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SATURDAY/SUNDAY, APRIL 18 - 19, 2015 WSJ.com

VOL. CCLXV NO. 90 * * * * * * * HHHH $3 .00

HOUSTON—Republicans here want to repealthe 14-year-old law that allows immigrants, le-gal or not, the benefit of in-state college tu-ition, and for Artemio Muniz, defending the lawis both personal and political.

As the U.S.-born son of Mexican parents wholived as illegal immigrants, Mr. Muniz seeshigher education as the American way to themiddle class.

As a Republican activist eyeing an increas-ingly diverse electorate, Mr. Muniz sees preser-vation of the so-called Texas Dream Act as cru-cial to the GOP’s credibility among Latinos,

BY LAURA MECKLER

WEEKEND

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Fresh fears about Greece,a warning about unevenglobal expansion and subparearnings reports hit stockmarkets world-wide, with theDow industrials falling 279.47points, or 1.5%, to 17826.30. A1 China issued its strongestwarning yet about the coun-try’s stock markets and tight-ened margin-lending rules. B1 An hourslong blackout ofBloomberg terminals led tomajor trading disruptions. B5 U.S. consumer pricesrose for the second consecu-tive month in March afterfalling much of the winter. A2 GE posted quarterly reve-nue declines in three of its topfour industrial units, a sign ofthe tricky terrain it must nav-igate as it exits banking. B1 Coca-Cola is buying a Chi-nese drinks maker, its first at-tempt to buy a mainland firmsince a 2009 rejection. B1 Apple plans to launch itsmobile-payments service inCanada this fall, starting aninternational expansion. B4 Banks in trouble for ear-lier misconduct could facetougher penalties in a federalcurrency-rigging probe. B2VW’s CEO received a strongendorsement fromkeymembersof the supervisory board. B3 U.S. regulators are urgingrailroads to change how theydeal with wheel defects. B4

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CONTENTSBooks........................ C5-10Business News..... B3-4Food............................. D4-6Heard on Street.......B14Opinion..................... A9-11Sports............................ A12

Stock Listings... B12-13Style & Fashion..... D1-3Travel........................... D7-8U.S. News................ A2-4Weather Watch...... B13Wknd Investor...... B7-9World News........... A5-7

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InsideOPINION A9

The MeaningOf Veterans’

Service

Momentum inWashingtonbehind a Pacific free-trade

pact gives new energy to a U.S.-Japan campaign to counterChina’s influence in Asia. A5Obama acknowledged atough battle ahead towin sup-port frommany within his ownparty in his push for a deal. A5 G-20 leaders warned thatcurrency volatility, low infla-tion and high debt threaten theglobal economic recovery. A7 An IMF official said talksfor fresh emergency financ-ing for Greece are likely totake several more weeks. A7 Islamic State claimed re-sponsibility for a bombing out-side a U.S. Consulate in Iraqthat killed at least two. A6Obama suggested that Irancould receive significant eco-nomic relief immediately afterconcluding a nuclear deal. A6 The Obama administrationtried to sway an appeals courtto lift a Texas judge’s blockon immigration action. A4 An Ohio resident pleadednot guilty to charges accusinghim of traveling to Syria to sup-port an al Qaeda affiliate. A3 China plans to closemanysmall-scale enterprises in a bidto clean up its water supply. A5 Texas is poised to becomethe largest state to allow citizensto openly carry handguns. A3Died: Cardinal FrancisGeorge, 78, former archbishopof his native Chicago. A3

Business&Finance

Bombings, Militants’ Advance Sow Chaos in Iraq

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In Yoga, It’s a Downward DogEat Downward Dog World

i i i

Fans stretch bounds of decorum to sweatin prized classes; spot-saving alliances

door—a man some refer to as“the bouncer.”

So while people like SusanBrown, 59 years old, leave workearly to make it to the gym intime for decompressing classes,they often arrive in a bundle ofnerves.

“Do I have sense of urgencyin getting here?That’s an under-statement,” saysMs. Brown, whoworks in banking.

On a recent day,she and her 22-year-old daughterwere among 40people to line up infront of Studio 2for the 7 p.m.“Dance Jam”taught by AlexisDeCapu, a localchoreographer who

has worked with the Detroit Pis-tons’ dance squad. Ms. DeCapuis one of a handful of local su-perstars teaching at Life Time’sSoutheast Michigan network.While their popularity is an en-

Please see FITNESS page A8

ROCHESTER HILLS, Mich.—The folks at Life Time Fitnesshave taken to calling groupworkout classes “happy hour.”Dozens of members pack into astudio with other fitness geeks,and then proceedto sweat it out viadance routines,yoga sessions orkickboxing simula-tions.

But for many,the window of timeleading up tohappy hour is puremisery.

Latecomers typ-ically face rows ofmats already “re-served” by pushypatrons with tow-els, water bottles or jackets;laggards confront the dreadedred “CLASS IS FULL” sign. Man-agers at the hulking facilityhere in an affluent metro De-troit suburb have taken to sta-tioning a supervisor at the

BY ANNE STEELEAND JOHN D. STOLL

Alexis DeCapu

JOSH

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DISPLACED: An Iraqi soldier near Baghdad helped refugees from Ramadi. Meanwhile, Islamic State claimedresponsibility for a bombing Friday that killed at least two people outside the U.S. Consulate in Erbil. A6

OUCH: Workers clean up after a truck carrying nearly 450 beehivesoverturned on Interstate 5 north of Seattle Friday. Firefighters subduedthe bees by spraying foam. The driver was unhurt. A2

IMMIGRATION BEDEVILSGOP APPEAL TO HISPANICSFight in Texas over college benefits highlights party’s dilemma; Mr. Muniz’s quest

Stock markets from the U.S. toEurope to China took a beatingon Friday on fresh fears aboutGreece and wobbly corporateearnings, with the Dow Jones In-dustrial Average giving up all but3.23 points of its gains for 2015.

Greece’s international credi-tors signaled they are losinghope that Athens will do what isneeded to unlock bailout fundsbefore it runs out of money.Prices of Greek governmentbonds plunged as concern in-creased about default and an exitfrom the eurozone, which manyanalysts believe would hurt Eu-ropean banks and further sloweconomic growth.

U.S. Treasury Secretary JacobLew said that Greece’s new gov-

BY CORRIE DRIEBUSCH

Markets LoseTheir FootingAcross GlobeStocks are slammed byrenewed fears of Greekexit from eurozone andweak corporate earnings

Silicon Valley pioneer GordonMoore laid out a bold theorem 50years ago: Engineers would cramtwice as many transistors on tinysquares of silicon every year orso, producing more and morepower in ever-smaller machines.

His extrapolation, known asMoore’s Law, has been one of themost enduring precepts of thetechnology industry, foretellingthe revolutionary emergence ofpersonal computers, mobilephones, Web servers and net-work routers. Each generation ofchips usually brought more per-formance at a lower cost.

But Moore’s Law is hittingsome painful limits.

The design and testing of achip with the latest technologynow costs $132 million, up 9%from the previous top-of-the-linechip, estimates InternationalBusiness Strategies Inc., a con-sulting firm in Los Gatos, Calif. Adecade ago, designing such an ad-vanced chip cost just $16 million.

Please see MOORE page A2

BY DON CLARK

whose growing numbers make them an impor-tant voting bloc nationally and in Texas, wherethey make up nearly a third of eligible voters.

“This is a mission to uphold what we believeis Republican heritage, a Republican legacy,” hetold allies at a recent strategy meeting overshielding the law. “When it comes down to it,we’re going to draw a line in the sand.”

Mr. Muniz, 34 years old, is part salesman forthe GOP and part agitator within it. He is anoutspoken embodiment of the tensions sur-rounding immigration issues that bedevil theRepublican Party, which is divided between de-mands for strict enforcement of immigration

Please see GOP page A8

The Sting of Battle, and Vice Versa

Electricity producers in sev-eral states are asking for hun-dreds of millions of dollars in fi-nancial support to keep costlynuclear power plants in busi-ness—a move that is likely toboost customers’ power bills.

The utilities claim the nuclearreactors in question—located inNew York, Ohio and Illinois—should be given special compen-sation because they are impor-tant to local economies and theelectrical grid’s stability, and be-cause they don’t emit green-house gases or other pollutants.

But consumer advocates don’tsee why utility customers shouldbe asked to subsidize theseplants. They note that New York,Ohio and Illinois all deregulatedtheir electricity markets morethan a decade ago, a move meantto reduce power costs in part byweeding out the least-competi-tive power plants.

Nuclear plants cost a lot tomaintain and staff because theymust meet more stringent safetystandards than other kinds ofpower-generating stations. In re-cent years, plunging natural gas

prices have forced down whole-sale power prices, making ithard for reactors to compete,though they still supply 19% ofAmerica’s power.

Before deregulation, all nu-clear reactors were part of util-ity-owned networks of powerplants that used different kindsof fuel, including coal and natu-ral gas. Utilities passed alongtheir combined costs to consum-ers in a single monthly charge.

Today, roughly half the na-tion’s 99 nuclear reactors oper-ate in deregulated marketswhere they must compete on astand-alone basis by selling elec-tricity to utilities and other sup-pliers through daily auctionsthat tap the cheapest resourcescapable of satisfying grid needs.

As many as three dozen reac-tors are considered at risk ofclosure for economic reasons.Dominion Resources Inc. shut-tered its Kewaunee plant in Wis-consin in 2013 when it becameunprofitable to operate.

New York and federal regula-tors are weighing whether tomake customers subsidize theGinna nuclear station in Ontario,

Please see POWER page A4

BY REBECCA SMITH

Turning 50,Tech AxiomMoore’sLawShowsAge

ernment is running out time toreach an emerging-financingagreement. “Not reaching agree-ment would create immediatehardship for Greece and uncer-tainties for Europe and theglobal economy more broadly,”he said.

Finance ministers and centralbankers from the Group of 20leading economies warned Fri-day about an uneven global eco-nomic expansion, expressing par-ticular concern about emerging-market economies.

Adding to investor uneasewere worrisome corporate earn-ings developments in the U.S.,led by card giant American Ex-press Co., and news of new trad-ing restrictions in China follow-ing this year’s stock-market run-up there.

The declines highlight the vul-nerability of global stocks fol-

Please see STOCKS page A7

Power CustomersFace Nuclear Bill

Beijing warns on stocks............ B1 Bloomberg terminal outage

disrupts trading................................. B5

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