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China’s New Star Architects ARENA A Radio Serial Catches Fire
FRIDAY, NOVEMBER 14, 2014 ~ VOL. CCLXIV NO. 116
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WSJ.com
Michael Ryan for The Wall Street Journnal
TODAY IN MANSION
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Oil-Field Giants in Talks to Merge
What’s News
Halliburton Co. is in talks to buy Baker Hughes Inc., a deal that would help the big oil-field services companies contend with falling oil prices. The talks are moving quickly and a deal could be forged soon, people familiar with the matter said. There is no guarantee the companies will reach an agreement, however, or that regulators would approve one if they did. A purchase of Baker Hughes
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Business & Finance
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alliburton is in talks to buy rival Baker Hughes, a deal that would help the big oil-field services firms contend with declining oil prices. A1 ! U.S. crude tumbled below $75 for the first time in over four years on news of a jump in domestic production. C1 ! North Dakota officials will require oil firms to treat Bakken Shale crude to make it less volatile before shipping. B1
n Amazon reached a new multiyear publishing contract with Hachette covering print and digital books, ending a bitter pricing dispute. B1 n Massey’s ex-CEO was indicted on federal charges arising from the 2010 blast that killed 29 West Virginia miners. A2 n Wal-Mart posted its first quarterly sales increase since 2012, crediting a decline in gasoline prices. B3 n The Dow rose 40.59 points to 17652.79, its 25th record of the year, aided by a 4.7% jump in Wal-Mart’s shares. C4 n State securities regulators are drawing up plans to better share information on problem stockbroker firms. C1 n Twitter’s debt was rated as junk by S&P a day after the social-media firm tried to allay concerns about its prospects. B4 n Honda expanded a global vehicle recall, saying it identified the first death outside the U.S. linked to faulty air bags. B6 i
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World-Wide n The government is scooping up data from thousands of mobile phones in the U.S. through devices on airplanes that mimic cellphone towers. A1 n Obama will announce as early as next week executive actions to overhaul the U.S. immigration system. A1 n Senate Democrats reelected Reid as leader as they wrestled with the party’s direction after last week’s losses. A4 n A White House intruder was able to breach security due to a cascading series of failures, a review found. A2 n Pentagon officials outlined conditions that could prompt a recommendation for a greater U.S. combat role in Iraq. A8 n Iraq’s government and the Kurdish region reached an interim agreement over Kurdish oil exports. A8 n India and the U.S. reached a deal on India’s food-stockpiling program, clearing the way for a stalled WTO pact. A10 n Liberia lifted a state of emergency in the hopes that Ebola was lessening there. A11 n China proposed a Southeast Asia defense hot line and economic aid as it sought to appease nations in the region. A11 n Obama raised human-rights and reform issues in talks with Myanmar’s president. A11 n 21st Century Oncology is being investigated over its Medicare billings. A6 n Unrest swept southern Mexico as protesters demanded a deeper probe over 43 missing students. A9 CONTENTS Corporate News B2,3,6 Global Finance............ C3 Heard on the Street C8 In the Markets........... C4 Movies.................... D3,4,6 Music................................ D5
Opinion.................. A13-15 Sports.............................. D9 Technology................... B4 Theater....................... D7,8 U.S. News................. A2-7 Weather Watch........ B8 World News.......... A8-11
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By Dana Mattioli, Liz Hoffman and Dana Cimilluca would likely be at a premium to the company’s market value, which stood at just under $22 billion before The Wall Street Journal reported the talks Thursday afternoon. Baker Hughes shares were up around 25%, including after-hours trad-
ing, following the report. That gave the company a market value of about $26 billion. Halliburton’s market value is about $48 billion. Baker Hughes subsequently said it has “engaged in preliminary discussions with Halliburton.” Halliburton and Baker Hughes are the second- and third-largest oil-field services companies in the world by revenue, respec-
tively, behind Schlumberger Ltd. Such companies help energy producers, from Texas wildcatters to national oil companies, find and extract oil-and-gas deposits by selling equipment, renting tools, supplying labor and building worker camps in far-flung drilling fields. Oil-field services companies provide the drill bits that can be steered miles underground with precision, as well as fleets of trucks
Art World’s Record Buying Binge: Two Weeks, $2 Billion © 2014 Alberto Giacometti Estate/Licensed by VAGA and ARS, New York, NY; © 2014 The Andy Warhol Foundation for the Visual Arts, Inc./Artists Rights Society (ARS), New York; Sotheby’s
n Buffett’s Berkshire agreed to purchase battery maker Duracell from Procter & Gamble in a transaction that reduces taxes for both sides. C1
that pump fluids for hydraulic fracturing of shale rock—methods that have powered the U.S. drilling boom. But the recent drop in oil prices threatens the services companies’ business as it could make oil-andgas production less profitable and Please turn to the next page ! Buffett buys Duracell.................. C1 ! Oil sinks on glut fears................ C1 ! Heard on the Street.................... C8
Airplanes Secretly Track U.S. Cellphones BY DEVLIN BARRETT
SOLD: Collectors shelled out more than $2 billion at auction houses in New York since Nov. 4. Billionaire investor Steve Cohen paid $101 million for an Alberto Giacometti bronze, left. ‘Flag’ by Jasper Johns sold for $36 million. Andy Warhol’s ‘Liz #3’ fetched $31.5 million. B1
Obama Readies Immigration Moves BY LAURA MECKLER
Mr. Obama’s moves are expected to offer work permits and safe harbor from deportation for several million illegal immigrants with deep ties to the U.S., people familiar with the matter say. They would also likely make more visas available for high-tech workers and redirect immigration enforcement from the interior of the U.S. to the border. The timing of an announce-
WASHINGTON—President Barack Obama will announce as early as next week executive actions to overhaul the U.S. immigration system, a move that would bring the fractious policy debate to a boil and test the White House’s already tense relationship with the incoming Republican majority in Congress.
Did You Hear the One About the Rabbi Who Carries a Big Schtick? i
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Mendy Pellin Takes Comedy Where Few Dare to Go; ‘Mad Mentsch’ BY LUCETTE LAGNADO
boundaries of a once-insular society. Comedian Mendy Pellin has met “Talk Yiddish to Me” is one of with agents, made the audition Mr. Pellin’s signature online music rounds and starred in his own vid- videos. A parody of the hit Jason eos seeking fame and fortune. Derulo song, “Talk Dirty,” the numSound like a typical Hollywood ber features the comedian, dressed wannabe? in full black Hasidim Not exactly. garb accented with an Mr. Pellin is an Haenormous gold chain. sidic Jew who trolls Surrounded by singTinsel Town in a skull ing sidekicks, he cap and sneakers, a sways back and forth, long beard grazing his as if praying, and polo shirt. An orbusts the kind of rap dained rabbi, his risky moves—like hand gesmission is to show the tures straight from world that an obserthe ’hood—more often vant culture—largely associated with 50 absent from the comCent or Eminem. edy mainstream—is YouTube counts natural fodder for more than 237,000 funny. Mendy Pellin views for the video; “I call this period Mr. Pellin says it has the ‘Hasidic Spring,’ ” he says, not- received millions more hits via ing that many Hasidic youth are other social networks. now embracing Facebook and In “Mad Mentsch,” an online Please turn to page A12 Twitter, thereby pushing the
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ment isn’t settled, and the White House is still debating whether to move quickly or wait until midDecember. Mr. Obama has promised to act before the new year. Executive action on immigration—and the GOP response to it—could undercut post-election vows from both parties to work together on policy, including trade and corporate taxes. Immigration has quickly emerged as a sore
point between the White House and the GOP. “We’re going to fight the president tooth and nail if he continues down this path. This is the wrong way to govern,” House Speaker John Boehner of Ohio said Thursday. Mr. Obama and most DemoPlease turn to page A4 ! Senate Democrats’ struggle... A4
WASHINGTON—The Justice Department is scooping up data from thousands of mobile phones through devices deployed on airplanes that mimic cellphone towers, a high-tech hunt for criminal suspects that is snagging a large number of innocent Americans, according to people familiar with the operations. The U.S. Marshals Service program, which became fully functional around 2007, operates Cessna aircraft from at least five metropolitan-area airports, with a flying range covering most of the U.S. population, according to people familiar with the program. Planes are equipped with devices—some known as “dirtboxes” to law-enforcement officials because of the initials of the Boeing Co. unit that produces them—which mimic cell towers of large telecommunications firms and trick cellphones into reporting their unique registration information. The technology in the twofoot-square device enables investigators to scoop data from tens of thousands of cellphones in a single flight, collecting their identifying information and general location, these people said. People with knowledge of the program wouldn’t discuss the frequency or duration of such flights, but said they take place on a regular basis. A Justice Department official would neither confirm nor deny the existence of such a program. The official said discussion of such matters would allow criminal suspects or foreign powers to determine U.S. surveillance capabilities. Justice Department agencies comply with federal law, including by seeking court Please turn to page A6
WAITING ROOM
As More Join Medicaid, Health Systems Feel Strain BY LOUISE RADNOFSKY
about $160 for a patient with private insurance. Her profits are FARMINGTON, N.M.—New narrowing as she takes on more Medicaid enrollment Mexico’s decision to expand Medsuch patients, and she may even80 million icaid has been a lifesaver for tually need to turn away addiKevin Gibson but a conundrum for tional beneficiaries. his nurse practitioner. The two New Mexicans in San 60 The 46-year-old Mr. Gibson this Juan County show how Medicaid’s year got coverage under the plan, explosive growth—hastened by went for a checkup and learned he the Affordable Care Act—has cre40 had prostate cancer. Before 2014, ated a paradox. Medicaid rules wouldn’t have conMany Americans with low insidered him needy enough for elicomes now have health coverage 20 gibility. But the expansion, tied to they couldn’t have gotten before the federal health overhaul, made this year under the act, widely Proj. 0 him eligible, and last month Medcalled Obamacare. But their sheer 1970 ’80 ’90 2000 ’10 ’20 icaid paid for robotic surgery to numbers are straining some Note: 2013 and later are projections. treat his cancer. health-care systems that already Source: Dept. of Health & Human Services For his nurse practitioner, Jodi don’t have enough doctors and The Wall Street Journal Padgett, the surge of Medicaid enstaff. And the new Medicaid enrollees like him creates new oprollees can challenge medical portunities, because some overpractices’ bottom lines in ways worked local doctors are turning away new that lead them to turn some away. beneficiaries who then visit her practice. But MedicAlmost nine million additional Americans now Please turn to page A12 aid, the health plan for the poor funded by state and federal dollars, pays far less than private insurance. Mr. Gibson’s visits paid about $80, compared with ! Consumers still confused over health sign-up...... A7
Coverage Gains
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Halliburton Targets Baker Hughes; Combination Would Help No. 2 and No. 3 Players Weather Falling Prices
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