PUBLISHER’S LETTER What’s New– Embracing Change to Build …

[Pages:8]s Copyright 2007 Dow Jones & Company All Rights Reserved

READERS' GUIDE

Tuesday, January 2, 2007 G1

PUBLISHER'S LETTER

What's New?

7

* * *

7

Delivering a newspaper that understands that people get their news from many sources--how, when and where they want it--is the strategy that guides The Wall Street Journal. The Journal has a heritage of pioneering journalism, and the changes in today's Journal reflect its continuing commitment to innovation. G1, G3

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Overview

A Case for Change: The Journal's new design will make the newspaper both a more essential package of news and interpretation, and easier for readers to use. An array of new features ensures that busy readers will get everything they need to stay competitive and informed, about what happened yesterday, what's coming up today and what's likely to affect them tomorrow. G3

From the Managing Editor: Paul Steiger says the Journal will focus more than ever on exclusive news and interpretation that readers won't find elsewhere. What readers want is the context, insight and authority that the Journal has always delivered. What they need is a newspaper that is easy to navigate and focused on the most essential news and information, to maximize the benefit to busy readers. G1

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History: From its earliest days, the Journal was a pioneer in American journalism. The first newspaper to target U.S. investors, the first to define and serve the U.S. business community, the first to deliver a daily analytic brief tied to a bulletin of the day's major news, the first to print on both U.S. coasts, the first to print in Asia, the first to develop a comprehensive business-news site online. G8

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Design: Designer Mario Garcia says today's readers are inundated with information 24 hours a day and many already know about the day's big stories long before the newspaper arrives. Journal readers come to read, not just to look--and that fact played an important role in the redesign effort. Read about the eight principles that guided the design of the new Journal. G8

* * * New Features: From summary boxes to Today's Agenda, the new Wall Street Journal is packed with features designed to help you understand not just what happened, but why it happened. The print Journal is closely integrated with the Online Journal at , and will selectively direct readers to additional features, from video, photos and documents to the new Markets Data Center. G3

* * * Money & Investing: Today's Journal includes significant enhancements to the Money & Investing section, including a longer Ahead of the Tape column to offer readers additional insight into the forces likely to affect the markets and a daily Breaking Views column analyzing recent mergers and acquisitions and other corporate news. In addition, a new Earnings Digest page makes it easy for readers to follow the latest quarterly numbers for companies.

* * *

Statistics: A redesigned package of market statistics and other investor information will give readers more guidance in judging the performance of different securities. G7

Plus: The new online Markets Data Center will provide professionalgrade tools for keeping track of stocks, bonds and other investments. It includes charting and scanning capabilities. G4, G5

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The Journal's Editorial View: Editorial Page Editor Paul Gigot says readers will see things both new and familiar. While the editorials will remain where they've been for decades, anchoring the left-hand page under the Review & Outlook banner, other features will be moving to new locations. One case in point is the Letters to the Editor, which now will be found on the Journal Exchange page in the Marketplace section. The Journal's guiding editorial philosophy remains rock solid: "Free people and free markets." G2

* * * Business of Life: Readers want useful, action-oriented news and information that helps them cut through the clutter when they travel, invest, shop and look after their health. The Journal has been a leader in service journalism, starting in 1998 with Weekend Journal, with the introduction of Personal Journal in 2002 and of Pursuits with the introduction of a Weekend edition of the Journal in 2005. Today, we're enhancing our coverage of personal finance, health, travel and entertainment. G6

Inside

u Take an early look at the Style page.

BUSINESS OF LIFE . . . . . . . . . . . . . . . . . G6

u Pepper ... and Salt returns to its old home.

OPINION PAGES . . . . . . . . . . . . . . . . . . . . . . . G2

u Online Offerings: WSJ. com, .

MARKETS DATA CENTER . . . . . . . . . G4

Embracing Change to Build

On a Tradition of Excellence

Our Mission Since 1889:

Reporting News That

Is Essential to Business

By L. Gordon Crovitz

For over a century, The Wall Street Journal has been an icon in business, markets and journalism. In a time of change, those of us entrusted with icons face a dilemma: Do we preserve the icon as it has been, rejecting change as too risky? Or do we try to add to the qualities that created the icon in the first place, taking care not to change simply for the sake of change?

We embrace the latter approach, driven by the knowledge that your needs are constantly changing and that the Journal has constantly evolved, each time emerging more vital to more readers. This Readers' Guide highlights why we've changed what we've changed-- and that what doesn't change is at least as important as what does.

The impetus is the great change in recent years in how you get news and information. You now get updated throughout the day from many different sources, print and online. Readers told us that the Journal could better tailor its efforts to how, when and where you access news. We've rethought the role of a newspaper as well as what you seek online. Your expectations of media have shifted, making this an era when you expect us to embrace change.

We're confident that our approach will make the Journal more essential to you than ever.

Planning Began in 2005

We started planning for the Journal you hold in your hands more than a year ago. But today's Journal reflects an approach to serving readers followed since Charles Dow and Edward Jones founded the Journal in 1889: Our readers require the most authoritative, accurate and fair reporting on business and financial news. This has been the foundation of our journalism, but not the entirety of it. We also deliver onlyin-the-Journal analysis, context and perspective that helps make clear what the news means to our readers, beyond simply reporting what happened the

day before.

Today's always-on, 24/7 informa-

tion overload of data makes the Jour-

nal indispensable for the real knowl-

edge and understanding that we try to

help you achieve. That's why, in today's

Journal, you'll see new content fea-

tures, new ways to navigate the news-

paper and innovations in aligning the

print Journal and

the Wall Street

Journal Online

to make the Jour-

nal your essential

source through-

out the day.

This Readers'

Guide provides

details on new

features such as

"Today's Agen-

da," which tells

L. Gordon Crovitz

you what the news means even

before it's reported; "The Informed

Reader," which tells you the news you

need even from other sources beyond

the Journal; and "In Brief" columns

throughout the newspaper that, like the

"What's News--" column on page one

help you get the news of the day quickly

so that you can focus more attention on

what the news truly means.

Many of the changes today are very

noticeable. We've reduced the width

of the newspaper. The almost unani-

mous reaction among readers in focus

groups was that this would make the

newspaper more convenient and liter-

ally handier. (Also, we'd rather invest

in newspeople than in newsprint.) I

hope you'll agree that our new type-

face is more readable and that page

one is still very much our own unique

page one. We're proud of the elegant

appearance of the Journal, but as

our design consultant, Mario Garcia,

points out (see page G8), Journal read-

ers' loyalty is because they come to

read and not to look.

The biggest change is the one Man-

aging Editor Paul Steiger describes be-

low: The Journal's news department is

increasing the proportion of articles

that are exclusive, telling you about

facts, trends, ideas and analysis you

won't see anywhere else. A little over

half of the Journal in recent times has

been this kind of unique coverage--

more than any other newspaper, which

is one reason the number of people sub-

scribing to the Journal is up by 10% this year, when most newspapers have many fewer such subscribers.

Still, this means that almost half of our news was available to readers the previous day, often online. We now aim to make 80% of your Journal what-it-means journalism, devoting the other 20% to ensuring that you haven't missed anything of importance from the previous day. This approach reflects our vision of a Journal you can use throughout your day, with the print Journal focused on what the news means to you and the Wall Street Journal Online focused on what's happening right now.

Unique Traditions of Journal

In this effort, reporters and editors are building on the unique traditions of the Journal. In the 1940s, Bernard Kilgore transformed a narrow financial newspaper serving New York into a broader business and financial newspaper serving the nation and now the world. He knew the Journal's reading community was united by common interests, challenges and opportunities, not as for most newspapers by simple geography.

"It doesn't have to have happened today to be news," Kilgore said. Instead, our knowledgeable reporters tell you what today's news and trends mean for tomorrow.

In the month since I invited your feedback on these changes, several thousand of you have contacted me. Most encouraged the new approach. Others cautioned us not to cross the line between helpful forward-looking interpretation versus personal or political opinion in our news columns--and we certainly won't. And some urged us to keep evolving to be sure we go far enough in making your newspaper as accessible as possible.

Most of all, you reminded us how deeply loyal so many people are to the Journal, with high expectations for the future. I hope you find this Readers' Guide helpful in getting to know the changes to your Journal. I also hope you find that the essential qualities of this icon have been strengthened, with the Journal remaining true to what has always set it apart.

Mr. Crovitz is publisher of The Wall Street Journal.

MANAGING EDITOR'S LETTER

New Look, Same Journal Quality: Exclusives, Analysis and Insights

By Paul E. Steiger

For more than a century, The Wall Street Journal has reported the facts, defined the issues and set the agendas of business. We are proud of that mission and honored that you entrust us with it.

The publication you hold in your hands today extends that mission into a new era, preserving the authority, depth and intelligence we always have aimed to bring you, while acknowledging the profound recent changes in how and when people want their news.

Our approach to change is normally constant and evolutionary; in the last year we have introduced many design enhancements and new areas of coverage. At times, such as today, the change is bolder and more visible.

Yet our objective remains consistent: to deliver the world's most compelling and useful daily package of news and analysis for business people.

And so in the new format we are adopting today, you will find on page one a continued emphasis on the indepth journalism that is one of our hallmarks. Also on the front page are the What's News summaries, a 1934 innovation still relied on daily by nearly all of our readers.

You also will discover innovations that offer clearer navigation not only through the Journal but through the ocean of information that confronts us all each day.

Some of the changes are overdue: We are making it easier for you to follow our front-page articles by consistently continuing those pieces on the pages just preceding the opinion pages. Articles on the front pages of the other sections will continue on the second page of the section. Inside the paper, we have followed the advice of many readers by containing more articles on a single page instead of requiring readers to jump from one page to another.

For decades, the Journal's coverage has had a strong forward pitch, telling you not merely what happened yesterday but, when possible, telling you what it means and what is likely to happen next. We are extending that approach to the news more broadly throughout the paper. A new daily feature on A2, "Today's Agenda," will handicap coming news events, so that when the news

breaks, you'll have the background to help you interpret it. Our "Ahead of the Tape" column on the front of our Money & Investing section, which tells investors what forces are likely to be at play when the markets open, will expand to embrace a second topic each day.

And we are improving the organization and layout inside our news sections.

With updated labeling and graphics, including on section fronts, we will highlight the reporting and analysis that now appears throughout the paper. We have added a daily Corporate Focus page in the A section to the mix of Paul E. Steiger special pages and mini-sections in the paper, such as Politics & Economics, Media & Marketing, Managing, Technology Journal, and Deals & Dealmakers. The emphasis here is on exclusive content and thoughtful journalism that offers you guideposts to understanding the day's events. But you also will see a new feature on these pages called "In Brief," which summarizes key events in each area, so you won't fall behind on the news. We've introduced a new style for reporting corporate earnings, combining text and graphics in a way that allows quicker understanding in less space. We also are reducing the amount of space we devote to stock-price listings, while still reporting prices on 94% of the market capitalization, because more and more of you have told us that you prefer to get those data online, where they are readily available at no cost from multiple sources. Instead, we are devoting more space in the daily Money & Investing section to proprietary statistical analyses of market data, giving readers new and deeper insight into which stocks and market sectors are showing important movement. We will continue to provide full weekly summary tables of stock and mutual fund prices in the Weekend Edition on Saturdays. In addition, we are launching a powerful new free online financial data site, the Markets Data Center that can be found at WSJMar-

. Markets Data Center offers in real time a massive array of financial data, including all the stock prices and other data previously available in the print edition of the Journal.

Beyond that, Markets Data Center features many new tools that will permit investors to measure stocks, mutual funds and other investments against each other, to drill down for new measures of value, and to keep a weather eye on their portfolios 24 hours a day. The Journal's parent company, Dow Jones & Co., along with our sister news organizations, MarketWatch, SmartMoney magazine and Dow Jones Newswires, have the most comprehensive, in-depth financial-market data, and it's available free to you.

Some of the other features are: n The Informed Reader. It will summarize daily half a dozen reports from elsewhere--magazines, blogs, cable, broadcast--that our editors believe offer significant insight. n Breaking Views, which has been running Saturdays. It will offer readers its provocative commentary on finance and investments six days a week on the back page of Money & Investing. n The Wealth Report, Fridays in Weekend Journal. It will peer into the daily lives of the world's richest folk, giving readers insight into managing their own lives. An advance look in today's Personal Journal section deconstructs how an amicably divorcing billionaire couple divvy up their considerable assets. n Expanded room for reader letters. We welcome your comments, and think you learn from communicating with each other. We understand that the competition for your time is ever more abundant, but we believe that our readers--both in print and online--value our approach to understanding the news and explaining events. Indeed, what lies behind the changes you see today is that philosophy: The Journal isn't merely a newspaper--it's an approach to understanding the news, a way of explaining events, a basis of conversation among people in business and leadership. May you and yours have a happy, healthy and prosperous New Year.

Mr. Steiger is managing editor of The Wall Street Journal.

G2 Tuesday, January 2, 2007

OPINION PAGES

. THE WALL STREET JOURNAL

+ EDITORIALS: The Review & Outlook editorials anchor the lefthand page.

( COLUMNS: Regular columnists such as Holman Jenkins will now appear on the left-hand page next to the editorials.

+ OP-ED COLUMNS: These provocative and often newsmaking features will appear on both Opinion pages.

( PEPPER ... AND SALT: Is returning to its former home on the bottom of the left-hand Opinion page.

The Look of the Opinion Pages Changes, but the Principles of `Free People and Free Markets' Remain

By Paul A. Gigot

When readers turn to the redesigned Wall Street Journal opinion pages today, they will see things both new and familiar. The new is a layout that has moved some of the features to accommodate the narrower page width. The familiar are the same editorial philosophy and news judgment that have long distinguished Journal opinion.

The editorials remain where they have been for decades, anchoring the left-hand page under the Review & Outlook logo, and keeping a steady commentary on the economic, business and political news of the day. They lack a specific byline or author because they represent the collective views of Journal editors. They are supervised by Editorial Page Editor Paul A. Gigot, working with Deputy Editors Daniel Henninger and Melanie Kirkpatrick and the other men and women on the Editorial Board. The Journal's guiding editorial philosophy is "free people and free markets,"

and that continues in this new era as it

The rest of the opinion pages--

has for more than 100 years.

both under the column on the left-

Some other features on the page are

hand page and on the entire right-

moving to new positions. The Journal's

hand page above the masthead--are

regular columnists now appear to the

devoted to our provocative and often

right of the editorials at the top of the

news-making op-ed features. These

left-hand page. These include weekly

are sometimes written by members

columns by Mr. Henninger, Bret Ste-

of the Journal editorial staff, but

phens, Holman W. Jenkins Jr., and

most are contributions from men and

Mary Anastasia O'Grady.

women who have special expertise or

On the lower right corner of the

are prominent in public life. Over the

left-hand page, readers will notice the

years, we have published Nobel Laure-

return of the "Pepper ... and Salt" car-

ates (including many by the late Mil-

toon. These witty commentaries from a variety of contributors continue to be

Paul A. Gigot

ton Friedman), prime ministers and presidents, CEOs and scholars mak-

solicited and selected by Charles Pres-

ing waves in the world of ideas. These

ton, as they have been for 57 years. Since 2002 features may take a different point of view from

the cartoon has run on the Leisure & Arts page the staff-written editorials, but like the editori-

three days a week, and many readers have told als they are intended both to inform and to spark

us they missed it on the regular opinion pages. It debate on the main controversies of our time.

now returns to its former home on the editorial

The one regular opinion feature that has

page as a daily feature, Monday-Saturday.

found an entirely new home is Letters to the Ed-

itor. The letters move to the Journal Exchange page, which will appear in the Marketplace section Monday-Friday and in the A section on Saturday. This change may seem jarring to some readers accustomed to seeing letters alongside the editorials and opinion features. But moving them allows us more space to accommodate the many insightful letters we receive each day. Our readers are the most knowledgeable in the world and we want to make sure they have a place to be heard. Letters will continue to be edited by Letters Editor Ned Crabb.

All in all, the number of column inches devoted to opinion are roughly the same as under the previous format. Our goal is to continue to be the leading forum for political and economic debate--in America and around the world. We hope you enjoy, and grow comfortable with, the new opinion pages.

Mr. Gigot is the editor of the Wall Street Journal's Editorial Page.

CULTURE

Why We're Expanding Our Coverage in Leisure & Arts

Journal readers have many interests beyond their jobs--from recreation and sports, to books and culture, to the arts and entertainment in all their forms. With those diverse interests in mind, the redesigned Journal is increasing its space devoted to Leisure & Arts.

Specifically, the Leisure & Arts coverage that appears in the Personal Journal section from Tuesday through Thursday expands to two pages from one. This allows us to add at least one additional feature a day on the variety of cultural experiences and debates that are such a big part of our readers' lives.

The daily coverage will continue to vary widely with events and span the breadth of American cultural matters. Among the additions will be a periodic Cultural Conversation, an interview with someone prominent in the arts. The In the Fray column also will run each Tuesday through Thursday, as a sharply argued commentary on some cultural controversy. The book review also continues as a daily staple, with a Business Bookshelf running one day a week, and with the usual expanded array of reviews in the Pursuits section in Saturday's Weekend Edition.

Our award-winning critics will continue to take their weekly turns, while appearing on other days of the week when events call for it. Joe Morgenstern on movies, Terry Teachout on theater, and Dorothy Rabinowitz and Nancy deWolf Smith on

The Journal maintains a wall between news and opinion ... the critics qualify as opinion because

they have a point of view.

television will continue to appear each Friday in the Weekend Journal, while Eric Felten on drinks and the culture of entertaining and Peggy Noonan on everything will be staples of Pursuits on Saturdays. The popular Masterpiece feature--the anatomy of a classic--also will continue to appear each Saturday in Weekend Edition.

The Journal maintains a wall between news and opinion, and in our world the critics qualify as opinion because they have a point of view. That view is not narrowly partisan or ideological. They are critics in the best sense of the word as arbiters of taste and upholders of quality, and we hope they stand out in a media world in which many critics will applaud everything.

And speaking of standards, our Taste page will continue to offer commentary on cultural matters each Friday in the Weekend section. The Houses of Worship column--a rare feature devoted to religion in the American press--and the staff written "de gustibus" column will appear each week. We are grateful that our readers turn to the Journal for cultural as well as business coverage, and we look forward to bringing you more of it in the years to come.

+ DE GUSTIBUS: You'll find this staffwritten column on the Weekend Journal's Taste page.

+ CULTURAL CONVERSATION: A new feature that will run periodically in the Leisure & Arts section.

+ HOW'S YOUR DRINK?: Eric Felten offers a tasty mix of history, folklore and old-fashioned skill in teaching you how to make, well, an Old Fashioned.

+ MUSIC REVIEWS: Can be found in Leisure & Arts, Pursuits and Weekend Journal.

? BOOK REVIEWS: We're adding the Business Bookshelf once a week.

. THE WALL STREET JOURNAL

OVERVIEW

Tuesday, January 2, 2007 G3

How the Changing Needs of Readers Drives the New Design of the Journal

Its Authoritative Journalism Gets an Accessible Showcase; Today's Agenda, Summaries

The changes in The Wall Street Journal are intended to make the newspaper easier and more convenient for readers to use and to better showcase its authoritative journalism.

Readers today are inundated with information from many sources, and the Journal's print edition now is tailored to more effectively deliver the essential news and interpretation of events that an increasingly busy audience demands.

New features tell readers not only what happened and why, but what's likely to be news tomorrow and how to understand it. New visual elements on every section front guide readers through the newspaper, to improved display pages inside each section featuring the best of the Journal's economic, political, corporate and

There is an increased focus on exclusive content that

will define the issues readers care most about

markets coverage. New graphics give readers a fast understanding of in-depth articles.

Not everything that is changing is equally visible: there is an increased focus on exclusive content that will define the issues readers care most about, and there is a decreased emphasis on routine, widely available news. The Journal's daily stock tables are being reduced in favor of more comparative and analytic data on investments around the world, and the comprehensive listings will appear now only on Saturdays.

Underlying the print Journal's design is the reality that readers have access to real-time information, anytime, anywhere. And so the print Journal will selectively direct readers to additional material and features online, from video, photos and documents to a new Markets Data Center that will allow users to find financial data and use new tools to screen and compare stocks, mutual funds and other investments.

Here's a quick look at some of the key new features in today's Journal:

Today's Agenda: A daily feature on page A2 gives you advance notice of announcements that are likely to make news, and how to understand that news when it happens. This could include government economic data, company news or even new product announcements.

Summary Boxes: Information graphics that run with longer articles giving you the takeaway at a glance: What's the issue, what's the debate, what does it mean for me?

In Brief: Modeled on the front-page What's News columns, this feature appears on pages throughout the paper--Politics & Economics, Media & Marketing, Corporate Focus and Technology--to give you news summaries on those topics.

Corporate Focus: A new display area in the A section for news and features about companies that will help you to understand the trends and forces afoot in business.

Skyboxes: Every section front now hosts a navigation device to showcase the stories inside that section, so you will know what's of interest.

Journal Exchange: A page of insight from outside the Journal, featuring both a new feature called "The Informed Reader," and Letters to the Editor. The Informed Reader, in both the print and Online Journal, is an intelligence briefing selected by Journal editors who will give you the essence of articles from other sources, in many cases saving you the time of having to seek them out.

Market Analysis: Ahead of the Tape, the Journal's popular look at the forces that will affect markets in the coming day, has been lengthened, and Breaking Views, a once-aweek column that critiques Wall Street and its deals, now appears daily on the back of the Money & Investing section.

Earnings Digest: A daily feature inside the Money & Investing section, cataloguing significant earnings news of the previous day in a visual way.

Style & Substance: Starting this Thursday, Personal Journal will carry a page of features on fashion and luxury goods, with its usual emphasis on what you would want to know--and wear.

? THE INFORMED READER: This new feature brings you smart insights from other sources in print and online. This page also hosts the Letters to the Editor.

+ TODAY'S AGENDA: This tightly edited report gives you a heads up on the day's coming events--and handicaps what the results will mean to the market.

7 In Brief-- 7

Keep Ahead With Marketplace

From Walt Mossberg's Personal Technology coverage to Marketing & Media, Careers, Real Estate and Who's News, the Marketplace section keeps you up to speed on the latest trends in industry and management.

Profit From Money & Investing

Heard on the Street and Abreast of the Market are there. So are exclusive stories on what makes Wall Street tick. Along with Deals & Dealmakers, Breaking Views and the world's smartest market-data package, you're prepared for the market.

FREQUENTLY ASKED QUESTIONS

So What's Different About the Newspaper?

So what's different about the newspaper you're holding today compared with the Journal's Weekend Edition you read on Saturday?

Here are answers to what we anticipate will be some of your questions.

The paper seems smaller. Is it? The new Journal is about 20% narrower but

the same depth. It is being produced on a 48" sheet of newsprint, or web, compared with the 60" sheet used before. The new size is the emerging standard in the newspaper industry.

Why did you go to the new size? There are several reasons. For starters, our

readers have told us they find the new size easier to handle, especially while commuting. Another is that by adopting the standard we create the possibility of printing the Journal at other press sites, improving delivery times. And finally, there are cost savings--about $18 million a year. One way of looking at it is that we prefer to invest more in newspeople and less in newsprint.

Are you putting less news into the Journal? While the page size shrinks by 20%, the over-

all newshole--or space in the paper where news runs--has been adjusted to cut that loss to about 10%. And of that, we've taken nearly all of the reduction in the list market statistics. We calculate that with these adjustments we'll be running the same or more news articles as we do today. There will be fewer statistics.

What's changing in the statistics? The Journal will run daily price quotes for the

1,500 largest equities sold on U.S. exchanges, covering about 94% of the market values of those assets. Most of the statistics we're running have been organized in value-added analytic packages that "connect the dots" instead of just showing the numbers. We're also launching the new online Markets Data Center, free at WSJMarkets. com. The site provides extensive information and easy ways for readers to put data into context. Read more about it on pages G4 and G5.

How long did it take to redesign the Journal? It has taken just over a year. The biggest phys-

ical challenge was converting our 19 press lines at 17 sites nationwide to accommodate the new format. The effort touched every part of the Journal, requiring new ways of looking at news coverage, more legible fonts, sharper graphics, better navigation in the paper and enhanced print-online integration. Every department--Production, Technology, News, Advertising and Circulation-- worked hard to help complete the project.

Are you finished making changes to the Journal? No. The Journal is a living thing, the pride of

more than 1,000 journalists across Dow Jones. In 2006, we added many new daily features, including the Index to People, improved Who's News coverage, a skybox on Page One, and the Remembrances, Golf and Peggy Noonan columns in the Weekend Edition's Pursuits section. We'll keep making changes as your requirements change.

Who can I talk to if I have other questions or suggestions about the new design?

Please contact the Journal's customer service team at 1-800-JOURNAL. Or you can send us an email at wsj.service@ for Print, or onlinejournal@ for Online.

+ CONNECTIONS TO ONLINE: If there are aspects to an important article in the newspaper that can't be told on the printed page, we'll send you to that video, document, photo gallery or interactive graphic at .

g HELPING YOU NAVIGATE: The daily Inside feature on Page One will point you to the key articles inside the Journal.

? IN BRIEF: You'll find these short but important items on the daily themed Politics & Economics, Corporate Focus, Marketing & Media and Technology pages.

( FEATURED COLUMNISTS: We'll show you what they look like--and how to contact them.

Beer belt blues

High costs: restructuring aimed at saving money has cost billions of euros to get done.

Sales outlook: the numbers are good--but not nearly as good as expected in forecast.

Profit margins: the executives set aggressive targets--but operating units can't seem to hit the targets.

Market implications: stock is overpriced based on performance. Expect a pullback.

Minn. Wis. Mich.

Iowa Ohio

Ill. Ind.

Mo.

Imported beer consumption

Increase in volume between 2000 and 2004 by state:

Iowa

72%

Minnesota

61

Wisconsin

51

Ohio

22

Missouri

21

Michigan Illinois Indiana

17 15 10

Source: Adams Beverage Group of Norwalk, Conn.

+ INFORMATIONAL GRAPHICS: Sometimes a picture--or data table--can tell the story faster and more effectively than text.

g THE MAJOR INDEXES: The closing numbers are right under the nameplate on Page One.

+ VALUE-ADDED STATISTICS: Highly graphical--and useful. More about them on G7.

Making Your Journal Personal

Getting ahead is one thing. Living well is another. Personal Journal offers actionable content in areas that matter to you: health, travel, personal finance, home and family, education as well as the cultural coverage in Leisure & Arts.

And Don't Forget Pursuits

In the Weekend Edition, there's a special place that features great writing from Peggy Noonan, how to make a great drink by Eric Felten and what CDs and books the nation's cultural icons are listening to and reading. Oh, and did we mention the great recipes?

G4 Tuesday, January 2, 2007

. THE WALL STREET JOURNAL

MARKETS DATA CENTER

Comprehensive, Easy to Use and Free at

Markets Data Center is your dashboard for the financial markets, updated all day with thousands of data points. Start with an overview and dig in for details. Plus, click through to background information, charts and investment screeners. subscribers can personalize their page, integrate the top stocks from their portfolio, sign up for price and volume email alerts and read full news coverage and research. Try Markets Data Center at and let us know what you think by writing to us at mdcfeedback@.

AT A GLANCE: Roll over indexes for a quick chart to put trading into context.

PERSONALIZE*: Arrange your page to quickly find the numbers you need.

WORLD VIEW: See quotes from 20 major markets; plus, get other global markets data.

ON THE GO: Get the data you need sent to your inbox or your handheld

PORTFOLIO*: Track your stocks and funds alongside Journal market data.

* These premium features are available only to Online Journal subscribers.

Even More Journal Data, With Links to Research

Market-Moving News

New Exclusives

RESEARCH: Follow links from the Journal's new enhanced print statistical tables to current quotes and more. GO DEEP: Many of the new tables, including Scanning the Market, run in longer form online. UPDATED: Tables that run once a week in print, including all 10 "Ways to Invest," are updated daily.

Old Favorites:

The market data you've long relied on in the print Journal are available for free online, including full stock tables, futures quotes, listed options and Treasury quotes.

( ROLLOVER: Roll your mouse over the biggest movers and most active stocks, and see the headlines behind the trading.

g PORTFOLIO: For subscribers: Place your portfolio next to the Journal data you need. "News flags" alert you to articles about your stocks.

PLUS, subscribers can follow the major financial markets with links to coverage from , MarketWatch. com and Dow Jones Newswires.

. THE WALL STREET JOURNAL

MARKETS DATA CENTER

Tuesday, January 2, 2007 G5

Spanning the Markets

Quotes From 20 World Markets

Markets Data Center lets you track all of the financial markets on a single home page. Or you can drill down to individual pages dedicated to each sector of the market.

Stocks

International Stocks

Bonds and Rates

Commodities

Currencies

ETFs

Mutual Funds

Pages have key market data, updating quotes, interactive charting and links to comprehensive statistics and research.

( GET UPDATED QUOTES for each market. Plus, scan end-of-day quote tables for 38 markets and most-actives lists for more than a dozen. And, get downloadable versions of U.S. closing stock tables.

Screen Mutual Funds & ETFs

( FIND THE INVESTMENTS that meet your preferences with screeners for exchange-traded funds and mutual funds.

ETFs: Use 14 criteria to screen all major U.S.-listed ETFs; plus, browse ETFs by category, family and more. MUTUAL FUNDS: Scan using trusted Lipper data; plus, view scorecards of the best and worst in 100 fund categories.

Everything Is One Click Away ...

g A MENU WITH links to each statistic is available on most every page. It's easy to navigate to the statistics you need.

... Updated Before Your Eyes ...

g PRICES UPDATE RIGHT on the page: Key data, including stock indexes, bond and futures prices and foreign exchange rates continually update. No need to reload the page.

LOOK FOR THE UPDATE ICON

... Or Delivered Anywhere

g YOUR INBOX: Sign up to have selected tables sent to you by email. subscribers can get price and volume alerts.

g YOUR HANDHELD: Indexes, hot stocks, money rates and more, formatted for your BlackBerry.

g YOUR CELLPHONE: subscribers can get alerts based on price targets, volume, percentage change and new highs or lows.

Markets Data Center at is a free service. To get the full benefits of The Wall Street Journal Online, go to subscribe.

G6 Tuesday, January 2, 2007

BUSINESS OF LIFE

. THE WALL STREET JOURNAL

Providing the Intelligence To Live Well in Busy Times

Coverage Themes Consistent

As New Features Are Added;

Saving the Life of a Reader

By Edward Felsenthal

Though our more than six million readers come to The Wall Street Journal for myriad reasons, there is one refrain we hear with remarkable frequency: a desire for news and information that helps you make important decisions in your personal as well as your business life.

With today's launch we are further enhancing what we call "business of life" coverage, reporting that explains how developments in the industries we cover throughout the paper affect your choices as a consumer. As the digital age inundates us all with more information and choices, we believe the demand for such guidance--from personal finance and health to travel and entertainment--only will increase.

Providing readers with this kind of useful information has been a key motivation behind our recent additions--the introduction of Weekend Journal on Fridays, the Tuesday-through-Thursday Personal Journal and, in 2005, Weekend Edition--and a key reason we have been expanding what we offer readers.

As part of this week's changes, for instance, you will find a new column in Personal Journal on Thursdays devoted to fashion and the world of luxury goods. Each week, one of our global correspondents covering this industry will provide a personal look at the brands and personalities influencing fashion today. The goal isn't only to help readers become smarter shoppers but to explain what's behind the displays on the racks and runways. This week, veteran fashion reporter Teri Agins talks to Tom Ford, the influential designer who left Gucci in 2004, about what's ahead in fashion for 2007.

Personal Journal will continue to cover breaking news of interest to consumers, and it will continue to provide, each day, the wide mix of subjects that readers tell us they love. The section will also provide more detailed coverage on certain topics each day it publishes: health and travel on Tuesdays; personal finance on Wednesdays; and home and family on Thursdays.

We will be expanding the section's cultural coverage, including "A Cultural Conversation," a biweekly interview with a newsmaker or other prominent figure in the world of leisure and arts. In addition, a new weekly Business Bookshelf column will explore books about business and management.

Amid an explosion in the number of millionaires and billionaires, Friday's Weekend Journal

will feature a new column by Robert Frank focusing on the lives and culture of today's wealthy. And Catalog Critic, a staple of that section and one of our most popular features (as we know from the merchandise shortages that sometimes follow publication), will have a new approach that takes into account the massive role e-commerce and price-comparison sites now play in mail-order shopping.

These changes follow a host of other enhancements to our coverage over the past year. Among them: John Paul Newport's weekly golf column, Ray Sokolov's restaurant reviews, the Power Tables feature on the dining world's choicest seats, new columns on retirement planning and personal finance, a new car review column and expanded coverage in Personal Journal of all the new tools that can help consumers use the Internet more effectively. We also are significantly increasing the use of video, graphic, and other interactive offerings online, including "The Juggle," a blog launched last month about the trade-offs in balancing work and family.

In all of this, our intention is to expand--and make more useful--an area of coverage that our readers have extolled in thousands of emails and letters over the last eight years. "I believe my reading the article and following up on it has saved my life," said a reader from Massachusetts who visited his doctor and learned he had an aneurysm after an article on screening. "Had I not read your article, we might have been among those who were suckered," emailed another in response to an article about college financial-aid services companies. And of course we relish clip-andsavers: "If your (article on housework) isn't the most clipped-out-and-postedon-fridge column of all time, I'll eat my mop and pail," wrote a fan of our weekly Work & Family column.

We welcome your further input and ideas at readersfeedback@wsj. com.

Mr. Felsenthal is a deputy managing editor of The Wall Street Journal.

( STYLE: Once a week in Personal Journal, we'll explain what's behind the displays on the racks.

ONLINE



What We're Doing to Enhance Your 24/7 News Experience

By Bill Grueskin

The newspaper you're holding today has been transformed in many ways -- in size, look and features. If you click on , you'll see similar transformation, a process that never ends in the online world.

The most obvious change at the Online Journal--and the entire site is free today--is our new Markets Data Center, the best and most accessible collection of such data anywhere on the Web. Those changes are explained on pages G4 and G5 of this section.

But many other changes have been under way at for months, and we have more in store in 2007. Here's a sampling of what you'll find on the site if you haven't been there lately:

Improved search: We've made significant improvements in your ability to find articles, videos, conference-call transcripts, graphics and other features. Some of the changes include site search, surfacing the most popular results for such common search terms as columnists' names and ticker symbols, along with a rollover feature that allows you to immediately see a summary of each search result without clicking on the link.

Staff-written blogs: Regular readers know they can find the latest news and analysis on law, politics and the stock market via our blogs. We've just rolled out new ones on topics including work and family issues and wealth in America. Plus, we are publishing new, event-driven blogs on everything from the Detroit Auto Show to the Davos World Economic Forum later this month.

Videos and podcasts: We produce many videos every day, broadcasting interviews with top business leaders, commentary from writers at , and features on everything from fashion to travel. Plus, you can download dozens of audio podcasts weekly.

Reader forums: One of the greatest assets of WSJ. com is our base of readers. You form one of the most articulate and thoughtful groups around, and we're providing more ways for you to tell us what you think about the big issues of the day. Many of our columnists, from Capital author David Wessel to our Numbers Guy, Carl Bialik, also have opened forums for you to respond.

: We put a lot of work into updating our home page 24 hours a day. But we can't mirror the wishes of all 788,000 subscribers. That's why we built , to enable you to create your own home page, with headlines from the industries, companies and columnists that matter most to you. And you can bring in feeds from other sites or blogs to make it your main destination every day.

To see these features and more, please go to newfeatures. We've made the site free to all today so you can see what we have in store for you.

And let us know what you think by emailing me at b.grueskin@.

Mr. Grueskin is the managing editor of .

WHAT YOU'LL FIND ONLINE: is updated as news breaks around the clock and offers exclusive online features. Here is a sampling.

VIDEO: ( Top news and features,

including reports and analysis by WSJ reporters.

BLOGS: ( Analysis from Law Blog, Marketbeat and Washington Wire. Plus new blogs on wealth and work/family issues.

INTERACTIVE FEATURES: ( A deeper look at news and trends using graphics, first-person diaries and analysis.

RSS FEEDS: ( Integrate Journal news, audio and video into your

favorite RSS reader.

PODCASTS: ( Tech news, top headlines,

small business, CEO interviews and more.

MY : ( Online subscribers can create their own home page with the news that matters most. Plus,

integrate feeds from other sites and blogs. Now in beta, or test, status.

. THE WALL STREET JOURNAL

STATISTICS

Tuesday, January 2, 2007 G7

Addressing the New Needs of the Journal Reader

Starting today, the redesigned Wall Street Journal will bring significant enhancements to the Money & Investing section.

The redesigned package of market data reflects the evolving information needs of today's subscribers and provides authoritative, up-todate information in an integrated print and online combination.

At , the new free online Markets

Data Center launched today. This state-of-the art site will provide extensive markets information and easy ways for users to put data into context. Innovative features include quick scanning and charting capabilities of stocks and indexes, and access to market-moving headlines. You can read more about these features on pages G4 and G5.

The new statistical package in the print Journal, which picks up from many of the features

New tools for investors are now free at .

previously found only on Mondays in the Money & Investing section, offers greater insights into individual markets and companies, as well as a broader look at global market trends, in both

print and online. The package puts significant emphasis on

easy-to-read graphics and tables that will provide readers with recaps of key indicators from global equity, commodity, fixed income and derivatives markets, rather than large lists of individual stocks with minimal amounts of data.

Please read more below about the Journal's new statistics package.

MARKETS LINEUP

Markets Lineup, also known as the market data home page will usually appear on C4 in The Wall Street Journal.

All in One Place

The page offers an at-a-glance look at key U.S. and global stock-market indexes, key commodities, the largest mutual funds, consumer rates (including home-mortgage and auto loans) and corporate borrowing rates. There is also a daily Financial Flashback that offers readers a wry reminder of what was news on this date in a past year.

New

n The "Lineup" undergoes slight changes on the first day of the week when a more graphic presentation is used to illustrate where closing values for indexes, for example, fall in relation to their 52-week high and low. You'll find these "range bars" common throughout some of the other features.

At

n Get constantly updated quotes from across the financial markets and email-delivered updates on key data, including indexes and currency rates.

International Stock Indexes

Region/Country Index

LATEST WEEK

Close

% chg

52 Low C

World

DJ World Index

DJ World ex U.S.

MSCI EAFE *

DJ Wi%lshcirheg Global

Low

Global Global

eDxeUv2..Se1.x5U..6S.3

Global Sma1ll7-C2a.p04

Global La1rg4e8-C2a.p43

ABrmazeirlicas0.30DSaJoAPmaeurliocaB2so0v4es.p1a7 Canada 0.8S0&P/TSX Co1m6p4.77

Mexico 0.60IPC All-Sha1re64.27

Venezuela 1.3Ca0racas G3e4ne6r9al.47

Europe

DDJJSSttooxxxx526005091.56

Euro zone Belgium

DJ Euro Sto2xx87.19 DBeJlE-2u0ro2St4o5xx3500.79

France 0.51CAC 4010124.89

Germany DAX 13952.60

Israel Italy

1.0TS3e&lPA/vMivIB18517.89

Netherlands AEX

278 86

Spain

IBEX 35

Sweden SX All Share

Switzerland Swiss Market

U.K.

FTSE 100

Asia-Pacific DJ Asia-Pacific

Australia S&P/ASX 200

China

DJ CBN China 600

Hong Kong Hang Seng

245.96 ?1.03

215.63

212.70 ?1.19

172.04

185126-.W47EEK R?A1N.0G9E

1482.43YTD

25C0l.o05se (l )

0.3H0 igh 204.1%7 chg

215.03 l 212.75 4564.78 l

00.2.68060 4.51 116644..27775.0 12.3303.863469.477 .7

2982.09 l ?0.40 1980.262591.568.1

315.90 36553.56 11792.98

?0l.97 ?2.18

l

251.2204258370..117998.7 0.25116.3120124.2894.4

19570.21 31292.66

319.45 3380.41

?l3.73 l ??1l0.0.666

214.3183952.2603.4 415.0634.7188517.2894.2 3002.033207782..182691.7

339.90 l ?1.44

332.71 295.662.8

3617.78 3701.76

l

?1.44 ?0.69

41979.2933212241..16019.3

4914.39 l ?1.39 12487.324313.784.6

5616.04 l ?1.97 21822.934653.039.9

816.37 36210.00

?1?.l04.458 31663.8352615134..560903.4

438.57 l ?1.31

11535.20

?0.59

343 84 385.153 0

9873.40

303.96 ?2.34

261.03

7669.39

?0.76

6328.69

5857.30

?0.45

5142.10

135.08 5107.20 12003.09 16490 13

?0.60

0.05 1.05 0 74

106.20 4262.10 7944.03 14146 95

EXCHANGE-TRADED PORTFOLIOS

Exchange-traded portfolios, in a more graphical presentation, will continue to appear in the paper Tuesdays through Saturdays. Exchangetraded funds (ETFs) and similar vehicles are becoming an increasingly popular way to invest. According to the Investment Company Institute (ICI), over the past 12 months ended August 2006, ETFs assets increased more than 38%.

At

n In addition to the new ETF screener, offers ETF research and charting to give more information about ETFs' performance, holdings and objectives. Track--and chart--the biggest gainers, the biggest decliners and the most active ETFs throughout the day. Browse lists of ETFs based on their investment objective, family and other criteria.

n Plot total returns of mutual funds against other funds and indexes; plus, compare funds within categories.

Trading by the Basket

Exchange-traded funds, latest session

Wedonremsdaeyr'ssbest performers

LATEST SESSION

Exchange-traded fund

Symbol Yield (%) Close ($) Pct chg (%)

Net c

LATEST SESSION

HLDRS BroadbandSymbol Yield (%) ClBoDsHe ($)0.5P3ct ch1g8.(8%5)

N1.e3t4chg 0.2

iShares Goldman Sachs Semiconductor IGW 0.05 58.42

0.64 0.3

PowerShares SemicBonDdHuctor 0.53 1PS8I.85 none 15.610 .34 0.490.25 0.0

PowernShdaurecstoLerisurIeG&WEnterta0i.n0m5ent 5PE8J.42 none

iShares: MSCI South Korea

EWY 0.73

iShares Goldman SaPchSsI Netwnorokinneg 1IG5N.60 none

1348..76090.64 300.9.649

0.25 0.17 0.15

0.37 0.08

0.0 0.0 0.0

HLDRSinSmemeicnotnductPoEr J none 1S4M.H79 0.68 03.25.529 0.15 0.04 0.0

iShares: MSCI IndexEesWBYrazil 0.73

HLDRS Biotech

PowerSkhinarges RetailIGN none

3EW8.Z60 1.42 0.3127.48

BBH 0.02 201.00

3PM0.R96 none 0.1165.01

0.12 0.07 0.0

0.07

0.1

0.02 0.05 0.0

SMH 0.68 35.29 0.15

0.05

ETF

SEymWboZl Clopsriinc1ge .4C(2h%g) (Y%t3d) 2.4E8TF

0.12 Symbol Clopsr0iinc.ge04C(h%g)

BLDRS, based on BanBkBoHf New Yo0rk.0A2DR Ind2e0x 1.0iS0hares0: R.0us7sell

0.14

Asia 50 ADR Dev Mrkts 100

PAMDRRA 73.n85on?2e.7 4.716.011000 0.02

ADRD 67.52 ?3.2 ?0.1 2000

IWB 640.0.800?0.3 ?

IWM 3.02 0.2 ?

Emerging Mrkts 50 ADRE 100.12 ?0.3 19.6 3000

IWV 68.06 ?0.3 ?

Europe 100Chg YtdADRU 67.49 ?3.3 ?1.7 Dow Jone(s%)Indu(s%tr)ial AvEeTrFage

1000 Growth

1000 2000

SGVyarmoluwbetohl

ClosingIWF priceIIWWOD

C(h%664)g558...026331 (Yu?%tn01)dc..h61

? ? ?

DiamonkdsADR IndexDIA

i1S02h.1a4r?e0s.7:

?R5u.0ssell23000000

Value Growth

IWN 62.95 0.2 ? IWZ 39.32 0.2 ?

Fidel5ity ?2 7 4 7 1000

3000 Value

IWW 85.09 ?1.0 ?

MicrocaIWp IBndex 64 0IW8C ?0438.3?71 30.1 ?

Fidelity Nasd Comp ONEQ 82.17 0.9 ?4.3 Midcap Growth

IWP 86.88 0.1

Midcap Value

IWS 117.02 ?0.2

HOLDRS, or holding co. depositary receipts

B2B Internet

BHH 2.25 3.7?21.1 iShares: Standard & Poor's

Biotech

BBH 184.85 ?0.8 20.9 Europe 350

IEV 76.30 ?3.1

Broadband

BDH 18.20 4.1 9.0 Global 100

IOO 60.89 ?2.2 ?

E

2001

64 47 2 1 1 3 Gl b l E

88 25 4 2 2

TRACKING BOND BENCHMARKS

The Journal's bond coverage is improved in the new package.

New

n "Tracking Bond Benchmarks" highlights returns and charts current yield in a 52-week range on key benchmarks, such as Lehman Brothers Aggregate (broad market) index.

n On a daily basis, "Bond Snapshot" showcases various pieces of the bond market, such as revenue rankings of investment banks, emerging-markets credit ratings and U.S. merger and acquisition loan volume.

n "Global Government Bonds" compares (by looking at yields and spreads) U.S. Treasurys to similar issues in developed countries such as Canada, Japan and the United Kingdom. U.S. Treasurys are as of 3 p.m. ET to better correspond with the bond markets.

n The bond package also includes performance and stock data on investment-grade and highyield corporate debt.

At

n All of the items found in The Wall Street Journal will appear on where they'll complement 's continually updated quotes on benchmark bonds and a mortgageand bank-rate tool, where readers can find state-by-state data on the best rates.

Tracking Bond Benchmarks

Closing index values, return on investment and yields paid to investors

lowsnfovredsiftfoerresntctoympeps aofrebodndws.ith 52 week highs and

Price index

close

YTD total return (%)

Index

Latest

1137.02

188.L3a4test

1178115..07.01200

1954.0.1606 2033.1.4789 7156184..16.85594 3653..7145

2826.9.2007

226.61

1736.7.5820 1957.6.1670 2207.6.3840 11737.4.9660

461.63

4548.2.8130

2783.9.3830 3221704..00.97780 2275.6.9186

220.62

Y1I.E5LD (%),B5r2o-aWdEmEaKrkReAtNLGeEhmanLaAtgegsrtegate

Low0.8 0 U2.S. Corpo4rate Leh6man Br8others 10

5.17015..35

Intermediate Long-term

5.1617.3 4.8816.3 5.20028.8.1 5.4128.2

Double-A-rated (AA) Triple-B-rated (Baa)

High Yield Constrained* Merrill Lynch Triple-C-rated (CCC)

High Yield 100

5.9520.1

4.4

Global High Yield Constrained Europe High Yield Constrained

8.5110.9

U.S. Agency Lehman Brothers

8.7702.4

10?20 year

8.130 5.7

20-plus years

8.24120..82 8.4810.1

Mortgage-Backed Lehman Ginnie Mae (GNMA) Fannie Mae (FNMA)

4.7815.7 5.01143.8.0 5.0403.3

Freddie Mae (FHLMC)

Muni Master Merrill Lynch 7?12 year 12?22 year

5.4

22-plus year

5.200

4H.6ig0h6

434...375897947

55..214951 46..900771 576...368728008 57..584700 67..166905

8.130

83..583100 84..78700 85..118360 854...248194020 84..484860

44..880771 533...132303025 53..263302

4.220

1335.07

1.9

Yankee Lehman

4.392

354.57 ?7.6 536.19 226.72

424.4 314.17 235.75

334.6 462.55

...

Global Government J.P. Morgan

5.9

Canada

4.5

EMU**

4.5

France

4.4

Germany

0.5

Japan

4.1

Netherlands

6.3

U.K.

9.0 Emerging Markets

3.084 4.018 3.333 3.261 3.252 1.088 3.217 3.983 6.254

*Constrained indexes limit iindividual issuer concentrations to 2%; the High Yield 100 are the 100 la

bonds EMBI Global Index

Sources: Dow Jone

STOCKS IN THE NEWS

"Stocks in the News," previously only available in Monday's Money & Investing section, will appear five days a week: Monday through Friday.

New

n Each Monday, the package will continue to look back at the previous week's movers.

n Tuesday through Friday the package will highlight eight stocks based on trading activity from the previous day.

n In addition to the usual data, such as comparing company performance data to a relevant industry index to illustrate whether the stock is following a trend or moving on its own, trading volume is also making its way into the package by comparing a stock's volume on a daily basis to its average daily volume for the last 65 days.

At

n Compare the performance of any U.S.-listed stock or ADR with that of its industry peers and the total market. Plus, chart stocks using up to 35 years of historical data, moving averages and other technical indicators.

n Roll your mouse over lists of the most-active stocks, the biggest gainers and biggest decliners and get headlines and interactive charts that put the trading into context.

Stocks in the News

The Good News... 30

Below, 4 the news vertical a changes. exceeded

Nov. Dec. Jan. Feb.

Nov.

Dell

DELL Medtronic

MDT

Deviation from 65-day avg. volume (%)

$67.53

s $6.75, or 11.1% $49.48

s $5.21, or 11.8%

Its third-quarter per-share

Th5i0s0r%is-epliunsthsird-quarter

earnings of 30 cents came in

revenue topped analysts'

well above analysts' mean view.

expectations. 0

NoDva.ily closeDec. $75 Jan. Feb.

2005

602006

Nov$.50 2005 40

65-dPay-Emorvaintgioa/vDeriavgiedend4y5ield

17/1.48%

Market capitalization $46.15 billion

P-E rat3io0/ Market ca

PERFORMANCE L3a0st wk Four-wk 52-wk

Nov. Dec. Jan. Feb.

CommlVeh/Trucks 8.3%

Deviation from 65-day avg. volume (%)

Caterpillar

11.1%

500%-plus s

Nov.

13.1% 16.9%

Dec.

33.8% 54.4%

20 Jan. Feb.

Diversified Honeywel

500%-plus s

Nov. 2005

0

Dec. Jan. Feb. 2006

P-E ratio/Dividend yield

17/1.48%

Market capitalization $46.15 billion

PERFORMANCE Last wk Four-wk 52-wk

CommlVeh/Trucks 8.3% 13.1% 33.8%

Caterpillar

11.1% 16.9% 54.4%

Nov. 2005

Dec. Jan. 2006

0 Feb.

P-E ratio/Dividend yield

19/2.20%

Market capitalization $31.86 billion

PERFORMANCE Last wk Four-wk 52-wk

Diversified Indust.?0.6% 4.8% 8.0%

Honeywell

5.5% 1.9% 5.9%

STOCK SCANS

"Stock Scans" will appear in the Money & Investing section on Tuesday, Thursday and Friday.

New

n Detailed information on stocks of various styles and sizes, such as the best performing smallcap stocks along with comparable indexes and numerous stock charts. Readers will also find more information per stock than previously listed in the larger stock tables.

n Filtering stocks based on technical analysis indicators and dividend-yield will also serve as a basis for the stock scans. The technical analysis page illustrates stock trends and patterns using candlesticks charts and showcases long-and short-term trends for global stock indexes.

n With the exception of the technical analysis feature, each of the "stock scans" introduces a new concept: "Ways to Invest," which highlights stocks, mutual funds or exchange-traded funds that meet the criteria of the scan.

n On Wednesday and Friday we'll present a different aspect of the global market (Europe, Asia, Middle East, global and developing and emerging countries) by looking at indexes and stocks. We've added a "Ways to Invest" feature. Each screen updates daily at .

At

n On a daily basis, the complete listing of all stocks can continue to be found on , along with downloadable U.S. stock tables and current quotes for 20 markets world-wide. The largest 1,500 U.S.-listed stocks will appear in the Money & Investing section Tuesdays through Fridays. On Saturdays in the Weekend Edition, readers will find all NYSE, Nasdaq and Amex stocks with a market capitalization of at least $150 million. Companies not in the Top

Stocks of all Styles and Sizes: the Dow Jones Wi

Short- and long-term performance of stocks of every size and stock st

which together contain almost every U.S. stock

Dividend P/E

2005

PREVIOUS SESSION

yield ratio Dow Jones Wilshire Index

Close

Net chg Pct chg

1.68 17 0.38 21 1.42 18

DUJ.SW. GilSrsoyhwmirtebho5Ml00id0-CCMaionprmakmeptoilslviiaotlneu*se, U.S. Mid-Cap

1.19Cap19Index4500 Composite 1727.53

0.32 21 U.S. Growth Small-Cap

0.77 20 U.S. GrOowKtEh $2,999

0.83car2e0

1.35 19

1.74 17

1.79rgy16

U.S. GrTowHtCh Large-C3a,p775 U25.S0.0SmHaLllT-CHap 2,840 U.S. LaBrgTeU-Cap 12,692

3.62 16 2.62 15

U.S. SeKleScEt Dividend7T,0tl2R5eturn

U.S. Value

2.32 17 U.S. VaJluOeYSGmall-Ca6p,496

2.66 her1s4 Int'Ul .S. VaWlueTWLarge-Ca5p,405

2.39 16 0.89 18

U.S. U.S.

Value Mid-Cap MiEcrPo-Cap

8,921

* Full magryket capitalization XEC

3,617

well Varco NOV 11,497

12343p41e26r.Yc.34ee61natr-atg1oe34-4d6c.ha.08ta61enge

1.09% 1.43

4026.33 53.09 1.34

535.86 8.067.7% 1.53

2997.60 52.43 1.78

2650.57 30.78 1.17 4

2635.27 4007.47 2946.61

228..438 1.09

3616..19119.7

1.70 1.07

2856.96 27.80 0.98

771.37 -7.01 1?70..190

3093.32 29.65 0.97

4923.12 78.49 1.62 36

2922.59 4124.13 6730.49

25.55 12.90.88

50.76 1.25

85.92 14.19.29

37

10.6

ScanningNItHDhe M7,82a2 rket: Fin1d.9 ing th

national

ESV

7,268

6.3

MEE 2 992

13 4

Midcaps vs. the market, by the week...

Percentage points by which:

Midcaps outperforms the market

3.

Midcaps underperforms the market

1.

Performance of

midcap stocks vs.

the broad market; based on total

?1.

return for each

week for Dow

?3.

1,500 may be highlighted in "Biggest Moves in Smaller Stocks," which captures 100 stocks with the largest dollar gain and decline in market capitalization.

n Each "Stock Scan" will be updated daily at , where online readers can click through to more information, including options prices and stock charting.

MARKETS SCORECARD

An expanded "Markets Scorecard" will appear daily in the Journal. Daily gainers, losers, most actives, volume percentage leaders, late-trading, money flows and trading diary continue to make up the "Markets Scorecard."

Most Widely Held

A new feature capturing the 40 most widely held stocks, including trend indicators, from Morningstar and Investors Intelligence.

n More information per stock, ranging from 52-week high and low to new trend indicators, from Investors Intelligence, that highlight whether a stock is in a bullish, bearish or sideways (trendless) trend.

At

n Similar lists update at least every 20 minutes throughout the day at , and many of these statistics will be available by email at midday and after the market close.

KEEPING SCORE: STO

t

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65-day moving

J Jill Group

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$18.51 s 0.72% $8.5110 s 31.9%

2005

2006

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2006

$5

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DITC 3.505,204 8.51 2.06 231 LTX2X006 6,70220054.67 0.872006 22

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43.7 + ( ?D7it7e.c7h + ( DoralFDnITlC 5,204 D8R.5L1 2.066,83719.9 1206..2747 21.0.37 7 ?39.715

?39.6 LT7X5.6 AnadiLgTiXcXs 6,702 A4N.6A7 D0.871,62924.9 149..8432 30.2.59 7 ?36.414

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DRL 6,879 10.27 1.37 15.4 49.45 8.00 ?79.2

75.6 Anadigics

ANAD 1,694 4.42 0.57 14.8 8.88 1.29 55.5

22.7 + ( Northwestern wt NWEC 25.4 t OriginAgrtch un SEED

2.9 3.85 0.49 14.6 31.95 24.82 12.9 6.5 17.00 2.14 14.4 11.76 9.10 20.0

?34.4 Alvarion 11 8 s CGI Hldg

ALVR 9,755 8.77 1.10 14.3 16.73 1.84 ?32.8 GIB 227 8 2 76 0 32 13 1 7 50 4 17 9 1

MACRO ECONOMICS

Twice a week, usually on Tuesdays and Thursdays, in-depth features on intellectual property (IP) and energy will complement Money & Investing. The features will run on .

New

n On Tuesdays, patent-based intellectual property, a measurable financial asset, will serve as the center piece of the IP piece. Using data from The Wall Street Journal and Patent Board, a leader in patent analysis, patent data will be used as a valuation tool to measure a company's levels of innovation and strategy, compared with industry levels.

n On Thursdays, a graphic presentation of various segments of the energy market will follow the release of Energy Information Administration's (EIA) "This Week in Petroleum." An in-depth look at U.S. supply and demand will accompany the feature.

Macro & Market Economics/En

Prices, then and now Nymex-traded futures and retail ga Crudreb-oairl rfuetlures, per baNrraeltural gas, per millionGBasToUlinse, in

$3.300

3.280

3.260

3.240

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$75

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60

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9.50

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high open

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66 65

Gasoline

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13

$3.30

3.28

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52 3.2k4

63

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Some old favorites will continue to appear in the paper.

n "Money rates" will continue to appear Mondays through Saturdays in print and online. At , readers can sign up to receive the Journal's money rates table in a daily email alert.

n The largest 500 mutual funds, based on total net assets, will appear in print Tuesdays through Fridays. On Saturdays, the largest 2,000 mutual funds will appear in Money & Investing. At , current NAV figures as well as summary data on performance, holdings, fees and purchase information are available every day for than 10,000 funds. Plus find scorecards of the best and worst performers in 100 categories.

n The Journal's commodity package includes much of the information from the previous futures presentation, although up/ down arrows now indicate when a commodity hits a new lifetime high or low and several futures curves (charts) lead off the feature. A complete end-of-day commodities snapshot as well as intraday quotes and charts for scores of futures contracts are all available at .

n Companies that change (increase or reduce) their dividend or are irregular payers will appear in the Journal's "Corporate Dividend News" column. For the first time, dividend yield is also included in the feature along with various high-yield benchmarks. The "Ways to Invest" feature that accompanies the dividend news looks at ways to invest in high-yield exchange-traded portfolios. Complete listings of all declared dividends and ex-dividends -- as well as a calendar of stock splits and a listing of yields for stocks in the Dow Jones Averages -- can be found at .

n Currency rates per U.S. dollar and per foreign currency are now grouped by region with the added benefit of a year-to-date percentage change measuring the strength of U.S. dollar. Online readers can sign up for a twice daily email alert on foreign-exchange rates.

n Corporate earnings are also getting a newlook. The "Earnings Digest," with more data than the previous "Earnings Digest."

G8 Tuesday, January 2, 2007

THE NEW DESIGN

. THE WALL STREET JOURNAL

The Relevance of Good Design

Eight Key Principles Guide The New Look for Journal; Retain Depth, Completeness

By Mario R. Garcia

Good newspaper design has always been a combination of utility and aesthetics. But never has getting that mix right been more important.

Today's readers are inundated with information, 24 hours a day. Many of them come to their

newspaper already knowing the main headlines, looking for interpretation and understanding of events or for "discovery" news--things they didn't already know but are glad to learn. They want both substance and efficiency.

The Wall Street Journal that premieres today delivers those basic elements and far more. Over 14 months, the Journal has meticulousMario R. Garcia ly rethought and redesigned the paper to highlight what readers value most and innovate in ways that will serve them better. We were guided in the redesign by these eight principles:

1. Make it easier for readers to navigate the Journal. The Journal long has been a pioneer in this area, with its famous "What's News" columns on page one pointing to key stories inside the paper. But we have introduced new, more visual guideposts at the top of each section front, and labeling on every page.

2. Create a hierarchy of stories, so readers know the relative importance of news. The size of headlines and the placement of stories within the architecture of a page should make it clear to readers what stories matter most, to help them prioritize their reading.

3. Maintain the best visual traditions of the Journal. Readers of The Wall Street Journal like the paper's traditions--the 70-year-old "What's News" columns, the serendipity of an offbeat feature on the front page, the hand-drawn stipple portraits. Readers should recognize their Journal.

4. Remember that Journal readers come to read, not to look. We wanted to steer readers to the strong content inside, with new display pages inside the newspaper to showcase the authoritative, long-form journalism that people expect of the Journal.

5. Innovate graphically where improvements can

be made. Today's Journal features a new, custom typeface that is easier to read. We have introduced more art elements throughout the paper. We use color more to emphasize areas of importance, but we stuck to a limited palette of mostly pastel hues.

6. Don't skimp on good journalism. In an era when information is often truncated for fast digestion, the Journal's trademark Page One stories are refreshing for their authority, depth and completeness. We underscored the importance of those stories by creating a new, daily space for their continuations and graphics, just before the opinion pages.

7. Balance long-form stories with secondary readings and quick story summaries. You will see new "In Brief" columns on some pages, as well as what we're calling "summary boxes," to amplify and highlight the main news events and points of longer stories.

8. Guide readers to the Online Journal--but don't overdo it. A large number of the Journal's print

readers also read the Journal online. But they don't want to feel they have to go online to get "the rest" of a story.

So we have limited the use of navigational "send me" devices to instances where the online edition offers something the print Journal can't: a full gallery of photos, animated graphics or video.

Designing a text-driven newspaper for 2007 is a fascinating challenge. Unlike a general-interest newspaper, where a designer begins the creative process knowing that there will be large photographs and graphics to create visual impact, a text-driven paper like the Journal relies on typography--headlines and text--to create a visual symphony on the page.

But I trust you will agree that we have succeeded in modernizing and tailoring to the digital age one of America's greatest newspapers.

Dr. Garcia is the chief executive officer and founder of Garcia Media, of Tampa, Fla., and has guided more than 500 newspaper design projects over the last 37 years.

7 In Brief-- 7

Headlines Are Darker, Bigger Compared With Earlier WSJ

Headlines in the new design are used, along with photos and infographics, to help guide the reader through the news hierarchy. Readers will see a noticeable difference between the larger heds and the smaller ones, a difference which was not as prevalent before. The result will be to lead readers to the stories that Journal editors feel are more important than other ones first, which will allow the readers who are pressed for time to "skim" the news, while allowing readers with more time the luxury of digging down further into the news.

Color Palette Is Adjusted, Aiming for a Brighter Look

Everything in the design is focused on making the pages in the Journal easier to read and the color palette is no exception. All the colors received subtle makeovers in an attempt to not only highten the contrast with the type that would be printed on them, but also to make the pages just a bit brighter, less muddy. As a result, infographics and charts will be easier to read as they will sit on a more type-friendly environment.

New Font Called Exchange Is Designed for Easier Reading

To help mitigate the effects of printing on pages that are not merely smaller but differently proportioned, a new family of typefaces called "Exchange" was created for The Wall Street Journal by the New York design firm Hoefler & Frere-Jones. The letterforms in the Exchange family are specially designed to correct for the many problems that arise when small type is set in very tight conditions, and when ink is absorbed by newsprint. The old font was designed for a non-digital workflow, which involved pages being scanned, faxed and printed before being put on the press. Exchange was designed for maximum legibility in our modern printing environment.

Ra Ra Ra

Nn Ii Ww

HISTORY

A TRADITION OF EXCELLENCE

The Journal's First 118 Years: `Truth in Its Proper Use'

Today's changes to The Wall Street Journal are part of a tradition of innovation that began with the Journal's founding in 1889 and that have since kept it at the forefront of business journalism.

The Journal was the first U.S. newspaper dedicated to serving retail stock-market investors in a fast-burgeoning market for shares in capitalhungry companies. The newspaper's founders-- Charles H. Dow and Edward D. Jones, after whom the Journal's parent company, Dow Jones & Co., is named, and Charles Milford Bergstresser--foresaw the emergence of a national investor community in need of dependable information.

For a news franchise that now boasts an aggregate global circulation of 2.7 million, a daily readership in print and online of 14 million, nearly 600 journalists world-wide and a journalistic legacy that includes 31 Pulitzer Prizes, the Journal's beginnings were modest.

The first editions were hand-carried to subscribers from an office at 15 Wall Street, where the New York Stock Exchange now stands.

Describing Market Performance

The paper drew its content primarily from what was called the "Customers' Afternoon Letter." That newsletter reported the latest news and market movements of stocks--and on the movement each day of the Dow Jones Industrial Average, created by Mr. Dow to describe the market's overall performance each day.

The Journal was text-heavy, its grayness signaling a utilitarian seriousness of purpose. The paper's authority has always derived from its expertise. Mr. Dow pioneered many investment approaches, including the "Dow Theory," which centered on long-term investing. "Nobody who plants corn digs up the kernels in a day or two to see if the corn has sprouted," he once wrote. Messrs. Dow and Jones ensured the Journal's commitment to serious financial journalism when he hired as the company's first out-of-town correspondent Clarence W. Barron, a Boston commentator who was one of the most closely and widely read stock-market observers of his time.

In 1899, Mr. Jones retired. Three years later, Mr. Dow died and, months later, Mr. Barron, backed by Mr. Bergstresser and another investor, bought control of Dow Jones.

By that time, the paper had a morning edition of six pages and had begun running a daily editorial column that Mr. Dow had named, "Review & Outlook." Mr. Barron continued to write, and, in 1912, became the company's president.

Mr. Barron's Philosophy

A man of prodigious energy and substantial girth, Mr. Barron decided that the Journal's slogan should be, "The Truth in its proper use," reflecting its absolute commitment to factual reporting on business and markets. "If we call investment attention to enterprises that do not make good or go wrong, five years afterwards we are the sufferers," Mr. Baron told a stock-market operator in the 1920s.

The Journal flourished through the stock-market heyday of that era. Only days before the crash of 1929 it became the first truly national U.S. daily newspaper when it began printing a West Coast

edition, providing a common basis of conversation for business leaders across the country.

During the Great Depression, the Journal quietly innovated again. Its creation in 1934 of the iconic "What's News" columns summarizing the day's major news, both general and in business, remains the archetype today of how many news Web sites are built with summaries pointing to longer articles.

Dec. 7, 1941, changed the Journal as it changed the world. News of the Japanese attack on Pearl Harbor reached New York late that Sunday. The Journal's visionary managing editor, Bernard Kilgore, led the next day's newspaper with a sentence that did more than report the facts of the day: "War with Japan means industrial revolution in the United States."

In that sentence, the Journal defined the course that it follows today in print and online: not merely to report the news, but to deliver all the news in its full context and meaning for readers and the future.

In 1951, the Journal began printing in Chicago and began to develop the network of satellite plants that permitted it to deliver its paper on the same day to virtually every city or sizable town in the U.S.

By the end of the 1970s, the Journal had the largest readership of any U.S. newspaper, having crossed one million in circulation in 1966. In 1976, it expanded the franchise abroad, with a daily edition serving Asia's booming export economies; seven years later, the Journal began printing daily in Europe. Today, Journal-produced news is available daily in scores of countries not only in Asia and Europe, but in Latin America, Russia and the Middle East.

New Sections Added in 1980s

At home, too, the Journal pioneered new forms of business coverage, adding both its Marketplace and Money & Investing sections in the 1980s.

The Journal was quick to adapt to electronic delivery of news. Having always distributed its articles over the Dow Jones Newswires, the Journal adjusted easily to the Internet, founding its online edition at in 1995.

Increasingly, became home to the steady rhythm of breaking news generated by the Journal, while the print editions were more and more a venue for interpretation, original journalism and fast summaries of routine news.

On Sept. 11, 2001, once again U.S. history and the Journal's fate changed simultaneously. Violently forced from its headquarters across the street from the World Trade Center, the Journal won a Pulitzer Prize for its coverage that day and changed how it put out a newspaper, working for months with an itinerant reporting staff and relying heavily on computers to link reporters, editors and the production teams that publish the Journal in print and online every day.

In 2005, the Journal revamped the design of its overseas editions, tailoring them for an audience that would get much of its news online and looked to the print editions to discover new ideas and for a window into what U.S. readers were seeing.

In this redesign, the Journal's U.S. edition goes further in the direction of differentiating what a newspaper can--and should--be in a digital age.

? INAUGURAL ISSUE: The Journal first appeared on Monday, July 8, 1889. Front-page ads were prominent.

g INTERNATIONAL COMPACTS: Launched in October 2005, this design featured tight print-online integration.

? DECEMBER 8, 1941: A defining moment in the paper's history--what the attack meant to U.S. industry and markets.

g TODAYS REDESIGN: The first newspaper rethought for the Digital Age. A focus on exclusives and analysis..

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