YELLOW ***** MONDAY, JANUARY 12, 2015 ~ VOL. CCLXV NO. 9 WSJ.com HHHH $3.00 Last week: DJIA 17737.37 g 95.62 0.5% NASDAQ 4704.07 g 0.5% NIKKEI 17197.73 g 1.5% STOXX 600 337.93 g 1.0% 10-YR. TREASURY À 1 11/32 , yield 1.975% OIL $48.36 g $4.33 EURO $1.1843 YEN 118.50 CONTENTS Ahead of the Tape.. C1 Corporate News.... B2,3 Global Finance............ C3 Heard on the Street C6 Law Journal ................ B6 Markets Dashboard C4 Media............................... B4 Moving the Market C2 Opinion.................. A13-15 Sports.......................... B7,8 U.S. News................. A2-4 Weather Watch ........ B7 World News.......... A6-11 s Copyright 2015 Dow Jones & Company. All Rights Reserved > What’s News i i i World-Wide n French people, joined by world leaders, mounted a massive rally in Paris in a display of unity after last week’s terror attacks. A1, A10 n One of the brothers behind the terror rampage spent close to two years in Yemen, where he befriended the Nigerian “underwear bomber. ” A1 n Islamic State adherents re- leased a video declaring their intention to step up operations in Afghan territory where the Taliban have held sway. A11 n Lawmakers in some states are moving to require out- side review or special prose- cutors in investigations of police-involved killings. A3 n Divers in Indonesia recov- ered one of two black boxes from AirAsia Flight 8501, two days after the tail section was pulled from the sea. A8 n Pope Francis visits the Philippines this week as part of his effort to shore up the Catholic Church in Asia’s emerging nations. A6 n Two teenage girls blew themselves up at a Nigerian marketplace, leaving at least five people dead, in an appar- ent Boko Haram attack. A8 n The White House is push- ing for new laws and execu- tive actions to tighter corpo- rate cyberattack defenses. A4 n South Korea’s president proposed a reunion of war- torn families to improve re- lations with the North. A8 n Georgia’s secretary of state is leading an effort to hold a regional presidential primary on March 1 next year. A4 i i i I nvestors are bracing for fourth-quarter U.S. profits to be the softest in years, test- ing the stock market’s ability to prolong its bull run. A1 Some hedge funds are cut- ting their exposure to stocks, even as analysts recommend that investors buy shares in large U.S. companies. C1 n Shire is paying $5.2 bil- lion for NPS, a maker of drugs for rare diseases, with the help of a breakup fee it received from AbbVie. B1 n Venture-capital firms raised $32.97 billion last year, a 62% increase from 2013, spurred by a hot market for startup funding and IPOs. B1 n GM plans to use its GM Fi- nancial lending arm as exclu- sive provider of subsidized car leases in the U.S., largely edg- ing out Ally and U.S. Bank. B1 n Nasdaq is seeking to take over banks’ “dark pool” oper- ations after years of pushing for more trading to come back to stock exchanges. C1 n Google is asking the Su- preme Court to limit how soft- ware makers can assert copy- right protection over programs in a case brought by Oracle. B6 n Roche agreed to pay $1.03 billion for up to a 56.3% stake in Foundation Medicine, a maker of diagnostic tests. B3 n China’s Alibaba and an af- filiate agreed to invest about $575 million in India’s One97 e-commerce businesses. B3 n SpaceX was successful in its launch of an unmanned cargo capsule but failed in its reusable-rocket effort. B3 Business & Finance PARIS—France, joined by world leaders locked arm-in-arm, mounted its largest-ever demon- stration Sunday in a defiant, if fragile, display of unity against the terror attacks that tore through its capital last week. More than three million peo- ple, many of different political and religious stripes, marched in rallies across the country. Nearly half of them flooded the streets of Paris, transforming its mani- cured avenues into rivers of hu- manity, a stunning turnaround for a city that only days ago was sav- aged by gunfire and bloodshed. Families and friends of the 17 people killed in the spree of vio- lence moved solemnly at the head of the march. French Presi- dent François Hollande and a row of leaders, who at times made for strange bedfellows, fol- lowed. German Chancellor An- gela Merkel walked arm-in-arm with Palestinian President Mah- moud Abbas. Israeli Prime Minis- ter Benjamin Netanyahu shook hands with President Ibrahim Boubacar Keita of Mali, which doesn’t have diplomatic relations with Israel. “Today, Paris is the capital of the world,” Mr. Hollande said. Neither President Barack Obama nor Vice President Joe Bi- den made the trip. But on the sidelines of Sunday’s rally, Inte- rior Minister Bernard Cazeneuve convened a meeting of senior se- curity officials from both sides of the Atlantic, including Attorney General Eric Holder to address Please turn to page A10 By Stacy Meichtry, Ruth Bender and Inti Landauro France Rallies Millions Against Terror When Elon Musk, who loudly disdains the traditional auto in- dustry, makes his first public ap- pearance in Detroit in two years on Tuesday, it will be easy to see how much has changed since then. Mr. Musk’s Tesla Motors Inc. is worth six times more in stock- market value. He is pushing hard to sell 500,000 vehicles a year by 2020, up from 90 a day in the third quarter. And giant auto makers are on a collision course with Tesla like never before, with General Motors Co. show- ing off a new electric car at the Detroit auto show on Monday. Mr. Musk’s response? He says he doesn’t plan to change a thing, from his proclivity for F-bombs to double duty as chief executive of rocket maker Space Ex- ploration Technologies Corp., or SpaceX, to a hands-on obsession with the tiniest operational and car-design details at Tesla. He calls himself a “nano-man- ager,” works about 100 hours a week and still runs the auto maker largely as he did before it sold the first Tesla Roadster in 2008. “I have OCD on product-re- lated issues,” he says with a laugh. “I always see what’s... wrong. Would you want that? When I see a car or a rocket or spacecraft, I only see what’s wrong. I never see what’s right. It’s not a recipe for happiness.” In a speech Tuesday at an auto-show event, Mr. Musk is ex- pected to criticize larger auto makers for not responding to Tesla even more aggressively. He denounces the rest of the indus- try as only halfheartedly trying to produce battery-powered cars for the masses, Please turn to page A12 BY MIKE RAMSEY ‘NANO-MANAGER’ Electric-Car Pioneer Musk Charges Head-On at Detroit As fourth-quarter earnings season gets under way, investors are bracing for the softest U.S. profit growth in years, pinched by collapsing oil prices and a strong dollar. That double whammy, coupled with the highest valuations for stocks since the financial crisis, will test the market’s ability to prolong its extended bull run and will likely make for continued bumpy trading in the weeks ahead. Over the past few months, the Dow Jones Industrial Average and S&P 500 have carved out new record highs, while suffering frequent setbacks. Both indexes hit fresh peaks in the final ses- sions of last year but have since experienced two straight weeks of declines. Some prominent hedge funds are cutting back their exposure to stocks and reducing their use of Please turn to the next page By Dan Strumpf, Saumya Vaishampayan and Alexandra Scaggs Falling Oil, Rising Dollar Put Investors on Alert Battery-Powered Number of new, fully electric- powered vehicle registrations in the U.S., by month The Wall Street Journal Source: IHS Automotive 8,000 0 2,000 4,000 6,000 vehicles ’13 ’14 2012 Other electric vehicles Tesla Model S European Pressphoto Agency Years ago, while hammering away at the University of Oregon’s football stadium, construction workers encountered a long-lost egg. They dug it up, the tall tale goes, and polished it. Out cracked an ugly duckling. This creature—they named him Mandrake—hatched in 2002 as a new Duck mascot. With a muscu- lar build and scowling bill, he was the intimidating embodiment of a meaner Oregon football team, whose mascot rides into games on a motorcycle and rips off push- ups for every point the Ducks score. But then Man- drake ruffled the wrong feathers. Stu- dents turned on him. Children were terri- fied of him. No one even called him Man- drake. He was “Robo- duck” instead. Roboduck won’t be waddling around on Monday when Oregon plays Ohio State Uni- versity in college foot- ball’s national-championship game in Arlington, Texas. He has been missing in official action since 2003. Oregon officials have come to the conclusion that Roboduck has quacked. “We don’t know where Roboduck is,” Oregon senior associ- ate athletic director Craig Pintens said. “We lost touch with him over the years.” Oregon’s current duck is simply the Duck. People also call him Puddles. The cuddlier Puddles has Please turn to page A12 BY BEN COHEN Fans Found Oregon’s Muscular Mascot a Lame Duck i i i Cuddly Won After Fierce Wouldn’t Fly; ‘You Don’t Replace Puddles’ Mandrake Among the world leaders locking arms in solidarity with people marching Sunday in Paris were, from left, Israeli Prime Minister Benjamin Netanyahu, Mali President Ibrahim Boubacar Keita, French President François Hollande, German Chancellor Angela Merkel, European Council President Donald Tusk and Palestinian President Mahmoud Abbas. TODAY IN MARKETPLACE At the Golden Globes KEYWORDS Apple Watch Winds Up Developers NBC/Reuters On Said Kouachi’s road to rad- icalization, one key stop was a four-story dormitory of an Ara- bic-language school in the Ye- meni capital. There he lived across the hall from a man with whom he stud- ied and visited the mosque in the Old City of San’a: a Nigerian handpicked by an al Qaeda cleric to try to bring down a U.S.- bound airliner later that same year with a bomb in his under- wear. Former neighbors and Yemeni officials said the older of the two Kouachi brothers—both killed by French police on Friday after a three-day terror rampage across Paris—spent close to two years in Yemen, the base of al Qaeda’s most dangerous off- shoot. His younger brother Chérif also spent time in Yemen in 2011, according to U.S. and French officials. Said, a French citizen of Alge- rian descent, befriended Umar Farouk Abdulmutallab in Yemen before the Nigerian left the country in December 2009 with a sophisticated bomb given to him by al Qaeda in the Arabian Peninsula, or AQAP. He tried to detonate the ex- plosives hidden in his underwear on a Detroit-bound aircraft on Christmas Day the same year. But the attack failed when the explosives malfunctioned, and he was convicted in the U.S. in 2012 on terrorism offenses The Nigerian was one of a handful of foreign-born jihadists who met extensively with Anwar al-Awlaki, the charismatic, U.S.- Please turn to page A11 By Margaret Coker in London and Hakim Almasmari in San’a, Yemen Gunman Tied to Underwear Bomber Hedge funds growl at stocks... C1 Jason Gay in Sports ................... B8 GM targets Tesla with electric cars ............................ B2 Terror in Paris Attacks fuel tensions over Islam in Germany ............. A10 Rival jihadist agendas merged in France .............. A11 Islamic State steps up Afghan operations ............ A11 With so many investment choices, we’re pretty much the only investment choice. Your multiple choices IRA TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank. © 2015 TD Ameritrade IP Company, Inc. All rights reserved. Used with permission. 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