5 WS 5 +17.3 +13.4 MV 4

+.13 -2.7

-10.1

+.01 +.01 +.04 +.05 +.43 +.10 +.03 +.10 +.11 +.13 -.30 -.14 -.18 -.17 -.17 -.24 -.24 -.37 -.41 -.24

+.4 +.4 +1.8 +8.2 +7.7 +10.6 +7.9 +8.2 +8.0 +8.1 +1.5 +2.7 +2.7 +2.7 +1.6 +1.6 +2.6 +2.4 +3.4 +3.8

-.41 +2.8 -.55 -.12 +.05 -.44 -1.69

+1.2 +4.0 +1.8 +7.2 +.7

+.5 +.6 +2.4 +3.4 +1.3 +6.4 +10.6 +13.7 +11.0 +10.4 +12.7 +18.1 +17.7 +18.1 +16.7 +20.2 +18.0 +18.2 +18.1 +18.4

-5.6 BB +0.6 +0.8 +3.3 +3.2 +0.4 +5.5 +6.4 +8.3 +8.2 +5.0 +14.8 +14.2 +14.4 +14.2 +14.1 +14.6 +14.6 +13.1 +14.5 +13.1

UB IB IB EM EM EM FV FA FQ FV SR MB LB MB LB LV SB SV SB SV

3 2 1 2 3 1 3 4 4 4 2 3 3 3 2 3 4 3 3 3

+14.7 +10.8 LB

+15.3 +11.5 MA 3 +17.5 +10.9 WS 3 +4.1 +5.0 CI 4 +14.6 +8.4 FB 2 +19.8 +13.8 LV 3

+.04 +1.9

+4.5

+7.9 CI

+.01 +2.4

+4.1

+4.4 BL

-.14 +2.5

+16.2 +12.7 LB

-.19 +.9 +.01 +.8 -.54 +2.7

+11.0 +9.7 MA 5 +1.5 +1.8 NT 2 +17.6 +14.4 MG 3

+.55 +2.1

+12.2

+6.0 LV

+.02 +2.9 +.03 +2.3

+14.0 +13.5 LV +3.6 +4.7 CI

4 3

+4.9 +9.1 +12.6 +12.7 +19.3 +19.4 +18.1 +9.7 +19.7 +15.8 +15.9 +13.2 +16.2 +12.4 +12.5 +10.9 +15.0 +15.4 +8.2 +11.8 +11.9 +3.6

3 3 1 1 1 1 2 1 2 3 3 3 2 2 2 1 4 2 1 1 1 3

-.05 -.08 -.08 -1.06 -1.07 -.38 -.03 +1.03 -1.44 -1.43 -.17 -.40 -.51 -.50 +.40 -.28 -.20 -.03 -.09 -.07 +.02

+2.3 +3.8 +3.1 +3.1 +5.5 +5.5 +4.7 +4.9 +21.9 +3.8 +3.8 +.9 +1.9 +8.7 +8.7 +13.6 +1.8 +1.1 +3.7 +4.8 +4.7 +2.7

+5.3 +8.3 +11.0 +11.2 +16.5 +16.6 +14.9 +8.8 +12.2 +14.4 +14.5 +10.4 +12.4 +7.8 +8.0 +8.8 +10.8 +11.2 +7.5 +9.5 +9.5 +3.9

CA MA MA MA LG LG LG HY CH LG LG CV LB FG FG PJ LV LV TD TI TJ BL

Corning Costco CrwnCstle Cummins DR Horton DTE Danaher Darden DaVitaHlt Deere DelphiAuto DeltaAir Dentsply DevonE DiaOffs DirecTV Discover DiscCmA s DiscCmC s Disney DollarGen DollarTree DomRescs Dover DowChm DrPepSnap DuPont DukeEngy DunBrad E-Trade eBay EMC Cp EOG Rescs EQT Corp EastChem Eaton Ecolab EdisonInt EdwLfSci ElectArts EliLilly EmersonEl Endo Intl ENSCO Entergy Equifax Equinix EqtyRsd EssexPT EsteeLdr EversrceE Exelon Expedia ExpdIntl ExpScripts ExxonMbl F5 Netwks FLIR Sys FMC Corp FMC Tech Facebook FamilyDlr Fastenal FedExCp FidNatInfo FifthThird FstSolar FirstEngy Fiserv Flowserve Fluor FordM Fossil Grp FrankRes FrptMcM FrontierCm GameStop Gannett Gap Garmin GenDynam GenElec GenGrPrp GenMills GenMotors GenuPrt Genworth GileadSci GoldmanS Goodyear Google A Google C Graingr HCA Hldg HCP Inc Hallibrtn

.48f 1.42a 3.28 3.12 .25 2.76 .54f 2.20 2.40 1.00 .36 .29f .96 .50 1.12f 1.15f .88 2.59f 1.60 1.68 1.92f 1.88 3.18 1.85f .46 .67 .12 1.60 2.20f 1.32 1.67 2.00f 1.88 .60m 3.32 1.16f 9.26e 2.21f 5.76f .96 1.67f 1.24 .72 .64 2.76 .44f .66f 1.24 1.12 .80 1.04f .52 1.44 .72f .84 .60 .60a .20m .42f 1.44f .80 .92f 2.04f 2.76f .92 .68 1.76f 1.44f 2.46f 2.60f .24 4.32 2.26f .72

16 28 83 15 18 15 24 50 24 11 19 15 23 17 9 16 12 13 ... 24 21 27 21 16 17 21 18 29 16 25 dd 20 18 24 15 18 29 12 19 21 32 19 28 dd 13 31 dd 44 cc 26 19 18 32 24 32 11 26 21 17 14 73 39 24 19 27 11 16 17 26 15 18 20 12 14 dd 54 11 8 14 25 18 18 73 21 22 20 dd 14 10 3 25 25 19 17 22 11

25.16 156.85 89.44 161.03 29.29 92.27 88.10 70.38 83.04 94.89 85.21 51.06 56.25 80.63 55.37 89.46 66.75 44.99 44.00 108.94 76.39 84.22 80.89 91.84 54.97 81.45 80.65 89.97 137.25 28.67 60.93 30.92 118.89 111.47 90.55 79.98 118.46 69.59 150.41 60.21 77.46 69.94 96.58 55.89 92.02 94.90 244.97 82.53 243.17 85.28 56.83 38.93 100.09 49.51 89.59 104.76 136.11 37.42 78.50 63.92 86.07 80.97 51.18 183.51 68.98 21.90 73.78 41.68 80.97 79.70 79.93 18.12 115.20 59.43 39.32 8.46 46.59 37.76 46.85 62.05 146.13 28.68 31.70 57.73 38.99 109.00 18.74 116.83 202.87 28.98 608.91 599.65 269.69 80.20 49.61 74.33

W NAM NA H FourInOne 38.39 -.23 FrdmK2015 14.11 -.03 FrdmK2020 14.80 -.05 FrdmK2025 15.48 -.07 FrdmK2030 15.86 -.10 FrdmK2035 16.35 -.11 FrdmK2040 16.40 -.11 FrdmK2045 16.83 -.11 Free2010 15.92 -.02 Free2020 15.96 -.05 Free2025 13.69 -.05 Free2030 16.87 -.09 GNMA 11.74 +.03 GrDiscov 24.74 -.36 GrowCo 139.48 -1.53 GrowInc 30.79 -.24 GrthCmpK 139.34 -1.53 HiInc d 9.05 IntlDisc d 41.22 -.40 InvGrdBd 8.03 +.03 LowPrStkK d 52.06 -.10 LowPriStk d 52.09 -.11 Magellan 95.67 -1.06 MidCap d 40.33 -.37 MuniInc d 13.57 +.01 NewMktIn d 15.59 -.02 OTC 84.76 -.68 Puritan 22.09 -.15 PuritanK 22.08 -.15 RealInv d 41.47 -.36 SASEqF 14.25 -.11 SEMF 17.94 +.01 SInvGrBdF 11.62 +.04 STMIdxF d 61.16 -.60 SersEmgMkts 17.89 +.01 SesAl-SctrEqt 14.26 -.11 SesInmGrdBd 11.62 +.05 ShTmBond 8.63 +.01 SmCapDisc d 30.60 -.37 SmCpVal d 19.16 -.26 StratInc 10.89 +.03 TotalBd 10.87 +.04 USBdIdx 11.89 +.04 USBdIdxInv 11.89 +.04 Value 117.60 -.93 Worldwid d 23.68 -.24 Fidelity Advisor NewInsA m 27.42 -.28 NewInsC m 25.06 -.26 NewInsI 27.93 -.29 StratIncC m 12.11 +.04 Fidelity Select Biotech d 259.78 +.89 ConsStpl d 96.81 -1.05 Energy d 48.20 +1.04 HealtCar d 238.70 -2.01 MedEqSys d 38.81 -.49 NatRes d 33.14 +.66 Fidelity Spartan 500IdxAdvtg 73.47 -.72 500IdxAdvtgInst 73.47 -.73 500IdxInstl 73.47 -.73 500IdxInv 73.46 -.73 ExtMktIdAg d 57.43 -.58 IntlIdxAdg d 40.27 -.11 TotMktIdAg d 61.15 -.61 Fidelity¬Æ SeriesGrowthCoF 12.70 -.15 First Eagle GlbA m 54.39 -.28 FrankTemp-Frank Fed TF A m 12.54 +.01 FrankTemp-Franklin CA TF A m 7.58 GrowthA m 77.25 -.85 HY TF A m 10.68 Income C m 2.45 +.01 IncomeA m 2.42 IncomeAdv 2.40 MO TF A m 12.18 -.02 RisDvA m 52.13 -.56 StrIncA m 10.07 +.02 Utils A m 16.95 -.14 FrankTemp-Mutual Discov Z 35.09 -.28 DiscovA m 34.52 -.28 Europ C m 22.13 -.51 Shares Z 30.72 -.23 SharesA m 30.45 -.23 FrankTemp-Templeton GlBond C m 12.52 -.09 GlBondA m 12.49 -.10 GlBondAdv 12.45 -.09 GrowthA m 24.83 -.01 WorldA m 18.03 +.06 GE S&SUSEq 55.17 -.46 GMO EmgMktsVI d 10.47 +.09 IntItVlIV 23.86 +.12 QuIII 22.64 -.21 USEqAllcVI 16.27 -.17 Gabelli SmCpGrAAA m 50.70 -.78 Goldman Sachs HiYieldIs d 6.87 MidCpVaIs 42.72 -.29 SmCpValA m 53.46 -.51 Guggenheim MgFtrStrH b 26.14 -.37 Harbor CapApInst 62.52 -.82 IntlInstl 70.25 -.62 Hartford CapAprA m 38.84 -.25 CpApHLSIA 57.58 -.30 Heartland SelectVal m 31.95 -.17 Hodges Retail m 40.71 +.30 INVESCO ComstockA m 25.95 -.19 EqIncomeA m 10.46 -.05 GrowIncA m 26.79 -.20 IntlGrA m 34.38 -.18

17.03 111.45 71.29 124.30 19.29 71.60 70.12 43.56 66.60 78.88 58.23 30.12 43.83 51.76 26.02 73.54 54.02 28.72 27.66 76.31 53.00 49.69 64.71 67.13 41.45 50.98 63.70 68.81 98.44 18.20 46.34 24.92 81.07 71.33 67.13 57.11 97.78 53.63 77.16 26.71 57.35 54.95 53.62 19.78 70.26 64.75 170.00 57.19 164.76 68.36 41.92 30.66 66.93 38.14 64.64 82.68 99.26 28.32 51.04 34.85 54.66 55.64 39.46 130.64 51.17 17.14 39.18 29.98 54.91 52.75 51.80 13.26 79.50 49.12 16.43 5.44 31.69 25.53 35.46 44.57 104.22 23.41 22.03 48.32 28.82 82.15 6.75 65.59 153.10 18.87 490.91 487.56 223.92 47.79 39.34 37.21

N +3.8 +3.8 +3.9 +4.2 +4.5 +4.7 +4.8 +4.8 +3.4 +3.9 +4.2 +4.6 +1.3 +4.7 +5.9 +2.4 +6.0 +3.3 +8.5 +2.2 +3.7 +3.7 +3.4 +5.1 +1.3 +3.7 +6.5 +3.2 +3.2 +1.5 +3.4 +7.5 +2.2 +2.4 +7.4 +3.3 +2.2 +.9 +1.7 +1.2 +3.0 +2.6 +2.1 +2.0 +3.8 +6.2 +3.4 +3.1 +3.4 +2.7

22.46 +.04 +.2 144.57 -5.07 -3.4 85.84 +1.15 +1.4 133.84 -2.71 -2.0 28.27 -.34 -1.2 80.70 -1.03 -1.3 84.22 -.76 -.9 64.94 -3.84 -5.6 81.26 -.64 -.8 87.51 -1.56 -1.8 83.27 -1.44 -1.7 44.76 +1.53 +3.5 50.36 -1.34 -2.6 65.92 +1.06 +1.6 30.44 +.83 +2.8 86.60 -.72 -.8 59.08 +1.12 +1.9 32.80 -.24 -.7 31.15 -.67 -2.1 106.69 -.26 -.2 74.42 -1.65 -2.2 79.14 -3.73 -4.5 71.47 -.43 -.6 72.13 +2.73 +3.9 49.66 +1.27 +2.6 76.98 -1.74 -2.2 71.55 -.68 -.9 77.31 -.53 -.7 131.25 +.34 +.3 27.56 -.70 -2.5 55.79 -1.55 -2.7 26.61 +.78 +3.0 97.23 +.81 +.8 87.38 +2.72 +3.2 75.86 +3.56 +4.9 69.11 +.42 +.6 115.20 -1.16 -1.0 61.07 -2.72 -4.3 139.94 -1.74 -1.2 56.03 -2.33 -4.0 72.47 -1.45 -2.0 58.43 +1.58 +2.8 93.34 -1.12 -1.2 24.85 +1.19 +5.0 77.29 -.80 -1.0 91.84 -1.57 -1.7 236.14 -3.51 -1.5 75.32 -.30 -.4 222.46 +.27 +.1 82.82 -.62 -.7 50.05 -.45 -.9 32.99 -.39 -1.2 96.10 -3.10 -3.1 45.60 -1.27 -2.7 85.55 -3.30 -3.7 86.93 +1.37 +1.6 116.22 +2.40 +2.1 30.09 -1.11 -3.5 58.02 -.36 -.6 39.31 +.44 +1.1 80.78 -1.27 -1.5 78.75 -.99 -1.2 40.54 +.53 +1.3 168.00 -6.37 -3.7 63.33 -2.17 -3.3 18.91 -.14 -.8 61.94 +.64 +1.0 35.07 -1.18 -3.3 77.43 -1.63 -2.1 57.24 +1.46 +2.6 59.52 +.39 +.7 15.76 -.27 -1.7 82.45 -2.91 -3.4 51.18 -.55 -1.1 20.67 +2.42 +13.3 7.02 -.41 -5.5 39.66 -.74 -1.8 34.95 -1.34 -3.7 40.63 -.51 -1.2 46.67 +.01 131.27 -4.64 -3.4 27.25 -1.26 -4.4 28.56 -.08 -.3 56.09 -.40 -.7 36.64 +.07 +.2 91.67 -1.60 -1.7 8.02 +.29 +3.8 101.38 -.39 -.4 197.35 +1.71 +.9 27.23 -.48 -1.7 532.74 -15.80 -2.9 524.05 -15.96 -3.0 239.33 +4.62 +2.0 78.04 -.20 -.3 43.22 +.58 +1.4 46.89 +.63 +1.4

+13.3 +8.3 +9.0 +10.3 +11.0 +11.9 +12.1 +12.3 +7.8 +8.9 +10.2 +10.9 +2.4 +16.2 +18.3 +17.1 +18.5 +6.8 +12.0 +3.5 +16.6 +16.5 +18.0 +17.1 +4.4 +4.6 +21.0 +12.6 +12.7 +12.4 +17.4 +4.2 +3.4 +17.1 +4.0 +17.2 +3.3 +1.3 +18.8 +17.4 +4.7 +3.9 +2.9 +2.8 +19.9 +14.2

+10.9 +7.6 +8.0 +8.8 +9.2 +9.6 +9.7 +9.8 +7.2 +7.9 +8.7 +9.1 +4.1 +15.8 +17.0 +14.1 +17.2 +7.4 +7.5 +5.0 +14.0 +13.9 +11.8 +13.2 +5.5 +6.5 +17.3 +11.0 +11.2 +14.8 +14.0 +3.4 +4.8 +14.3 +3.2 +13.8 +4.7 +1.7 +16.3 +13.4 +5.7 +5.2 NA +4.2 +14.3 +11.5

AL TD TE TG TH TI TJ TK TA TE TG TH GI LG LG LB LG HY FG CI MV MV LG MG ML EB LG MA MA SR LG EM CI LB EM LG CI CS SB SV MU CI CI CI MV WS

2 1 1 1 1 1 1 1 1 1 1 1 1 3 1 3 1 2 2 2 3 3 2 5 3 2 1 1 1 2 3 2 2 2 2 3 2 3 2 1 2 2 2 2 2 2

+15.0 +13.5 LG +14.1 +12.6 LG +15.3 +13.8 LG +3.6 +4.6 MU

5 5 5 3

+20.3 +2.5 +7.8 +14.0 +10.6 +9.0

+47.7 +15.3 +6.1 +37.8 +27.1 +4.4

+33.5 +14.5 +6.3 +27.4 +17.9 +4.9

SH CC EE SH SH EE

1 1 2 2 5 2

+1.7 +1.7 +1.7 +1.6 +5.4 +8.2 +2.4

+16.8 +16.8 +16.8 +16.7 +18.1 +10.9 +17.0

+14.1 NA NA +14.1 +14.9 +6.5 +14.3

LB LB LB LB MB FB LB

2 2 2 2 2 3 2

+6.0

NA LG

+3.7

+9.2

+8.9 IH

+1.1

+4.3

+5.4 ML

+1.7 +3.4 +1.7 +2.3 +2.5 +2.6 +1.5 +.3 +1.8 -3.9

+5.4 +6.2 MC 1 +16.0 +13.3 LG 2 +4.7 +6.1 HM 4 +9.3 +8.4 CA 5 +9.8 +8.8 CA 5 +10.1 +9.1 CA 5 +2.7 +4.3 SL 2 +13.8 +12.9 LB 5 +4.6 +5.4 MU 5 +13.0 +13.5 SU 1

+5.3 +5.2 +8.6 +4.1 +4.0

+14.3 +10.1 WS 2 +14.0 +9.8 WS 2 +12.7 +7.3 ES 1 +15.3 +11.1 LV 3 +14.9 +10.8 LV 3

+1.1 +1.2 +1.4 +4.3 +4.8

+4.1 +4.5 +4.8 +14.3 +13.0

+1.6

+17.0 +13.1 LG

+7.3 +8.7 +1.1 +1.0

-.2 +0.9 EM +11.7 +6.3 FV +13.6 +13.0 LB +13.9 +12.9 LB

3 5 4 5

+3.3

+16.6 +13.5 SB

+3.5 +2.7 +2.2 +8.5

+4.0 +4.5 +4.7 +9.5 +9.2

IB IB IB WS WS

2 2 2 5 5

+7.7 +7.9 HY 2 +18.5 +14.0 MV 1 +16.8 +13.9 SB 3 +5.3

+0.8

+6.8 +8.4

+16.4 +14.9 LG +8.2 +6.8 FB

1 5

+4.7 +5.2

+18.7 +11.7 LB +17.7 +12.3 LB

2 3

+2.0

+14.4

+6.5

+23.5 +14.0 MB 3

+2.0 +1.4 +1.2 +6.7

+17.4 +13.4 LV 3 +13.3 +10.0 MA 2 +16.2 +11.6 LV 3 +10.2 +8.2 FG 2

+9.9 MV 5

Hanesbds s HarleyD Harman HarrisCorp HartfdFn Hasbro HltCrREIT HelmPayne HSchein Hershey Hess HewlettP HomeDp HonwllIntl Hormel Hospira HostHotls HudsCity Humana HuntBncsh ITW IngerRd IntegrysE Intel IntcntlExch IBM IntFlav IntPap Interpublic Intuit IntSurg Invesco IronMtn JPMorgCh JacobsEng JohnJn JohnsnCtl JoyGlbl JnprNtwk KLA Tnc KC Southn Kellogg KeurigGM Keycorp KimbClk Kimco KindMorg Kohls KraftFGp Kroger L Brands L-3 Com LabCp LamResrch LeggMason LeggPlat LennarA LeucNatl Level3 LincNat LinearTch LockhdM Loews Lorillard Lowes LyonBas A M&T Bk Macerich Macys Mallinckdt MarathnO MarathPet MarIntA MarshM MartMM Masco MasterCrd Mattel McCorm McDnlds McGrwH McKesson MeadJohn MeadWvco Medtrnic Merck MetLife MKors Microchp MicronT Microsoft Mohawk MolsCoorB Mondelez Monsanto MonstrBev

.40f 1.24f 1.32 1.88 .72 1.84f 3.30f 2.75 2.14 1.00 .64 2.36f 2.07 1.00 .80a .16 1.16f .24 1.94 1.16 2.72 .96 2.60 4.40 1.88 1.60 .48f 1.00 1.00 1.90a 1.60 2.80 1.04 .80 .40 2.00a 1.32f 1.96 1.15 .26 3.52f .96 1.92f 1.80f 2.20 .74 2.00f 2.60f .72 .64 1.24 .16 .25 .80 1.20 6.00 .25 2.64f .92 2.80 2.80 2.60 1.25 .84 2.00 .80 1.12 1.60 .36 .64 1.52 1.60 3.40 1.32f .96 1.65f 1.00 1.22 1.80 1.40 1.43f 1.24 1.64f .60 1.78

33 16 30 16 12 21 57 11 25 26 10 12 24 19 25 45 13 30 24 15 13 20 21 14 24 13 23 20 18 35 42 16 17 12 14 18 27 13 dd 23 23 34 31 14 26 43 48 17 51 21 26 15 20 17 24 64 16 29 42 10 22 17 27 22 27 11 16 8 16 ... 7 11 31 21 52 11 28 20 23 20 dd 31 28 31 25 14 9 17 29 9 17 24 28 29 25 49

34.80 74.13 145.00 81.89 43.42 66.32 84.88 118.95 143.89 111.35 104.50 41.10 117.99 106.15 58.98 88.15 24.50 10.77 183.05 11.32 100.14 69.42 83.72 37.90 240.05 198.71 123.08 57.90 22.69 100.88 548.38 41.98 41.53 64.48 64.99 109.49 52.00 65.36 26.13 73.12 126.49 69.89 158.87 14.74 119.01 28.54 44.09 79.60 91.32 77.74 95.78 132.92 131.19 85.70 59.19 46.95 53.67 26.78 55.95 60.84 49.57 207.06 44.88 71.24 76.25 115.40 129.58 95.93 69.98 134.26 41.92 108.32 85.00 58.74 146.21 27.40 93.00 40.00 78.70 103.78 109.13 232.69 105.45 55.15 79.50 63.62 57.57 98.96 52.44 36.59 50.05 188.29 79.18 39.54 128.79 143.90

18.34 54.22 84.48 60.78 33.29 48.01 61.23 54.00 109.34 87.88 63.80 31.00 74.61 82.89 44.91 42.16 19.73 8.53 103.89 8.80 79.06 52.47 56.46 25.74 182.40 149.52 91.64 44.24 16.14 72.81 346.46 34.00 23.28 52.97 37.87 95.10 38.60 37.77 18.41 49.39 96.12 58.83 90.08 11.55 103.50 21.54 32.10 50.90 53.33 43.79 53.03 99.33 95.12 50.54 43.45 31.54 35.74 20.96 36.00 45.25 37.56 154.21 38.01 52.54 44.13 70.06 111.78 62.62 54.82 59.00 24.28 74.64 55.00 46.94 103.09 19.50 69.60 22.32 64.92 87.62 71.93 164.34 81.23 37.28 55.85 52.49 46.10 62.65 36.92 21.25 38.51 120.37 56.60 31.83 105.76 63.00

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LB LB MA MA CI MF LG FB FB LB EM EE LV LV SG MB MB MB

Schwab ScrippsNet SeagateT SealAir SempraEn Sherwin SigmaAld SimonProp SkywksSol Smucker SnapOn SouthnCo SwstAirl SwstnEngy SpectraEn StanBlkDk Staples Starbucks s StarwdHtl StateStr Stericycle Stryker SunTrst Symantec Sysco TE Connect TECO TJX Target TenetHlth Teradata Tesoro TexInst Textron ThermoFis 3M Co Tiffany TW Cable TimeWarn Torchmrk s TotalSys TractSupp Transocn Travelers TripAdvis 21stCFoxA TycoIntl Tyson UnderArmr UnionPac s UPS B UtdRentals US Bancrp UtdTech UtdhlthGp UnivHlthS UnumGrp UrbanOut VF Corp

1.48 2.08 .48 .64 1.50f 1.20 1.38 .80 .60 1.20 1.16 .90f .84f 2.08 1.70f 1.36 .08 .60 4.10f 1.52 3.00 1.40f .54f .40 .64 3.00 2.20 .30 .82f .40 2.20f 2.92f .98 2.56f 1.50 .40 .66 1.28

31.73 86.48 69.40 48.44 116.30 292.51 138.83 206.31 102.77 118.64 150.83 53.16 47.17 49.16 43.12 100.44 19.40 49.60 86.76 80.92 142.69 98.24 43.23 27.32 41.45 73.73 22.02 71.03 83.98 63.61 48.07 94.83 59.99 46.32 139.03 170.50 110.60 161.14 88.25 56.84 39.25 90.49 46.12 110.49 111.24 39.27 46.64 44.00 85.94 124.52 114.40 119.83 46.10 124.45 123.76 122.05 37.15 47.25 77.83

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M m m M W M W W M W W W W W W W Wm W W m W

m m mm

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Waddell & Reed Adv NewCncptA m 11.39 -.10 +4.7

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+14.1 +14.3 MG 3

Wasatch 1stSrcInc d

10.27 +.03 +1.3

Weitz Hickory Value

59.66 -.45 +4.8 47.06 -.54 +3.9

+14.3 +13.7 MB 3 +16.1 +13.8 LB 4

Wells Fargo CommStkA f

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+15.0 +12.5 MG 5

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11.07 +.04 +2.2

+1.4

+3.5

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Business

E6 • ST. LOUIS POST-DISPATCH

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NEW YORK • U.S. banks are reporting that companies are tapping more of their credit lines to fund hiring and expand their businesses, a promising sign for the economy. Companies are using the funds for a variety of things, from boosting manufacturing capacity to investing in new businesses and building inventory as customer demand increases. “Confidence is back,” said Laura Oberst, an executive vice president at Wells Fargo & Co. who oversees commercial banking for the central U.S. region. “It’s fragile still, but stronger than I’ve seen it since the meltdown of 2008.” A Wells Fargo spokeswoman could not immediately provide a bankwide utilization rate for commercial and industrial borrowers, but said it has gone up a few percentage points over the past year. Commercial borrowers are using two or three percentage points more of their credit lines than they were a year ago,

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reaching levels not seen since before the financial crisis was at its height in 2009, senior officials at a number of major banks also said in interviews and on conference calls this week. Bank of America Corp. Chief Financial Officer Bruce Thompson said commercial and industrial borrowers were using “in the high 30s” percent of their credit lines last quarter, the highest in six years and up from a range “in the very low 30s” during the recession. The bank declined to comment on where levels stood a year ago. The increased usage represented about $1 billion worth of loan growth over the past year in Bank of America’s commercial lending business, Thompson told reporters on a conference call on Wednesday. While companies in distress — such as energy companies hit by the plunging oil price — often use lines of credit for emergency funding, that was not where most of the demand for Bank of America funds was coming from, Thompson said. Bank of America is the second-largest U.S. bank by assets.

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McKEE’S LEGAL TANGLES Slay worries that developer’s woes could imperil chances to keep NGA BY TIM BRYANT St. Louis Post-Dispatch

Paul McKee

Developer Paul McKee is the target in a high-stakes game of legal dodgeball. Lawsuits are flying at him from several directions. Losses in suits facing McKee, his McEagle Properties and other businesses could affect the NorthSide Regeneration project — his years-long quest to remake 2 square miles of north St. Louis. Those legal troubles appear to have strained McKee’s partnership with

Mayor Francis Slay to win for NorthSide the headquarters of the National Geospatial-Intelligence Agency and its 3,100 jobs. The $1.6 billion NGA project is Slay’s top development priority. “This project is the most important project to the city,” said Mary Ellen Ponder, the mayor’s chief of staff. “We need all hands on deck to get it done.” McKee’s legal woes might send him below decks. A McKee creditor from See MCKEE • Page E4

Merger as makeover? Monsanto pursues rival as it looks to clean up its image

RECENT LAWSUITS

> Suits by a creditor, Titan Fish Two LCC, to get court-appointed receivers for McEagle Properties assets and NorthSide Regeneration property. A judge blocked the McEagle suit. > PNC Bank’s claim that McKee businesses defaulted on a loan for the Three Springs project in Shiloh and owe the bank $10.7 million. > McKee sued Kansas City-based developer that acquired a bank’s nearly $32 million judgment against McKee over his stalled Hazelwood Logistics Center project.

POTENTIAL CHALLENGES TO COME

> McKee might face questions from a St. Louis aldermanic committee over public incentives awarded the NorthSide project. > City officials say they will demand back taxes on NorthSide properties.

Seeing through the myths about trade treaties Arguments against Pacific deal don’t hold up to scrutiny DAVID NICKLAUS St. Louis Post-Dispatch

We live in a global economy, but many of us remain suspicious of foreigners. Even as we drive Japanese-brand cars, use Chinese-assembled iPhones and jog in Vietnamese-made shoes, we seldom spare any gratitude for the Asians who helped make our lives better. Too many Americans think, “They’re taking our jobs,” instead of, “They enable us to buy great products at an affordable price.” That attitude, I think, is why trade agreements are so politically sensitive, as was demonstrated last week in two Senate votes on so-called trade promotion authority. On Tuesday, the Senate couldn’t muster enough votes to begin debate on the bill, which President Barack Obama says he needs to complete negotiations toward a 12-nation Trans Pacific Partnership. By Thursday, Obama had the votes he needed and the bill passed a procedural hurdle. ASSOCIATED PRESS

See NICKLAUS • Page E2

Chelsea Robinson of Monsanto answers questions in March about GMO corn for Mboswobeni Mulugana of Johannesburg at the GMO Answers booth in Austin, Texas. The booth aimed to improve the public’s perception of genetically modified food. BY TIM BARKER St. Louis Post-Dispatch

Monsanto’s unsolicited courtship of Swiss rival Syngenta AG has the potential to do many things for the Creve Coeur-based agriculture giant. For starters, it could propel the company back to a business model more heavily based on chemicals, rather than seeds and biotechnology. It could make Monsanto an even bigger player in the world of agribusiness by strengthening its portfolio of herbicides and other crop protection chemicals. It also could offer an avenue to move the company’s headquarters overseas in a bid for lower taxes. But could a massive merger — the price could run as high as $50 billion — do anything for the image of a company that’s become a punching bag for environmentalists, foodies and other activists? Clearly, there’s no easy public relations fix for a corporation that’s blamed for a range of ills, including the rise of superweeds, the decimation of the monarch butterfly, legal assaults on farmers and the unwanted (in the eyes of critics) genetic manipulation of our food supply. Still, a major move like this brings with it the potential for change, marketing experts say. See MONSANTO • Page E4

RECENT MONSANTO CONTROVERSIES MONARCH BUTTERFLIES Activists criticize Monsanto for its products that destroy milkweed, a prime monarch habitat. Response • The company has pledged $4 million over the next three years to help stabilize the butterfly population.

GMO LABELING Consumer groups have pushed for mandatory labeling of foods with genetically modified ingredients. Response • Reaching out to farmers and consumers to hear their concerns about food and where it comes from.

SUPERWEEDS Overreliance on Roundup has helped spawn new varieties of difficult-to-kill superweeds, such as waterhemp. Response • Monsanto is asking farmers to use different types of herbicides but insists Roundup remains effective for most farmers.

CANCER CONNECTION An arm of the World Health Organization labeled glyphosate, the basis for Roundup, as a probable carcinogen. Response • Monsanto officials accused the group of relying on “junk science” and basing the conclusion on politics.

Housing market bouncing back after blah year Sales, prices rising, but buyers don’t have as many choices JIM GALLAGHER St. Louis Post-Dispatch

The St. Louis-area real estate market is recovering from last year’s case of the blahs. That’s good news for home sellers, but a mixed bag for buyers. Sales are up as the spring house-hunting season gets into gear. Prices are up, too. Mortgage rates are down from last year, although they’ve been creeping up for the past three weeks. But buyers are finding fewer homes to choose from. In St. Louis County, home sales are up 9 percent so far this year through April, after falling 7 percent through all of 2014. It’s the same story in St. Louis, with sales up 11 percent. They are up 7 percent in St. Charles and 13 percent in Jefferson County, according to Berkshire Hathaway Alliance Real Estate. Sales were up 19 percent in St. Clair County and flat in Madison County, according to the Greater Gateway Association of Realtors in See GALLAGHER • Page E3

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E2 • ST. LOUIS POST-DISPATCH

M 1 • Sunday • 05.17.2015

How much should you give as a wedding gift? The closer you are to the bride or groom, the more you are expected to give By Mitch Lipka Reuters

BOSTON • When you go to as many weddings as Stephanie Wong does, you need to come up with some guidelines for giftgiving. During the past two years, Wong, 32, who works in marketing for a book publisher in San Francisco, has been to about a half-dozen weddings. She expects to attend three more this year. The amount Wong spends is all about her relationship to the people getting married, how fancy the wedding is going to be and whether she brings a date. At a recent wedding of a close friend where she did a reading and went alone, Wong gave the couple $300. At another wedding in her social circle, she skipped the reception and gave $75. As the wedding season gets into full swing, guests from coast to coast are

confronted with the same question: How much should you spend, and how should you give it?

THE ETIQUETTE Wedding experts agree on a couple of things: The closer you are to the bride or groom, the more you are expected to give, but you should not give more than you can afford just because of the expectations. Defying the “cost-of-the-meal” school of gift-giving, where guests give a gift roughly equivalent to what it cost to host them, Kristen Maxwell Cooper, deputy editor of the wedding-focused website TheKnot.com, says location and cost of the reception should not be the burden of the guest. She offers these guidelines to weddinggoers wherever they might be: A distant relative or co-worker should give $75$100; a friend or relative, $100-$125; a closer relative, up to $150. If you are wealthy, are you expected to inflate the gift? No, Cooper says. “If they do, it’s because they’re just generous people.” Meghan Ely, who has been in the wed-

Commentary

ALTERNATIVE REGISTRIES Some experts note a trend of couples registering for various elements of their

Office Suites for Less! Prime Location

Self-employers have options for retirement and reducing taxes You have plenty of time to open a solo 401(k) before the end of the year

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By Gail MarksJarvis Chicago Tribune

If you have a small business and are still stinging from the income taxes you paid Uncle Sam, you can take a simple step now that will get you through tax time in better shape next year. And this simple step will take care of one of the big mistakes small business owners tend to make: failing to save adequately for retirement. Entrepreneurs are often so busy tending their businesses they ignore retirement. Others simply put every cent they have into the business. That might be good for growing the business but not necessarily good for coming up with spending money in retirement. It can also mean business owners end up paying more in taxes. “Entrepreneurs need a balance between investing in the business today and investing in their future financial wellbeing,” said Lule Demmissie, managing director of retirement at TD Ameritrade. Yet, 40 percent of self-employed people don’t save regularly for retirement, and 28 percent don’t save at all, a TD Ameritrade national survey found. Like employees, business owners can put money into a retirement savings account at work and take a tax deduction. Some savings plans allow you the flexibility to save a lot at times of plenty and cut back when cash isn’t coming as expected. Ideally, your budget allows savings to automatically roll into an account each month. If your plan is to save what’s left over, chances are it won’t be there. That’s true whether your business is making a lot or a little. Consider the danger in waiting to save. Imagine a self-employed 25-year-old putting $30 into a retirement account that invests in a total stock market mutual fund such as the Vanguard Total Stock Market Index Fund in a retirement fund that’s not taxed. Throwing $30 a week automatically into that fund will produce about $1 million at age 68 if the fund averages a 10 percent gain a year. But an entrepreneur who doesn’t save a thing until age 45 and puts $30 a week into that same fund would end up with less than $130,000. To get the most from your savings, you want a retirement fund protected from taxes so your money grows effectively. For sole proprietors, the best approach would be to open a solo 401(k) or SEP IRA, according to Mike Piper, a Manitou Springs, Colo., certified public accountant, who blogs about these options at ObliviousInvestor.com. With a solo 401(k), you are allowed to save up to $18,000 a year as an individual, or $24,000 if you are over 50. Further, as an employer of yourself, you are allowed to add extra savings to the fund, up to $53,000 a year with a solo 401(k) or SEP IRA, Piper said. Besides a tax deduction for the savings, your

ding industry for a dozen years, says it is reasonable to give on the lower end if you had to spend a lot to get there. And, she and Cooper agree, buying items off a registry, where there is one, is a good idea. “These days, couples are statistically older and more established in their lives so when they register, they are truly asking for things that they need,” Ely says. “It really takes the guesswork out of it for the guests.” That’s about how it worked out for Melinda Parrish, 30, a model from Washington who got married last year in Annapolis, Md. Her guests spent an average of $115 off her registry, and most of her friends gave $50-$100. Some who had financial obstacles made gifts or framed photos. One made a charitable donation in their name. Most of all, she was surprised that about 40 of the 200 guests who attended gave nothing.

Gail MarksJarvis, a personal finance columnist for the Chicago Tribune, is author of “Saving for Retirement Without Living Like a Pauper or Winning the Lottery.”

David Nicklaus • 314-340-8213 @dnickbiz on Twitter dnicklaus@post-dispatch.com

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through year’s end, you still have until tax time in April to open a SEP IRA. While opening a 401(k) or SEP IRA is an easy process for a sole proprietor, it’s more complicated if you have employees. With employees, you are required to offer them the opportunity to save in the same plan as yours. Also, if you provide yourself a large sum from company profits, you must also include your employees, Piper said. In that case, the best approach might be to get the help of a certified public accountant or attorney.

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Every trade pact involves some level of secrecy Opponents of the bill blasted the negotiating process as secret and undemocratic, said it would erode U.S. sovereignty and repeatedly brought up NAFTA, the North American Free Trade Agreement, as a somehow problematic precedent. None of these arguments stands up to scrutiny. Every trade agreement — indeed, every international agreement of any sort — has remained secret while it was being negotiated, but that’s an essential part of diplomacy. When negotiators can offer concessions in private, they learn what the other side will offer in return. If those concessions must be publicized first, they might never be made. In fact, members of Congress can read the current draft of the TPP. They just can’t broadcast its contents to the world. “This has been more open than previous trade agreements,” said Gary Hufbauer, a senior fellow at the Peterson Institute for International Economics. “The people making the secrecy argument don’t want a negotiation.” The sovereignty argument is equally naïve. Every nation gives up some sovereignty when it signs a treaty, and trade agreements would be worthless without enforcement mechanisms. Opponents can make the enforcement panels sound pretty scary, but they tend to be deferential to U.S. law. Under other trade agreements, the U.S. hasn’t lost any of the 13 dispute-resolution cases brought against it. Nor is the fast-track process undemocratic. Congress’ trade promotion bill sets out standards that must be included in any deal, and it still casts an up-or-down vote on the final agreement. This process has been used many times in the past 40 years. What about NAFTA, which opponents of trade deals seem to blame for job losses? In fact, the U.S. created 7 million jobs in the seven years after NAFTA took effect, and unemployment fell from 6.5 percent at the end of 1993 to 3.9 percent at the end of 2000. Linda Dempsey, a vice president of the National Association of Manufacturers, says people often confuse the effects of the 1990-91 recession, which was hard on manufacturers, with the trade deal that came a couple of years later. “For manufacturers in the U.S., NAFTA helped propel them into the global market,” Dempsey said. “We made North America much more globally competitive.” The TPP, she says, will help U.S. factories export more goods to Asia. “When we get strong agreements, our manufacturers succeed.” Americans seem to agree with her. In a recent Gallup poll, 58 percent of respondents described trade as an opportunity, while only 33 percent saw it as a threat to the U.S. economy. Six years ago, the negative opinions outnumbered the positive ones. Maybe all those cars, iPhones and sneakers are finally changing the way we view the world.

From 300 to 1100 sq. ft.

money would grow year after year without being taxed until removed. Keep in mind that you can’t save more than you’ve made in the business and you must apply a formula related to the business profit and your self-employment tax. This calculator will help: https:// personal.vanguard.com/us/SbsCalculatorController. You have plenty of time to open a solo 401(k) before the end of the year. It’s a simple process with help from mutual fund companies and doesn’t require accountants or lawyers until you have more than $250,000, Piper said. On the other hand, if you procrastinate

honeymoon, including a night at a hotel, a dinner or an evening of drinks. It’s a request that runs afoul of some, including Peggy Newfield, founder of the American School of Protocol in Atlanta, who recently attended a wedding where the bride and groom solicited unusual presents. “You could check whether you wanted your gift to cover champagne on the plane or in their suite at the hotel, their limo service, dinner in the evening, or whatever,” she says. Her way of responding to the request: “We sent just a congratulation card. There is no etiquette today that defines how crass our society has become.” Cash has even taken a more modern twist — you can send a monetary gift with your credit card. Websites like Tendr.com facilitate the process (for a 5 percent cut of each gift). The 4,000 gifts given in Tendr’s justcompleted first year in business averaged $125 nationwide, the company says. Connecticut wedding-goers were the most generous, with an average cash gift of $230.

The bottom line Democrats want to raise Social Security benefits and Chris Christie wants to cut them for some people. Go to stltoday. com/video to watch Jim Gallagher and David Nicklaus debate over how to fix our retirement system.

Business

05.17.2015 • Sunday • M 1

ST. LOUIS POST-DISPATCH • E3

Mound City Money From David Nicklaus’ blog about St. Louis business. STLtoday.com/moundcitymoney Brasunas to retire from ITEN • Jim Brasunas, who helped found ITEN in 2008 to encourage the growth of technology startups in St. Louis, is retiring as the group’s executive director. Brasunas’ retirement is effective May 31. Francis Chmelir, ITEN’s director of operations, will take over as interim executive director. In a prepared statement, Brasunas said ITEN had met the goals he set seven years ago, when it was founded as the Information Technology Entrepreneur Network: “In 2008, ITEN set out on a dual mission: to help accelerate tech startups, and to be the catalyst in creating a new startup ecosystem for tech entrepreneurs in the St. Louis region. I can report that we have done both, and done them in ways that far exceed the

The survey found that farm income, farm household spending and capital spending all were lower in the first quarter than they were a year earlier. Bankers said they expect incomes and land prices to keep falling. The Fed also asked whether bankers expect farmers to begin walking away from lease commitments, but the bankers said they expect such actions to be rare. (05.14)

region, which covers all or part of seven Midwestern and Southern states. “Lower grain prices are finally changing the psychological mindset for producers,” one Illinois banker told Fed researchers. “Most producers are not able to lower operating expenses significantly and are looking at troublesome cash-flow projections.”

vision we had at the time.” ITEN serves more than 300 technology startups in the St. Louis area. Its resources include a mock angel program, which prepares founders to present their business ideas to angel investors, six entrepreneurs in residence and more than 80 volunteer mentors. Brasunas, a former Brooks Fiber Properties executive, was chief executive of Partner Communications from 1998 to 2002. He also founded the Technology Entrepreneur Center, a downtown incubator for tech companies, in 2003. (05.11)

ST. LOUIS POST-DISPATCH National St. Louis

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1-year average: average: CD 0.27 % 0.20 %

Farmland prices slip • Lower grain prices are starting to affect the value of farmland, a quarterly survey by the Federal Reserve Bank of St. Louis indicates. The survey of agricultural bankers showed that cropland prices have fallen 2.5 percent over the past year in the St. Louis Fed’s

Rising home prices are expected to continue

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Cristina Fletes-Boutte • cfletes-boutte@post-dispatch.com

Jennifer Jeffrey (left), a broker associate with Berkshire Hathaway Alliance, speaks to prospective buyer Xin Hong during an open house on Cornell Avenue in University City in March. Home sales are up in U. City and other parts of the region this year. Gallagher • from E1

Metro East. Rising sales usually mean rising prices, and that seems to be the case. As of March, St. Louisarea prices were up 4.8 percent from a year earlier, according to CoreLogic, the real estate data firm. Zillow, the real estate website, thinks St. Louisarea home values in March were up 3.7 percent over the year, and predicts a 3.5 percent over the next year. The firms use different methods for measuring trends in a market where houses differ widely and prices change block by block. The rise in sales may reflect the fact that more people have jobs — unemployment here is at a seven-year low of 5.5 percent — and that mortgage lenders are a little looser. Mortgages are a little cheaper this year, with 30year loans averaging interest rates of 3.85 percent last week, compared to 4.2 percent a year ago, according to Freddie Mac. Rates dipped as low as 3.65 percent in late April. Freddie and Fannie Mae, which back most mortgages, have also cut required down payments to as low as 3 percent for some homebuyers. The FHA cut the mortgage insurance premiums it charges borrowers. All of that allows more people to afford houses. Rising prices also reflect a mismatch between supply and demand in many neighborhoods. Real estate agents have been complaining for two years about a lack of homes for sale here, and supply is getting skimpier. In St. Louis County, there were 2,900 homes for sale last month, compared with 3,700 in April of last year and 6,400 in the depths of the housing recession in April 2010. A lack of choice sometimes feeds bidding wars on attractive houses. “We’re probably artificially driving prices up,” said Shawn Kelsey, agent with Keller Williams Realty. Lower gasoline prices are driving sales in outlying districts such as Wentzville, said Jim Dohr, president of Coldwell Banker Gundaker realtors. “Gas prices have pretty much expanded the horizons,” he said. Barb and Larry Schmidt,

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Home sales and prices from January to April, compared to the same period a year earlier School district or Homes Pct. Avg. Pct. high school zone sold change price change St. LOUIS COUNTY

141 127 178 164 138 129 181 128 130 131 130 127 156

-5 18 36 15 1 29 16 2 2 -6 18 23 15

$113,274 $78,377 $345,071 $243,797 $350,810 $73,956 $169,777 $236,501 $130,488 $53,326 $237,962 $24,732 $267,023

5 -1 5 10 -2 4 9 -15 -7 10 10 -4 17

860

$139,442

161 166

-1 31

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7 3

Fort Zumwalt North 131 Fort Zumwalt South 128 Francis Howell 154 Wentzville Holt 176 Wentzville Timberland 166

42 48 25 27 15

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NOTE: Shows only districts/high schools where more than 125 homes were sold. Readers should use caution when viewing percentage changes in home prices. They may reflect a shift in the type of home that is selling more than a change in value for a typical home in a community. SOURCE: Berkshire Hathaway Alliance Real Estate

a retired couple, saw the market from both sides this spring. They had tried to sell their Ballwin home two years ago, when the market was weaker. “We were hoping to get a certain amount to cover everything we put into the house. It didn’t go,” said Barb Schmidt, so they removed it from the market. Then this spring, their agent, Linda Hyink of Coldwell Banker Gundaker, said she had a buyer for the house, even though it wasn’t for sale. It sold for their asking price in a neighborhood where houses range from about $280,000 to $330,000. But the Schmidts found the pickings slim when they went shopping for a new home in the Ballwin area. They wanted a “villa,” an attached home designed for older people. “What they were asking for was ridiculous in price for very little offered,” Barb Schmidt said. They had to head west to St. Charles County. “ We we n t o u t to Dardenne Prairie and got what we wanted,” she said. Realtors consider a six-

month supply of homes to be a balanced market, with no advantage to buyer or seller. There’s only a four-month supply on the Missouri side of the Mississippi River, notes Dohr. That makes this a seller’s market. But the St. Louis region isn’t one real estate market. It is dozens, and conditions can differ widely by neighborhood. It’s often difficult to discern trends in small areas over short periods, since a few unusual sales can distort the averages. In St. Louis County, the greatest sales and price increases are concentrated in the western suburbs this year. North and South County present mixed pictures, with prices and sales up in some areas and down in others. Kelsey says the market is hottest in the $150,000 to $250,000 price range, with high demand and low supply. Jim Gallagher • 314-340-8390 jgallagher@post-dispatch.com

Thank you Maryville University for sponsoring this year’s Scholar Athlete! Hundreds of students were honored for their accomplishments on and off the field through this initiative.

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Business

E4 • ST. LOUIS POST-DISPATCH

THE WEEK IN REVIEW Bloomberg St. Louis last week

+0.97

Dow Jones Industrials

19,000

M 1 • Sunday • 05.17.2015

Nasdaq composite

5,200 5,000

18,000

4,800

18,272.56

2,200 2,100 2,000

4,600

17,000

+81.45

Standard & Poor’s 500

4,400

+44.74

16,000

5,048.29

4,200

1,900

+6.63

2,122.73

1,800

1,035.20 MARKET WATCH, NEXT PAGE

Company personas take time to evolve MONSANTO • from E1

“Any time you change an organization, you have the opportunity to rethink things. It’s a great catalyst for change,” said Kelly O’Keefe, a professor and managing director of the Brandcenter at Virginia Commonwealth University. That doesn’t, however, mean we would see an instant evolution of the company’s public persona. You can’t, after all, simply buy a new reputation. Hot-button issues would remain, said Haim Mano, an associate professor of marketing at the University of Missouri-St. Louis. But, he notes, Syngenta does have a better public image, giving Monsanto something to work with down the road. “Maybe the goal is to become, in the eyes of the public, more Syngenta and less Monsanto,” Mano said.

COUNT THE REASONS There is a message that comes out of Monsanto these days when executives explain why the company has become so despised in some circles. They didn’t do enough, they say, in the early days of its genetic research to educate and explain things to the average consumer. They focused, instead, on the farmers who would buy the revolutionary seeds and herbicide combinations produced by that genetic tinkering. “We never thought about our place in the food chain,” said Monsanto Chairman Hugh Grant during an interview this year with the Independent, a London-based newspaper. It’s something that’s not all that surprising when you consider Monsanto’s history. The original entity, founded in 1901, spent its first 60 years as a pure chemical company. The agriculture division was spawned in 1960, but it was an additional 30 years before the company started selling genetically modified seeds to farmers. And it wasn’t until 2000 that the current Monsanto was born, following a split of the corporation’s agriculture and chemical operations. Basically you have a company that existed for nearly a century without really needing to talk to regular people. “When they were a mass chemical company, they had no desire to be public at all,” said Peter Raven, president emeritus of the Missouri Botanical Garden. “They’ve had to adapt. There’s been some stumbling and falling along the way.” To be sure, Monsanto was providing ammunition for its critics long before it entered the agriculture business. In the 1960s, the company — along with Dow Chemical — supplied the U.S. military with the toxic cocktail Agent Orange, used as a defoliant during the Vietnam War. And the following decade brought revelations that PCBs — polychlorinated

“When they were a mass chemical company, they had no desire to be public at all. They’ve had to adapt. There’s been some stumbling and falling along the way.” — Peter Raven, president emeritus of the Missouri Botanical Garden.

biphenyls — manufactured by Monsanto and other companies were linked to nonHodgkin lymphoma. The stuff was used in a range of products, including food packaging and paint, before being banned by Congress in 1979. But clearly, it is the company’s modern endeavors that draw the ire of a very vocal segment of consumers and environmentalists. Most of that can be traced, in one way or another, to the company’s signature Roundup herbicide, sold generically as glyphosate. The herbicide, which has revolutionized weed control for farmers, has been named by critics as one of the culprits in the troubling decline of both the monarch butterfly and honeybee populations. Widespread use of glyphosate has destroyed large amounts of habitat needed to support both insects. An over-reliance on the herbicide also has contributed to the growth in so-called superweeds — plants that have developed an immunity to some herbicides. That, in turn, has spawned a new series of herbicide-seed combinations and new reasons for critics to complain. More recently, glyphosate came under attack by the International Agency for Research on Cancer — an arm of the World Health Organization. The agency declared the herbicide a probable carcinogen, prompting harsh criticism by Monsanto and others in the industry, who questioned the quality of the findings. The company’s genetic modification of seeds also is tied strongly to Roundup, with the key engineered trait being resistance to the herbicide. The genetic research — and desire to protect its seed patents — has led to high-profile legal disputes with farmers. And increasingly, the company finds itself clashing with consumers over genetically modified foods, waging high-profile fights around the nation against laws that would require labeling of foods with GMO ingredients. Some of those consumers look at the company and see a disconnect between its actions and the way it portrays itself as a champion of sustainability. “They’re a chemical company. There’s nothing wrong with that,” said Robyn O’Brien, author of “The Unhealthy Truth,” a book about the U.S. food supply. “Their job is to sell chemicals. But don’t pretend to be something you’re not.”

efforts to improve its standing in the public eye. Last summer, for example, the firm created a new post — director of millennial engagement — targeting one of its more skeptical audiences. The man hired for the job, communications consultant Vance Crowe, touted the company’s new direction on his blog when announcing that he was making the move: “Monsanto has a strong desire to open up, be transparent in what they are doing, and be a part of a conversation with people who are truly interested in voicing real concerns and listening to candid answers.” It’s a sentiment the company says is real and not simply a marketing campaign. As is common when companies are involved in merger-acquisition talks, Monsanto’s executives were not available to discuss this story. But a spokesman offered highlights of several key initiatives undertaken in recent months. Among them: • Monsanto hosts what it calls listening sessions for farmers and consumers to hear more about their concerns about food and where it comes from. • The company launched its discover. monsanto.com website last fall as part of an advertising campaign highlighting Monsanto’s role in agriculture. • Executives have become more involved in agriculture-related discussions at events like the World Economic Forum and Aspen Ideas Festival. And they’ve been more willing to take part in debates and forums where critics are on hand to offer their challenges. • The company is involved in gmoanswers. com, an industry website that solicits questions from and offers answers to consumers. The company also has taken an active social networking presence with blogs, Facebook and Twitter, both from its official account and through executives like Robb Fraley, the company’s chief technology officer. Yet its efforts to draw attention — sometimes through paid tweets — invariably draw hostile responses. Consider, for example, a promoted tweet last year linking to an article about Monsanto’s seed and sustainability endeavors. Among the responses not laced with profanity: • “I don’t want to see ads for your poison on my (time line).” • “Seriously think you guys need a new approach. Starting to feel bad for you.” • “Yep we know all there is to know about

PART OF A CONVERSATION In the past year, the company has boosted

u Monsatan! What’s with the PR tweets?” • “We know all about you. That’s why we hate you.” This year, the Missouri Organic Association said it was approached by the company’s philanthropic arm, the Monsanto Fund, offering a donation of $2,500. The money was part of the fund’s America’s Farmers Grow Communities program, which has given some $20 million to nonprofits in thousands of communities since 2010. Sue Baird, executive director of the Missouri Organic Association, recalled her reaction when she got the call from Monsanto. What they wanted in exchange for the donation was a photo opportunity and a press release noting the gift. “I was flabbergasted,” Baird said. And she felt obligated to make clear her organization’s position on Monsanto. “You know we lobby against you every chance we get,” she told the company’s representative. It was a cordial conversation. But after consulting her board, the small nonprofit declined the donation. “If we had taken money and done the photo op, it would have besmirched our reputation. It would have hurt us a lot more than the $2,500 would have helped us,” she said. For its part, Monsanto said it couldn’t find a record of the offer being made, but that donations through that particular program are directed by farmers living in the communities. It’s the sort of thing that illustrates the long road facing the company in its efforts to change the way the company is perceived. There is no easy fix. But the company needs to take a more proactive approach at getting its own message out to people, while also countering the attacks by critics, said Denise Lee Yohn, author of the book “What Great Brands Do.” “They need to play what I would call both offense and defense,” Yohn said. “You’re going to have to do a lot of it over time, and you’ll have to suffer through a lot of criticism.” But is there an easier way? Could the pursuit of Syngenta be the beginning of the end of the Monsanto name? It certainly wouldn’t be the first time a company’s name disappeared during a merger. It’s a strategy that would be unlikely to work, particularly in this age of social media, said O’Keefe, the professor from Virginia. “A name change alone isn’t enough to polish up a tarnished image,” O’Keefe said. “You really don’t do anything except look like you are hiding.” Tim Barker • 314-340-8350 @tbarker13 on Twitter tbarker@post-dispatch.com

Long on promises, short on progress NORTHSIDE REGENERATION Na tu

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persuade the NGA to pick it over locations in Fenton, Mehlville the Kansas City area wants a and St. Clair County. The NGA court-appointed receiver to take is in the city now but plans to control of hundreds of NorthSide move from what the agency says is its outmoded facility south of parcels. The NorthSide receivership downtown. Asked to describe Slay’s curcase is among several recent legal actions against McKee or rent relationship with McKee, McEagle Properties — his real es- Ponder said: “It’s business. That’s it.” tate firm based in O’Fallon, Mo. The agency, which provides In one case, McKee already has dodged away from harm. A judge mapping support for the U.S. in St. Charles County last week military, annually produces an denied a request by a McEagle estimated $2.4 million in city creditor, Titan Fish Two LLC, earnings tax and has an average for a court-appointed receiver worker salary of $75,000. McKee quietly began buying to take control of the firm’s assets, which weren’t part of the property in the area more than NorthSide project. Still pend- a decade ago. He went public ing is Titan Fish Two’s pursuit in 2009 with plans he later exof the receivership that jeopar- panded into an $8 billion prodizes McKee’s complete control posal to build millions of square feet of office and retail space, of NorthSide. Previously affable and upbeat parks and thousands of new with reporters, McKee recently homes. NorthSide is bounded roughly began limiting his public comments to statements issued by by Natural Bridge, Grand and Jim Gradl, a public relations per- North Florissant avenues, with a son. Gradl said last week the liti- long finger extending southward gation involving NorthSide “has to the western edge of downtown. no impact on the efforts to retain LOOP PROOFING ThoughDESK! long on promises the NGA in St. Louis.” PLEASE RETURN TO GRAPHICS and short on accomplishments, “We continue to support ARTIST: and tom NorthSide has overcome a court work closely with the city in grmp northside MAC SLUG: these efforts and the city still challenge to its $390 million taxSLUG: mckee increment financing component. controls the ability toSTORY assemble TODAY’S DATE: McKee has met often with area the proposed site and property to 2/11 1 Xresidents 4” skeptical of his intent meet the NGA needs,”SIZE: he said. For the city, however, McKee’s and upset that many vacant INITIAL AFTER PROOFING NorthSide buildings continue to involvement isn’t essential. “It doesn’t matter Reporter/Editor: to us who deteriorate. A business that in the last year owns the property,” Ponder said. desk: considered, then dropped, a big She said the city is lessCopy concerned about NorthSide propNews editor: project in NorthSide was St. erty ownership than assembling Louis Brewery, maker of Schlafly beer.OR B&W a redevelopment siteCHOOSE that will COLOR Mckee • from E1

Edward Jones Jo ones Dome D ome Post-Dispatch

DETAIL AREA

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Dan Kopman, co-chairman of Schlafly’s parent company, said he and McKee had discussed construction of a brewery on 40 acres within NorthSide. Kopman said the discussion was cordial but lacked serious talk of Schlafly’s purchase of land or its development by McKee. “We didn’t really get very far,” Kopman said. “There was never what I considered a firm offer.” He said the talks ended before the NGA plan came to light, adding that uncertainty over NorthSide’s future helped prompt Schlafly to drop the idea of building a brewery there. “We concluded that with everything that’s going on, it’s going to be too complicated at this point,” he said. Jack Coatar, the 7th Ward al-

derman, said the aldermanic Housing, Urban Development and Zoning Committee might review the public incentives awarded the NorthSide project, given its lack of progress. Coatar, elected this year, is a committee member. “People are going to want to reassess the benefits package (McKee) was given and see if it still makes sense, given the amount of time that has passed and the lack of progress,” he said.

OTHER PROJECTS IN TROUBLE The most recent lender to sue McKee is PNC Bank, which claims he and several of his business entities defaulted on loans to the stalled Three Springs mixed-use project in Shiloh. With interest and fees, the amount owed exceeds $10.7 million, the suit says. Gradl has said McKee is trying to resolve the dispute. Another stalled McKee development is the Hazelwood Logistics Center warehouse project. McKee claimed that a botched cleanup of a landfill that had occupied part of the 151-acre Hazelwood site has made the project unsaleable. The project’s lender, BancorpSouth Bank, sued and obtained a $31.8 million judgment against him in 2012. The litigation took another turn Wednesday when McKee sued NP Hazelwood 140 LLC. His suit alleges NP Hazelwood participated in an effort to block his attempts to resolve the BancorpSouth Bank judgement. NP Hazelwood was formed in

February by NorthPoint Development, a builder of industrial and mixed-use projects. NP Hazelwood acquired the BancorpSouth judgement against McKee and has scheduled for May 29 a foreclosure sale of Hazelwood Logistics assets. Nathaniel Hagedorn, NorthPoint Development’s chief executive, said Friday his Kansas City-based company hopes to take over the Hazelwood project. He declined to divulge how much NorthPoint paid BancorpSouth for its judgment against McKee and Hazelwood Logistics Center. McKee’s suit against NP Hazelwood seeks $31 million, plus punitive damages. A big part of McKee’s business strategy is to seek tax-increment financing, tax credits and other public incentives for his projects. NorthSide, for example, has a $390 million TIF. Yet, detractors note that McKee hasn’t always paid his business taxes on time. NorthSide owes about $750,000 in unpaid property taxes for 2013 and 2014. NorthSide owes unpaid property taxes for 2013 and 2014. Under state law, if such taxes go unpaid a third year, the city may sue move to put the property up for auction. Ponder said the city will insist that the taxes — plus penalties and interest — get paid eventually. “We totally expect Paul McKee and NorthSide to pay their taxes in full,” she said. Tim Bryant • 314-340-8206 tbryant@post-dispatch.com

Market watch

weekly MARkeT wATCH

05.17.2015 • Sunday • M 1

d M 15 ST. LOUIS POST-DISPATCH • 2015 E5

Track sTocks and Thenews laTesT news • com sTlToday.com/business Track your your stocks and get the geT Latest • Stltoday /business .com 15 best larGe-caP stocKs W

M Pall Corp Williams Parnters LP Arcelor Mittal Sony Corp Netflix Inc CDK Global Inc Alnylam Pharmaceutic Newmont Mining Mobileye NV Williams Cos Extra Space Storage Gilead Sciences Tesla Motors Inc Maxim Integrated Pds Ingersoll Rand

PLL WPZ MT SNE NFLX CDK ALNY NEM MBLY WMB EXR GILD TSLA MXIM IR

1.22 3.40 .20 ... ... .48 ... .10 ... 2.32f 1.88 1.72 ... 1.12 1.16

1.0 5.8 1.7 ... ... .9 ... .4 ... 4.3 2.6 1.6 ... 3.3 1.6

34 cc dd ... cc ... dd 24 ... 98 43 15 dd 51 21

124.61 76.59 62.92 44.85 16.45 9.21 32.60 15.93 594.00 315.54 54.73 25.00 132.99 51.93 27.77 17.60 60.28 31.11 59.77 40.07 70.71 50.11 116.83 78.50 291.42 179.88 36.37 25.28 70.21 52.47

123.70 58.57 11.89 32.74 613.25 53.92 119.84 27.69 48.48 53.80 72.22 109.30 248.84 34.19 70.91

15 best Mid-caP stocKs W

24.18 9.95 1.36 2.10 38.65 3.35 7.05 1.65 2.67 2.86 3.71 5.45 12.23 1.65 3.47

24.3 20.5 12.9 6.9 6.7 6.6 6.3 6.3 5.8 5.6 5.4 5.2 5.2 5.1 5.1

26.1 14.8 24.0 9.1 7.3 14.5 2.4 17.5 4.8 4.0 9.7 7.8 20.3 -1.1 5.3

|996531 47.1 |76432 9.2 |97421 -27.6 |999976531 95.1 |99961 66.8 | 0.0 |99998763 104.4 |81 10.8 | 0.0 |942 22.2 |987652 41.5 |985421 34.3 |9751 28.1 |76521 9.6 |93 21.7

Rentrak Cal-Maine Foods Inc Ultragenyx Pharm Rosetta Resources Radius Health Inc Conn’s Inc SolarEdge Tech Opko Health Inc Zebra Tech On Assignment Nevro Corp AOL Inc Dean Foods Co Ocean Rig UDW Chi Brdg & Iron

RENT ... CALM 1.01e RARE ... ROSE ... RDUS ... CONN ... SEDG ... OPK ... ZBRA ... ASGN ... NVRO ... AOL ... DF .28 ORIG .76 CBI .28

10 worst larGe-caP stocKs W

M Kohls Corp Wynn Resorts Ltd Noble Energy Inc Keurig Green Mountn KC Southern Antero Resources Hess Corp DuPont Marathon Oil Best Buy Co

KSS 1.80 WYNN2.00m NBL .72 GMCR 1.15 KSU 1.32 AR .68 HES 1.00 DD 1.96f MRO .84 BBY .92f

2.7 1.9 1.6 1.2 1.4 1.6 1.4 2.8 3.0 2.7

15 24 17 26 21 15 14 20 11 10

dd 87.40 18 56.19 dd 76.16 2 55.45 dd 51.22 25 51.99 ... 35.88 dd 16.72 dd 109.77 20 39.87 ... 58.87 34 50.82 dd 19.74 ... 19.97 9 83.99

W 43.62 30.04 32.02 15.92 7.46 14.02 19.49 8.00 58.95 25.98 23.13 32.77 12.62 5.91 32.16

66.33 54.95 79.34 24.18 46.23 39.99 37.35 16.92 109.49 38.70 53.41 50.64 18.83 8.89 55.01

15.59 11.95 16.34 4.85 8.24 7.09 6.25 2.79 16.71 5.86 8.05 7.22 2.55 1.18 7.00

30.7 27.8 25.9 25.1 21.7 21.6 20.1 19.7 18.0 17.8 17.7 16.6 15.7 15.3 14.6

33.1 37.4 26.0 3.0 11.4 31.3 50.9 18.5 14.6 1.2 1.0 26.8 9.2 20.5 9.7

|86531 16.5 |9997651 80.1 |9999876321 114.1 |995 -48.0 | 0.0 |64321 -4.3 | 0.0 |999976532 103.9 |9941 47.4 |754 8.0 | 0.0 |986 37.9 |95421 25.8 |987543 -43.3 |9842 -35.9

Pangaea Logistics Nuverra Environ Vascular Biogenics Castle AM nTelos Holdings Oncothyreon Inc Blue Earth Inc Revance Therapeutics Carbylan Therapeutic Signature Group Hldg Upland Software GTx Inc China Info Tech Vaalco Energy eGain Corp

PANL NES VBLT CAS NTLS ONTY BBLU RVNC CBYL RELY UPLD GTXI CNIT EGY EGAN

... ... ... ... ... ... ... ... ... ... ... ... ... ... ...

M New Link Genetics Rackspace Hosting Ziopharm Oncology FibroGen Inc ResMed Inc Foundation Medicine Virtus Invest Depomed Inc WageWorks Inc McDermott Intl

NLNK ... RAX ... ZIOP ... FGEN ... RMD 1.12 FMI ... VRTS 1.80 DEPO ... WAGE ... MDR ...

... ... ... ... 2.0 ... 1.6 ... ... ...

10 58.73 17.32 55 56.20 26.24 dd 14.40 2.31 ... 40.59 20.10 23 75.33 45.74 dd 54.28 18.25 11 227.29 113.55 16 28.16 9.85 64 65.56 36.71 dd 8.43 2.10

... ... ... ... ... ... ... ... ... ... ... ... ... ... ...

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10.28 21.29 17.02 12.90 14.75 3.60 3.93 34.20 8.77 9.83 12.20 1.70 6.70 9.67 7.39

W 2.11 1.65 3.09 2.80 3.85 1.41 .70 14.02 4.68 5.90 5.89 .41 2.91 2.00 2.82

3.70 5.79 5.76 6.14 8.46 2.43 1.29 26.39 7.70 9.64 7.41 1.06 7.14 2.48 3.74

1.45 2.15 2.03 1.98 2.48 0.68 0.31 6.03 1.74 1.99 1.50 0.21 1.39 0.48 0.70

64.4 59.1 54.4 47.6 41.5 38.9 31.6 29.6 29.2 26.0 25.4 24.9 24.2 24.0 23.0

48.0 49.6 19.3 48.3 53.5 41.3 43.3 18.2 26.4 33.3 7.7 46.6 49.8 3.3 9.0

|99998764 -73.9 |99998632 -70.0 | 0.0 |9997542 -50.5 |997541 -35.4 |98762 -28.4 |9998751 -57.5 |98532 -23.9 | 0.0 | 0.0 | 0.0 |99731 -34.2 |9998742 57.1 |9999652 -63.2 |99931 -45.5

10 worst sMall-caP stocKs

10 worst Mid-caP stocKs

66.13 -8.15 -11.0 -11.2 |998632 22.6 106.79 -11.05 -9.4 -14.9 |99999431 -43.1 44.88 -4.24 -8.6 -13.9 9 | 999654 -36.0 94.26 -7.23 -7.1 -16.4 9 | 652 -10.2 95.27 -6.89 -6.7 -8.8 8| 431 -4.7 42.75 -2.90 -6.4 3.1 9 | 998743 -32.4 69.66 -4.68 -6.3 -10.1 9 | 976521 -20.9 70.25 -4.54 -6.1 -1.8 8| 6421 5.7 27.68 -1.63 -5.6 -9.3 9 | 985431 -22.3 34.59 -2.02 -5.5 -5.1 9 | 999843 38.8

79.60 50.90 220.50 108.27 79.63 41.01 158.87 95.02 126.49 92.63 66.10 33.25 104.50 63.80 80.65 63.70 41.92 24.28 42.00 24.57

... 1.8 ... ... ... ... ... ... ... ... ... ... 1.5 8.5 .5

15 best sMall-caP stocKs

39.69 -11.99 -23.2 -26.1 |961 48.3 44.37 -9.63 -17.8 -14.8 |974 54.7 9.17 -1.74 -15.9 -23.0 |9999861 197.5 20.38 -3.61 -15.0 -29.0 | 0.0 56.20 -9.42 -14.4 -21.8 7| 52 13.7 37.09 -6.19 -14.3 -25.2 9 | 87542 79.0 115.21 -18.74 -14.0 -11.4 8 | 7532 -35.8 20.54 -3.25 -13.7 -20.9 9 | 87531 78.3 43.21 -6.28 -12.7 -11.9 7| 53 14.0 4.61 -0.66 -12.5 -10.1 8 | 7 -32.1

Cytosorbents Corp Kandi Tech Orexigen Thera SandRidge Energy Noranda Aluminum EZchip Semicond RadNet Inc Contango O&G Synthesis Engy Sys MakeMyTrip Ltd

CTSO KNDI OREX SD NOR EZCH RDNT MCF SYMX MMYT

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15.24 22.49 9.37 7.43 5.64 28.50 10.35 46.25 2.10 36.12

5.74 8.52 3.11 1.13 2.06 14.30 4.71 16.34 .63 19.19

5.93 9.13 5.01 1.18 2.32 15.06 6.86 16.52 1.28 17.93

-2.25 -3.45 -1.86 -0.42 -0.76 -4.53 -1.93 -4.36 -0.31 -4.15

-27.5 -27.4 -27.1 -26.3 -24.7 -23.1 -22.0 -20.9 -19.5 -18.8

-20.4 -24.9 -33.6 -41.9 -30.1 -23.5 -22.2 -25.1 17.4 -20.0

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|521 -1.2 |97654 -23.5 |8654 -11.5 |999994 -80.5 |983 -24.3 |99871 -44.1 |874 12.5 |99987541 -61.6 |876543 -15.8 |521 1.2

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ACE Ltd 2.60e 11 117.89 99.45 108.15 -.63 -.6 ADT Corp .84 20 42.88 30.45 37.44 -.09 -.2 AES Corp .40 12 15.65 11.53 13.70 +.04 +.3 AFLAC 1.56 10 65.10 54.99 63.67 -.55 -.9 AGL Res 2.04 15 57.75 46.50 50.28 +1.27 +2.6 AT&T Inc 1.88 31 37.48 32.07 34.33 +.64 +1.9 AbbottLab .96 18 48.79 38.84 48.71 +1.14 +2.4 AbbVie 2.04f 59 70.76 51.37 65.99 +.75 +1.1 Accenture 2.04e 21 97.00 73.98 97.02 +1.13 +1.2 Actavis cc 317.72 197.28 296.60 +3.78 +1.3 AdobeSy cc 80.30 58.51 78.92 +2.61 +3.4 Aetna 1.00 19 111.56 71.81 112.74 +3.48 +3.2 AffilMgrs 24 230.63 174.43 222.40 -1.07 -.5 Agilent .40 37 43.59 35.61 42.04 -.46 -1.1 AirProd 3.24f 30 158.20 116.29 148.48 +.51 +.3 Airgas 2.40f 21 119.00 99.61 103.04 +2.17 +2.2 AkamaiT 42 78.44 51.74 77.96 +1.53 +2.0 Alcoa .12 21 17.75 12.65 13.54 -.28 -2.0 Alexion 49 203.30 150.06 160.56 -2.46 -1.5 AllegTch .72 cc 46.32 27.12 37.23 +1.54 +4.3 Allegion .40 ... 63.42 43.81 61.79 -.59 -.9 AlliData 26 312.00 230.54 297.48 -5.82 -1.9 Allstate 1.20f 11 72.87 56.63 67.60 +.33 +.5 AlteraCp lf .72 30 46.50 30.47 44.42 -.04 -.1 Altria 2.08 21 56.70 39.96 52.82 +.65 +1.2 Amazon dd 452.65 284.00 426.00 -7.69 -1.8 Ameren 1.64 16 48.14 36.65 40.54 +.15 +.4 AmAirlines .40 11 56.20 28.10 48.67 -.38 -.8 AEP 2.12 16 65.38 49.06 55.60 -.20 -.4 AmExp 1.16f 14 96.24 76.53 80.22 +1.24 +1.6 AmIntlGrp .50 10 59.88 48.56 58.36 -1.31 -2.2 AmTower 1.68f 49 106.31 87.05 95.51 +.56 +.6 Ameriprise 2.68f 15 138.26 105.41 128.00 +1.65 +1.3 AmeriBrgn 1.16 dd 120.68 65.87 114.18 -.83 -.7 Ametek .36 22 55.35 45.12 55.38 +2.47 +4.7 Amgen 3.16 22 173.60 109.92 162.36 +.81 +.5 Amphenol s .50 25 60.54 45.27 57.78 +.97 +1.7 Anadarko 1.08 dd 113.51 71.00 84.67 -3.89 -4.4 AnalogDev 1.60f 26 64.95 42.57 63.18 +.46 +.7 Anthem 2.50 17 160.91 104.17 161.37 +2.97 +1.9 Aon plc 1.20f 23 107.08 78.26 99.55 -.34 -.3 Apache 1.00 dd 104.57 54.34 63.42 -2.12 -3.2 AptInv 1.20f 18 41.55 30.66 38.35 -.45 -1.2 Apple Inc s 2.08f 16 134.54 83.63 128.77 +1.15 +.9 ApldMatl .40 19 25.71 18.48 20.20 +.51 +2.6 ArchDan 1.12 15 53.91 41.63 53.04 +1.79 +3.5 Assurant 1.20f 13 69.94 59.73 65.25 +.59 +.9 AutoNatn 17 67.50 46.16 62.30 -.82 -1.3 Autodesk cc 65.00 47.00 58.80 +1.54 +2.7 AutoData 1.96 30 90.23 67.06 87.77 +.42 +.5 AutoZone 21 705.00 491.93 689.85 +3.72 +.5 AvagoTch 1.52f 72 136.28 66.92 127.87 +4.54 +3.7 AvalonBay 5.00f 30 181.69 138.07 168.45 -.06 AveryD 1.48f 23 60.62 40.58 60.52 +2.32 +4.0 BB&T Cp 1.08f 14 40.21 34.50 38.72 -.07 -.2 BakrHu .68 32 75.64 47.51 65.85 -1.85 -2.7 BallCorp .52 22 77.20 58.58 73.01 +.71 +1.0 BkofAm .20 24 18.21 14.37 16.35 -.10 -.6 BkNYMel .68 15 43.67 33.27 43.09 -.32 -.7 Bard .88 46 180.94 135.80 173.68 +3.39 +2.0 Baxter 2.08 16 77.31 65.95 69.36 -.23 -.3

2.40 26 14 18 .92f 10 28 8.72f 19 .80 13 3.64 18 .52 21 2.60a 38 cc 1.48 50 .56 42 1.26 30 1.00 17 24 .60 19 6.00 17 1.52 20 2.00f 27 1.16 19 .72f 18 1.40 25 .60 21 .08 41 12 1.25 19 1.60f 11 1.55f 24 26 1.00 29 2.80 14 39 .99 17 2.16 26 46 .35 dd 4.28 12 41 2.28f 12 .04 17 .64 dd 1.84 16 .85f 23 .84f 17 .20f 22 48 3.08f 26 1.35 21 1.32 26 1.12 18 26 1.52f 27 1.00f 17 .84f 15 .92 15 1.00 cc 2.92 16 .25 59 2.60 16 1.24 28

149.98 79.64 152.94 42.00 480.18 382.84 35.80 158.83 67.49 146.07 18.50 69.20 47.28 97.97 33.42 39.77 65.24 314.43 77.49 100.61 38.66 37.99 105.46 21.97 37.77 74.89 48.31 85.39 91.91 75.40 49.21 111.46 129.06 25.75 45.67 75.72 31.49 135.10 727.97 105.30 135.00 150.71 55.35 88.23 30.31 56.95 72.89 112.70 43.87 45.00 50.00 65.55 71.56 60.85 52.72 73.29 38.41 87.09 48.30 72.25 121.92

112.15 54.96 122.72 24.57 285.01 293.39 27.42 116.32 48.40 112.75 11.10 46.30 29.30 81.89 25.25 27.49 48.83 233.38 58.22 67.90 27.90 28.68 74.64 16.62 26.01 39.52 41.15 72.77 64.65 43.27 33.11 78.19 72.65 19.63 33.94 49.87 13.38 98.88 490.55 86.40 85.75 91.74 45.09 59.59 22.49 46.08 56.47 86.03 32.72 39.06 39.05 41.51 62.53 49.16 40.09 54.23 28.60 60.57 26.11 53.61 78.49

141.48 73.35 145.26 34.59 391.24 370.85 31.35 146.88 61.82 134.70 17.85 67.64 47.38 95.05 31.69 38.57 59.95 306.73 64.52 94.99 33.78 35.50 102.07 20.43 35.40 52.36 46.85 84.03 87.55 72.26 47.90 88.43 115.53 20.39 34.50 67.34 15.00 108.03 632.37 99.03 132.06 114.99 50.87 85.45 29.55 54.24 65.61 109.20 37.46 41.52 46.56 63.57 68.63 56.64 48.16 67.79 38.49 65.76 32.05 61.47 118.45

-.53 +1.91 -3.05 -2.02 -7.19 +.81 +.33 +1.42 +.55 +1.37 +.34 +.71 +1.08 +2.57 +.09 +1.02 -.87 -2.63 -1.18 +.62 +.12 -1.18 +1.41 -.12 +.34 -1.03 +1.02 +.87 +.90 +.73 +1.74 +1.12 +2.32 -.08 -.45 -.68 -.28 +.45 -1.45 -1.40 +3.57 -3.29 -.61 +3.04 +.32 +.22 -.98 +1.61 -1.00 +.54 +.58 +.48 +.43 -1.77 +.05 +2.48 +.98 -1.41 -1.29 +.39 +2.13

-.4 +2.7 -2.1 -5.5 -1.8 +.2 +1.1 +1.0 +.9 +1.0 +1.9 +1.1 +2.3 +2.8 +.3 +2.7 -1.4 -.9 -1.8 +.7 +.4 -3.2 +1.4 -.6 +1.0 -1.9 +2.2 +1.0 +1.0 +1.0 +3.8 +1.3 +2.0 -.4 -1.3 -1.0 -1.8 +.4 -.2 -1.4 +2.8 -2.8 -1.2 +3.7 +1.1 +.4 -1.5 +1.5 -2.6 +1.3 +1.3 +.8 +.6 -3.0 +.1 +3.8 +2.6 -2.1 -3.9 +.6 +1.8

FRI NAV

AB GrandIncA m 5.61 AMG YacktmanSvc d 24.70 YkmFcsSvc d 25.47 AQR MaFtStrI 10.97 AllianzGI NFJAllCpVaA m 17.20 American Beacon LgCpVlIs 30.36 American Century EqIncInv 8.83 HeritA m 24.22 IntlGrA m 13.38 InvGrInv 30.19 SelectA m 59.63 UltraInv 37.26 American Funds AMCAPA m 29.69 AmBalA m 25.25 BondA m 12.85 CapIncBuA m 61.87 CapWldBdA m 19.86 CpWldGrIA m 49.18 EurPacGrA m 52.40 FnInvA m 54.08 GrthAmA m 45.60 HiIncA m 10.90 IncAmerA m 22.15 IntBdAmA m 13.61 IntlGrInA m 34.00 InvCoAmA m 38.28 MutualA m 37.93 NewEconA m 39.87 NewPerspA m 39.68 NwWrldA m 56.97 SmCpWldA m 50.53 TaxEBdAmA m 12.97 WAMutInvA m 41.76 Artisan IntSmCpIv d 26.40 Intl d 32.36 IntlVal d 36.81 MdCpVal 25.58 SmCap 31.54 SmCapVal 14.36 BBH CoreSelN d 22.91 Baird AggrInst 10.84 CrPlBInst 11.18 BlackRock Engy&ResA m 13.43 EqDivA m 25.13 EqDivI 25.19 GlobAlcA m 20.90 GlobAlcC m 19.16 GlobAlcI 21.02 HiYldBdIs 8.01 StIncInvA m 10.17 StrIncIns 10.17 CGM Realty 33.63 Causeway IntlVlIns d 16.36 Cohen & Steers Realty 77.86 Columbia AcornIntZ 45.94

WK - PCT RETURN RNK CHG YTD 3YR 5YR OBJ 1YR +.01 +2.0

+18.1 +15.8 LV

+.15 -1.9 +.18 -1.8

+14.2 +12.6 LB +13.7 +12.2 LB

-.06 +3.2

+8.0

+4.8

+.9

+17.0 +13.9 LV

+.06 +4.2

+20.1 +15.0 LV

+.01 +.15 +.23 +.13 +.41 +.31

+13.9 +16.5 +14.4 +16.2 +17.2 +19.3

4 2 4 4 2 2

+.26 +.02 -.01 +.33 +.11 +.31 +.72 +.12 +.16 -.01 +.04

+1.2 +8.3 +10.6 +4.9 +7.8 +7.1

+11.8 +15.0 +10.9 +14.4 +15.4 +16.7

LV MG FG LG LG LG

+.23 +.12 +.11 +.34 +.30 +.63 +.87 -.04 +.10

+6.0 +2.8 +1.0 +4.7 +.2 +7.1 +11.2 +5.4 +6.8 +3.6 +3.4 +1.2 +7.4 +4.4 +2.6 +8.4 +9.4 +6.5 +11.5 +.1 +2.4

+20.6 +14.0 +2.5 +11.6 +1.1 +16.7 +14.3 +18.9 +20.3 +6.1 +13.1 +1.1 +13.1 +19.3 +16.8 +22.1 +17.4 +8.8 +17.6 +3.5 +17.6

+16.0 +12.2 +4.0 +10.6 +3.2 +12.2 +9.7 +14.7 +15.0 +7.2 +11.8 +2.1 +9.8 +14.4 +14.0 +17.0 +13.4 +6.8 +12.9 +5.0 +15.2

LG MA CI IH IB WS FG LB LG HY MA CS FB LB LV LG WS EM WS MI LV

4 1 3 2 3 3 2 3 3 4 4 2 5 4 1 5 1 3 1 1 3

+.19 +.34 +.42 +.08 +.49 +.12

+17.5 +8.0 +7.6 +3.8 +7.3 +1.6

+16.7 +15.7 +18.3 +15.7 +18.2 +7.2

+13.6 +13.3 +14.2 +13.5 +17.7 +6.2

FR FG FB MV SG SV

5 2 2 5 1 5

-.05 +1.0 +1.0 +1.2 -.25 +.02 +.02 +.07 +.06 +.06

+1.4 +1.3 +1.4 +5.7 +5.4 +5.8 +3.6 -.01 +1.3 -.01 +1.4

+15.3 +14.2 LB +3.7 +3.6

+5.2 CI +5.3 CI

+4.5 +0.8 EE +14.0 +12.9 LV +14.3 +13.2 LV +9.9 +7.6 IH +9.1 +6.8 IH +10.2 +7.9 IH +8.5 +9.2 HY +4.4 +4.9 NT +4.7 +5.2 NT

5 1 1 3 4 4 2 2 1 1 2 2

+.34 +2.2

+11.1 +12.2 SR

+10.6

+15.6 +11.4 FB

1 4

+.30 +1.8

+12.3 +13.3 SR

+.59 +10.1

+13.5 +10.7 FR

FRI NAV

AcornZ 34.18 GlDivOppA m 18.74 MdCpValA m 17.31 Credit Suisse ComStrInstl 6.04 DFA 1YrFixInI 10.32 2YrGlbFII 9.94 5YrGlbFII 11.10 EmMkCrEqI 20.60 EmMktValI 28.18 EmMtSmCpI 22.08 IntCorEqI 13.14 IntSmCapI 21.37 IntlSCoI 19.34 IntlValuI 19.92 RelEstScI 33.05 TAUSCrE2I 14.80 USCorEq1I 18.64 USCorEq2I 18.16 USLgCo 16.78 USLgValI 34.81 USMicroI 19.90 USSmValI 36.05 USSmallI 32.12 USTgtValInst 23.17 Davis NYVentA m 39.07 Delaware Invest ValueI 18.76 Dodge & Cox Bal 103.60 GlbStock 12.51 Income 13.84 IntlStk 46.11 Stock 183.55 DoubleLine TotRetBdN b 10.99 Eaton Vance FltgRtI 9.02 FMI LgCap 22.32 FPA Cres d 34.56 NewInc d 10.11 Perennial d 55.08 Fairholme Funds Fairhome d 35.69 Federated StrValI 6.12 ToRetIs 11.06 Fidelity AstMgr20 13.45 AstMgr50 17.71 Bal 23.58 Bal K 23.58 BlChGrow 73.22 BlChGrowK 73.32 CapApr 38.23 CapInc d 10.03 ChinaReg d 37.68 Contra 102.64 ContraK 102.60 ConvSec 32.34 DivGrow 34.79 DivrIntl d 38.70 DivrIntlK d 38.65 EmergAsia d 36.82 EqInc 59.25 EqInc II 27.26

WK - PCT RETURN RNK CHG YTD 3YR 5YR OBJ 1YR +.62 +7.0 +.08 +4.9 +1.8

+15.4 +13.2 MG 5 +11.4 +9.2 WS 5 +19.2 +14.5 MV 4

+.07

+.5

-8.0

+.02 +.14 +.04 +.30 +.19 +.53 +.43 +.24 +.22 +.06 +.09 +.08 +.06 -.03 +.13 +.18 +.23 +.16

+.3 +.4 +1.6 +8.9 +9.4 +11.0 +12.4 +14.9 +13.9 +12.9 +.8 +4.1 +4.4 +4.1 +3.9 +2.8 +2.8 +3.1 +3.3 +4.8

+.5 +.6 +2.2 +6.8 +5.5 +9.4 +15.5 +20.0 +16.3 +15.7 +12.0 +20.5 +20.1 +20.5 +19.3 +22.9 +19.8 +20.3 +19.7 +20.7

+.07 +6.1

-3.9 BB +0.6 +0.8 +3.1 +4.6 +2.2 +6.8 +9.6 +12.0 +11.2 +8.5 +13.9 +15.5 +15.7 +15.5 +15.6 +16.1 +15.0 +14.2 +15.1 +14.2

UB IB IB EM EM EM FV FA FQ FV SR MB LB MB LB LV SB SV SB SV

3 2 1 2 3 1 2 2 3 3 2 3 3 3 2 3 3 3 3 3

+17.4 +12.9 LB

-.01 +3.3

+19.6 +17.5 LV

+.28 +.11 +.02 +.59 +.73

+2.4 +5.7 +1.1 +9.5 +2.7

+17.2 +21.0 +3.7 +18.6 +22.6

2 3 3 3 2

+1.1

+4.0

+7.2 CI

-.01 +2.7

+4.0

+4.6 BL

+.08 +5.2

+18.5 +14.5 LB

+.08 +2.4 -.02 +.6 +.03 +3.0

+12.7 +10.9 MA 4 +1.3 +1.7 NT 3 +19.9 +15.1 MG 3

+12.8 +13.3 +4.8 +11.1 +15.8

MA WS CI FB LV

-.64 +1.7

+14.4

+6.7 LV

+.03 +4.4 +1.4

+14.8 +14.8 LV +3.0 +4.4 CI

5 2

+.01 +.06 +.12 +.13 +.35 +.36 +.34 +.01 +.16 +.40 +.40 -.04 +.17 +.53 +.54 +.11 +.33 +.11

+5.0 +10.1 +14.0 +14.2 +22.4 +22.6 +20.0 +9.7 +22.9 +18.1 +18.3 +14.7 +19.4 +16.1 +16.3 +13.1 +17.3 +17.2

3 4 1 1 1 1 2 1 1 3 3 4 2 2 2 1 4 2

+2.2 +4.4 +4.0 +4.0 +7.0 +7.1 +6.1 +5.3 +22.9 +5.8 +5.8 +.6 +4.1 +12.3 +12.4 +12.8 +3.9 +2.6

+5.5 +9.1 +11.9 +12.0 +18.0 +18.2 +16.4 +9.4 +13.9 +15.8 +15.9 +11.2 +14.1 +10.9 +11.0 +9.7 +12.3 +12.7

CA MA MA MA LG LG LG HY CH LG LG CV LB FG FG PJ LV LV

Corning Costco CrwnCstle Cummins DR Horton DTE Danaher Darden DaVitaHlt Deere DelphiAuto DeltaAir Dentsply DevonE DiamOffsh DirecTV Discover DiscCmA s DiscCmC s Disney DollarGen DollarTree DomRescs Dover DowChm DrPepSnap DuPont DukeEngy DunBrad E-Trade eBay EMC Cp EOG Rescs EQT Corp EastChem Eaton Ecolab EdisonInt EdwLfSci ElectArts EliLilly EmersonEl Endo Intl ENSCO Entergy Equifax Equinix EqtyRsd EssexPT EsteeLdr EversrceE Exelon Expedia ExpdIntl ExpScripts ExxonMbl F5 Netwks FLIR Sys FMC Corp FMC Tech Facebook FamilyDlr Fastenal FedExCp FidNatInfo FifthThird FstSolar FirstEngy Fiserv Flowserve Fluor FordM Fossil Grp FrankRes FrptMcM FrontierCm GameStop Gannett Gap Garmin GenDynam GenElec GenGrPrp GenMills GenMotors GenuPrt Genworth GileadSci GoldmanS Goodyear Google A Google C Graingr HCA Hldg HCP Inc Hallibrtn

.48 1.60f 3.28 3.12 .25 2.76 .54f 2.20 2.40 1.00 .36 .29f .96 .50 1.12f 1.15f .88 2.59 1.60 1.68 1.92f 1.96f 3.18 1.85 .46 .67 .12 1.60 2.20 1.32 1.67 2.00 1.88 .60m 3.32 1.16 6.76a 2.21f 5.76f .96 1.67 1.24 .72 .72f 2.92f .44 .66 1.24 1.12 .80 1.04 .52 1.44 .72f .84 .60 .60a .20m .42 1.44f .80 .92f 2.04f 2.76f .92 .68 1.76f 1.44f 2.46 1.72 2.60f .24 4.68f 2.26 .72

14 28 75 15 17 16 24 49 41 11 20 15 24 dd 70 16 12 14 ... 24 21 27 21 15 16 21 20 19 18 31 26 22 17 27 16 19 28 11 16 23 36 16 25 dd 15 33 dd 38 91 27 18 13 30 23 31 13 27 21 23 14 78 39 25 20 29 12 26 16 26 18 18 20 12 14 dd cc 11 7 14 25 18 cc 27 21 16 20 dd 15 11 3 26 25 20 15 35 17

25.16 156.85 89.44 161.03 29.29 92.27 90.25 70.38 85.17 94.63 86.58 51.06 56.25 80.63 51.97 91.79 66.75 44.99 44.00 113.30 76.99 84.22 80.89 91.84 54.97 81.45 80.65 89.97 137.25 29.99 60.93 30.92 118.89 109.97 90.55 79.98 118.46 69.59 150.41 63.46 77.46 68.80 96.58 55.89 92.02 100.21 270.46 82.53 243.17 89.84 56.83 38.93 104.22 49.51 89.59 104.76 136.11 36.36 78.50 63.92 86.07 80.97 50.98 183.51 68.98 21.81 73.78 41.68 81.00 78.97 79.93 18.12 115.20 59.43 39.32 8.46 46.59 37.76 46.85 62.05 146.13 28.68 31.70 57.73 38.99 109.00 18.74 116.83 202.88 30.87 608.91 599.65 269.69 80.20 49.61 74.33

W NAM NA H FF2015 12.91 +.05 FF2035 13.82 +.10 FF2040 9.72 +.07 FltRtHiIn d 9.79 FourInOne 39.07 +.22 FrdmK2015 x 13.92 -.23 FrdmK2020 x 14.66 -.21 FrdmK2025 x 15.36 -.22 FrdmK2030 x 15.77 -.25 FrdmK2035 x 16.29 -.25 FrdmK2040 x 16.33 -.26 FrdmK2045 x 16.78 -.25 FrdmK2050 x 16.89 -.24 Free2020 15.78 +.07 Free2025 13.56 +.07 Free2030 16.74 +.11 GNMA 11.69 -.01 GrDiscov 25.01 +.21 GrowCo 141.42 +.67 GrowInc 31.51 +.10 GrthCmpK 141.30 +.68 HiInc d 9.04 IntlDisc d 42.67 +.60 InvGrdBd 7.92 -.01 LowPrStkK d 53.25 +.47 LowPriStk d 53.28 +.47 Magellan 94.26 -2.86 MidCap d 40.83 +.29 MuniInc d 13.34 -.07 NewMktIn d 15.72 -.04 OTC 85.83 +.18 Puritan 22.25 +.09 PuritanK 22.24 +.09 SASEqF 14.47 +.10 SEMF 18.04 +.14 SInvGrBdF 11.45 -.01 STMIdxF d 62.24 +.28 SersEmgMkts 17.99 +.13 SesAl-SctrEqt 14.47 +.09 SesInmGrdBd 11.45 -.01 ShTmBond 8.62 +.01 SmCapDisc d 31.13 +.08 SmCpVal d 19.33 +.11 StratInc 10.87 +.01 TotalBd 10.73 -.01 USBdIdx 11.73 USBdIdxInv 11.73 -.01 Value 119.65 +1.01 Worldwid d 24.22 +.34 Fidelity Advisor NewInsA m 27.92 +.12 NewInsC m 25.50 +.10 NewInsI 28.44 +.12 StratIncC m 12.08 +.01 Fidelity Select Biotech d 255.40 +3.60 ConsStpl d 97.54 +1.00 Energy d 47.07 -.69 HealtCar d 237.05 +2.31 MedEqSys d 38.47 +.30 NatRes d 32.42 -.39 Fidelity Spartan 500IdxAdvtg 75.07 +.29 500IdxAdvtgInst 75.07 +.29 500IdxInstl 75.07 +.29 500IdxInv 75.06 +.29 ExtMktIdAg d 57.51 +.44 IntlIdxAdg d 41.73 +.49 TotMktIdAg d 62.24 +.29 Fidelity¬Æ SeriesGrowthCoF 12.88 +.06 First Eagle GlbA m 55.25 +.34 FrankTemp-Frank Fed TF A m 12.34 -.04 FrankTemp-Franklin CA TF A m 7.43 -.02 GrowthA m 78.58 +.56 HY TF A m 10.48 -.04 Income C m 2.46 IncomeA m 2.43 IncomeAdv 2.41 MO TF A m 12.02 -.03 RisDvA m 53.44 +.50 StrIncA m 10.05 Utils A m 16.95 +.08 FrankTemp-Mutual Discov Z 35.38 -.02 DiscovA m 34.80 -.02 Europ C m 22.28 +.03 Shares Z 30.97 +.02 SharesA m 30.69 +.01 FrankTemp-Templeton GlBond C x 12.48 -.04 GlBondA x 12.44 -.05 GlBondAdv x 12.40 -.05 GrowthA m 25.42 +.17 WorldA m 18.43 +.11 GE S&SUSEq 56.11 +.20 GMO EmgMktsVI d 10.63 +.02 IntItVlIV 24.64 +.21 QuIII 23.14 +.19 USEqAllcVI 16.73 +.10 Gabelli SmCpGrAAA m 50.96 +.47 Goldman Sachs HiYieldIs d 6.85 MidCpVaIs 42.93 +.02 SmCpValA m 53.59 +.44 Guggenheim MgdFutsStraP b 24.43 -.26 Harbor CapApInst 63.73 +.37 IntlInstl 73.82 +.76 Hartford CapAprA m 39.52 +.15 CpApHLSIA 58.51 +.23 Heartland SelectVal m 32.31 +.15 Hodges Retail m 40.24 -.30 INVESCO ComstockA m 26.17 -.06

17.03 113.51 72.43 124.30 19.29 71.60 70.12 43.56 67.17 78.88 58.23 30.12 43.83 51.76 26.02 82.00 54.02 28.72 27.66 78.54 53.00 49.69 64.71 67.13 41.45 56.66 63.70 68.81 101.77 18.20 46.34 25.07 81.07 71.33 67.13 57.11 97.78 53.63 78.12 31.77 57.81 54.95 57.14 19.78 70.70 69.04 189.55 60.44 176.70 70.18 41.92 30.66 68.35 38.14 65.08 82.68 100.73 28.32 51.04 34.85 57.31 55.64 39.46 136.97 51.38 17.14 39.18 29.98 58.76 52.75 51.80 13.26 76.40 49.12 16.43 5.33 31.69 25.95 35.46 44.57 112.43 23.41 22.92 48.32 28.82 82.15 6.75 78.50 154.84 18.87 490.91 487.56 223.92 51.00 38.53 37.21

21.29 144.83 83.80 142.77 26.31 79.14 86.45 63.93 81.48 89.13 87.25 47.00 51.99 65.86 33.12 91.46 59.50 31.76 29.46 110.30 74.71 78.37 72.19 75.95 51.51 77.41 70.25 76.15 128.47 29.01 59.41 26.88 90.47 90.65 78.25 73.32 116.12 60.44 131.41 62.88 72.90 60.19 85.35 25.80 74.98 98.90 260.40 75.18 226.30 88.95 49.17 34.50 103.41 47.70 87.37 87.35 127.79 31.72 58.36 41.50 80.42 78.61 42.78 175.14 64.45 20.36 56.72 35.24 80.98 57.10 59.23 15.48 77.44 51.79 22.83 5.64 40.06 35.73 38.89 46.20 140.11 27.27 28.50 57.14 34.91 93.84 7.91 109.30 202.97 30.85 546.49 533.85 246.05 79.84 39.80 46.70

+.14 -1.05 +.13 +2.11 +.45 -.07 +2.42 -.03 -.69 -.76 +2.17 +.83 +.88 -2.03 -.68 +2.08 +.49 +.43 +.56 +.19 -.14 -.81 +.40 +.83 -.34 +.90 -4.54 -.16 +2.63 -.15 +.59 -.05 -3.03 -.17 -1.83 +1.22 +1.33 -.23 +5.01 +.00 +.14 +1.87 -1.69 -.71 -.59 +.01 -7.53 +.34 -1.14 +.53 +.71 +.88 +.65 -.37 +1.66 -.91 +1.74 +.17 -2.59 -1.28 +1.91 -.33 +.06 +1.79 -.63 +.15 +.35 +.15 +.84 +1.40 -.43 -.19 -2.18 -.50 -.46 -.36 -.13 +.79 -.72 +.26 -1.55 -.09 +.80 +.87 -.41 -.24 -.37 +5.45 +2.47 +1.42 -2.46 -4.37 -3.11 +2.94 -.02 -1.41

+.7 -.7 +.2 +1.5 +1.7 -.1 +2.9

N +4.5 +6.7 +6.7 +3.2 +5.6 +4.5 +4.9 +5.5 +6.3 +6.7 +6.7 +6.8 +6.7 +4.9 +5.4 +6.3 +1.0 +5.9 +7.4 +4.7 +7.4 +3.6 +12.3 +1.0 +6.0 +6.0 +5.4 +6.4 -.1 +5.0 +7.9 +3.9 +3.9 +5.0 +8.1 +.9 +4.1 +8.0 +4.8 +.9 +.8 +3.5 +2.1 +3.1 +1.5 +.9 +.8 +5.6 +8.6

3 4 2 2 2 1 2 2 2 2 1 2

+17.3 +14.9 LG +16.4 +14.0 LG +17.6 +15.2 LG +3.4 +4.8 MU

4 5 4 3

+18.2 +3.2 +5.2 +13.2 +9.7 +6.6

+43.9 +16.2 +8.6 +37.4 +26.9 +7.5

+35.9 +15.8 +7.2 +28.6 +19.3 +5.5

SH CC EE SH SH EE

1 2 2 2 4 2

+3.9 +3.9 +3.9 +3.9 +5.5 +12.1 +4.1

+19.3 +19.3 +19.3 +19.3 +19.5 +15.1 +19.1

+15.7 NA NA +15.7 +15.7 +10.0 +15.7

LB LB LB LB MB FB LB

2 2 2 2

+7.5

NA LG

+11.5 +10.0 IH

+5.4 -.2

+3.3

+8.3 +11.1 +11.2 +4.2 +12.5 +8.4 +9.0 +10.1 +10.6 +11.2 +11.3 +11.4 +11.5 +9.0 +10.0 +10.5 +3.7 +17.1 +18.7 +15.8 +18.8 +7.8 +10.6 +4.6 +15.7 +15.6 +13.5 +14.7 +5.0 +7.2 +18.9 +11.9 +12.0 +15.6 +5.2 +4.3 +15.7 +5.0 +15.4 +4.2 +1.7 +16.9 +13.8 +5.9 +4.8 NA +3.7 +15.7 +13.6

-2.8 +.5 -.5 +.6 +1.5 +2.6 +.6 -.8 +1.9 -1.0 +1.4 +.5 -4.2 -3.0 +2.4 -.4 +.1 +1.0 -1.0 +.7 +.6 +.4 +1.0 +2.5 -.7 -1.2 -2.7 -1.0 -2.0 -6.0 -.3 +2.3 -1.8 +.6 -1.1 -.3 +2.9 +1.5 -1.2 -.3 -4.5 +5.2 +1.2 +4.8 -.4 -.8 -1.2 +3.8 -.1 -2.9

TD TI TJ BL AL TD TE TG TH TI TJ TK TN TE TG TH GI LG LG LB LG HY FG CI MV MV LG MG ML EB LG MA MA LG EM CI LB EM LG CI CS SB SV MU CI CI CI MV WS

+5.3 +4.9 +5.3 +2.6

+9.4 +14.1 +14.3 +3.7 +15.6 +9.5 +10.3 +12.0 +13.0 +14.3 +14.4 +14.7 +14.8 +10.3 +11.9 +12.9 +2.1 +19.0 +21.4 +19.8 +21.5 +6.5 +16.1 +2.8 +19.2 +19.1 +20.8 +19.3 +3.5 +5.2 +25.0 +14.0 +14.1 +20.0 +7.3 +2.6 +19.2 +7.1 +19.8 +2.6 +1.2 +21.1 +18.7 +4.5 +3.2 +2.2 +2.1 +22.5 +17.3

-.8 -.8 +2.6 +1.8 +1.7 -3.0 -2.0 +2.3 +.8 +1.4 +1.9 +.2 -.2 -1.0 +.6 +1.1 -.7 +1.2 -6.1 -.2 +2.1 -.5 +1.0 -.2 -3.2 -.2 -2.3 +1.7 +1.2 -.4 +4.0 +1.6 +.2 +3.2 -1.9 -2.7 -.8

+4.9 ML

1 1 1 3 2 1 1 1 1 1 1 1 1 1 1 1 1 3 1 3 1 2 2 3

5 3 1 1 1 1 4 3 2

+5.2 +.2 +3.1 +3.4 +3.5 +.5 +2.8 +2.0 -3.9

+4.3 +5.6 MC 1 +18.5 +14.7 LG 3 +3.5 +5.5 HM 4 +10.1 +9.1 CA 5 +10.6 +9.6 CA 5 +10.7 +9.8 CA 5 +1.9 +3.9 SL 3 +15.7 +13.9 LB 4 +4.7 +5.6 MU 5 +12.3 +13.7 SU 1

+6.2 +6.1 +9.4 +4.9 +4.8

+15.9 +15.5 +14.6 +16.9 +16.5

WS WS ES LV LV

3 3 2 4 5

+1.0 +1.1 +1.2 +6.8 +7.2

+5.0 +4.2 IB +5.4 +4.6 IB +5.7 +4.9 IB +17.8 +12.1 WS +16.4 +11.7 WS

2 2 1 5 5

+3.3

+19.7 +14.8 LB

+8.9 +12.2 +3.3 +3.8

+3.4 +2.8 EM +15.8 +9.7 FV +15.9 +14.8 LB +16.1 +14.6 LB

3 5 4 4

+3.9

+18.2 +14.3 SB

+3.6 +3.2 +2.4

+7.4 +8.1 HY 2 +20.1 +14.9 MV 2 +18.6 +14.7 SB 3

+1.4

+2.9

+11.4 +11.1 +8.7 +12.4 +12.0

-0.6

+8.9 +14.0

+19.5 +16.8 LG +12.7 +10.4 FB

1 4

+6.6 +6.9

+22.3 +13.4 LB +21.1 +14.0 LB

3 3

+3.2

+16.6 +11.3 MV 5

+5.3

+25.6 +14.5 MB 5

+2.9

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.40 1.24 1.32 1.88 .72 1.84f 3.30 2.75 2.14 1.00 .64 2.36f 2.07 1.00 .80a .16 1.16f .24 1.94 1.16 2.72 .96 3.00f 5.20f 1.88 1.60 .48f 1.00 1.08f 1.90a 1.60 3.00f 1.04 .80 .40 2.00a 1.32 1.96 1.15 .30f 3.52 .96 1.92f 1.80 2.20 .74 2.00f 2.60 .72 .80f 1.24 .16 .25 .80 1.20 6.00 .25 2.64 .92 3.12f 2.80 2.60 1.44f .84 2.00 1.00f 1.12 1.60 .36 .64 1.52 1.60 3.40 1.32 .96 1.65f 1.00 1.22 1.80 1.50f 1.43f 1.24 1.64f .60 1.78

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34.80 74.05 149.12 82.79 43.42 74.75 84.88 118.95 143.89 111.35 104.50 41.10 117.99 106.58 58.98 88.34 24.50 10.77 183.05 11.32 100.14 70.21 83.72 37.90 241.98 196.40 123.08 57.90 22.69 103.85 559.04 42.05 41.53 66.18 57.18 109.49 53.41 65.36 27.44 73.12 126.49 69.89 158.87 15.06 119.01 28.54 44.71 79.60 91.32 77.74 95.78 132.92 131.19 85.70 59.19 47.39 53.67 26.78 57.08 60.84 49.57 207.06 44.66 72.09 76.25 115.40 129.58 95.93 69.98 134.26 41.92 108.32 85.00 58.74 155.80 27.50 94.33 40.00 78.99 103.78 109.13 239.58 105.45 55.15 79.50 63.62 57.57 98.96 52.44 36.59 50.05 188.29 79.18 40.13 128.79 144.69

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m m mm

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Waddell & Reed Adv NewCncptA m 11.43 +.04 +5.1

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Wasatch 1stSrcInc d

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59.08 +.19 +3.7 47.56 +.16 +5.0

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E6 • ST. LOUIS POST-DISPATCH

M 1 • Sunday • 05.17.2015

Three great reasons to switch to Sprint:

1. Network Reliability No one has a more reliable network in St. Louis.

2.Half the Price Bring us your Verizon or AT&T Wireless bill, turn in your old phone, and we’ll cut your rate plan in half. Discount applies to base monthly service plan only. Exclusions apply and new plan features may not be an exact match. Available with leasing or Sprint Easy PaySM.

3.Our Guarantee We think you’ll love us and if you don’t, no problem. With the Sprint Satisfaction Guarantee, just return your phone anytime within the first 14 days and we’ll refund the phone cost and activation fee.

Why wouldn’t you switch to Sprint? Visit us online or at a Sprint store today. sprint.com/stlouisnetwork or 800-SPRINT-1

Monthly charges exclude taxes & Sprint Surcharges [incl. USF charge of up to 17.4% (varies quarterly), up to $2.50 Admin. & 40¢ Reg./line/mo. & fees by area (approx. 5–20%)]. Surcharges are not taxes. See sprint.com/taxesandfees.

Credit approval required. Limited time offer. Plans: Req. valid port from AT&T or Verizon active wireless line to consumer account with $10 min. monthly rate charge and current device turn-in. Includes unlimited domestic calling and texting. Max of 10 phone/tablet/MBB lines and one data share group per account. At least one phone req. Data: Includes on-network data allowance amount as determined by competitor plan and 100MB off-network data usage. Add’l on-network data usage: 1.5¢/MB. Add’l off-network data can be added by opt in only for 25¢/MB for tablets/MBBs. Third-party content/downloads are add’l charge. Discount Exclusions: Discount does not apply to certain charges such as taxes, surcharges, roaming, add-ons, apps, premium content, int’l services, devices, partial charges, or add’l lines. Usage Limitations: Other plans may receive prioritized bandwidth availability. To improve data experience for the majority of users, throughput may be limited, varied, or reduced on the network. Sprint may terminate service if off-network roaming usage in a month exceeds: (1) 800 min. or a majority of min.; or (2) 100MB or a majority of KB. Prohibited network use rules apply—see sprint.com/termsandconditions. Bills: Uploaded online must be in English. Spanish language bills will be accepted at Sprint stores. Sprint, in its sole discretion, has the right to deny offer for any bill that appears altered or fraudulent. Device Turn-In: Phone must be deactivated & all personal data deleted. Phone will not be returned. No cash back. Not eligible for Sprint Buyback Program. If competitive device is not turned in within 30 days from activation, a non-return phone charge of $200/line applies. Sprint Easy Pay: Req. monthly installment agreement, 0% APR, & qualifying device & service plan. If you cancel wireless service, remaining balance on device becomes due. Lease: Req. qualifying device & service plan. No equipment security deposit. Customer is responsible for insurance and repairs. Early termination of lease/service: Remaining lease payments will be due immediately, and requires device return or payment of purchase option device price in lease. Sprint Satisfaction Guarantee: Deactivate & return to place of purchase w/complete, undamaged phone/device & receipt within 14 days of activation. You pay for actual usage charges (monthly svc charges, taxes, Sprint surcharges, etc.). We’ll refund your phone/device cost. Activation fee will be refunded if returned within 3 days of activation. Sprint dealer may impose add’l fees. A $35 restocking fee may apply. Visit sprint.com/returns. Network reliability ranking: Based on RootMetrics ® St. Louis RootScore® Report for mobile performance as tested on best available plans and devices on 4 mobile networks across all available network types (February, 2015). The RootMetrics award is not an endorsement of Sprint. Your results may vary. See www.rootmetrics.com for more details. Other terms: Offers and coverage not available everywhere or for all phones/networks. May not be combined with other offers. No add’l discounts apply. Sprint reserves the right to change or cancel this offer at any time. Restrictions apply. See store or sprint.com for details. ©2015 Sprint. All rights reserved. Sprint and the Sprint logo are trademarks of Sprint. Other marks are the property of their respective owners.

S E RV I N G T H E P U B L I C S I N C E 1 878 • W I N N E R O F 1 8 P U L I TZ E R P R I Z E S

FRIDAY • 05.29.2015 • $1.50

GUN THEFTS SOAR IN CITY FIREARM THEFTS UP BY 65 PERCENT THROUGH FIRST FOUR MONTHS OF 2015 60 50 40 30 20 10

2012

2013

2014

2015

SOURCE: St. Louis Police Department

Post-Dispatch

65 percent increase • Most thefts are from vehicles, police say

SCRIPPS NATIONAL SPELLING BEE

More weapons available • Gun sales and permit applications are up BY WALKER MOSKOP St. Louis Post-Dispatch

Reports of firearm thefts in St. Louis are up significantly this year, according to police figures. In the first four months of the year, 183 guns were reported stolen, a 65 percent rise from the same period in 2014. The total figure probably is higher, because some gun thefts are not reported to police. Missouri does not require people to report when guns are lost or stolen. In May, an additional 29 had been reported stolen as of Monday, the latest figures available, on pace with May 2014.

St. Louis Police Chief Sam Dotson said most stolen guns are taken from vehicles. He suspects that as more people have bought firearms and obtained concealed-carry permits, more are leaving guns unsecured in their cars when they go to venues that prohibit firearms, such as Busch Stadium. “Criminals have figured this out,” he said, adding that in many of the break-ins, the firearm is the only item missing from the car. “That’s what they’re looking for.” Missourians are not required to have permits to carry guns in vehicles. See GUNS • Page A3

Pesticide-free zones for honeybees sought ASSOCIATED PRESS

Vanya Shivashankar, 13, of Olathe, Kan., and Gokul Venkatachalam, 14, of Chesterfield, hoist the trophy Thursday as co-champions of the Scripps National Spelling Bee.

Cool hand Gokul wins Chesterfield teen — a Parkway West eighth-grader — and his co-champ swagger through the competition’s toughest offerings BY CHUCK RAASCH St. Louis Post-Dispatch

N AT I O N A L H A R B O R , M D. • Chesterfield eighth-grader

Gokul Venkatachalam’s favorite word is “sangfroid,” which means coolness under pressure.

He embodied sangfroid Thursday night. With cool confidence, dressed in his favorite white sneakers, the Parkway West Middle School student finished as co-champion See SPELL • Page A8

A WINNING WORD Nunatak A noun, from the Inuit — an exposed, rocky part of a mountain not covered with snow or ice on an ice ﬁeld or glacier

Showing the love

TODAY

84°/68°

Cooking up fun

STORMS POSSIBLE

SATURDAY

78°/69° STORMS LIKELY

WEATHER A16 POST-DISPATCH WEATHERBIRD ®

Federal environmental regulators have a new plan for keeping bees alive. The Environmental Protection Agency on Thursday proposed a rule that would create temporary bans on pesticide spraying in areas where commercial honeybees are being used to pollinate crops. The goal is to protect bees from pesticides identified as acutely toxic to them, the EPA said in an 18-page summary. The rules would only cover

TOM TIMMERMANN • ttimmerman@post-dispatch.com

so-called foliar applications, where pesticides are sprayed on the plant. Still, the move was applauded by Missouri beekeepers, who worry over the future of insects responsible for pollinating plants that produce a fourth of our food. “It’s terrific news for bees,” said Robert Sears, president of the Eastern Missouri Beekeepers Association. “It addresses the most acute problem, which is accidental exposure.” The rule, which will be published in the Federal Register on See PESTICIDE • Page A8

2,000 steelworkers get reprieve in Granite City BY JIM GALLAGHER St. Louis Post-Dispatch

St. Louis Football Club goalie Mark Pais (in purple, with gloves) is mobbed by fans, mostly members of the team’s supporters group, the St. Louligans, after STLFC’s win over Minnesota in the U.S. Open Cup on Wednesday.

INSIDE > Players say they appreciate the boisterous efforts of supporters. C1

BY TIM BARKER St. Louis Post-Dispatch

The Metro East dodged a major economic blow Thursday with the news that U.S. Steel won’t shut its Granite City Works or lay off 2,000 workers. The Pittsburgh-based steel giant in March gave a 60-day warning that it planned to close the mill until the flagging demand for steel revived. In a surprise reversal, the company confirmed Thursday that only 80 jobs will go. The mill will

Baker man

Cards-Dodgers rivalry long, even

• C1

‘Cake Boss’ Buddy Valastro will share sweets and stories at the Family Arena

Avian ﬂu takes toll on egg prices

• B1

GO! MAGAZINE

Casino plan bogs down in Illinois

Six Flags ride gets rave reviews

continue to operate but at a lower production rate. U.S. Rep. Mike Bost, R-Murphysboro, revealed the change of plans Thursday. He said U.S. Steel gave him no reason for its change of heart. Bost is pushing a measure in Congress that would make it easier and quicker for American steelmakers to win antidumping tariffs against foreign competitors — a key goal of U.S. Steel. See STEEL • Page A8

• A11

1 IM • A4

BommaritoAudiWestCounty.com OP 24 E /7 N

FROM A1

A8 • ST. LOUIS POST-DISPATCH

M 1 • FRIDAY • 05.29.2015

Steel imports have declined in each of last 3 months STEEL • FROM A1

HUY MACH • hmach@post-dispatch.com

Workers leave during a shift change at U.S. Steel Granite City Works on March 25 after layoff plans were announced. The company has reversed plans to idle its operations in Granite City — plans that would have affected more than 2,000 local workers.

270

Mississippi River

ILL. 203 3

Maryville

MO.

Mis sou ri

to prove. American steelmakers a job,” Bailey said. M Osup. 270 would no longer have to prove Local trucking firms and they’ve been damaged, he said, pliers also depend on the GranMississippi River only that ite City Works. I L L . the market had been The Granite City mill was flooded with unfairly priced 203 idled for six months beginning steel. He said the amendment in December 2008. At that time, 3 the city learned that 39 percent would also speed up the prolast round of comof its workforce lived in and cess. The Granite City plaints took three years to renear Granite City. said, and American Last week, U.S. Steel CEO solve,isonhe23rd ad Mario Longhi told Reuters he mills M were at the point of closwas close to filing several anti- ing when a decision was made. U.S. Steel “It’s as if your house is on fire, dumping complaints with U.S. call the fire deauthorities. Such complaints and203you can’t Horseshoe Lake your house has generally allege that foreign partment until Post-Dispatch 2 MILES down, ” he said. steelmakers are selling steel in burned Steel imports to the U.S. rose the U.S. at less than the cost of 38 percent DETAIL in 2014 versus 2013. producing it. AREA Bost and Rep. Rodney Da- Jim Gallagher St. • 314-340-8390 Louis vis, R-Taylorville, hope to at- jgallagher@post-dispatch.com MO. tach an amendment to a trade ILL. bill to make such cases easier Maryville

U.S. Steel is installing a more efficient and capable caster at one of the plant’s blast furnaces. A caster shapes newly made steel, and workers hope it will prompt U.S. Steel to move more work to Granite City. The company has mills in Texas, Alabama, Indiana, Michigan and Pennsylvania. Granite City grew up around its steel mill. “It’s everything to this town,” said Wayne Bailey, who manages the bar at Eddie’s Bar and Grill. “There is no doubt. Without that mill, half of these places will close,” he said as he ate lunch at Petri’s Cafe in Granite City’s little downtown. If the mill closed, many of the customers at Eddie’s would stop coming. “I might be out of

Mis sou ri

U.S. Steel said the decision to keep the plant open was “based on market conditions.” Spokeswoman Sarah Casella said she couldn’t speculate about whether more cutbacks might be needed in the future. “For right now, this is where we’re at,” she said. Production will continue at one of two blast furnaces at the mill. The other was previously closed for the installation of a new caster. Most steel produced at the plant is shipped to a Texas mill where it is made into pipe for the oil and gas business. A sharp drop in oil prices beginning last year led to a steep decline in oil drilling and falling demand for pipe. The mill also makes steel for appliances and other uses. “I have not had any indication that demand for energy tubular products is picking back up,” said Andrew Lane, an analyst at Morningstar in Chicago. Nor has he seen a rise in demand for other products made with Granite City’s steel. Casella would not comment on the current trend in orders. U.S. Steel in March issued layoff warning notices to its 2,080 workers. That advance notice, required by law for mass layoffs, would have become effective this week. At the time, the company blamed rising steel imports for the closure decision. Lane noted that imported steel volume has declined for three months in a row, but remains “very high” by historical standards. The news was a relief to mill workers, but they’re not feeling secure. Many are already on layoff, said Paul Morris, a mill worker for 19 years. U.S. Steel had been cutting work hours even before the March announcement. “I’m keeping my fingers crossed. That’s all I can do,” he said. “We do have orders,” said Morris, who is getting overtime at his job in the shipping department. “I don’t like that when people are on layoff.”

Granite City

23rd

U.S. Steel Horseshoe Lake

203

Post-Dispatch

2 MILES

MO.

St. Louis

DETAIL AREA

ILL.

Honeybee losses blamed on pesticides, loss of foraging area

Competition runs out of words for spellers

PESTICIDE • FROM A1

of the 88th annual Scripps National Spelling Bee. He ended tied with Vanya Shivashankar, 13, of Olathe, Kan., after neither would yield in a half-hour, word-for-word battle that ended when the judges, citing official rules, said they ran out of words chosen for the final. Gokul had to spell “nunatak” to share the title. He didn’t even ask for the usual pronunciations and word origins. “I didn’t want to delay. She wanted it. I wanted it,” Gokul said, smiling afterward in an interview on a confetti-covered stage. “Waited five years for it. I didn’t want to wait another minute.” He called it a “culmination of all the hard work I have put in.” “Honestly, I have no clue,” he said, explaining how he stayed so cool. What’s next? Watch the NBA finals and his hero, LeBron James. He said he feels kinship with the NBA star in that both felt failure before winning a championship. His parents and younger brother, sitting in the front row, leapt and hugged when the decision was announced. It is the second-straight year of cochampions. Gokul is the first St. Louis-area winner since George Thampy in 2000. His first correct word, “cocozelle,” is a summer squash. Then followed “poblacion,” Spanish for town or village. “Canossa,” a Roman castletown, was third. Then, “zygoneure,” a neuron connector. Then, in order, “caudillismo,” and “scytale,” as he and Vanya survived alternating pressure at the microphone and two-minute commercial breaks. His seventh correctly spelled word was “cypseline,” a swallow-like bird. “Filicite” came next, followed by “sprachgefuhl.” Gokul broke out into a wide smile when he heard that German word. “Nixtamal” was next, then “paroemiology” and “pipsissewa.” Gokul fairly raced through “pyrrhuloxia.” In a video during the live final on ESPN, Gokul said his favorite athlete was Cleveland Cavaliers star James, “because he does many things well rather than focusing on one thing.” The video showed Gokul playing point

Friday, would apply to pesticide applications to blooming crops where bees have been contracted to pollinate and would cover 76 active ingredients used in pesticides, including a popular class of insecticide known as neonicotinoids. The decline of the nation’s honeybee population started in the 1980s and has been blamed on a variety of factors, including insecticides and the varroa mite, a parasite that may contribute to colony collapse disorder. Bees also have struggled to find food, with the increased use of herbicides wiping out large tracts of foraging areas. Whatever the causes, the impact on honeybees has been substantial. There are an estimated 2.5 million honeybee colonies in the United States today, less than half the population found in the 1940s, according to the U.S. Department of Agriculture. The rate has increased in the past year, with managed colony losses hitting 42.1 percent from April 2014 through April 2015, the secondhighest annual loss to date, according to the USDA. Recovery was managed by dividing surviving hives. Neal Bergman owns Delta Bee Co., a commercial operation in Kennett, Mo., with 6,000 hives. His bees pollinate crops in southeast Missouri. And he sends some every year to California, where they work on almond trees. He’s been in business in Missouri since 1982. And he’s witnessed firsthand what happens when a hive is hit by one of these pesticide sprays. “I’ve lost lots of bees to sprays,” Bergman said. “I’ve gone out and just had mounds of dead bodies.” He sees benefits in the EPA’s proposed rules, but points out that it should already be happening, since pesticide makers are clear that their products should not be used when bees are in the area. “It’s basically enforcing label guidelines,” he said. It’s not clear how farmers will react to the proposal. The Missouri Farm Bureau, on Thursday, said it does not have a position. And a spokeswoman for the Illinois Farm Bureau said there was

ASSOCIATED PRESS

Volunteer Adam Martinez, a horticulturalist with the Cincinnati Zoo, searches a honeycomb Wednesday for a honeybee queen at EcOhio Farm in Mason, Ohio.

no one available to comment. The proposal appears to have no impact on Creve Coeur-based Monsanto, which said it doesn’t sell any foliar-applied insecticides. “Pollinators play a vital role in our agricultural system, and we share concerns about bee health. Our vegetable seed business relies on healthy pollinators to produce seed for our customers and our customers need pollinators to produce their harvests,” the company said in a statement. While debate continues to rage over the cause of honeybee deaths, the White House has formed a task force to study the issue, and the EPA said Thursday it continues to conduct “chemical-specific risk assessments for bees” and will consider additional product-specific mitigation efforts. Lori Ann Burd, environmental health director for the Center for Biological Diversity, applauded the proposed rule, but said neonics, which are commonly used as seed treatments, by Monsanto and others, on crops such as corn, need to be banned. In seed treatments, the pesticide is applied to the seed before it is planted. “EPA needs to take the next step and ban these poisoned seeds,” Burd said in a statement. The proposal needs public comment, then will be finalized. If all goes according to plan, new rules and new pesticide labels will be ready for spring 2016. Reuters and The Associated Press contributed to this report. Tim Barker • 314-340-8350 @tbarker13 on Twitter tbarker@post-dispatch.com

SPELL • FROM A1

guard on his club team back home, in which he vowed at the end: “I’m taking my talents to the National Spelling Bee.” Cole Shafer-Ray, 14, of Norman, Okla., was third. The final 10 survived competition involving more than 11 million spellers in all 50 states, several territories, and several foreign countries. The competition was tough from the beginning. Sylvie Lamontagne, 12, of Lakewood, Colo., was the first to fall, missing on “cerastes,” a serpent in Greek legend, in the first round of the finals. Up next, Siyona Mishra of Orlando, Fla., stumbled on “hacek,” a symbol to indicate pronunciation in Czech. Eight spellers made it into the second round. Two more, Paul Keaton of Pikeville, Ky., and Tejas Muthusamy of Richmond, Va., fell out on their second words. Snehaa Ganesh Kumar of Folsom, Calif.; Siddarth Krishnakamur, of Pearland, Texas; and Dev Jaiswal, of Louisville, Ky., a charismatic crowd favorite, were eliminated on their third words. It was Gokul’s secondstraight appearance in the finals, and his fourth-straight year representing the St. Louis area in the national competition. Gokul, 14, finished third last year, and in a video shown during the semifinals, he had declared: “I am not saying I will win, but I want to win.” He said it would be redemption for falling out last year when he left out an “e” in the word “Kierkegaardian.” His father, Venkatachalam Krishnan, said that through four years of competition at the Bee nationals, Gokul has been “exposed to failures and successes” and “small, real-life situations.” Before the finals began on ESPN, the 10 finalists were described as competitors about to flex “muscles of the mind.” During the semifinals, an ESPN 2 lead-in described the spellers as “athletes of the English language.” Paige Kimble, executive director of the Scripps Spelling Bee, who won the competition in 1981, said one nearly universal trait of the 283 competitors this year was they were read to, and exposed to books and language at an early age. “Overall they seem like a very

confident bunch,” she said. “These are kids who can’t tell you when they first remember being introduced to the Bee, probably because they were toddlers when they first saw it on TV.” Gokul was a study in sangfroid on stage throughout two days of spelling. While others spelled in the semifinals, he sat nonchalantly with an arm draped over the back of his chair. During the finals, he smiled and joked with fellow competitors Cole and Dev. Gokul smiled when Tejas, a competitor from Virginia, got the word “billiken,” an elflike creature that serves as the mascot for St. Louis University. He slapped hands with other competitors when they spelled correctly. He got up during commercial breaks and laughed and smiled with competitors who had been eliminated in earlier competition who were also on stage. Other contestants were openly more nervous. Some took deep breaths into the microphone. Some finger-spelled words on their palms or their large name placards, or looked into the distance of the auditorium. Some engaged in banter with Jacques Bailly, the 1980 champion and pronouncer. But Bailly, a classics associate professor at the University of Vermont, said he is always struck by how well the competitors handle the pressure, even during two-minute commercial breaks in which the competitors sit onstage in their seats. Many competitors know Bailly’s voice before meeting him in person because he records words Scripps offers as audio aids for contestants. “Being on television energizes these kids more than anything,” Bailly said. “I have seen very few of them grow really nervous on it.” Besides his father, Gokul’s mother, Sreepriya Vaidynathan, his longtime spelling coach, and his younger brother, Mehul, 10, were in Washington again this year cheering him on. Gokul won the St. Louis PostDispatch Spelling Bee in March, sponsored by McKendree College. Chuck Raasch • 202-298-6880 @craasch on Twitter craasch@post-dispatch.com

J O I N U S O N L I N E S T L T O D A Y. C O M / B U S I N E S S

FRIDAY â&#x20AC;˘ 05.29.2015 â&#x20AC;˘ B

Wholesale egg prices soar as millions of birds are lost to disease

AVIAN FLU HITS WALLETS

H5N2

41 MILLION

A mixed-origin virus is similar to but distinct from Asian bird flu. It is not infectious in humans, but in birds it spreads rapidly and is often fatal.

Dead chickens are buried this month in a farm field near Rose Acre Farms near Winterset, Iowa, after the avian influenza virus was discovered there two weeks ago. Eggs may be at high prices around the U.S. in the next few months.

29,000

Since the USDA began tracking cases in December, more than 41 million birds have been killed to prevent the diseaseâ&#x20AC;&#x2122;s spread.

Birds culled in two Missouri infections at commercial farms. A third case was reported in a backyard operation.

BY TIM BARKER St. Louis Post-Dispatch

The cost of a dozen eggs may rise for consumers, but the flu isnâ&#x20AC;&#x2122;t affecting chicken prices in stores.

CONFIRMED U.S. CASES OF AVIAN INFLUENZA Number of cases*

5 1

61 cases 27.1 million birds killed to control the fluâ&#x20AC;&#x2122;s spread

3 2

IOWA

1 1

MINNESOTA

85 cases 6.6 million birds killed

DES MOINES REGISTER

MISSOURI 3 cases 29,470 birds killed

* As of Thursday evening Source: USDA

Tech leader nurtures entrepreneurs Region needs better connections, retiring ITEN founder says DAVID NICKLAUS St. Louis Post-Dispatch

When Jim Brasunas began trying to help technology entrepreneurs in St. Louis, he says it was like watering a desert. He knew some seeds of startup activity had been planted, but signs of

life were few and far between. When he founded the Information Technology Entrepreneur Network, known as ITEN, in 2008, he assumed he Brasunas would find a handful of firms that needed nurturing. Seven years later, that startup desert is blooming. ITEN has provided mentoring, training and other services to more than 280 early-stage

technology firms, and employs five entrepreneurs in residence to provide firms with hands-on help. And Brasunas, the former entrepreneur who guided ITENâ&#x20AC;&#x2122;s growth, is retiring as its executive director. Heâ&#x20AC;&#x2122;s 66 and ready to take some time off, and he says the nonprofit organization is strong enough to continue without him. Before leaving, Brasunas agreed See NICKLAUS â&#x20AC;˘ Page B4

A troubling nationwide outbreak of bird flu is on the verge of announcing itself to consumers by way of higher prices for eggs. Already, avian influenza is responsible for the deaths of millions of chickens and turkeys. And itâ&#x20AC;&#x2122;s wreaking havoc on the bottom lines of companies such as Brentwoodbased Post Holdings, which has seen about 35 percent of its egg supply interrupted by the disease. That could cost the company at least $40 million, according to a recent research note by Stifel Nicolaus. But earlier this week, a U.S. Department of Agriculture report on wholesale egg prices offered a glimpse of what could be facing consumers. Prices paid by wholesalers and retail stores jumped above $2 for a dozen large eggs. A week earlier, they were about $1.50 a dozen, according to the USDAâ&#x20AC;&#x2122;s weekly egg market news report. â&#x20AC;&#x153;Weâ&#x20AC;&#x2122;re talking about an egg price story thatâ&#x20AC;&#x2122;s just beginning to unfold,â&#x20AC;? said Scott Brown, agriculture economist at the University of Missouri-Columbia. The surge, however, doesnâ&#x20AC;&#x2122;t mean grocery store shoppers are going to see an immediate See BIRDS â&#x20AC;˘ Page B5

Dynegy is accused of skewing market Illinois AG, advocates cite energy auction, price hikes BY JACOB BARKER St. Louis Post-Dispatch

Missouri submits air cleanup over EPA objections Despite federal regulatorsâ&#x20AC;&#x2122; concerns with a state plan to control air pollution in Jefferson County, the Missouri Department of Natural Resources is submitting it anyway. The Environmental Protection Agency must approve state plans for cleaning up air in areas that fall outside of federal guidelines. The Missouri Air Conservation Commissionâ&#x20AC;&#x2122;s blessing Thursday of a DNR plan that didnâ&#x20AC;&#x2122;t address the agencyâ&#x20AC;&#x2122;s criticisms means the EPA could well reject it. But thatâ&#x20AC;&#x2122;s not a bad thing, say environmentalists, for the areaâ&#x20AC;&#x2122;s biggest

Illinois Attorney General Lisa Madigan and consumer advocacy group Public Citizen Inc. are accusing Dynegy Inc. of manipulating electricity markets in a recent auction that sent prices for Ameren Illinois customers skyrocketing. In a complaint filed with the Federal Energy Regulatory Commission Thursday, Madiganâ&#x20AC;&#x2122;s office and Public Citizen asked the agency to keep new electricity rates from taking effect next week in downstate Illinois. Electricity consumers there who werenâ&#x20AC;&#x2122;t on fixed contracts for power were facing a sharp increase in prices, estimated at about 10 percent, or $150 a year for households, by the Illinois Citizens Utility Board. The two groups accuse Houston-based Dynegy of being able to control the price for a component of electricity in downstate Illinois because of the number of power plants it owns there.

See CLEANUP â&#x20AC;˘ Page B4

See DYNEGY â&#x20AC;˘ Page B5

BY JACOB BARKER St. Louis Post-Dispatch

ROBERT COHEN â&#x20AC;˘ rcohen@post-dispatch.com

Ameren plans to shutter by 2022 its Meramec coal-burning power plant, just north of the Jefferson County border. The plant lacks sulfur dioxide controls.

MEMORIAL, BJC SEEK OK FOR PARTNERSHIP â&#x20AC;˘ B4

SYNGENTA DEFENDS AGAINST MONSANTO BID â&#x20AC;˘ B5 BUSINESS

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Business

B2 • ST. LOUIS POST-DISPATCH

M 1 • Friday • 05.29.2015

McCarthy building medical care center Ladue-based McCarthy Building Cos. Inc. is building a $35 million, 80,000-square-foot CHI Ambulatory Building, which is part of a new academic complex for Creighton University Medical Center at Omaha, Neb. The facility, to open in late 2016, will take a team-based approach to health care, education and the community. McCarthy serves as construction manager and general contractor for the new building, which will house the region’s first free-standing emergency department as well as outpatient and diagnostic services and community space. The facility will also be home to Creighton University’s Family Medicine Residency Program with new technology that enables virtual visits with physicians situated across town as well as student-patient learning.

Ladue-based McCarthy Building Cos. Inc. is building this $35 million, 80,000-square-foot CHI Ambulatory Building, which is part of a new academic complex for Creighton University Medical Center at Omaha, Neb.

Business Bulletin Board

People in Business

Evans is KAI Design & Build brand manager KAI Design & Build hired Jasmine Evans as its brand manager. Evans will oversee information about KAI’s brand assets and manage marketing initiatives, in- Evans cluding advertising and public relations. Most recently, she worked as a marketing and communications specialist for Forest Park Forever. She also is an adjunct professor in communications at Lindenwood University. Evans has a master’s degree in communications from Lindenwood University and a bachelor’s in communications from Southeast Missouri State University.

AWARDS Christina Carney, an adviser at Tiller-Hewitt HealthCare Strategies LLC, received the American College of Healthcare Executives Regent’s Award for health care management excellence from the Mid-America Healthcare Executives Forum.

MEMORIAL WEEK SALES EVENT

CSI Latina Financial Inc., a subsidiary of CSI Leasing, was recognized with an Impact Award from the Overseas Private Investment Corp. for its leasing work to small and medium enterprises in Latin America.

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Hood’s Automotive & Towing, 198 Northwest Industrial Court, Bridgeton, added U-Haul rentals to its line of services.

Hanner

Brown

Davis

Rogles

297

Mosanyi

Pruitt

Hill

Conforte

Aje

McAdamis

Grimes

Lofgren

Stranghoener

Kell

Givens

Stubits

Shea

Shepard

Harvath

DIVERSITY

EXPANDING

Kinamore

ENDS SAT., MAY 30TH AT 6PM

The St. Louis Forum presented business consultant and former Clayton mayor Linda Goldstein with its 2015 Trailblazer Award for helping elevate the image of women in business. Wellston-based Phillips Concrete Services LLC ready-mix concrete supplier received Minority Business Enterprise and Disadvantaged Business Enterprise certification from the St. Louis Airport Authority.

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CR Magnetics Inc. received UL U.S. and Canada recognition on all current indicators and all current relays and switches the company manufactures and assembles in the United States. Edwardsville-based law firm Gori Julian & Associates donated $250,000 to the Land of Lincoln Legal Assistance Foundation, which provides free civil legal services to low-income and elderly people. The Emerson Charitable Trust donated $55,000 to Special Olympics Missouri. Darden Restaurants Foundation donated $12,000 to Operation Food Search to help combat hunger in the St. Louis area. BP and the Cuba, Mo.-based Wallis Cos. donated $10,000 to the Jackie JoynerKersee Center in East St. Louis. GCS Credit Union employees raised $1,050 for the National Alliance on Mental Illness of Southwestern Illinois.

NEW BUSINESS Lake Saint Louis selected Silex, Mo.-based Mick Mehler & Sons Inc. to construct the Oak Terrace Stormwater Improvement Project, which consists of an extension to the city’s existing storm sewer system and construction of a detention basin along Oak Hill Drive. Construction will begin soon. St. Louis-based 4M Building Solutions received a contract to clean 11 buildings on the Sprint World Headquarters campus, totaling over 2 million square feet, in Overland Park, Kan. OPENING Alliance Credit Union opened a new headquarters:

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First Financial Federal Credit Union employees raised $744 for the Urban League of Metropolitan St. Louis programs. International Brotherhood of Electrical Workers Local One electricians teamed with electrical contractor members of the St. Louis Chapter, National Electrical Contractors Association to donate services to repair 23 low-income homes in the St. Louis area.

399

HELPING OUT

Business Calendar TUESDAY Best workplaces • The St. Louis Regional Chamber will host a program on What It Takes to Become A Best Place To Work, featuring a discussion by local experts on workplaces. • 7:30-9 a.m., at Regional Chamber offices, One Metropolitan Square, 211 North Broadway. • $15, includes continental breakfast. Register: www.stlregionalchamber.com/ events JUNE 5 Financial management • The Missouri Career Center will host a financial

management workshop. • 9 a.m., at the Career Center, 1108 Washington Square shopping center, Washington, Mo. • Free. Register: 636-239-6703 JUNE 6 Startups • SCORE St. Louis–Chapter 21 will host a seminar on How to Start and Manage Your Own Business. • 8:15 a.m.-3 p.m., at St. Louis Community College at Meramec, Room SO-108, 11333 Big Bend Boulevard. • $60 in advance; $70 at the door. Register: stlouis.score.org

Post-Dispatch Business Staff ROLAND KLOSE

Business editor

314-340-8128

• 1280 South Highway Drive

GREGORY CANCELADA

Assistant business editor

314-340-8330

Fenton, Mo. 63026

Jacob Barker

Energy and environment

314-340-8291

636-343-7005

Tim Barker

Biotech and agriculture

314-340-8350

RECOGNITION

LISA BROWN

Retail, consumer products and marketing

314-340-8127

McCarthy Building Cos. Inc. ranked as a top U.S. business technology innovator on this year’s InformationWeek Elite 100.

TIM BRYANT

Real estate and construction

314-340-8206

JIM GALLAGHER

Personal finance and corporate affairs

314-340-8390

ROBERT KELLY

Networking

314-340-8345

Samantha Liss

Business of health

314-340-8017

DAVID NICKLAUS

Business columnist

314-340-8213

John Talley, chief scientific officer for St. Louis-based Euclises Pharmaceuticals Inc., was selected for the Medicine Maker’s 2015 Power List.

To e-mail a staff member, use the first initial and last name, followed by @post-dispatch.com

S. M. Wilson & Co. promoted Brian Bea, Jack Kinamore and Mike Hanner to senior project managers. HOK promoted these members of its St. Louis office staff: Dianne Brown to associate, legal; Jill Davis to associate, marketing; Anne Rogles to associate, accounting; Peter Mosanyi to senior associate, legal; and Michele Pruitt to senior associate, human resources. The Austin Co. added David Cousley as vice president of business development, Vincent Martino as a project superintendent and Joe DeMartino as an architectural designer, all based at its west St. Louis County office. The Business Bank of St. Louis hired Kiley Hill as vice president of commercial lending. Brinker & Doyen LLP hired Jarred Conforte as an associate. RubinBrown promoted these St. Louis office staff members to partners: Peter Aje and Jason McAdamis, tax services group; Jim Grimes, business advisory services group; Mary Kay Lofgren, assurance services group; and Eric Stranghoener, strategic client development. HLK marketing agency added Erin Gitau as a strategist and Luke Yamnitz as a junior strategist. Switch marketing agency added Josh Kell as executive creative director. Northwestern Mutual named Rob Givens as director of selection and Andrea Stubits as an executive assistant, both at its network office in downtown St. Louis. Tiger Docks added Bob Shea as a project engineer. NorthMarq Capital added Curtis Shepard as a vice president and producer at its regional office in Brentwood. NewLAWu.s. added Daniel Harvath as an affiliate attorney.

MARKET WATCH

05.29.2015 • Friday • M 1

full-year profit forecast. $18

Stocks closed slightly lower Thursday. Industrial and energy stocks were among the biggest decliners in the Standard & Poor’s 500 index. Traders had their eye on developments in Greece, which is hoping to clinch a deal with its creditors to avoid a default.

Mkt. Cap: $1.47 b

Express

Abercrombie & Fitch

to improve. $30

Business 12 $11.80

disappointed Wall Street. $20

M A 52-week range

20 15

M $18.10

$19.34

M A 52-week range

ST. LOUIS POST-DISPATCH • B3 5

$45.50

$6.65

M A 52-week range

$16.99

Track your your stockssTocks and get the Latest /business Track and geT laTesT news • sTlToday.com/business .com Vol.: 8.6m (5.7x The avg.) news PE: 21.6• Stltoday.com Vol.: 11.5m (3.6x avg.) PE: 31.4 Vol.: 2.0m (10.6x avg.) PE: 19.5 Stocks closed slightly lower Thursday. Industrial and energy stocks were among the biggest decliners in the Standard & Poor’s 500 index. Traders had their eye on developments in Greece, which is hoping to clinch a deal with its creditors to avoid a default. Express

0.1%)

EXPR

$11.80

M A 52-week range

$19.34

$18.10

M $45.50

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RALY

Close: $19.45 5.94 or 44.0% The cloud-based software and services company is being bought by CA Technologies for about $480 million in an expansion move. $20 15

10 M A 52-week range

Yield: ...

Rally Software

TLYS

Vol.: 11.5m (3.6x avg.) PE: 31.4 Mkt. Cap: $1.55 b Yield: 3.6%

Vol.: 8.6m (5.7x avg.) PE: 21.6 Close: $17.41 0.79 or 4.8% Charts show stocks that made the news yesterday. Mkt. Cap: $1.47 b Yield: ... The clothing retailer reported better-than-expected first-quarter finanAbercrombie & Fitch ANF cial results and increased its Close: $22.30 2.65 2,160or 13.5% 18,360 full-year profit forecast. Dow Jones industrials The teen clothing retailer reported $18 Close: 18,126.12 worse-than-expected 2,120first-quarter fi18,160 Change: -36.87 (-0.2%) nancial results, but it expects sales 16

Mkt. Cap: $118.99 m

Close: $9.78 -3.22 or -24.8% The clothing and accessories retailer reported better-than-expected profit, but its revenue and outlook disappointed Wall Street. $20

Yield: 3.6%

Tillys

ANF

EXPR

Mkt. Cap: $1.55 b

Close: $22.30 2.65 or 13.5% The teen clothing retailer reported worse-than-expected first-quarter financial results, but it expects sales to improve. $30

Close: $17.41 0.79 or 4.8% The clothing retailer reported better-than-expected first-quarter financial results and increased its full-year profit forecast. $18

Yield: ...

M A 52-week range

Vol.: 2.0m (10.6x avg.) Mkt. Cap: $118.99 m

M $16.99

$8.24

PE: 19.5 Yield: ...

M A 52-week range

Vol.: 12.4m (27.6x avg.) Mkt. Cap: $498.76 m

M $19.48 PE: ... Yield: ...

Tillys TLYS Rally Software RALY Broadcom BRCM Close: $9.78 -3.22 or -24.8% 18,360 Close: $19.45 5.94 or 44.0% ExchangeRates Close: $56.25 -0.91 or -1.6% Futures S&P 500 Dow Jones industrials The clothing and accessories retail- CHICAGO BOT The cloud-based software serRival Avago Technologies is buying DATE CLOSE and CHG FOREIGN CURRENCY IN DOLLARS Close: 2,120.79 Close: 18,126.12 er reported better-than-expected 18,160 vices company is being bought by the chipmaker in a $37 billion CLOSE PREV Corn Jul 15 353.50 +4 profit, but its revenue and outlook CA Technologies forChange: about $480 mil- (-0.2%)cash-and-stock deal as the compaChange: -2.69 (-0.1%) -36.87 disappointed Wall Street. Argentina .1113 .1113 lion in an expansion move. nies try to boost growth. Soybeans Jul 15 926 -1 to improve. 2,080 17,960 17,960 10 DAYS 10 DAYS 10 DAYS $20 14 $60 Australia .7653 .7724 $30 Wheat $20 Jul 15 488.75 +1 2,150 18,400 18,400 Brazil .3159 .3180 15 25 12 CHICAGO MERC CLOSE CHG 15 DATE M A M Britain 50 1.5321 1.5341 10 20 224.95 +3.53 52-week range 2,100 18,000Feeder cattle Aug 15 18,000 Canada .8046 .8020 5 10 40 15 $11.80 $18.10 Live cattle Jun 15 153.50 +1.03 M A M M A M M .1613 A M.1612 M A M China 52-week range 52-week 84.60 range 52-week range 52-week range Jun 15 +.83 Vol.: 8.6m (5.7x avg.) PE: 21.6 2,050 17,600Hogs 17,600 Euro 1.0951 1.0890 $6.65 $16.99 $8.24 $19.48 $31.35 $57.70 $19.34 $45.50 Mkt. Cap: $1.47 b Yield: ... Milk Jul 15 17.19 +.32 India .0157 .0156 Vol.: 2.0m (10.6x avg.) PE: 19.5 Vol.: 12.4m (27.6x avg.) PE: ... Vol.: 86.6m (10.3x avg.) PE: 49.0 Vol.: 11.5m (3.6x avg.) PE: 31.4 Jun 15 279.30 Yield: +.55... Israel Mkt. Cap: $30.88 2,000 17,200 .2585 .2579 17,200 Mkt. Cap: $118.99 m Yield: ... Copper Mkt. Cap: $498.76 m b Yield: 1.0% Mkt. Cap: $1.55 b Yield: 3.6% Abercrombie & Fitch ANF Japan .008071 .008075 ICE DATE CLOSE CHG Close: $22.30 2.65 or 13.5% Rally Software RALY Broadcom BRCM Mexico GoPro GPRO Tillys TLYS .065194 .065370 1,950 16,800 16,800 Cotton D Jul 15 D J F Close: M A M J F 64.33 M +1.28 A M M A M The teenDclothingJretailerFreported $19.45 5.94 or 44.0% Close: $56.25 -0.91 or -1.6% 3.53 or 6.6% .0193 Russia Close: $56.81 .0190 Close: $9.78 -3.22 or -24.8% worse-than-expected first-quarter fiCoffee Rival Avago Jul 15 Technologies 125.15 is buying +.65 The cloud-based software and serThe high-tech camera The clothing and accessories retailSo. Africa .0824 maker’s .0830 vices company is being bought by nancial results, but it expects HIGH LOW CLOSE CHG. %CHG. WK MO QTR YTD sales founder and CEO said the company er reported better-than-expected Sugar the chipmaker Jul 15 in a $37 24.73 billion +.02 So. Korea .000902 CA Technologies for about $480 milcash-and-stock deal as the compawill expand into the drone and.000900 virtuto improve. profit, but18066.40 its revenue and outlook -36.87 DOW 18154.14 18126.12 -0.20% t s t +1.70% lion in an expansion move. nies try to boost growth. al reality businesses. Switzerland 1.0609 1.0513 disappointed Wall Street.8367.42 DOW Trans. 8435.69 8325.14 -76.90 -0.91% t t t -8.45% $30 DATE CLOSE CHG NEW YORK NYSE NASD $20 t s t $60 $150 $20 DOW Util. 588.89 584.09 587.75 +1.54 +0.26% -4.91% Crude oil Jul 15 57.68 +.17 25 1,673 Vol. (in mil.) 2,889 NYSE Comp. 11135.96 11075.67 11132.74 -10.61 -0.10% t s s +2.71% 100PreciousMetals 15 15 s s s Gas blend 50 Jun 15 1.9851 +.0406 1,761 Pvs. Volume 3,031 NASDAQ 5106.65 5080.25 5097.98 -8.61 -0.17% +7.64% CHG NEW YORK CLOSE 20 50 10 Advanced 1296 1276 S&P 500 2122.16 2112.86 2120.79 -2.69 -0.13% t s s +3.01% Heating oil Jun 15 187.04 +1.38 Gold 1188.10 +2.20 10 t s s 15 40 Declined 1803 1465 0 S&P 400 1536.80 1528.92 1534.38 -3.25 -0.21% 5 M A +5.64%M M A M Natural gas Jul 15 2.706 -.141 M 65 A M J A S O16.70 N D J F M A+.06 M M A M Silver New Highs 90 Wilshire 5000 22422.94 22306.71 22391.29 -31.65 -0.14% t 52-week s s range+3.33% 52-week range 52-week range 52-week range 52-week range New Lows 59 50 Russell 2000 1253.20 1246.07 1253.10 -1.26 -0.10% +4.02% Platinum 1116.30 -2.70 Chicago BOT is in cents. $8.24t s s $19.48 $31.35 $57.70 $29.50 $98.47 $6.65 $16.99 $19.34 $45.50 Vol.: 12.4m (27.6x avg.) PE: ... Vol.: 86.6m (10.3x avg.) PE: 49.0 Vol.: 15.8m (2.0x avg.) PE: 63.3 Vol.: 2.0m (10.6x avg.) PE: 19.5 NET 1YR Vol.: 11.5m (3.6x avg.) PE: 31.4 Interestrates Mkt. Cap: $498.76 m Yield: ... Mkt. Cap: $30.88 bInterestrates Yield: 1.0% Mkt. Cap: $5.11 b Yield: ... Mkt. Cap: $118.99 m Yield: ... TREASURIES LAST CHG AGO Mkt. Cap: $1.55 b Yield: 3.6% 52-WK YTD% 1YR% 52-WK YTD% 1YR% NAME TKR LO HI CLOSE CHG %CHG CHG RTN P/E DIV NAME TKR LO HI CLOSE CHG %CHG CHG RTN P/E DIV SOURCE: Sungard AP Broadcom BRCM GoPro GPRO Rally Software RALY 3-month T-bill -0.01 .03 Tillys TLYS Close: $56.25 -0.919.95 or -1.6% Close: 3.53 or 6.6% Close:-3.2 $19.45 5.94 or Aegion AEGN 15.31 25.52 18.01 -.14 -0.8 -26.0 13 ... 44.0% LMI Aerospace LMIA 9.95 15.39 -.11 -1.1 -29.4 -27.3 dd $56.81 ... 6-month T-bill .06 -0.02 .04 Rival Avago Technologies is buying The high-tech camera maker’s The cloud-based software and serClose: $9.78 -3.22 or -24.8% 52-wk T-bill .25 +0.04 .09 the chipmaker in a $37 billion founder and CEO said the company Allied Health 1.29 3.70 -47.6 dd ... bought Laclede Group LG 44.96 55.75 53.34 +.52 +1.0 +0.3 +17.7 15 1.84 vices-17.9 company is being by The clothing andAHPI accessories retail-1.51 +.10 +7.1 2-year T-note .63 -0.02 .37 cash-and-stock deal as the compawill expand into the drone and virtuCA Technologies for about $480 miler reported better-than-expected nies try 2.74 to boost growth. Amdocs DOX 44.06 55.85 54.66 +.74 +1.4 19 0.68 Lee Ent LEE 4.72 3.11 -.03 -1.0 -15.5 -22.3 24 ... al reality businesses. The yield on the lion +17.2 in an +13.4 expansion move. 5-year T-note 1.52 -0.01 1.48 profit, but its revenue and outlook $60 10-year Treasury $150 $20 10-year T-note 2.14 ... 2.44 Ameren AEE 36.65 48.14 40.44 +.05 +0.1 -12.3 +8.0 16 1.64 Mallinckrodt MNK 67.18 134.26 130.18 +.57 +0.4 +31.5 +66.2 ... disappointed Wall Street. remained at 2.14 100 30-year T-bond 2.89 +0.01 3.30 $20 50 105.76 128.79 118.60 +.04 ... -0.7 +0.2 25 1.78 percent ThursAmerican Railcar ARII 46.18 82.82 54.41 -.60 -1.1 15 +5.7 -12.9 10 1.60 Monsanto Co MON 50

StocksRecap

LocalStocks

Arch Coal

OLN 40 20.43 34.34 29.44 +.16 +0.5 M A M range +.08 ... PNRA 142.41 52-week 188.24 183.29 $31.35 $57.70 BTU 3.40 (10.3x 17.31 avg.) 3.43 PE: ... 49.0... Vol.: 86.6m Mkt. Cap: $30.88 Yield: SKIS 5.76 9.19 b 7.05 +.10 1.0% +1.4

.47 -.04 -7.3 10-73.6 -86.4 dd ... Olin M A M Belden Inc BDC 58.06 95.56 85.28 -.35 -0.4 +8.2 +19.2 cc 0.20 52-week rangePanera Bread 5 $8.24 $19.48 M M 31.67 +.26 +0.8 -1.5 +19.9 18 0.28 Peabody Energy Brown Shoe Co BWS A 25.30 33.67 Vol.: 12.4m (27.6x avg.) PE: ... 52-week range Mkt. -18.9 Cap: +15.5 $498.76 Yield: ... Build-A-Bear Wkshp BBW 10.07 $16.99 23.00 16.31 -.20 -1.2 18 m ... Peak Resorts $6.65 ACI

0.50

3.81

GoPro14.05 21.57 19.02 +.23 GPRO PRFT +1.2 Close: $56.81 3.53 or 6.6% POST 30.94 52.21 42.63 -.86 The high-tech camera maker’s -2.0 founder and CEO said the company PULB 10.78 13.38 12.65 +.05 +0.4 will expand into the drone and virtual reality businesses. RGA 72.34 95.48 94.02 ... ... $150 RELV 1.06 2.17 1.13 ... ... 100

CassInfo 57.54 49.73 -.43 -0.9 -6.6 +0.5 24 0.84 Perficient Broadcom BRCM Vol.: 2.0m (10.6xCASS avg.)39.00 PE: 19.5

Mkt. Cap: $118.99 m

Yield: ...

Close: $56.25 -0.91 ... or -1.6% 35.49 74.26 72.41 +.26 +0.4 +39.5 +94.9 30 Post Holdings Rival Avago Technologies is buying the chipmaker $37 billion Rally SoftwareCBSH 39.53 47.65 RALY Commerce Banc. 44.81 +.25 +0.6 +3.0 +9.2 in17 a 0.90b Pulaski Financial cash-and-stock deal as the compaClose: $19.45 5.94 or 44.0% nies try to boost growth. Emerson EMR 54.95 68.80 61.02 +.07 +0.1 -1.2 -6.1 16 1.88 ReinsGrp The cloud-based software and ser$60 Energizer 111.16 144.95 vices company isENR being bought by144.25 +1.26 +0.9 +12.2 +26.4 47 2.00 Reliv Centene

CNC

CA Technologies for about $480 mil50 Enterprise Financial EFSC 16.38 21.74 21.49 -.04 -0.2 +8.9 +22.5 15 0.24f Sigma-Aldrich lion in an expansion move. Esco Technologies ESE 32.77 39.73 37.68 -.02 -0.1 40 +2.1 +10.8 23 0.32 $20 M A Stereotaxis M Express Scripts

ESRX

65.08 91.21

day. Yields affect

+29.3 +11.3 26 0 0.80 J A S O rates N D JonFmortM A M gages rangeand other +4.9 +19.3 29 ...52-week consumer loans. $29.50 $98.47 -55.7 -79.0 dd 0.01 Vol.: 15.8m (2.0x avg.) PE: 63.3 Yield: ... -11.9 Mkt. ... Cap: 0.55$5.11 b SOURCE: Sungard +2.1 +0.5 26 ... +1.8 -12.3 dd

...

+2.6 +16.4 12 0.38 +7.3 +22.2 9 1.32 -3.4 -38.9 14

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STXS 0 J1.32 A S 3.77 O N D1.82 J F+.05 M A+3.0 M +23.2 -49.9 dd 52-week range SF +0.3 +5.5 +15.9 22 $29.5041.47 57.75 53.85 +.14 $98.47

2015 CRUZE

50 40

M A 52-week range

GoPro LEASE FOR

GPRO PER

Brown 50 Shoe is now Caleres • It’s official. Clayton-based Brown Shoe 0 said Thursday J A Sthat O NitsDshareholders J F M A M 52-week range had approved the new name Caleres, $29.50 $98.47 which was announced April 16. CAL also the company’s new ticker Vol.:is15.8m (2.0x avg.) PE: 63.3 Mkt. Cap: $5.11 b York Stock Yield: ... symbol on the New Exchange. Caleres comes from the AP SOURCE: Sungard Latin word “calere,” which translates to “passionate, to glow,” the company said. Incorporated in the new company logo is the “Star-Five-Star” mark Brown began using in 1885. “Brown” had been part of the corporate name since the company’s founding in St. Louis in 1878. George Warren Brown was a co-founder of the company in the 19th century. Energizer to exit industrial blades • Energizer Holdings Inc. plans to exit its industrial blade business “due to a shift of management focus to other segment products,” the company announced Thursday in a regulatory filing. The Town and Country-based company expects to leave the business, either by winding down operations or selling it, by Sept. 30, 2016. Energizer said that if it couldn’t sell some or all of the business, the company expects to incur about $35 to $45 million in pretax exit costs, which includes severance, facility closure costs, and noncash charges due to asset impairments at the business’ three operations in Verona, Va.; Obergon, Mexico; and the United Kingdom. The company didn’t describe this business or provide information on the size of its sales, but Energizer’s unit Personna offers bulk sales of single-edge blades used to cut and scrap, according to its website. Energizer is in the midst of splitting itself into two publicly held companies, one focused on batteries and the other on its razor and personal products. The split is planned to happen by July 1.

... 2.89

GlobalMarkets S&P 500 Frankfurt DAX London FTSE 100 Hong Kong Hang Seng Paris CAC-40 Mexico City Bolsa Tokyo Nikkei 225 Sao Paolo Bovespa Toronto Zurich

EXCLUSIVE

CHEVROLET

SOUTH COUNTY 6127 South Lindbergh (314)487-9800

2120.79 11677.57 7040.92 27454.31 5137.83 44807.31 20551.46 53976.28 15107.00 9394.25

-2.69 -93.56 +7.59 -626.90 -44.70 +124.72 +78.88 -259.97 -3.47 -1.99

-0.13% -0.79% +0.11% -2.23% -0.86% +0.28% +0.39% -0.48% -0.02% -0.02%

+3.01% +19.09% +7.23% +16.31% +20.25% +3.85% +17.77% +7.94% +3.24% +4.57%

2015 SILVERADO REG. CAB

Thursday, May 28, 2015

BUY FOR

18,997

COME SEE "WHERE PRICE SELLS CARS AND TRUCKS" EVERYDAY

*Sale Price includes $1,000 trade assist, conquest and all applicable rebates. Sale prices include all rebates and discounts. **All leases are 36 month closed end leases, 10k miles per year. Tax, title, license and 1st payment due at signing. In stock vehicles only. Must qualify and be approved through Ally Financial. Not compatible with leases and some other offers. +0% for 60 months = $16.67 per $1,000 financed.†See dealer for details. ††Bommarito advantage offer. Sale ends 5/31/15.

Business digest‌ 100

3.12

3 YEAR MAINTENANCEAPINCLUdEd wITH EVERY NEw CHEVROLET PURCHASE††

MONTH**

Close: $56.81 3.53 or 6.6% The high-tech camera maker’s founder and CEO said the company will expand into the drone and virtual reality businesses. $150

1.85 -0.02 1.72

Barclays US Corp

SOURCE: Sungard

PE: 49.0 Yield: 1.0%

119

Mkt. Cap: $30.88 b

3.94 -0.04 4.21

Barclays CompT-BdIdx

INDEX LAST CHG CHG YTD

10 YEaR/200,000 MILE

$57.70

Moodys AAA Corp Idx

...

NaTIONWIDE WaRRaNTY† WITH EVERY NEW Vol.: 15.8m (2.0x avg.) PE: 63.3 CHEVROLET PURCHaSE MOS. Mkt. Cap: $5.11 b Yield: ... bureau of Missouri MISSOURI'S #1 AUTOMOTIVE GROUP-THERE CAN ONLY BE ONE #1 Source, Automotive registration.

12,997

$31.35 BUY FOR Vol.: 86.6m (10.3x avg.)

... 2.21

Barclays US High Yield 5.95 -0.01 5.03

...

which was decreased by most recent dividend announcement. p - Initial dividend, annual rate not known, yield not shown. r - Declared or paid in preceding 12 months plus stock dividend. t - Paid in stock, approximate cash value on ex-distribution Close: $56.25 orfund -1.6% date. PE Footnotes: q - Stock is -0.91 a closed-end - no P/E ratio shown. cc - P/E exceeds 99. dd - Loss in last 12 months. 100

4.41 -0.01 4.49

Barclays USAggregate 2.23

.13 .13 .13

3.25 3.25 3.25

2.76 +0.01 3.09

Bond Buyer Muni Idx

SIAL 50 97.38 139.59 138.88 -.07 -0.1 +1.2 +42.9 33 0.92

52-week 89.23 -.50 -0.6 +5.4 +27.0 31 range ... Stifel Financial $31.35 $57.70 8.92 ... Vol.: ... 86.6m +1.8 -2.3 8 avg.) 0.24 SunEdison (10.3x PE: 49.0 Mkt. Cap: $30.88 b Yield: 1.0% 13.84 +.07 +0.5 -18.0 ... 1.48f SunEdison Semi

Rival Avago Technologies is buying 50 the chipmaker in a $37 billion 0 cash-and-stock deal as the compaJ A S O N D J F M A M a BOMMaRITO + nies try to boost growth. 52-week range $29.50 $98.47 $60 APR FOR

AP PRIME FED RATE FUNDS

Barclays LongT-BdIdx

...

Vol.: 15.8m PE: 63.3 SUNE 13.09 (2.0x 30.87 avg.) 31.05 +.37 +1.2 +59.1 +58.3 dd ... Mkt. Cap: $5.11 b Yield: ... SEMI 14.25 27.93 23.92 -.32 -1.3 +28.8 +57.9 ... SOURCE: Sungard AP 52-week range GoPro GPRO FutureFuel FF 9.94 17.55 11.62 +.06 +0.5 -10.8 -30.2 9 0.24m Synergetics USA Inc. SURG 2.95 5.95 4.42 +.10 +2.3 +1.6 +27.4 23 ... $8.24 $19.48 Close: $56.81 3.53 or 6.6% Huttig Building Prod HBP 2.70 5.45 3.28 -.09 -2.7 -2.1 -24.7 camera 14 ...maker’s Viasystems Group Inc VIAS 9.75 18.47 18.27 -.06 -0.3 +12.2 +77.4 dd ... The high-tech Vol.: 12.4m (27.6x avg.) PE: ... founder and CEO said the company Mkt. Cap: $498.76 m 6.25 Yield: Isle of Capri ISLE 15.39 ... 14.35 -.08 -0.6 +71.4 + 103.5 dd ... WldPntTm WPT 15.90 21.25 17.63 +.10 +0.6 -12.4 -3.9 14 1.20 will expand into the drone and virtureality Dividend Footnotes: a - Extra dividends were paid, but are not included. b - Annual rateal plus stock. c -businesses. Liquidating dividend. e - Amount declared or paid in last 12 months. f - Current annual rate, which was increased by most recent dividend announceBroadcom BRCM ment. i - Sum of dividends paid after stock split, no regular rate. j - Sum of dividends$150 paid this year. Most recent dividend was omitted or deferred. k - Declared or paid this year, a cumulative issue with dividends in arrears. m - Current annual rate, First Clover Leaf

YEST 6 MO AGO 1 YR AGO

NET 1YR BONDS LAST CHG AGO

Teva settles • Federal regulators announced Thursday that Teva Pharmaceuticals Industries will pay $1.2 billion to settle charges that one of its subsidiaries illegally blocked the launching of low-cost generic versions of the blockbuster sleeping pill Provigil. The settlement is a major victory in the federal government’s ongoing campaign against a common drug industry practice known as “pay for delay” deals. Drugmakers have long maintained that the deals help resolve costly patent litigation between branded drugmakers and their generic competitors. But Federal Trade Commission officials have argued for over a decade that the agreements keep cheaper forms of medicines off the market, driving up costs for consumers and the U.S. health system. Avago buys Broadcom • Avago Technologies is buying rival chipmaker Broadcom in a cash and stock deal worth about $37 billion, vastly expanding its lineup of products for the rapidly growing wireless device market at a time when sales growth has otherwise been tough to come by for smaller chipmakers. Hock Tan, Avago’s president and chief executive, says that the deal will make his company the third largest semiconductor maker in terms of revenue and give it the most diversified communications platform in the industry, adding that there is very little overlap between Avago and Broadcom’s products. Amazon expands same-day shipping • In another blow to bricks-andmortar retail stores, Amazon.com is launching free same-day delivery for Prime members in 14 metropolitan areas, though the St. Louis region isn’t among those areas. Starting Thursday, shoppers who belong to Amazon’s

annual Prime membership program and make a purchase of $35 or more by noon will receive their items by 9 p.m. that day, seven days a week. The initial rollout includes more than 1 million items, such as books, cables and chargers, games, cooking tools and electronics. The same-day option will be available in the metropolitan areas of San Diego, Los Angeles, San Francisco, Seattle, Phoenix, Dallas, Indianapolis, Tampa Bay, Fla., Atlanta, Washington, Baltimore, New York, Philadelphia and Boston. Amazon, the nation’s largest e-commerce operation, began offering same-day delivery in select markets a few years ago and, before Thursday’s announcement, charged a same-day delivery fee of $5.99 per order for Prime members; non-Prime members pay a higher $8.99 delivery fee plus a 99-cent-per-item fee for sameday service. Going forward, Prime members with orders totaling less than $35 will still pay the $5.99 sameday delivery fee. Jobless claims rise • More Americans sought unemployment benefits last week, though the overall level remains low and points to a healthy job market. Weekly applications increased 7,000 to a seasonally adjusted 282,000, the Labor Department said Thursday. The four-week average, a less volatile measure, rose 5,000 to 271,500. The average had fallen to a 15-year low two weeks ago. Applications are a proxy for layoffs. They have remained below 300,000, a historically low number, for 12 weeks. That suggests Americans are experiencing solid job security. It also indicates that employers are confident enough in the economic outlook to hold onto their staffs. From staff and wire reports

Wentzville aldermen OK warehouse, subassembly facility tied to GM plant By Mark Schlinkmann St. Louis Post-Dispatch

WENTZVILLE • The Board of Aldermen has approved tax

incentives and other items requested to attract a 1.3-million-square-foot warehouse and subassembly facility tied to the city’s General Motors assembly plant. The package for the developer, NorthPoint Development LLC, includes an abatement of 34 percent of real estate property taxes for 10 years to help offset the cost of public infrastructure improvements. The Post-Dispatch reported last month that city officials were considering incentives for the project. Aldermen also approved on Wednesday night annexing the 130-acre site, at Highways 61 and A, into the city and passed zoning and development ordinances for the project. The city, St. Charles County and NorthPoint are funding $5.8 million in road improvements connected with the project. Brent Miles, NorthPoint vice president, called on Thursday the aldermanic approval “an important step toward likely approval” by GM. Construction of the $40 million to $50 million project is expected to begin in mid-June, with completion in December. About 800 jobs would be created at the facility when it begins operations. Earlier this month Miles told aldermen that GM typically doesn’t sign off on such supplier park projects until after local governments give the go-ahead. Plans call for much of the facility to handle assembly of parts that would then be taken to the nearby GM plant for final assembly. GM plant employs about 3,700 people to build full-size vans and midsize pickups. NorthPoint, based in suburban Kansas City, is building similar supplier parks near GM plants in other parts of the country. GM cuts its costs by having its suppliers situated closer to its plants, Miles said. City officials say the new building will be the second largest in St. Charles County, trailing only the GM plant.

Mark Schlinkmann • 636-255-7233 mschlinkmann@post-dispatch.com

Business

B4 • ST. LOUIS POST-DISPATCH

M 1 • Friday • 05.29.2015

Best of Building Blocks

Memorial, BJC seek OK for partnership

Highlights from our real estate and development blog: STLtoday.com/ buildingblocks.

The two hope to jointly run 316-bed Memorial Hospital

Area housing market favors buyers • A report says the city of St. Louis led the nation in the average price, by percentage, of homes that sold in April for less than their estimated market value. The report by RealtyTrac, a real estate data company, said St. Louis homes sold for 77 percent of their supposed market value. St. Louis was just ahead — rather, make that behind — Baltimore at 78 percent, a suburban Pittsburgh county at 82 percent and a suburban Atlanta county at 84 percent. Daren Blomquist, RealtyTrac’s vice president, said in the report that, nationwide, single-family homes and condos sold for almost exactly 100 percent of their estimated full market value on average. Most local markets, however tipped in favor of either sellers or buyers, RealtyTrac said. Markets in which houses sold for more than their market value were led by part of the San Francisco area, at 108 percent, and Washington, at 107 percent. But wait a second. Housing markets are intensely local. The argument could be made that whatever a house sells for in St. Louis, Baltimore or San Francisco is the market value. Just saying. Another new report shows that foreclosure rates in St. Louis fell in March. CoreLogic, also a real estate data firm, said the rate of St. Louis-area foreclosures among outstanding mortgage loans was 0.72 percent in March, down 0.08 percentage point compared with March 2014. Foreclosure activity in St. Louis was lower than the national foreclosure rate of 1.39 percent in March 2015. In addition, the St. Louis mortgage delinquency rate dipped. According to CoreLogic data for March, 3.05 percent of mortgage loans were 90 days or more delinquent compared with 3.52 percent for the same period last year. (05.28) Sara buys Fenton building • Four months after opening an office in Chesterfield, Sara Investment Real Estate of Madison, Wis., has bought its first property in the St. Louis area. Sara Investment said it had completed its purchase of the 49,996-square-foot building at 1533 Larkin Williams Road, in the Fenton Industrial Park. Tenants include BJC Healthcare and Surgical Instruments Manufacturing. Jared Stinehagen, Sara’s vice president of operations and head of the Chesterfield office, said in a statement the company is seeking additional investment opportunities in the St. Louis area. Before joining Sara, Stinehagen worked for Westfield Corp. and CBL & Associates Properties. (05.26) Karpel relocating to Sunset Hills • Karpel Solutions, a software developer, plans to move this summer from south St. Louis County to a building it bought in Sunset Hills. The new facility is at 9717 Landmark Parkway. Karpel, which has about 40 employees, will occupy most of the second floor of the 23,607-square-foot building and lease out the rest. Karpel is projecting more than $8 million in revenue this year. It’s current office is in leased space at 5714 South Lindbergh Boulevard. (05.21)

Commercial real estate notes NAI Desco represented both parties in the sale of the 8,500-square-foot office warehouse at 1832 Vandalia Street, Collinsville, by Francis Martin Revocable Trust to CR Investments. BARBERMurphy Group represented parties in these transactions: • Both parties in the sale of the 5,676-square-foot office building at 1014 East Plaza Drive, Collinsville, by Phillip Johnson Trust and Steve Johnson to Health Central Illinois Holdings LLC. • Threlkeld Investment Fund in the lease of 3,000 square feet of retail space at 216 Frank Scott Parkway, Swansea, to Heros in Style Inc. • Float Rooms USA LLC in the lease of 2,000 square feet of retail space at 3720 Green Mount Crossing Drive, Shiloh, from Green Mount Crossing LLC. Gershman Commercial Real Estate represented parties in these transactions: • Kurowski Shultz LLC in the lease of 24,000 square feet of office space at 496 Regency Park, O’Fallon, Ill., from Greenmount Development Group LLC. • Lucas Place LLC in the sale of 9,150 square feet of office space at 614 North 11th Street, St. Louis, to P & F Properties LLC. • Woodchase Plaza LLC in the lease of 2,920 square feet of retail space at 13379 Olive Boulevard, Chesterfield, to Chesterfield Arts Inc. Send items to bizrealestate@post-dispatch.com.

By Samantha Liss St. Louis Post-Dispatch

Memorial Group, the operator of Memorial Hospital in Belleville, and St. Louis-based BJC HealthCare are seeking approval for their proposed partnership from Illinois state health regulators. According to their applications submitted to the Illinois Health Facilities and Services Review Board, the hospital operators say the partnership meets the board’s definition of change in control or change in ownership. That means they’ll need approval from the board, said Juan Morado Jr., general counsel for the board. “Though we are still in the due diligence phase, we are hopeful that we will move toward an affiliation agreement with BJC later this summer. Given the timeline it takes for review and consideration by

J.B. Forbes • jforbes@post-dispatch.com

Steve Lipstein (left), president and CEO of BJC HealthCare, and Mark J. Turner, president and CEO at Memorial Hospital, speak last month at Memorial Hospital in Belleville. Memorial Group and BJC HealthCare are seeking approval for their proposed partnership.

state and federal regulators, we felt it prudent to begin the process now,” Anne Thomure, spokeswoman for Memorial, said in a statement. In April, the hospital operators announced they would create a “strategic partnership” that would allow the two to jointly run 316-bed Memorial

Hospital, though few details were given. According to the regulatory applications, BJC and Memorial formed the nonprofit Memorial Regional Health Services Inc., or MRHS, on May 15. MRHS will serve as the parent corporation for both Memorial hospitals, the one in Belleville and

Toxic emissions exceed federal limits CLEANUP • from B1

polluters — Ameren Missouri’s coal-fired power plants. “If DNR puts a plan in that DNR knows is deficient, that EPA would have to reject, that process buys Ameren another year or so before they have to install pollution equipment,” said John Hickey, director of the Sierra Club’s Missouri chapter. “There is a winner when the DNR puts a plan in that it knows is illegal, and the winner is Ameren and the loser is the people of Jefferson County.” Sulfur dioxide emissions that cause respiratory and cardiovascular disease exceed federal limits in Jefferson County, requiring the DNR to develop a plan to bring the area into compliance. The state environmental regulators’ plan contends that the shutdown of the Doe Run lead smelter in Herculaneum, a large industrial source of sulfur dioxide, at the end of 2013 will bring the area into compliance. It doesn’t propose any limits for Ameren’s Rush Island power plant in southern Jefferson County, even though it emitted more sulfur dioxide than the smelter did in 2012, the last full year emissions from both are available. But the EPA, in comments submitted to the state, criticized DNR’s modeling method because it “may be underestimating the potential impacts of AmerenUE power plants.” In addition to Rush Island, Ameren also operates the Meramec plant just north of the Jefferson County border and the hulking Labadie plant 40 miles away. None of them have sulfur dioxide controls, commonly called scrubbers. The issue, EPA says, is that the DNR is looking only at the area where the Doe Run smelter used to operate. The federal Clean Air Act requires a state agency to show that the whole area will be in compli-

ance. “Of key concern is that the current analysis performed and submitted by MDNR does not appear to ensure that the entire area within the nonattainment area boundary will attain the standard,” EPA wrote to Wendy Vit, of DNR’s air pollution control program. The DNR, in a published response to the EPA, contends that it does show that the entire area will comply with sulfur dioxide emission limits by the federal deadline. However, that model uses actual emissions from Ameren plants, not limits set by state regulations, as the EPA recommends. “The problem with using actuals in your attainment modeling is there’s nothing that would legally require these sources to continue emitting at those levels,” said Ken Miller, an environmental scientist at the Washington University Interdisciplinary Environmental Clinic. “They have every right to go up, and in some cases substantially.” The EPA, for instance, pointed out that emission averages over time at Rush Island were generally higher than what the DNR used. It also had several other criticisms of the modeling methods DNR used. EPA’s concerns didn’t make the Air Conservation Commission hesitate. The appointed board, after listening to DNR staff’s recommendation for approval, unanimously passed the proposal. No one asked any questions during the hearing that was webcast Thursday morning. Reached by phone, commission chairman David Zimmerman, said he thought “due diligence has been done” and it was “up to EPA now.” Asked about EPA’s concerns, he said the DNR’s responses to EPA comments “pretty well covers everything.” The DNR is requiring Ameren to install monitors to measure sulfur dioxide near the

Rush Island plant. Ameren’s environmental services director, Steve Whitworth, called the state action “the correct and practical approach.” “From our position, what we’re trying to do is ensure that the air quality is meeting the standard by continuing to move forward with the monitoring systems to get the best available information,” he said.

NOT IN KANSAS CITY The DNR is also developing a plan for Missouri’s other area that exceeds federal sulfur dioxide limits, in Kansas City. There, the DNR is proposing that a Veolia Energy plant cut its allowed emissions by 95 percent in order to comply with the federal rules. Miller, at Washington University, said that amounted to roughly a 75 percent cut in its actual emissions, according to 2010 data. The company has been discussing either switching to natural gas or installing coal pollution controls, he said. Hickey, at the Sierra Club, said he suspected the DNR “bowed to pressure” from Ameren, a politically mighty force in Jefferson City, in writing a weaker plan on the eastern side of the state. “The polluting entity in Kansas City is Veolia, so it’s an entity without much political power — it’s a French-based multinational,” Hickey said. “One interpretation might be the DNR is willing to enforce the Clean Air Act if the polluting entity doesn’t have political power.” DNR declined to make officials available for comment. Spokeswoman Steph Deidrick did not return phone calls and when asked about EPA’s concerns via email, she referred a reporter to the DNR’s written response to comments on the plan. Jacob Barker • 314-340-8291 @jacobbarker on Twitter jbarker@post-dispatch.com

Charter leases space at the former Northwest Plaza for call center By Tim Bryant St. Louis Post-Dispatch

Charter Communications said Thursday that it had leased space at the former Northwest Plaza shopping center, which is under redevelopment as a mixture of stores and offices. The company provided few details of its plan for the space but said the facility would be an expansion of its St. Louisarea operations. Northwest Plaza, renamed the Crossings at Northwest, is in St. Ann. Matt Conley, St. Ann’s city administrator, said Charter was leasing what had been the upper level of the Macy’s store . Charter plans to use the 135,000-square-foot space as a call center able to accommodate about 1,000 employees, he said. “Believe it or not, the store lends itself very well as a call center,” Conley said. Wes Shirley, a Charter spokesman, declined to provide details of the company’s operation at Northwest. He

said the project was in the planning phase. “We’re looking forward to expanding and continuing job growth here in the St. Louis area,” he said. Conley said Charter’s rehab of the former Macy’s store would be “a clever and efficient reuse of the space.” He added that what had been huge parking lots for mall shoppers were ideal for workers. Unaffected by the Northwest project is a Charter call center opened last year in Bridgeton, Shirley said. That facility, in a renovated Western Union building on Hollenberg Drive, employs more than 400 people. Charter also has a call center in Town and Country. Charter leased the Northwest space before the cable company announced earlier this week that it would spend $55 billion in cash and stock to acquire Time Warner Cable. The deal will make Charter one of the largest TV and Internet providers in the United States. In 2012, Charter moved its

headquarters from Town and Country to Stamford, Conn. However, it has kept a large presence in the region. The company said about a year ago that it had 3,500 employees in the St. Louis area. In addition to call centers, Charter still has a technology hub, other back-office operations and service technicians in the St. Louis area. Raven Development, of St. Louis, began work in 2012 to renovate the nearly empty Northwest Plaza, which opened in the 1960s and was touted as the world’s largest shopping mall. Raven’s $106 million redevelopment involves tearing down much of the mall, renovating the 12-story office tower and building new retail structures. A Menards store is scheduled to open at Northwest this summer. Efforts to reach Raven officials for comment were unsuccessful. Tim Bryant • 314-340-8206 tbryant@post-dispatch.com

the one called Memorial Hospital East under construction in Shiloh, Ill. BJC and Memorial Group will have equal representation on the MRHS board, according to the application. Within the application it asks for the “acquisition price,” and in that column BJC and Memorial put “not applicable.” In the applications, BJC and Memorial say they will not substantially change the number of beds or services at the Memorial and the Memorial East hospitals for at least 12 months following the change of ownership. Both hospitals will not make the charity care policies more restrictive. They will keep the charity care policies that were in effect for a two-year period after the change of ownership, according to the application. In its application, Memorial Group reported that it earned $3.1 million in 2014, compared with a $29.2-million loss in 2013. Samantha Liss • 314-340-8017 @samanthann on Twitter sliss@post-dispatch.com

Nonprofit promotes connectivity NICKLAUS • from B1

to share his thoughts on the growth of St. Louis’ technology sector and where it might be headed. What was missing before ITEN, he believes, was not so much ideas or capital but connectivity. “Entrepreneurs were isolated,” he says. “I’d go and talk with somebody and they would say, ‘I think I’m the only guy in town who is trying to do something like this. Nobody in St. Louis gets it.’ Then I’d talk to somebody else and hear the same thing. To the extent ITEN has made a difference, a lot of it has been from making those connections.” By co-sponsoring events such as Startup Connection and Startup Weekend, ITEN made sure those entrepreneurs met one another. It also trains them on crucial skills such as how to present their ideas to investors. “Jim’s creation of ITEN created a focal point for the conversation on what our potential could be in St. Louis,” says Jay DeLong, founder of Active Capital here. Brasunas doesn’t think St. Louis has reached that potential yet, but it has come a long way. “When people try to say St. Louis is one of the top metros for entrepreneurs, I’m not sure about that,” he says, “but when we compare ourselves to the way we were before, it’s huge.” What does St. Louis need to do now? That’s simple, Brasunas says: Build more connections. Some of those are between startups and the region’s large corporations. ITEN is piloting a program that will let the corporations see technology being developed in St. Louis — and help the startups meet potential customers. More fundamentally, Brasunas believes connections need to be made among parts of the community — St. Charles and Metro East, north St. Louis and West County — that rarely talk with one another. He thinks those connections should be physical, as in a greatly expanded MetroLink system, as well as political and social. “There are a lot of different cultures in St. Louis, and we are not that well connected,” he says. “We don’t even know how much that is holding us back.” If that sounds like a pie-inthe-sky vision with no money to back it up, it is. So, too, was the idea in 2008 that a technology organization might make St. Louis’ entrepreneurs more visible. Brasunas stretched an initial $135,000 state grant for 18 months before finding resources to expand ITEN’s services. Vision, he says, was far more important to ITEN’s success than money. There’s a lesson in that for every entrepreneur, and indeed for all of us. David Nicklaus • 314-340-8213 @dnickbiz on Twitter dnicklaus@post-dispatch.com

Business

05.29.2015 • Friday • M 1

ST. LOUIS POST-DISPATCH • B5

Syngenta bracing for new Monsanto bid Offer for Swiss agrochemical maker is likely to be increased, sources say By Andrew Noël and Aaron Kirchfeld Bloomberg News

LONDON • Syngenta, the Swiss agro-

chemical maker that rejected an unsolicited $45 billion takeover offer from Monsanto Co., is building up defenses as it prepares for a potential higher bid from its U.S. rival, according to people with knowledge of the situation. The Swiss maker of Polo and Force insecticides has added UBS Group to its stable of advisers to speak with investors and monitor changes in shareholdings, said the people, who asked not to be identified because the information is private. Syngenta expects that Creve Coeurbased Monsanto could return as soon as next week with a bid that tops the unsuccessful 449 franc-a-share offer, they said.

Monsanto has to weigh whether it makes financial sense to increase its offer amid volatile agricultural cycles that affect crop prices and demand for Syngenta’s range of cropcare chemicals. Syngenta, which snubbed Monsanto’s $45 billion proposal because it deemed the offer too low and the execution risk too high, may be willing to consider an offer of 500 francs a share or more, said one of the people. Sygenta’s U.S.-listed ADRs rose $2.20, or 2.4 percent, to close Thursday at $92.95. Monsanto rose 4 cents to close at $118.60. Goldman Sachs is leading the advisory team for the Swiss firm, alongside JPMorgan Chase and UBS, according to people familiar with the matter. Monsanto is working with Morgan Stanley and Cen-

Tracking the disease has been difficult

associated press

Chickens stand in their cages at an egg farm near Stuart, Iowa, in 2009. Avian flu has been found at 61 sites in Iowa. In South Dakota, the disease was found this month at nine sites, including one farm with 1.3 million birds. All will have to be destroyed. Birds • from B1

increase in prices. In the short term, it’s more likely to mean fewer sales. That could change, though, if those wholesale prices remain high for an extended period, Brown said. One of the bigger uncertainties is that no one knows how long it’s going to take to contain this outbreak of the so-called H5N2 virus, which does not appear to be a threat to humans. After first appearing in British Columbia late last year, the disease crossed into the United States in December and began working its way through a scattering of farms in the Pacific Northwest. “No one really thought it would cross the Rockies,” said Dan Shaw, veterinarian and poultry pathologist at Mizzou’s College of Veterinary Medicine. And then it did. First, it hit a Minnesota turkey flock in early March, claiming 26,000 birds. A few days later, the disease was found in Missouri, striking two commercial turkey flocks (one in Moniteau County and the other in Jasper County) with a combined 29,000 birds. Since then, there’s just been one other reported incident in Missouri, involving a small backyard flock in Lewis County. There have been no reported cases in Illinois. But the disease has devastated flocks in northern states such as Minnesota and Iowa, with containment efforts claiming the lives of more than 41 million turkeys and chickens. Once a flock has been diagnosed with the disease, all of the birds are killed. Frustratingly for investigators, they’ve been unable to pinpoint exactly how the disease is spreading or where it might go next. “In the old days, you could track it, because it would follow lines of transportation,” Shaw said. It made it easier to contain, by isolating farms that were contaminated — or likely to be contaminated. “We’re not having that kind of result with this outbreak,” he said. One possible factor, he said, has been

this year’s erratic winter, which has witnessed periods of warming followed by more cold. That may be forcing ducks and other waterfowl — likely carriers of the disease — into haphazard migratory patterns. It doesn’t help he said, that some northern states are still relatively cold. “We’re hoping for some help from Mother Nature, if they can ever get warmed up, up there,” he said.

MORE OF THE SAME Unless something changes, the most dramatic impact — from a food supply standpoint — is expected in the realm of eggs. The way the industry operates, flocks are dedicated either to egg or meat production. And it’s been the northern egg-laying flocks that have suffered the most. Meat production is actually running ahead of where it was a year ago, according to the USDA. Last week, farmers produced 726 million pounds of ready-tocook chicken, nearly 7 percent more than they did during the same week last year. For now, stricken growers will focus on rebuilding their flocks, a process that could happen relatively quickly, considering that it takes just four months before newly hatched chicks are old enough to start laying eggs, said Ken Koelkebeck, agriculture professor at the University of Illinois at Urbana-Champaign. In the meantime, we could see egg prices rise 25 to 30 percent as consumers, bakeries and companies such as Post Holdings scramble for a more limited inventory. And while there could be price increases on everything from ice cream to cake mixes, Koelkebeck isn’t expecting anyone to be forced to go without eggs. “The small bakers will still find a supply. It just might be from someplace else,” he said. “The immediate concern is economic pressure — people will be spending more money but getting the same product.” Tim Barker • 314-340-8350 @tbarker13 on Twitter tbarker@post-dispatch.com

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terview Partners. The two companies have continued to hold informal, bilateral talks, one of the people said. Representatives for Syngenta, Monsanto and UBS declined to comment. Newspaper Schweiz am Sonntag reported earlier that Monsanto may boost its offer this week. Syngenta has questioned Monsanto’s understanding of the political and social complexities of bringing together the world’s top genetically modified crop supplier with the No. 1 agrochemical maker, against a backdrop of antipathy toward Monsanto’s technology in Europe. The U.S. company’s room for maneuverability may in part come down to its ability to get a good price for Syngenta’s conventional and GM seeds business, which would need to be sold to meet an-

titrust demands, said the people. Selling that unit could enable Monsanto to increase the cash element of the deal, compensating for a perceived risk of failure among Swiss investors, said two of the people. Syngenta’s seed business generated revenue last year of 2.89 billion Swiss francs, or $3 billion, or 21 percent of total sales. Selling the seeds unit plus some herbicide businesses could generate $8 billion, according to a note from Deutsche Bank. Monsanto has said proceeds from a sale of the seed business would help the enlarged group have a “responsible capital structure post-close.” Advisers have checked on the level of interest from other potential buyers, including Bayer AG and BASF SE, one of the people said.

Some prices jumped 800 percent Dynegy • from B1

The increase was because of an auction last month held by grid manager Midcontinent Independent System Operator, or MISO, that determines a part of the overall price of electricity. Known as a capacity auction, it is meant to set the price at which power plant owners agree to stay available to pump juice into the grid at peak times to avoid brownouts or blackouts. In downstate Illinois (northern Illinois is served by a different grid operator, PJM Interconnection), prices jumped 800 percent, to $150 per megawatt day from $16.75 per megawatt day last year. “These consumers have a right to rely on MISO’s representations that the (auction) is a competitive market process free from market power or manipulation that will produce least cost, just and reasonable prices for Illinois electricity consumers,” Madigan’s petition with FERC says. “The (auction) has not delivered on its promise that it would ‘establish competitive capacity prices.’ ” In other areas where the grid is operated by MISO, including Ameren’s Missouri territory, prices didn’t rise above $3.50 per megawatt day. In eastern Missouri, prices fell to $3.48 per megawatt day from $16.75. Tyson Slocum, director of Washington-based Public Citizen’s energy program, pointed to the large increase in clout Dynegy gained when it bought Ameren’s Illinois coal power plants at the end of 2013. That transaction more than doubled the capacity the Houston-based power plant operator owned in downstate Illinois. “It gave them significant control over capacity, which enabled them to withhold capacity from the auction, which allowed for the significant price increase,” Slocum said. Madigan’s office says the Ameren buy made Dynegy a “pivotal supplier,” meaning that in order to meet the reliability standards set by MISO, Dynegy must participate in the auction. Thus, it can ask for any price from the market, according to Madigan’s petition. Slocum called withholding capacity the “oldest trick in the book,” equating it

to the electricity market schemes defunct energy giant Enron pulled more than a decade ago. “Dynegy offered all of its megawatts into the MISO auction with no physical or economic withholding in accordance with MISO tariffs and as approved by the Independent Market Monitor,” the company said. “MISO’s Independent Market Monitor has publicly stated that ‘the auction results are reliable and participants’ behavior was in line with all tariff rules and procedures.’” Both the Illinois Attorney General and Public Citizen cited MISO’s own internal proposal last year to combine the Southern Illinois MISO zone with the area covering Eastern Missouri. That came after MISO staff said they were “concerned with Dynegy’s offer strategy in the next (auction) as they are now the dominant provider of capacity in the zone,” according to MISO meeting minutes referenced in Public Citizen’s petition. The proposed merger was to mitigate Dynegy’s market power, Slocum said, but Dynegy opposed it, and MISO dropped the proposal. He also pointed to Dynegy’s past talk of leaving MISO for another grid operator such as PJM. That can be used to make operators, which are privately run organizations, hesitant to make changes large members don’t like, Slocum said. “There’s a serious political science problem with these (regional transmission organizations),” Slocum said. “MISO has an enormous self-interest to retain membership. They don’t want a lucrative member like Dynegy to flee, because it might open the floodgates.” MISO, in a statement, said it was still reviewing the complaints and would respond during FERC proceedings. Unlike most areas within MISO, Illinois operates a deregulated electricity market, which allows customers to shop for power producers. Often, municipalities aggregate their citizens’ buying power to negotiate contracts in Illinois. Ameren Illinois only delivers the power, serving much of downstate as a delivery-only regulated utility. Jacob Barker • 314-340-8291 @jacobbarker on Twitter jbarker@post-dispatch.com

Business

B6 • ST. LOUIS POST-DISPATCH

M 1 • Friday • 05.29.2015

Automakers expand Takata air-bag recalls Owners can check on vehicles online; congressional hearing is set for Tuesday From News Services

DETROIT • Five automakers widened on

Thursday recalls of cars and trucks with Takata Corp. air bags, and the U.S. Congress set a hearing next week on the safety issue, which has been linked to six deaths. Takata complied last week with demands of U.S. safety regulators and doubled the vehicles to be involved in air bag recalls to 34 million, making it the largest recall in American history. The total number globally is more than 53 million vehicles. The air bags are at risk of exploding with too much force and spewing metal fragments inside the car, regulators say. All six deaths linked to the problem were in Honda Motor Co. Ltd. vehicles. The recalls announced on Thursday by Fiat Chrysler Automobiles, Honda, BMW, Ford Motor Co. and Mitsubishi Motors Corp. are included in the figures issued last week by Takata and the National Highway Traffic Safety Administration. Automakers, regulators and Takata have yet to identify the root cause of the problem. A hearing billed as an update on the Takata safety issue will be held Tuesday afternoon by the U.S. House Subcommittee on Commerce, Manufacturing and Trade. Rep. Fred Upton, R-Mich., said on Thursday: “When an air bag — a device built to enhance motorist safety — is actually putting families in peril, we can’t wait years for a fix.” U.S. lawmakers have complained that both Takata and the NHTSA were mishandling the air bag safety issue. The NHTSA has tried to show its bite under new head Mark Rosekind, who took the helm in January. Rosekind will appear before the subcommittee next week. The panel will also hear from Takata Executive Vice President Kevin Kennedy, two leaders of automaker lobbying groups and the director of an independent testing organization. When the NHTSA announced the wider recall last week, makes and models were unavailable. The best way to tell if your car or truck is being recalled is to key in the vehicle identification number at https://vinrcl.safercar.gov/vin/. The number is stamped on the driver’s side of the dashboard near the windshield and also is on many state registration cards. Automakers are still posting recall information by number, and the task may take several days or even weeks. So it’s wise to keep checking periodically. These models and numbers were released Thursday by manufacturers and U.S. and Canadian safety regulators. The

Associated Press

Hiroshi Shimizu, senior vice president of global quality assurance at Takata, testifies in December before the House Commerce, Manufacturing and Trade subcommittee on Capitol Hill in Washington. The company’s faulty air bag inflators have caused six deaths.

recalled vehicles include driver and passenger air bags. Some could overlap with previous recalls:

Honda Motor Co. Adds 350,000 vehicles in U.S. including 2005 Civics and 2006-2007 Accords. No vehicles added in Canada, where 705,000 were recalled previously. Vehicles now covered include 2001-2007 Accord, 20012005 Civic, 2002-2006 CR-V, 2003-2011 Element, 2002-2004 Odyssey, 20032008 Pilot, 2006 Ridgeline, 2003-2006 Acura MDX, 2002-2003 Acura TL, 2003 Acura CL, 2005 Acura RL.

Fiat Chrysler Automobiles Adds about 2 million vehicles globally including U.S. Expansion brings total affected to 5.2 million globally. Models include 2003 Ram 1500/2500/3500, 20052009 Ram 2500 Pickup, 2004-2008 Ram 1500 Pickup, 2006-2009 Ram 3500 Pickup, 2007-2009 Ram 3500 Cab Chas-

sis, 2008-2010 Dodge Ram 4500/5500 Cab Chassis, 2008-2009 Sterling 4500/5500 Cab Chassis, 2004-2008 Dodge Durango, 2007-2008 Chrysler Aspen, 2005-2010 Chrysler 300/300C/ SRT8, 2005-2010 Dodge Charger/Magnum, 2005-2011 Dodge Dakota, 20062010 Mitsubishi Raider.

BMW Adds about 280,000 vehicles in U.S. including 2002-2005 325i/325xi/330i/330xi, 2002-2005 325xi/325i Sports Wagon, 2002-2006 330Ci/325Ci/M3 Convertible, 20022006 325i/330i/M3 Coupe, 2002-2003 M5/540i/525i/530i, 2002-2003 540i/525i Sports Wagon, 2003-2004 X5 3.0i/4.4i Sports Activity Vehicle. U.S. total in recall is nearly 421,000.

Ford Motor Co. Adds nearly 967,000 vehicles to the recall, mainly in the U.S. and Canada, bring-

ing total to just over 1.5 million. Models include 2005-2014 Mustang, 2005-2006 Ford GT, 2004-2006 Ford Rangers.

Mitsubishi Motors North America Expands passenger air bag recall from Gulf Coast to nationwide. Total is just under 83,000 vehicles. Models include recall to include 2004-2006 Lancer/Lancer Evolution and 2004 Lancer Sportback. Eleven automakers have vehicles included in the Takata recall. Other companies include General Motors, Daimler Trucks, Mazda, Nissan, Subaru and Toyota. Nissan Motor Co. said it would not add U.S. vehicles in the latest recall expansion. Vehicles from other automakers will be announced later. For more details on the recall, go to www.safercar.gov/rs/takata/index.html. The Associated Press and Reuters contributed to this report.

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