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ers. Investors are pressing com-panies to part ways with slower-growing businesses and focustheir efforts on more-promisingoperations.

Hewlett-Packard Co., whichhelped invent the computer busi-ness, is moving away from PCs.PepsiCo Inc. is under pressure to

DJIA 16991.91 g 17.78 0.1% NASDAQ 4454.80 g 0.5% NIKKEI 15890.95 À 1.2% STOXX600 336.00 À 0.2% 10-YR. TREAS. À 6/32 , yield 2.425% OIL $90.34 À $0.60 GOLD $1,206.70 À $14.50 EURO $1.2655 YEN 108.79

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TODAY IN PERSONAL JOURNAL

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CONTENTSCFO Journal................. B7Corporate News B2,3,6Global Finance............ C3Health & Wellness D2-4Heard on the Street C10In the Markets........... C4

Leisure & Arts............ D5Opinion.................. A13-15Sports.............................. D6Technology................... B4U.S. News................. A2-6Weather Watch........ B7World News.......... A7-11

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What’sNews

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World-WidenThe Supreme Court rejectedbids by five states to reinstategay-marriage bans, effectivelyexpanding the right to same-sexunions to over half the U.S.A1n Islamic State battled Kurd-ish fighters on the outskirts ofKobani, raising fears the Syr-ian city on the Turkish borderwould fall to the extremists. A7n The U.S. military usedApache helicopters against Is-lamic State in Iraq, markingits closest air support yet. A7nThe FBI arrested a 19-year-old man as he tried to leaveChicago to join Islamic State, acriminal complaint said. A6nObama said his administra-tion is seeking to adopt mea-sures to screen air passengersentering the U.S. for Ebola. A8nAmedical worker at a hos-pital in Spain tested positive forEbola after treating a patientflown there fromAfrica.A8n Philadelphia canceled theteachers union contract andsaid educators must contrib-ute to health insurance. A3n Three scientistswereawarded the Nobel Prize fordiscovering the brain circuitsthat help us navigate. A10nMexico’s president sentforces to Guerrero state toprobe the disappearance thereof 43 college students. A9nU.S. officials said they aremonitoring a reported fire at anexplosives plant in Iran. A7nPakistan and India forcesexchanged border fire, leavingat least nine civilians dead.A11nDied: Geoffrey Holder, 84,director, actor, choreographer.

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The NBA’s TV pactwith Dis-ney and Turner will triple

the annual fees the league re-ceives. Critics say the deal willlead to higher cable bills. B1Turner said it is cutting 10%of its staff, part of a plan aimedat freeing up funds for pro-gramming and technology. B2nH-P confirmed it is split-ting up, with one half continu-ing PC and printing operationsand the other selling productsand services to big firms. B1nEx-Treasury SecretaryPaulson defended the 2008AIG bailout, calling the pack-age harsh but necessary. C1nHackerswho breached J.P.Morgan’s computer networkearlier this year also tried to in-filtrate other financial firms. C1nApple’s sapphire supplierfiled for bankruptcy after thetech firm unveiled iPhones withglass, not sapphire, screens. B1n Stocks slipped as investorsweighed U.S. growth against aslowdown abroad. The Dowfell 17.78 points to 16991.91. C4n Samsung estimated third-quarter profit plunged 58% onweak smartphone sales. B4nHilton is selling theWaldorfAstoria hotel to China’s Anbangfor a record $1.95 billion. B3n Coffee prices surged to a2½-year high on concernsover dry weather in Brazil. C1nEx-NYSE chief Niederauer isjoining a firm that helps privatecompanies raise funds. C2nGlencore approached RioTinto in July about a takeoverbut the bid was rejected. B2

Business&Finance

WASHINGTON—The U.S. Su-preme Court effectively ex-panded the right of gay marriageto more than half the nationMonday as it let stand lower-court rulings that struck downbans in five states.

The court’s surprise move, de-clining to consider the states’ re-quests to reinstate the prohibi-tions, signaled the justices feelno urgency to rule on whethersame-sex couples nationwidehave a constitutional right tomarry.

The justices turned away ap-peals from Indiana, Oklahoma,Utah, Virginia and Wisconsin, allof which saw their bans onsame-sex marriage thrown outby three different U.S. appealscourts in recent months.

Those five states join 19 oth-ers and the District of Columbiain allowing same-sex marriage.Gay-marriage bans in six morestates are in jeopardy becausethose states fall under the juris-diction of the same appealscourts.

By sitting on the sidelines fornow, the court also declined tobreak the momentum of gay-marriage advocates who havewon in a number of states.

The Supreme Court, as is itscustom, offered no explanationfor why it declined to intervene.

While the justices neither ap-proved nor rejected the appealscourt rulings against gay-mar-riage bans, “sometimes they actby inaction,” said Theodore Olson,an attorney who represents same-sex marriage proponents in the

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BY BRENT KENDALLAND JESS BRAVIN

JusticesAllow GayMarriageToExpand

FIRESTONE, Liberia—As Ebolaexploded here this year, a rubberfarm embarked on a crash courseon how to tame an epidemic thathas killed thousands of people andderailed governments acrossWestAfrica.

One morning in March, whenthe first case arrived at the Libe-rian unit of Japan’s BridgestoneCorp., managers sat around a rub-ber-tree table and googled “Ebola,”said Ed Garcia, president of Fire-stone Natural Rubber CompanyLLC. Then they built two Ebola iso-lation clinics, using shipping con-tainers and plastic wrap. Theytrained their janitors how to buryEbola corpses. Their agricultural

surveyors mapped the virus as itspread house to house, and teach-ers at the company’s schools wentdoor-to-door to explain the disease.

“It was like flying an airplaneand reading the manual at thesame time,” said Philippines-bornMr. Garcia, who runs this 185-square-mile stretch of rubber trees.

Six months later, Firestone hasturned the tide of infections, offer-ing a sanctuary of health in acountry where cases are doublingevery three weeks.

Ebola’s broader threat was il-lustrated on Monday, when aSpanish medical worker testedpositive for Ebola after treating anAfrica-based missionary who hadbeen infected with the virus and

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BY DREW HINSHAW

Liberian Farm Stymies Ebola’s Spread

Extremists Raise Black Flag on NATO’s Doorstep

Lefteris

Pitarakis/AssociatedPress

Investor’sWinningFormula:BuyWinners

Corporate giants are spinningoff business lines and breakingthemselves up at a near-recordpace, as size increasingly lookslike a negative to investors con-cerned about fierce global com-petition and slower growth.

Big had long been a synonymfor better in corporate America—for CEOs expanding their compa-nies and for investors looking forinsulation from sudden changesin markets. But these days thesun isn’t shining on empire build-

By David Benoit,Theo Francis

and James R. Hagerty

Corporations Call It SplitsAs H-P Makes Move, Pepsi and DuPont Are Pressed to Spin Off Businesses

One day this summer, moneymanager Thomas Dorsey pulledup a list of Indonesian stocks onhis computer. The top company,according to his investment-ranking system, was PT Perusa-haan Perkebunan London Suma-tra Indonesia Tbk.

Mr. Dorsey, dressed in a T-shirt and shorts, leaned back inhis chair, smiled, and said: “Ican’t pronounce it, and I have nofriggin’ idea what they do. But Iknow it’s No. 1—do I need toknow anything else?”

To some, buying only thebest-performing investments in asector may not seem like a recipefor success. It breaks a lot of in-vesting mantras—not least someespoused by the legendary War-ren Buffett. And Mr. Dorsey isn’ta household name outside WallStreet. But for decades, tradersand active investors have trackedMr. Dorsey’s market calls.

His investment models turneddefensive in September 1987, amonth before the stock marketcrashed, he says. In April 2000,he closed out all of his positionsin technology, telecom and Inter-net shares in time to miss thecarnage of the tech-stock col-lapse. And after being all in cashat the end of 2008, he says heturned bullish on commodities inMarch 2009, on internationalstocks in April 2009 and on U.S.stocks in May 2010—all ahead ofextended rallies.

Thirty-five years after Mr.Dorsey started sketching out buyand sell signals with paper andpen, his firm, Dorsey Wright &Associates, is the engine behind16 exchange-traded funds andoversees $5.1 billion in assets.That is up from $1.6 billion lessthan three years ago.

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BY TOMI KILGORE

MÁLAGA, Spain—The latestwinner of Spain’s Gold Medal ofPolice Merit never walked a beator made an arrest. True, shenever flinched in the face of dan-ger. But that is be-cause she can’t move.

Reaching far out-side its uniformedranks, the InteriorMinistry awardedthis year’s medal to alife-size statue, OurMost Holy Mary ofLove, “for sharingpolice values such asdedication, caring,solidarity and sacri-fice.”

The choice drewattention to a Spanish tradition—awarding state honors to RomanCatholic icons—and triggered alawsuit that aims to undo it.Spain’s National Court is expected

to rule in the coming weeks.Jorge García González, head of

the Movement Towards a SecularState, is suing the Spanish gov-ernment to limit what he calls aningrained Catholic influence inpublic affairs. He isn’t entirely

unhappy with theaward, calling it “ablessing in disguise”that has inspiredjokes and energizedhis followers. An on-line petition hasgathered more than1,500 signatures sup-porting the nomina-tion of Spider-Manfor next year’smedal.

The award-win-ning icon, called Vir-

gen del Amor in Spanish, depictsthe mother of Jesus Christ andresides in a church in Málaga, insouthern Spain. She meets none

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BY OLIVIA CRELLIN

In Spain, Soul-SearchingAfter a Statue Wins a Police Medal

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Tradition of State Honoring Religious IconsRankles Some; ‘Blessing in Disguise’

Virgen del Amor

separate its soft drinks andsnacks divisions. Even the quint-essential conglomerate GeneralElectric Co. is facing a renewedargument from a prominent WallStreet analyst that it makes nosense to be selling CT scannersand medical diagnostics alongwith power plants, aircraft en-gines and locomotives.

Conglomerates have been builtand dismantled before. But thenew push is unusually forceful,driven by activist hedge funds

that have amassed $111 billion inmoney to invest, according to in-dustry tracker HFR, a war chestthat lets them take on bigger andbigger targets.

Against that backdrop, corpo-rations around the world havesold or spun off $1.6 trillion

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TURKEY THREAT: Islamic State fighters planted their flag near Ayn al-Arab, Syria, Monday, clearly visible from inside Turkey, a NATO member. A7

Whitman faces challengesleading slimmed down H-P..... B1

Heard on the Street: Printingout a new future........................ C10

The Ebola ‘war room’ at the Firestone rubber farm in Liberia, whereexecutives strategized to fight the epidemic on the property.

Glenn

aGordonforTh

eWallS

treetJournal

1Source: BlackRock. As of 6/30/2014. Based on $4.59T in AUM,including $1.3T across every sector of the bond market.Prepared by BlackRock Investments, LLC, member FINRA. ©2014BlackRock, Inc. All rights reserved. BLACKROCK and BUILD ONBLACKROCK are registered and unregistered trademarks ofBlackRock, Inc. or its subsidiaries in the United States. Usr-4634.

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