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* * * * * MONDAY, JANUARY 12, 2015 ~ VOL. CCLXV NO. 9 WSJ.com HHHH $3 .00

Lastweek: DJIA 17737.37 g 95.62 0.5% NASDAQ 4704.07 g 0.5% NIKKEI 17197.73 g 1.5% STOXX600 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

CONTENTSAhead of the Tape.. C1Corporate News.... B2,3Global Finance............ C3Heard on the Street C6Law Journal ................ B6Markets Dashboard C4

Media............................... B4Moving the Market C2Opinion.................. A13-15Sports.......................... B7,8U.S. News................. A2-4Weather Watch........ B7World News.......... A6-11

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What’sNews

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World-Widen French people, joined byworld leaders, mounted amassive rally in Paris in adisplay of unity after lastweek’s terror attacks. A1, A10nOne of the brothers behindthe terror rampage spent closeto two years in Yemen, wherehe befriended the Nigerian“underwear bomber. ” A1n Islamic State adherents re-leased a video declaring theirintention to step up operationsin Afghan territory where theTaliban have held sway. A11n Lawmakers in some statesare moving to require out-side review or special prose-cutors in investigations ofpolice-involved killings. A3n Divers in Indonesia recov-ered one of two black boxesfrom AirAsia Flight 8501, twodays after the tail sectionwas pulled from the sea. A8n Pope Francis visits thePhilippines this week as partof his effort to shore up theCatholic Church in Asia’semerging nations. A6n Two teenage girls blewthemselves up at a Nigerianmarketplace, leaving at leastfive people dead, in an appar-ent Boko Haram attack. A8n The White House is push-ing for new laws and execu-tive actions to tighter corpo-rate cyberattack defenses. A4n South Korea’s presidentproposed a reunion of war-torn families to improve re-lations with the North. A8nGeorgia’s secretary of stateis leading an effort to hold aregional presidential primaryonMarch 1 next year. A4

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Investors are bracing forfourth-quarter U.S. profits

to be the softest in years, test-ing the stock market’s abilityto prolong its bull run. A1 Some hedge funds are cut-ting their exposure to stocks,even as analysts recommendthat investors buy shares inlarge U.S. companies. C1n Shire is paying $5.2 bil-lion for NPS, a maker ofdrugs for rare diseases, withthe help of a breakup fee itreceived from AbbVie. B1n Venture-capital firmsraised $32.97 billion last year,a 62% increase from 2013,spurred by a hot market forstartup funding and IPOs. B1nGM plans to use its GM Fi-nancial lending arm as exclu-sive provider of subsidized carleases in the U.S., largely edg-ing out Ally and U.S. Bank. B1n Nasdaq is seeking to takeover banks’ “dark pool” oper-ations after years of pushingfor more trading to comeback to stock exchanges. C1nGoogle is asking the Su-preme Court to limit how soft-ware makers can assert copy-right protection over programsin a case brought by Oracle. B6n Roche agreed to pay $1.03billion for up to a 56.3% stakein Foundation Medicine, amaker of diagnostic tests. B3n China’s Alibaba and an af-filiate agreed to invest about$575 million in India’s One97e-commerce businesses. B3n SpaceX was successful inits launch of an unmannedcargo capsule but failed inits reusable-rocket effort. B3

Business&Finance

PARIS—France, joined byworld leaders locked arm-in-arm,mounted its largest-ever demon-stration Sunday in a defiant, iffragile, display of unity againstthe terror attacks that torethrough its capital last week.

More than three million peo-

ple, many of different politicaland religious stripes, marched inrallies across the country. Nearlyhalf of them flooded the streetsof Paris, transforming its mani-cured avenues into rivers of hu-manity, a stunning turnaround fora city that only days ago was sav-aged by gunfire and bloodshed.

Families and friends of the 17people killed in the spree of vio-lence moved solemnly at the

head of the march. French Presi-dent François Hollande and arow of leaders, who at timesmade for strange bedfellows, fol-lowed. German Chancellor An-gela Merkel walked arm-in-armwith Palestinian President Mah-moud Abbas. Israeli Prime Minis-ter Benjamin Netanyahu shookhands with President IbrahimBoubacar Keita of Mali, whichdoesn’t have diplomatic relationswith Israel.

“Today, Paris is the capital ofthe world,” Mr. Hollande said.

Neither President BarackObama nor Vice President Joe Bi-den made the trip. But on thesidelines of Sunday’s rally, Inte-rior Minister Bernard Cazeneuveconvened a meeting of senior se-curity officials from both sides ofthe Atlantic, including AttorneyGeneral Eric Holder to address

PleaseturntopageA10

By Stacy Meichtry,Ruth Bender

and Inti Landauro

FranceRalliesMillionsAgainstTerror

When Elon Musk, who loudlydisdains the traditional auto in-dustry, makes his first public ap-pearance in Detroit in two yearson Tuesday, it will be easy to seehow much has changed sincethen.

Mr. Musk’s Tesla Motors Inc.is worth six times more in stock-market value. He is pushing hardto sell 500,000 vehicles a yearby 2020, up from 90 a day in thethird quarter. And giant automakers are on a collision coursewith Tesla like never before,with General Motors Co. show-ing off a new electric car at theDetroit auto show on Monday.

Mr. Musk’s response? He sayshe doesn’t plan to change athing, from his proclivity for F-bombs to doubleduty as chief executive of rocket maker Space Ex-ploration Technologies Corp., or SpaceX, to ahands-on obsession with the tiniest operational

and car-design details at Tesla.He calls himself a “nano-man-

ager,” works about 100 hours aweek and still runs the automaker largely as he did before itsold the first Tesla Roadster in2008.

“I have OCD on product-re-lated issues,” he says with alaugh. “I always see what’s...wrong. Would you want that?When I see a car or a rocket orspacecraft, I only see what’swrong. I never see what’s right.It’s not a recipe for happiness.”

In a speech Tuesday at anauto-show event, Mr. Musk is ex-pected to criticize larger automakers for not responding toTesla even more aggressively. Hedenounces the rest of the indus-try as only halfheartedly trying

to produce battery-powered cars for the masses,PleaseturntopageA12

BY MIKE RAMSEY

‘NANO-MANAGER’

Electric-Car Pioneer MuskCharges Head-On at Detroit As fourth-quarter earnings

season gets under way, investorsare bracing for the softest U.S.profit growth in years, pinchedby collapsing oil prices and astrong dollar.

That double whammy, coupledwith the highest valuations forstocks since the financial crisis,will test the market’s ability toprolong its extended bull run andwill likely make for continued

bumpy trading in the weeksahead.

Over the past few months, theDow Jones Industrial Averageand S&P 500 have carved outnew record highs, while sufferingfrequent setbacks. Both indexeshit fresh peaks in the final ses-sions of last year but have sinceexperienced two straight weeksof declines.

Some prominent hedge fundsare cutting back their exposure tostocks and reducing their use of

Pleaseturntothenextpage

By Dan Strumpf,Saumya Vaishampayanand Alexandra Scaggs

Falling Oil, Rising DollarPut Investors on Alert

Battery-PoweredNumber of new, fully electric-powered vehicle registrations inthe U.S., by month

The Wall Street Journal

Source: IHS Automotive

8,000

0

2,000

4,000

6,000

vehicles

’13 ’142012

Other electric vehiclesTesla Model S

European

Presspho

toAgency

Years ago, while hammeringaway at the University of Oregon’sfootball stadium, constructionworkers encountered a long-lostegg. They dug it up, the tall talegoes, and polished it. Out crackedan ugly duckling.

This creature—they named himMandrake—hatched in 2002 as anew Duck mascot. With a muscu-lar build and scowling bill, he wasthe intimidating embodiment of ameaner Oregon football team,whose mascot rides into games ona motorcycle and rips off push-ups for every point the Ducks

score. But then Man-drake ruffled thewrong feathers. Stu-dents turned on him.Children were terri-fied of him. No oneeven called him Man-drake. He was “Robo-duck” instead.

Roboduck won’t bewaddling around onMonday when Oregonplays Ohio State Uni-versity in college foot-ball’s national-championship gamein Arlington, Texas. He has beenmissing in official action since2003. Oregon officials have come

to the conclusion thatRoboduck hasquacked.

“We don’t knowwhere Roboduck is,”Oregon senior associ-ate athletic directorCraig Pintens said.“We lost touch withhim over the years.”

Oregon’s currentduck is simply theDuck. People also callhim Puddles.

The cuddlier Puddles hasPleaseturntopageA12

BY BEN COHEN

Fans Found Oregon’s Muscular Mascot a Lame Ducki 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 IbrahimBoubacar 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 GlobesKEYWORDS Apple Watch Winds Up Developers

NBC

/Reuters

On Said Kouachi’s road to rad-icalization, one key stop was afour-story dormitory of an Ara-bic-language school in the Ye-meni capital.

There he lived across the hallfrom a man with whom he stud-ied and visited the mosque inthe Old City of San’a: a Nigerianhandpicked by an al Qaeda clericto try to bring down a U.S.-bound airliner later that sameyear with a bomb in his under-wear.

Former neighbors and Yemeni

officials said the older of thetwo Kouachi brothers—bothkilled by French police on Fridayafter a three-day terror rampageacross Paris—spent close to twoyears in Yemen, the base of alQaeda’s most dangerous off-shoot. His younger brotherChérif also spent time in Yemenin 2011, according to U.S. andFrench officials.

Said, a French citizen of Alge-rian descent, befriended UmarFarouk Abdulmutallab in Yemenbefore the Nigerian left thecountry in December 2009 witha sophisticated bomb given tohim by al Qaeda in the ArabianPeninsula, or AQAP.

He tried to detonate the ex-plosives hidden in his underwear

on a Detroit-bound aircraft onChristmas Day the same year.But the attack failed when theexplosives malfunctioned, and hewas convicted in the U.S. in 2012on terrorism offenses

The Nigerian was one of ahandful of foreign-born jihadistswho met extensively with Anwaral-Awlaki, the charismatic, U.S.-

PleaseturntopageA11

ByMargaret Cokerin London and

Hakim Almasmariin 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

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