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***** THURSDAY,MARCH 25,2021~VOL. CCLXXVII NO.69 WSJ.com HHHH $4.00

DJIA 32420.06 g 3.09 0.0% 12961.89 g 2.0% STOXX 600 423.39 À 0.02% 10-YR. TREAS. À 7/32 , yield 1.613% OIL $61.18 À $3.42 $1,732.90 À $8.20 EURO $1.1815 YEN 108.73

What’s Ship Wedged News In Suez Canal

Business&Finance GES IMA

ETTY DisruptsTrade

he prospect of summer /G FP

Tdrivers crowding U.S. /A highwaysispowering steep BY COSTAS PARIS dredger worked most of LABS gains in the priceofgasoline, AND JARED MALSIN Wednesdaytodig out the ship, asign of economic recovery partially refloating it and PLANET

and aboon forthe pandemic- S; Agiant cargoship that got dragging it along the bank by ravagedenergy industry. A1 stuckinthe Suez Canal blocked early afternoon local time. PRES all traffic on one of the world’s Theincident involving the

 Greensill’sfounder spoke TED busiest shipping arteries on Ever Given, which is one of the frequently about disrupting OCIA Wednesday, further compound- world’sbiggest ocean vessels, big banks,but beforethe fi- SS

/A ing global supply-chain woes. hadimmediateconsequences. nancial startup collapsed it re- Egyptian authorities en- Ship trackersand brokers lied on the apparatus of Wall

THORITY gagedinacomplicated effort to said morethan 100 ships were Street to fuel itsexpansion. A1 AU dislodgethe more-than-1,300- waiting to transit the 120-mile  Fedchief Powell,injoint foot-long vessel, which was canal, which connectsthe Red

testimonywith the Treasury’s CANAL trapped in the canal sidewaysa Sea with the Mediterranean. Yellen beforeaSenatepanel, dayearlier with itsbow Even if the blockageweretobe SUEZ

indicated that he isn’t con- P: wedged in one bank and its cleared quickly,shipping execu- cerned about arecent rise TO stern nearly touching the other PleaseturntopageA7 in long-term bond yields. A2 OM during adust storm when wind FR speeds reached 40 knots.  String of disruptions leads to  Major U.S. stock indexes Morethan 100 ships entering Agroup of tugboatsand a shortages...... A7 ended lower, with the Nas- the Suez canal areidling as the daq and S&P 500 losing 2% EverGiven remains stuck and 0.5%, respectively. The Dowslipped 3.09 points. B11 Marine traffic for12hours ending at 5:30 p.m. Wednesday PriceofGas Climbs  Xiaomi has emerged as the newChinese smartphone leader amid the decline in ’sbusinessunder the Toward $3 aGallon weight of U.S. sanctions. B1 EGYPT  ’sZuckerberg, BY JOE WALLACE cluding ValeroEnergy Corp. in writtentestimonyahead of and Phillips 66 afterabruising aHouse hearing,said Congress Theprospect of summer year,helping to makeenergy should consider forcing digi- driverscrowding U.S. high- shares the top-performing sec- talplatforms to earn the legal Idling waysispowering steep gains torthis year in the S&P 500.A immunity they enjoy host- vessels Suez in the priceofgasoline,asign proxyfor profit margins at re- ing third-party content. A3 Canal of economic recovery and a finers, calculated from the gap  ,who helped boon forthe pandemic-rav- between gasoline and crude- lead the U.S. Warp Speed vac- EverGiven aged energy industry. oil futures, recently neared its cine effort, wasfired as chair- Suez Liftedbyoil’srecoveryand highest level in three years at man of biotech startup Galvani growing consumer demand, morethan $24abarrel. afteraninquiryintoallega- gasoline prices at pumps in Driversare already paying tions of sexual harassment. B1 5miles the U.S. hit an averageof alot morethan $3 agallon in 5km $2.88 agallon over the past some states.InCalifornia, the  ’s CEO empha- week, according to AAA. That most expensivemarket, aver- sized his commitment to is up about one-thirdoverthis ageprices stand at $3.88, ac- working with regulators in RedSea time last year,when pandemic cording to AAA.Motoristsin , as the companyposted Note:Local time Source:MarineTraffic lockdowns cut fuel use. Mississippi, and Ohio, itsmost profitable year yet. B4 Egyptian authorities were working to dislodge the Ever Given, a more than 1,300-foot-long Risingprices areanearly on the other hand, arepaying cargo ship, shown blocking traffic on the waterway Wednesday after it ran aground. season giftfor fuel makersin- PleaseturntopageA2 World-Wide

 Acargo ship that gotstuck Democrats INSIDE in the Suez Canal blocked all MenSeeking Work Drive traffic on one of the world’s busiest shipping arteries, further compounding global Consider supply-chain problems.Egyp- Migrant SurgeatBorder tian authorities engaged in an TaxHikes effort to free the vessel. A1, A7  Democratsare weighing avariety of possible taxin- In Bill Adults makeupmostofthose caughttrying to illegally crossintoU.S. creases,including boosting the corporatetax rate and the top marginal income-tax rate on BY ANDREW DUEHREN BY JUAN MONTESAND ALICIA A. CALDWELL prehensions so far this fiscal year,according individuals,toraise revenue. A1 AND RICHARD RUBIN to U.S. Customs and Border Protection data.  Senators squared off The surge in illegal immigration across Some 60% of all single adultsapprehended over nationwide voting rules, —Demo- the southern U.S. border is shaping up to be were Mexicans.Border patrol agentssay the with Democratsproposing an cratsare weighing avariety of the biggest in 20 years. Unlike migrant majority of single adultsthey catchare overhaul to ease voting access, taxincreases,including boost- surges in 2019 and 2014, which were pre- men, entering to look forwork such as pick- &FINANCE and Republicans calling it a ing the corporatetax rate and dominantly made up of Central American ing fruitsand vegetables,roofing and dish- faces powergraband saying states the topmarginal income-tax families and unaccompanied children, so far washing. pressurefrom should retain flexibility. A6 rate on individuals,toraise this one is being driven by individual adults. The influx of children arriving alone at revenue as President Biden fi- Most of the migrants are Mexicans, often the border has captured broad attention. employees to change  AstraZenecareleased nalizes his infrastructure, cli- men in search of work with the pandemic While apprehensions of mostly Central working conditions. B1 morepivotal-trial datafor its mate and education proposal. easing and the U.S. set to boom. American families and unaccompanied mi- Covid-19 ,saying the recently Apprehensions at the southern border to- nors have grown in the past few months, shot was76% effectiveinpre- signed $1.9trillion coronavirus taled 382,000 from the beginning of the fis- their numbers overall are still much smaller WORLD venting Covid-19 with symp- relief package, WhiteHouse of- cal year in October through February, up than those of adults. toms,inafuller analysis of Netanyahu’selection ficials have craftedaprelimi- 42% compared to the same period of 2019—a Thenumber of families caught trying to impasse threatens study resultsthan the com- nary plan forthe next legisla- year that the highest number of appre- crossthe border rose to 39,000 during the panyhad earlier provided. A3 tivepush, a roughly $3 trillion hensions since 2007. In 2020, the influx of PleaseturntopageA10 Covid-19 recovery in  Biden asked the vicepres- proposal split intotwo parts. migrants plummeted due to the pandemic. . A9 ident to lead diplomatic ef- One would be aimed at infra- Single adultsaccount for82% of the ap-  Harris to lead effort to ease border influx... A10 fortswith , El Salva- structureprojectssuch as dor,Guatemala and Honduras roads,bridges and watersys- to stem the surge of migrants tems,while asecond would fo- Over, ‘Charlotte’s Web’— at thesouthern border. A10 cus on education and antipov- Before Greensill Failed, erty measures. Kids’ Books Look to Algorithm  lawmakersare Theplan also breaks the tax calling fortougher guncurbs increases intotwo pieces,pro- iii It Relied on as investigatorscontinue to posing to raise taxes on busi- search for clues about why nesses as part of the infra- Digital publisher uses children’s online agunman killed 10 people at structurebill and reserving BY DUNCAN MAVIN forGreensill’sborrowers,for- aBoulder supermarket. A3 tax increases on high-income searches to determine hits; Hoot the owl AND JULIE STEINBERG warding money on to investors  launched households forthe second in theCredit Suisse funds.Citi- two ballistic missiles off its package, according to people BY ELLEN GAMERMAN ation of newtitles in-house. LONDON—Thefounder of group also worked on afailed east coast, the U.S. and Jap- familiar with the discussions. Epic’steam knows that chil- GreensillCapital spokefre- last-ditch attempt to raise anese governmentssaid. A9 TheWhiteHouse said Achaotic time-traveling owl dren prefer owls to chickens quently about disrupting big fresh capital forthe startup. Wednesdaythat Mr.Biden and named Hoot is at the center of andchickens to hedgehogs. banks.But beforethe financial Greensill wasfounded in  Died: W. Kent Taylor,65, his economic team arefinaliz- the newchildren’sbook “Time Kids hunt forunicorns almost startup collapsed this month, it 2011 by former MorganStanley Texas Roadhouse CEO. B2 ing the plan over the next sev- Buddies,” which is nowbreak- twiceasoften as they look for relied on the apparatus of Wall and banker Lex eral days,ahead of aspeech Mr. ing recordsonthe online read- mermaids.Volcanoes aremore Street to fuel itsexpansion. Greensill.The firm specialized Biden will makeMarch 31 in ing platform Epic. popular than tsunamis,which Greensill’sclosest Wall in supply chain finance, aform JOURNAL REPORT Pittsburgh to discussthe plan. Thedigital comic book aremorepopular than earth- Street relationship waswith of short-term corporatelending. 5G Technology:The faces Oncethe WhiteHouse com- passed one million reads quakes.The Titanic is Group AG, which Greensill planned to outma- behind the 5G revolution. pletes its proposals, lawmak- in itsfirst five days biggerthan cow- provided it financing through neuver big banks that dominate R1-10 erswill have their ownideas last week.Epic boys,pizza is big- $10 billion of investment the industrywith bettertech- about spending,taxes and the predicted as gerthan cake,sci- funds.But aclutch of other nology and by offering the ser- CONTENTS Opinion...... A15-17 sequencing and packaging of much. It engi- enceisbigger big players—including Citi- vicetomoreclients. Manyof Arts in Review... A13 Personal Journal A11-12 Business News.. B3,5 Sports...... A14 the legislative agenda. Demo- neered the book to than art and group Inc., MorganStanley, Greensill’sclientswereblue- Crossword...... A14 Technology...... B4 cratsinCongresshavestarted become ahit with “poop” is bigger Ernst&Young,and Moody’s chip companies,though it also Capital Account.... A2 U.S. News...... A2-6 discussions about taxin- kids ages 6to10by than all of them. InvestorsService—playedkey made other, riskier loans that Heard on Street.B12 Weather...... A14 creases, which they back as a basing itsnew owl During the - roles in Greensill’s rise. were longer-term or forborrow- Markets...... B11 ..... A7-10 way to pay for programs and heroine partly on chil- You like me demic,Epic has Citigroup expanded itsbusi- ersthat were moreprecarious. combat inequality. dren’spreferences and morethan doubled nesswith Greensill despitere- Greensill filed forbank- > House Speaker NancyPelosi reading habitsonthe site. itsreach to 50 million chil- peated warningsinternally not ruptcy earlier this month after PleaseturntopageA6 When akid’sstickyfingers dren globally,most of them in to do so because of reputa- it lost credit insurancethat was search forsomething to read, the U.S. Theonline subscrip- tional issues,according to peo- crucial to itsbusiness. Credit  : sidelined Epic captures that activity and tion children’s book service, ple familiar with the Citi- Suisse suspended the invest- in Biden’s green push...... A2 feeds the information intoits founded in 2013 and based in group-Greensill relationship. ment funds.Greensill’sbank in s 2021 & Company, Inc. All Rights Reserved  Lawmakers spar over voting- book recommendation engine— Redwood City,Calif., is free to Thebig U.S. bank operated a Germanyisunder investigation rights bill...... A6 atool that also informs the cre- PleaseturntopageA11 trust that processed payments PleaseturntopageA4 P2JW084000-2-A00200-1------XA

A2 | Thursday, March 25, 2021 ** . U.S. NEWS

CAPITAL ACCOUNT | By Greg Ip Carbon TaxSidelinedinBiden’s GreenPush

There is no one hand tied behind his trade wasthe centerpieceof who oversawCalifornia’scap eral program that allows pared with what? more effective back. the last major effort to price and trade system, waspassed higher-polluting plantstobuy Progressives’ beloved Green way for Presi- Acarbon priceincentivizes carbon, in 2010.Itultimately over as head of Mr.Biden’s offsetsfromless-polluting NewDeal polls no better.Mr. dent Biden to consumers, producersand in- failed due to opposition from Environmental Protection plantsdidn’t disproportion- Biden and Congresshave meet his ag- vestorstosubstitutelow-or business, Republicans and Agencyinthe faceofactiv- ately movepollution to floated arangeofincentives, gressive cli- no-carbon energy technology some Democrats. ists’ opposition. Acoalition of lower-income communities or taxcredits, regulations and mate goals than a carbon forfossil fuels moresmoothly environmental groups ac- communities of color, accord- investmentsaimed at driving tax. The timing seems ripe: and cheaply than subsidies incethen, opposition cused her of “pushing mar- ing to aseparatestudy by Jo- down emissions,manyof his Treasury secretary, Janet and rules.This has long been has softened: the U.S. ket-based approaches to the seph Shapiroand Reed which, individually,are quite Yellen, has been a prominent self-evident to economists, S Chamber of Commerce climatecrisis at the expense Walker, economistsatthe popular.But they’renot advocate. Big business has including Ms.Yellen. She is a favors a“market-based” ap- of the health and well-being University of California, enough. Anew study by Rho- flipped from opponent to founding member of the Cli- proach to carbon reductions, Berkeley. dium Group estimates all proponent. Republican oppo- mateLeadership Council, a BusinessRoundtable now Whether carbon taxeshurt such measures,combined, sition is no longer mono- bipartisan group that has put backs apriceoncarbon,and Progressives claim a the poor depends on what is wouldn’t put the U.S. electric- lithic. forwardadetailed plan fora even the American Petroleum done with the revenue.The ity sector on apath to net But a carbon tax lacks carbon taxstarting at $43 Instituteisweighing the carbon tax and cap­ ClimateLeadership Council zero by 2035. support where it matters per tonwith proceeds re- same.Most Republicans still and­trade are unfair estimates itscarbon tax So if Mr.Biden is serious most: with Mr. Biden and the bated to households as a oppose aggressiveaction on would finance$2,000 in car- about his emissions targets, a Democratic base. Progressive “carbon dividend.” climate, but in recent to the poor. bon dividends ayear fora carbon pricemay become Democrats claim a carbon In response to questions months,GOP Sens.MittRom- family of four,and the 80% harder to avoid. His adminis- tax and its close cousin, cap- from senatorsather confir- ney, and lowest-income families end tration is already considering and-trade, are unfair to the mation hearing,Ms. Yellen Lisa Murkowski have all ex- up betteroff.Regulatoryal- taxing importsfor their car- poor and racial minorities. said, “Wecannot solvethe pressed opennesstocarbon of California’scommunities of ternatives aren’t necessarily bon content. Without asimi- And a carbon tax appears to climatecrisis without effec- pricing. color.” better: Renewable-fuel re- lar levyondomestically made conflict with Mr. Biden’s tivecarbon pricing.” While a Yetjust as othersare mov- But empirical evidence quirementscan raise electric- goods,the U.S. could facere- promise not to raise taxes on carbon taxisthe most direct ing toward acarbon price, suggestsotherwise.Califor- ity prices and disproportion- taliation from trading part- any household earning less way to pricecarbon, it isn’t progressiveDemocratsare nia’scarbon market actually ately hurt poor families who ners. He also plans to raise than $400,000 a year. the only one.With capand moving away.They argue narroweddisparities in expo- devotemoreoftheir budget taxes, in part to payfor abig So as Mr. Biden prepares trade,total greenhouse gas that the poor,Black people suretoparticulates,nitrogen to power. boost to the child taxcredit, a regulatory and infrastruc- emissions arecapped and and Hispanics aredispropor- oxides and sulfur oxides, ac- which slashes child . ture package aimed at driv- companies purchase permits tionately harmed by carbon cording to astudy by econo- anyDemocratic polit- If he wantsatax that helps ing net greenhouse gas emis- to emit one tonofgas.The taxesorthe pollutantsthat mistsDanae Hernandez-Cor- icos have concluded a the poor,defrays the deficit sions to zero in electricity by moreexpensivethe permit, canrelease on tesand Kyle Meng of the M carbon taxisapoliti- and combatsclimatechange, 2035 and the entire economy the greater the incentiveto nearby communities under University of California, calloser with voters oppos- thereisone waiting in the by 2050, he is fighting with reduceemissions.Cap and capand trade.MaryNichols, SantaBarbara. An older fed- ing it. Thequestion is,com- wings.

Adropingasoline supplies and the startofarecovery in demand have lifted Gas Prices prices,aboostfor the energy industry. Powell Unfazed Weekly average national gasoline price U.S. demand forfinished Nearing $3 motorgasoline* $3.00 agallon 10 million barrels aday By Rising Yields

A Gallon 2021 8 BY PAUL KIERNAN will be behind the curvewhen AND KATE DAVIDSON inflation picksup.” 2.80 ContinuedfromPageOne 6 Mr.Powell reiterated that closer to $2.60.Gas prices WASHINGTON—Federal Re- he doesn’t expect supply-chain vary widely due to factorsin- serveChairman bottlenecks or an expected cluding taxpolicies and prox- 4 indicated that he isn’t con- surge in consumer demand imity to pipelines. 2.60 cerned about arecent rise in later this year to changelong- Some analystssee further 2019 2 long-term bond yields, saying term pricetrends.The Fed gains ahead. Prices tend to Wednesdaythey appear to re- generally doesn’t alter itspoli- climb closer to summer,when flect growing optimism about cies in response to temporary 0 millions of people drivetova- 2.40 the economy’s prospects. price pressures. cation spotsand petroleum re- 2019 ’20 ’21 “It seems that rateshavere- “In the near term, we do finersblend costlier fuel that 2018 Priceofgasoline crack-spread sponded to news about vaccina- expect, as manyforecasters won’t evaporateinthe heat. futures,aproxy forrefinery tion and ultimately about do,that therewill be some up- Booming gasprices join a growth,” Mr.Powell said in a ward pressure on prices,” Mr. 2020 margins† 2.20 Pandemic lows recent rally in other commodi- $25 abarrel hearing beforethe Senate Powell said. “Long term we ties such as copper,aswell as Banking Committee. “And that think that the inflation dy- improving dataonjobs and has been an orderly process.” namics that we’veseen around spending,assignals that the 20 Theyield on 10-year Trea- the world foraquarter of a economyisgatheringmomen- 2.00 sury notes spent Wednesday centuryare essentially intact. tum. At the same time,elevated above1.6%, up from 0.92% at We’vegot aworld that’sshort 15 fuel prices arebiting some con- the beginning of the year but of demand with very lowinfla- sumersand businesses. down from apeak last week of tion…and we think that those In Colorado,wheregas 10 1.76%. Some economistsand dynamicshaven’t gone away prices have climbed by nearly 1.80 market participantshavewor- overnight and won’t.” 40 centsagallon over the past ried that arapid or sustained Sen. RichardShelby (R., month, landscaper and tree 5 climb in ratescould weigh on Ala.) pressed Ms.Yellen on her surgeon Allan Trujillo is feel- the economybymaking it more changing views on the risks of ing the pinch. Mr.Trujillo 1.60 0 expensivefor consumersand high and rising federal debt. drives a1996 Ford Econoline 11020304050 2019 ’20 ’21 businesses to borrow. Government redink has to work from his in Ar- WEEK OF YEAR Mr.Powell said he “would swelled over the past year as vada and runs fuel-consuming *Measured by volume of gasoline supplied; four-week average †Priceisequal to thatofgasoline futures minus light, sweet crude-oil futures, be concerned if it were not an economic activity stalled and machineryincluding chain figurethrough Tuesday orderly processorifcondi- Congressramped up spending saws and powertrimmers. Sources: American Automobile Association (weekly gasoline prices); Energy Department(demand); FactSet (margins) tions were to tighten to the to combat the pandemic. He said he is spending point wherethey might Ms.Yellen said she believes about $100 aweek on gas ship isn’t dislodged by the end and Equinoxfor from $3,000 in the fall. threaten our recovery.” But he the U.S. has more capacity to right now, up from around $60 of the week,another three beaten-upvehicles to get “That little dollar adds up reiterated the Fed’s view that borrow than once thought, in normally at this time of year. tankerscarrying an extra2.5 around their 400-acreplot. really fast,” Mr.Boyce,44, the recent increase has come part due to adecadeslong “This just seems alittle bit million barrels will join them, “It’sgoing to be quite said. Hallmark has takenthe from “extraordinarily lowlev- trend in falling interest rates, tooearly in the year” forgas- Kpler estimates. costly,” Ms.Long,34, said. hit from higher diesel prices els…back up toward alevel “but it certainly doesn’t mean oline prices to rise,said Mr. Refinersthrottled back out- Anotherworryisthat the so far but will charge custom- that we’remorelikely to see.” that anything goes.” Trujillo,45yearsold. “When put last year in response to expense of driving intothe ersmoreifthey remain ele- Mr.Powell and Treasury “Longer run, we do have to we do want to driveout to the lowerprices and weak de- mountains might deter poten- vated, he added. SecretaryJanet Yellen ap- raise revenue to support per- locations that arefurther out mand. Thewinter freeze that tial customersfromhiring the Analystsare gauging peared before the panel for manent spending that we want it’sdefinitely going to cost us struck Texas in Februarythen ranch as avenue forweddings whether consumerswill re- their second dayofjoint testi- to do,” she said. alittle bit more.” knocked some of the nation’s or businesseventsinfuture spond to higher gasoline monytoCongressabout the Thecentral bank has held Supporting gasoline’sclimb biggest refinersout of action. seasons. Beyond that, aLong prices by cutting down their government’seffortstore- overnightinterest ratesnear is arebound in crude-oil Thecombination dragged driving.Ina2019 survey,44% storethe economytohealth in zero forthe past year and prices and abig drop in the stocks of motor gasoline be- of respondentssaid they the midst of the Covid-19 pan- doesn’t plan to raise them until amount in storage. Theprice lownormal levels forMarch. Prices have been would changetheir habitsif demic. the economyreaches maximum of West Texas Intermediate Now, climbing prices could prices rose to $3 agallon, ac- Their messagetothe panel employment and inflation crude hasadvancedbymore encouragerefinerstochurn lifted by oil’s cording to Jeanette Casselano was similar to the one they reaches 2% and is expected to than 60% sincethe end of Oc- out morefuel to meet the recovery and McGee, aAAA spokeswoman. delivered Tuesday before the moderately exceed that level. tober to morethan $60 abar- surge,analystssaid. Manyindustrywatchersex- House Financial Services Com- Ms.Yellen, in her firstap- rel, even afterarecent de- “The market is telling me I growing demand. pect driverswill be lesssensi- mittee: Theeconomyispoised pearance beforethe Senate cline.Crude accountsfor 56 need to turn my refineryon tivetoprices this year as pan- forastrong recovery,but rein- sinceher Januaryconfirmation, cents of every dollar consum- and runitashardasIcan,” demic restrictions lift. vigorating the labor market faced calls from several law- ersspend on gasoline,accord- said MichaelTran, managing “People arefatigued by will take time. makerstoprovide guidanceon ing to the Energy Information director forglobal energy family trip to Yellowstone Na- lockdowns and they’redesper- The top Republican on the howstate and local govern- Administration. strategy at RBCCapital Mar- tional Park might be off if atetoget out,” said Regina Senatepanel, PatToomey of mentsmay use aid provided by Crudeprices jumped 5.9% kets. “Can we push north of prices keep heading higher, Mayor, global headofenergy Pennsylvania, questioned the the $1.9trillion Covid relief on Wednesdayafter agiant $3? Absolutely,” Mr.Transaid. Ms.Long said. at KPMG.Still, she thinks Fed’splan to maintain its package enacted this month. container ship blocked traffic Theprospect of asustained Diesel prices also have March could see the highest easy-money policies until the Ms.Yellen declined to com- in theSuezCanal, avital ar- rise concerns Lauren and Pe- climbed. That is an unwelcome prices of theyear because re- recovery progresses further. mit to providing guidance tery forthe international oil terLong,whose family raises development forJerryBoyce, finersare set to kick intoac- “The Fedhas signaled that sooner than the 60 days re- market. Seven laden tankers and horses just north of owner of Hallmark Construc- tion to replenish supplies. itsdovish monetarypolicyis quired under the law. Treasury carrying atotal of 6.3million Jackson Hole,Wyo.Come tion Inc.inNampa, .Mr. Another factor that could hereindefinitely,” Mr.Toomey officials face a host of thorny barrels of crude oil were close summer,the couple plan to Boycedrives trucks as far keep alid on gasprices: Many said, noting arecent uptick in questions, she said, including to the canal’sentrance, wait- drivethe 35 miles from home away as 250 miles to building people areeither working from commodity prices and abright- defining what it means to use ing to passthrough, according to the ranch most days before sites and said his monthly fuel home or unemployed, crimping ening outlook foreconomic pandemic relief as an offset to cargo-tracking Kpler.Ifthe swapping their Jeep Cherokee bill is nowabout $4,000,up demand from commuters. growth. “I worrythat the Fed for tax cuts.

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THE WALL STREET JOURNAL. **** Thursday, March 25, 2021 | A3 U.S. NEWS AstraZeneca Provides Patrols Watchfor Anti-Asian More Data BY AKANE OTANI FLUSHING,N.Y.—Before On Covid-19 sunset Monday, afew dozen Asian-Americans outfitted in neon vestsand jackets Va ccine Trial combed the streetsofthis NewYork City neighborhood. BY JENNY STRASBURG They weren’t policeoffi- AND JOSEPH WALKER cers.They were students, re- tail workersand retirees AstraZeneca PLC released equipped with little more morepivotal-trial datafor its than acellphone in the event Covid-19 vaccine,saying the they came acrosssomeone shot was76% effectiveinpre- being harassed or attacked. venting Covid-19 with symp- Their mission: to stop would- toms,inafuller analysis of be attackersfromhurting study resultsthan the company other Asians,whether it be by had earlier provided. calling the policefor help or AstraZenecasaid Wednesday stepping in themselves. that itslatestfigures on the “It’smade me feel sick,” vaccine’sefficacywerebased said volunteer WanChen, 37, on an analysis of 190 cases of of the rise in anti-Asian hate

symptomatic Covid-19 in the crimes acrossthe country. JOURNAL trial, 49 more cases than the “So this is the time we need companyhad analyzedearlier. to speak up and tryour best REET ST

Despitethe additional cases, to help.Ifanyone tries to do LL

the vaccine’sperformancewas anything,maybe they’ll think WA

in line with what AstraZeneca twice.” THE hadfirst reported. Volunteer groups such as R FO TheLondon-based drug- this one have sprung up maker had drawnfireearlier around the U.S.,patrolling the CHIN

this week afterithad provided streetsofAsian communities ALAN preliminarydatafromthe trial from NewYork City to Oak- Volunteers combed the streets of New York’s Flushing neighborhood Monday. Cities have seen upticks in hate crimes against Asians. indicating itsvaccine was79% land, Calif.They have multiple effectivein141 subjects. goals: to escort individuals crimes committedagainst lors,which killed eight peo- marketswrittenentirely in said Mr.Li, who has warned his Afterward, an independent worried about their safety Asian people in the city in ple, including six women of Chinese. mother to keep an eyeout study monitoring boardsaid wherethey need to go, check 2020,compared with three in Asiandescent.While accord- But over the past year,being when she runs errands.“You the datawereout of date, in on community members, 2019,according to the NYPD. ing to policethe suspect said of Chinese descent in America can’t guesshow people are prompting the U.S. National In- and if needed, intervene if Although the number of hate he targeted the businesses hasfelt different, Mr.Lisaid. thinking.” stituteofAllergy and Infectious they see someone being ha- crimes has remained rela- “forproviding an outlet for He said he watched then-Presi- Some Flushing residents Diseases to issue an unusual rassed. tively smallcompared with his addiction to sex,” dent call the said they were relieved to see early-morning statement just Cities have seen upticks in othercrimes,NYPD officials Deputy PoliceChief Charles novel coronavirus the “Chinese morepolicecarsthan usual in hourslater raising the experts’ hatecrimes against Asians have said they believeonly a HamptonJr. said last week virus” over and over again, their neighborhood. Others concerns. sincethe start of the pan- fraction of hatecrimes arere- that investigatorswerecon- whichthe WhiteHouse said said they worried community Thetempest added to the demic.One analysis con- ported to police. sidering all options,including wasn’t being offensivebut link- memberswouldn’t feel com- ducted by researchersatCali- In response,the NYPD the possibility the incident ing the virus to itsplaceofori- fortable turning to the police fornia State University,San formed itsfirst-ever Asian wasahatecrime. gin. forhelp—part of the reason Thelatestresults Bernardino found hatecrimes HateCrime Task Force last Jing Li, a30-year-old Mr.Lisaid he had also read whythey believed volunteer targeting Asians in 16 of the year.The department has also Flushingresident, took part news of attacks on Asian- patrol groups were necessary. were largely largest U.S. cities increased increased patrols in certain in his firstvolunteer patrol Americans.Aman with avol- Some immigrantshavehad consistent with 149% from 2019 to 2020.Over neighborhoods,including the Mondayafter reading about unteer patrol group in Flushing negativeexperiences in the the period, overall reportsof Chinatownsection of Manhat- theAtlantashootings. had his phone slapped out of past with policeofficersboth preliminaryfindings. hatecrimes declined by 7%, tan, Flushing in and When he and his mother hishand Sundayafter he re- in the U.S. and in their home theresearchersfound. partsofBrooklyn, NYPD Com- firstmoved to NewYork from corded two men using anti- countries,said RichardLee,a Thefact that the novel cor- missioner Dermot Shea said China about adecade ago, he Asian slurs, the NYPD said. A former NYPD officer and one of onavirus wasfirst identified in atelevised interviewTues- said,henever really worried few days beforethat, policeof- the leadersofPublic Safety Pa- clouds that have hovered over in Chinahas led some people day. aboutsafety.Walking down ficials said a13-year-old in the trol, avolunteer group that has the shot, which AstraZeneca to irrationallyblame Asian- PoliceinSan Francisco, Se- Flushing’sstreets, it is com- neighborhood wasshoved to focused itseffortsonFlushing. developed in partnership with Americans,New York Police attle, Chicagoand other cities mon to hear moreMandarin the ground and called “stupid Other times,residentsmay not the University of Oxford. Department officials have also increased their outreach than English and to see store- f—ingChinese” by agroup of speak English, Mr.Lee said. Itsrollout has been marred said. NewYork City recorded afterlast week’sshootingsat front signs forbakeries,phar- threeindividuals. —Ben Chapman by aseries of missteps,includ- 28 coronavirus-related hate three Atlantamassagepar- macies and fish and meat “The world is changing,” contributed to this article. ing howthe partnerscommuni- catedearlier U.K. trial results, presenting aconfusing array of dosing sizes and schedules,a Colorado LawmakersPress forGun Restraints rangeofefficacyresultsand few elderly trial subjects. In ,AstraZenecahas BY DAN FROSCH in gunviolenceprevention leg- selves or others. Colorado’s Colorado Legislaturehas en- fallen farshort of supply tar- AND ZUSHA ELINSON islation—passing universal went intoeffect last year. acted numerous gun-control gets,prompting fierce condem- background checks, This year,two bills were al- measures,none of which have nation from European officials Colorado lawmakersare limits, and Red Flag laws. But ready being considered by the done anything to stop de- and threatsofbans on exports calling fortougher restrictions we have so much moretodo,” Democratic-controlled Legisla- ranged murderersfromclaim- of as the bloc tries to on guns as investigators con- Mr.Fenbergsaid in astate- ture that would requirepeople ing innocent ,” said Taylor securedoses amid rising infec- tinue to search forclues about ment to TheWall Street Jour- to report when their gunis Rhodes, executive director of tions. whya21-year-old gunman nal. “This means addressing stolen and mandatethat own- Rocky Mountain Gun Owners. Also,morethan adozenEu- killed 10 people at aBoulder pre-emptionissues that re- ers store firearms safely. Thesuspected gunman in ropean countries had halted supermarket on Monday. strict localities from imple- Both measures arelikely to the Boulder shooting,Ahmad Al use of the vaccine afterblood- State Sen. SteveFenberg, a menting their own gun safety be passed by legislatorsand Aliwi Alissa, has been charged clotting reports. Most of the Democrat from Boulder and the measures,aswell as additional signed into lawbyGov.Jared with 10 countsoffirst-degree countries have resumed giving stateSenate’smajority leader, statewide policies that regu- Polis, aDemocrat. Even before murder and one count of at- /

the shots, afteraninvestigation TT said lawmakerswerediscussing late the ease in which people Monday’sshooting,Democratic tempted first-degree murder. didn’t find alink between the newgun-control measures in can purchase firearms.” lawmakerswerediscussing a Mr.Alissa purchased the vaccine and the clotting events MOHA the wake of the Boulder shoot- Red Flaglawsallowpolice measurethat would mandatea weapon used in the shooting—

and the vaccine’sbenefitsout- KEVIN ing.Victims ranging in agefrom or family memberstopetition a waiting period to buy agun. an AR-style pistol—on March weighed anypotential risks. Law-enforcement at the scene 20 to 65 died in theattack,in- judgetotemporarily take guns Gun-rightsgroups criticized 16,the same dayofthe Atlanta Early this week,NIAID Di- of Monday’s in cluding aBoulder policeofficer. away from people who arecon- the calls for new regulations. spa shootingsthat lefteight rector AnthonyFauci described Boulder. Ten people were killed. “Colorado has been aleader sideredtobeadanger to them- “Over the last 10 years, the people dead, police said. AstraZeneca’slatestproblem as an “unforcederror.” Inc.Chief Executive expressed con- ZuckerbergProposesHigher Bar cern at TheWall Street Journal Health ForumonTuesdaythat the imbroglio could encourage On Immunityfor Tech Platforms hesitancyintaking Covid-19 vaccines generally. Thelatestresultswere BY RYAN TRACY required to demonstrate that cial media by giving internet largely consistent with prelimi- they have systems in placefor platforms immunity for com- Hello, buy me. naryfindingsannounced Mon- WASHINGTON—Facebook identifying unlawful content mentsthat users, reviewers day, based on trial dataasof Chief ExecutiveOfficer Mark and removing it,” he said. and otherspost on their sites. Feb. 17. Zuckerbergsaid Congress Thecommentswerethe Evan Greer,deputy director Aside from finding the vac- should consider forcing digital most detailed yetfromMr. of the advocacygroup Fight cine 79% effective, the prelimi- platforms to earn the legal im- Zuckerbergonthe issue.He forthe Future, said her group naryresultsindicated the vac- munity they enjoyhosting had previouslysignaled open- opposed scaling back 230 pro- cine wasevenmoreeffectivein third-partycontent, alegal ness to changing tections on grounds that doing study subjectsages65years changethat could affect a in more general terms. so could devastatesmaller andolder,and the shot was range of online businesses. Both Democratsand Repub- platforms and internet start- safe. In writtentestimonysub- licans areconcerned that Sec- ups that don’t have the re- Thelate-stage, or Phase 3, mittedahead of aHouse com- tion 230 gives large tech com- sources of tech giants. trial had 32,449 subjectsinthe mittee hearing Thursday, Mr. panies toomuch leeway to “Of course Facebook wants U.S.,Peruand Chile.About 20% Zuckerbergsuggested changes decide what information to see changes to Section of them were 65 yearsorolder. to Section 230,the lawthat Americans see,though the 230,” Ms.Greer said. “Because Thefuller datashowedthe says platforms such as Face- parties have different con- they knowitwill simply serve vaccine to be 85% effectivein book generally aren’t liable for cerns. to solidifytheir monopoly the older agegroup.Older what their users post. The law, an element of the power and crush competition adultsare considered morevul- “Instead of being granted 1996 Communications Decency from smaller and moredecen- Chain City nerable to serious Covid-19, immunity,platforms should be Act,helped fuel growth of so- tralized platforms.” Collection making them ahigh-priority group in globally. Diamonds &&1 14k GGooldld Though AstraZeneca’slatest Startingga att$ $2,100 release involved more cases,the Maryland, Black CollegesSettle Suit company’sanalysis might still be incomplete. AstraZenecasaid BY DOUGLAS BELKIN failed to adequately fund HB- a note to the school. it wasreviewing an additional CUswhile investing in pre- Each school will receivea 14 cases to see if they should be Maryland Gov.LarryHogan dominantly white schools. different amount based on stu- added to the final tally. signed abill Wednesdaytopay Themoney will go toward dent enrollment. Bowie State In both analyses,the vaccine four historically Black colleges scholarships, faculty, recruit- will receive$16.7 million in wasfound to provide 100% pro- and universities $577million to ment and the development of statefunds in fiscal year 2023 tection against severedisease settle a15-year legal battle to newcourses at Bowie State and at least $9 million annually and hospitalization, though the addresschronic underfunding. University, Coppin State Uni- thereafterthrough fiscal year Call oror EEmmaaiillt toPo Purchase numbersofsuch serious cases Thelegislation marks a versity, Morgan State Univer- 2032, according to the school. (805)390 6326 |[email protected] were small. In the fuller find- turning point in the suit sity and the University of Mr.Hogan’ssupport marks ings, eight study volunteersde- brought by agroup made up Maryland Eastern Shore. a turning point. Last year, he Shop theCollection at MISAHARA.COM veloped severedisease,all of largely of alumni of the Thegoal is to attractnew vetoed similar legislation, cit- them in thegroup of trial vol- schools.The organization, Co- studentstocampus and “ac- ing economic difficulties cre- HandcraftedinNew York unteerswho had received apla- alition forEquity and Excel- celerateacademic innovation,” ated by theCovid-19 pan- cebo,not the vaccine,according lenceinMaryland Higher Edu- said Bowie State University demic.Lawmakerspassed a to AstraZeneca. cation, alleged that the state President AmintaH.Breaux in new measure last week. P2JW084000-4-A00400-17FEFF5178F

A4 | Thursday, March 25, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL. U.S. NEWS Many Key Security S

Posts Still Unfilled PRES ZUMA CALL/

Nominations lacking who he wantsassecretaries of areroughly 1,250 such posi- LL the Army, Navy and Air Force; tions overall. RO Q

for aides, lieutenants to lead Security’s TheBiden administration /C below top level who cyber wing; or to runU.S. and itssupporterssay the cor- counterintelligencepolicyin onavirus pandemic prolongs CLARK

do much of the work an eraofsupply-chain background checks and ethics BILL breaches and foreign disinfor- reviews.Atthe same time,the WASHINGTON—President mation campaigns. 50-50 Senatesplit requires Biden has yettoname hun- Just one ambassador has lengthyconsultations with

dredsofadministration offi- been named, leaving more lawmakerstoensureproposed ABIDI/REUTERS; cials requiring Senate confir- than 90 posts awaiting nomi- nominees will getthrough, a

mation to military, diplomatic nees—nearly half of the 189 official said. ADNAN and intelligenceposts, making ambassadorships.Those roles Theadministration also has : it unlikely that his security arebeing overseen fornow by focused on priority nomina- LEFT OM

agencies will be fullystaffed career diplomatsserving in an tions and worked to fill 4,000 FR until fall, officials say. acting capacity. other political appointmentsin Defense Secretary and Deputy Secretary Kathleen Hicks have been confirmed by the “Wehavethe largest num- government that don’t require Senate, but no one has been nominated as secretaries of the Army, Navy and Air Force. By Nancy A. Youssef, ber of vacant ambassadorships Senate approval, officials said. Warren P. Strobel in ageneration,” said Eric Ru- “Upuntil January, we were and Jessica Donati bin, president of the American thinking that the Democrats CongressQuestions including the Departmentof nate cybersecurityefforts Foreign ServiceAssociation. probably would not be in Homeland Securityitself. acrossthe federal government. Mr.Biden moved swiftly af- “Thishurtsour ability to de- charge of this,” a senior State Cyber Job Vacancy RobSilvers, apartner at the The position, housed within the terwinning the 2020 election fend our national interestsand Department official said of the international lawfirm Paul Has- ExecutiveOfficeofthe Presi- to select the heads of the Pen- pursue our national objectives.” Senateafter the party flipped tings who previously served as dent, wascreated through a tagon, State Department, De- Because of the vetting and two Republican-held seatsin Lawmakers have pressed asenior cybersecuritypolicy of- provision in the annual military partment of Homeland Secu- nomination process, many Georgia in arunoff election forthe need to fill vital roles. ficial under PresidentBarack spending package thatCon- rity and major intelligence candidates could take months that month. “Wewereplan- Homeland SecuritySecre- Obama, has been seen as the gresspassed lastyear,and it agencies.But senior aides and ning against the worstcase for tary AlejandroMayorkas was likely CISAnominee formonths, requires Senate confirmation. top lieutenants who do much us,which wasthat it would be questioned this month about according to severalpeople fa- Among those in contention of the day-to-daywork of run- Just one ambassador a split Congress.” the lack of anominee forhis miliar with the matter.Mr. Sil- forthe job areJen Easterly,a ning security matters haven’t Still, delays have prompted department’scyber wing, the vers also served on the Biden Morgan Stanleyexecutiveand been nominated, much less has been named, concerns among senior offi- Cybersecurityand Infrastructure transition team. former senior counterterrorism confirmed by the Senate. withover90posts cials. “The delay in ascertain- SecurityAgency.Thatisseen PresidentBiden also hasn’t official with experienceatthe Of morethan 300 positions ment and itsimpact on the se- as apriorityvacancy after the nominatedanyone to fill the Obama WhiteHouse and Na- in the State Department, Pen- awaiting nominees. curity clearanceprocess has SolarWinds hack compromised first-ever national cyber director tional SecurityAgency,people tagon, DHS and Officeofthe frankly become a national se- at leastnine federal agencies, job, which is intended to coordi- familiar with the matter said. Director of National Intelli- curity issue,” said one senior gence, the Biden administra- administration official. tion has nominated 16,accord- to earn confirmation. Political factorshaveplayed as fast as President Biden is Of nine Senate-confirmed longer-term decisions and ing to the nonpartisan By comparison, the Trump arole as well. Thepresidential willing and able to makethose positions at the Officeofthe traveling. Partnership forPublic Service. administration in itsfirst transition slowedwhile Mr. nominations and the majority Director of National Intelli- Among candidates being That could affect national months had nominated secre- Trump refused to accept elec- canschedule them forahear- gence and the Central Intelli- considered to lead the Army security decisions as the ad- taries to lead the Army, Navy tion results, and the two run- ing,” said Sen. genceAgency, the administra- areDeborah Wada, who has ministration grapples with and Air Force, although the off contestsinGeorgia delayed James Inhofe, the ranking Re- tion has selected three served as assistantsecretary Russiaand China, contends candidates forthe Armyand adetermination of the Sen- publican on the SenateArmed nominees. of the Army for Manpower & with cybersecurity breaches Navy withdrew by mid-March. ate’s composition. Services Committee. Thereare 17 Senate-con- Reserve Affairs; and Rep.Pat- and weighs the futureof Then-President Donald Trump “The system is broken. You Of at least 57 civilians who firmed positions at the De- rick Murphy(D.,Pa.) aformer global conflicts, including in hadn’t issued many State De- have effectively a Senate that requireSenateconfirmation to partment of Homeland Secu- Armyundersecretary. Chris- Afghanistan, current and for- partment nominations but had is toosmall apipe to get work at the Pentagon, only De- rity.Ofthose,the Biden tine Wormuth, the undersecre- mer officials said. proposed cutting the work- thingsthrough,” said Max fense SecretaryLloyd Austin administration has named two, tary forpolicyunder the “Nothing is moving for- force there by a third. Stier, president and chief ex- and Deputy SecretaryKathleen according to the Partnership Obama administration, is ward,” said a person familiar Across the entirefederal ecutive of the Partnership for Hicks have been confirmed. for Public Service. among those being considered with some potential nominees government, the Biden admin- Public Service. TheSenateArmed Services At the Pentagon, acting sec- forsecretaryofthe Air Force, to various positions.“Some istration has nominated 70 Some senatorsrejected that CommitteeonWednesdayad- retaries,who oftenoperateas administration and defense of- candidates arethinking of Senate-confirmable candi- argument. “I’m ready to re- vanced the nomination of Co- caretakers until their Senate- ficials said. dropping out because they dates,the Partnership forPub- ceive and consider nominees, linKahl as undersecretaryof approved successorsarrive, —Gordon Lubold can’t put their lives on hold.” lic Servicefound, 26 of whom using the same processwe defense on a13-13 vote that instead are serving more like and Dustin Volz Mr. Biden hasn’t identified have been confirmed. There used for the last three years, split along party lines. confirmed appointees,making contributed to this article. In aFirst,SenateVotes to Confirm Transgender Official

BY TIM HANRAHAN aprofessor of pediatrics and expanded access to riety of issues must be consid- psychiatryatPenn State Col- healthcare. Republicans ques- ered in treating minors. TheSenateconfirmed Ra- legeofMedicine. tioned howwell Pennsylvania Dr.Levine’s confirmation on chel Levine as assistant health Sen. PattyMurray (D., handled Covid-19,onissues Wednesdaycame aday after secretary, making her the first Wash.), chairwoman of the such as testing and nursing- the Senateapproved Vivek openly transgender federal of- Health, Education, Labor and home deaths. Murthy, President Biden’spick ficial approved by the Senate. Pensions Committee, high- Dr.Levine acknowledged forsurgeon general, by a57- Thevotewas 52 to 48, lighted the historic nature of therewere“significant chal- to-43vote, marking his second largely alongparty lines,with the confirmation. lenges” with testing,contact stint in the post,which he GOPSens.Lisa Murkowski of “I’m proudtovotefor Dr. tracing and protective equip- held from 2014 through 2017. OL

PO Alaska and Susan Collins of Levine,and incredibly proud ment, both in Pennsylvania Dr.Murthy, who wasco- S joining all 50 Democrats. of the progressthis confirma- and in other states. chairman of Mr.Biden’s Thepediatrician and former tion will represent forour Thehearing turned tense Covid-19 advisoryboard, has Pennsylvania secretaryofcountryand fortransgender when Sen. (R., Ky.) said he would use his position health helped steer the state’s people,” she said. asked Dr.Levine if shesup- to provide science-based BREHMAN/PRES response to Covid-19.She has In ahearing last month, Dr. portshormone therapy or sex- guidelines forending the coro-

OLINE also worked to increase aware- Levine told lawmakersthat she reassignment therapy in mi- navirus pandemic.

CAR nessofequity issues that the has the experiencetoconfront norswith gender dysphoria. In —Stephanie Armour Rachel Levine will serve as assistant secretary of health. LGBTcommunity faces and is the pandemic vigorously and response, Dr.Levine said ava- contributed to this article.

Greensill’s business. Greensill EY said in the memo that it expected Greensill to diversify itspool of clientsand that in- Relied on surancewould become less important as Greensill estab-

CK lished asuccessfulrecord. Wall Street TO Those expectations didn’t come to pass.Greensill col-

SHUTTERS lapsed into insolvency after a SAVE ContinuedfromPageOne major credit insurancepro-

$170 by authorities intoits account- TUTTLE/ vider said it would stop pro-

ing forloans to amajor client. IAN viding new coverage. Thestartup’sbusinessmodel Greensill, which specialized in supply chain finance, wasfounded in By Februarythis year,EYhad required complexfinancial en- 2011 by former Morgan Stanleyand Citigroup banker LexGreensill. become wary of working with gineering.Itmade supply-chain Greensill because of the possible loans to companies,then pack- riskstothe bank,one of the that hadbeen an important reputational hit, according to TOP aged them up intonotes,sell- people said. source of financing forGreen- people familiar with the matter. ing those on to investors, which Thebusinesspractices sill. Some of the assets in the Credit ratingscompany served as off-balance-sheet fi- committee’sresponse couldn’t GAMfund were tied to busi- Moody’s ratedthree multibil- nancing forGreensill. be determined, though nesses owned by U.K. steel lion-dollar funds at GAMand Citigroup operated atrust Citigroup expanded itsbusi- magnate Sanjeev Gupta. Credit Suisse that invested in forGreensill, according to a ness with Greensill in 2020 MorganStanley used aspe- securities created by Greensill. Greensill marketing document when it helped thecompany cial-purpose vehicle to repack- Thefunds were given the and the people familiar with the hunt forfresh capital,The Wall ageabout £220million, equiva- third-highest rating on 12 Greensill-Citigroup relationship. Street Journal has reported. lent to $300 million, of Moody’s scale forbond ratings, Such trustsare commonly ACitigroup spokesperson Greensill-arranged bonds re- which indicates that assetsare used on Wall Street to handle declined to comment. lated to Mr.Gupta’sbusinesses generally considered “upper- WinesYou thedetails of moving money Greensill also leaned on held in the GAMfunds.Morgan credit quality.” Need to Try among financial entities.Yet MorganStanley,which forsev- Stanley then sold them to its Theratingswereimportant employees on Citigroup’strade eral yearsacted as an interme- clients, according to some of the to Greensill because they made financeteam raised concerns diarybetween Greensill and the people familiar with the funds. it possible forabroader pool Plus in conversations and emails investorsinthe notes.These Big Four accounting firm of investors to buy into the multiple times over the past included funds at Credit Suisse EY had aclose-up look at funds. TheMoody’s analysts 3BONUS Bottles five yearsabout doing business and Swissasset manager GAM Greensill’sbusiness. In 2019, notedthat sometimes the as- with Greensill, according to the Holding AG, according to peo- EY performed investing due setswereconcentrated in just people. ple familiar with the funds and diligenceonGreensill forSoft- ahandful of Greensill clients. Some of the warnings, the Greensill marketing docu- BankGroup Corp.’sVision It wasn’t until March, how- which centered on Greensill’s ment reviewedbythe Journal. Fund, Greensill’s biggest out- ever,until afterthe funds businesspractices,weremade MorganStanley provided side investor,according to a were suspended, that Moody’s to senior managerswho over- the funds with information SoftBank investment memo re- downgraded the Credit Suisse- sawtreasuryand trade,trusts aboutthe notes,including viewed by the Journal. Greensill funds and put the and banking coverage, one of pricingand duration of the EY told the Japanese inves- GAM-Greensill fund on review the people said. underlying loans, and placed toritfaced several risks,in- for downgrade. In 2019,employees brought the notes with the funds fora cluding that Greensill relied AMoody’s spokesperson their concerns to the bank’s fee, the people said. heavily on ahandful of clients declined to comment. businesspractices committee, MorganStanley also helped formost of itsrevenue,and —Patricia Kowsmann Go to wsjwine.com/now 2WSJW1907 which assesses conflictsofin- Greensill’sbiggest client in that access to trade credit in- and Rolfe Winkler terest and other reputational 2019,when GAMshut afund surancewas aconstraint on contributed to this article. P2JW084000-0-A00500-1------XA

THE WALL STREET JOURNAL. Thursday, March 25, 2021 | A5

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A6 | Thursday, March 25, 2021 ***** THE WALL STREET JOURNAL. U.S. NEWS Lawmakers Spar Over Voting Bill S PRES

BY ALEXA CORSE votereligibility and election voting legislation. TED security. Some Democratsoppose CIA SO

Lawmakerssquared off at a They contend that Demo- ending the filibuster,saying AS hearing on nationwide voting cratswant to changethe rules the rule forces legislatorsto rules,with Democratspropos- to gain an advantageinwin- seek broad consensus forpoli- ing an overhaul to ease voting ning elections. cies that affect the entire APPLEWHITE/

access,and Republicans call- SenateMajority Leader country, but they have indi- T ing it a power grab and argu- (D., N.Y.) and catedthat Republican moves OT SC

ing states should retain flexi- Minority Leader Mitch McCon- to block the voting-rights bill J.

bility on their elections. nell (R., Ky.) appeared in per- could change their position. GES;

TheSenateCommitteeon son at the hearing,inareflec- “All-out opposition to rea- IMA Rules andAdministration is tion of howboth parties are sonable voting rights protec- ETTY

holding the chamber’s first emphasizing the fight over the tions cannot be enabled by the /G

hearing on the legislation measureand using it to rally filibuster,” said Sen. Angus NG

since Democrats won control activists and supporters. King (I., Maine), who caucuses WO of the Senate in January. Mr.Schumer compared the with the Democratsand who ALEX

TheDemocratic legislation, Republicanbills being pro- last year said he opposed end- P: dubbed the Forthe People Act, posed in manystate legisla- ing the filibuster. TO OM

would loosen statevoter-iden- tures to Jim Crow-eraracial “Ifforcedtochoose be- FR tification requirements, ex- segregation rules.“Iwould tween aSenaterule and de- Sen. Chuck Schumer, above, and Sen. Mitch McConnell were on Capitol Hill on Wednesday. pand mail-in voting and man- mocracyitself,IknowwhereI dateonline and same-day will come down,” he wrote in impose requirements, such as voterregistration as well as Democrats aim to an opinion article in the Wash- same-dayregistration, that early voting,among other ington Post, he said. don’t makesense forhis state. measures. ease access to ballot Mr.King follows Sen. Ber- Those mandates “will create Thebill faces steep odds of box; Republicans nie Sanders (I., Vt.), who last election chaos,” he said. passing in the 50-50 Senate, year called forending the fili- West Virginia could be es- whereitwould need at least press state control. buster if that wasnecessaryto pecially important because the 60 votestoadvance,thanks to passlegislation expanding the state’scentrist senator,Joe the chamber’s legislative fili- Voting RightsAct. He had op- Manchin, is theonly senator buster rule. posed ending the filibuster on theDemocratic side who TheHouse version of the liketoask my Republicancol- during his campaigns forpres- wasn’t listed as a co-sponsor measure passed 220-210 this leagues,why areyou so afraid ident. of thelegislation as of Tues- month. No Republicans voted of democracy?” he said. Thebill makes many day. for it. “This is clearly an effort by changes. It would restructure West Virginia election offi- Democratssay that their one party to rewritethe rules the Federal Election Commis- cials have lobbied Mr.Manchin legislation would remove ob- of our political system,” said sion andcreateindependent to oppose the bill. Mr.Man- staclestoelection participa- Mr.McConnell. He said the bill panels to draw voting districts chin indicated Wednesdaythat tion in the U.S.,particularly would invite chaos because it in each statetoend gerryman- he might prefer anarrower for minority voters. would forcestatestorush dering. approach. Moreover,they sayitises- through big changes such as Themeasurealso would en- “I think all of us should be pecially crucial nowbecause building new technology sys- able candidates forCongress able to be united around vot- manyRepublican-controlled tems to register voters. to geta6-to-1federal match ing rights, but it should be statelegislatures areconsider- The bill has also become a forsmall-dollar donations, Jocelyn Benson,aDemocrat, states could do the same with limited to voting rights,” he ing their own laws to tighten flashpoint in the debate over which proponentssay would said her stateand manyothers proper funding and political told areporter.Hesaid the voting procedures. the filibuster rule,which some open up the political system have already implemented will. currentbill “might divide us Republicans arguethat Democratic advocates and fornew kinds of candidates many of the bill’s policies, in- One of the Republican wit- even further on apartisan ba- election rules should be leftin lawmakers want to change, and curtail the influenceofbig cludingexpanding voting by nesses,West Virginia Secre- sis.” the hands of the states on potentially by creating a donors. mail and same-dayvoter regis- tary of State Mac Warner,dis- —Siobhan Hughes questions such as early voting, carve-out forcivil rightsor SecretaryofState tration. She said that other agreed. He said the bill would contributed to this article.

U.S. WATCH then do all that stuff,the con- Democrats troversial stuff through recon- ciliation, Idon’t think our ECONOMY guys aregoing to take the bait Weighing on that,” Mr. Thune said. Durable-Goods Orders Many elements of the pre- Fall, Reversing Trend liminarytax plan reflect ideas Tax Hikes from Mr.Biden’scampaign, in- Orders for long-lasting manu- cluding raising the corporate factured goods fell in February tax rate to 28% from 21%, ac- as U.S. factories faced supply- ContinuedfromPageOne cording to the people familiar chain challenges. (D., Calif.) said raising the cor- with the discussions.The Neworders fordurable poratetax rate and increasing White House plan would also goods—products designed to last taxesoncapital gains were pos- increase taxes on companies’ at leastthree years, such as com- sible options during ameeting foreign earningsinchanges puters and machinery—decreased last week,according to asenior companies said could discour- 1.1% to aseasonally adjusted Democratic aide.SenateMajor- ageinvestment in the U.S. and $254 billion in February compared ity Leader Chuck Schumer (D., hurt U.S. companies’ ability to with January,the Commerce De- N.Y.)said he had alengthydis- compete in foreign markets. partmentsaid Wednesday. cussion with WhiteHouse offi- Forthe second tranche,the The previous nine months cials last weekend about vari- plan would raise the topmar- had recorded gains, following ous options. ginal income-tax rate forhigh sharp declines in March and Thenextlegislativepush earnersand increase taxeson April early in the pandemic. faces anumber of headwinds, investment gains.During the Economists surveyed by The and it is likely to be much more campaign, Mr.Biden proposed Wall Street Journal expected a challenging to completethan raising the topincome-tax rate 0.4% gain, after an upwardly re- thepandemic relief law.Many to 39.6% from 37% and taxing vised 3.5% increase the previous Republicans oppose significant capital gains at roughly the month. newspending and broad taxin- same rate as income forthe New orders for nondefense creases,while some Democrats highest-income households.

capital goods excluding aircraft— S areskeptical of linking compli- Mr. Biden, during an inter- so-called core capital-goods or- catedtax-policychanges with viewwith ABC last week,said PRES ders, a closely watched proxy for what they seeasurgent needs his tax increases wouldn’t af- business investment—fell 0.8% in TED such as infrastructure. fect people making lessthan February from the previous OCIA “Trying to tie something as $400,000 a year. SS

month, to $72.5 billion. That was /A big as real taxreform to this Some Democratshaveques- down from a 0.6% gain the pre- would just bog down the pro- tioned whether they even need vious month. cess and not getthe funding to raise taxestopay forthe —John McCormick out to the economyasquickly infrastructurebill, given its ARD-SPEAKER

ND as necessary,” said Rep. Mark potential to boost the econ-

CALIFORNIA TA Pocan(D.,Wis.), aleader omy. TreasurySecretaryJanet /S

DA among House progressives. Yellen said Tuesday that lon-

Mormon Church RU Republicans arealready ger-term programs should be mobilizing against the poten- accompanied by taxincreases Is Sued forFraud RREN

WA tial taxincreases,arguing that to payfor them. “A longer- The brother of a former Utah RAISING AWARENESS: Pinwheels were sunk into the ground outside City Hall in Hazleton, Pa., on they would hurt the economy term plan that addresses criti- governor sued the Church of Je- Wednesday in advance of National Child Abuse Prevention Month, which takes place in April. as it recovers from the corona- calneeds of this economy sus Christ of Latter-day Saints virus pandemic.GOP lawmak- probably would be accompa- this week, alleging that the VIRGINIA BEACH VIRGINIA GULF OF MEXICO ers have said they could back nied by some revenue raisers,” church defrauded its members a narrow infrastructure pack- she said at a House hearing. and misused donations known Probe of 2019 Killings Governor Signs Bills Red Snapper More agethat doesn’t makemajor During the campaign, Mr.Bi- as tithing. Doesn’t Find Motive Ending Death Penalty Plentiful, Study Says increases to the deficit. den said permanent programs In a federal lawsuit, James At the same time,Sen. John should be paid for. That is ade- Huntsman, the brother of former Police in Virginia Beach can't The governor signed legisla- There are about three times Thune,the No.2Republican in scription that fits morewith Utah Gov. Jon Huntsman, alleges determine a motive for a city tion Wednesdaymaking Virginia as many red snapper as previ- the Senate, said that GOP sup- expansions of and that the church misrepresented engineer’s rampage in 2019 that the 23rdstate to abolish the ously estimated in the Gulf of port forthe infrastructure other items such as tuition-free how money he and other mem- killed 12 people in the building death penalty, adramatic shift Mexico, according to a study re- package could be imperiled if community collegeinthe sec- bers donated would be used. where he worked, according to forthe commonwealth, which leased Wednesday about the Democratsteed up alater, ond package. Theinfrastructure Church officials have said tithing the city’s final investigative re- had the second-highestnumber popular game and table fish broaderpackagethat Demo- in the firstpackagemay be goes toward the church’s core port released Wednesday. of executions in the U.S. over which recreational anglers cratscould passalong party seen as partiallypermanent mission, including missionary “Despite exhaustive investiga- The bills were the culmination and federal regulators have lines through aprocess called and partially one-time spending work and construction of tem- tive work and in spite of unsub- of ayearslong battle by Demo- fought for years. reconciliation. that isn’t paid for. ples and meeting houses. stantiated rumors and accusa- cratswho argued the death pen- The $12 million Great Red “Ifthey decide to do that as Sen. JoeManchin,akey Mr. Huntsman’s lawsuit filed tions, it appears we may never altyhas been applied dispropor- Snapper Count estimated that aploytolureRepublicans in moderateDemocrat, said Monday in U.S. District Court in know why he committed this tionately to people of color,the the Gulf holds about 110 million to vote for the easy stuff and Wednesdaythat lawmakers Central California alleges that heinous act,” the report states. mentally ill and the poor.Republi- adult red snapper—those at should raise as much revenue the tithing in fact helped fund The report says shooter De- cans unsuccessfully argued that least 2 years old. A 2018 Na- as possible to cover the cost. the church’s for-profit businesses Wayne Craddock didn’t leave a the death penaltyshould remain tional Oceanic and Atmospheric He said he wasopen to rolling ventures, including the construc- note or “any other account that asentencing option forespecially Administration marine fisheries’ back elementsofthe taxbill tion of the City Creek Mall, a would explain his actions.” heinous crimes and to bring jus- estimate was about 36 million. Republicans passed in 2017 shopping center near its Salt Craddock had worked in the ticetovictims and their families. “This newinformation should and raising the corporate tax Lake City headquarters. city’s public utilities department Gov. Ralph Northam, aDemo- translate into greateraccess and rate to 25%. A large price tag Mr. Huntsman is seeking $5 for more than nine years. He crat,signed the House and Sen- longer fishing seasons forfami- was likely, he said. OL

million in damages. killed 11 co-workers and a con- atebills in aceremonyWednes- lies,” said Sen. Bill Cassidy (R., La.). PO “I cantell youone thing: It’s

Church officials dismissed the tractor who was getting a per- dayafter touring the execution ClayPorch, director of NOAA’s S going to be enormous,” he said. lawsuit, saying as theyhave in mit. Four others were seriously chamber at the Greensville Cor- SoutheastFisheries ScienceCen- Because of procedural rules, the pastthatnotithing was wounded and a police officer re- rectional Center,where102 peo- terinMiami, said peer reviewers Democratslikely couldn’t pass used in the construction of the ceived a bullet in his tactical ple have been put to death since will be going overthe sciencefor both partsofthe $3 trillion

CityCreek Mall. Theyadded that vest but escaped serious injury. executions were movedthere the Gulf of MexicoFisheries Man- MODEVILLA/PRES plan along party lines.

Mr.Huntsman resigned his mem- Craddock was killed in a shoot- from the Virginia StatePeniten- agementCouncil, which is likely to SO —Andrew Restuccia

bership in the church lastyear. out with police. tiary in the early 1990s. consider revising quotas in April. CHIP and Kate Davidson —Ian Lovett — —Associated Press —Associated Press House Speaker Nancy Pelosi contributed to this article. P2JW084000-4-A00700-1------XA

THE WALL STREET JOURNAL. **** Thursday, March 25, 2021 | A7 WORLD NEWS String of Disruptions Blockage Frays Supply Channels Leads to Grounded container ship adds new hurdle Shortages to logistics industry

BY PAUL HANNON already under pressure AND GWYNN GUILFORD The blockageofthe Suez Ca- Resurgent ,led by nal by agrounded container theU.S., and aburst of demand ship will likely add delays and forconsumer goods areheaping extracoststoanalready pres- pressureonalready strained sured logistics industry, execu- supply chains,with aseries of tives say, punctuating the tight- acutedisruptions—including ness of the world’ssupply lines. this week’sblockageofthe Suez Oil prices rose and shipping Canal—set to worsen shortages and further push up prices. By Costas Paris, Theshortages have been Parmy Olson GES IMA most pressing in the automo- and Sarah McFarlane

bile industry, wheremanufac- GETTY

turers have been forced to cut stocks fell on Wednesday as SE/ back production in response to authorities in Egypt sought to limited supplies of semiconduc- dislodgeagiant vessel block-

tors.But difficulties in secur- ing traffic on one of the ANCE-PRES ing rawmaterials andother in- world’sbusiest shipping arter- FR putsrecently have been ies,with industryexecutives GENCE

worsened by aseries of signifi- warning that even abrief delay /A cant disruptions. could have an outsizeimpact.

Thelatestofthose came Disruption on the 120-mile THORITY

with the blockage of the Suez Suez Canal, which connects AU Canal by agrounded container the Red Sea with the Mediter-

ship Tuesday. That followed a ranean, comes as global sup- CANAL

fire on Fridayatafactory of ply lines arealready grappling SUEZ one of the world’sleading auto with the continuing effect of The massiveEverGiven cargo ship sits stuck in the Suez Canal, dealing another blowtoglobal suppliers hit by the coronavirus pandemic. chip makers in Japan. the coronavirus pandemic,a Last month’sfreezein global shortageofcomputer already suffering from acrunch Texas triggeredmassblack- chips and adverse weather. Stuck Vessel Puts among foreign powers. for as much as 13% of all mari- to the supply of chips,caused outsthat closed plantsthat TheSuezCanal is avital Linking the Mediterranean time trade, including much of by asurge in demand forgam- makeupthe world’slargest trade routefor tankerscarry- Waterway in Focus Sea in the north with the Red the world’s oil. ing consoles and laptops during petrochemical complex, many ingoil and natural gas, along Sea in the south, the canal is Because of its strategic lo- lockdowns,isstill unknown. with container ships moving still the fastest shipping route cation, and its potential as a Ahandful of supplierssuch manufactured goods such as CAIRO—A massive cargo between Europe and . choke point for global trade, as and Semi- Aburst in demand for clothing,electronics and heavy ship stuck in Egypt’s Suez Ca- Nearly 19,000 vessels the Suez Canal has long been conductor Manufacturing Co. machineryfromAsia to Europe nal has cast a spotlight on the passed through the canal last at the center of conflict. makemorethan half the consumer goods adds and the other way around. 150-year-old waterway that re- year carrying 1.2 billion tons of It remains a key source of world’schips,although many pressureonstrained Some 19,000 vessels crossed mains one of the world’s most cargo, according to the Suez revenue for the Egypt state, companies in the industryship the Suez in 2020,according to important arteries for trade, a Canal Authority, the Egyptian generating billions of dollars in productsbyair.For that reason, supplychains. the Suez Canal Authority. symbol of Egyptian pride and a state institution that operates foreign currency each year. the blockageis“morelikely to Thepassageisaparticular historic source of friction the channel. The canal accounts —Jared Malsin affect the finished goods than chokepoint forthe energy in- the chip manufacturersthem- dustry, with about one-tenth of selves,” said Alan Priestley,an of which remain offline. the world’sseaborne oil trade oil shipments. risk we will see port conges- line marketplacefor renting or analyst covering emerging tech- TheFederal Reserveexpects flowing through it and the as- Meanwhile,shares of some tion in European portsone buying shipping containers, nologyfor Gartner Research. the U.S. economy to recover sociated Sumed—or Suez-Med- big shipping companies fell, week from now.” said Wednesday’sdelays Peaks and troughs in de- morequickly than projected by iterranean—pipeline in 2018, with Mitsui O.S.K. Lines Ltd. Clarksons Platou Securities would likely further push up mand for chips isn’t unusual, officials afew months ago, an- according to the U.S. Energy down 4.6% andNippon Yusen said that if the ship were to be rental prices forcontainers, butrecent months have seen ticipating that the Covid-19 Information Administration. K.K. dropping 5.1%, amid expec- stuck fordays,freight rates which have soared to $2,000 exaggeratedeffectsthat the campaign and tril- On Wednesday, dozens of tations that the blockagecould forbox ships would head from $200 a container in the industryisn’t used to,said lions of dollarsoffiscal stimu- oiland liquefied-natural gas lead to delays and higher costs. higher.Rates from Asia to Eu- past three months,said Co- Tim Whitfield, chief of engi- lus will propel the U.S. econ- tankerswerecaught in con- Around 30 container ships rope and acrossthe Pacific CEO Johannes Schlingmeier. neering at Imagination Tech- omytoits fastest expansion in gestion, according to commod- sailing from Asia to Europe have already been hovering at Mr.Schlingmeier said his nologies GroupPLC,asemi- morethan 30 years. ities data company Kpler. crossthe Canal everyweek record levels over the past customers, about 550 freight- conductor designer based in That is increasing pressure Traderssaid at least six car- moving roughly 380,000 con- four months amid booming forwarding companies,were theU.K., who is monitoring on the globe-spanning supply goes of liquefied-natural gas tainers, said Lars Jensen,chief demand from e-commerce gi- concerned about apossible the Suez disruption forits po- chains that multinationals rely from the U.S., andEgypt, executiveofDenmark-based antssuch as Amazon.comInc. new upsurge in pricing, espe- tential impact on the industry. on to makeeverything from destined forEurope and Asia, SeaIntelligence Consulting. and Target Corp.after the cially sincethey appeared to He said the blockagewas exercise bikes to furniture. were stuck but noted the con- “If we assume that vessels Covid-19 imposed lockdowns. be easing over the past two thelatestinasequenceof In aseries of surveys gestion shouldn’t be that prob- arefull, this means 55,000 “While we would expect weeks due to the end of Lunar problematic eventsfor the sup- world-wide released Wednes- lematic if resolved quickly. containers of cargo from Asia this to be a short-lived effect, New Year. ply of chips: This month, a fire day, manufacturersreported “It’s not a big issue if fixed to Europe daily. The expecta- thecontainer-ship industryis Clients“areafraid that this at an automotivechip factory longer delivery times for raw today, if it lastsitcould be in- tion is that it will take some already very tight on capacity, newevent will just destroy in Japan sent further reverber- materials and other inputs, teresting,” said a gas trader. two days to clear the canal, with significant port conges- these positiveeffectsimmedi- ationsthrough the chip supply rising production backlogsand Crude prices rose 5.9% which will cause the delay of tion around the world,” the in- ately again,” he said. chain. “Thereseems to be abit asharp pickup in input prices. Wednesday, amovesome ana- 110,000 containers,” Mr. Jen- vestment bank said. Theextentofthe blockage’s of aperfect storm at the mo- In the U.S.,thereweresigns lystsattributed to worryabout sensaid. “This increases the Container xChange, an on- impact on electronics makers, ment,” Mr.Whitfield said. that shortages were squeezing factories,with output rising at the slowest paceinfive Annual number of ships passing Howavesselmight run aground in the canal cialty,the commercial-insur- months—in part because of a Ship Halts through SuezCanal, by type ancearm of German insurer lack of rawmaterials—while 1 Aship Allianz SE, said the Ever Given newordersrose at the fastest 1,200 ships moving through wasmoving through an area pace in almost seven years. Traffic at acanal creates 1 of thecanal with cutoutsin low-pressure Datafirm IHS Markit said Oiltanker the banks that can affect ves- U.S. executives reported the 900 areas alongside sels with what is known as a most severesupply disrup- Suez Canal it thatpilots bank effect, in which the rear tionssinceitstarted the na- steering the ship Low-pressure Low of aship canswing toward the area pressure tional survey in 2007.Italso 600 mustmanage. nearest bank when moving said that firms “commonly re- ContinuedfromPageOne Dry bulker* through a narrow waterway. ported slower output growth tives expect the fallout from “The weather in thecanal Canal due to a lack of raw materials the incident to last fordays, 300 canalso have asignificant im- to fulfill new orders.” threatening anew pressure bank pact on navigation,” Mr. Kin- High Thereare some signs that point in aglobal supply chain Containership pressure sey said. The resistance of an those shortages are modestly already under intense strain. 0 ultra-largecontainer ship to slowing growth. Car and computer makers 2 If aship the forceofthe heavy winds areplagued by aworld-wide 2019 ’20’21 encounters “can have an enormous impact Purchasing managersindexes chip shortage,exacerbated by ahigh-pressure 2 on maneuverability in con- for: afireinabig chip-making fac- Average daily transitsthrough the SuezCanal area, the fined waters,” he said. combination can Input prices tory in Japan last week. Car 45 ships TheSuezCanal Authority, Germany makers have closed plants af- create suction — which operates the canal, 80 teraTexas cold snap hit plas- the back of the didn’t respond to calls and Eurozone 40 Steerdue to ▲PRICES RISING U.S. tics production, and California boatispulled bank effect messages seeking comment on 70 portshavebeen hit by back- toward the bank the situation. An Evergreen logs and delays. 35 and the bow spokesperson said the ship was 60 Japan TheSuezCanal is avital veerstoward probably hit by strong winds trade route for tankers carry- 30 thecenterof causing it “todeviatefromthe 50 ing oil and natural gas, along 2019 ’20 ’21 the canal. channel and runaground.” with container ships moving If the operation to dislodge 40 manufactured goods such as High the vessel doesn’t work, then Nettonnage by ship type,2020 pressure clothing,electronics and heavy “the ship must get partly un- 30 In million tons 3 Wind can machineryfromAsia to Eu- 020406080100 loaded so it becomes lighter,” catchthe side rope and the other way Container ships said Fotis Pagoulatos,anAth- 20 of the tall 3 around. About 19,000 vessels Tankers ens-based navalarchitect, who container ship, ▼PRICES FALLING crossed the Suez in 2020, ac- Steerdue to has participated in past sal- 10 Bulk carrier turning the bow cording to the Suez Canal Au- wind effect vage operations.“This could LNGships† even farther thority.Some 39 ships transit take days.” 0 Carcarrier toward the the Suez Canal daily on aver- Partsofthe 120-mile long General cargo oppositebank. 2019 ’20 ’21 age, according to maritime in- Suez Canal areasingle lane Suppliers’ deliverytimes dustry trade group Bimco. *Ship transporting commodities such as iron ore, coal, grain, coils, steel platesand rods, Wind stretch waterway measuring Crude prices rose 5.9%, a lumber and logs †Tank ship designed fortransporting liquefied natural gas just 300feet wide,which can Sources: BIMCO, Leth Agencies (transits); Suez Canal Authority(tonnage); Marine Insight(diagram) 70 ▲DELIVERYTIMES movesome analystsattributed requireships to travel them in SHORTENING to worry about oil shipments, onedirection at atime.Ships 60 while logistics executives said around Africatoavoid bottle- ship might have struggled in is arecipe fordisaster,” said transit in northbound and the blockagewould likely re- necks,but sailingscan take two winds because of itslarge size. GregoryTylawsky, aship cap- southbound convoys.Any ship 50 sult in delays and extra costs. weeks longer and cost cargo TheEverGiven cancarrymore tain with the Maritime Expert getting stuck canstopothers Ships have been grounded ownersmoreinfreight costs. than 20,000 containersand is Group based in SantaRosa, from completing the transit. 40 Japan in the canal in the past, al- TheEverGiven, operated taller than the EmpireState Calif. Theblocking of the canal is though incidentsinvolving by Taiwan-based Evergreen Building if turned upright. “Windgusts, especially in asignificant challengefor 30 Australia vessels the sizeofthe Ever Groupand owned by Japan’s Ultra-large ships canface that area, canbesevereand Egypt’sgovernment under U.S. Given are rare. The waterway Shoei Kisen, had been sailing high windsmoving through could easily cause the ship to President Abdel Fattah Al Sisi, 20 Eurozone closed for three days in 2004 to Rotterdam from China, ac- the canal that can make navi- be blown to one side of the ca- aformer militarychief who afteratanker gotstuck.In cording to shipping data. gating narrow partsofthe wa- nal,” Mr.Tylawskysaid.“To came to power in acoup in ▼DELIVERYTIMES 10 Germany 2016,another ship wasbriefly It wassailing northbound as terway challenging even for correct forthis movement, the 2013.The canal is amajor LENGTHENING grounded, and ayear later part of aconvoy when it got the specially trained pilots has limited abilities due source of money forthe Egyp- 0 tugboatspulled out acon- stuck in the canal at around 7 that take the helm of ships as to the massiveweight and tian state, generating $5.61bil- 2019 ’20 ’21 tainer ship after a few hours. a.m. local time Tuesday, ac- they move through the canal. length of this type of ship.” lion in revenue last year. Shipping operatorsoccasion- cording to Gulf AgencyCo.,a “Pilotingships such as this Andrew Kinsey,asenior —Amira El-Fekki Sources: IHS Markit (Eurozone, Australia, U.S.); IHS Markit/BME (Germany);auJibun Bank ally divert ships from the canal serviceprovider in the canal. in wind conditions outside ac- marine risk consultant at Alli- and Joanne Chiu (Japan) to the Cape of Good Hope Maritime expertssaid the cepted operating parameters anz Global Corporate&Spe- contributed to this article. P2JW084000-0-A00800-17F7DF7178F

A8 | Thursday, March 25, 2021 THE WALL STREET JOURNAL. WORLD NEWS EU,U.K. Work to Ease RiftOverShot Supply

Bloc weighs system vaccine supply forall our citi- onddoses by up to 12 weeks with the bloc.“We will con- for export bans, but zens,” they said. so it can inoculate more peo- tinuetowork with European It wasn’t clear exactly what ple faster. partnerstodeliver the vaccine both sides pledge to steps were under discussion, Ablock on the Pfizer vac- rollout, so all Ican sayisthat and officials said talks would cine could potentially mean we in this countrydon’t be-

expand deliveries S continue on these in the com- that people who have had the lieveinblockades of anykind, NEW

BY LAURENCE NORMAN ing days. G firstdose don’t getasecond of vaccines or vaccine mate- TheEuropean Commission, forevenlonger,and that their rial. That’snot something that TheU.K.and European the EU’sexecutive, set out a protection from Covid-19 this countrywould dream of OOMBER

Union said they were working proposal Wednesdaythat BL wanes.London hasn’t im- engaging in,” he said. on steps to defuse afight over would give the bloc’s govern- T/ ported anydoses of the vac- Going intothe summit, vaccine supplies after the EU mentsmorepowertoblock cine developed by AstraZeneca thereare differences among

set out aplan that would vaccine exports. Theproposal WIJNGAER PLC and the University of Ox- EU leadersabout whether to makeiteasier forthe bloc’s is mainly aimed at the U.K., ford,the other vaccine being morewidely deployabar on

governmentstoblock Covid-19 which leftthe EU last year and NDEN used in the U.K.,sinceJanu- vaccine exports. VA

vaccine exports. has imported millions of doses T ary, U.K. officials say. Thecommission is propos- Afterdays of talks among from the bloc but hasn’t ex- British officials have ing that the newpowers could GEER senior U.K. and EU officials, ported any. The U.K. is vulnerable to a bar on exports of the Pfizer vaccine. warned that anymovetoblock be used against anycompany, the two sides said they were EU leaderswereexpected Pfizer vaccines coming from but manyofthe EU’smajor discussing specific steps to to givebroad backing to the With the bloc’svaccine roll- ber states including Germany the EU could prompt U.K. re- capitals,including Berlin, are work together to expand vac- proposal at a virtual meeting out going far moreslowly than and Francehave announced taliation, possibly by prevent- eager to ensurethat they are cine deliveries.“Given our in- on Thursday, with formal ap- those in the U.K. and U.S.,the new lockdowns in the face of ing vaccine ingredientsfrom focused only against those that terdependencies,weare work- proval coming in the next few commission—which wasgiven rising coronavirus . reaching the Continent. have failed to deliver their ing on specific steps we can weeks. However, the real test responsibility for negotiating TheU.K.isparticularly vul- British Prime Minister Boris promised doses to the bloc. take—in the short-, medium- will be howactively leaders vaccine contracts—and na- nerable to abar on exportsof Johnson on Tuesdaysaid he That suggeststhat some ex- and long-term—tocreatea decide theproposed powers tional governmentsare facing the Pfizer vaccine because it didn’t want to get involved in ports of the AstraZeneca vac- win-win situation and expand should be used. mounting public anger. Mem- has delayedadministering sec- afight over vaccine exports cine could be barred. Quick to Contain Virus, Asia Trails West in

Vaccine rolloutsaround the targetsfor having vaccines trol, China would seem to have world have upended the narra- available to the general popu- manyadvantagesinrolling out tiveofthe pandemic’sfirst lation. President Biden has an campaign. It was year,asthe Asian countries said the U.S. would have one of the firstcountries to ad- that succeeded in containing enough forevery American minister vaccines outside clini- Covid-19 have nowfallen be- adult by the end of May. caltrials,giving experimental hind much of the West in the Countries such as China, shotstohundreds of thousands race toward herd immunity. SouthKorea and Australia of people last fall while the tri- CK

have been under lesspressure als were still under way. TO By Dasl Yoon in Seoul to vaccinatebecause they have Public-health expertspoint to and Chao Deng been so successfulatcontain- anumber of factorsthat could ing the virus through border be slowing the rollout, including SHUTTERS

in Taipei A/

controls, quarantines and ag- difficulties in increasing produc- /EP Most Asian countries have gressive . tion enough to serveboth the NHAP

administered doses to lessthan But without herdimmunity, largest population in the world YO 3% of their populations,while countries risk introducing new and agrowing list of foreign Nurses at a training session this month in Seoul. South Korea has vaccinated 1.3% of its population. mainland China and cases of Covid-19 if they countries China has promised to have vaccinated about 5%, ac- loosen border controls and so- supply.Beijing also has leftthe a29-year-old high-school vaccines if they were given a 70% to 80% of its people by cording to Our World in Data, a cial-distancing restrictions. bill forlocal vaccine campaigns teacher,said she declined to year ago,” she said. “I don’t early next year.But he said the projectbased at OxfordUniver- Retaining thosemeasures, to local governments, and some getinoculated through her em- feel the need to take that risk countrycould getgood protec- sity.The U.S. has administered though, weighs on their econ- regions have shown reluctance ployer. She noted that the city at the moment.” tion from inoculating key peo- at leastone dose to roughly omies by making it harder to to come up with the funds hasn’t reported aCovid-19 case Chinese officials have re- ple,such as medical staff and 25% of the population, and the attractinvestors, foreign needed, according to officials at formonths,and said she wor- frained from talking up the other front-line workers. U.K. reached 41% this week. workers, touristsand students. China’sCenter forDisease Con- ries that vaccines developed so need to reach herd immunity While China doesn’t facean China, whose health - With domestically produced trol and Prevention. fast could pose health risks speedily. George Gao,China’s imminent crisis,its leadership is try reported about 83 million vaccines,astrong manufactur- Another factor maybehesi- that haven’t emergedyet. CDC director,said recently on under pressuretovaccinate doses administered as of Tues- ing sector and the Chinese tancy. In the southern Chinese “I am surepeople would Chinese stateTVthat he people ahead of the Beijing Win- day, has yet to announce firm Communist Party firmly in con- city of Shenzhen, Melody Chen, have been scrambling to get hoped China could vaccinate terOlympics,set forFebruary.

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THE WALL STREET JOURNAL. ***** Thursday, March 25, 2021 | A9 WORLD NEWS Turkey’s Economy Is in Trouble Again Pyongyang Erdogan’s removal of Launches central-bank governor spooks investors, may 2 Ballistic sow Missiles BY JARED MALSIN AND CAITLIN OSTROFF BY TIMOTHY W. MARTIN

Turkey’s economyisfacing North Korealaunched two fresh turmoil afterthe surprise ballistic missiles off itseast ouster of the central bank gov- coast on Thursday, the U.S. and ernor by President Recep Tayyip Japanese governmentssaid, as Erdogan added another chapter the Kim Jong Un regime’sfrus- to yearsofunpredictable eco- trations with the Biden admin- nomicpolicy, spooking foreign istration have begun escalating. investorsand possibly sowing Japanese Prime Minister theseeds of afinancial crisis. Yoshihide Suga said North Ko- On Friday, Mr.Erdogan re- reahad launched two ballistic placed Naci Agbal with Sahap missiles that landed outside its

Kavcioglu, aformer member of S maritime exclusiveeconomic

parliament forMr. Erdogan’s PRES zone,which extends about 200 Justiceand Development Party, nautical miles from the coast. who publicly sided with the TED Thetwo missiles were fired OCIA

president’scalls forlowerinter- SS between 7a.m. and 7:30 a.m.

est rates, despiteinflation hit- /A local time,traveling about 280 ting 15.6%annually in February. miles and flying at an altitude Mr.Erdogan, who has fired of about 37 miles,according to

three central bank chiefs in PRESIDENCY the Japanese and South Korean lessthan two years,prefers governments. low rates as a part of a strat- It wasthe North’sfirst bal- TURKISH egy to encourage growth. President Recep Tayyip Erdogan, with his wife, Emine, voted Wednesday in a ruling-party leadership election in Ankara, Turkey. listic-missile launch since He opposed policies set March 29,2020.“Themissile by Mr.Agbal, who raised in- of millions of refugees from launches areathreat to the terest ratesinaneffort to Concerns Mount on Turkey relies on funding from loans to the future, but the neighboring Iraq and Syria, and peaceand security of Japan fight inflation and help Turkey foreign investors to fund its cur- shake-up in confidence has terrorist attacks by Islamic and the region and aviolation pull back from the brink of cri- Foreign Payments rent-accountdeficit. some worried that institutions State and Kurdish militants. of United Nations resolutions,” sis.Mr. Agbal’spolicies en- Turkish banks have $88.7 will want repayment and not Separately, the adoption of Mr.Sugatold reporters. couraged investorstopour bil- billion in short-term, foreign- push back loans. lowinterest ratesand other U.S. officials confirmed that lions of dollarsback intothe Turkish PresidentRecep currency, external debts matur- The removal of Naci Agbal unorthodoxeconomic policies Pyongyang had test-fired two countrysincehewas ap- Tayyip Erdogan’sousterofacen- ing in the next year, according “is a kind of event that can be has at times seen international short-rangeballistic missiles. pointed in November. tral bank chief trustedbymany to Capital Economics. The the trigger of a balance-of-pay- investorspull money out of SouthKorea’sNational Se- Mr.Agbal’sdismissal trig- foreign investors has renewed debts are equivalent to about ments crisis because now the Turkey.In2018,itwas curity Council, following an geredonMondayone of the fears of abalance-of-payments 12% of the country’s gross do- credibility to me seems to be plunged intoacurrencycrisis emergencymeeting,expressed worstsingle-dayselloffs of crisis, in which Turkey would be mestic product. lost,” said Nikolay Markov, a se- afterinvestorswithdrew deep concern,according to the lira-denominated assets, as in- unable to payfor essential im- In past years, banks have nior economist at Pictet Asset money afterthen-President presidential Blue House. vestorsscaled back their expo- ports or serviceits foreign debts. been able to roll over those Management. Donald Trump doubledsteel TheBiden administration’s sure to the currency. The lira and aluminum tariffs on the reaction will be an early test fell 7. 5% against the dollar in countryduring adisputeover forthe two countries’ relations. one day. Mr.Erdogan defended his erned Turkey as prime minis- structureand adopted policies a detained American pastor. President Biden, who has said a Mr.Kavcioglu has sought to policyonWednesday, saying terand later as president since to encouragegrowth. Thecurrencystabilized only denuclearized North Koreais reassuremarketsbysaying he this week’smarket volatility 2003,oversaw yearsofrapid But over the past decade, afterthe central bank was the goal, has promised to bring would curb inflation but didn’t reflect the strong foun- economic expansion during his Turkey has wrestled with insta- forced to raise rates to 24%in principled diplomacytothe is- hasn’t said whether interest dations of Turkey’s economy. first decade in power as the bility,including popular protests September 2018,wherethey sue.But his administration has rates will change. Mr.Erdogan, who has gov- government invested in infra- against Mr.Erdogan, an influx remained forabout 10 months. yettospecifyits approach. Israel’sElection Impasse Threatens Covid Recovery

BY FELICIA SCHWARTZ rolled out the world’smost ex- and build political sup- months now, the longest pe- tensivevaccination program. port to protect himself against riod in its . Infrastruc- —After four elec- “I don’t knowifit’sbroken, the allegations of bribery, fraud ture spending and other gov- tions in two years, Israel faces but something isn’t working,” and breach of trust that he is ernment programs arestalled, another long stretch of uncer- said Avigail Katz,26yearsold, facing,and which he denies. including plans forahigh- tainty as Prime Minister Ben- from . She said she “Aslong as Netanyahu is speed rail link between Tel jaminNetanyahu searches for votedfor the left-wing Meretz around and needed in order to Aviv and Eilat, a port and re- away to stay in powerfollow- party this time afterthe center- form a government, the crisis sort on the Red Sea. Thebe- ing this week’sinconclusive leftBlue and Whiteparty failed will continue unlessNetan- ginning of the school term vote, potentially damping the S to oust Mr.Netanyahu in the yahu will find away out of his earlier this year wasdelayed

country’srecoveryfrom the PRES previousthree elections and legalwoes,” said Yohanan Ple- when the parliament neglected

Covid-19 pandemic afterasuc- TED joined his government instead. sner, president of the Jerusa- to passaspecial budget for cessfulvaccination campaign. “I will vote again, but Ireally lem-basedIsrael Democracy schools to open. The lack of a OCIA

Tuesday’svoteappeared to SS wish we won’t have to.” institute. long-term budget also has af- leave Mr.Netanyahu without a /A Political analystssay Mr. With aprotracted period of fected the Israeli military’s

clear to return as premier, HALIT Netanyahu commands enough deal making and horse trading midterm procurement plans. prompting him to look fora SC support in his ownbase that it in store, few commentators Israel has spent $788 mil-

rangeofpotential coalition ARIEL is difficult forhis rivals to form are ruling out the prospect of lion on Covid-19 vaccines, ac- partners, possibly including Benjamin Netanyahu doesn’thave aclear path to return as premier. agovernment without him. A afifth election at the same cording to Health Ministryfig- one of Israel’sArabparties.His continuing corruption trial— time the cost of the paralysis ures presented to parliament. rivals,divided by ideologyand acoalition, according to Israel’s newgovernment, however, andagrowing feeling that Is- is starting to mount and busi- Without afull-time budget, their ownpersonal ambitions, Elections Committee, which has leaving manyvoters, lawmak- rael’slongest-serving leader nesses aretrying to chart a the Knesset financecommittee aren’t faring much better. tallied about 88% of the vote.A ersand commentatorsworry- simply has been in the job for path to recovery afterthe pan- must separately approvefunds His Likud party is on track to final count is expected to be re- ing about what it would take to toolong—also makes him toxic demic.Israel’sunemployment to back the campaign. Some win some 30 seatsinthe 120- leased later this week and the break the stalemate, and how to some of his potential part- rate is 16.7%, down from a 60% of the population has now member Knesset, making it the seat tally could shift. it mightdamp Israel’sefforts ners with asimilar political pandemic high of 27%. had at least one dose. largest group in the legislature It could take weeks if not to bounceback from the coro- stand. This makes it harder for Israel has been without a —Dov Lieber and the upper hand in forming months to stitch together a naviruscrisis afterthe country Mr.Netanyahu to return as permanent budget for13 contributed to this article. WORLDWATCH

UNITED KINGDOM Tougher Asylum Rules Draw Criticism The British government said Wednesday that it would toughen immigration rules to make it harder for people who arrive by unauthorized routes such as small boats and truck stowaways to be given asylum. Home Secretary Priti Patel said asylum seekers who come to Britain through organized, sponsored routes, would have their refugee claims considered promptly and would be given

support to settle. Those who /REUTERS sneak into the country will be VIS given only temporary permission DNA FA to stay,will receivelimited bene- fits and will be “regularly reas-

sessed forremovalfromthe U.K.” ANUSHREE Refugee groups and immigra- A woman cried during a candle vigil in , , on Wednesday that was organized by the tion lawyers say the plan un- Chin Refugee Committee, to pay tribute to people who died in Myanmar after the military coup. fairly discriminates against refu- gees based on the way they got conciliatory gesture by the mili- sociation for Political Prisoners clerics, as well as nuns, who to the U.K. tary that appeared aimed at pla- says that at least 275 people work at the Holy See. Ms. Patelsaid the changes are cating the protest movement. have been killed in connection In adecree published online needed to stopillegal people- Witnesses outside Insein with the crackdown. Thousands Wednesdaybythe Vatican’soffi- smuggling rings, and will make Prison in Yangon sawbusloads of have also been arrested, and cial L’OsservatoreRo- the systemfairer because it won’t mostly young people, looking more than 2,000 remain in cus- mano,the pope said thatstarting giveanadvantage to those who happywith some flashing the tody or have charges against in April cardinals’ salaries will be can payfor their passage. three-finger gestureofdefiance them outstanding. reduced 10%. Superiors of the Holy —Associated Press adopted by protesters. State-run —Associated Press See’svarious departments, who, TV said atotal of 628 were freed. with fewexceptions, areclerics, MYANMAR Also Wednesday, Thein Zaw, VATICAN will be hit by 8% cuts while lower- a journalist for the Associated ranking priests and nuns will see Junta Frees 628 Press who was arrested last Pope Cuts Pay for 3% vanish from their paychecks. Coup Protesters month while covering an anti- Cardinals and Others The pope noted that the Holy coup protest, was released. See’s finances have been marked Hundreds of people impris- Myanmar’s security forces Trying to save jobs as the by several years of deficit. Wors- oned for demonstrating against have cracked down violently on pandemic pummels Vatican reve- ening those financial woes was last month’s coup in Myanmar protests against a Feb. 1 coup. nues, Pope Francis has ordered the Covid-19 pandemic, he said. were released Wednesday, a rare The independent Assistance As- pay cuts for cardinals and other —Associated Press P2JW084000-4-A01000-1------XA

A10 | Thursday, March 25, 2021 **** THE WALL STREET JOURNAL. FROM PAGE ONE Harris to Lead Efforts to Ease Border Influx

BY TARINI PARTI the Biden administration to ple to makethe trek…tocome previous experienceasCalifor- ing on Mr.Biden to go to the hadsaid during the transition stem the flow amid calls fora here,” she said at the White nia’sattorney general in choos- border himself.“Talk to the he would employthe vicepresi- President Biden has asked tougher line from Republicans. House. ing her forthe task,which is people in charge at theport of dent: putting her in charge of Vice President to “There’snoquestion that Senior WhiteHouse officials similartothe one Mr.Biden entries,the border patrol, and themost urgent issues that he lead the administration’sdiplo- this is achallenging situation,” have been dispatched to Mexico playedwhen he wasvicepresi- they will tell youwhat you couldn’t fully focus on. matic effortswith Mexico, El Ms.Harris said Wednesday. and Guatemala this week in a dent and led the Obama admin- need to do to stop this flow,” Biden administration offi- Salvador,Guatemala and Hon- “While we areclear that bidtocurtail the flow of mi- istration’sdiplomatic effortsas he said. cialshavesaid the migration duras to stem the surge of mi- people should not come to the grantsacrossthe U.S.-Mexican it faced an increase in migrants Mr.Biden said over the surgeispartly seasonal and grants at the southern border. border now, we also under- border,including by leaning on and unaccompanied minorsat weekend that he would visit stems in part from the Trump Theassignment comes as stand that we will enforce the the Mexican government to the border. the U.S. southern border “at administration’sdefunding of apprehensions at the border lawand that we also—because keep migrantsfromthe three Earlier on Wednesday, Sen. some point.” Asenior adminis- effortstoaddressthe root areonpacetohit highs not we canchewgum and walk at Northern Triangle countries LindseyGraham (R., S.C.)said, tration official said the an- causes of migration from the seen in 20 years, prompting thesame time—must address from getting to the U.S. border. “The Bidenadministration has nouncement of Ms.Harris’srole poverty-and violence-plagued moreaggressiveaction from the root causes that cause peo- Mr.Biden cited Ms.Harris’s lost control of the border,” call- is in line with howMr. Biden Northern Triangle countries. Behind the Migrant Surge

ContinuedfromPageOne firstfivemonths of this fiscal S

year,fromjust over 37,000 dur- PRES

ing the same period in 2020. TED

During the same period in 2019, CIA morethan 136,000 families SO AS

were arrested at the border. EZ/

Some are camping out at the RT border in hopes that the Biden CO

administration will soon allow JULIO them thechancetocome into S;

theU.S.legally. NEW José Antonio Cruz had lived G in the U.S. illegally for18years beforehewas deported after OOMBER BL

being detained forspeeding in O/ SS

2018.Helefthis hometownin RO

central Mexicolast week in O hopes of crossing the border in FILIPP

coming weeks and restarting O his small construction business OL NIC

in Texas. P: “The economyisgoing to re- TO activateveryquickly in the U.S. OM FR They arealready reopening,so Migrants from Honduras walked along a railway track in Tenosique, Mexico, on March 8, above. Below, a Customs and Border Protection officer processed migrants it is averygood moment to be after they crossed into the U.S. in Roma, Texas, on March 24. there,” Mr.Cruz, 41, said by telephone from aCatholic shel- home policies throughout the their owncountries,such as terinnorthern Mexico. region have created pent-up de- poverty and violence. mand to migrate, said Theresa Illegal immigration from Cardinal Brown, director of im- Mexico to the U.S. peaked in Evading detection migration and cross-border pol- 2001 at an estimated 1.6mil- It’sunclear howmanypeo- icyatthe Bipartisan Policy lion, afteryearsofsteady pleare making it intothe U.S. Center,aWashingtonthink growth, according to Border by crossing the border illegally. tank.She said the factorsthat Patrol statistics.But migration Estimates compared with how cause people to migrate, such began to slowunder acombi- manyare apprehended vary as poverty,haveonly gotten nationofstricter border en- widely.A2017Homeland Secu- worseduring the pandemic. forcement, amorestable Mexi- rity report estimated that be- “The policies at theborder caneconomyand demographic tween 55% to 85% of immi- have come and gone and changes in Mexicothat meant grantscrossing the border changed, but the migrantskeep feweryounger males entering illegally in 2016 were appre- coming,” she said. the workforce everyyear. hended. Adrián Cahun, who came to Now, not only is the U.S. During the past seven days, the U.S. illegally and worked in economyexpected to grow border officials estimated that SanFranciscorestaurantsasa about 6% to 7% this year,but about 6,500 people evaded de- dishwasher and bartender for Mexico’seconomyisalso in tection while entering the U.S., six yearsbeforereturning to particularly bad shape amid the according to aperson familiar his ruralhometownofOxkutz- pandemic.The country’secon- with the government’sinternal cabin2008,said he plans to omycontracted about 8% last estimates. again crossthe border as soon year.Mexico’spopulist presi- Migrants and immigration as the pandemic ends. dent has implemented the analysts offer several explana- “Ifthere’sarecoveryinthe smallest stimulus of anymajor tions forthis year’s surge.The U.S.,it’seasier to go thereand developing economy. U.S. is hiring afteralong and find work,” said Mr.Cahun. He While the U.S. has vacci- brutal pandemic,while Mexico had savedenough money while nated roughly athirdofits lost some 2.4million jobs last he wasinthe U.S. to build a away.Manytry to re-enter.The wasalmost empty during the Civil Liberties Union has sued population, Mexicohas inocu- year. houseand open acafeteria in percentageofmigrantscaught pandemic.The businessofmi- the government, arguing the lated under5%, which means Additionally,some migrants Oxkutzcab. With few affluent at the border who had already gration has become hot again,” practice illegally blocks mi- the pandemic is likely to last saythereisawidespread per- customersthere, he said, he been caught oncegrewto she said. grantsfromasking forasylum farlonger. ception that it’sbecome eas- closed the cafeteria afew years nearly 40% during the past six Victor Manjarrez,aformer or other protections in the U.S. ier—andmoreinviting—to en- ago. He currently works filling months,compared with 7% in chiefpatrol agentinboth El Both sides aretrying to negoti- terthe U.S. under President shelves at asupermarket. 2019. Paso and Tucson, said reports ateasettlement. Economic recovery Biden than under former Presi- “Manywereafraid of Trump “That’sthe wonderfulthing from the border remind him of TheBiden administration Illegal border crossingsby dent Donald Trump. and most didn’t want to tryto now. Youhavethe opportunity his days patrolling southern Ar- had initially followedthe adult males areoften an indica- “Expectations were created crossthe border,” he added. to bat again and again. That’s izona in the early ,when Trump administration ap- torofaU.S.economic recovery. that with the government of “But nowmanyhereare think- betterfor us,” said Lucio Porti- that sector wasthe border’s proach of returning families Over the past three decades, President Biden therewould be ing of emigrating to the U.S.” llo,a44-year-old Honduran mi- busiest. Themajority of illegal caught at the border back to links between communities in abettertreatmentofmi- grant who is nowinMexico border crossersthen were sin- Mexico, too. But that changed Mexicoand the U.S. have grants,” Mexican President An- planning to crosstothe U.S. in gle adultsfromMexico. afterMexico’sgovernment, at strengthened through networks drésManuel LópezObrador Caught search of work. “Thereisn’t that idea of an therequest of Unicef,barred of relatives and acquaintances said at his daily pressconfer- Last March, as the pandemic Sara Abdala, who manages a impact, of aconsequence,” said the practiceofholding the chil- who have emigrated from rural enceonTuesday. “And this has took hold, the Trump adminis- shelter in Altar,amigrant hub Mr.Manjarrez,now an associ- dren and families at Mexican villages.Sowhen arestaurant caused Central American mi- tration invokeda1944public- some 70 miles from the Ari- atedirector at the University of federal detention centers, hand- in SanFranciscoishiring,word grants, and also from our coun- health law, Title 42, to immedi- zona border,said she knewa Texas and El Paso’s Center for ing them over instead to afam- gets back quickly to Mexico. try, wanting to crossthe border ately expel anymigrant caught Honduran migrant who re- Law& Behavior.“That’s ily welfareagencythat has far Friends and relatives in the thinking that it is easier to do crossing the border back to cently tried six times in two what Iwould be telling my lesscapacity. U.S. provide lodging to new- so.” Mexicowithout processing weeks until he managed to en- troops—that consequences Though some families are comersand help financethe TheDepartment of Home- them at cramped detention fa- terthe U.S. without being de- work.” still being returned to Mexico, $10,000 that coyotes currently land Security said in astate- cilities,whereCovid could tected. TheBiden administration most arebeing released into charge foratrip that is likely ment, “Thereisnochangein spread. “The town has come back to hasn’t announced plans forthe the U.S.,wherefederal law to crossthe Sonoran Desert, policy: the border remains Thechange, particularly for lifeinrecent months afterit fateofTitle 42. TheAmerican prohibitsfamilies with chil- whichstretches from Mexico closed. Families and single single adult males,marked a dren from beingheld more through Arizona and California. adultsare being expelled under departurefromborder policies than about 20 days.Spacein Some who settled in the U.S. Title 42 and should not attempt under former presidentssince family detention centershas decades agoand were deported to crossillegally.” Thedepart- George W. Bush. been limitedbecause of the arealso trying to reunitewith ment added that some families Beforethe 2000s,most Mex- pandemic,though Immigration their families. will be released intothe U.S. if icans caught at the border had and Customs Enforcement an- That includes Mr.Cruz, who Mexicodoesn’t accept their re- been allowedtoreturn home nounced this week anew $86.9 said his wifeand American- turn and thereisnobed space with little consequence, and million contract forabout born 9-year-old daughter are available at Immigration and othermigrantsweretypically 1,200 beds. waiting forhim in SanAntonio. Customs Enforcement facilities. allowedintothe U.S. with or- ActingICE Director TaeD. He said he has been in regular Title 42 refers to apublic- derstoreport back to immigra- Johnson said in astatement contact with adozenrelatives health lawused by the Trump tion authorities later. that the contract includes in Texas,some of them undocu- administration at the beginning Then the U.S. started for- money forCovid-19 testing and mented, who have encouraged of the pandemic to turn nearly mally deporting most migrants other health screenings. him to come. all single adultsback at the caught at the border.Insome Most released migrantsare Twoyoung cousins have re- border rather than detaining or Border Patrol sectors, adult given orderstoreturn to an cently been hired at alocal res- formally deporting them. That crosserswerechargedwith a immigration court at alater taurant afterbeing unemployed makes it easier to trytocross criminal offense and often dateand facepossible deporta- formonths,hesaid. A55-year- again—leading to another fac- spent weeks or months in jail tion. But because the flow of old brother-in-lawwas vacci- torinthe increase. beforebeing deported. Anyfur- families has increased in re- nated last week and has re- TheBiden administration ther attempt to crosscould re- cent weeks,border agentsin started his work at ashopping has curtailed manyofthe sult in more jail time in the U.S. the Rio Grande Valley arenow mall in Dallas. Trump administration’sen- During the Obama adminis- releasing some families with He said migration to the U.S. forcement policies focused on tration, migrantsfromMexico children age 6 or younger won’t ever changeunlessMex- those already in the U.S. Immi- were oftensent to border cities without acourt date, leaving icodevelopseconomically. gration and Customs Enforce- far from wherethey had been them effectively free to move “Your work doesn’t yield ment officersand agentshave caught, or flowntothe interior within the U.S. much in Mexico,” he said. “In been told to focus their re- of Mexico. Migrantsfromcoun- /REUTERS Analystsoften describe fac- the U.S. youwork hard, but you TIF

sourcesonrecent border cross- tries other than Mexicowere LA tors that “pull” migrants see the benefitsquickly.That’s ers, serious criminals and those oftenflown back home. north—such as astrong U.S. whyIwant to return.” who pose athreat to national Under Title 42, nearly all economyorlax U.S. immigra- —Michelle Hackman and ADREES security or public safety. single adult migrantsremain at A migrant from Honduras seeking asylum embraced his 4-year- tion enforcement—and “push” Santiago Pérez contributed to Thepandemic and stay-at- the border afterbeing turned old son after they crossed the Rio Grande into the U.S., March 10. factorsthat drivethem out of this article. P2JW084000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Thursday, March 25, 2021 | A10A GREATER NEW YORK Lawmakers Reach Deal to Legalize Pot

NewYork is poised to budget proposals in 2019 and agreement, anew stateOffice ment officerswho aretrained 2020, but it was taken out af- of Cannabis Management to detect impaired driving, become the 15th state terdisagreementswith fellow would issue licenses forgrow- 20%ofremaining revenue to allowthe recreational Democrats who dominate the ing marijuana, as well as its would be dedicated to treat- Assembly and Senate. sale forrecreational use by re- ment andpublic education, use of marijuana During an unrelated brief- tail stores or deliveryservices. 40% to school aid and 40% to ing on Wednesday, Mr.Cuomo Localities in the statewould afund that would makegrants BY JIMMY VIELKIND said, “We’reclose,but we’ve be able to permit businesses for social equity. been close three times before.” that sell marijuana foron- Ms.Peoples-Stokessaid this ALBANY—Afteryearsof Spokesmen forthe governor premises consumption, subject funding is crucial for rebuild- false starts, NewYork state didn’t respond to specific S to some restrictions. ing inner city neighborhoods

lawmakerssaid Wednesday questions about the bill. PRES Mr.Cuomo had proposed that were impacted when resi-

that they had reached an agree- Ms.Krueger,aManhattan TED that the new Office of Canna- dentswereconvicted of past

ment to legalizethe sale of Democrat who is sponsoring OCIA bis Management be under his marijuana sales.

marijuana forrecreational use the measure, said the final leg- SS control. According to Ms. “It’simportant to use re- by adultsstarting next year. islation has evolved afterin- /A Krueger and other people fa- sourcestogoback and do a State Sen. Liz Krueger said put from industrystakehold- miliar with the subject, under deep divetolook at who these lawmakersare finalizing abill ers around the country. PENNINK the legislation, the office people are, what’sthe status that would create a new state “I think that will giveusa would report to afive-member of their lifenow and see what HANS regulator forcannabis prod- head start on agood program, State Sen. Liz Krueger said legislators are finalizing a bill that board on which the governor they need,” she said. uctsand decriminalizethe because we were able to watch would create a new state regulator for cannabis products. has three appointees and the Both Ms.Krueger and Ms. possession of up to 3ounces what other states went Senateand Assembly may Peoples-Stokessaid the bill of marijuana. through and hopefully come up In February, NewJersey young people that using recre- each nominate a person. wasstructured so that people NewYorkerswill be al- with something that addresses Gov.Phil Murphysigned abill ational marijuanaisacceptable.” Another sticking point dealt who sell or have sold mari- lowedtocultivatemarijuana the problems,” she said in an legalizing and regulating can- ManyRepublicans have said with the distribution of reve- juana illegally would have a forpersonal use and the state interviewWednesday. nabis use and possession, and they would vote against the nue,which the stateestimates chance to gain licenses in the will study anew system for Fourteen states and three Gov. Ned Lamont recreational use of marijuana, could be about $300 million a regulated market. determining whether drivers territories have legalized rec- hasproposed legalizing mari- but they arerelegated to the year when the program ma- But the measuresimultane- areinebriated because of mar- reational marijuana, according juana to fund municipal aid minority of the Senateand As- tures. Under the legislation, ously allows the state’s exist- ijuana use, she said. to Conference of and other measures. sembly. the state would levy a 9% tax ing medical marijuana compa- Themeasureisset to be State Legislatures.New York NewYork’sbill still has op- Both Ms.Krueger and As- on retail sales,and localities nies—whose operations must takenupnextweek by the would join itsneighborsinan ponents. sembly Majority Leader Crys- would levyanadditional 4%. be vertically integrated, by stateAssembly and Senate, expansion of legal marijuana Law-enforcement organiza- talPeoples-Stokes, aBuffalo Towns,villages and cities may law—tobegin selling whole lawmakers said. sales. tionsand the NewYork State Democrat who is sponsoring opt out of retail and delivery flowermarijuana instead of Gov. has began per- PTAissued astatement earlier the legislation, said they have marijuana sales, according to only extracts. proposed legalizing marijuana mitting the sale of recre- this monthsaying that recre- the votestopassthe bill in the proposal. They also would be able to in thestate budget that is due ational marijuanain2018,and ational marijuana is a“public their respective chambers. Afterfunding the - enter the recreational market by next week.Heput mari- Vermont enacted a marijuana and child health threat and According to legislatorsand tions of the OfficeofCannabis but must maintain their medi- juanalegalization intohis law in 2020. sends amixed messageto other people familiar with the Management and law-enforce- cal offerings. Va ccine Role Brings NewYorkDoctor ‘Lightness of Spirit’

BY MELANIE GRAYCE WEST off athirdwavethrough a massvaccination push that in- Ayear agothis week,hospi- volves thousandsofhealthcare tals in NewYork City were al- workers. ready feeling the surge of pa- Morethan 930,000 New tientswith Covid-19 and York City adult residentshave Daniela Diaz wasonher sec- been fully vaccinated, accord- ond pivot of the pandemic. ing to city data. MayorBill de Dr.Diaz,34yearsold, is a Blasio hassaid forweeks that (2) family medicine physician and the city has the infrastructure

the associatemedical director to administer ahalf-million JOURNAL of NewYork-Presbyterian’s doses of vaccine each week,if REET

Farrell Community Health supply was available. ST

Center,which offersprimary Therewill be amajor boost LL

care to underserved popula- in vaccine supply starting in WA

tions in Upper . the firstweek of April, the THE R

Likeuntold numbersof mayorsaid Tuesday, and the FO healthcareworkersacrossthe goal is to fully vaccinatefive O

city,Dr. Diaz added to her day- million New Yorkers by June. TULL to-dayrole in the past year to Thevaccination push comes take on aseries of newones amid warningsabout ahigh VINCENT under extreme circumstances. plateau of daily Covid-19 infec- Daniela Diaz helps lead NewYork-Presbyterian’svaccination effort at the Fort Washington Armory in Manhattan’sWashington Heights. Her responsibilities have tions in NewYork City,includ- Morethan 930,000 NYCadults have been fully inoculated, citydatashow. Below, apole outside the Armory is coveredinstickers. ing in communities that were devastated in the initial surge. lief in equal measure, said Dr. the same quality,safety and After a grueling To date, morethan 30,500 Diaz. efficiencyinanoperation that residents have Raised in NewYork City,Dr. would normally take months year, Dr. Diaz says died of Covid-19, according to Diaz,who is Dominican, was to develop. helping to lead the city data. born in the hospital steps Thetwo doctorsare close “Now is the time to redou- away from the vaccination colleagues and friends.Dr. effort is ‘wonderful.’ ble our efforts, particularly site. She attended the presti- Chackowas tapped to set up a nowthat we have vaccination gious, public Hunter school, cough, cold and feverclinic for as such an important tool in graduated from Columbia Uni- possible Covid-19 patientsina our arsenal,” said Dave A. versity’s medical school, tent in the parking lot of Allen morphed and expanded at Chokshi, the city’s health com- whereshe is nowanassistant Hospital in northern Manhat- least seven times,fromsetting missioner,during apress con- professor, and completed her tan early on in the pandemic. up atelehealth servicefor her ference this week. residencyatNewYork-Presby- She brought along Dr. Diaz as regular patients, to inpatient TheArmoryisone of more terian. Her mother,Angela her deputy. Later, Dr. Chacko care at one of the city’s hard- than 450 vaccination sites Diaz, is aphysician and the di- asked Dr.Diaz to help out with est-hit hospitals,tohelping open to the eligible public rector of the Mount Sinai Ado- an antibody testing effort in lead NewYork-Presbyterian’s around the city.Roughly 1,500 lescent Health Center. the tents in late April. mass-vaccination effort at the people aday filter through the When she meetspatients, Dr.Diaz,said Dr.Chacko, is Fort WashingtonArmoryin site, looping through the sto- said Dr.Diaz,she sees in them tireless, nimble and dedicated WashingtonHeightsasamed- ried building along its200- her uncles and aunts. And pa- in every role. ical director. meter track.Morethan 75,000 tients, she said, see them- “She has areal brain for It is this last role, she said, people have been vaccinated selves in her. systems. She is just really in- that is finally bringing “a theresinceits opening,ac- So when therewerediffi- credible at looking at an oper- sense of joyand lightnessof cording to a spokeswoman. cult conversations last spring ation or howsomething is spirit.” Most of the people adminis- about the care or the decision and quickly being able “People will be able to see tering vaccines or helping pa- to intubateahospitalized to assess what’s working well their grandkids,tohavethe tients are NewYork-Presbyte- loved one with Covid-19,she andwhat’snot working well weddingsthey want to have, rian workersorfromthe said, family memberswere and howtomakethose to travel again and to help wider moreeasily able to advocate changes,” said Dr. Chacko. bring normalcytothe world,” community.The sitegives pri- in anative languageand with- Drs. Chackoand Diaz said Dr.Diaz said. “It’swonderful.” ority to vaccinations for peo- out the concern of appearing when the system’s10hospitals Sharon M. Chacko, the Farrell setting up the Armorysite NewYork City is in anew ple in the immediateneighbor- disrespectful. hit apeak of Covid-19 patients Center medical director and took big vision and adrenaline. stage of the pandemic. hood, a predominantly Latino Manyhospitalized patients on April 10.Dr. Diaz still tears the other medical director for During the initial days, After Covid-19 ripped community that was among stay in her memories,includ- up,she said, over patientsshe the Armorysite, were asked to joked Dr.Diaz,“We were through the city last spring thosehardest-hit during the ingsome who arrived at the remembersfromthis time. lead the clinical aspectsofthe reaching likehalf-marathon and the holidayseason created firstwave. Thevaccination ef- hospital able to talk and then “On apersonal, emotional ArmorysiteonJan. 8. Thesite levels in howmanysteps asecond wave of newinfec- fort bringsthe pandemic full declined rapidly.Dr. Diaz was level,Iamaseasoned com- opened Jan. 14. we’regetting in aday just tions and hospitalizations,city circle forsome healthcare caring forpatients at NewYork- partmentalizer,” Dr.Diaz said. Thechallenge, said Dr. walking up and down the Ar- officials arehoping to stave workers, providing joyand re- Presbyterian’sAllen Hospital Dr.Diaz and colleague Chacko, wastorapidly provide mory.” NYPD Creates Online Filing for Some Criminal Complaints

BY BEN CHAPMAN Thenew servicecomes abriefing to announcethe maybecome eligible foronline websitethat became opera- John JayCollegeofCrimi- amid other effortstoleverage serviceonWednesday. reporting in the future, the of- tional last month, including nal JusticeAssistant Professor NewYork PoliceDepart- technologyusing the depart- Thefour categories of com- ficials said. theposting of some officer- Christopher Herrmann said ment officials areencouraging ment’s websiteand is meant plaintscurrently accepted us- Afterreportsare submitted disciplinarydataonline in a that it is relatively rare forde- membersofthe public to re- to streamline the processof ing the online reporting sys- online,userswill receiveim- searchable database. partmentstotakecriminal re- port some low-level crimes to taking criminal reportsfrom temaccount foralmost a mediateemails confirming TheNYPD also recently portsonline,but the NYPD’s the department using anew residents, which in most cases quarter of the totalcomplaints their receipt. made traffic-accident reports newtool is popular with offi- online tool that the officials previouslyrequired an in-per- fielded by the NYPD,accord- Within amatterofdays, available online. cers because it reduces the announcedWednesday. son visit to aprecinct station, ing to police department offi- the NYPD will send afollow- Thenew crime-reporting need formanually completed Thenew tool became oper- NYPD officials said. cials. up email, including an official system also will be used to in- forms associated with the ational on March15and is “Instead of schlepping into Theofficials said that many complaint report number. form the NYPD’songoing pa- complaints. called the NYPD On-Line Re- adepartment officetodothat, such complaintsaren’t investi- An officerwill contact us- trols,policeofficials said. “It makes it easier for peo- portingService. younow have the convenience gatedbydetectives but arein- ersiffurther investigation or Reports of graffiti, forin- ple to makeminor com- It currently acceptscom- to do some of that from stead used to guide operations information is required. stance,will be used to help plaints,” Mr.Herrmann said. plaintsoflost property,petit home,” said MatthewFraser, such as officer street patrols Mr.Fraser said that the guide anew graffiti clean-up “Cops arethrilled because it’s larceny,misdemeanor criminal NYPD deputy commissioner and graffiti-cleanup efforts. newreporting system builds program launched by the de- going to mean lesspaper- mischief and graffiti. forinformation technology, at Additional types of crimes on changes to the NYPD’s partment last month. work.” P2JW084000-2-A010B0-1------NS

A10B | Thursday, March 25, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK GREATER NEW YORK WATCH

ROCKLAND COUNTY Ponsetto in the lobbyofthe Arlo Hoteland thathotel manager Missing Firefighter’s Chad Nathan helped her and de- Body Is Recovered manded thatthe teenager turn overhis phone forinspection. The body of a firefighter who Paul D’Emilia, an attorney for was trapped in a blaze that Ms. Ponsetto, said that his client swept through a suburban New is at home in California and York assisted-living home was hasn’t been informed of any found overnight, hours after the lawsuit. Ms. Ponsetto, 22, was fire caused a partial collapse of arrested two weeks after the in- the building and killed one resi- cident on charges of attempted dent, officials said Wednesday. robbery, grand larceny, acting in The firefighter was identified a manner injurious to a child and as Jared Lloyd, a 15-year volun- two counts of attempted as- teer with the Spring Valley Fire sault, according to police. Department, by Rockland County In addition to Ms. Ponsetto,Mr. Executive Ed Day. The male resi- Nathan and the Arlo SoHo LLC, dent who died wasn’t identified. the suit names Quadrum Hospi- Mr.Lloyd,a35-year-old father talityGroup LLCand 2REN LLCas of twoyoung boys,was lastheard defendants. Messages seeking from when he issued amayday commentwereleft with the hotel call from the Evergreen Court and the corporateentities. Home forAdults in Spring Valley. —Associated Press OL

PO Thirteen residents were taken S to area hospitals and one was in critical condition, said Rockland County Fire and Emergency Ser- Murphy Wants All vices Director Chris Kear. Two Students Back in Fall LENNIHAN/PRES other firefighters were injured. An investigation into the There should be no option for MARK The 3K initiativeispart of NewYork City’splan forreturning to normalcy,asparents seek child caretoallowthem to go back to work. cause of the fire is ongoing. remote learning, and all students —Associated Press should be back in person when year starts in City Expands Preschool Program MANHATTAN September, New Jersey Gov. said Wednesday. Family of Teen Sues Mr. Murphysaid that barring Over Hotel Incident a big resurgence of Covid-19, BY LEE HAWKINS and pre-K,you changethe tra- beginning is that investments 1,500 students. school districts should move jectory of a family forever.” in early childhood education Education expertshave The family of aBlack teen- ahead with Monday-through-Fri- New York City will expand Theexpansion fulfills a have aprofound impact on cited decades of research ager who wasfalsely accused of day in-person instruction. its preschool program in Sep- long-termgoal that Mr.de families,and they’realso showing that children living in stealing awoman’scellphone in a He announced newHealth tember,creating auniversal Blasio,aDemocrat, set in 2017 where we get the biggest im- poverty benefit the most from NewYork Cityhotel lastDecem- Departmentguidelines forschools program that will be open to when his administration ex- pact for the dollars we spend early-education programs.But ber filed alawsuit Wednesdayal- thatcall forallowing full-time, in- all age-eligible children across panded the free pre-K pro- on education.” anylong-term value or return leging thatthe woman and the person education nowifmasking the city,Mayor gram to include 3-year-olds. ForMr. de Blasio,expand- on investment forextending hotelengaged in racial profiling. and frequenthand-washing can said Wednesday. Theinitiativealso is part of ing early childhood education prekindergarten down to 3- The family alleges in the law- be maintained, as well as a3-foot Each of the city’s 32 dis- the city’s plan forreturning to year-olds is largely dependent suit filedinstate court in Man- distancebetween students in the tricts will offer schooling for normalcyinthe coming on the quality of the program, hattan thatKeyon Harrold Jr. classroom. 3-year-olds,expanding seats months,aslawmakersand some have said. was“violently accosted” by Miya —Associated Press by 16,500,tobring the total economistssee the availability NewYork City resident number of studentstoabout of high-quality child care as $300M Lydia Vargas’sson Jacobat- 40,000 forthe 2021-22aca- crucialfor the economic re- tended 3K school in the Bronx demic year. covery and women’sability to Additional funds NYCwill spend last year and is enrolled in Thefreeprogram, called 3K, re-enter the workforce. on classesfor 3-year-olds. pre-K nowfor five days a is expected to save eligible fam- Aspokeswoman forthe week.She also has a1-year-old ilies about $10,000 ayear,build- mayor’sofficesaid the city that she expectstoeventually ing upon the universal prekin- will allocateanadditional enroll in both programs. S dergarten the nation’slargest $300 million forthe expan- plays avital role in addressing “Childcareprograms areso PRES school district already offers. sion,made possible by the income inequality and gaps in expensivenow,” Ms.Vargas ZUMA Thecity will use part of the federal funding.About 25,000 education outcomes between said. “During the pandemic, estimated $4.5 billion in fed- studentsare enrolled in the 3K poor NewYorkersand their having access to this free pro- eral stimulus funds that the program, and Mr.deBlasio wealthier counterparts. gram has meant the world to MANTEL/ district will soon receiveto hopes to build up to “a natural Themayor’s firstpre-K ini- us as a family.” fund the expansion, Mr.de maximum” of about 61,000 tiative, which provides full-day Theearly days of the pan- Blasio said. over the next year or two. instruction for4-year-olds demic led to a roughly 3-per- MARSHALL

“It’sgoing to makethe lives “There’slotsofchoices to citywide,was akey part of his centage-point drop in labor- JOHN of parentsand families so make, always,within afederal 2013 campaign. Thepilot 3K force participation by fathers RALLY: Demonstrators in City Hall Park called Wednesday for an much better,” he said. “When budget,” Mr.deBlasio said. program launched in the and mothersofchildren under elected body to replace the Civilian Complaint Review Board, the you take the two together, 3K “But what I’vefelt from the 2017-18 academic year with age 5. agency that deals with complaints against New York City police. P2JW084000-2-A01100-1------XA

TRAVEL & ENTERTAINMENT PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. ** THE WALL STREET JOURNAL. Thursday, March 25, 2021 | A11

Angeline communities. Boulley at her When writing home in New grant requests, Buffalo, Mich. she tried to tell engrossing narra- At 55,aDebut tives to make the case for commu- nities in need. Realizing her work already involved storytelling helped reframe her vision of her- Author Finds self as a writer. She doesn’t want to sound too “woo woo,” she said, but ideas be- Success gan to come to her and a story that felt bigger than herself de- manded to be told. In her 40s and newly divorced, she picked up the pace of her writing. She hung onto insights or lines of dialogue when watching her son’s hockey games or taking long walks (she walked the 2014 Honolulu marathon). The lover added titles on writing to her reading list. She woke at 5 a.m. to write before work, then scribbled notes during her commute, before meetings and at her lunch hour. For 10 years, she chipped away at the draft. Young adult fiction felt like the right genre—she wanted to write a story for her then-preteen daugh- JOURNAL ter about coming of age as an

REET Ojibwe woman—and she sought ST

LL guidance from YA author Francisco

WA X. Stork through the mentorship

THE program We Need Diverse Books. R When she was54, transplanted FO from Michigan to Washingtonfor OCK

SC acivil servant position as director

GLA of the U.S. Department of Educa-

OR tion’sOfficeofIndian Education, YL

TA she finally had her finished draft. Morethan 60 agentsexpressed interest aftershe made her pitch BY ELLEN GAMERMAN “I did not consider myself a running newvehicle development Ms.Boulley came up with the via #DVpit, aTwitterevent for writer,” said Ms. Boulley, whose projectsatLand Rover. idea forher novel in 1983 while a unrepresented authorsfromhis- ast century: Angeline book follows an 18-year-old Native “My firstbook came out when I teenager in NewBuffalo,Mich. A torically marginalized communi- Boulley was a young American woman swept up in an wasacouple of months short of be- friend told her about anewly ar- ties.Twelvepublishing imprints mother of three. investigation of a new ing able to enroll in Medicare,” said rivedsenior at anearby high bid on her novel and she scored a Last decade: She wasa drug threatening her community. Ellen Meeropol, 75,describing her school who might be her type. two-book deal. In 2020,after a bureaucrat wondering if “I would go through times where I 2011 debut novel “House Arrest.” Ms.Boulley wasintrigued but year in Washington, she quit her L wasn’t writing for a few months or Ms. Boulley, who is a member ruled him out afterhearing he job to work on revisions to the she might also be awriter. Last year: She was a novice fin- even a year, but the story would of the Sault Ste. Marie Tribe of didn’t playsports. They never novel full time. ishing a title that had sold in a keep coming back to me.” Chippewa Indi- met. That sum- Ms. Boulley may have been a seven-figure two-book deal. NowMs. Boulley joins asmall ans, wanted to mer, she said, newcomer to publishing but she And last week, she was a debut club of later-in-lifeliterary write an “indig- Angeline Boulley, a she heardhe was firm in her convictions about author with the arrival of “Fire- ingénues. enous Nancy wasanunder- her novel. When her editor and keeper’s Daughter,” her splashy Sue Monk Kidd was 53 when Drew.” She former civil servant and coveragent in- agent told her that a sexual as- young-adult thriller. Michelle and she launched her first novel “The found her fic- mother of three, landed volved in a sault scene in the book might keep ’s production com- Secret of Bees,” a bestseller tional sleuth in school drug the title out of some school librar- pany optioned the title for a Net- and later a movie starring Queen the book’s hero- aseven­figurebook deal. bust.“Ijust re- ies, the author made a compelling flix series and Reese Witherspoon Latifah and Dakota Fanning. Cyn- ine, Daunis Fon- member think- case for including the episode. picked it for her book club. “Dear thia D’Aprix Sweeney was 55 for taine, a high- ing at the time, “We had conversations with her Aspiring Writer: My great idea her hit debut “The Nest,” about school what if we’d about, ‘Is there a way to tone this came at 18,” Ms. Boulley recently grown siblings in a dysfunctional valedictorian turned government been in classes together and liked down?’” said Faye Bender, Ms. tweeted. “I’m 55. #NeverGiveUp.” family. “Good Company,” her new informant searching for drug deal- each other? And what if it wasn’t Boulley’s agent. “Angeline was It’s the kind of first-time star- novel about an upended marriage, ers plaguing her Ojibwe tribe—an- that he liked me,but that he very committed to an honest and dom that is unlikely for most writ- comes out next month. other term for the Chippewa—in needed my help?” realistic representation of the lives ers in midlife. “There is this idea NancyPearl was72for the ar- Michigan’s Upper Peninsula. Enter The author’s father was a truck of Native women. She was unwill- that you have to publish when rival of “George and Lizzie,” Jamie, a young Native American driver who listened to ing to take that off the page, and I you’re in your 20s or 30s and be- which includes ateenagecharac- undercover agent posing as a new during long trips and her mom think she was absolutely right.” yond that, if it hasn’t happened for terwho sleeps with the whole recruit on an elite junior league sent the kids to the library twice a Ms. Boulley said she tried to you, then it’s never going to,” said high-school football team. Anne hockey team. The two pretend to week. Ms. Boulley was the first in open up to her history while she Tiffany Liao, Ms. Boulley’s editor Youngson was70for “Meet Me at be a couple, then fall for each her family to attend college. After wrote. “I come from strong people at Henry Holt Books for Young the Museum,” an epistolarylove other for real as Daunis helps Ja- graduation, writing novels seemed who had to survive a lot,” she said. Readers, an imprint of Macmillan storybetween elderly strangers— mie connect to his lost indigenous impractical, so she worked as an “I felt connected to them and Children’s Publishing Group. and aleftturn afterher career identity. advocate for Native American wanted to honor their stories.”

content. That’sstuff we took out of and earning warm re- ,companyexecu- Kids’ Books the TV and streaming world. We views from sourceslike tives say. Still, the datacan be a said, ‘Wecan do that with books.’ ” Kirkus and School Li- springboardfor newideas,asitwas Traditional children’sbook pub- braryJournal. when it came time to find futureHoot Look to lishersargue that relying toomuch Last fall, when the characters. on search analytics will lead to tales seventh “Cat Ninja” Out came the spreadsheet with that lose the magic of storytelling. book hit the Epic plat- animal rankings. “Bug is higher on Algorithm Say,for instance, MargaretWise form with acover pic- thelist than crocodile,” said one Brownhad research suggesting that tureofanowl side- Epic writer,scanning acolumn. “Do kids liked suns morethan moons. kick—the Hoot kids ever check forhippos?” No. ContinuedfromPageOne Should her 1947 classic “Goodnight character,aburgeoning “Snakeisprettyhigh,” acolleague schools and has become afixtureof Moon” have been called “Goodnight superherowho is countered, imagining avillain cobra remoteclassrooms acrossthe coun- Sun”? mostly two big eyeballs in striking position with itshood trybyoffering an easily accessible “We’renot just following trends,” and wings—traffic shot flaring likeacape.What about ahe- libraryofbooks and educational said Suzanne Murphy, president and up to 350,000 reads in roic team of scarab beetles? Possibly. videos. publisher of HarperCollins children’s one week,morethan With the names John, Paul, George Epic nowpossesses atrove of data books,“we’recreating them.” twicethe averagefor and Ringo? Groans. on children, agroup famously diffi- Mainstream publishersuse sales previousbooks in the Thenonprofit Common Sense Me- cult to track.The companyhas access dataand other types of dataanalysis series.All those clicks dia gaveEpic a“warning” on itsrat- to real-time dataonhow manychil- to market and research children’s led to plans forafive- ing system, partly foralack of trans- dren read abook,how long they en- books and inspireoccasional instant book Hoot series. parencyonits sitearound data gage with it, howoften they pick it up bookspeggedtomajor events. But “We create content, collection and use,said GirardKelly, and put it down and when their inter- the industrystill relies heavily on the readersrespond and who directsthe group’sprivacypro- est startstoflag.Epic says itsdatais creativegiveand take between writ- we respond to their re- gram. Theorganization, which rates anonymous and aggregated, meaning ersand editorsfor content, and long- sponse,” said Colleen and reviews technologyand enter- it is studiedinlargergroupingswith- standing sourcessuch as focus groups AF Venable, who with tainment forchildren, gives ratingsof out identifying information forindi- MatthewCody is co-au- pass, fail or warning.Itgavewarning vidual children. But watchdog groups thor of “TimeBuddies,” labels to two-thirds of the educational have raised concerns about privacy the newbook they platforms it surveyed due to what it andthe particularly thornyquestion wroteinabout amonth called lack of clarity or problematic of collecting dataonchildren. this winter.The story Left, Hoot’s debut in the ‘Cat Ninja’ series; practices around child privacy. Thesitecollectsdataevery time a is set in prehistoric above, a page from the book ‘Time Buddies,’ Epic doesn’t showthird-party ads, child turns apageonthe screen or times,with futurein- illustrated by Chad Thomas. employs industry-standardencryp- types awordintoEpic’ssearch bar. stallments planned for tion technologytoprotect student Thecompanyuses the datatocus- ancient Egypt, the pi- dataand doesn’t use student informa- tomizereading recommendations rate era, both popular search terms, Helen Keller and Geronimo.The pres- tion foradvertising or marketing, from itscollection of 40,000 digital as well as the Renaissanceand the sures of the pandemic arevisible, said Epic’sMr. Donahue,former vice titles it licenses from major publish- age of polar exploration. with “coronavirus” and “germ” scor- president of content at YouTube.He ers. Information from those searches, Snapshotsofrecent activity on ing higher than “yoga” and “exercise.” said the companyisaddressing Com- which Epic says isn’t shared with the thesiteoffer afascinating glimpse At arecent series of brain- mon Sense Media’sconcerns about its rest of the book industry, also can into the child hivemind. Searches storms,led by director of original privacydisclosures. playarole in shaping the plot, char- arebykids up to 12 yearsold, the content Eric Wight, staffersimpro- During the pandemic,Epic allowed acter and settingsofEpic’sexpanding companysaid, with most of them vised ideas forfutureHoot plots, pep- anystudent to use itslibraryfreeat line of morethan 150 original books. likely by children 6to12. On its pered in random facts(guinea pigs home with an invitation from a Starting this spring,several print rankingsofanimals searched most travel in herds,who knew?), worked teacher and has sinceallowedthe versions of Epic originals will go on oftenbykids,owls scorehigher to clarifystory lines (“Is it confusing general public access to alimited ver- sale at , Target and Sam’s than koalas,worms rack up more if the chicken is named Mona Lisa?”) sion at no charge.Epic raised $60 Club—prime real estateevenbyold- and relationships with librarians for hits than kangaroos and ferocious and grappled with identity politics in million from investorsbetween 2013 school publishing standards. market intelligence. beasts have aloyal following,as ancient Egypt (“With the catasthe and 2020 and charges$9.99 for “When we have 50 million chil- Epic’sline of original titles,which does the grumpy-faced blobfish. villain, arewegetting intoany cul- monthly subscriptions. dren read abillion books last year launched in 2018,includes comics, An entirecategoryofsearch-term turalappropriation stuff?”). As “Time Buddies” takesoff—one alone,weprobably have very picturebooks and graphic novels dataiscalled “gross.” On the Most of the processwas moreart of 60 original titles set forthis year— unique insight intowhat children available on laptops,phones and “spooky” list, Area 51 gets nearly as than science—the writersand editors Epic staffersare hunting fornew like to read,” said Epic co-founder other devices.“Cat Ninja” has been manysearches as zombies.Inhistory, areveterans of major publishing ideas. Kevin Donahue.“We’retrying to the company’smost popular digital Abraham Lincoln outranks Ben Frank- houses with many print titles be- “Ifwecreateabook about adino-

(2) build that audiencethat comes back series to date, logging morethan 70 lin, the Gold Rush trumps the tween them—and their imaginations saur riding ashark,” Mr.Wight said,

EPIC and looks forwardtothat pieceof million reads in the last two years TeaParty and Harriet Tubman bests factor intodecisions morethan any “wecould just retire.” P2JW084000-0-A01200-1------NS

A12 | Thursday, March 25, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | TRAVEL & ENTERTAINMENT

Four Artists at the Fair ANISH KAPOOR,67 Forsale: “Random Triangle Mirror” (2019) Asking price: $892,000 Mumbai-born, London-based Anish Kapoor wasanearly mem- ber of the NewBritish Sculpture movement in the 1970s.ATurner Prizewinner,heisfamous forits trademark use of mirrors, such as “SkyMirror” (2006), a23-ton, three-storystainlesssteel sculp- turethat reflected the NewYork skyline. Thepieceexhibited at the fair is amirrored disc made of stainlesssteel.

ABDOULAYEKONATÉ,68 Forsale: “Rougekenteetmonde,” 2020 Asking price: $29,600 At Art Dubai, clockwise from left: Abdoulaye Konaté’s large-scale Hussain Sharif’s ‘Faces 2,’ installations use brightly-colored

Abdoulaye Konaté’s ‘Rouge kente textilesfromhis nativeMali as if A et monde,’ and Anish Kapoor’s they were bitsofstained glassala ‘Random Triangle Mirror.’ Mark Rothko, effortlessly inter- NTINU CO weaving the African street with the art gallery. Based in Bamako, Mr. ALERIE

Konaté,who waspartly trained in /G , is asocially conscious artist OR PO

whose works deal with the desert KA crisis in ’sSahel region, the Eyes AreonDubai as Art Fair impact of the AIDS pandemic on so- ANISH ciety and religious tolerance. ONDON;

HUSSAIN SHARIF,59 A/L CR

Tests theCovid‑EraMarket Forsale: “Faces 2” (2017) AC Asking price: $70,000 1957,

Aco-founder of the Y B Y SUMMER SAID look at amodel similar to that we sprawling malls than artistic so- Fine ArtsSociety,Dubai-born

AND BENOIT FAUCON areusing.” phistication—tobroaden itscul- Hussain Sharif waspart of a GALLER

Fiftygalleries from 31 countries tural offerings. Thousands of visi- group known as “The Five” in the TE/ Dubai areexpected to showtheir wares, tors gather at the fair annually to mid-1980s,one of the firstcon- NA KO

smuch of the world with organizerssaying they could viewand buy pieces. temporaryartist collectives in the YE delays massgather- see up to 20,000 visitors, down TheUnited Arab Emirates has cause of international travel country. Mr.Sharif uses discarded ings, Dubai will go from roughly 30,000 beforethe been betting on high-end visitors restrictions that remain in many objectsasthe running commen- ahead with itsmajor pandemic.Organizersare bringing as itseconomyslowly emerges countries,nine galleries from tary of asociety that has moved ABDOULA art fair Monday, the the works of big-name artists, set- from the damageinflicted by the around the world will represent from frugality to abundance A DHABI; firsttest of the art ting up stringent safety protocols pandemic.Ithas outpaced almost their artistsvirtually. within afew decades.Hehas world’swillingnesstoflock to a and changing up the way they make everyother countrywith an ambi- Art dealersand collectorshave made collageout of chocolate-bar ABU Y, tent to shop. money to adapt to newrealities. tious vaccination campaign been waiting forthe next big art wraps and composed human gath-

Afterbeing forced to shelvethe Thefair aims to strikeabalance boosted by itsquick embraceof event aftersales took ahit last eringsfromironwireor, in the GALLER

event last year,the organizersare between highly established artists the Chinese-made vaccine.But the year.Total art-fair sales,including case of the item exhibited at the AN planning to leverageDubai’shigh and rising stars, says the event’sex- countrysaw asurge in Covid-19 their online viewing rooms, fair,anassembly of 455 crushed ZEID rate of vaccinations—second only ecutivedirector Benedetta Ghione. cases and deaths in January, in reached an estimated $6 billion tin cans. WA

to Israel—and itsposition as aha- Best-sellersinclude Japanese pop part as aresult of Dubai remaining last year,downfrom$16.6 billion AL venfor high-net-worth visitors artist Takashi Murakami and Brit- open to touristsfromthe U.K. and in 2019,according to Art Basel & HAYV KAHRAMAN, AGE40 sheltering from the pandemic. ish-Indian sculptor Anish Kapoor, other countries wherenew vari- UBS Art Market Report. Forsale: “Untitled” (2020) SHARIF\S

“Wewerethe firstinternational both with items forsale at over half antsofthe virus proliferated. One of the major changes Art Asking price: $55,000 IN

art fair to cancel last year due to amillion dollars, and Syrian-Ameri- Thefair’s organizerssay they Dubai is adopting to attractpartici- Hayv Kahraman, an L.A.-based SA HUS

Covid and will be one of the first canEtelAdnan of Sausalito, Calif.. areaware of the risks ahead but pantsthis year is that galleries Iraqi Kurdish-American artist, tells : back to test the market and take They arejoined by veteranEmirati intend to mitigatethem with aren’t being asked forany up-front female narratives in understated, LEFT

on that challengethis year,” said conceptual artist Hussain Sharif. Covid-19 safety protocols.Along- fees.Instead, the fair will take a pastel tones inspired by classical P Art Dubai’sco-founder and chief Art Dubai, which started 14 side regular testing and compul- 50% cut of sales made,uptothe Persian and Japanese painting and TO OM

executiveBenedict Floyd.“Howwe yearsago, is the largest fair in the sorymasks forparticipants, the cost of abooth. “This will be one- Renaissanceworks.Yet, her com- FR have gone about organizing this and is akey part of fair has introduced extended open- off forthis year although an ele- posed subjectsdeal with serious event mayencourageother fairsin theeffort by Dubai—known more ing hoursand an app to book dedi- ment of this model we expect to re- matters from the horrorsofwar to WISE OCK

the futurelooking to return to forits glassskyscrapersand catedtime slotsfor visitors. Be- tain in futureyears” Mr.Floyd said. so-called honor killings. CL

WHATTOSTREAM Shatner, Sherlock, Superhero

BY CHRIS KORNELIS

ere are three new re- H leases to stream this week: ‘Senior Moment’ (Amazon, Apple TV, etc.) Among the projects on Wil- Above: ‘Invincible’; Below: William Shatner’s ‘Senior Moment.’ liam Shatner’s plate is anew movie,ahologram, and an au- tobiographical album thathe ‘Invincible’ wins at the end,” says Mr.Kirk- says has put him in the “midst (Amazon Prime Video) man. “You don’t want to have of the mostcreativeperiod of Robert Kirkman, co-creator to worryabout the apartment my life.” Mondayheturned90. of “The Walking Dead” comic building thatcollapsedduring “I’mexcited,” says the for- book, watched the world he the fightand all the people mer Captain James T. Kirk in created for the page become thatwereinit.” an interview. “If Iget tired, I a cultural touchstone as a think:AmIdying?Ican’t die live-action series. But when ‘The Irregulars’ now, I’ve gottoo much he went to adapt his comic () work.” book series, “Invincible,” for “The Irregulars” is at least In “Senior Moment,” a the screen, he knew it had to the second title to launch on newromantic comedy out be drawn. Netflix in the past six months Fridayinselect theaters and “Invincible,” which pre- that takes place in the world available to rent on Amazon, mieres Friday, is the story of of . Last Sep- Apple TV and other plat- the teenage son of asuper- tember brought the release of forms,Mr. Shatner plays a herolearning to use his own “Enola Holmes,” about the dirty old man who pals powers.The series visits Mars, teenage sister of her famous around with Christopher features hundredsofcharac- crime-solving brother. Lloyd and falls forJean ters and has as manyasthree “The Irregulars,” created by Smart.Mr. Shatner’s Victor Tom Bidwell, centers around Martin is aretireewho faces a group of teens living on the acrossroads when his license margins in Victorian-era Lon- is revokedfor driving his be- don. They are approached by lovedPorsche toofast, too a dismissive Dr. recklessly,too manytimes. (Royce Pierreson) who enlists Mr.Shatner says it’s achar- them to help him solve a su- acter thatnot only he relates pernatural case. The crew is to, but he thinkseveryone led by the street-savvy Bea, will at somepointintheir life. played by Thaddea Graham, “He’s gottofind another who is also charged with way of living out the rest of looking after her sister, Jessie his life,” Mr.Shatner says. (Darci Shaw), a member of “And as aresult of that the group who has special problem, of nothaving his alien invasions in asingle epi- powers and challenges. driver’s license,heeventually sode—which is much more Ms. Graham says one thing finds love and companion- manageable in animation. As that drew her to the role was ship with someone else, is the incredible amountofvi- playing a young, female pro- which he wouldn’t have got- olence, which Mr.Kirkman tagonist whose main purpose tenorlooked forifhis li- says is essential to the story. isn’t a romantic one. “The cense hadn’t been taken Mr.Kirkman says he main relationship in her life

from him. It is aperfectex- wanted to showthe conse- ...is the one that she has with MEDIA ample,bywonderful writers, quences of aworld in which her sister,” she says. “Al- of human beings having a superheroes exist: Theyfight though we have romantic ele- REEN SC

problem thatwethink is in- each other,theydestroy ments in the show, that’s not S;

surmountable,but turn left things,and thereissignificant what our show’s about. It’s UDIO

or turn right, don’t be collateraldamage,something about working together as a ST

stoppedbythe problem. The he says is usually glossedover team and kind of finding your ON thing is to use the im- in superherocomics and mov- own family and who you are AZ AM

petus of thatproblem and ies.“If youhave atwo-hour inside, rather than: Oh, I really P: go the thirdway.Shouldn’t Superman movie,you want to fancy you because you’re re- TO OM

youlead your lifethatway?” feel greatwhen Superman ally good-looking.” FR P2JW084000-0-A01300-1------XA

THE WALL STREET JOURNAL. Thursday, March 25, 2021 | A13 ARTS IN REVIEW

THE STAYING INSIDE GUIDE Big‑Deal Art in Plain‑Spoken Venues During the , federal programs funded the creation of thousands of murals

BY JUDITH H. DOBRZYNSKI destroyed. Yetthe known survivorsform an IN THE OCEAN of federal relief enchanting world to explore, even provided to America’s unemployed online.Some aredeservedly fa- during and after the Great Depres- mous.One such set resides at the sion, paying visual artists to create NewYork Public Library’sSchom- art was perhaps the most innova- burgCenter forResearch in Black tive wave then and among the Culture. There, Aaron Douglas most remembered now. With sala- painted “AspectsofNegroLife” ries from the Works Progress Ad- (1934), four murals tracking the ministration and related agencies, trajectoryofBlack people from Af- thousands of men and women ricathrough slavery and Recon- made paintings, sculpture, posters, struction to the Great Migration, photographs and, most notably, which areposted on the library’s murals that decorated post offices, website. In the 1920s,Douglas had schools, hospitals, courthouses and emergedasamajor figure in the other public buildings across the Harlem Renaissance, amovement country. to createacapital forBlack culture By most counts, NewDeal pro- in uptownNew York.His Schom- grams produced morethan 2,500 burgmurals,softincolor,are lay- murals,though recordsare incom- ered, loosely Cubist images.You plete. Worse, in the decades after cansee them and learn moreina the programs ended in 1943, previewvideo of a2015 film, manyofthese murals were “Enough to LiveOn: TheArtsofthe moved, painted over,neglected or WPA.” This medley,which includes bitsonpoet Langston Hughes and gospel music,devotes time to Clockwise from above: Aaron Douglas’s ‘Aspects of Negro Life: Song of the Towers’; George Harris’s ‘Banking Douglas’sbackground and his goal, and Law’; and a detail of ’s ‘Reconstruction and the Wellbeing of the Family’ which waspartly to spread the word about the Black journey.It’s available on Vimeo and the film can YouTube. The murals’ restoration a hub for the movie industry, and member of the Taos, N.M., group be purchased as aDVD. was captured in a 2014 article and the George Washington Bridge. A of painters, a short-lived early The New Deal murals inside slideshow in the San Francisco 2017 article and video on 20th-century cooperative devoted Coit Tower in San Francisco are Chronicle. NorthJersey.com relate more of to art of the area. A Wynne, Ariz., also well-known. Painted by some Sadly, many New Deal murals their story, with pictures (the mu- post office gives viewers a more two-dozen artists in 1934, they are continue to be threatened; that’s rals’ fate remains undecided). socially conscious, though too pos- social realist panels about life in one way they gain attention. Last That sense of place was fre- itive, view of Black workers in California during the Depression, year, Preservation New Jersey put quently evident in New Deal mu- “Cotton Pickers” (1940) by Ethel with titles like “Banking and Law” the Fort Lee Post Office, which is rals. You’ll find “Chuck Wagon Ser- Magafan. The “Cotton Pickers” and “Meat Industry.” Their story, set to be demolished, on its most enade” (1940) by Manuel A. page links to four other murals by with a detailed layout, is available endangered list. It houses four mu- Bromberg at the post office in Magafan, including “Andrew Jack- in a San Francisco Recreation and rals, viewable on PNJ’s website, Greybull, Wyo.; “Gathering Wild son at the Battle of New Orleans” Park Department brochure. To see made by Henry Schnakenberg in Rice” (1939) by Lucia Wiley at the (1943) at the Recorder of Deeds them, watch a segment from a 1938 about Fort Lee, with scenes post office in Long Prairie, Minn.; Building in Washington. That’s “PBS NewsHour” broadcast from of local Native Americans, George and “Dredging for Oysters” (1937) where I discovered one caution 2012 and a slideshow made by Washington during the Revolution- by Alexander Rummler at the Nor- about this site: I found several in- KQED in San Francisco, both on ary War, the city’s early history as walk City Hall in Connecticut. stances where the “larger image” These and many, many others was not the full artwork. To see are viewable on two websites that Magafan’s complete New Orleans have created inventories of New mural, go instead to the Library of

ION Deal Art. Both are collaborative ef- Congress website. AT

TR forts, still growing. The Living As Social Security was a signa- New Deal devotes a section to mu- ture program of the New Deal, it’s rals containing 1,653 mostly illus- fitting that the Washington build- ADMINIS trated listings at the moment, ing that was once its home, now

VICES which you can browse. To search the Wilbur J. Cohen Federal Build-

SER for a specific artwork you must ing, has several murals. There, AL know where it is or who painted Philip Guston, a first-generation it. I experimented by searching for Abstract Expressionist, painted GENER

S. tiny Elgin, Texas, whose post of- “Reconstruction and the Wellbeing U. ; fice I had heard about. Sure of the Family” (1943) and Ben MY enough, up it came with “Texas Shahn, a social realist painter, cre- ALA Farm” (1940) by Julian Woeltz, a ated “The Meaning of Social Secu- Y;

AR rosy picture of laborers, chickens rity” (1942), for example. The Gen-

LIBR and blue sky. eral Services Administration offers The other site, New Deal Art an illustrated history on its web-

PUBLIC Registry, lacks a separate murals site, while other views are avail-

RK section and a site search function, able at the Library of Congress. YO but you can browse by artist, sub- And you may want to return to the

NEW ject or location. Most listings pres- Living New Deal and the New Deal

THE ent a detail and a link to a larger Art Registry. Don’t be surprised if

P: image, and in random explorations you spend a few hours there, in- TO it was not hard to light on excel- trigued by these artworks. OM

FR lent examples. A post office in Walsenburg, Colo., offers “The Ms. Dobrzynski writes about art WISE Spanish Peaks” (1937), a spare for the Journal and other OCK landscape by E.L. Blumenschein, a publications. CL

TELEVISION REVIEW |JOHN ANDERSON Keeping Up With PopCulture

THE THRUSTOF“For Real: The ries tracks the evolution of the Story of Reality TV” is that there very E! kind of program available is reality television, and then on E! There is a hint of pop-cul- there’s real reality television. Kar- tural analysis at the very begin- dashians. “Kendra on Top.” Danny ning of episode 1 (the only one Bonaduce. “Dance Moms.” The made available for review) that genre, such as it is, is not about smacks of bona-fide contempla- news, documentaries or even hy- tion: In the era of classic Holly- brids like “To Catch a Predator.” wood, the public personas of stu- It’s about the stuff that pro- dio stars were manicured, foundly, rigorously and even ex- pedicured and sanitized in a way haustively doesn’t matter. Except that transformed all-too-human INMENT

in the arena of self-promotion. celebrities into unapproachable TA And then it’s epic. gods and goddesses. Television, a ENTER

In deferencetoits subjects, more intimate medium—one that E! self-reflection is all but absent people invited into their living Andy Cohen with Teresa Giudice in ‘For Real: The Story of Reality TV’ on E! from the show. And if avieweris rooms—required the personalities expecting anydeep diveintothe to be more like us. Or so we’re cultural importanceofreality TV, told. When Lucille Ball was having the audience, an exploitation of his record as areality TV pro- thereare questions.What is your this seven-part Andy Cohen- a baby in 1953, for example (the the stars? Did “The Nicole ducer and host. His sit-down with show’slegacy? Mr.Cohen asks. hosted series is herenot to de- only example, really), pregnancy Show,” which charted the down- the Kardashians is teased before What kind of creativeinput do liver.Rather than scrutinizethe became part of the “I Love Lucy” ward spiral of onetime Playboy everycommercial break,but not youhaveinyour programs? Most two-sided home invasions of such storyline. A media bridge had been model and addictivepersonality till the last segment of episode 1 importantly—considering how favorites as “The Osbournes,” the crossed. To judge by “For Real,” Anna Nicole Smith, hasten her de- do we see Mr.Cohen really mix it great the women all look—“Did sundry“RealHousewives” or that bridge remained more or less mise? Melissa Rivers, who has her up,sotospeak,with the female youall have glam at your own “HereComes Honey Boo Boo”— untraveled until “MTV Cribs” and ownreality-TV historywith her membersofthe family whose homes beforeyou gothere, and and whythey became so popular, the Osbourne family. The dismis- mother,, blames the fame,lest one forget, is rooted in howlong were your glam experi- and what they sayabout their au- sive reference given MTV’s land- “Anna” producers. And nothing the O.J. Simpson case.Having de- ences beforegetting here?” Not dience—it rehashes history. But mark “The Real World” will appar- further is heardabout it. cided after20yearstoabandon exactly the thirddegree forthe hey,ifyou want scholarly intro- ently be remedied in future Viewers will giveMr. Cohen their program “Keeping firstfamily of reality TV. spection, there’salways TV installments. credit. Forwhat maybeaques- Up With the Kardashians” (there Guide. What’sthe cost of all this voy- tion. He seems to take it all seri- have been multiple spinoffs,so For Real: The Story of Reality TV Instead, this very E!-centric se- eurism? Is thereacoarsening of ously,and probably should given fans probably needn’t worry) Begins Thursday, 9 p.m., E! P2JW084000-0-A01400-1------XA

A14 | Thursday, March 25, 2021 THE WALL STREET JOURNAL. SPORTS MLB’s OldestLiving PlayerHits 100 Snyder BuysOut Eddie Robinson got his vaccine shot and went to spring training. He also hosts a podcast. Partners BY JARED DIAMOND

or Eddie Robinson, 2020 BY ANDREW BEATON marked the end of an al- most unimaginable WASHINGTONFOOTBALL TEAM streak: He didn’t attend a majority owner Dan Snyder has F agreed to buy the shares owned by game forthe firsttime since1945, the team’s limited partners, a thanks to the coronavirus pan- league spokesman said, bringing demic. an end to a boardroom brawl in- Robinson also had agood reason side an NFL franchise that has formissing baseball games three- been mired in controversy on nu- quartersofacenturyago. He was merous fronts. an activemajor leaguer who served The minority owners—FedEx three yearsinthe Navy during Corp. chief executive Fred Smith, World WarIIbeforerejoining the Black Diamond Capital chairman Cleveland Indians in 1946. Robert Rothman and Dwight Schar, Ever sincethen he has,asheput the board chairman of NVR Inc.— it, “stood up formorenational an- had been attempting to sell their themsthan most people” as a stakes in the team, worth approxi- player, scout, coach, executiveand, mately 40% of the club, but the now, just afan. process instead produced a fire- Robinson todayisthe oldest liv- fight between the parties. ing MLB player. He celebrated his The limited partners had taken 100th birthdayinDecember by sit- Snyder to arbitration, alleging that ting in atent on the golf course he had violated their shareholder acrossfromhis home in Fort agreement, and the feud grew in- Worth, Texas,and greeting friends creasingly nasty over the course of and family from asafedistance. months. After they took him to He’skept himself busy by hosting a court, lawyers for Snyder accused podcast called “The the minority owners of trying to Golden AgeofBaseball Eddie Robinson, above, pictured in 1954. Left, Babe Ruth held force Snyder to sell the team and With Eddie Robinson.” Robinson’s bat during a ceremony at in 1948. engaging in a smear campaign But afterayear lost to against him when he refused. the pandemic,hewanted sion of a1956 home took an averageofexactly two The sale, which was first re- to getback to the ball- runball that Mantle hourstocomplete. Theshortest ported by golongtd.com and still park. blasted off the facade game of last October’s World Series has to be approved by owners at So afterreceiving his at Yankee Stadium, between the LosAngeles Dodgers an upcoming meeting, will give Covid-19 vaccine,Robin- one of the longest and Tampa BayRays was3hours, Snyder and his family full control son took advantageofhis blastseverhit in the 14 minutes.Fromthe time Robinson of the franchise he first purchased newprotection earlier Bronx.Inthe club- returned to the Indians in 1946 un- in 1999. this month the best way house afterthe game, til his retirement afterthe 1957 A spokeswoman for the team he knewhow:byhopping Mantle yelled across campaign, therewere25total in- declined to comment on the sale. on aplane to Phoenix the room, asking Rob- stances of aplayerstriking out 100 An NFL spokesman said the with Bette,his wifeof65 inson if he wanted to times or more. In 2019 alone,there league’s finance committee had ap- years, to go to acouple of displaythe ball in the were 161 such players. proved a $450 million debt waiver Texas Rangersspring restaurant he owned “Baseball is agame of home runs to help facilitate the deal. The New training games. in Baltimore. Robin- and strikeouts,” Robinsonsaid. “I York Times reported the sale was “And Istood up forthe sonobliged, and Man- don’t think it’ll go back.Iguessthe for $875 million. national ,” he said tle signed it. fans will loveitthis way.” Before the last season, amid na- in arecent telephone in- Robinson also had Baseball’sevolution hasn’t tional protests against systemic terview. akey role in one of turned Robinson away from the racism, Snyder dropped the team’s Robinsonspent 13 sea- the most famous pho- sport. Thegame washis primary longtime name, the Redskins, after sons as afirst baseman tographs in baseball form of entertainment formuch of longstanding cries that the moni- forseven of theeight history, ashot of Babe 2020,when he waslargely confined ker was a hateful slur. The issues American League teams Ruth, leaning on abat to his house.Heand his wifeown a blended together as FedEx Corp., that existed during his ca- at Yankee Stadium in pecan farm about three hourssouth the team’s most prominent spon-

reer—all but the Boston 1948,inhis final uni- in Bastrop,but they haven’t been sor and run by Smith, publicly ap- S Red Sox. During that time formed appearance thereinayear because of the pan- plied pressure on the issue when it he posted abatting aver- beforehis death demic. stated that the team should PRES ageof.268,compiling shortly thereafter. Oncebaseball returned from its change its name. Since then, the TED CIA

1,146 hitsand 172home runs.He jured plenty of memories from the Seeing that Ruth needed help walk- hiatus in July,lifeimproved some- club has gone by the Washington SO made four All-Starteams (in 1949, firsttime he went to spring training ing steadily,Robinson, then playing what forRobinson. He and Bette Football Team, which Snyder pre- AS Y/ 1951, 1952 and 1953), topped 20 therein1958,when he wasworking with the Indians,handed Ruth his watchevery Rangersgame after viously told The Wall Street Jour- homersfour times and three times in playerdevelopment forthe Balti- bat—the bat seen in the picture. dinner on their 65-inch television, a nal could become permanent.

surpassed 100 RBIs,including 117in moreOrioles.Back then, he said, Ruthsigned it forRobinson after- nightly tradition that has turned Smith, through a spokeswoman, SEMANSK 1951 forthe ChicagoWhiteSox. Scottsdale and Indian School roads, ward.(Robinsonhas sincesold both him into“ahell of agood second- declined to comment. TRICK

He playedagainst Jackie Robin- nowmain thoroughfares,were pieces of memorabilia.) guesser,” he said. PA

son in the minorsin1946, ayear gravel. “Downtown” Scottsdale con- Baseball, the sport to which Rob- If Robinsoneverbecomes frus- (2); beforeRobinson became the first sisted of ablacksmith shop,two sa- inson has devoted his entirelife, trated with baseball in 2021, he can S

Black playertoplayinthe inte- loons—Lulu Belle and the Pink has changed profoundly over the always fall back on alifetime of sto- PRES

grated major leagues.Hewon the Pony—and that’sabout it years—a topic he chronicles in ries he has from his playing career. TED

World Series with Cleveland in “The saloons had swinging doors, great detail in the podcast he Thebest playerheeversaw?Joe OCIA

1948,the last time the Indians just likeinthe cowboymovies,” started in October.(He is aware DiMaggio.But the best part, he SS claimed achampionship.Heplayed Robinson said. “It’sametropolis that the very existenceofhis show says,was the players he played /A alongside ayoung Mickey Mantle now, and the Pink Pony and Lulu makes him one of the oldest pod- with and against—DiMaggio,Man- HARRIS

with the NewYork Yankees from Belle arenolonger there, and that’s castersever.) tle,Yogi Berra, TedWilliams and so Y 1954 to 1956.Robinson would go on ashame,because they were great “I’vefound that to be alot of manymore. HARR

to become general manager of the little saloons.” fun,” he said. “It gives me away to “Weused to have real funplay- P: AtlantaBravesand Rangersinthe Robinson’sbaseball memories ex- look back at my past and reliveit.” ing baseball,” Robinson said. “I TO OM

1970s and ’80s. tend far beyond acouple of bars. When Robinson playedinthe don’t think they have that much fun FR His recent trip to Arizona con- Formanyyears, he wasinposses- World Series in ’48,the six games today,” Washington owner Dan Snyder

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NewYork City 68 56 c7548t Dublin 54 38 r4634pc Warsaw5038pc5538pc s BOZO DONG ONELS Oklahoma City 60 44 c7650c Edinburgh 52 41 c4836r Zurich 58 36 c6242pc Solvethis puzzle online and discussitatWSJ.com/Puzzles. STEW ELSE NGAIO P2JW084000-0-A01500-1------XA

THE WALL STREET JOURNAL. Thursday, March 25, 2021 | A15 OPINION Blue-State Voter ‘Suppression’ BOOKSHELF | By Marc Levinson

By the last four digitsofaSo- opening time at 7a.m. Yet Both Georgia and are GoWest, cial Security number foron- Democratshavebeen myste- continuing no-excuse mail-in oves by Republican line voterregistration, while riously quietwhen it comes absentee voting, a favorite of M legislatorstoreform Virginia requires both a to rules enforcing the same Ms.Abrams,Ms. Harris and stateelection laws photoIDcardand your So- opening and closing times set the Democratic left’santi- Yo ung Mailman aredrawing incendiaryaccu- cial Security number.Califor- by the Democratic govern- “suppression” brigade.But if sations from Democrats. For- nia—hardly ared strong- mentsofCalifornia, Delaware, they’rereally concerned mer Georgia gubernatorial hold—also requires ID to Massachusetts and Rhode Is- about protecting this essen- Paper Trails candidateStaceyAbrams de- register.Whereare the bitter land; the Democratic gover- tial tool of democracy, nounced them as “Jim Crow denunciations of these state’s nors of Michigan, they’vemissed acouple of By Cameron Blevins in asuit and tie.” Vice Presi- racist (Democratic) gover- and Pennsylvania; the Demo- suppression efforts. NewYork (Oxford, 232 pages, $34.95) dent Kamala Harris declared, norsand legislatures? cratic LegislatureofMary- stateisone of 15 that doesn’t “It’sall votersuppression by Ms.Abrams and her allies land and the Democratic allowno-excuse absentee vot- or most of us who call ourselves historians, our work anyother name.” TheDemo- also oppose effortsto ing,along with fellowdeep- F is firstand foremost amatterofwriting.Our offices cratic GovernorsAssociation toughen signatureverifica- blue Connecticutand Dela- teem with books.Our journals feature lengthy calls GOP efforts“adirect at- tion requirementsfor mail-in Where’s the outcry ware.Ifattemptstoconstrain articles.Wedon’t shyaway from maps,charts, photo- tack on our democracy.” Such ballots. But what about Colo- or limit no-excuse mail-in graphs and drawings, but their purpose,moreoften than cant is unfounded and dam- rado? Theincreasingly blue over Democrats’ voting areprima facie evi- not, is to illustrate—literally,toshed light upon—- aging to the nation’spolitical Mile High State has what’s earlier poll-closing denceofracism, what does it mation conveyed by writtenwords. culture. likely the toughest such pro- sayabout states whose stat- But technology is reshaping the historian’s craft. In Georgia, Republican leg- cedures in the country, which hours and ID rules? utes don’t allowitatall? Cameron Blevins’s “Paper Trails: The U.S. Post and the islatorsare close to passing a is important sinceitcon- Calling Gov.Andrew Cuomo— Making of the American West” is a wonderful example of bill that expands the state’s ductselections primarily by voting scandal on aisle 3! digital historybuilt on information technologyand archival early-votingperiod by four mail. mayorand City Council of But something tells me research. days.What aclever GOP sup- Last fall, roughly 1ofevery Washington. Moreurgently, there’snochanceMs. Abrams Mr. Blevins’s topic is not new: Many historians before pression technique—provide 112 ballots—29,000 alto- when will Ms.Abrams and and Ms.Harris will condemn him have explored the role of communications in the white voters with moreopportuni- gether—was rejected because her associates castigatethe the absenceofdemocracyin settlement of the West. But by assembling a large amount ties to cast ballots. the signaturedidn’t match the Democraticsuppressorswho these Democratic states.Re- of data about the Post Office Department into interactive Thelegislation would also one on file with election offi- runColorado and Hawaii, publican attemptstotake maps and charts and then supplementing it with detailed requireGeorgians to vote in cials.This wasafter voters wherepolls close at 7p.m.? reasonable and prudent ac- information about individual postmasters and their cus- theirhome precinct or risk were allowedto“cure” prob- That’sawhole additional tionstoprevent futureelec- tomers, Mr. Blevins shows having theirballot disquali- lems by responding to atext hour lost! tion messes arenow routinely that the West wasn’t won fied, and it would forbid out- asking foracopy of—you TheIowa lawalso drew condemned as racist and anti- quite in the way we thought. side groups to send duplicate guessed it—their driver’s li- fire forreducing the number democratic while prominent “Without the US Post’s applications formail-in absen- cense or other photoI.D.bear- of early voting days to 20 Democratsare silent on these expansive network, the pace teeballotstovoterswho’ve ing their signature. Morethan from 29.Ifthis is evidenceof same practices in blue states, of settler colonization would already applied forone.Both 11,000 did so.When will Colo- suppression, what should we aided and abettedonboth have been slower, its reach aresensible protections. rado’s Democratic governor call the District of Columbia, their attacks and selectivesi- more limited, and its pros- Democratsare particularly andlegislaturebebranded Delaware,Hawaii, Maryland, lencebymedia allies. ecution more difficult,” he upset with requiring Geor- vote suppressors? NewYork,Wisconsin and 15 Iwonder why. asserts. giansvoting by mail to pro- They were certainly on the other states,all with shorter Mr. Blevins owes much of vide the number from their ball in Iowa,whereDemo- in-person voting periods Mr. Rove helped organize his data to a stamp collector driver’s license,freestate- cratsunanimously opposed than Iowa?And what about the political-action committee and postal historian named provided ID or other gener- the election reforms Iowa Connecticut, Delaware and and is Richard Helbock,who,prior ally accepted identification. Gov.Kim Reynolds recently NewJersey,none of which author of “The Triumphof to his death in 2011, filled no If this is racist, then New signed.Among other things, have early in-person voting William McKinley” (Simon & fewer than eight volumes with Jersey,Virginia and Califor- Democratscriticized the new at all? Will Ms.Abrams and Schuster, 2015). details about long-shuttered nia aresuppression hotbeds. HawkeyeState lawfor closing Ms.Harris condemn these U.S. post offices. Using geo- NewJersey requires a poll locations at 8p.m. rather blue stateascentersofvoter is away. graphic-information software, Mr. Blevins produced maps driver’s license number or than 9p.m., while keeping suppression? from Helbock’s data, showing where post offices opened, closed or relocated acrossthe West each year between 1848 and 1895. Since a new post office was typically the result of a Democrats See Medicare as a Piggy Bank petition to Congress or the Post Office Department, the pattern of openingsshows wherepeople were moving to. By Chris Jacobs Budget Officefound that the vency—an illogical scenario. gle-payerhealth care in his In the early 1870s, more new post offices opened in eastern House drug-pricing bill would This trick allowedboth par- party’s primary, President Bi- Kansas than anywhere else in the country, but between peaker NancyPelosi’s reduceMedicarespending by ties to ignoreMedicare’sun- den has shown about as much there and San Francisco, in lands where Native American S admission that the Bi- $485.4 billion over adecade. sustainable financing for interest in protecting Medi- tribes still roamed and government control was weak, post den administration may Those savingswould fund years. Thus the MedicarePart care as his Democratic col- offices were scarce into the 1880s. use drug-pricing legislation to some of the Democrats’ green Atrust fund, projected before leagues: not much. His cam- The postal system played a crucial role in keeping help fund a$3trillion infra- infrastructureagenda, exten- ObamaCaretobecome insol- paign proposed no reforms to settlers in the West connected to relatives back East as structureand welfarepro- sions of the welfareprograms vent by 2017, lumberson, ensureMedicare’slong-term well as to merchants in nearby towns. This was, as Mr. gram mayatfirst glancemake created temporarily in the largely unreformed. solvency, and in 2017and Blevins shows, no simple task; if rumors of rich ore trig- little sense: What does one $1.9trillion “Covid relief” Theleftwing of the Demo- 2018 he and his wife, Jill, gered a stampede to a remote mining camp, the Post Office have to do with the other? measure, and much else. cratic Party would go even avoided nearly $400,000 in Department was expected to serve the location right away. But DemocratsviewMedicare further, dispensing with the Medicare taxesthemselves. Except in the largest cities and aboardtrains,few of lessasasolemn commitment notion that seniors’ health Embracing the current pro- the people handling mail were Post OfficeDepartment to seniorsthan as aslush Need some money to coverage deserves pride of posals to raid Medicareagain employees.Most postmasters, oftennominated by someone fund fornew programs. placebyabolishing the cur- to expand the welfarestate connected to whichever party controlled the presidency, In 2019 the House passed a expand government? rent Medicareprogram out- will makethe program’s were paid on commission according to the number of bill that would requirethe Nancy Pelosi knows right. Thesingle-payerlegis- problems worse. outbound letters they stamped. Only ahandful of these federal government to “nego- lation introduced by Vermont “Don’t tell me what you people were black,but by the end of the centuryclose to tiate” down drug prices.The where to find it. Sen. Bernie Sandersand value,” Mr.Biden says regu- one in 10 were female.Native American postmasterswere negotiation mechanism—gov- WashingtonRep.Pramila larly in his speeches.“Show rare,especially afteraruling that membersoftribes were ernment demanding lower Jayapal would also liquidate me your budget and Iwill tell not U.S. citizens and henceineligible forthe job. prices,backed by the threat In using Medicareasa the Medicaretrust funds, youwhat youvalue.” That’s The position, which might last only until the next elec- of taxesthat could drivedrug piggy bank,the Biden admin- making thebills not Medi- what’scalled revealed prefer- tion, was attractive mainly to shopkeepers who hoped that companies out of business— istration would followinthe care forAll but Medicarefor ences.FromMr. Biden on to people dropping by to collect their mail would also buy a would decrease research-and- footsteps of itsDemocratic None.Liquidating funds re- the left, Democrats’ actions bar of soap or apound of coffee.Nosupervisor wasathand development spending and re- predecessor.ObamaCareused served forpoor seniorstofi- reveal that they value Medi- to monitor compliance with rules and regulations, leaving sult in fewerinnovations like $716 billion in Medicaresav- nancecoveragefor often-af- care lessfor what it means to each postmaster free to build business in his or her own theCovid-19 vaccines.Demo- ingstofund itsnew entitle- fluent youngsterssounds like seniorsand moreasameans way. Some succeeded; many failed. On average, nearly crats, who maynow tryto ments. In afiscal sleight-of- apolitical attack Democrats to expand government. 2,000 post offices were closed or relocated each year, usu- passthe bill in the Senate, hand, government accounting would hurl at Republicans. ally because the postmaster found the earnings inadequate. would ignoreits problems be- standards allowedDemocrats But the progressives’ single- Mr. Jacobs is founder and Similarly, the routes on which mail moved from town to cause of the money it can to count that $716 billion as payersystemwould do just CEO of Juniper Research town, usually by stagecoach, were contracted out. Postal save foruse elsewhere. both paying forObamaCare that. Group, and author of “The contracting was rife with corruption throughout the 19th In 2019 the Congressional and extending Medicare’ssol- While he ranagainst sin- Case Against Single Payer.” century. Bid rigging was frequent, and many contractors induced the Post Office Department to pay for more fre- quent service than the volume of letters and newspapers required. But when it wanted to serve a new place, the 50-Cent Words Are No Bargain department did not need to acquire horses, wagons and way stations; it could simply direct its contractor to add a By haps,myguessis, around the Thewords also happen to been important, but has be- stop to its regular route. time that “definitively,” a be examples of what H.W. come even moresosincethe hose of us who take an word meaning decisively and Fowler, author of “A Diction- rise in significanceofthe interest in changes in authoritatively,was mistak- aryofModern English Usage,” news media in politics.Inthe If rumorsofrichestriggeredastampede to T contemporarylanguage enly thought to be merely a called “novelty-hunting,” or corruption of language, the amining camp,the Post OfficeDepartment areinacondition not unlike moreemphatic version of “the casting about for words media, to do abit of novelty- that of the villageidiot of “definitely.” of which one canfeel not that hunting of my own, makefor wasexpectedtoserve thelocation right away. Frampol, ashtetl in Poland. Another semantic casu- they giveone’smeaning more an everyday superspreader He wasassigned the job of alty is the useful word “dis- intelligently or exactly than event. From the pundit class waiting at the gatesfor the interested,” meaning impar- thosethe man in the street appearing on cable television The Post Office Department’s role in finance, meanwhile, Messiah and wastold: The tial, abovefaction, fair- would have used in expressing news shows,tothe news con- solidified its crucial role in western expansion. Postal payislow but the work is minded—long confused with the same thing, but that they ferences of presidential press money orders, initiated during the Civil War to help Union steady. “uninterested.” Theloss secretaries,tointerviews soldiers send their wages back home, were vital in the Thus with three minutes here, though not intentional, with politicians,one is daily West, where banks were scarce and isolated residents left in agame between the is serious.With the true Don’t say ‘recalibrate’ exposed to languageused for needed a way to transfer funds. “By 1880, the average Los Angeles Lakers and the meaning of the word disin- when you mean sensation, obfuscation, avoid- westerner was sending twice as much money as his or her Boston Celtics, LeBron James terested lost, so is the wor- ance, lying. eastern peers,” Mr. Blevins finds. Without the ability to hitsa3-pointer,causing the thyideal, and soon, too, simply ‘reconsider.’ From the politician’sper- send and receive money, many people in the West would announcer to notethat “the those rare men and women spective, the art of the media have been hard-pressed to pay for amenities that made scoreis89-85,a4-point dif- who wish to embody it. interview has largely become their isolated living conditions tolerable,such as newspaper ferential.” But is it a“differen- H.L.Mencken mocked War- arenot the ones that would the art of not really answering subscriptions and purchases by mail from the catalogs of tial”? Cars have differentials renHarding forpromising a have occurred to him.” Fowler the question. Theinter- merchants in the nearest city. andsome equations aredif- return to “normalcy,” when thought the use of such words viewer’sjob is to makethe With agents rather than regular employees handling ferentials,but do basketball normal or normality would “a sign of weakness” and a politician look bad. Precise most of its business, the Post Office Department had little or othersportsscoreshave have worked, but apparently “useful outward sign of inner language,artfully deployed, resemblancetoatraditional government bureaucracy. differentials? Whynot instead morethan mockerywas dullness.” His advicewas to seldom comes intoplayonei- “The western postal system was dominated by local use the simple word “differ- needed to put this awkwardly avoid such people,but, he ther side. demands, local conditions,local politics,and local actors,” ence?” What attracts this an- pretentious word out of use. added, “unluckily they hunt in Languagechanges; some Mr.Blevins writes. In this way, he adds, the Post Office nouncer,and lotsofother TheCovid-19 pandemic has packs.” argue that change is the first Department spun asurprisingly robust “gossamer network” sports announcers, to the brought “normalcy” back with Wordshavetheir vogues. rule of language. But there is linking the West to the rest of the country. By 1889, the word “differential”? arelentlessnessthat ought to Fowler again: “Everynow & good and bad change, and to U.S. had roughly 59,000 post offices, two and a half times Thesame thing,Isuppose, put acringeonthe faceofthe then awordemergesfromob- allow language to wander off as manyasany other country, and mail routes stretched that attractstelevision news whole human race. scurity,orevenfromnothing- intoobscurerealms,toturn it for400,000 miles. anchorsand newspaper jour- Why are people, especially nessoramerely potential & over to the politicians and the While “Paper Trails” is filled with data maps showing naliststothe word “repli- many who make their livings not actual existence, intosud- mavens of the media, the nov- how postal service expanded across the West, readers can cate,” when duplicateorcopy through the use of language, den popularity. . . . Ready ac- elty-huntersand the vogue- find yet more at gossamernetwork.com, a companion will do nicely.The same peo- attractedbythese and so ceptanceofvogue words mongers, is to forgoaccuracy website. Together, the book and the website make a strong ple arealso likely to reach many other hollowwords? seems to some people the sign of communication and giveup case that the conquest of the West was erratic, with much forreplicate’shazy neighbor Those who use these impre- of an alert mind; to others it hope of discovering the truth failure along the way. “Despite the popular ‘Wild West’ “recalibrate,” when what cise wordsmust feel ahappy, stands forthe herdinstinct & about politics or indeed about narrative of self-reliant cowboys and pioneers,” the author they have in mind is usually if false,sense of being in pos- lack of individuality.” To human affairs generally. provocatively concludes, “the real history of the region is nothing morethan “recon- session of arich vocabulary. Fowler, and to me, the latter one of big government.” sider.” While I’m at it, when Lacing their own speech and is more often the case. Mr. Epstein is author, most did the word “multiple” come writing with these newwords Theclose observation of recently, of “Gallimaufry: A Mr. Levinson’s most recent book is “Outside the Box: to replacethe simpler words makes them feel not only au language, pressing wordsfor Collection of Essays, Reviews, How Globalization Changed From Moving Stuff to “several” or “many”?Per- courant but educated. exact meanings, has always Bits.” Spreading Ideas.” P2JW084000-0-A01600-1------XA

A16 | Thursday, March 25, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Special Dollars for Dictators Texas Energy Regulators Can’t Dodge Blame

orethan 250 people have been killed tions.But it could exchangethem forother hard Can gaslighting be powered by nat- aren’t in the Ercot zone. Cities in the by government security forces in currencies such as euros, yen or yuan unless ural gas? Or plain, old ? Yes Ercot zone experienced shortages M Myanmar sinceaFeb.1militarycoup. those governments put their own sanctions in and yes, as illustrated in Wayne lasting almost a week. Christian’s “Texas’ Blackouts Blew In The Houston Chronicle recently TheBiden Administration has place. SinceSDRscount as Treasury is ducking on the Wind” (Cross Country, March outlined the sheer incompetence that imposed sanctions, but then part of acountry’sinterna- 20), which skillfully redirects blame led to avoidable blackouts in the Er- whyisthe U.S. Treasurymov- Congress on $1 trillion tional reserves,Iranwill be from the culprit and assigns it to a cot area. Chief among them is the ing to hand the Burmese gen- able to spend the equivalent in popular scapegoat. failure of the Texas Railroad Commis- eralsafresh $785 million in in new IMF foreign aid. foreign exchangeitholds Despite a consensus among energy sion, on which Mr. Christian serves, foreign aid? without damaging itsinterna- experts that natural-gas equip- to require the gas producers to seek The answer is the Interna- tional reserve position. If the ment was the primary driver of the emergency exemption from power tional MonetaryFund’splan to issue anew allo- Biden Administration lifts sanctions on Tehran cold-weather-induced February outages. In addition, the TRC did not cation of “special drawing rights.” These SDRs and it asks for dollars, the U.S. would wind up power-grid crash in Texas, Mr. Chris- require any winterization of the pipe- areprinted at the fund, distributed to member financing the Islamic RevolutionaryGuard tian hews stubbornly to the argument lines and production facilities that countries—including Myanmar—and areex- Corps. that oversubsidized renewable-energy ended up going down. In North Da- sources precipitated the failure—even kota, the gas producers and wind pro- changeable for dollars that the U.S. is obliged Supporterssay the newSDRsare needed to though their share of energy output ducers provide power in much worse to provide. help poor countries cope with Covid-19.But the in the state represents a small frac- conditions. TheIMF wantstoissue $1 trillion of this new world’s poorest countries will get fewer than tion of the whole during winter Not only am I a consumer of en- funny money, and Treasury is so gung-ho that 10%ofthe newallocation, and therewill be no months—in the case of wind energy, ergy, I’m also a 30-year veteran of it’s scrambling to duck U.S. law requiring con- way under IMF rules to givepreferencetothose about 7%. Natural gas, on the other the oil and gas industry, where I gressional approval. TreasurySecretaryJanet making real efforts toward economic reform hand, typically generates more than served as a petroleum geologist. I Yellen is paying lip serviceto“greater transpar- and democracy. half of Texas’ electricity. When the know that when government doesn’t ency and accountability in how SDRs are ex- Even beforeanew allocation, countries that gas goes offline, you’re in a heap of regulate, our very competitive indus- changed and used.” But if she were serious, don’t qualify as poor already hold more than trouble, son. try cuts costs to the bone. In 2011 she’d let Congress play its proper role in ap- $250 billion in SDRs. Countries that have used Neither gas, coal, nuclear nor re- Texas got a warning that this black- proving this IMF booty—of which the U.S. will them as a cheap alternative to borrowing are newable energy sources were them- out could happen. Mr. Christian and selves responsible for 2021’s spectac- others of his ilk were deaf to the shoulder the largest burden. grabbing a subsidy that isn’t meant for them. ular and tragic grid fiasco. Rather, warning and now point fingers to U.S. law mandates that Congress approve a If aiding the poor is the priority,these freeload- the blame falls mainly on the shoul- avoid accountability. general SDR allocation in aset five-year period ersought to repaytheir loans,and existing ders of Texas lawmakers and regula- WILLIAM BLOUNT in which the U.S. gets more than $120 billion. SDRs should be lent or donated to poor coun- tors, who, despite warnings from ex- Houston That $120 billionisthe U.S. equity stakeinthe tries before new allocations are made. perts, did effectively nothing to IMF.The need forapproval would be tripped in Ms.Yellen and her G-7counterpartsknowall protect the state’s power-generation Mr. Christian’s conclusion couldn’t a$1trillion newSDR allocation because the U.S. this, and they’re trying to cover the ugly look. gear from extreme cold. be more misguided. When he calls SDR share would be $173 billion. To addressthe “welfarefor the rich” criticism, JOHN R. KENT fossil fuels “cheap” as a source of en- To help the Administration skirt the law, the they arenow promising that wealthymembers Fort Worth, Texas ergy, he clearly fails to factor in the IMF plans to break the newallocation intotwo will commit to “recycle” some of their newallo- all too real and immediate social Mr.Christian is spot on in his as- costs of Texas’ continuing reliance on batches.The first, scheduled forthis year,will cation—a rumored $100 billion—to countries sessment that reliable energy is es- them. He speaks of subsidies, saying be a$650 billionSDR allocation. That works out in need. sential. We need coal, natural gasor that solar and wind get a free ride. to be near the highest amount (in round num- That’saconvoluted way of getting $165 bil- nuclear energy to help generateelec- But he fails to mention the tons upon bers) that Team Biden canrubber stamp with- lion in SDRs to the poor when the fund could tricity.Energy from wind turbines tons of CO2 emitted over the years as out Congress. TheAdministration canthen simply designatethat amount as a“special allo- and solar panels won’t cut it. The if our atmosphere and our future push through the remaining $350 billion alloca- cation” to needy nations. Ah, but U.S. law says energy cannot be stored. Whoare were inexhaustible resources for the tion—or more—next year using the same trick. a special allocation of SDRs requires congres- these politicians who think climate oil and gas industry to exploit. We Theback-to-back yearswill fall in two different sional approval—which is what Ms. Yellen is changeisanexistential crisis? It now know that if we don’t transition five-year periods. trying to avoid. isn’t. What’stheir real plan in their to renewable energy options, the ef- IMF members who trade in their SDRs for iii green-energy plan? Arethey scien- fects will be far more catastrophic dollarsdonot have to repaythe real money This is one moreway in which the executive tists? Have they consulted anyscien- and enduring. It’s time to quit pre- tistsorphysicists? They have set un- tending crises aren’t real and to rally handed over by the U.S. Treasury, making it branch is commandeering Congress’sconstitu- attainable goals of zero net carbon to bipartisan solutions such as a rev- equivalent to aperpetual noteatthe three- tional powers.Climateaccords aren’t submitted emissions. enue-neutral price on carbon that will month Treasury-bill rate. This is a subsidy for as treaties forSenateapproval, and laws arere- What do Alexandria Ocasio-Cortez, reduce our risk in the long term. all borrowers and one not justified forrich and writtenvia regulation. NowTreasurywantsto John Kerry or any other politician DENNIS ARP middle-income countries,which caneasily get evade even Congress’s power of the purse. know about climate change? Perhaps Brea, Calif. credit in the capital markets. Congress should call this out, and then pre- as Allysia Finley suggests in “The , which would get$4.5billion in SDRsin vent it from happening again by rewriting the Weekend Interview with Alex Gorsky: Mr. Christian leaves out some facts a $650 billion allocation, could not exchange Special Drawing Rights Act of 1968 to ensure Capitalism Is What Will Defeat Covid” that distort his conclusions. them for dollars for now because of U.S. sanc- legislative control over foreign aid. (March 20), we can apply the same Wind power contributes 23% of the free-market-based technology from Texas utility power system. A reduc- people who know what they are talk- tion of 52% in wind power leaves this ing about, instead of ill-informed pol- source around 11.5%. He does not ad- Bernie’s Censorship Wisdom iticians. dress the freeze-up of many of Texas’ MATINA KANTZAVELOS nonrenewable generation systems. emocrats have increasingly adopted cialist, he recognizes there’snoguarantee that Morton Grove, Ill. Nor does he address the fact that ’sideas about economic the tools of political muzzling will always be in Texas consumers have paid $28 bil- D policy. If only they’d instead take the the hands of people who agree with him. “Yes- Like Mr. Christian, I experienced lion more for unregulated power. Vermont socialist seriously on terday it wasDonald Trump the while under the non-Er- Deregulation is acceptable if and censorship. He knows tech speech who was banned and tomor- cot powered area in East Texas. Our consumer is at the table and not For the last year progres- muzzling won’t only be rowitcould be somebody else blackout lasted only about 24 hours. bilked by politicians who grant utility siveshavebeen demanding who has averydifferent point Similarly, El Paso and Lubbock to the companies free rein. that corporations censor or used against the right. of view,” he said. west also experienced much less se- GEORGE FALK vere blackouts. El Paso and Lubbock Snowmass Village, Colo. removeawider and wider Socialists and radicals in rangeofunapproved political the U.S. have not fared well speech. But in aNew York Times interviewthis under censorship,evenwhen it is administered week,Mr. Sanderscriticized ’sJanuary by the progressiveestablishment—think of Pandemic ShowsHow Fast Medicine Can Move ban on Donald Trump. Woodrow ’s clampdown on antiwar ac- TheSenator prefaced his commentsbysay- tivists in the early 20th century. Eric Topol’s“TheHyper-Accelera- Institute’sFasterCures Center advo- ing that Mr.Trump is “a racist, asexist, ahomo- “I don’t likegiving that much powertoa tion of the LifeSciences” (Review, catesacomprehensiveplan to assure phobe,axenophobe,apathological liar,anau- handful of high-tech people,but the devil is ob- March 20) correctly celebrates the that we’rebetterprepared: build an thoritarian.” But he added, “doIfeel viously in the details,” Mr. Sanders continued. medical research community’s Covid effectiveearly warning system for particularly comfortable that the President, the Politicians likeSen. claim to vaccine and treatment successes.One emerging pathogens; invest heavily then-President of the could not dislikeBig Tech but also want the privatefirms key wasprivateindustry-government in newproduct development and partnerships.Traditional competitors manufacturing capacity; formalize expresshis views on Twitter? Idon’t feel com- intervening to control America’s political de- also collaborated to compresstime research collaborations; expand clini- fortable about that.” bate. Mr.Sanders’ssincerely felt socialism and regulatorsallowedoverlapping caltrial innovations; collect real- Mr.Sanderssaid he worries about conspira- seems to givehim aperspectiveonliberty that safety/efficacyreviews, two strate- world datafaster; and reducehealth- cies spreading online. But as an old-school so- the mainstream left has lost. gies we began advocating decades care disparities. ago. We should never return to the There’snodoubt we canapply boom-and-bust cycles that funded re- Why Do Democrats Hate West Virginia? Covid’slessons to accelerateprog- search only when acrisis arises.The ress against other infectious dis- crisis is here—not only in the poten- est Virginia has lost population for schools and cities.Yet Mr.Justicecan’t use any eases,cancer,Alzheimer’s and more. tial forfuturepandemics,but also in eight consecutiveyears. Gov.Jim of the booty to finance his tax cuts. Yetlet’sremember some of Covid’s the tragic suffering and economic W Justice is pushing to phase out his Thereforeheisseeking to payfor the income collateral damage: nearly 1,000 de- consequences of neurodegenerative layedorcancelled clinical trials, diseases such as Alzheimer’s and state’s income tax to make it taxcutsalmost entirely by in- foregone childhood , other dementias whose impact con- more economically competi- First they attack energy creasing consumption taxes. compounded racial and ethnic dis- tinues to grow. tive, but Democrats are sabo- production. Then they His plan would raise the state parities,and extreme economic dis- MILKEN taging him with their $1.9tril- sales tax to 7.9% from 6% and location that wasfelt most acutely in Chairman, The MilkenInstitute lion spending bill. block a state tax cut. expand the taxbase to ser- minority communities.The Milken Santa Monica, Calif. Mr.Justice’splan would vices. It would also increase immediately slash income tax taxesontobacco,soda and al- ratesby60% acrossall brackets. West Virginia’s cohol. Higher consumption taxes don’t reduce AGPS Outage Would Leavethe WorldLost top6.5%income taxrate, which is the same for work incentives, so the trade-off is good eco- singles and couples,kicks in at $60,000 and nomic policy. Diana Furchtgott-Roth asks rhe- of course,topaper maps.However, it torically,“Will We Be Ready if GPS would requirethat people knowhow would fall to 2.6%. Middle-class households in But raising consumption taxisunpopular Goes Down?” (op-ed, March 20). To- to read them, which is askill that is West Virginia currently paymoreinincome tax among businesses,which won’t directly benefit day, despiteanincrease in the fre- gradually fading away,thanks to GPS. than their counterparts in neighboring states from the income-tax cut. Most small businesses quencyofGPS outages (some inten- HARRY MALAKOFF and even morethan some affluent residentsof passthrough their earningstotheir owners tional), the answerisno. That’s New York Connecticut. who are taxed at the personal rate. But pass- whyher urgent plea forfunding Declining coal production has hurt West Vir- through income is excluded from his tax cut. backup technology, in keeping with ginia’sAppalachian country. But jobs gained in Slashing income taxesfor small businesses the Transportation Department’sre- Pepper ... natural gasshale fracking,downstream manu- would lose more revenue and could create an cent report to Congress, deserves And Salt facturing, pipeline construction and other in- incentivefor some businesses that paythe prompt attention. DOT has been dustries have helped offset those lost in mining. state’s6.5%corporateratetoreorganizeas serving up sound, peer-reviewed THE WALL STREET JOURNAL Still, West Virginia has been losing taxpayers pass-throughs. recommendations sincethe George W. Bush administration. Yetinter- to neighborswith morediversified economies While Republicans enjoyasupermajority in agencysquabbling and penny-wise or no income tax like Tennessee. the stateLegislature, manyare reluctant to go budget decisions over the years Mr. Justice is trying to stop the population along with Mr.Justice’splan because they fear have leftthe countryexposed to the flight and draw more workers, especially pro- a business backlash over consumption taxes. consequences of aGPS failure. fessionals nowtelecommuting from the Wash- Some also worry that the Biden Treasurywill JEFFREY N. SHANE ington, D.C., suburbs. Under his plan, house- later rule that the taxcutsviolatethe relief Founex, Switzerland holdsmaking $100,000 would see aroughly bill’sprohibition on “indirect” revenue offsets $2,889 reduction in their income taxbill. Those and claw back federal funds. Thereisanalternativetoour making $200,000 would save more than twice In short, Democratsare limiting Mr.Justice’s overdependenceonGPS,one that has that much—enough to payfor privateschool tu- ability to makehis stateamoreattractiveplace existed forhundreds of years. Irefer, ition. to work and invest. One of the Democrats who Lettersintended forpublication should The problem is that Democrats in Congress voted for the tax-cut ban is West Virginia Sen. be emailed to [email protected]. Please have prohibited states from using their new JoeManchin,who put loyalty to national Demo- include your city, state and telephone federal funds to directly or indirectly offset tax crats above his state. West Virginians can be number.All letters aresubject to “We’re here to discuss the earth’s cuts. West Virginia is slated to get about $1.3 forgiven forwondering what they did to de- editing,and unpublished letters cannot sixth mass and be acknowledged. billion in direct budget relief and even morefor serve such hostile treatment. how to monetize it.” P2JW084000-0-A01700-1------XA

THE WALL STREET JOURNAL. Thursday, March 25, 2021 | A17 OPINION How to Restore Balance to Libel Law

By Glenn Harlan Reynolds litical advertisement published JudgeSilberman joined the in ) reached the Su- call in adissent last week,noting fanewsorganization defames preme Court, news organizations that the kind of wide-open and you, it’salmost impossible to had faced morethan $300 mil- robust media debateonwhich find redressinanAmerican lion in claims (around $2.5bil- Sullivan relied as ameans of ar- I court. In 1964 the Supreme lion in today’sdollars), and the riving at the truth no longer ex- Courtbegan to remakelibel Times’slawyerswerequashing istsnow that the presshas be- lawinNew York Times Co. v. Sulli- factuallysound stories of obvi- come aone-party monoculture. van. Thechanges made it harder for ous public interest for fear of JusticeThomas and JudgeSil- victims of defamation to sue media further libel suits. Times report- berman makeagood argument, outletsthat defamed them, adding a erswereevendiscouraged from but the high court is unlikely to requirement of “actual malice” for visiting for fear that go as far as they urge.Overturn- public officials seeking to recover they might spur alawsuit or be ing Sullivan would be momen- damages. served with papers. tous and controversial. When Nowthere’stalk of overturning Thejustices responded by re- JusticeThomas suggested it, he Sullivan, most notably from Justice writing the lawofdefamation. wasaccused of wanting to “crush ClarenceThomas and Senior Judge Before Sullivan, lawsuitsfor the free press” and impede “the LaurenceSilberman of the U.S. Cir- slanderand libel hadn’t been public’sright to know,” and even cuit Court of Appeals forthe District understood as implicating the of declaring waron“the very of Columbia.They makesound argu- FirstAmendment at all. Nowthe idea of afreepress.” These criti-

ments. But federal courtscould do a court held that the pressfree- E cisms were nonsensical unless

lot to restoresanity to the lawofli- dom required public officials su- OW one believes that the U.S. lacked bel without touching the Sullivan de- ing forlibel to show“actual CR afreepress prior to 1964. But

cision. Most of the legal changes that malice”—meaning that the pub- CHAD arefour other justices willing to have made libel recoveries so diffi- lisher knewthe information was enduresuch opprobrium? cult come from less-famous follow-on false,orpublished it with “reckless forordinarycitizens to take part in only journalists, none of whom were Fortunately,they don’t have to. cases. disregard”—beforethey could re- public affairs; at anyrate, the price aparty to the case that prompted Sullivan—limited to public officials coverdamages. fordoing so wastomakeyour repu- JusticeThomas’scritique of Sullivan. rather than public figuresand allow- Laterdecisions quickly expanded tation fair game,atax of sortson In 2014the NewYork Daily News re- ing foramilder version of “actual The Supreme Court can Sullivan in waysthat suggest the jus- speech. ported on Kathrine McKee’s allega- malice” and more-open discovery, tices were moreinterested in pro- Meanwhile, “actual malice” had tion that Bill Cosby had raped her isn’t the source of most of the exces- curtail the worst media tecting the institutional pressthan in also been adjusted, to the detriment four decades earlier.Mr. Cosby’s law- siveprotections media defendants abuse without overturning reining in the excesses of politicians. of plaintiffs.InSt. Amant v. Thomp- yerMarty Singer wrotealetterto getinlibel cases today. Thejustices First, they expanded Sullivan’s cover- son (1968), the justices held that a the paper threatening legal action. could overturn or limit their subse- its landmark 1964 ruling. age. In 1967,“Public officials” were plaintiff had to showthat the defen- Ms.McKee sued Mr.Cosby,alleging quent rulingswhile leaving Sullivan replaced, in Time Inc. v. Hill and Cur- dant “entertained serious doubts” that Mr.Singer had defamed her on intact. Nobody but media lawyers tis Publishing v. Butts, by “public fig- aboutthe story’struth. It wasn’t the comedian’sbehalf. and their clientswould getupset. Sullivan grew out of aconcerted ures.” Aprecedent designed to pro- enough that any“reasonably prudent Thefact of having accused afa- I’m guessing theremay be five effort by Southern states to use libel tect coverage of political wrongdoing man” would have had doubts. mous person of rape wasenough to justices who could be persuaded to lawsuitsasaweapon in asort of suddenly made it hardfor celebrities Establishing that became even makeMs. McKee a“limited-purpose do that, particularly as Justice asymmetric warfare. Civil-rightsor- to sue over falsehoods about their moredifficult decades later because of public figure,” which doomed her Thomas isn’t alone on the court in ganizershad powerful support from personal lives. two procedural decisions, Bell Atlantic lawsuit. When the Supreme Court de- having experienced pressunfairness national media organizations,but lo- In Gertz v. Robert Welch Inc. Corp. v. Twombly (2006) and Ashcroft clined to hear her appeal in 2019, and dishonesty on apersonal level caljudges and juries were sympa- (1974) and Time Inc. v. Firestone v. Iqbal (2009). These precedentsal- JusticeThomas filed alone dissent during hisconfirmation hearings. thetic to segregation. Southern gov- (1976), the category of public figures lowacase to be dismissed beforethe calling for Sullivan to be overturned. JusticeWilliam Brennan,who wrote ernment officials seized on anyerror wasfurther expanded to include or- plaintiff canengageindiscoveryun- Even left-leaning lawprofessor Cass Sullivan,and his colleagues might in media reporting to claim defama- dinary citizens who “thrust” them- less the plaintiff candemonstrate— Sunstein thought he had apoint. “It have entertained an overly rosy view tion, file libel suitsand haul those or- selves intothe debate. Anyone,how- not merely allege—actual malice. The is hardly obvious that the First of journalistsand the news media. A ganizations intocourt. ever obscure, who spokeout would plaintiff has to provethe defendant’s Amendment forbids rape victims majority of their successorsmay not. The goal was to chill reporting lose traditional protection against li- stateofmind beforebeing authorized from seeking some kind of redress and criticism, and it worked. By the bel and slander.The term “thrust” to gather evidence. from people whodefame them,” he Mr.Reynolds is alaw professor at time Sullivan (which involved apo- suggestsitisvaguely inappropriate These precedentsdon’t protect wrote. the . The Coming Demand Surge Brings Back Memories of 1970s Inflation

By William N. Walker That articlethat could have been seemed even stronger than it is now, relief bills costing another nearly $2 Onerelief is that the Biden ad- writteninthe spring of 1973, when growing at an annual rate of more trillion, alot of which remains un- ministration won’t repeat the colos- he last bout of inflation the demand also exploded, putting such than 8%. wasdown spent and will continue to fuel de- sal mistakePresident Nixon made in T U.S. experienced wasinthe severepressureonsupplies that to 3.4%, and inflation wasaseem- mand this year and beyond. June 1973, when, faced with mount- 1970s.Commentatorsduly within amatterofmonths,prices of ingly manageable 5.6%. Thepre-pan- Does that mean that we’re ing anger over inflation, he imposed notethis historic referencebut don’t virtually all commodities—food- demic 2020 U.S. economywas also doomed to repeat the earlier disas- anew 60-daypricefreeze. Thedis- really understand it—manyweren’t stuffs,minerals and petroleum— very strong,growing at a3%annual ter? Today’sfiscal stimulus clearly credited Economic Stabilization Pro- yetborn, and few were adults, at the would soar.Bythe summer,the rate rate,with historically lowunemploy- dwarfs anything even considered in gram of the 1970s,which tried to re- time.Itwas no mereinconvenience; of inflation had shot up to 11%. It ment of under 4% and inflation hov- the 1970s.Moreover,thereisapal- duceinflation through government- it wasacatastrophe. would continue at near double-digit ering around only 1%. pable excitement that Americans enforced pricecontrols,isanobject During the firstquarter of 1973, annual ratesuntil 1980,when the will finally be able to discardthe lesson of afailed government policy consumer food prices shot up at an Federal Reserve, led by Paul Volcker, shackles of Covidand spend the that is properly consigned to the ash annual rate of nearly 30% and the raised interest ratestonearly 20%. The lifting of lockdowns money they savedlast year and the heap of history. Congresslet the wholesale priceindexfor farm prod- That crushedinflation but ushered wagesthey’restarting to earn again. president’sauthority to impose such uctsrose at an annual rate of 52%. in aharsh recession. and easy monetary and So demand is likely to soar. controls lapse in 1974. Red-meatprices surgedatanannual Thereare eerie parallels today. fiscal policy will likely lead As wasthe case 50 yearsago, Inflation maybeincheck today. rate of 90% during the firstquarter. In 1973, the U.S. wascoming off a thereare constraintsonsupplies: But onceitgetsits claws intoade- Home heating oilprices nearly dou- two-year experiment in wage and to much higher prices. shipping delays areblocking deliver- mand-fueled, supply-constrained bled in that quarter alone,and soy- pricecontrols,which artificially de- ies; manufacturerscan’t getpartsto economy, it canbecome ascourge, bean prices rose to record highs. pressed prices and muted signals ramp up production; real-estateval- and historyteaches that there’snot TheJournal reported recently that the economywas overheating. In 2021 we’reemerging from the ues areskyrocketing,while lumber an easy or painlessway to tame it. that “commodity marketsare roar- Then, too, the Fedpursued an easy- pandemic shutdown, which cratered shortages constrain home building; ing” and noted dramatic increases in money policy, keeping interest rates growth and slammed the economy— and most commodity prices areris- Mr. Walker is aretired diplomat prices of crude oil, copper and low—though considerably higher depressing pricepressures,not un- ing precipitously.Expertsreassure and lawyer and author, most re- nickel as examples of what some than now, and without today’spur- likewhat the price-control program us that the annual inflation rate will cently, of “Target Switzerland: A predict to be “a supercycle ...when chases of bonds and mortgagese- did 50 yearsago. Today’sFed poli- rise only to about 2%. We hope Paul Muller Novel of Political In- prices of livestock,grains,metals, curities. cies areevenmoreexpansive. And they’reright, but when demand in- trigue.” He served as general counsel oil and gas all climb for years, even By the end of 1972, beforethe in- Congresshas just enacted a$1.9tril- creasesfaster than supply,prices and deputy director of the federal decades.” flationaryjump,the U.S. economy lion stimulus bill—on topofearlier tend to go up. Cost of Living Council, 1972-74. Herd Immunity Is Near, Despite Fauci’s Denial

By ifornians have natural immunity to- dismissed the contribution of natu- vaccinated. But it also creates false suggested that up to 20% of the pop- day. ralimmunity,artificially extending justification forcontinued excessive ulation might have had Covid-19.A nthonyFauci has been saying Thesame report found that 45% the timeline. restrictions on freedom. And it study of antibody prevalencepub- A that the countryneeds to vac- of people in LosAngeles had Manyphysicians believethat vac- raises the possibility that authorities lished soon afternoted that 14%of cinate70% to 85% of the popu- Covid-19 antibodies.Again, the num- cinated immunity will provemore aremisallocating the limited vaccine NewYorkershad antibodies in Sep- lation to reach herdimmunity from ber canonly be higher today. Be- durable than natural immunity.I supply by failing to direct it toward tember,beforethe state’sfall and Covid-19.But he inexplicably ignores tween “half and two-thirds of our agree,and Ithink everyone should people without natural antibodies. winter surge.According to the more natural immunity.Ifyou account for population has antibodies in it now,” getvaccinated. But afterayear of recent California data, Dr.Walensky previous infections,herdimmunity due to Covid exposureorvaccina- millions of Covid-19 cases in the underestimated the prevalenceof is likely close at hand. tion,Mayor Eric Garcettisaid Sun- U.S.,it’sclear that reinfections are His estimate that it’ll take natural immunity by half. Datafromthe California Depart- dayon“Face the Nation.” That rare.Naturalimmunity is real and Some expertsclaim they don’t ment of Public Health,released ear- would explain whycases in LosAn- shouldn’tbeignored. a 70% to 85% vaccination talk about natural immunity because lier this month, showthat while only geles aredown95% in the past 11 Dr.Fauci’svaccination-onlypath rate ignores those who we shouldn’t trust it. But arecent 8.7% of the state’spopulation has weeks and the positivity rate among to herdimmunity has significantly Public Health Englandstudy found ever tested positivefor Covid-19,at those tested is now1.7%. influenced the national conversation. have already been infected. that lessthan 1% of 6,614 healthcare least 38.5%ofthe population has an- Undercounting or removing the KNBC-TV in LosAngeles has a workerswho had Covid-19 developed tibodies against the novel coronavi- manyAmericans with natural immu- county-by-county vaccine tracker areinfection within five months— rus. Those numbersare from Jan. 30 nity from anytally of herdimmunity showing abar graph of the percent- RochelleWalensky, director of the even though manyofthem work to Feb. 20.Adjusting forcases be- is ascientific error of omission. ageofCalifornians vaccinated, with Centersfor Disease Control and Pre- with Covid patients. Other experts tween nowand then, and accounting When people wonder whyPresident the zone 70%to85% labeled “herd vention, has joined Dr.Fauci in play- believenaturalimmunity is power- forthe amount of time it takesfor Biden talks about limiting Fourth of immunity.” Currently,it’sat26%. ing down natural immunity.InaFeb. ful. “Natural immunity after the body to makeantibodies,wecan July gatherings, it’sbecause his Thefalse construct does createa 17 interviewwith the Journal of the Covid-19 is likely lifelong, estimate that as manyashalf of Cal- most prominent medical adviser has greater urgencyfor everyone to get American Medical Association,she extrapolating from dataonother coronaviruses that cause severeill- ness, SARS and MERS,” says Monica Gandhi,aninfectious-disease physi- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Notable & Quotable: Sasse cian and professor at the University Robert Thomson of California. Executive Chairman, Chief Executive Officer, News Corp Sen. Ben Sasse (R., Neb.) in a penned apublic letterthat defended Dr.Fauci has said that we don’t Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher March 23 floor speech: the filibuster and all of its, quote, have good dataonnaturalimmunity. Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: “existing rules, practices and tradi- That is largely because his ownNa- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; Ithink of my friend [Hawaii Sen.] tions,” close quote, precisely because tional Institutes of Health hasdone Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; Brian Schatz, and I’m going to name it advanced the deliberativepur- little to answerthis and other im- News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; him precisely because he’sareal poses of the Senate. portantclinical questions.The NIH Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer friend,not aWashingtonfriend Idon’t remember Senator Schatz and CDC,which together receive Andrew Dowell, Asia; AnthonyGalloway, Video & whereyou claim someone’syour then calling it the Jim Crow filibus- more than $40 billion ayear from Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; friend rightbeforeyou trytorip terwhen he wrotethat letter, or taxpayers,should have focused on Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; their faceoff....Brian recently said when he wasblocking ’s answering the most basic Covid-19 Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; that the filibuster is,quote, “stupid” policereform legislation last year by clinical questions that affect Ameri- Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News and “paralyzing.” He also said “it’s pointing to the Senatesupermajority cans.Ifwesay we’regoing to follow Thomas SanFilippo, Customer Service; time to trash the Jim Crow filibus- requirement rules. the science, then we need to be will- GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; ter.” But just four yearsago when Idon’t remember Senator Schatz ing to consider all the data. Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Donald Trump waselected and calling it stupid when he filibustered Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International House Republicans were itching to Covid relief in September and again Dr. Makary is aprofessor at the WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: have the Senateeliminatethe fili- in October under the Senate’scur- JohnsHopkins School of Medicine, LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head buster because Republicans con- rent rules. Look, I want to be clear, Bloomberg School of Public Health

EDITORIAL AND CORPORATEHEADQUARTERS: trolled the House,the Senateand I’m not picking on Brian, I’m naming andCarey School of Business. He is 1211 Avenue of the Americas, New York, N.Y., 10036 the WhiteHouse,Senator Schatzand him precisely because Ilikehim and chief medical adviser to Sesame Care Telephone 1-800-DOWJONES abunch of his colleagues actually afterwards we canargue about this. and author of “The Price We Pay.” P2JW084000-0-A01800-1------XA

A18 | Thursday, March 25, 2021 THE WALL STREET JOURNAL.

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S&P 3889.14 g 0.55% S&P FIN À 0.44% S&P IT g 1.21% DJ TRANS À 1.04% WSJ $ IDX À 0.28% 0.195 NIKKEI (Midday) 28709.27 À 1.07% See more at WSJ.com/Markets Xiaomi Gains As Sanctions Hit Huawei

New Chinese phone enthusiast from Nanjing,in eastern China. In November, leader emerges, taking Mr.Xie bought aXiaomi Mi 10 for 3,299 yuan, equivalent to JOURNAL advantage of rival’s about $500,toreplaceaphone

REET loss of global business made by arival Chinese brand. ST

LL Thedecision came down to the

WA BY DAN STRUMPF Xiaomi deviceand Huawei’s

THE flagship phone,the P40.Inthe R HONG KONG—The swiftde- end, he found the Mi 10 more FO cline in Huawei Technologies cost-effective—and put more Co.’ssmartphone businessun- trust in the foreign-made

BENNETT der the weight of U.S. sanc- chips powering it. Huaweihas tions has leftanopening in boosted itsrelianceonself-de-

BRIDGET the market. Adifferent Chi- veloped chips to counter aban Stephen Wade, above, at his Toyota dealership in St. George, Utah, usually has about 200 Ram pickups in stock and now has 25. nese technologygiant is filling on itsaccesstoU.S.suppliers. the void. “Everyone is talking about Xiaomi Corp.isthe new supporting ‘made-in-China’ DealershipsRun LowonInventory Chinesesmartphone king. tech, and Huaweidid make ConsumersfromIndia to hugeprogressand great Franceare snapping up itsde- phones,but when it comes vices as Huaweisheds custom- down to real products, youcan As Chip Crisis CurbsAutoOutput ers. Xiaomi wasthe third-larg- still feel the difference,” he est smartphone seller in the said of his Xiaomi device. world toward the end of last Xiaomi’sresurgencemarks year,behind Apple Inc.and acomeback forthe Beijing BY NORA NAUGHTON The number of cars in stock at U.S. dealerships in February compared with ayearago South Korea’s Samsung Elec- company.Founded in 2010 by AND MIKE COLIAS tronics Co. theentrepreneur LeiJun,Xi- 1car =100,000 Feb. 2020 Feb. 2021 TheBeijing companyon aomi—pronounced “sheow- Utah dealer Stephen Wade Wednesday reported soaring me” andmeaning millet in is running out of pickup DOWN 26% sales in multiple regions, in- Chinese—took only half ade- trucks—and fast. 3.6 million 2.7 million cluding a 57% jump in phone cade to surge to the topof Normally he keeps about shipmentsinWestern Europe China’ssmartphone market by 200 Rampickups in stock at his and a52% increase in main- selling to China’srising class dealership in St.George,Utah. land China. Revenue forthe of internet-connected consum- As of this week,hehad only 25. year rose by more than one- ers. The company’s inexpen- Thesituation is even moredire fifth, it said. sive yetsleekly designed gad- at hisnearby Chevrolet busi- “Westill have alot of room gets—from phones to internet- ness: He has only four Silverado to develop,” said Wang Xiang, connected ricecookers— trucks on the lot and isn’t sure Xiaomi’spresident. spread to homes acrossChina, when he will getmore. As it has surged, and plot- and it made quick inroads into “Weseemed to have rea- tedits futureinthe realms of neighboring India. sonableinventoryatthe end 5G, artificial intelligence and In 2018,Xiaomi’sblock- of last year,” said Mr.Wade, internet-connected gadgets, buster Hong Kong public stock who has eight dealerships in Xiaomi has also drawn scru- offering coincided with a$1.5 southern Utah. “But it’sjust tinyfromU.S.officials.InJan- billion payday forMr. Lei.But gotten shorter and shorter.” uary, it was slapped with an the rise of Huaweiand faster- Autoexecutives and dealers Source:Wards Intelligence investment blacklisting by the moving smartphone upstarts entered 2021 hoping to restock Defense Department. Yet un- such as Oppo and Vivo put the dealerships depleted by pan- and autoretailerssaid it could have had to order models from Thelack of newcarsstands like Huawei, it has so far suc- companyonthe defensiveasit demic-related factoryshut- be months beforerelief comes. the factory or pick from vehi- as abarrier to what could be a ceeded in winning ahalt of the lost ground at home and downs last spring.Instead, For buyers, there are slim- cles still in transit to the deal- strong bounceback year forthe ban in aU.S.court. global growth stalled. partsshortages and other fac- mer pickings, higher prices ership,rather than immedi- industry. Analystssaid pent-up Crucial to itssuccess has Then the U.S. clamped tors disrupting production have and longer waits, dealers and ately driving their newrides demand, continued lowinterest been winning over consumers down on Huawei’ssupply extended the inventorycrunch, analystssaid. Manyconsumers off the lot. PleaseturntopageB2 like Xie Yu,a29-year-old tech PleaseturntopageB4 Slack Halts New App WorkersPress AmazonBeforeVote

On Harassment Worry BY SEBASTIAN HERRERA U.S. employees areunionized. mands.The groups areseeking to speed up delivery times. Avotetoform aunion in Ala- to alter companypolicies on “Itwould be avictoryfor Amazon.com Inc.ware- bama would giveworkers therateatwhich they must us,and it would bring momen- BY AARON TILLEY on the expanded function after house workersinAlabama are morepowertonegotiatewith preparepackages as well as tum forothers,” Jennifer growing criticism on social voting on whether to unionize the company on matters such break time and shiftsched- Bates, aworker-organizer in Inc. media about howthe feature this month. Whatever the re- as pay and benefits. ules—all factorsthat canmake Bessemer,said. “It would be a launched apush to expand the could facilitateabusivemes- sult, the e-commerce giant Elsewhere, hourly Amazon Amazon aphysically demand- fire starter.” utility of itswidely used col- saging. faces pressurefromstaff employees aregatheringpeti- ing placetowork,workerssay. An Amazon spokeswoman laboration app,only to back- “Wemade amistakeinthis world-wide to makechanges tion signatures,discussing po- Such issues have risen to the said the company“already of- track hourslater amid concern initial rollout,” said Jonathan to its working conditions. tential strikes and consulting fore formanyemployees amid fers what unions are request- it could inadvertently facilitate , Slack’svicepresident So far those actions stop with unions about possible de- Amazon’sexpansion and push ingfor employees: industry- harassment. of communications and policy. short of aformal unionization leading pay, comprehensive Slack on Wednesdaymorn- He said the outside feedback push, but each one involves benefitsand opportunities for ingintroduced afeaturethat the companyreceived was hundreds of employees and career growth.” letsusersinvitetoaconversa- valuable and helped alert it to shows howwork conditions at Employeeactivism appears tion anyone else running the the potential formisuse. Amazon warehouses arein- to be rising at several large app.The companybilled the One Twitteruser shared creasingly in thespotlight. tech companies.Organized ac- feature as away to makeSlack screenshotsofhow aperson President Biden and other tions among technologyem- even more of areplacement caninvitesomeone else to high-profile figures have ployees in the U.S. almost tri- foremail by making it easier communicateonSlack.That weighed in on the Bessemer, pled from 2018 to 2019 to to engagewith people across invitation contains acustomiz- Ala., vote among warehouse morethan 100,according to S itsapp. able messagethat could in- employees. Sen. Bernie Sand- public policyconsultant Ac- Slackuse traditionally has clude abusivelanguage. ersofVermont, afrequent PRES cess Partnership Ltd. The ac-

been limited to chat within an Slack,Mr. Princesaid, was Amazon critic,isscheduled to TED tivity continued into2020

organization. Morerecently, immediately taking steps to travel to Alabama Fridayto OCIA and, in Amazon’scase,grewas SS

through afeaturecalled Slack curtail such behavior,including meet with Amazon workers, a /A the pandemic drew attention Connect, the companyhas disablingthe ability to custom- spokesman said. Thousands of to the working conditions of

tried to broaden the appeal of izeamessage. votes have already been sub- REEVES essential employees. Y

itssoftware by allowing inter- Social-media companies for mittedinthe mail-in election, JA A group of employ- companymessages between some time have dealt with which concludes March 29. Organized actions among technology employees in the U.S. ees formed aunion in January customersthat sign on to the some of their usersreceiving None of Amazon’s 800,000 almost tripled from 2018 to 2019. The Bessemer, Ala., site. PleaseturntopageB5 feature.The direct messaging abusivemessages,but it has function launched Wednesday become an increasing issue further expanded the group of also forbusinesses during the people auser could contact. coronavirus pandemic with Va ccine Chief Fired, Apologizes forConduct Slackquickly backtracked PleaseturntopageB2

BY JOSEPH WALKER aGlaxoemployee, GlaxoChief subsidiaryVerily LifeSciences, Dr. Slaoui said he is taking ExecutiveEmma Walmsley Glaxosaid. GlaxoisGalvani’s aleave of absencefromhis INSIDE Moncef Slaoui, a veteran said in acompanywide email majority shareholder. professional responsibilities to pharmaceuticals industryexec- to employees. “Dr.Slaoui’sbehaviours focus on his family.“Iwill utivewho helped lead the U.S. Thealleged misconduct oc- represent an abuse of his lead- work hardtoredeem myself government’s investment in curred while Dr.Slaoui wasem- ership position andviolateour with all those that this situa- Covid-19 vaccine development, ployedbyGlaxo, whereheled company policies, our values, tion has impacted,” he said. has been firedaschairman of the company’svaccines unit and our commitment to AGlaxospokeswoman de- theboardofabiotechnology and sat on the boardofdirec- Trust,” Ms.Walmsley said in clined to specifythe allega- startup backed by Glaxo- tors beforeretiring in 2017. the email to employees. tions made against Dr.Slaoui. SmithKline PLC and Google Glaxosaid it hired alaw “I would liketoapologise GraceSpeights, apartner with parent Alphabet Inc.following firm to conduct an investiga- unreservedly to the employee Morgan, Lewis & Bockius LLP an investigation intoallega- tion and the lawfirm substan- concerned and Iamdeeply who Glaxo said is leading the BUSINESSNEWS BANKING tionsofsexual harassment. tiated the allegations. sorryfor anydistresscaused,” investigation intoDr. Slaoui on Storeleasesbased on HSBCPinnacle will hire Glaxo, a U.K.-based drug- Theinvestigation led to the Dr. Slaoui said in a statement Glaxo’s behalf, didn’t respond acut of sales create 3,000 people to roam maker, received a letter last termination of Dr.Slaoui’sjob Monday. “I have the utmost to an interview request. month alleging Dr.Slaoui sev- as chairman of Galvani Bio- respect formycolleagues and Glaxonamed itsfirst U.S. rifts overhow to count China’s cities,seeking eral yearsago had committed electronics,amedical research feel terrible that my actions vaccine research sitethe Slaoui e-commerce. B3 wealthyclients. B10 actsofsexual harassment and companyformed as ajoint have put aformer colleague in Center forVaccines Research, inappropriateconduct toward venturebyGlaxoand Alphabet an uncomfortable situation.” but intends to rename it. P2JW084000-4-B00200-1------XA

B2 | Thursday, March 25, 2021 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes citenotablereferences to mostparent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A HP...... B4 Shopify...... B12 YumBrands to Take OrdersbyText Affirm...... B12 HSBC...... B10 SK Telecom...... R8 Afterpay...... B12 Huawei Technologies..B1 Social Finance...... B11 SoftBank...... A4 AIA Group...... B10 I BY HEATHER HADDON restaurantswereshut. Many termine the best way to spend aroughly 45% increase from Technology.....R4 Alibaba...... B3 ...... B2 chains are investing in online- marketing money by area. 2019 as dining rooms closed Allianz...... A7 Invesco...... B11 Square...... B12 ...... B2 KFC-owner YumBrands order pickup systems. That deal is expected to close and customersordered forde- Alphabet...... A4,B1 J - K Amazon.com...B1,B11,R2 Sterlite Technologies..R3 Inc.isbuying an Israeli-based Tictuk—which can be used later this year. livery or pickup. Ant...... B4 JMA Wireless...... R8 T startup that helps customers forpickup,deliveryordine-in Yumexecutives saythey are Online orderstend to come A. P. Moller-Maersk.B10 JPMorgan Chase...... B11 order food to go via text, a orders—is Yum’ssecond tech- focused on tech deals aftera with bigger sales and require Kvantum...... B2 Telefon L.M. Ericsson.R2 Apple...... B1,B11 Tencent...... B4 strategy executives hope will nologydeal in amonth. Yum surge in online ordering dur- less labor as they reduce cus- L B Tesla...... B12 fuel sales as people shiftaway also acquired Kvantum Inc., a ing the Covid-19 pandemic. tomer interaction with work- Bank of East Asia....B10 Lightspeed Venture Texas Roadhouse...... B1 from fast food and return to Texas-based companythat Thecompanygenerated $17 ers, Yum Chief Financial Offi- Partners...... B11 .com...... B11 Tictuk Technologies....B2 full-service restaurants. crunches consumer datatode- billion in online sales last year, cer Chris Turner said. C M T-Mobile US...... R8 Yum is set to use software Twitter...... A4 Citigroup...... A1 Marathon Oil...... B11 made by Tictuk Technologies Coinbase Global...... B11 Martin Marietta U Materials...... B12 Ltd., aprivatetech firm Credit Suisse...... A1 .R2 founded in 2016,for fast-food ...... R2 V D - E Moderna...... B1 ordering through text as well Diamondback EnergyB11 ...... A1 Valero Energy...... A1 as social-media apps such as DST Global...... B11 N Communications Facebook Messenger and Eaze Technologies...... B3 ...... R2 Netflix...... B11 WhatsApp,the companies Elliott Management.B10 Vertical Consultants...R9 Evergreen Group...... A7 P ViacomCBS...... B11 said.The technologyturns F PayPal...... B12 ...... B12 around a customer’s order in Phillips 66...... A1 Vulcan Materials...... B12 as fast as 60 seconds,said Facebook...... A4 Automobil...B12 VY Capital...... B11 Ford Motor...... B2,B11 ClayJohnson,Yum’schief dig- W ital and technology officer. G - H R Riot Blockchain...... B11 Westpac Banking...... B10 Sales at Yum, which is GameStop...... B11 Wirecard...... B3 based in Louisville,Ky.,have GAM...... A4 S ...... B12 ..B1 X - Y risen sincetesting Tictuk’s GlaxoSmithKline...... B1 Seiko Epson...... B4 Xiaomi...... B1 technologyinroughly 900 S

H&M...... B3 Shoei Kisen...... A7 Yum! ...... B2 KFC, PizzaHut and Taco Bell NEW restaurantsin35countries,the G companysaid. Financial terms of the deal weren’t disclosed. OOMBER INDEX TO PEOPLE As America’srestaurant in- dustry begins to reopen, fast- BRIE/BL SA C - D Lum, Earl...... R9 Shapiro, Joshua...... A7 food companies aresearching Clark, Veronica...... A7 M Slaoui, Moncef...... B1

forways to keep customers GILLES Speights, Grace...... B1 Dorsey, Jack...... A4 Ma, Pony...... B4 Sun, Trista...... B10 they gained while sit-down Yum is buying a startup that helps customers order food to go via text. A KFC in Beijing. G Mayor, Regina...... A2 Misra, Priya...... B11 T Ganzi, Marc...... R4 Taylor, W. Kent...... B1 Gomatam, Badri...... R3 O Thompson, David...... R4 O'Reilly, Brian...... B11 Greensill, Lex...... A1 Tran, Michael...... A2 Gupta, Sanjeev...... A4 P Intel, Others See Growing Chip Demand W H - J Pichai, Sundar...... A4 Walmsley, Emma...... B1 Hunter, Andrew...... A7 Q Wang, Xiang...... B1 BY ROBERT WALL aggressively to help provide ductor industry wasonpace zona. TSMC also is building a Jin-soo, Jeon...... R8 Quinn, Noel...... B10 Williamson, Chris...... A7 K - L Qureshi, Rima...... R2 Won, Toussant...... R8 thecapacity that’sneeded,” forrecordcapital spending, newU.S.chip facility and Sam- Klachkin, Oren...... A7 R - S Y - Z Behind Intel Corp.’s multi- Intel Chief Executive Pat Gel- market research firm IC In- sung Electronics Co.isconsid- Lei, Jun...... B1 Ray, Neville...... R8 Zaccarelli, Chris...... B11 billion-dollar revival plan is a singer said Tuesdayashe sightssaid. Theindustryglob- ering a$17 billion investment Li, Adrian...... B10 Redha, Hani...... B11 Zuckerberg, Mark...... A4 growing view among tech ex- rolled out his turnaround plan ally wasexpected to ploware- in U.S. chip factories. ecutives that booming demand forthe company. Theembrace cord $129.4 billion intothings Europe also wantstograb a forcomputer chips will con- of moredigital tools fueling such as newplantsand equip- large shareofthe chip market. tinue beyond the pandemic. that demand, he said, wasonly ment, up around 14%froma Intel said that in addition to Steakhouse Founder Intel on Tuesdaycommitted accelerated by the pandemic. year ago. moreU.S.investment it is also to a record $19 billion to $20 MicrosoftCorp. CEO Satya Intel became America’schip- eyeing expanded chip-making billion in capital expenditures Nadella,joining his Intel coun- making icon over decades by capacity overseas. Built a Large Chain this year, or about 45% above terpart by video at the chip- designing the most advanced “Thereissort of astep the company’saverage annual maker’s strategy rollout, said chips and making them in- changeinthe demand,” said capital expenditures over the that “we’reentering acom- house.But it stumbled in re- Gaurav Gupta, research vice BY JAMES R. HAGERTY morethan 600 casual-dining res- past five years. pletenew eraascomputing cent years,falling behind rivals presidentatGartner.“Semi- taurants, most of which evoke Taiwan Semiconductor becomes embedded in our that typically specialized either conductors are just becoming Aftercoming down with a traditional roadside eateries Manufacturing Co., the world’s world.” in chip design or production. moreand morecritical across mild case of Covid-19 in Novem- with steaks,music and free pea- leading contract chip maker,in Mr. Nadella expects spend- Graphic-chips rival technologies.” ber,W.Kent Taylor found him- nuts. Januarypledged to spend up ing on technology, currently at Corp., whichoutsourcesall Intel’sbullishnessonthe self tormented by tinnitus,a Friends said that as far as to $28 billion on plant invest- about 5% of grossdomestic chip-making, last year sur- chip outlook is leading it into ringing in the ears. they knew,Mr. Taylor had no mentsthis year, arecordfor product, will accelerate. “It’s passed Intel as the most valu- territorywhereithas faltered OBITUARY It persisted and historyofdepression. “Quitethe that company and a47% an- going to double in the next 10 able U.S. semiconductor com- before—itsplan to makechips W. KENT grew so distract- opposite,” said Mark J. Fischer,a nual increase. yearsto10%,” he said last pany. TSMC, meantime, grew forothersinstead of just its TAYLOR ing that the friend sincechildhood. “He was “Everything is becoming month. to become the dominant con- owndesigns.“Obviously,there 1955-2021 founder and chief so used to being positiveand moredigital and we aresaying Even beforeIntel’slatestin- tractchip maker,orfoundry will be manyquestions executiveofthe feeling good.” Intel is stepping intothat gap vestment plan the semicon- as they are called. whether Intel can be success- restaurant chain Texas Road- Manyofhis early restaurant Mr.Gelsinger on Tuesday ful as a foundry given failure house Inc.had trouble reading conceptsfailed, as did three of also said Intel would spend in the past,” Evercore ISI ana- or concentrating. the firstfiveTexas Roadhouse $20 billion over several years lyst C.J. Muse said in anote. Mr.Taylor told one friend he outletsheopened in the on two newU.S.chip factories. But, he added, the plan Intel hadn’t been able to sleep more mid-1990s. They would underpin the com- laid out Tuesday“suggests than two hoursanight for Results at Texas Roadhouse pany’sdesiretomakechips this is amuch moreserious months. improved as he learned to designed by others, he said, under current lead- In early March, he met choose bettersites and honed such as by Microsoft, Apple ership.” friends at his home in Naples, his motivational skills.One of his Inc. and Qualcomm Inc. But the effort comes with Fla., and led them on ayacht most successfulideas wasar- The planned outlays by In- pitfalls,including complicating cruise in the Bahamas.Some of ranging forlocal restaurant man- tel and other chip makers are Intel’srelationship with TSMC those friends thought he wasfi- agerstoacquireanequity stake especially focused on the U.S., and Samsung.Intel nowwill be nally getting better. Then his tin- in their operations.Giving away in response to concerns about vying forsome of the business nitus “came screaming back in peanutsmay have cut intosales GES recent chip shortages affecting the two Asian contract chip his head” last week,said Steve of appetizers, but Mr.Taylor fig- IMA autocompanies and other do- makersgoafter.Both also are

Ortiz,alongtime friend and for- ured it stoked customer loyalty. ETTY mestic businesses as well as to key partnerswith Intel and mer colleague. “Those peanutsare huge, /G America’sdependenceonchip part of Mr.Gelsinger’s plans to

On March 18,Mr. Taylor died man,” said Mr.Ortiz,aformer CKER production in Asia,given ten- outsource moreofits own by suicide in his hometownof chiefoperating officer of Texas BE sion with China. chip-production work to help VID

Louisville,Ky. He was65years Roadhouse. DA Intel’stwo planned new bring itsdevicestomarket old and had overcome early flops Last March, as the pandemic Intel’s is upping capital expenditures 45%. An Intel Ice Lake chip. plantsare to be built in Ari- morereliably afterpast delays. to build asuccessfulchain of took hold, Mr.Taylor gaveuphis base salaryand bonus forthe rest of the year and promised to to near-normal levels after paythat money to front-line Dealership sales tanked early in the pan- workers. demic. The stronger-than-ex- When Texas Roadhouse went pected demand has led to public in 2004, bankersadvised Auto Lots months of tight inventories him to wear asuit at investor thanks to anearly two-month presentations.Onthe morning of factory shutdown last spring. An Extraordinary the firstinvestor event, he told Run Low Automakersstarted the Louisville BusinessFirst, he re- year making some headway re- Full-Body Massage Chair belled: “I put on the suit and the plenishing U.S. dealership lots. ® tie and looked in the mirror and ContinuedfrompageB1 Worsening supply-chain prob- Zengineereded for Maximum Relaxation thought: ‘Not happening.’” ratesand anew round of stim- lems have erased that progress. ADHOUSE AfterMr. Taylor’s death, the ulus checks going to consumers At the end of February, RO companynamed itspresident, should help liftshowroom traf- dealershad 2.7million vehi- Limited AS Time Offer!

TEX JerryMorgan, to the additional ficinthe coming months as cles in stock or being shipped W. Kent Taylor post of chief executive. the industry’sspring selling to stores,a26% drop from the SAVE $1,000!* season gets under way. same month last year,accord- MSRP: $8,999 Amonthslong shortageof ing to Wards Intelligence. NOW: $7,999 ager or another official at their semiconductorshas forced auto Forbuyers, bargains are Slack company. makers to cut production of harder to find. Manyautomak- Zoom Video Communica- even theirmost-lucrativevehi- ershavecurtailed the deep dis- tions Inc.early in the pan- cles. Winter storms in Texas countsthey offered early in the Halts demic also sawanincrease in last monthdisrupted plastics pandemic.Car companies on harassment and incidentsof production,leading to short- averagespent about $3,562 per MODEL: “Zoombombing,” whereonline ages of seat foam and other vehicle on discountsand other EP-MA73 New App trolls sneak intomeetingsand materials,car makersand sup- sales incentives in February, a cause disruptions. pliershavesaid. Abackup at $600 drop from the same Zoom made changestoits West Coast portsisdelaying ve- month ayear earlier,according ContinuedfrompageB1 software to curb such behav- hicle-part shipmentsfromAsia. to research firm J.D. Power. work shifting online and com- ior,and Chief ExecutiveEric Thesupply-chain disrup- The lack of availability has Or $134 amonth with Interest FREE Financing† panies broadly embracing digi- Yuan apologized forsecurity tions began late last year and been most acutefor crossover tal-collaboration tools. missteps,including Zoom- have hit almost everymajor and SUVmodels,including +FREE Nationwide Delivery($450 Value) Social-media companies bombing. automanufacturer in recent Jeep’sWrangler and Chevro- generally allowuserstoblock Slack,which championed months,from Volkswagen AG let’sTahoe,stocks of which otherstostopabuse.Slack,to workplacecollaboration as an and Motor Co.toGen- arerunning between 43% and Unrivaledinprecision.Uniqueinits ability to facilitateease of communica- alternativetoemail, went pub- eral Motors Co. 70%lowerthan ayear ago, re- sense andinstantlyadjust massagepressure tion, doesn’t allowusersto lic in 2019 in one of the hottest Honda Motor Co.and Toy- spectively,according to Wards in realtime.Incomparable productquality CALL block each other. listingsatthe time. otaMotor Corp.werethe latest Intelligence data. .*')%/# $'+),.&-'')"',, -')&.)!+/(' andexceptional massagequality. 888-717-9193 Employment lawyershave It also drew strong competi- to be affected, halting produc- GM and Ford Motor Co. OR SCAN said they have seen an uptick tion,inparticular from Micro- tion at some NorthAmerican have closed some North Amer- in workplaceharassment is- soft Corp.Last year,Slack factoriesinrecent days. ican factories forseveral sues over theuse of digital agreed to be bought by busi- Thecompanies said aconflu- weeks because of the chip tools likeSlack.Slack,atthe ness software provider Sales- enceoffactorsled to the work shortage, crimping supply of time,was still mostly limited force.com Inc.for around $27 stoppages,including chip short- several sport-utility models. ON SALE NOW at stores and galleries to messaging inside an organi- billion. TheJusticeDepart- ages,freak weather andport GM has said the lost produc- nationwide and FurnitureForLife.com zation. Thecompanysaid that ment is putting the acquisition backups. tion could hurt pretax profit if an employeewas experienc- through adetailed antitrust re- Meanwhile,car buyershave by as much as $2 billion this †FREE financing available with approved credit. *Offers above may not be combined with any other offers. Chatwith aComfort Consultant for more details. All offers expire on 4/30/21. ing harassment over Slack, view, but Salesforce said it ex- continued snapping up vehi- year; Ford peggedthe hit at up they should talk to their man- pectsthe deal to close by July. cles,propelling U.S. autosales to $2.5 billion. P2JW084000-0-B00300-1------XA

THE WALL STREET JOURNAL. Thursday, March 25, 2021 | B3 BUSINESS NEWS H&M in Web Sales Muddy Store-Rent Math HotWater BY SUZANNE KAPNER Over China AND ESTHER FUNG Stores arereopening and customersare streaming back Comment in, which means retailersthat withheld rent during Covid-19 BY EVA XIAO shutdowns arenow able to pay. But firstthey have to Hennes &Mauritz AB’s agree with their landlords on H&M is under assault in China, how to define a sale. one of itsbiggest markets, Landlords are increasingly over itsstanceonforcedlabor offering deals in which retail- in the country’sremotecot- erspay apercentageoftheir ton-producing region. monthly sales in rent, rather Chinese statemedia and so- than a fixed amount. Percent- cial-media usersexcoriated age-rent leases giveretailers the Swedish fast-fashion giant breathing room when sales de- on Wednesday, accusing the cline and allowlandlords to companyofspreading rumors reap the upside when sales re- and smearing China over a cover. statement it made last year on But thereisasticking forced labor in China’s north- point. With e-commerce soar- west region. ing,some landlords want to Searches forH&M’sname include aportion of online on China’sbiggest e-commerce sales in the new leases, argu- platforms were blocked ing that physical stores play Wednesday, while internet us- an important role in many of erstook to China’sTwitter- thesetransactions.Retailers like Weibo to call for boycot- arepushing back,according to

ting the company, which landlords, real-estate brokers MAPS operates morethan 400 stores and retail executives.

in China. “We’rejust looking not to GOOGLE Holding Ltd., gethurt when they do sales” Fashion retailer Pinkothis month signed ayearlong NewYork Citysublease for$30,000 amonth or 15% of sales, whicheverisgreater. Pinduoduo Inc., and JD.com if the storeisinvolved in that Inc.,which runthe e-com- sale, David Simon, chief exec- Thereare no commonly ac- stores throughout the country. storesales,retailerswound up leases have become increas- merce sites blocking H&M, utiveofSimon Property cepted formulas,making these “Landlords don’t want stuck in long-term leases they ingly common, particularly for didn’t respond to arequest to Group Inc., the country’slarg- types of leases trickytonego- stores used as warehouses,” could no longer afford. That mall and street locations that comment. est mall owner,told analysts tiate, according to the indus- said Annette Healey,executive trend gotsuperchargedduring areseeing higher vacancy “Spreading rumors to boy- in February. try executives. vice president of CBRE Group the pandemic,when foot traf- rates, the executives said. cott Xinjiang cotton while try- “Ifthe storeinteraction is “It’sbecome averygray Inc., a commercial real-estate fictostoresdeclined by 30% Some rentsare structured as a ing to make money in China? importantto[retailers], we area,” said AlyssaGates, direc- services and investment com- or more, according to Shop- hybrid, with retailerspaying a Wishful thinking!” wrote don’t want our sales to be re- torofNorth American prop- pany. “They want all of the perTrak, which uses cameras fixedamount up to acertain China’sCommunist Youth duced because the storeis erty forcosmetics retailer space in the store to be dedi- to count visitors. level of sales and then a per- League in apost on Weibo providing aservice,” Mr.Si- Lush, which has 214U.S. Retailers including Gap Inc. cent of sales beyond that that wasforwarded nearly mon said. stores.“Especially this past and Dick’sSporting Goods Inc. threshold. 30,000 times. It used to be that simple year, when there was so little Some retailers pay stopped paying aportion of Sometimes,the agreements Last year the retailer ex- math determined the sales in-store shopping.” their rent during the pandemic. exclude that fixed amount. In pressed concern about reports generated by astore.But as e- Retailers,including Sep- rent based on sales. Some of the disputes ended up Manhattan’sSoHo district, of forced labor and discrimi- commerce has become abig- hora, which is owned by LVMH Landlords want to in court,while otherswereset- Italian fashion retailer Pinko nation against ethnic minori- gerpieceofthe pie,and some Moët Hennessy Louis Vuitton tled moreamicably. this month signed a yearlong ties in Xinjiang.H&M said it stores use their retail loca- SE, and Everlane Inc., tend not include online sales. One solution wastomake sublease amounting to strictly prohibits forced labor tions foronline fulfillment, the to include online sales in rent rentsvariable to betteralign $30,000 amonth or 15% of in itssupply chain, regardless distinction between online and calculations,evenwhen those with fluctuating sales, the in- sales, whichever is greater. of country. in-store sales has blurred. ordersare fulfilled at stores, dustryexecutives said. In Thedownside forlandlords On Wednesday, H&M said its If an order is placed online, according to one of the indus- catedtosales forthat store. these leases,retailerstypically is that percentage rent is un- supply-chain principles “did but picked up at astore, try executives. But most retailers feel that if pay5%to15% of their monthly palatable to their lenders, not represent anypolitical po- should that count as an e-com- ASephoraspokeswoman the transaction originated on- sales in rent, in addition to a making their properties more sition.” “Weare committedto merce sale or astore sale? Or declined to comment. Aper- line, it’s not a store sale.” fixedamount to coverprop- difficult to finance. Investors long-term investment and de- if an item bought online is re- son close to Everlane con- Retailers typically paid a erty taxes, common-area want the guarantee of asteady velopment in China,” the com- turned to astore?Ifonline firmed that e-commerce sales fixed monthly rent that land- charges and maintenance. income stream and covenants panyposted on itsofficial sales increase afterastore aren’t part of percentagerent lords calculated based on prior Landlords have been offer- in their mortgages oftenre- Weibo account, adding that it opens,are landlords entitled to calculations forNew York City leases and rents nearby. ing percentage rents at vary- quirelandlords to maintain cooperated with morethan 350 aportion of e-commerce sales stores,but declined to discuss As more shopping shifted ing levels for decades. But in rentsaboveacertain level, the manufacturersinChina. within that store’sZIP Code? other locations.Ithas seven online in recent years, eroding thepast year,these types of executives said Two Convicted for Duping Banks In Marijuana Sales YOURWINNING

BY REBECCA DAVIS O’BRIEN Weigand argued at trial that forprosecutors, testified that those policies were vagueand he builtelaboratephonycom- Twobusinessmen were con- loosely enforced, and that panies andsubmittedapplica- victed Wednesdayofconspir- banks turned ablind eyeto tions to European banks. ing to trick U.S. banks into profitable but unsavory trans- Mr.Hargreaves, who lives in processing around $160 million actions. the U.K.,said Wirecard helped in marijuana-related pur- Twoofthose co-conspira- facilitatethe bank accountsin BRACKET chases,following atrial that il- tors testified at trial, having Europe.Wirecardwasn’t luminated the precarious posi- pleadedguilty to their role in charged; the companyisinthe tion of the cannabis industry the scheme.Oliver Hargreaves, midst of bankruptcy afteralle- on themargins of the main- who had recorded conversa- gations of accounting irregu- stream banking system. tions as acooperating witness larities caused it to collapse. Afederal juryinManhattan found California businessman ADVERTISEMENT Hamid “Ray” Akhavanand German e-commerce consul- tant Ruben Weigand guilty of The Marketplace one count each of bank-fraud To advertise: 800-366-3975orWSJ.com/classifieds conspiracyfor their roles in what Manhattanfederal prose- PRODUCTS cutorsdescribed as awide- ranging international scheme. They disguisedthe purchase of DeskFone™Two View MirrorFone cannabis productsthrough shell companies,false mer- chant codes,and payment pro- cessing companies and had the ® help of defunct German pay- CupFone TabletHolder ment giant Wirecard AG, ac- cording to trial testimony. They are set to be sen- tenced in June.Michael Gil- bert, alawyer forMr. Weigand, declined to comment. In an emailed statement, William Burck,alawyer forMr. Akhavan, said they would chal- lengethe verdict. “Weare of BUSINESSOPPORTUNITIES NOTICE OF SALE course disappointed in the ver- dict,” Mr.Burck said. “Our cli- /,)2 !)"3+ (".2( 9 +&&()'*## ent’scoredefense wasthat the /,)2 1$0/0+56 9*// &!1$/ (,18$#10)+6 !$.&)( $' "-*#&) /,#( $' )$##,.(0,# banks were,and remain, com- "#(,/( .,%( !$.&)(+ P=,P ;] ,$$Z3d,]$b F;P= $""% :

debit cards. We believethe ev- 0-. $&%"#2*##8!" '+.!61)86 %+/< L+L+f %b&PZ3 ,dH;2bd Mb$J3bd Q,3P. P=,P ;P XJ3XZ3Pbd_. idencesupported that defense ! P3,]2Bb33bd ;P2 ZF]b32=;X ZB P=b 3b,_ X3ZXb3P. _Z$,Pbd "$%%%$!""$-"!, ! ,P C\N ?P= -Hb]Jbf *3ZZ`_.]f TbF /Z3` YYLNL WP=b and hope to have the verdict 6Q3ZXb3P.59 PZ ,P=;3d X,3P.8R]%b$b^&b3 YCf L+L+f Mb$J3bd Q,3P. A_bd ,^ZP;Z] 2bb`;]>f ,^Z]> ZP=b3 overturned.” *).+$, %78#17 ';1)!$5.;) 3b_;bBfPZb]:Z;] ,]. BJ3P=b3 P3,]2Bb32 ZB P=b Q3ZXb3P. ,]d #0.,7-/ 6' !(4/. 1*)25&&& PZ HZ;d %b&PZ342 XJ3XZ3Pbd P3,]2Bb3 ZB P=b Q3ZXb3P. ,2 Messrs. Akhavanand 3 B3,JdJ_b]P ,]d _b>,__. ;^Xb3^;22;&_b8 *. Z3db3 b]Pb3bd The madness of March is upon us, and nothing helps you Weigand were working as con- &=;)>5349 Z] %b$b^&b3 LYf L+L+f P=b $ZJ3P b]:Z;]bd ,]. BJ3P=b3 P3,]2Bb32 ZB P=b Q3ZXb3P.8*.Z3db3 b]Pb3bd Z] V,3$= sultantstoEazeTechnologies "!.3616<=. '<>43 <= ,82 !;6347 ?f L+LYf P=b $ZJ3P HZ;dbd %b&PZ342 XJ3XZ3Pbd P3,]2Bb3 master it likeWeatherTech’s line of device holders! Never ZB P=b Q3ZXb3P.8K=b XJ&_;$ ,J$P;Z] F;__ &b =b_d Z] -X3;_ Inc., amarijuana marketplace *!63.!+36 1<6 (f VbbP;]> _;]`" =PPX2"SS&;P8 _.SKcI''C\Nf -$$b22'Zdb" YLU \0N LCYY1 Q,22FZ3d" action hands-free and from wherever you need! Pick your to allow customers to use 3-403:-0:-:6" 9($82 &),/9 KcI''C\N WC@CLLC\N B3Z^ X=Z]b2 ,]d H;dbZ 2.2Pb^29f ',__<;] ]J^&b3" W?Y@9 U@@<+++Yf PZ P=b =;>=b2P 7J,_;Abd credit cards. Eazecooperated &;ddb31 X3ZH;dbdf =ZFbHb3fP=,P Mb$J3bd Q,3P. 3b2b3Hb2 winning product at WeatherTech.com. P=b 3;>=P PZ $,]$b_ P=b 2,_b ;] ;P2 b]P;3bP.fZ3PZ,d:ZJ3] with the investigation and P=b 2,_b PZ ,BJPJ3bd,Pb8 K=b 2,_b F;__ &b $Z]dJ$Pbd &. wasn’t charged. V,]];Z] -J$P;Z]2f aa'f V,PP=bF %8 V,]];Z]f _;$b]2bd THE MARKETPLACE ,J$P;Z]bb3 W%'- [Y?N??\?98 K=b 'Z__,Pb3,_ F;__ &b Themarijuana purchases in 2Z_d PZ>bP=b3 ;] ,2;]>_b &_Z$`8 e]Pb3b2Pbd X,3P;b2 F=Z ADVERTISE TODAY ;]Pb]d PZ &;d Z] P=b ,&ZHb 'Z__,Pb3,_ ^J2P $Z]P,$P question were legal under Mb$J3bd Q,3P.42'ZJ]2b_ PZ 3b$b;Hb P=b Kb3^2 ZB M,_b (800)366-3975 ,]d &;dd;]> ;]2P3J$P;Z]28 e]Pb3b2Pbd X,3P;b2 F=Z dZ ]ZP Auto.Home.Pet. Find Your Fit. statelaw in and Cali- $Z]P,$P P=b Mb$J3bd Q,3P.42'ZJ]2b_ X3;Z3 PZ P=b 2,_b Made in the USA fornia, but most banks shy F;__ ]ZP &b Xb3^;PPbd PZ b]Pb3 ,&;d8 -PPb]P;Z]" G;H;,] Formoreinformation visit: V8 -3;,2f #278f ,P K=Z^X2Z] )c];>=Pf aaQf\++ K=;3d ©2021 MacNeil IP LLC 1-800-441-6287 or 1-630-769-1500 away from the marijuana in- -Hb]Jbf L+P= !_ZZ3fTbF /Z3`f TbF /Z3` Y++LLf WLYL9 wsj.com/classifieds 0@Y3bb^b]Pf ,dd;P;Z],_ dZ$J^b]P,P;Z] ,]d ;]BZ3^,P;Z] F;__ &b federally illegal activities.Law- ©2021Dow Jones &Company,Inc. ,H,;_,&_b yers forMessrs. Akhavanand All Rights Reserved. P2JW084000-0-B00400-1------XA

B4 | Thursday, March 25, 2021 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech China’s Tencent Vows Compliance As Profits Surge

BY STEPHANIE YANG forMarket Regulations afterhe requested to see them, people TAIPEI—Tencent Holdings familiar with the mattersaid. Ltd. Chief Executive Pony Ma In aWednesdayconference emphasized hiscommitment call, Tencent President Martin to working with regulators Lausaid the meeting wasvol- amid heightened government untaryand anormal part of scrutinyoverChina’spowerful conducting business. “Wehad technologycompanies,asdiscussions about abroad strong growth in mobile gam- rangeoftopics and the main ing and paymentspropelled focus is actually on creating a the social-media and enter- healthyenvironment on inno- tainment giant to itsmost vation to happen in China,” profitable year yet. Mr. Lau said. Mr.Ma’smessageWednes- TheState Administration PERSONAL TECHNOLOGY | By Joanna Stern day, made during aquarterly forMarket Regulations and earningsbriefing,comes as Bei- theState Council’santitrust jing steps up antitrust efforts committeedidn’t respond to against China’stech sector, requeststocomments. Reuters Look at ‘Inkonomics’ of Printers wherecompanies have collected earlier reported on Mr.Ma’s massiveamountsofuser data. meeting. Tencent wasamong several Revenue at the world’sbig- Once upon need to print a page here companies fined by antitrust gest videogame company atime, there and there. regulatorsthis month forfail- reached 482.06 billion yuan, was atech If that’s you, I recommend ing to properly report past ac- or $73.88billion, in 2020,a who the $150 HP Envy Pro 6455. quisitions.Meanwhile,the 28% increase compared with bought a$150 The compact printer was State Council’santitrust com- the previous year.Net profit printer with a (2) easy to set up, printed at a mittee has been gathering in- forthe year was159.85billion model number so long it’s decent clip and had good

yuan, a 71% rise. now her bank . JOURNAL photo quality. My one prob- Netprofitfor the quarter The two lived as happily lem is that there are just a REET Revenue in 2020 ended in December nearly tri- as aprinter and ahuman ST few buttons. HP leans on its pled to a record 59.30 billion could.She pulled jammed pa- LL app to handle most print jumped by 28% yuan, afterthe valuations of per from its rollers, came to WA info and controls.

compared with the the companies it invested in understand its sporadic /THE In that app, HP will try to grew.Revenue rose 26% to grunts and fed it $40 color US sell you on Instant Ink, its previous year. 133.67 billion yuan. Both beat cartridges—even though she SS ink-subscription program. I WA analyst expectations. only printed black-and-white know, because you need an-

Tencent’smobile gaming labels. KENNY other subscription in your businesshas flourished during Nearly five years later, as At the lower right, the Epson EcoTank with cyan ink fill-up. life. Yet the president of HP formation about Tencent’son- the pandemic,with online gam- the printer was on its last Print, Tuan Tran, tells me line paymentsserviceWeChat ing revenue increasing 29% legs, she did the math. She the major printer makers of ink,according to the com- the service grew 60% be- Pay—alongside rival Ant year-over-year in the fourth spent $1,200 on ink—eight have caught on, with prices pany’sestimates—up to 7, 500 cause of work and school at Group Co.’sAlipay—sincelast quarter. Thecompanysaid its times the cost of the printer. starting at $200.For house- black pages and 6,000 color home. year due to their dominancein “Honor of Kings” wasthe top- Thereitis, my tale of how holds that print alot, these pages.When youdorun out, The subscriptions are China’s payments market, ac- grossing mobile game globally Ilost to one of the greatest makethe most sense. the replacement ink tubes based on pages. For example, cording to officials familiar forthe second year in arow. racketsofthe technologyin- Ink prices aren’t the only cost $13 foreach color and $5 buys you 100 pages a with the investigation. Revenues from financial tech- dustry: cheap inkjet printers thing to consider.That’swhy $20 forblack. month. Need to print more Investor concerns have nology and businessservices with expensiveink refills. Idid the unthinkable: I TheEpson WorkForce Pro than that? You’ll be charged grown since Chinese authori- grew 29% last quarter,the com- Thesolution isn’t to stop tested 10 ink-tank,cartridge- WF-3820,anold-school car- $1 for every 10 pages. Since ties tightened regulations to panysaid, due to growth in buying printers. In fact, we inkjet and laser models,eval- tridgeinkjet printer Itested, your printer is connected to rein in the country’srapidly commercial paymentsand need printersmorethan uating them forspeed, print costs$150 and comes with the internet, as soon as the expanding internet industry. wealth-management services. ever.Sinceliving the work- quality and ease of use.All of cartridges that print 350 ink gets low, HP sends new “Weare working closely Thecompanyreported that from-home life, printer pur- them areall-in-ones: printer, black pages and 240color cartridges. with the government and the last quarter’s advertising reve- chases areup. During the scanner and copier.They all pages.The black ink cartridge regulatorsonour compliance,” nue increased 22% year-over- firstnine months of the pan- have Wi-Fifor easy wireless costs$20 to replace, while Most tolerable laser Mr.Masaid through transla- year in part because of in- demic,retail dollar sales of printing from most devices the color bundle is $34. printer tion, when asked about China’s creased demand in e- printersrose 51% compared in your home. Youpay twiceasmuch for If you need a fast blac- antitrust regulations. commerce platforms and with the year-earlier period, With all the cheap plastic the EcoTank printer up front, and-white printer look at the This month Mr.Mamet with consumer goods. while unit sales climbed 8%, trays and pieces and confus- but if youwent with the $170 Brother HLL2395DW. It Chinese antitrust regulators —Keith Zhai and Yifan Wang according to NPD. ing buttons and menus,there WorkForce and replaced the printed the first 50 pages of from the State Administration contributed to this article. “Wethought the pandemic is still no such thing as a cartridges three times,you NASA’s Apollo 11 mission re- demand wasgoing to be a great printer,only tolerable would be paying the priceof port in 1 minute, 36 seconds flash in the pan, but it’sbeen ones.That said, hereare my the EcoTank.And if you flat. An HP laser printer I strong ever since,” said Eric toppicks. wanted to print 7, 500 black- tested took a minute longer. Dahl, senior director of mar- and-whitepages and 6,000 None of the ink-tank printers keting at printer-maker Most tolerable ink color pages with this Work- could do the job in under 4 Brother International Corp. tanks Forcemodel? It could set you minutes. Executives at HP and Epson An ink-tank printer is like back over $1,200. The inkonomics don’t shared the same sentiment. Costco toilet paper.You get TheEpson EcoTank had quite favor laser. A Brother’s GES Manyprinterscontinue to be far morefor your money,and the best ink-to-priceratio, $77 toner replacement prints IMA sold out. it lastsand lastsand lasts. but I’m going forthe $200 3,000 pages. That makes a

GETTY Even my toppicks below Let’slook at the $300 Ep- Brother INKvestment Tank lot of sense compared with

SE/ might not be available at ev- son EcoTank ET-2760,one of MFCJ995DW.Ithas atouch an old-school inkjet, but on eryretailer,though no models my topink-tank picks.In- screen and among the ink- for buck, it’s no match Imention arediscontinued. cluded in the boxare four tank models Itested, it had for the Epson EcoTank.

ANCE-PRES Thereal answertoour bottles of ink (black,yellow, the fastest black ink print Should buying a printer FR printing woes is to buy a magentaand cyan). Likea speed. be so hard in 2021? No. The newerkind of inkjet printer. mad scientist, youpour each business models are much GENCE

/A It’scalled an ink-tank printer, one individually intothe Most tolerable more consumer-friendly than and it holds way moreink in tank. cartridge inkjet they were five years ago, but BAKER

G tanks.Epson pioneered the Nowlet’slook at the inko- The only time an old- the printers are still delicate

GRE category nearly six yearsago nomics: At $300,the Eco- school, cheap cartridge ink- and annoying pieces of ma- A customer using the WeChat payment system in Beijing. with a$400 option. Nowall Tank comes with two years jet makes sense is if you chinery. Xiaomi Surges In Phones

ContinuedfrompageB1 chain, severing it from smart- phone chips and freezing users

out of Google’sAndroid smart- GES

phone software. Buyers IMA flocked to other brands— ETTY

largely to competitively priced /G rivals whose phones also used CG /V

Android, including Xiaomi. BO N

Huawei’s global smartphone YA shipments last year plunged Xiaomi is the world’sthird-largestphone seller.Customers try out 22%, as Xiaomi’srose 17%, ac- Redmi K40 smartphones at aXiaomi Store in Shenyang, China. cording to research firm Strat- egyAnalytics. Xiaomi to alist of Chinese and $150, he said. They have Xiaomi’sbiggest strides companies suspected of mili- been competitivewith compa- came in Western Europe and tary links.The judgecalled the rable mass-market devices China, whereaggressivemar- Pentagon’sreasoning for sold by Huawei, such as its keting and an established sales blacklisting Xiaomi—which in- similarlypriced Novaand Y network helped it grab market cluded that Mr.Lei had re- series devices. share from Huawei, analysts ceived astate award in 2019— Achallengefor Xiaomi is said. It has been the No.1 deeply flawed. how much more it can profit seller in India forthree years LikeHuawei, Xiaomi from Huawei’stroubles.Unlike in arow.Huaweiwas still the doesn’t sell smartphones in Huawei, Xiaomi hasn’t made No. 1 seller within China last the U.S.,though it does sell an aggressive bid forthe pre- quarter but even thereitis some internet-connected gad- mium-pricesmartphone mar- losing ground fast. gets such as electric scooters ketdominated by the likes of “Xiaomi has moved in and air purifierstoAmerican Apple.Itlacks Huawei’smulti- whereHuaweihas been consumersvia online channels. billion-dollar research-and-de- nudged out,” said Neil Maw- Sales of itslower-pricesmart- velopment budget. ston,executivedirector at phones in markets that Hua- Mr.Wang,the Xiaomi exec- Strategy Analytics. weioncedominated have been utive, suggested the company Avictoryfor Xiaomi in quickest to catchoninthe hasn’t writtenoff Huawei. avoiding Huawei’s fate came past year,said Neil Shah, vice “Since the birth of Xiaomi in this month, when it convinced president of research at Coun- 2010,therehavebeen many aWashington, D.C.,federal terpoint Research, a consult- competitorsall along,” he said. judgetotemporarily halt the ingfirm. “Wewill respect and treat all Trump-erainvestment ban im- That includes phones in Xi- competitorsseriously.” posed in January. Theban aomi’sRedmi series,which —Raffaele Huang came afterthe Pentagon added typically rangebetween $100 contributed to this article P2JW084000-0-B00500-1------XA

THE WALL STREET JOURNAL. Thursday, March 25, 2021 | B5 TECHNOLOGY This announcement is neither an offertopurchasenor asolicitationofanoffer to sell Shares (asdefinedbelow). TheOffer (asdefinedbelow)ismadesolelypursuanttothe Offer to Purchase datedMarch 25,2021and therelatedLetterofTransmittal andany amendments or supplementsthereto.The Offerisnot being made to, norwilltenders be accepted from or on behalfof, holdersofSharesinany jurisdiction in whichthe making of theOffer or acceptance thereofwould not be in compliance with thelawsof such jurisdiction.Inthose jurisdictions wherethe applicable lawsrequire that theOffer be made by alicensedbrokerordealer, theOffer shallbedeemed to be made Facebook Removes on behalfofPurchaser (asdefinedbelow)byone or more registered brokersordealers licensed underthe lawsofsuchjurisdiction to be designatedbyPurchaser. Notice of Offer to Purchase forCash Chinese Accounts AllOutstandingSharesofCommonStock of Linked to Hacks GenMarkDiagnostics,Inc. at

BY JEFF HORWITZ Facebook didn’t attribute $24.05 Netper Share AND ROBERT MCMILLAN the attack to the Chinese gov- ernment, but pinned the ef- Pursuant to theOffer to Purchase DatedMarch 25,2021 Facebook Inc.has taken fort, which dates back to down anetwork of China- 2019,toalong-running Chi- by based accountsbeing used to nese hacking network and spread malware meant to spy called out two Chinese com- Geronimo AcquisitionCorp. on journalistsand dissidents panies forcreating thein- in the overseas Uyghur Mus- fected apps. awhollyowned subsidiary of lim community,the company Arepresentativefrom said on Wednesday. China’sU.S.Embassy didn’t Thesophisticated effort, immediately respond to a RocheHoldings,Inc. which the companysaid was messageseeking comment. tied to agroup of Chinese Chinahas previouslydenied Geronimo AcquisitionCorp.,aDelawarecorporation (“Purchaser”)and awhollyowned subsidiary of RocheHoldings, Inc.,aDelawarecorporation (“Parent”), is offering to purchase alloutstanding shares of common stock, parvalue $0.0001per share(the“Shares”),ofGenMark Diagnostics, Inc.,aDelawarecorporation hackers, included setting up engaging in hacking. (“GenMark”), at apurchaseprice of $24.05 perShare,net to thesellerincash, withoutinterest(the“OfferPrice”),and subjecttodeduction forany required sites and compro- Thecompany’smovewas withholdingtaxes,uponthe terms andsubject to theconditionsset forthinthe OffertoPurchasedated March25, 2021 (asitmay be amendedorsupplementedfrom mising real ones to infect the announced the daybeforea time to time,the “Offer to Purchase”),and in therelated letter of transmittal (asamendedorsupplementedfromtimetotime, the“Letter of Transmittal”and which, devices of asmall number of hearing Thursdayofthe together with theOffer to Purchase,constitutesthe “Offer”).Tenderingstockholderswhose Shares areregisteredintheir namesand whotender directly to Purchaser people. House Energy and Commerce will not be chargedbrokerage fees or similarexpenses on thesaleofSharesfor cash pursuant to theOffer.Tenderingstockholderswhose Shares areregisteredinthe Thehackersalso placed Committeeinwhich Facebook name of theirbroker, bank or othernominee should consultsuchnominee to determineifany fees mayapply.The Offerisbeing made pursuant to theAgreement and malware-laden apps—includ- Chief ExecutiveMark Zucker- Plan of Merger, datedasofMarch 12,2021(the“Merger Agreement”), amongParent, Purchaserand GenMark. ing Uyghur languagekey- bergwill testifyabout “social THEOFFER ANDWITHDRAWA LRIGHTSEXPIREAT12:00 MIDNIGHT,EASTERN TIME,ATTHE ENDOF boards and prayer apps—in media’srole in promoting ex- THEDAY ON WEDNESDAY, APRIL21, 2021,UNLESS THEOFFER IS EXTENDED OR EARLIERTERMINATED. third-party Android app tremism and misinformation.” stores. In advanceremarks,hesaid TheMergerAgreement provides,amongother things,thatassoonaspracticable after theconsummationofthe Offerand subjecttothe satisfaction or waiver TheUyghurs have been tar- Facebook supportsregulatory of theother conditions setforth in theMergerAgreement, Purchaserwillmerge with andintoGenMark (the “Merger”), with GenMarkcontinuing as thesurviving getedfor massdetention by changes that would makeso- corporation andawhollyowned subsidiary of Parent. At theeffectivetimeofthe Merger,eachoutstanding Share(otherthan anySharesheldbyGenMark,its subsidiaries,Parent, Purchaserorany othersubsidiaryofParent, or anystockholderswho have properly exercisedtheir appraisalrightsunder Section262 of the theChinese government and cial media companies more Delaware GeneralCorporation Law(the“DGCL”))willbeconverted into theright to receive theOffer Price, nettothe seller in cash,withoutinterestand subjectto some nations,including the responsible forthe content on deductionfor anyrequiredwithholding taxes. TheMergerAgreement is morefully describedinSection 13 of theOffer to Purchase. U.S.,havelabeled the years- their platforms. If theOffer is consummated, Purchaserdoesnot anticipate seekingthe approval of GenMark’sremaining public stockholdersbefore effectingthe Merger. The long crackdown against them Thecompanysaid the partiestothe MergerAgreement have agreed that,subject to theconditionsspecifiedinthe MergerAgreement, theMergerwillbecomeeffectiveassoonaspracticable agenocide. hacking activity mostly oc- after theconsummationofthe Offer, withoutavoteofGenMark’s stockholders, in accordance with Section251(h)ofthe DGCL. China is an activeplayerin curred off Facebook although TheGenMark boardofdirectors (the “GenMark Board”)has duly andunanimously(i) approved,adoptedand declaredadvisable theMerger digital espionage, national se- the network did use fake Agreementand thetransactionscontemplated thereby,includingthe Offer andthe Merger;(ii)determinedthat thetransactionscontemplated by theMergerAgreement,includingthe Offer andthe Merger,are in thebestinterests of GenMarkand itsstockholders; (iii)agreed that theMerger curity expertshavesaid, and Facebook accountspurporting Agreementwillbeeffectedunder Section 251(h) of theDGCL; and(iv)resolvedtorecommend that GenMark’sstockholdersacceptthe Offer and Facebook in recent yearshas to be membersofthe Uyghur tender theirSharestoPurchaserpursuanttothe Offer.GenMark hasbeenadvised that allofits directorsand executiveofficersintendtotenderall of stepped up effortstoprevent community to sharelinks to theirtransferrable Shares pursuant to theOffer. foreign manipulation and the infected sites and apps in On thedateofthe OffertoPurchase, GenMarkwillfile itsTender OfferSolicitation/RecommendationStatement on Schedule 14D-9(the“Schedule 14D-9”)with abuse of itsplatform. asocial-media based version theUnitedStatesSecuritiesand Exchange Commission (the “SEC”) anddisseminate theSchedule14D-9 to GenMarkstockholderswiththe OffertoPurchase. The Thecompanyhas an- of phishing. Schedule 14D-9willinclude amorecompletedescription of theGenMark Board’sreasons forauthorizingand approvingthe Merger Agreementand thetransactions nounced takedowns of foreign Facebook said that it didn’t contemplated therebyand therefore stockholdersare encouraged to review theSchedule14D-9 carefully andinits entirety. TheOffer is conditionedupon, amongother things,(i) therebeing validlytendered in accordance with theterms of theOffer,and not validlywithdrawn,anumber and covert in- expect that itsactions would of Shares that,consideredtogetherwithall Shares beneficially ownedbyParentand itsaffiliates (excluding Shares tendered pursuant to guaranteed deliveryprocedures fluenceoperations foryears, permanently halt the effort to that have not yetbeen“received”), representsatleast one morethan 50%ofthe totalnumberofSharesoutstanding at thetimePurchaser acceptssuchtendered Shares but has morerecently begun target the Uyghur community, forpayment (the “Minimum Condition”); (ii) (A)any waitingperiodunder theHart-Scott-Rodino AntitrustImprovement Actof1976, as amended(andany extensions exposing hacking campaigns but that revealing the effort thereof) applicable to thepurchaseofthe Shares pursuant to theOffer andthe consummation of theMergerhavingexpiredorbeenterminated, and(B) anyapplicable that use Facebook accounts. would at least disrupt it. waitingperiods under anyother applicable antitrustlaws(foreignorotherwise)havingexpiredorbeenterminatedand anyapplicable consents or approvalsrequired under anyother applicable antitrustlawshavingbeenobtained; (iii)GenMark’s complianceinall materialrespectswithits covenantsand obligationsrequiredunder theMergerAgreement;(iv)there not having beenamaterialadverse effect with respecttoGenMark;and (v) (A)nolaw or order,writ, injunction, judgment, decree or ruling (whether temporary, preliminaryorpermanent) enacted, promulgated, issued or entered by anygovernmental body (a “Restraint”) in effect enjoiningorotherwise preventingorprohibitingthe making of theOffer or theconsummationofthe Mergerorthe Offerand no governmentalbodyhavinginstituted(or having notified Parent, PurchaserorGenMark that it mayinstitute)any legal proceedingthatwould be (orcould reasonably be expected to impose)aRestraint on anyparty’s ability to consummate theOffer or theMergerorthatwould be (orcould reasonably be expected to impose)aBurdensome Condition(as defined in theOffer to Purchase), and(B) theparties having not entered into anyarrangementwithany governmentalbodywithrespect to whichsuchgovernmental body hasimposed aBurdensome Condition. These andother conditions to theOffer aredescribed in “TheOffer—Section15—Conditions to theOffer”and “TheOffer—Section16—Certain Legal Matters; Regulatory Approvals”ofthe OffertoPurchase. To theextentpermitted by law, Purchaseralsoreserves theright to waiveany of theconditionstothe Offerand to make anychange in theterms of theOffer, provided that GenMark’sconsent is requiredfor Purchaserto(i) decrease theOffer Price, (ii) change theformofconsideration payableinthe Offer, (iii)reducethe number of Shares to be purchasedinthe Offer, (iv) amendormodifyany of theconditionstothe Offerlistedin“TheOffer—Section15—Conditions to theOffer” or “TheOffer—Section16—Certain LegalMatters; Regulatory Approvals”inthe OffertoPurchaseinamannerthatisadverse to theholdersofSharesorimpose conditions to theOffer in addition to thoselistedin“TheOffer—Section15—Conditions to theOffer”and “TheOffer—Section16—Certain LegalMatters; Regulatory Approvals”inthe OffertoPurchase, (v) amend, modifyorwaive theMinimum Condition; or (vi) extend or otherwisechange anytimeperiodfor the performance of anyobligationofPurchaser or Parent (including theexpirationdateofthe Offer) in amannerthatisadverse to theholdersofSharesother than pursuant to andinaccordance with theMergerAgreement. Upon theterms andsubject to theconditionsset forthinthe Offer, Purchaserwillacceptfor paymentand payfor allSharesthatare validlytendered andnot validlywithdrawn on or priorto12:00 midnight, EasternTime, at theend of theday on Wednesday,April 21,2021, or in theevent theOffer is extendedorearlier terminated,the latest time anddateatwhich theOffer,assoextended, will expire (the “ExpirationTime”). Pursuant to theterms of theMergerAgreement, if at thescheduled expiration time of theOffer,including followingaprior extension, anycondition to the Offerhas not beensatisfiedorwaived, Purchaserwillextendthe Offerfor one or moreconsecutive periodsofnot more than tenbusinessdaysuntil suchtimeas suchconditionsshall have beensatisfiedorwaived. In addition, Purchaserwillextendthe Offerfor anyperiodrequiredbyany rule,regulation, interpretation /REUTERS or position of theSEC or itsstaff or therules andregulations of theNasdaqStock Market or applicable lawthatisapplicable to theOffer.Notwithstanding theforegoing,Purchaser is not obligatedor, in theabsenceofGenMark’s priorwritten consent, permitted, to extend theOffer beyond September 12,2021.

MBERS In theevent that theMergerAgreement is terminated, Purchaserwillpromptly (and in anyevent within 24 hours)terminate theOffer,not acquire anyShares

CHA pursuant thereto, andcause anydepositaryactingonits behalf to promptly returnall tendered Shares to theregisteredholdersthereof.

TIN Anyextension,termination or amendmentofthe Offerwillbefollowedaspromptly as practicable by apublicannouncementthereof,but no later than 9:00 a.m., NewYork City time,onthe next business dayafter theday of thepreviouslyscheduled Expiration Time. DUS Employee activism is rising at several large tech companies. In order to take advantageofthe Offer, youmusteither(i) completeand sign theLetter of Transmittal in accordance with theinstructionsinthe Letter of Transmittal,haveyoursignature guaranteed (ifrequiredbyInstruction 1tothe Letter of Transmittal), mail or deliver theLetter of Transmittal (oramanuallysigned for the coronavirus. facsimilecopy) andany otherrequireddocumentstoCitibank, N.A.,the depositary forthe Offer(the“Depositary”),and either deliver thecertificatesfor your Shares alongwiththe Letter of Transmittal to theDepositaryortender your Shares pursuant to theproceduresfor book-entry transferset forthinSection 3ofthe Offerto Workers The company also granted Purchase or (ii) requestyourbroker, dealer,commercial bank,trust company or othernominee to effect thetransaction foryou.IfyourSharesare registered in the vacation paytoall part-time name of abroker, dealer,commercial bank,trust company or othernominee,you must contactsuchbroker, dealer,commercial bank,trust company or othernominee workers—something ware- to tender your Shares.Ifyou desire to tender your Shares,and certificatesevidencingyourSharesare not immediatelyavailable or youcannot deliver suchcertificates Press house employees acrossthe andall otherrequireddocumentstothe Depositary or youcannot comply with theproceduresfor book-entry transferdescribed in Section3ofthe OffertoPurchase, in country, including in Chicago, each case priortothe Expiration Time,you maytender your Shares by followingthe procedures forguaranteed deliveryset forthinSection 3ofthe OffertoPurchase. had been asking forsince Forpurposes of theOffer,Purchaser will be deemed to have accepted forpayment Shares tendered when,asand if Purchasergives oral or writtennoticeof Purchaser’sacceptancetothe Depositary.Purchaser will payfor Shares accepted forpayment pursuant to theOffer by depositofthe purchase pricetherefor with the Amazon 2019. Depositary,which will actasagent fortenderingstockholdersfor thepurpose of receiving payments andtransmittingsuchpaymentstotenderingstockholders. Under Previously,outside pressure no circumstanceswillPurchaserpay interestonthe consideration paid forSharespursuanttothe Offer,regardless of anyextension of theOffer or any has also led Amazon to change delay in making such payment. ContinuedfrompageB1 itspolicies.The companyin Except as otherwiseprovidedinthe “TheOffer—Section4—WithdrawalRights,”tendersofSharespursuanttothe Offerare irrevocable.However,you may to speak out about the com- 2018 raised itsminimum wage withdrawsome Shares tendered pursuant to theOffer at anytimeprior to theExpirationTimeasexplained below. Foryourwithdrawaltobeeffective, awritten or panywithout facing career re- to $15 an hour after criticism facsimiletransmissionnoticeofwithdrawalwithrespect to theapplicable Shares must be timely receivedbythe Depositary at one of itsaddresses setforth on theback percussions,memberssaid. from political figures over its coverofthe OffertoPurchase, andthe notice of withdrawalmustspecify thenameofthe person whotendered theSharestobewithdrawn,the number of Shares to be withdrawn and, if different from that of thepersonwho tendered suchShares, thenameofthe registered holder of theShares. If theSharestobewithdrawn have Some employees at Twitter hourly pay. beendelivered to theDepositary(except in thecaseofSharestendered by an Eligible Institution(as defined in theOffer to Purchase)),asignednoticeofwithdrawal Inc.the same month collec- “Workerswill continue to with signatures guaranteed by an Eligible Institutionmustbesubmitted before therelease of suchShares. In addition, suchnoticemustspecify,inthe case of Shares tively pushed forthe social- makedemands of Amazon,” tendered by deliveryofcertificates, theserialnumbers shownonthe specificcertificatesevidencingthe Shares to be withdrawn or,inthe case of Shares tendered by media platform to suspend the said Rebecca Givan,alabor book-entry transfer, thenameand number of theaccount at theBook-EntryTransferFacility(as defined in theOffer to Purchase)tobecreditedwiththe withdrawn account of then-President professoratRutgersUniver- Shares.Withdrawals maynot be rescinded, andShareswithdrawn will thereafter be deemed not validlytendered.However,withdrawn Shares mayberetendered at Donald Trump, while at sity.“Some will be union orga- anytimebefore theExpirationTimebyagain followingany of theproceduresdescribed in theOffer to Purchase. Subjecttoapplicable lawasapplied by acourt of competent jurisdiction, Purchaserwilldetermine,inits sole discretion, allquestions as to theformofdocuments Technologies Inc., many driv- nizing drives,and some will andthe validity,eligibility (including time of receipt)and acceptance forpayment of anytender of Shares,and itsdetermination will be final andbinding. ersthroughout the country take other forms.” In general, your exchange of shares forcashpursuanttothe Offerwillbeataxable transaction forU.S.federal incometax purposes andmay also be ataxable have long sought employee Alongside the Alabama transaction under applicable state, localorforeign incomeorother taxlaws. Youshould consultyourtax advisorabout thespecific taxconsequencestoyou of status and benefits. vote,formal effortstoorga- exchanging your shares forcashpursuanttothe Offerinlight of your particular circumstances. SeeSection 5ofthe OffertoPurchasefor amoredetaileddiscussion Amazon, unlikemanyother nizeare gathering steam. In of thetax consequences of theOffer andthe Merger. big tech firms,employs hun- Europe,whereunion represen- Theinformation requiredtobedisclosed by paragraph(d)(1)ofRule14d-6 promulgatedunder theExchange Actiscontained in theOffer to Purchase andis dreds of thousands of hourly tation is morecommon, Ama- incorporatedhereinbyreference. GenMarkhas provided to Purchaserits list of stockholdersand security position listings forthe purposeofdisseminatingthe OffertoholdersofShares. The workerswhose day-to-dayjobs OffertoPurchase, therelated Letter of Transmittal andother relatedmaterials will be mailed to recordholdersofSharesand will be furnishedtobrokers,dealers, differ significantly from those commercial banks, trustcompanies andother nominees whosenames appear on GenMark’sstockholder list or,ifapplicable,who arelistedasparticipantsinaclearing of itswhite-collar engineers, Amazon temporarily agency’s security position listingfor subsequenttransmittal to beneficial owners of Shares. financeand logistics profes- TheOffer to Purchase andthe relatedLetterofTransmittal containimportant informationthat should be read carefullybefore anydecisionismade sionals.The company, which raised pay and with respecttothe Offer. made $386.1 billioninsales Questionsand requests forassistanceand copies of theOffer to Purchase,the Letter of Transmittal andall othertender offermaterials maybedirected to the implemented social­ InformationAgent, at itsaddress andtelephone numbersset forthbelow andwillbefurnishedpromptly at Purchaser’sexpense.Neither Parent nor Purchaserwillpay last year and sawits share anyfeesorcommissions to anybrokerordealerorany otherperson(otherthan to theInformation Agentand theDepositary, as described in theOffer to Purchase)in pricerise about 76%, hired distancing. connection with thesolicitationoftendersofSharespursuanttothe Offer. Brokers, dealers, commercial banks, trustcompanies andother nominees will,uponrequest, more than 500,000 workers be reimbursed by Purchaserfor reasonable andnecessary costsand expenses incurred by them in forwarding materials to theircustomers. throughout the year to meet growing demand due to the TheInformation Agentfor theOffer is: pandemic. zonwarehouse and delivery Amid that growth, Amazon employees held a strike in It- employees have pushed for aly Mondaytoprotest working improved working conditions conditions. during the pandemic,and In Iowa,roughly 400 to 500 1407 Broadway some held walkouts in cities current and former Amazon NewYork,New York 10018 such as NewYork and Detroit. workersconnected to two of (212)929-5500 Amazon moved quickly to im- the company’swarehouses or proveconditions and reduce therehavebeen in contact Call Toll-Free1-800-322-2885 worker absences that made with representatives from the Email: [email protected] on-time deliveries of essential International Brotherhood of goods more difficult. Teamstersunion,according to TheDealerManager forthe Offeris: Thecompanybeefed up Randy Korgan,director for supplies of protectiveequip- Amazon at the Teamsters. ment and cleaning at facilities Since the start of the pan- and tested employees for demic, workers have commu- Covid-19.Italso temporarily nicatedwith the union more Citigroup Global MarketsInc. raised payand implemented frequently andsought guid- 388Greenwich Street social-distancing measures in ance about ways to organize, NewYork,New York 10013 warehouses. including with strikes,accord- March25, 2021 Amazon disclosed late last ing to union officials.Workers year that morethan 19,000 of areevaluating several possible itsworkershad tested positive campaigns. P2JW084000-0-B00600-1------XA

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THE WALL STREET JOURNAL. Thursday, March 25, 2021 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 32420.06 t3.09, or 0.01% Trailing P/E ratio 32.91 16.49 3889.14 t21.38, or 0.55% Trailing P/E ratio * 44.63 18.42 12961.89 t 265.81, or 2.01% Trailing P/E ratio *† 37.27 22.37 High, low, open and close for each P/E estimate * 21.38 13.27 High, low, open and close for each P/E estimate * 22.42 14.62 High, low, open and close for each P/E estimate *† 27.97 18.97 trading day of the past three months. Dividend yield 1.84 3.08 trading day of the past three months. Dividend yield * 1.49 2.51 trading day of the past three months. Dividend yield *† 0.78 1.18 All-time high 33015.37, 03/17/21 All-time high 3974.12, 03/17/21 All-time high: 14095.47, 02/12/21

Current divisor 0.15198707565833 32200 4050 14400

31000 3925 13800

29800 3800 13200

Session high 28600 3675 12600 65-day moving average DOWN UP 65-day moving average Session open Close 65-day moving average t 27400 3550 12000 Close Open t

Session low 26200 3425 11400

Bars measure the point change from session's open 25000 3300 10800 Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,009,774,518 21,150,260 Industrial Average 32787.99 32418.15 32420.06 -3.09 -0.01 33015.37 20943.51 52.9 5.9 11.3 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 328,086,466 3,877,064 Transportation Avg 14258.47 13945.35 14051.15 144.60 1.04 14242.67 7305.31 81.9 12.3 11.4 Most-active issues in late trading Decl. volume* 650,370,443 16,820,763 Utility Average 866.89 852.80 861.59 2.46 0.29 917.38 697.96 23.4 -0.4 8.5 Volume After Hours Issues traded 3,398 286 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 41345.72 40657.23 40657.23 -354.15 -0.86 41966.28 24774.57 63.1 3.7 14.8 Advances 1,427 77 SPDR Portfolio LT Trea SPTL 11,840.9 39.55 -0.14 -0.34 39.66 39.55 Barron's 400 953.77 931.04 931.12 -11.15 -1.18 978.36 500.47 81.2 9.3 10.0 Declines 1,862 192 SPDR S&P 500 SPY 9,527.6 387.71 0.19 0.05 387.93 387.33 Unchanged 109 17 iSh 7-10Y Treasury Bond IEF Nasdaq Stock Market 6,982.7 114.04 -0.07 -0.06 114.11 113.95 New highs 70 3 Nasdaq Composite 13292.92 12961.35 12961.89 -265.81 -2.01 14095.47 7360.58 75.5 0.6 22.8 WISeKey Intl Hldg ADR WKEY 5,903.0 16.80 -3.72 -18.13 22.64 16.50 New lows 129 3 Nasdaq-100 13077.49 12797.85 12798.88 -218.91 -1.68 13807.70 7469.62 71.3 -0.7 25.3 iShares MBS ETF MBB 5,283.3 108.51 -0.04 -0.04 108.55 108.51 Closing Arms† 1.90 2.05 ViacomCBS Cl B VIAC 5,008.5 69.84 -0.26 -0.37 70.35 69.51 S&P Block trades* 5,697 187 PG&E PCG 4,959.6 11.26 -0.05 -0.44 11.32 11.25 500 Index 3942.08 3889.07 3889.14 -21.38 -0.55 3974.12 2470.50 57.1 3.5 14.5 Nasdaq NYSE Arca Farfetch Cl A FTCH 4,379.3 53.51 -0.49 -0.91 56.41 53.38 MidCap 400 2575.60 2515.37 2515.47 -15.44 -0.61 2682.61 1337.95 81.1 9.1 11.0 Total volume*6,100,132,860 270,878,463 SmallCap 600 1317.18 1266.79 1266.83 -22.42 -1.74 1397.66 622.35 93.3 13.2 11.1 Percentage gainers… Adv. volume*2,032,038,062 100,522,702 Decl. volume*4,006,939,734 168,054,884 Other Indexes RH RH 166.8 528.40 43.29 8.92 533.81 477.00 Issues traded 4,287 1,472 Russell 2000 2221.98 2134.12 2134.27 -51.42 -2.35 2360.17 1052.05 92.2 8.1 12.2 Neurocrine Biosciences NBIX 68.1 95.30 7.73 8.83 97.00 87.50 Advances 1,002 510 NYSE Composite 15479.85 15276.56 15276.56 -69.97 -0.46 15775.50 9844.85 53.4 5.2 7.8 American Superconductor AMSC 64.2 20.90 1.62 8.40 20.90 19.20 Declines 3,189 938 American Axle Mfg AXL 50.9 9.88 0.67 7.27 9.89 9.20 Value Line 635.95 620.77 620.77 -6.24 -1.00 662.15 328.00 77.8 9.1 4.9 Unchanged 96 24 GameStop Cl A GME 1,121.4 127.01 6.67 5.54 128.70 112.82 NYSE Arca Biotech 5464.99 5329.46 5329.50 -117.45 -2.16 6319.77 4216.81 26.4 -7.1 5.8 New highs 66 3 NYSE Arca Pharma 687.36 682.95 682.98 -3.75 -0.55 725.03 526.70 29.7 -0.9 9.8 ...And losers New lows 296 10 KBW Bank 119.00 116.06 116.07 0.01 0.01 123.35 60.19 79.6 18.6 3.7 WISeKey Intl Hldg ADR WKEY 5,903.0 16.80 -3.72 -18.13 22.64 16.50 Closing Arms† 0.62 0.74 § PHLX Gold/Silver 136.24 133.55 133.70 -1.58 -1.17 161.14 78.95 50.5 -7.3 17.9 Rite Aid RAD 264.2 19.25 -4.09 -17.52 24.00 18.33 Block trades* 34,832 1,019 § PHLX Oil Service 54.79 52.83 52.95 0.83 1.60 63.89 23.33 103.8 19.4 -27.1 Evolus EOLS 52.0 14.30 -2.21 -13.39 16.84 14.11 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3057.40 2952.26 2953.97 -40.24 -1.34 3238.92 1427.73 100.6 5.7 30.7 Synlogic SYBX 199.9 3.69 -0.19 -4.90 5.40 3.57 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 21.49 19.30 21.20 0.90 4.43 65.54 18.88 -66.8 -6.8 -5.2 KBH KB Home 255.2 41.69 -1.70 -3.92 44.27 40.72 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg World MSCI ACWI 662.83 –6.01 –0.90 2.6 HighPoint Resources HPR 10.83 5.88 118.79 37.50 2.80 -1.5 Benitec Biopharma ADR BNTC 5.42 -3.84 -41.47 17.39 2.30 3.7 MSCI ACWI ex-USA 333.41 –3.88 –1.15 2.1 WISeKey Intl Hldg ADR WKEY 20.52 10.30 100.78 22.40 3.90 349.1 GameStop Cl A GME 120.34 -61.41 -33.79 483.00 2.57 2785.9 MSCI World 2767.26 –20.75 –0.74 2.9 Aptose Biosciences APTO 6.10 2.43 66.21 9.00 3.39 1.0 Takung Art TKAT 36.76 -17.04 -31.67 74.11 0.77 3620.6 MSCI Emerging Markets 1298.44 –25.33 –1.91 0.6 Hall of Fame Resort Ent HOFV 5.60 1.57 38.96 12.31 1.09 ... Cerevel Therapeutics CERE 12.50 -5.09 -28.94 18.84 9.00 ... Americas MSCI AC Americas 1511.19 –10.68 –0.70 3.0 GigaMedia GIGM 4.86 1.11 29.60 4.90 2.11 127.1 Hycroft Mining Holding HYMC 4.96 -2.00 -28.74 16.17 4.90 -51.7 S&P/TSX Comp 18628.29 –41.51 –0.22 6.9 ShiftPixy PIXY 3.46 0.75 27.68 15.56 2.02 -46.7 support.com SPRT 4.58 -1.82 -28.44 9.45 1.02 301.8 Latin Amer. MSCI EM 2254.16 –38.33 –1.67 –8.1 ACV Auctions ACVA 31.25 6.25 25.00 34.50 25.00 ... Tencent Music Ent ADR TME 23.18 -8.61 -27.08 32.25 9.29 137.7 Brazil Sao Paulo Bovespa 112064.19 –1197.61 –1.06 –5.8 FreightCar America RAIL 3.89 0.65 20.06 4.56 0.79 327.4 Taoping TAOP 8.69 -2.96 -25.41 16.86 1.86 229.2 Chile Santiago IPSA 3301.21 26.83 0.82 15.5 Duos Technologies Group DUOT 9.48 1.46 18.20 10.39 3.30 121.5 Cloopen Group Holding ADR RAAS 15.08 -4.57 -23.26 59.00 15.01 ... Mexico S&P/BMV IPC 46703.14 43.96 0.09 6.0 Bellerophon Therapeutics BLPH 6.30 0.94 17.54 21.28 5.32 -47.5 ViacomCBS Cl B VIAC 70.10 -21.15 -23.18 101.97 11.92 375.6 EMEA Stoxx Europe 600 423.39 0.08 0.02 6.1 Pro-Dex PDEX 26.97 4.00 17.41 42.60 14.01 67.9 ViacomCBS Cl A VIACA 70.35 -20.83 -22.84 101.60 15.32 293.0 Eurozone Euro Stoxx 424.10 0.35 0.08 6.7 Prothena PRTA 25.40 3.66 16.84 27.20 9.12 165.7 Vipshop Holdings ADR VIPS 35.81 -9.77 -21.43 46.00 13.85 152.9 Belgium Bel-20 3872.00 –8.73 –0.22 6.9 Lion Group Holding ADR LGHL 4.86 0.70 16.83 8.93 1.75 ... Koss KOSS 16.42 -4.33 -20.87 127.45 0.80 1877.4 Siyata Mobile SYTA Navios Maritime Holdings NM Denmark OMX Copenhagen 20 1416.13 –21.22 –1.48 –3.3 9.47 1.33 16.34 15.75 3.90 ... 8.63 -2.27 -20.83 15.42 1.45 359.0 Leaf Group LEAF 8.57 1.17 15.81 8.85 1.03 530.1 Discovery Series B DISCB 65.50 -16.97 -20.58 103.00 25.46 127.6 France CAC 40 5947.29 1.99 0.03 7.1 Germany DAX 14610.39 –51.63 –0.35 6.5 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1603.05 –3.65 –0.23 6.9 Italy FTSE MIB 24208.66 94.80 0.39 8.9 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low AEX 686.13 4.39 0.64 9.8 Russia RTS Index 1437.18 1.51 0.11 3.6 Color Star Technology CSCW 382,858 3818.3 1.42 22.41 2.18 0.31 Franklin Lib US Trea Bd FLGV 1,244 6807 24.01 0.16 25.64 23.82 South Africa FTSE/JSE All-Share 65257.09 –61.43 –0.09 9.8 Hall of Fame Resort Ent HOFV 227,323 1523.3 5.60 38.96 12.31 1.09 Franklin Lib US Core Bd FLCB 4,688 4833 25.31 -0.01 26.77 24.83 Sundial Growers SNDL Franklin Short Dur US FTSD Spain IBEX 35 8443.70 53.40 0.64 4.6 213,931 -60.0 1.13 -7.02 3.96 0.14 1,256 4276 95.44 0.09 97.59 93.80 Aptose Biosciences APTO 180,212 16927.7 6.10 66.21 9.00 3.39 Franklin FTSE Europe ETF FLEE 323 3963 26.73 -0.85 27.50 17.99 Sweden OMX Stockholm 867.15 4.49 0.52 12.9 Cinedigm Cl A CIDM 144,434 689.0 1.62 7.28 6.00 0.28 WISeKey Intl Hldg ADR WKEY 83,567 3867 20.52 100.78 22.40 3.90 Switzerland Swiss Market 11063.87 –34.79 –0.31 3.4 Turkey BIST 100 1413.86 36.43 2.64 –4.3 NIO ADR NIO 129,928 18.1 36.96 -10.25 66.99 2.22 American River Bankshares AMRB 470 3268 16.09 -0.12 16.82 8.00 U.K. FTSE 100 6712.89 13.70 0.20 3.9 Naked Brand Group NAKD 118,402 -44.5 0.77 -1.89 3.40 0.07 Funko Cl A FNKO 35,307 2870 19.24 6.18 24.72 3.12 U.K. FTSE 250 21402.54 70.78 0.33 4.5 Brands Intl GNUS 115,688 260.1 2.73 3.80 11.73 0.20 Gores Metropoulos II Cl A GMII 1,175 2725 9.81 -0.09 10.31 9.75 SPDR S&P 500 SPY 96,694 22.6 387.52 -0.51 398.12 239.75 North Atl Acqn Cl A NAAC 163 2512 9.77 -0.20 9.85 9.64 Asia-Pacific MSCI AC Asia Pacific 202.21 –4.08 –1.98 1.1 Zomedica ZOM 96,067 -45.1 1.53 -15.00 2.91 0.06 Hartford Schr Tax-Aware HTAB 491 2417 21.62 0.05 22.85 19.90 Australia S&P/ASX 200 6778.80 33.40 0.50 2.9 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3367.06 –44.45 –1.30 –3.1 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 27918.14 –579.24 –2.03 2.5 Track the Markets India S&P BSE Sensex 49180.31 –871.13 –1.74 3.0 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 28405.52 –590.40 –2.04 3.5 global stock indexes, bond ETFs, Straits Times 3133.31 1.57 0.05 10.2 currencies and commodities at Currencies South Korea Kospi 2996.35 –8.39 –0.28 4.3 wsj.com/graphics/track-the-markets Taiwan TAIEX 16032.12 –145.47 –0.90 8.8 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1570.83 6.58 0.42 8.4 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Wed YTD chg Wed YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004332 23083 0.01 CREDIT MARKETS Argentina peso .0109 91.4358 8.7 Europe Brazil real .1779 5.6226 8.3 Czech Rep. koruna .04502 22.215 3.5 Canada dollar .7947 1.2584 –1.2 Denmark krone .1589 6.2946 3.3 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001374 727.70 2.4 Euro area euro 1.1815 .8464 3.4 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000274 3649.40 6.6 Hungary forint .003238 308.86 4.0 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007891 126.73 –0.8 A consumer rate against its Money Market/Savings Accts Mexico peso .0478 20.9385 5.3 Norway krone .1162 8.6022 0.3 benchmark over the past year 2.50% Uruguay peso .02265 44.1550 4.2 Poland zloty .2552 3.9185 5.0 Bankrate.com avg†: 0.10% 16% Russia ruble .01305 76.601 3.5

s Asia-Pacific 2.00 Euro Sweden krona .1161 8.6128 4.7 ableBanking, a division of Northeast Bank 0.50% Australian dollar .7582 1.3189 1.5 0.40% Tradeweb ICE 1.50 8 Switzerland franc 1.0688 .9356 5.7 Lewiston, ME 877-505-1933 t China yuan .1533 6.5246 –0.1 Turkey lira .1260 7.9346 6.7 Wednesday Close s .1287 7.7681 0.2 Money market BankDirect 0.50% 1.00 hryvnia .0357 28.0500 –1.1 0.30 0 Yen India rupee .01377 72.645 –0.5 account yields Richardson, TX 877-839-2737 UK pound 1.3685 .7307 –0.1 One year ago 0.50 Indonesia rupiah .0000693 14425 2.7 t 0.20 First Internet Bank of 0.50% t –8 Japan yen .009197 108.73 5.2 Middle East/Africa 0.00 s Indianapolis, IN 888-873-3424 Kazakhstan tenge .002375 421.07 –0.1 dinar 2.6525 .3770 –0.01 Federal-funds WSJ Dollar Index 0.10 TAB Bank 0.50% –0.50 –16 Macau pataca .1249 8.0060 0.2 Egypt pound .0635 15.7597 0.1 target rate Malaysia ringgit .2420 4.1315 2.7 Israel shekel .3022 3.3090 3.0 t Ogden, UT 800-355-3063 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .6962 1.4364 3.2 Kuwait dinar 3.3103 .3021 –0.7 0.00 month(s) years A M J J A S O N D J F M CFG Community Bank 0.56% Pakistan rupee .00641 156.075 –2.7 Oman sul rial 2.5972 .3850 0.01 maturity 2020 2021 Baltimore, MD 888-205-8388 Philippines peso .0206 48.596 1.2 Qatar rial .2747 3.641 –0.02 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7427 1.3464 1.9 riyal .2667 3.7501 –0.04 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008808 1135.38 4.6 South Africa rand .0668 14.9793 1.9 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0050244 199.03 7.4 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -1.50 Taiwan dollar .03508 28.504 1.5 Yield (%) 52-Week Total Return (%) Thailand baht .03227 30.990 3.2 WSJ Dollar Index 87.25 0.24 0.28 2.65 Prime rate* 3.25 3.25 3.25 l 3.25 -1.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.20 0.19 0.18 l 1.45 -2.10 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2365.780 0.930 0.950 0.990 0.400 –3.298 4.479 Money market, annual yield 0.10 0.10 0.08 l 0.36 -0.25 Five-year CD, annual yield 0.48 0.44 0.44 l 0.97 -1.18 U.S. Treasury Long, Barclays 4147.610 2.240 2.350 2.400 1.090 –14.140 7.145 Commodities 30-year mortgage, fixed† 3.36 3.26 2.83 l 3.89 -1.09 Aggregate, Barclays 2219.960 1.550 1.570 1.810 1.020 2.861 4.966 Wednesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.58 2.48 2.32 l 3.43 -1.34 Fixed-Rate MBS, Barclays 2210.940 1.750 1.760 1.850 0.930 0.150 3.956 DJ Commodity Jumbo mortgages, $548,250-plus† 3.40 3.29 2.85 l 4.00 -1.33 809.16 12.43 1.56 836.48 433.70 66.74 10.60 High Yield 100, ICE BofA 3328.375 3.806 4.021 9.889 3.261 28.201 5.665 Refinitiv/CC CRB Index 3.41 195.13 106.29 11.99 Five-year adj mortgage (ARM)† 3.15 3.18 2.85 l 3.55 -1.05 187.91 1.85 45.00 Muni Master, ICE BofA 592.328 0.982 0.960 2.272 0.725 7.401 4.743 Crude oil, $ per barrel 3.42 66.09 -37.63 26.09 New-car loan, 48-month 4.05 4.03 4.02 l 4.44 0.41 61.18 5.92 149.82 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 894.263 4.936 4.942 6.711 4.295 16.133 4.359 Natural gas, $/MMBtu 2.518 0.010 0.40 3.354 1.482 51.78 -0.83 banks.† Excludes closing costs. Gold, $ per troy oz. 1732.90 8.20 0.48 2051.50 1578.20 6.16 -8.46 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW084000-0-B00800-1------XA

B8 | Thursday, March 25, 2021 THE WALL STREET JOURNAL.

COMMODITIES | wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures July 2.675 2.710 2.662 2.691 .017 95,888 May 942.40 949.80 917.40 945.80 3.40 2,084 Currency Futures Sept 2.682 2.716 2.672 2.698 .015 103,897 July 845.50 853.00 s 823.80 838.60 –3.00 849 Contract Open Oct 2.700 2.731 2.686 2.714 .016 130,632 Milk (CME)-200,000 lbs., cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥ Open High hi lo Low Settle Chg interest March 16.24 16.26 16.20 16.23 –.01 3,913 April .9216 .9223 .9181 .9203 .0005 190 Copper-High (CMX)-25,000 lbs.; $ per lb. Agriculture Futures May 17.48 17.48 17.19 17.20 –.28 3,632 June .9215 .9228 .9185 .9208 .0004 159,315 March 4.0475 4.1090 4.0475 4.0715 –0.0165 1,098 Cocoa (ICE-US)-10 metric tons; $ per ton. Canadian Dollar (CME)-CAD 100,000; $ per CAD May 4.0265 4.1050 4.0170 4.0640 –0.0155 142,856 Corn (CBT)-5,000 bu.; cents per bu. May 2,445 2,454 2,415 2,435 –12 78,999 April .7945 .7973 .7933 .7960 .0004 165 Gold (CMX)-100 troy oz.; $ per troy oz. May 551.00 553.75 548.25 553.25 2.00 657,706 July 2,464 2,471 2,435 2,453 –11 67,567 June .7947 .7974 .7932 .7960 .0004 157,668 March 1727.50 1731.50 1727.50 1732.90 8.20 1,229 July 533.75 537.50 532.00 537.25 3.00 406,369 Coffee (ICE-US)-37,500 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £ April 1725.90 1737.70 1722.30 1733.20 8.10 152,892 Oats (CBT)-5,000 bu.; cents per bu. May 128.20 128.80 126.50 126.50 –1.10 104,906 April 1.3735 1.3758 1.3677 1.3695 –.0065 549 May 1727.60 1738.50 1724.60 1734.40 8.00 550 May 377.00 383.75 376.00 381.50 3.25 2,963 Sept 132.15 132.70 130.50 130.50 –1.10 52,206 June 1.3753 1.3761 1.3678 1.3697 –.0065 143,386 June 1728.20 1739.90 1724.80 1735.50 8.00 264,287 July 375.25 380.50 373.75 378.50 2.75 693 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. (CME)-CHF 125,000; $ per CHF Aug 1730.70 1741.50 1728.60 1737.20 7.70 34,989 Soybeans (CBT)-5,000 bu.; cents per bu. May 15.40 15.67 15.28 15.63 .20 362,682 June 1.0732 1.0735 1.0697 1.0714 –.0018 38,150 Oct 1737.00 1742.00 1730.40 1738.90 7.80 11,199 May 1421.75 1433.50 1418.25 1432.75 9.50 314,610 July 15.12 15.44 15.08 15.40 .22 240,802 Sept 1.0824 1.0760 t 1.0725 1.0741 –.0018 148 Palladium (NYM) - 50 troy oz.; $ per troy oz. Nov 1223.00 1233.75 1220.00 1228.25 4.75 201,940 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD March 2632.00 2632.00 2632.00 2635.30 22.70 5 Soybean Meal (CBT)-100 tons; $ per ton. May 30.90 30.90 30.90 30.90 .05 2,243 April .7628 .7636 .7579 .7599 –.0046 266 June 2595.50 2645.50 2592.50 2640.10 22.80 9,820 May 398.60 402.90 397.60 401.00 2.20 152,923 July 30.85 31.00 s 30.85 30.90 –.05 2,992 June .7634 .7637 .7581 .7600 –.0046 132,117 Platinum (NYM)-50 troy oz.; $ per troy oz. July 398.70 403.40 398.40 402.00 2.50 103,977 Cotton (ICE-US)-50,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN March 1179.60 5.80 18 Soybean Oil (CBT)-60,000 lbs.; cents per lb. May 83.53 83.71 81.91 82.44 –1.09 94,098 April .04800 .04820 .04760 .04775 –.00028 393 July 1172.80 1194.50 1166.00 1184.80 6.00 42,791 May 57.00 57.85 56.50 57.48 .46 174,779 Dec 81.22 81.48 80.00 80.38 –.94 66,711 June .04765 .04796 .04727 .04746 –.00028 129,796 Silver (CMX)-5,000 troy oz.; $ per troy oz. July 53.84 54.63 s 53.44 54.40 .58 110,898 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per € March 25.250 25.345 25.190 25.201 0.001 361 Rough Rice (CBT)-2,000 cwt.; $ per cwt. May 111.25 111.55 110.25 110.40 –1.10 9,428 April 1.1859 1.1859 t 1.1818 1.1829 –.0031 1,230 May 25.120 25.430 25.020 25.231 0.004 128,598 May 13.19 13.45 13.19 13.40 .18 8,291 July 114.45 114.60 113.50 113.60 –.95 1,285 June 1.1869 1.1873 t 1.1831 1.1843 –.0031 631,699 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sept 12.90 13.00 s 12.90 12.98 .08 557 May 57.40 61.34 57.29 61.18 3.42 416,273 Wheat (CBT)-5,000 bu.; cents per bu. Interest Rate Futures Index Futures June 57.42 61.31 57.33 61.16 3.38 297,697 May 635.00 638.75 624.00 624.75 –10.00 173,764 July 57.30 61.11 57.28 60.96 3.32 165,821 July 625.75 630.00 617.50 618.75 –7.50 120,222 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% DJ Industrial Average (CBT)-$5 x index Sept 56.71 60.25 56.71 60.12 3.09 123,379 Wheat (KC)-5,000 bu.; cents per bu. June 184-160 185-260 183-210 185-040 1-10.0 1,138,540 June 32348 32669 32232 32319 13 90,619 Dec 55.62 58.71 55.61 58.62 2.69 308,471 May 582.00 582.75 575.00 576.25 –5.75 99,168 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Sept 32163 32539 32116 32202 24 258 Dec'22 53.05 54.75 52.96 54.71 1.69 135,751 July 588.00 589.00 581.25 582.25 –6.00 69,994 June 156-130 157-040 155-290 156-240 19.0 1,196,173 S&P 500 Index (CME)-$250 x index NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept 155-080 19.0 3 June 3917.90 3882.30 3880.80 –19.00 9,961 April 1.7344 1.8299 1.7330 1.8256 .0767 39,641 March 135.575 136.125 135.450 135.775 .325 1,388 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini S&P 500 (CME)-$50 x index May 1.7357 1.8308 1.7335 1.8265 .0763 110,311 May 145.600 147.950 145.575 147.325 1.850 19,720 June 132-005 132-090 131-260 132-030 5.5 3,857,508 June 3905.75 3931.50 3877.50 3880.75 –19.00 2,535,658 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Cattle-Live (CME)-40,000 lbs.; cents per lb. Sept 131-070 2.0 16 Sept 3893.25 3921.00 3868.25 3870.75 –19.00 2,208 April 1.8771 1.9915 1.8760 1.9890 .0926 41,431 April 118.950 119.425 118.775 119.125 …43,805 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini S&P Midcap 400 (CME)-$100 x index May 1.8762 1.9900 1.8746 1.9875 .0916 135,466 June 120.050 120.650 119.525 120.300 .250 142,954 March 124-140 2.5 10,983 June 2530.90 2571.80 2508.10 2509.60 –14.30 46,610 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Hogs-Lean (CME)-40,000 lbs.; cents per lb. June 123-277 124-000 123-257 123-295 3.0 3,499,089 Sept 2561.30 2507.80 2506.50 –15.30 1 April 2.515 2.545 2.503 2.518 .010 32,280 April 97.300 97.925 s 97.100 97.775 1.300 34,671 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Mini Nasdaq 100 (CME)-$20 x index May 2.560 2.594 2.542 2.568 .014 282,720 June 101.500 102.425 101.500 102.050 .800 96,894 March 110-142 110-147 110-141 110-145 .4 30,176 June 13050.25 13145.25 12784.00 12794.00 –212.25 221,080 June 2.619 2.651 2.604 2.630 .015 104,580 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 110-124 110-130 110-124 110-129 .6 2,268,597 Sept 13032.50 13131.75 12774.00 12782.75 –212.75 684 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini Russell 2000 (CME)-$50 x index March 99.9300 99.9325 99.9300 99.9325 .0025 133,792 June 2185.50 2223.00 2128.10 2130.20 –50.20 490,425 April 99.9350 99.9400 s 99.9300 99.9400 .0050 162,335 Sept 2175.50 2217.90 2124.80 2126.10 –50.10 99 Cash Prices | wsj.com/market-data/commodities Wednesday, March 24, 2021 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Mini Russell 1000 (CME)-$50 x index June 90-250 4.5 132,750 June 2209.80 2217.00 2185.10 2185.90 –13.90 9,314 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Eurodollar (CME)-$1,000,000; pts of 100% U.S. Dollar Index (ICE-US)-$1,000 x index separate from the futures price on an exchange, which reflects what the commodity might be worth in future April 99.8225 99.8250 99.8200 99.8225 .0025 158,235 June 92.43 92.63 s 92.35 92.53 .18 36,145 June 99.8300 99.8350 99.8300 99.8300 … 1,150,512 Sept 92.40 92.60 s 92.33 92.51 .18 488 months. Dec 99.7450 99.7550 99.7450 99.7450 …953,370 Wednesday Wednesday Wednesday March'23 99.4900 99.5000 99.4750 99.4850 .0050 1,133,874 Source: FactSet Energy Aluminum, LME, $ per metric ton *2205.0 Wheat - Hard - KC (USDA) $ per bu-u 6.0625 Copper,Comex spot 4.0715 Wheat,No.1soft white,Portld,OR-u 7.4250 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 60.900 Iron Ore, 62% Fe CFR China-s 159.6 Food Bonds | wsj.com/market-data/bonds/benchmarks Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.900 Shredded Scrap, US Midwest-s,m 451 Steel, HRC USA, FOB Midwest Mill-s 1343 Beef,carcass equiv. index Metals choice 1-3,600-900 lbs.-u 195.30 Tracking Bond Benchmarks Fibers and Textiles select 1-3,600-900 lbs.-u 183.86 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.8484 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Burlap,10-oz,40-inch NY yd-n,w 0.7150 Engelhard industrial 1733.00 Butter,AA Chicago 1.7225 Cotton,1 1/16 std lw-mdMphs-u 0.8019 highs and lows for different types of bonds Handy & Harman base 1730.50 Cheddar cheese,bbl,Chicago 144.00 Cotlook 'A' Index-t *90.50 Handy & Harman fabricated 1920.86 Cheddar cheese,blk,Chicago 167.00 Total Total Hides,hvy native steers piece fob-u n.a. LBMA Gold Price AM *1739.25 Milk,Nonfat dry,Chicago lb. 115.00 return YTD total return YTD total Wool,64s,staple,Terr del-u,w n.a. Yield (%) Yield (%) LBMA Gold Price PM *1726.20 Coffee,Brazilian,Comp 1.1997 close return (%) Index Latest Low High close return (%) Index Latest Low High Krugerrand,wholesale-e 1804.40 Grains and Feeds Coffee,Colombian, NY 1.7647 Maple Leaf-e 1821.75 Eggs,large white,Chicago-u 1.3450 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays American Eagle-e 1821.75 ,top-quality Mnpls-u n.a. Flour,hard winter KC 15.25 Mexican peso-e 2099.89 Bran,wheat middlings, KC-u 191 Hams,17-20 lbs,Mid-US fob-u 0.74 2219.96 -3.0 U.S. Aggregate 1.550 1.020 1.810 2210.94 -0.9 Mortgage-Backed 1.750 0.930 1.850 Austria crown-e 1703.65 Corn,No. 2 yellow,Cent IL-bp,u 5.4450 Hogs,Iowa-So. Minnesota-u 88.66 U.S. Corporate Indexes Bloomberg Barclays Ginnie Mae Austria phil-e 1821.75 Corn gluten feed,Midwest-u,w 185.7 Pork bellies,12-14 lb MidUS-u n.a. 2158.40 -0.9 (GNMA) 1.720 0.290 1.840 Silver, troy oz. Corn gluten meal,Midwest-u,w 628.2 Pork loins,13-19 lb MidUS-u 1.0701 3300.41 -4.5 U.S. Corporate 2.250 1.740 4.090 1306.14 -0.8 (FNMA) 1.760 1.110 1.850 Engelhard industrial 25.4000 Cottonseed meal-u,w 455 Steers,Tex.-Okla. Choice-u n.a. Handy & Harman base 25.2450 Hominy feed,Cent IL-u,w 175 Steers,feeder,Okla. City-u,w 155.25 3048.96 -2.0 Intermediate 1.540 1.080 3.950 2002.65 -1.0 (FHLMC) 1.760 1.080 1.860 Handy & Harman fabricated 31.5560 Meat-bonemeal,50% pro Mnpls-u,w 360 Fats and Oils -8.4 Long term LBMA spot price *£18.6000 Oats,No.2 milling,Mnpls-u 3.9000 4749.48 3.440 2.730 4.340 592.33 -0.6 Muni Master 0.982 0.725 2.272 (U.S.$ equivalent) *25.6200 Rice, Long Grain Milled, No. 2 AR-u,w 26.88 Corn oil,crude wet/dry mill wtd. avg.-u,w 52.5000 662.04 -5.2 Double-A-rated 1.910 1.300 2.800 418.25 -0.8 7-12 year 1.030 0.712 2.259 Coins,wholesale $1,000 face-a 20197 Sorghum,(Milo) No.2 Gulf-u 8.0075 Grease,choice white,Chicago-h 0.5350 Other metals SoybeanMeal,Cent IL,rail,ton48%-u,w 398.30 Lard,Chicago-u 0.5500 881.23 -4.1 Triple-B-rated 2.490 2.010 4.970 478.55 -0.8 12-22 year 1.423 1.095 2.642 Soybeans,No.1 yllw IL-bp,u LBMA Platinum Price PM *1186.0 14.2550 Soybean oil,crude;Centl IL-u,w 0.6090 High Yield Bonds ICE BofA Platinum,Engelhard industrial 1190.0 Wheat,Spring14%-pro Mnpls-u 7.3700 Tallow,bleach;Chicago-h 0.5450 466.91 -0.4 22-plus year 2.013 1.682 3.351 Palladium,Engelhard industrial 2660.0 Wheat,No.2 soft red,St.Louis-u 6.5725 Tallow,edible,Chicago-u 0.5600 498.27 0.6 High Yield Constrained 4.315 3.955 10.709 Global Government J.P. Morgan†

KEY TO CODES: A=ask; B=bid; BP=country bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; 479.27 4.9 Triple-C-rated 7.158 6.939 18.520 597.67 -2.9 Global Government 0.880 0.460 0.960 M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 3/23 Source: Dow Jones Market Data 3328.38 -0.04 High Yield 100 3.806 3.261 9.889 830.61 -3.8 Canada 1.410 0.610 1.520 449.85 0.5 Global High Yield Constrained 4.330 4.037 10.684 412.35 -2.0 EMU§ 0.282 0.010 0.715 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks 342.36 1.4 Europe High Yield Constrained 2.625 2.564 7.568 772.29 -2.7 France 0.180 -0.160 0.430 U.S Agency Bloomberg Barclays Money Rates March 24, 2021 540.25 -2.2 Germany -0.230 -0.530 -0.120 U.S Agency 1842.65 -1.3 0.740 0.460 1.120 294.74 -0.2 Japan 0.320 0.190 0.420 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a 1613.88 -0.8 10-20 years 0.610 0.340 0.970 guide to general levels but don’t always represent actual transactions. 601.92 -2.6 Netherlands -0.110 -0.450 0.040 4016.56 -6.0 20-plus years 2.340 1.290 2.460 Inflation Week —52-WEEK— Week —52-WEEK— 1026.92 -6.3 U.K. 1.050 0.410 1.170 Latest ago High Low Latest ago High Low Yankee Feb. index Chg From (%) 2839.42 -3.2 1.790 1.370 3.190 -4.2 Emerging Markets ** Commercial paper (AA financial) 894.26 4.936 4.295 6.711 level Jan. '21 Feb. '20 Low 0.0500 0.0200 0.0600 0.0000 Bid 0.0600 0.0700 0.1000 0.0100 90 days 0.08 0.11 2.53 0.04 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds U.S. consumer price index Offer 0.0800 0.1000 0.2500 0.0500 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Libor All items 263.014 0.55 1.7 Treasury bill auction Core 270.696 0.35 1.3 One month 0.11025 0.11025 1.01625 0.10300 4 weeks 0.005 0.030 0.190 0.000 Three month 0.19513 0.18963 1.45050 0.17525 Global Government Bonds: Mapping Yields International rates 13 weeks 0.015 0.030 0.280 0.000 Six month 0.20950 0.20300 1.23825 0.18950 26 weeks 0.040 0.055 0.290 0.040 One year 0.28000 0.28088 1.06013 0.27588 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Week 52-Week selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Latest ago High Low Secondary market Euro Libor One month -0.579 -0.578 -0.360 -0.607 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Prime rates Fannie Mae Three month -0.549 -0.547 -0.142 -0.574 Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago U.S. 3.25 3.25 3.25 3.25 30-year mortgage yields Six month -0.524 -0.523 -0.052 -0.543 0.125 U.S. 2 0.143 t l 0.147 0.125 0.382 Canada 2.45 2.95 2.45 One year -0.492 -0.488 0.008 -0.511 2.45 30 days 2.497 2.572 2.622 1.751 1.125 10 1.613 t l 1.637 1.388 0.813 Japan 1.475 1.475 1.475 1.475 60 days 2.539 2.621 2.674 1.804 Secured Overnight Financing Rate 5.500 Australia 2 0.094 t l 0.096 0.135 0.283 -4.6 -5.0 -10.6 Policy Rates Other short-term rates 0.01 0.01 0.13 0.01 1.500 10 1.666 t l 1.743 1.623 0.899 4.6 11.6 5.1 Euro zone 0.00 0.00 0.00 0.00 Value 52-Week 0.000 France 2 -0.650 t l -0.632 -0.608 -0.463 -77.7 -85.2 Switzerland 0.00 0.00 0.50 0.00 Week 52-Week Latest Traded High Low -79.0 Britain 0.10 0.10 0.10 0.10 Latest ago high low 0.000 10 -0.109 t l -0.094 -0.041 0.188 -172.9 -172.1 -66.0 Australia 0.10 0.10 0.25 0.10 DTCC GCF Repo Index Call money 0.000 Germany 2 -0.708 t l -0.702 -0.684 -0.644 -84.8 -84.7 -103.3 Overnight repurchase Treasury 0.016 75.300 0.151 -0.008 2.00 2.00 2.00 2.00 MBS 0.019 50.000 0.169 0.002 0.000 10 -0.350 t l -0.337 -0.299 -0.324 -197.0 -196.4 -117.3 U.S. 0.02 -0.01 0.14 -0.07 0.050 Italy 2 -0.416 t l -0.403 -0.320 0.496 -55.7 -54.8 10.6 U.S. government rates Notes on data: U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, 0.900 10 0.595 t l 0.607 0.690 1.574 -102.5 -102.0 72.6 Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is 0.100 Japan 2 -0.141 t l -0.136 -0.104 -0.231 -28.1 -28.1 -62.0 0.25 0.25 0.25 0.25 as of March 23, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average 0.100 10 0.068 t l 0.081 0.123 0.039 -155.2 -154.6 -80.9 Federal funds for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. 0.000 Spain 2 -0.525 t l -0.506 -0.440 -0.168 -66.5 -65.1 -55.8 Effective rate 0.0700 0.0700 0.2600 0.0600 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; t l High 0.0800 0.0800 0.5000 0.0800 Tullett Prebon Information, Ltd. 0.100 10 0.274 0.295 0.404 0.862 -134.6 -133.2 1.4 0.125 U.K. 2 0.067 s l 0.050 0.033 0.126 -7.4 -9.6 -26.4 Macro & Market Economics 4.750 10 0.759 t l 0.765 0.736 0.480 -86.1 -86.2 -36.8 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Watching the Gauges: U.S. Supply and Demand Inventories, imports and demand for the week ended March 19. Current figures are in thousands of barrels or Corporate Debt thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Natural-gas import and demand data are available monthly only. expectations Inventories, 000s barrels Imports, 000s barrels per day Investment-grade spreads that tightened the most… Spread*, in basis points Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Current change week ago avg avg Current change week ago avg avg Microchip Technology MCHP 2.670 0.88 Sept. 1, ’23 74 –12 70 Crude oil and NOC 3.250 0.40 Aug. 1, ’23 26 –11 42 petroleum prod 1,291,672 ... 1,287 1,266 1,286 1,281 8,448 ... 8,215 8,133 8,194 9,159 Valero Energy VLO 4.900 4.13 March 15, ’45 178 –11 179 Crude oil Wells WFC 3.550 1.37 Sept. 29, ’25 54 –11 54 excluding SPR 502,711 -200 501 455 497 485 5,622 ... 5,323 6,117 5,723 7,120 EDP Finance EDPPL 1.710 2.16 Jan. 24, ’28 87 –9 n.a. Gasoline 232,279 ... 232 239 235 241 939 ... 910 834 758 746 ENEL Finance International ENELIM 3.625 2.09 May 25, ’27 126 –8 122 Finished gasoline 19,765 700 21 20 21 23 310 ... 207 192 172 86 Financieringsmaatschappij SIEGR 2.875 3.03 March 11, ’41 80 –7 87 Reformulated 48 ... 00 00 0... 00 00Coca–Cola KO 1.750 0.50 Sept. 6, ’24 20 –6 25 Conventional 19,717 ... 21 20 21 23 310 ... 207 192 172 86 …And spreads that widened the most Blend. components 212,513 ... 211 219 214 218 629 ... 703 642 586 660 DuPont de Nemours DD 2.169 1.97 May 1, ’23 183 17 180 Natural gas (bcf) 1,782 ... 22 22...... BAC 4.000 0.86 April 1, ’24 56 9 55 Kerosene-type BHP Billiton Finance BHP 3.850 0.49 Sept. 30, ’23 35 8 32 jet fuel 39,199 ... 39 40 39 42 107 ... 32 127 100 162 VZ 3.376 1.17 Feb. 15, ’25 36 8 31 Distillates 141,553 200 138 124 140 138 664 ... 524 115 495 162 BNP Paribas BNP 4.375 1.79 Sept. 28, ’25 98 7 95 Heating oil 8,719 ... 910911 0 ... 00 025Air Canada ACACN 5.250 4.25 April 1, ’29 264 6 262 Diesel 132,834 ... 129 115 131 127 664 ... 524 115 495 137 Reynolds American BATSLN 6.150 4.69 Sept. 15, ’43 236 6 242 Residual fuel oil 31,294 ... 32 34 31 36 143 ... 234 160 178 205 Citigroup C 3.875 0.66 Oct. 25, ’23 52 6 48 Other oils 281,559 ... 284 284 281 268 745 ... 1,002 630 749 662 High-yield issues with the biggest price increases… Net crude, petroleum Bond Price as % of face value products, incl. SPR 1,929,445 ... 1,925 1,901 1,924 1,948 745 ... 1,368 -1,347 1,253 2,337 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Telecom Italia Capital TITIM 7.721 4.79 June 4, ’38 134.090 1.84 134.325 Weekly Demand, 000s barrels per day Natural gas storage Howmet Aerospace HWM 5.950 4.25 Feb. 1, ’37 119.420 1.44 117.300 CF Industries CF 5.375 4.09 March 15, ’44 118.998 1.25 n.a. Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals OXY 6.450 5.53 Sept. 15, ’36 109.500 1.25 110.375 Current change week ago avg avg Netflix NFLX 5.375 2.88 Nov. 15, ’29 118.930 1.18 117.021 Total petroleum Natural gas, Sprint Capital … 8.750 3.49 March 15, ’32 147.562 1.08 145.980 lower 48 states 4250 Ford Motor F 6.625 4.20 Oct. 1, ’28 115.490 0.84 114.500 product 18,702 ... 18,933 19,400 18,767 18,956 t …And with the biggest price decreases Finished 3250

Transocean RIG 7.500 19.47 April 15, ’31 48.000 –2.75 54.500 motor gasoline 8,616 ... 8,442 8,837 8,483 8,605 t Marks and Spencer MARSPE 7.125 5.71 Dec. 1, ’37 115.040 –1.46 n.a. Kerosene-type 2250 Five-year average CF Industries CF 5.150 3.78 March 15, ’34 114.000 –0.88 116.239 jet fuel 1,037 ... 1,010 1,465 1,045 1,468 for each week Rockies Express Pipeline ROCKIE 6.875 6.07 April 15, ’40 109.000 –0.75 111.750 1250 Distillates 3,592 ... 4,028 3,795 3,974 3,784 W. R. Grace & Co. GRA 5.625 2.56 Oct. 1, ’24 110.250 –0.70 n.a. Residual fuel oil 331 ... 361 174 276 440 Graphic Packaging International … 3.500 3.50 March 15, ’28 100.000 –0.60 n.a. Propane/propylene 1,185 ... 1,426 1,059 1,309 ... 250 Netflix NFLX 6.375 2.98 May 15, ’29 124.365 –0.54 123.000 Other oils 3,941 ... 3,666 4,069 3,680 ... A M J J A S O N D J F M American AAL 3.750 8.55 March 1, ’25 84.260 –0.49 86.500 2020 2021 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Note: Data are for the most active issue of bonds with maturities of two years or more Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires Source: MarketAxess P2JW084000-1-B00900-1------XA

THE WALL STREET JOURNAL. * Thursday, March 25, 2021 | B9 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, NYSE s-New 52-week high. DellTechC 86.35 0.60 Gartner IT 181.10 -0.52 KoreaElcPwr KEP 10.04 -0.02 NewellBrands NWL 24.91 -0.23 RingCentral RNG 308.17 -16.71 ToyotaMotor TM 150.67 -0.67 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. DeltaAir DAL 45.61 -0.03 Generac GNRC 296.88 -6.69 KraftHeinz KHC 38.23 -0.69 Newmont NEM 60.37 0.25 RioTinto RIO 74.75 0.45 TractorSupply TSCO 169.06 -3.58 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four DentsplySirona XRAY 60.35 0.42 GeneralDynamics GD 176.42 1.55 KR 35.71 -0.93 NewsCorp A NWSA 25.45 -0.66 RobertHalf RHI 73.69 0.25 TradeDesk TTD 668.06 -56.25 DeutscheBank DB 12.40 0.11 GeneralElec GE 12.50 -0.16 L Brands LB 57.29 -0.19 NewsCorp B NWS 23.69 -0.48 Roblox RBLX 64.50 -3.50 Tradeweb TW 72.98 -1.25 that include primary market trades as well as quarters. NextEraEnergy NEE trades reported by Nasdaq BX (formerly Boston), DevonEnergy DVN 22.34 0.60 GeneralMills GIS 58.62 -2.57 LKQ LKQ 41.03 -0.17 72.83 -1.19 RocketCos. RKT 22.52 -0.52 TraneTech TT 161.21 0.88 FD-First day of trading. DexCom DXCM 355.73 -8.44 GeneralMotors GM 55.81 -0.35 LPL Financial LPLA 135.17 -1.91 NielsenHoldings NLSN 25.00 -0.29 Rockwell ROK 263.19 4.47 TransDigm TDG 592.82 9.87 Chicago , Cboe, NYSE National and h-Does not meet continued listing DEO 164.76 -0.90 Genmab GMAB 31.65 -1.09 L3HarrisTech LHX 195.96 -0.19 Nike NKE 133.16 -3.96 RogersComm B RCI 48.27 -0.23 TransUnion TRU 88.35 -0.41 Nasdaq ISE. standards DiamondbkEner FANG 74.39 2.26 Genpact G 43.38 0.52 s LabCpAm LH 250.42 11.64 NiSource NI 23.88 0.36 Roku ROKU 318.45 -23.79 Travelers TRV 149.28 2.28 The list comprises the 1,000 largest companies lf-Late filing DigitalRealty DLR 140.09 0.09 Gentex GNTX 34.24 -0.28 LamResearch LRCX 552.45 8.04 NOK 3.92 -0.06 Rollins ROL 33.81 -0.15 Trex TREX 87.560.10 DiscoverFinSvcs DFS 92.93 0.95 GenuineParts GPC 114.81 0.03 LamarAdv LAMR 91.86 -0.59 NomuraHoldings NMR 6.40 -0.07 RoperTech ROP 406.28 1.62 Trimble TRMB 70.93 -0.26 based on market capitalization. q-Temporary exemption from Nasdaq Nordson NDSN Underlined quotations are those stocks with requirements. DiscoveryB DISCB 65.50 -16.97 GileadSciences GILD 64.35 -0.15 LambWeston LW 77.99 -0.01 199.71 1.58 RossStores ROST 115.48 -1.20 Trip.com TCOM 37.89 -1.85 DiscoveryA DISCA 61.94 -9.74 GSK GSK 35.87 -0.12 LasVegasSands LVS 59.16 -0.19 NorfolkSouthern NSC 264.31 4.04 RoyalBkCanada RY 92.42 0.41 TruistFinl TFC 55.82 -0.26 large changes in volume compared with the t-NYSE bankruptcy DiscoveryC DISCK 54.54 -8.45 GlobalPayments GPN 201.67 0.86 Lear LEA 170.84 0.82 NorthernTrust NTRS 99.35 1.53 RoyalCaribbean RCL 81.58 -2.32 t Tuya TUYA 19.28 -1.72 issue’s average trading volume. v-Trading halted on primary market. Disney DIS 184.72 -4.01 Globant GLOB 208.98 -6.05 Leidos LDOS 94.88 0.64 NorthropGrum NOC 316.03 1.89 RoyalDutchA RDS.A 40.35 1.02 Twilio TWLO 326.50 -27.92 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being DocuSign DOCU 198.46 -9.50 GlobeLife GL 96.65 0.40 B LEN.B 76.45 -0.61 NortonLifeLock NLOK 21.06 -0.32 RoyalDutchB RDS.B 37.99 0.91 Twitter TWTR 62.06 -2.21 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, DolbyLab DLB 96.09 -1.46 GoDaddy GDDY 74.63 -2.26 Lennar A LEN 94.65 -0.59 NorwegCruise NCLH 25.31 -1.29 RoyaltyPharma RPRX 43.35 -0.46 TylerTech TYL 411.33 -9.28 LennoxIntl LII NVS 86.02 -0.24 previous closing price was $2 or higher. or securities assumed by such companies. DollarGeneral DG 197.08 -0.01 GoldFields GFI 9.02 -0.19 306.30 4.70 Ryanair RYAAY 113.38 4.13 TysonFoods TSN 73.57 0.16 DollarTree DLTR 110.50 0.64 GoldmanSachs GS 328.65 -3.12 LeviStrauss LEVI 23.04 0.01 Novavax NVAX 200.24 -19.60 SAP SAP 121.09 -1.23 UBS Group UBS 15.78 0.07 DominionEner D 74.16 -0.02 GoodRx GDRX 35.03 -1.73 LiAuto LI 22.89 -3.48 NovoNordisk NVO 67.06 -0.93 S&P Global SPGI 351.79 4.96 UDR UDR 43.50 -0.20 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Domino's DPZ 366.22 -8.20 Graco GGG 69.41 0.94 LibertyBroadbandC LBRDK 156.84 0.89 Novocure NVCR 128.88 -10.25 SBA Comm SBAC 272.46 -1.68 UGI UGI 40.70 0.31 LibertyBroadbandA LBRDA 151.64 0.42 NuanceComms NUAN changes in the closing prices from 4 p.m. the previous day. t DoorDash DASH 125.53 -6.23 Grainger GWW 395.39 1.08 42.47 -1.60 SEI Investments SEIC 59.28 0.63 US Foods USFD 36.45 0.03 Dover DOV 135.67 2.05 Grifols GRFS 16.92 0.14 LibertyGlobal A LBTYA 25.72 -0.91 NUE 69.47 1.96 SK Telecom SKM 24.50 -0.09 UWM UWMC 8.13 -0.31 Dow DOW 62.04 1.29 GuardantHealth GH 134.51 -8.47 LibertyGlobal C LBTYK 25.61 -0.72 Nutrien NTR 54.44 -0.11 SS&C Tech SSNC 67.31 0.03 Uber UBER 52.57 -0.92 Wednesday, March 24, 2021 Net Net DrReddy'sLab RDY 59.61 -0.16 Guidewire GWRE 100.97 -1.07 LibertyFormOne C FWONK 43.27 -2.00 NVIDIA NVDA 505.72 -17.11 StoreCapital STOR 32.93 0.40 Ubiquiti UI 329.48 -13.50 DraftKings DKNG 66.63 -3.12 HCA Healthcare HCA 184.59 0.93 LibertyFormOne A FWONA 38.09 -1.83 SVB Fin SIVB 487.42 -9.43 UltaBeauty ULTA 301.00 -8.53 Net Stock Sym Close Chg Stock Sym Close Chg DBX 26.54 -0.81 HDFC Bank HDB 78.06 -1.11 LibertyBraves A BATRA 28.95 -1.15 O P Q Salesforce.com CRM 209.53 -5.47 UnderArmour C UA 18.14 -0.44 Stock Sym Close Chg DukeEnergy DUK 94.39 0.37 HP HPQ 29.37 -0.21 LibertyBraves C BATRK 28.08 -1.34 SNY 48.55 0.01 UnderArmour A UAA 22.05 -0.42 AtmosEnergy ATO 95.85 1.67 CanNtlRlwy CNI 116.25 2.39 DukeRealty DRE 41.99 0.06 HSBC HSBC 28.75 -0.27 LibertySirius C LSXMK 44.18 -0.88 ONEOK OKE 48.74 1.29 SantanderCons SC 26.25 -0.15 UL 55.66 -0.36 Autodesk ADSK 263.18 -5.82 CanNaturalRes CNQ 30.09 1.19 Dun&Bradstreet DNB 24.19 0.20 HAL 21.30 0.49 LibertySirius A LSXMA 44.32 -0.81 OReillyAuto ORLY 488.86 3.57 Sasol SSL 14.02 0.33 UnionPacific UNP 212.90 4.85 A B C Autohome ATHM 99.07 -1.90 CanPacRlwy CP 356.10 2.11 DuPont DD 76.68 1.36 s HartfordFinl HIG 67.05 -0.25 LightspeedPos LSPD 60.08 -3.92 OakStreetHealth OSH 57.01 -0.12 SLB 27.42 0.75 UnitedAirlines UAL 53.83 -0.53 ADP ADP 185.27 1.23 Canon CAJ 22.00 -0.12 DynatraceDT48.04 -2.56 HAS 95.63 -1.12 EliLilly LLY 180.17 -3.51 OccidentalPetrol OXY 27.06 0.47 SchwabC SCHW 64.12 0.76 UnitedMicro UMC 8.14 -0.30 ABB ABB 30.85 -0.18 s AutoZone AZO 1353.49 29.92 CanopyGrowth CGC 31.30 -1.15 E HealthpeakProp PEAK LincolnNational LNC 58.51 -1.03 Okta OKTA 218.59 -7.03 UPS B UPS 24.20 0.72 31.34 -0.40 s ScottsMiracleGro SMG 230.53 2.05 159.91 0.05 AECOM ACM 61.25 0.96 Avalara AVLR 128.52 -8.50 CapitalOne COF 123.91 1.50 EOG Rscs EOG 72.54 2.89 Heico HEI 122.75 0.78 Linde LIN 269.77 1.89 OldDomFreight ODFL 234.11 2.46 Sea SE 197.50 -19.14 UnitedRentals URI 305.41 5.48 AES AES 25.65 0.07 Avalonbay AVB 184.85 0.10 s CardinalHealth CAH 59.11 1.41 EPAM Systems EPAM 368.51 -5.32 Heico A HEI.A 114.00 0.44 LithiaMotors LAD 361.88 -9.60 OmegaHealthcare OHI 36.55 -0.16 Seagate STX 71.33 -1.27 US Bancorp USB 53.47 -0.11 Aflac AFL 49.90 0.40 Avangrid AGR 48.52 -0.04 Carlisle CSL 155.94 2.65 EastWestBncp EWBC 71.26 -1.45 HenrySchein HSIC 65.66 0.59 LiveNationEnt LYV 81.55 -0.09 Omnicom OMC 74.89 -0.58 Seagen SGEN 140.19 -3.65 s UnitedHealth UNH 370.60 2.10 AGCO AGCO 136.35 1.16 Avantor AVTR 27.98 -0.53 Carlyle CG 36.76 0.07 EastmanChem EMN 108.76 2.16 s Hershey HSY 157.26 0.34 LloydsBanking LYG 2.26 0.05 ON Semi ON 38.12 -0.46 SempraEnergy SRE 128.97 0.55 UnitySoftware U 92.71 -4.48 s AGNC Invt AGNC 16.55 -0.01 AveryDennison AVY 177.10 0.29 CarMax KMX 128.35 -2.67 Eaton ETN 134.45 1.52 Hess HES 69.08 2.12 LockheedMartin LMT 356.12 2.51 OpenText OTEX 47.63 -0.88 SensataTechs ST 58.04 -0.31 UnivDisplay OLED 222.01 -4.52 Ansys ANSS 330.37 -3.16 AxonEnterprise AXON 133.45 -6.17 Carnival CCL 24.85 -0.48 eBay EBAY 57.64 -2.67 HewlettPackard HPE 14.76 ... Loews L 50.90 -0.12 OpendoorTech OPEN 22.51 -3.11 ServiceCorp SCI 49.20 -0.26 UniversalHealthB UHS 133.48 0.66 ASETech ASX 7.42 -0.23 BCE BCE 45.71 -0.05 Carnival CUK 21.15 -0.25 Ecolab ECL 208.46 0.55 HighwoodsProp HIW 42.04 0.12 LogitechIntl LOGI 102.23 -3.54 Oracle ORCL 66.83 -0.44 ServiceNow NOW 472.32 -5.85 Upstart UPST 112.28 -6.20 ASML ASML578.58 19.71 BHP Group BHP 67.98 0.45 CarrierGlobal CARR 40.14 -0.15 Ecopetrol EC 12.89 0.23 Hilton HLT 118.50 -0.40 s Lowe's LOW 180.68 0.28 Orange ORAN 12.38 -0.12 ShawComm B SJR 26.63 -0.26 VEREIT VER 38.15 0.14 AT&T T 29.99 -0.01 BHP Group BBL 56.12 0.09 Carvana CVNA 252.85 -21.32 EdisonInt EIX 59.93 0.88 Hologic HOLX 71.98 -0.75 LufaxHolding LU 13.56 -0.43 Orix IX 87.76 -1.41 SherwinWilliams SHW 724.15 -1.79 VF VFC 76.66 0.20 AbbottLabs ABT 118.02 -2.47 BP BP 24.75 0.69 Catalent CTLT 102.98 -4.42 EdwardsLife EW 80.21 0.44 s HomeDepot HD 292.75 2.77 lululemon LULU 307.31 -6.72 OtisWorldwide OTIS 67.17 0.21 ShinhanFin SHG 31.11 -0.31 VICI Prop VICI 26.93 -0.59 AbbVie ABBV 103.06 -1.78 BIDU 239.19 -22.36 Caterpillar CAT 221.23 2.98 ElancoAnimal ELAN 28.29 -0.31 HondaMotor HMC 30.14 0.11 LumenTech LUMN 13.22 -0.41 OwensCorning OC 86.45 1.24 Shopify SHOP 1106.01 -55.99 VailResorts MTN 278.35 -20.93 Abiomed ABMD 294.21 -4.41 BakerHughes BKR 22.07 0.38 Celanese CE 142.92 1.45 Elastic ESTC 111.22 -4.20 HON 212.22 3.63 LuminarTech LAZR 25.52 -2.81 OzonHoldings OZON 51.03 -2.64 Sibanye-Stillwater SBSW 17.29 0.09 Vale VALE 16.69 0.11 AcceleronPharma XLRN 131.80 -4.19 Ball BLL 85.35 0.02 Cemex CX 6.36 -0.02 ElectronicArts EA 129.80 -3.25 HorizonTherap HZNP 82.12 -4.07 LYFT 60.97 -0.59 PG&E PCG 11.31 0.39 SignatureBank SBNY 212.26 -5.29 ValeroEnergy VLO 71.78 1.70 Accenture ACN 267.55 1.52 BancoBilbaoViz BBVA 5.15 0.05 CenovusEnergy CVE 7.66 0.21 EmersonElec EMR 88.06 0.84 HormelFoods HRL 48.06 -0.63 LyondellBasell LYB 102.13 1.87 PNC Fin PNC 170.25 0.85 SimonProperty SPG 109.40 -1.01 VarianMed VAR 176.44 0.21 ActivisionBliz ATVI 90.51 -0.87 BancoBradesco BBDO Centene CNC 64.94 0.88 s ENB 36.82 0.62 DR Horton DHI 83.56 0.12 POSCO PKX 67.49 0.06 Vedanta VEDL 12.30 0.10 4.06 -0.10 PPD PPD SiriusXM 6.11 -0.13 Adobe ADBE 451.51 -8.69 BancodeChile BCH 24.20 0.01 CenterPointEner CNP 21.75 -0.13 EnelAmericas ENIA 8.22 0.03 HostHotels HST 17.07 0.22 M N 36.62 -0.25 Skillz SKLZ 19.99 -3.25 VeevaSystems VEEV 254.39 -10.55 AdvanceAuto AAP 181.73 2.20 BancSanBrasil BSBR 6.95 -0.14 CentraisElBras EBR 5.79 -0.19 EnergyTransfer ET 7.63 -0.09 HowmetAerospace HWM 30.35 -0.02 PPG Ind PPG 148.16 0.69 Ventas VTR 53.62 -0.14 PPL PPL 28.42 -0.15 Skyworks SWKS 171.19 -4.19 AdvMicroDevices AMD 76.48 -1.90 s BcoSantChile BSAC 25.43 0.45 CeridianHCM CDAY 80.80 -2.98 EnphaseEnergy ENPH 147.98 -7.99 HuanengPower HNP 14.57 0.28 M&T Bank MTB 147.77 1.20 SlackTech WORK 40.45 -0.52 VeriSign VRSN 195.03 -1.23 MGMGrowthProp MGP 32.34 -0.38 PRA HealthSci PRAH 148.70 0.90 Aegon AEG 4.56 0.06 BancoSantander SAN 3.37 0.01 Cerner CERN 71.83 0.10 Entegris ENTG 102.65 0.41 Huazhu HTHT 53.10 -2.45 Smartsheet SMAR 63.15 -4.11 VeriskAnalytics VRSK 176.93 -0.66 AffirmHldgs AFRM 72.63 -6.24 BanColombia CIB 32.62 -0.30 CharlesRiverLabs CRL 276.21 -4.10 Entergy ETR 97.43 -0.68 Hubbell HUBB 179.25 1.22 MGM Resorts MGM 36.90 -0.44 PTC PTC 126.84 -2.97 Verizon VZ 57.01 0.10 MKS Instrum MKSI 170.50 3.39 Paccar PCAR 90.69 -0.48 SmithAO AOS 65.26 -0.36 AgilentTechs A 120.84 -1.14 BankofAmerica BAC 36.90 ... 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-0.10 RACE 200.35 -2.47 Intuit INTU 377.29 -5.91 Microsoft MSFT 235.46 -2.12 WesternDigital WDC 63.66 -1.80 PrincipalFin PFG 57.95 0.01 T U V WesternUnion WU 24.24 -0.38 AEP AEP 84.99 0.35 BridgeBioPharma BBIO 61.27 -4.52 CommerceBcshrs CBSH 74.60 -0.52 FidNatlFin FNF 38.84 0.03 IntuitiveSurgical ISRG 711.07 0.25 MidAmApt MAA 144.33 -0.42 Procter&Gamble PG 132.56 -0.04 AmerExpress AXP 138.42 2.34 BrightHorizons BFAM 163.43 4.38 CiaSiderurgica SID 5.90 -0.12 FidNatlInfo FIS 143.40 1.37 Invitae NVTA 35.78 -5.13 Middleby MIDD 161.20 0.51 TAL Education TAL 61.08 -2.33 WestlakeChem WLK 86.33 0.73 Progressive PGR 92.49 1.74 WestpacBanking WBK 18.36 -0.09 AmericanFin AFG 114.47 0.94 BristolMyers BMY 62.30 -0.32 ConagraBrands CAG 36.90 -1.10 FifthThirdBncp FITB 36.28 -0.06 InvitatHomes INVH 31.10 0.05 MiratiTherap MRTX 168.87 -8.72 Prologis PLD 103.82 -1.38 TC Energy TRP 46.67 1.25 AmHomes4Rent AMH 32.56 -0.29 BritishAmTob BTI 39.55 -0.20 ConocoPhillips COP 53.21 1.50 FirstHorizon FHN 16.27 -0.07 iQIYI IQ 23.17 -5.74 MitsubishiUFJ MUFG 5.66 -0.08 TE Connectivity TEL 124.89 1.14 WestRock WRK 49.42 1.09 PrudentialFin PRU 88.80 0.37 Weyerhaeuser WY 33.81 0.25 AIG AIG 44.99 0.01 Broadcom AVGO 457.27 -6.79 ConEd ED 73.43 0.19 FirstRepBank FRC 165.47 0.62 IronMountain IRM 36.46 0.20 MizuhoFin MFG 3.06 -0.03 Prudential PUK 42.20 0.06 Telus TU 20.80 -0.13 AmerTowerREIT AMT 227.00 -2.85 BroadridgeFinl BR 148.87 1.60 ConstBrands A STZ 229.68 0.60 FirstSolar FSLR 80.72 0.20 ItauUnibanco ITUB 4.82 -0.16 MobileTeleSys MBT 8.15 -0.04 TJX TJX 64.33 -0.20 WheatonPrecMet WPM 37.94 -0.16 PublicServiceEnt PEG 58.71 0.39 Whirlpool WHR 211.06 -2.73 AmerWaterWorks AWK 144.91 0.76 BrookfieldMgt BAM 44.99 0.19 ContextLogic WISH 16.30 -0.26 FirstEnergy FE 34.33 -0.06 Moderna MRNA 131.61 -4.91 PublicStorage PSA 241.14 -1.76 T-MobileUS TMUS 122.36 -2.03 AmericoldRealty COLD 37.62 0.20 s BrookfieldInfr BIP 54.28 1.21 ContinentalRscs CLR 26.02 1.04 Fiserv FISV 123.25 1.96 J K L MohawkInds MHK 185.40 4.12 TRowePrice TROW 170.31 1.77 Williams WMB 23.49 0.48 PulteGroup PHM 48.21 -0.13 Williams-Sonoma WSM Ameriprise AMP 222.47 0.90 BrookfieldPropREIT BPYU 17.87 -0.14 Cooper COO 380.31 -3.03 FiveBelow FIVE 190.44 -1.76 MolinaHealthcare MOH 235.10 0.39 Qiagen QGEN 48.72 -1.38 TaiwanSemi TSM 108.96 -5.93 165.83 -14.18 AmerisourceBrgn ABC 115.37 1.60 BrookfieldRenew BEPC 44.27 -1.01 Copart CPRT 105.90 -1.49 Five9FIVN 158.54 -8.44 JD.com JD 79.07 -4.44 MolsonCoorsA TAP.A 64.91 8.89 Qorvo QRVO 171.79 -4.58 TakeTwoSoftware TTWO 170.26 -3.59 WillisTowers WLTW 223.74 2.25 Ametek AME 122.81 1.14 Brown&Brown BRO 45.88 0.26 Corning GLW 40.25 0.38 FleetCorTech FLT 273.86 1.53 Joyy YY 108.39 -3.17 MolsonCoorsB TAP 48.36 -0.43 Qualcomm QCOM 127.18 -5.34 TakedaPharm TAK 19.26 -0.11 Wipro WIT 6.34 -0.04 Amgen AMGN 245.47 0.43 Brown-Forman B BF.B 69.07 -0.79 Corteva CTVA 46.19 0.34 Flex FLEX 16.85-0.15 JPMorganChase JPM 150.62 1.16 Mondelez MDLZ 58.06 -0.54 QualtricsIntl XM 32.41 -2.30 Tapestry TPR 40.64 -0.45 Wix.comWIX 277.76 -14.71 Amphenol APH 63.65 0.72 Brown-Forman A BF.A 64.86 -0.65 CoStar CSGP 804.23 -26.53 Floor&Decor FND 93.22 -2.28 JackHenry JKHY 153.92 2.09 MongoDB MDB 283.58 -21.42 QuantaServices PWR 82.28 -0.11 Target TGT 188.28 -0.64 Workday WDAY 246.07 -11.32 WynnResorts WYNN 125.18 0.03 AnalogDevices ADI 150.44 -0.05 Bruker BRKR 60.68 -0.59 Costco COST 338.04 -2.30 FomentoEconMex FMX 75.42 0.36 JacobsEngg J 123.30 1.50 MonolithicPower MPWR 330.99 -5.71 QuantumScape QS 47.83 -9.63 TataMotors TTM 19.92 -0.75 AngloGoldAsh AU 20.13 -0.76 BuildersFirstSrc BLDR 42.37 0.09 CoupaSoftware COUP 253.00 -7.98 FordMotor F 12.14 -0.07 JamesHardie JHX 29.31 0.43 MonsterBev MNST 88.72 -0.90 QuestDiag DGX 126.89 1.68 TeckRscsB TECK 18.48 -0.29 XP XP 36.55 -2.03 AB InBev BUD 62.04 -0.76 Bunge BG 75.53 -0.05 Coupang CPNG 43.79 -2.21 Fortinet FTNT 171.30 -4.77 JazzPharma JAZZ 163.71 -0.60 Moody's MCO 296.25 5.47 TeladocHealth TDOC 181.99 -11.75 XPO Logistics XPO 116.50 -0.29 s AnnalyCap NLY 8.74 -0.07 BurlingtonStrs BURL 288.80 -5.63 Credicorp BAP 138.75 -2.00 Fortis FTS 42.87 -0.01 JefferiesFin JEF 32.53 -0.38 MorganStanley MS 79.33 0.21 R S TeledyneTech TDY 388.10 -1.60 XcelEnergy XEL 65.58 0.14 s Anthem ANTM 360.87 9.04 CBRE Group CBRE 74.16 -0.82 CreditSuisse CS 12.88 -0.01 Fortive FTV 69.26 1.56 J&J JNJ 161.91 1.56 Morningstar MORN 226.40 -6.72 Teleflex TFX 403.66 4.38 Xilinx XLNX 119.96 -2.17 AON 225.21 1.23 CDW CDW 156.41 0.35 Cree CREE 101.17 -0.59 FortBrandsHome FBHS 88.37 0.85 JohnsonControls JCI 58.59 0.15 Mosaic MOS 30.21 -0.35 RELX RELX 24.75 0.01 Ericsson ERIC 13.18 -0.29 XPeng XPEV 30.85 -5.48 ApolloGlbMgmt APO 47.67 -1.45 CF Industries CF 44.75 -0.04 CrowdStrike CRWD 181.60 -9.00 FoxA FOXA 40.12 -1.69 JonesLang JLL 170.67 -1.98 MotorolaSol MSI 181.04 -2.84 RH RH 485.11 -23.39 TelefonicaBras VIV 8.08 -0.22 Xylem XYL 101.11 0.71 Appian APPN 139.88 -13.06 CGI GIB 81.43 -1.08 CrownCastle CCI 167.68 -1.01 FoxB FOX 37.95 -1.26 JuniperNetworks JNPR 24.50 -0.38 NICE NICE 221.26 -5.62 t RLX Tech RLX 8.94 -1.16 Telefonica TEF 4.77 -0.04 Yandex YNDX 63.06 -1.39 Apple AAPL 120.09 -2.45 CH Robinson CHRW 95.07 -0.04 CrownHoldings CCK 97.03 0.46 Franco-Nevada FNV 122.18 -1.06 KB Fin KB 44.64 -0.10 NIO NIO 36.96 -4.22 RPM RPM 90.28 1.31 TelekmIndonesia TLK 23.21 0.12 t YatsenHolding YSG 11.74 -1.44 s ApplMaterials AMAT 121.10 4.72 CME Group CME 204.78 4.85 Cummins CMI 257.70 2.20 FranklinRscs BEN 28.59 -0.06 KE Holdings BEKE 52.81 -7.85 NRG Energy NRG 35.93 0.11 RalphLauren RL 113.96 0.40 10xGenomics TXG 169.05 -5.11 YumBrands YUM 107.08 -0.92 Aptargroup ATR 141.84 1.07 CMS Energy CMS 60.88 0.35 CureVac CVAC 83.65 -4.65 FreeportMcM FCX 31.61 -0.59 KKR KKR 47.98 0.11 NVR NVR 4539.65 76.55 RaymondJames RJF 118.56 0.57 Tenaris TS 22.09 0.81 YumChina YUMC 60.29 0.11 Aptiv APTV 139.85 0.37 CNA Fin CNA 44.34 -0.34 CyrusOne CONE 68.01 -0.26 FreseniusMed FMS 36.62 -0.10 KLA KLAC 297.89 0.83 NXP Semi NXPI 187.28 -4.34 RaytheonTech RTX 75.55 0.37 TencentMusic TME 23.18 -8.61 ZTO Express ZTO 27.67 -0.55 Aramark ARMK 38.07 0.60 CNH Indl CNHI 15.18 0.33 Futu FUTU 105.83 -9.43 KSCitySouthern KSU 254.11 7.26 Nasdaq NDAQ 147.33 -0.24 RealPage RP 87.24 -0.08 Teradyne TER 112.00 -1.12 ZaiLab ZLAB 126.27 -5.85 ArcelorMittal MT 26.20 1.04 CRH CRH 44.34 0.45 D E F Kellogg K 61.51 -1.08 Natera NTRA 96.61 -3.74 RealtyIncome O 63.23 0.28 Tesla TSLA 630.27 -31.89 ZebraTech ZBRA 463.81 1.16 ArchCapital ACGL 37.25 0.48 CRISPR Therap CRSP 115.55 -10.94 G H I KeurigDrPepper KDP 34.37 -0.24 NationalGrid NGG 59.12 -0.02 RegencyCtrs REG 55.40 0.55 TevaPharm TEVA 11.26 -0.08 Zendesk ZEN 129.01 -4.85 ArcherDaniels ADM 55.92 0.36 CSX CSX 94.17 1.25 DISH Network DISH 35.52 -0.42 KeyCorp KEY 19.26 ... Natura&Co NTCO 17.03 -1.15 RegenPharm REGN 460.32 -9.44 s TexasInstruments TXN 178.90 0.12 Zillow CZ127.36 -7.13 AresMgmt ARES 54.74 0.33 CVS Health CVS 73.21 1.31 DTE Energy DTE 130.53 1.75 GDS Holdings GDS 81.24 -3.78 KeysightTechs KEYS 135.26 0.08 NatWest NWG 5.29 0.02 RegionsFin RF 19.92 -0.14 TexasPacLand TPL 1486.40 60.09 Zillow AZG133.22 -7.66 arGEN-X ARGX 283.89 -10.63 CableOne CABO 1765.20 -45.06 Danaher DHR 219.47 -0.85 GFLEnvironmental GFL 33.23 0.18 KimberlyClark KMB 135.68 0.40 NetApp NTAP 68.63 0.20 ReinsGrp RGA 123.19 1.54 TXT 52.57 0.39 ZimmerBiomet ZBH 157.45 1.31 AristaNetworks ANET 284.46 -1.55 CadenceDesign CDNS 126.97 -1.28 Darden DRI 133.93 -2.82 GSXTechedu GSX 69.50 -3.94 KinderMorgan KMI 16.19 0.51 NetEase NTES 102.69 -3.84 RelianceSteel RS 142.40 0.99 ThermoFisherSci TMO 445.37 -6.64 ZionsBancorp ZION 53.01 -0.57 AspenTech AZPN 143.06 -5.40 CAE CAE 27.28 0.14 DarlingIngred DAR 69.59 0.67 Gallagher AJG 124.22 1.67 KingsoftCloud KC 40.65 -3.22 Netflix NFLX 520.81 -14.28 RenaissanceRe RNR 162.98 0.80 ThomsonReuters TRI 87.54 -1.11 ZTS 155.43 -0.61 Assurant AIZ 142.00 1.38 CaesarsEnt CZR 82.90 -1.69 Datadog DDOG 81.26 -3.91 GameStopGME 120.34 -61.41 KinrossGold KGC 6.63 -0.09 Neurocrine NBIX 87.57 -0.66 Repligen RGEN 189.05 -17.53 s 3M MMM 190.69 2.36 ZoomVideo ZM 314.96 -24.80 AstraZeneca AZN 48.79 -0.61 CamdenProperty CPT 109.61 0.70 DaVita DVA 109.03 2.01 Gaming&Leisure GLPI 41.49 -0.52 KirklandLakeGold KL 33.10 -0.20 NewFortressEner NFE 48.11 -1.33 RepublicSvcs RSG 98.22 1.40 Toro TTC 101.77 1.08 ZoomInfoTech ZI 54.40 -1.93 Athene ATH 50.19 -1.87 CampbellSoup CPB 48.77 -1.86 DeckersOutdoor DECK 311.73 -6.90 Gap GPS 27.36 -0.51 Kohl's KSS 54.17 -1.37 NewOrientalEduc EDU 15.57 -0.43 ResMed RMD 192.18 1.44 TorontoDomBk TD 64.91 -0.02 Zscaler ZS 175.10 -7.90 Atlassian TEAM 210.44 -12.48 CIBC CM 100.11 0.49 Deere DE 360.91 3.42 Garmin GRMN 126.78 0.62 KoninklijkePhil PHG 55.86 -1.00 NYTimes A NYT 47.08 -1.18 s RestaurantBrands QSR 65.50 0.49 Total TOT 46.59 0.89 ZNGA 9.72 -0.26

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg PartnerRePfdJ PREpJ 25.60 0.3 AjaxI AJAX 10.01 -0.1 CBRE Acqn A CBAH 9.65 -0.6 EvaxionBiotech EVAX 6.51 -8.1 InterPrivateII IPVA.U 9.82 0.4 NovusCapII NXU.U 9.94 -0.5 SeaportGlbAcqnWt SGAMW 0.61 -10.0 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE PermRock PRT 7.09 1.5 AlphaCapAcqn ASPCU 9.49 -0.7 CBRE Acqn CBAH.U 9.93 -1.8 FS Devt II FSII 9.95 -0.1 InterPrivateIV IPVIU 9.80 -0.6 NuZee NUZE 3.75 -2.0 SeniorConnectI Wt SNRHW 0.71 -9.0 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low QuestResource QRHC 4.28 9.6 AltimarAcqnA ATAC 9.70 -1.6 CCNeubergerIII PRPC.U 9.96 -0.5 FtacParnassus FTPAU 9.86 -2.3 IsosAcqn ISOS.U 9.80 -0.5 OTRAcquisitionWt OTRAW 0.60 -1.4 SeniorConnectI A SNRH 9.72 -1.0 RLJLodgingPfdA RLJpA 27.92 0.8 AltimarAcqnIII ATAQ.U 9.90 ... CF Acqn IV A CFIV 9.65 -0.4 FarPeakAcqnA FPAC 9.70 -0.4 ItiquiraAcqn ITQRU 9.85 -0.6 OdonateTherap ODT 3.05 -5.5 7GC A VII 9.63 -1.1 in the latest session. %CHG-Daily percentage change from the previous trading session. ReadyCapNts2026 RCB 26.17 ... AltimarAcqnII ATMR.U 9.90 ... CF Acqn V CFFVU 9.86 -1.1 FifthWall I FWAA 9.85 -1.1 Joann JOAN 10.90 -3.9 OlemaPharm OLMA 31.43 -16.5 17Educ&Tech YQ 7.81 -10.6 ReconTech RCON 7.13 4.9 AltitudeAcqnA ALTU 9.79 -1.1 CF Acqn VI CFVIU 9.83 -1.8 FigureAcqnI FACA.U 10.02 -0.5 JackCreekWt JCICW 0.60 8.5 Olo OLO 27.86 -3.4 SigilonTherap SGTX 19.01 -7.5 Wednesday, March 24, 2021 RestaurantBrands QSR 66.42 0.8 AltitudeAcqnWt ALTUW 1.47 -7.7 CF Acqn VIII CFFEU 9.43 -0.3 FinchTherap FNCH 15.27 -2.4 JackCreekInvt JCICU 9.86 0.2 OmnichannelWt OCA.WS 0.90 -9.0 SignifyHealth SGFY 23.97 -4.4 SMTC SMTX 6.01 ... AmerAcqnOpp AMAOU 9.89 -0.3 CMLifeSciII CMIIU 11.54 -2.6 FinTechEvol FTEV.U 9.80 -0.3 JawsMustang JWSM.U 10.01 -1.1 OneEquityPtrsI OEPWU 9.82 -0.5 SilverCrestAcqn SLCRU 9.80 0.4 52-Wk % 52-Wk % 52-Wk % SaratogaInvt SAR 24.56 0.9 AmericanWell AMWL 18.02 -2.5 CONXWt CONXW 1.00 -10.9 FlameAcqn FLME.U 9.85 -0.7 JiyaAcqnA JYAC 9.68 -0.9 OneEquityPtrsIA OEPW 9.63 ... SilverSpikeII SPKBU 9.82 -0.3 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg SaulCentersPfdD BFSpD 25.87 1.3 ArchimedesTech ATSPU 9.75 -0.8 CovaAcqn COVAU 9.81 -0.8 ForesightAcqn FOREU 9.86 -0.8 JowellGlobal JWEL 7.10 -2.3 OneEquityPtrsIWt OEPWW 0.65 -2.9 SilverBoxEngI SBEAU 9.77 -0.1 SaulCentersPfdE BFSpE 25.40 1.6 ArcLightCleanII ACTDU 9.91 -1.0 C3.ai AI 64.50 -8.5 ForestRoadA FRX 10.01 -2.3 KinsTechWt KINZW 0.72 -2.7 OneSmartIntl ONE 2.65 -6.9 Slam SLAMU 9.84 -0.7 CKX Lands CKX 14.59 -2.3 Hershey HSY 158.25 0.2 SciStratA SSAA 10.20 -2.0 ArcoPlatform ARCE 27.50 -3.9 CarneyTechII A CTAQ 9.70 -0.2 ForestRoad II FRXB.U 9.92 0.1 KKR Acqn I KAHC.U 9.92 0.4 OscarHealth OSCR 26.54 -6.1 SoaringEagle SRNGU 10.10 ... 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FortistarSustA FSSI 8.99 -0.2 KairosAcqn KAIRU 9.92 -0.6 SportsVenturesWt AKICW 0.86 -12.2 AGBAAcqnUn AGBAU 12.20 7.0 StratusProp STRS 33.24 4.0 ArrayTech ARRY 27.56 -5.0 OysterEntsWt OSTRW 0.45 -6.2 CardinalHealth CAH 60.15 2.4 IDEAYA Bio IDYA 24.60 -6.7 CerberusTeleA CTAC 9.72 -0.1 FortistarSustWt FSSIW 0.60 -0.7 KairosAcqnA KAIR 9.64 -0.4 SportsTekAcqn SPTKU 9.80 -0.2 AGNC Invt AGNC 16.85 -0.1 TCG BDC CGBD 13.75 -0.4 AstreaAcqn ASAXU 9.84 0.4 PatriaInvts PAX 15.62 -1.8 CentralGarden CENT 53.96 1.5 IthaxAcqnWt ITHXW 0.95 7.7 ChesapeakeWtA CHKEW 18.01 -6.6 FortressCapA FCAX 9.58 -0.3 KaryopharmTherap KPTI 10.28 -6.4 StarPeakII STPC.U 10.35 -1.0 AGNC InvtPfdD AGNCM 25.68 0.5 TeekayLNG PfdB TGPpB 26.50 0.3 AstreaAcqnWt ASAXW 0.54 -5.3 PeriphasCapWt PCPC.WS 1.73 -7.0 ChickenSoupPfdA CSSEP 27.35 -0.6 InglesMarkets IMKTA 64.93 -1.3 ChurchillCapVI CCVI.U 10.05 -1.5 FortressValueIII FVT.U 10.00 -1.2 KhoslaVentures KVSA 9.95 -2.4 StarPeak II A STPC 9.94 -0.6 Aemetis AMTX 27.44 1.9 TeekayLNG un TGP 15.03 ... AthenaTech ATHN.U 9.80 -0.5 PineIslandA PIPP 9.89 -1.1 ClarimAcqnA CLRM 9.95 0.5 Intel INTC 67.44 -2.3 ChurchillCapVII CVII.U 9.91 -0.5 FortressVal III A FVT 9.73 -0.2 KhoslaVenturesII KVSB 9.91 ... StarPeak II Wt STPC.WS 1.60 -9.6 AffinityBncshs AFBI 12.16 0.5 TexasInstruments TXN 182.69 0.1 AthlonAcqnWt SWETW 0.66 -6.9 PineTech PTOCU 9.77 0.2 ColorStarTech CSCW 2.18 22.4 JackCreekWt JCICW 1.00 8.5 ClarimAcqn CLRMU 9.72 -0.2 FortressValueIV FVIV.U 9.95 -0.4 KhoslaVenturesIII KVSC 9.69 -2.5 StratimCloud SCAQU 9.85 -0.6 AmerFinPfdA AFINP 25.94 1.1 3M MMM 192.74 1.3 AtlCoastalAcqn ACAHU 9.85 -0.7 PioneerMerger PACXU 9.85 -0.1 ColumbiaFin CLBK 18.08 -0.8 JPMChasePfdJJ JPMpK 25.39 0.2 ClassAccel CLAS.U 9.90 -0.9 ForumMergerIV FMIVU 9.90 ... KingswoodA KWAC 9.77 -0.9 SunCountryAir SNCY 31.67 -6.6 AnnalyCap NLY 9.02 -0.8 TravelCtrsNt29 TANNL 27.03 4.3 AtlasCrestII ACII.U 9.86 -1.0 PioneerMergerA PACX 9.61 0.1 CommunityFin TCFC 36.09 -1.4 KT KT 12.21 3.8 ClassAccelA CLAS 9.53 0.3 4Dpharma LBPS 11.66 -3.3 KingswoodWt KWAC.WS 0.51 -17.6 SupernovaPtrsIII STRE.U 9.85 -1.4 Anthem ANTM 362.29 2.6 TsakosEnergyPfdF TNPpF 23.91 0.1 AusterlitzAcqnI AUS.U 9.96 -0.8 PioneerMergerWt PACXW 0.77 -13.7 ConstellationI A CSTA 9.81 -1.7 KhoslaVenturesII KVSB 10.05 ... ClimateReal II Wt CLIM.WS 1.22 -12.0 FoxWayneEntsWt FOXWW 0.46 -15.4 KismetAcqnThree KIIIU 9.74 -0.3 SustDevtAcqnI SDACU 9.90 0.1 ApplMaterials AMAT 125.80 4.1 UnitedHealth UNH 373.80 0.6 AusterlitzAcqnII ASZ.U 9.95 -0.7 PoemaGlobal PPGHU 9.95 -0.1 DolphinEnt DLPN 32.50 4.5 LabCpAm LH 254.91 4.9 CloopenGroup 15.01 -23.3 FrazierLifesci 9.87 -3.3 KismetAcqnTwo 9.76 -1.1 SwitchbackII 10.22 -1.9 ArlingtonAsstNt25 AIC 25.20 0.2 VoltInfoSci VOLT 3.97 8.9 AuthenticEquity AEACU 9.91 -0.4 RAAS FLACU KAIIU PoemaGlobalA PPGH 9.63 -0.1 SWBK.U DriveShackPfdD DSpD 23.57 1.2 Lantheus LNTH 20.72 -1.7 ColonnadeAcqnII 9.85 -0.6 FrontierAcqn 9.91 -0.4 KludeInI A 9.64 -0.6 SwitchbackII A 9.81 -1.6 ArlingtonAssetPfB AAICpB 23.56 0.5 WasteMgt WM 125.91 0.6 BEST BEST 1.88 -9.5 CLAA.U FRONU INKA PoemaGlobalWt PPGHW 0.62 -9.6 SWBK DuosTechs DUOT 10.39 18.2 Leaf LEAF 8.85 15.8 ArlingtonAssetPfC AAICpC 23.20 1.5 WISeKey WKEY 22.40 100.8 B.RileyPrin50 BRPMU 9.87 0.1 ComputeHealth CPUH.U 9.88 -1.3 G&P Acqn GAPA.U 9.86 -0.2 KludeInI Wt INKAW 0.73 -10.7 PontemWt PNTM.WS 0.87 1.1 TCW Spac TSPQ.U 9.80 -0.2 EmployersHldgs EIG 41.30 1.2 LiveXLiveMedia LIVX 6.76 6.3 AstroNova ALOT 12.99 2.5 WW Ent WWE 61.32 0.4 BenessereCapWt BENEW 0.45 -9.5 ConcertPharm CNCE 5.21 -5.4 GX Acqn II GXIIU 9.72 -0.8 LCattertonAsia LCAAU 9.81 -2.0 PopulationHlth PHICU 10.00 0.8 TLG Acqn One TLGA.U 9.80 ... AtlasPfdD ATCOpD 25.88 0.3 Enbridge ENB 37.05 1.7 Lowe's LOW 184.15 0.2 BerkeleyLights BLI 46.23 -4.6 ConcordAcqnA CND 9.64 -0.5 GabelliUtilityRt GUTr 0.09 8.2 LDHGrowthI LDHAU 9.90 -1.4 Poshmark POSH 40.08 -8.1 TLGAcqnOneA TLGA 9.55 0.4 EnerTransferPfdD 23.99 0.2 Maximus 88.24 -1.3 ConnectBiopharma 15.43 -5.0 Galapagos 77.13 -1.6 LazardGrowthI 9.84 -0.4 TWC Tech II Wt 1.00 -20.0 AtlasPfdE ATCOpE 25.89 0.1 ETPpD MMS Lows BigCypressWt BCYPW 0.70 -10.5 CNTB GLPG LGACU Power&Dig XPDIU 9.88 -0.3 TWCTW AutoZone AZO 1363.63 2.3 EnerTransferPfC ETPpC 23.30 0.5 Metlife pfA METpA 25.83 0.2 Biophytis BPTS 13.47 -3.8 ConsonanceA CHFW 9.60 -2.5 Galecto GLTO 6.57 -6.0 LeadEdgeGrowth LEGAU 9.80 -0.9 PoweredBrandsA POW 8.76 -0.4 TZP Strategies TZPSU 9.81 ... BBQ Holdings BBQ 7.65 5.1 EnsignGroup ENSG 92.91 2.3 Nesco NSCO 9.39 1.6 ABG Acqn I ABGI 9.72 -0.9 BiotechAcqn BIOTU 9.87 -0.4 ConstellationI Wt CSTA.WS 0.75 -1.3 Gaming&Hosp GHACU 9.82 -0.7 LefterisAcqnA LFTR 9.73 -0.8 PrimaveraCap PV.U 9.95 -3.8 TZP Strategies Wt TZPSW 0.78 -16.2 BOS BetterOnln BOSC 4.40 4.6 Evolus EOLS 17.38 2.6 NescoWt NSCO.WS 2.00 3.5 AconS2AcqnA STWO 9.69 -1.1 BiotechAcqnWt BIOTW 0.70 -12.5 ConstellationI A CSTA 9.50 -1.7 GenesisParkWt GNPK.WS 0.95 -15.1 LeoHldgsII A LHC 9.61 0.9 PrimaveraCapWt PV.WS 0.61 -52.1 TailwindIntlAcqn TWNI.U 9.74 -0.4 B.RileyNts2023 RILYH 25.97 0.1 FstarTherap FSTX 12.99 -0.8 NewResidentialPfdB NRZpB 24.66 0.3 AGM AGMH 13.62 -3.9 BlueWaterWt BLUWW 0.55 -1.8 CorazonV838 CRZNU 9.75 -2.0 GigCapital4 GIGGU 9.82 -0.5 LeoHldgsIII LIII.U 9.80 ... PriveterraAcqn PMGMU 9.86 -0.6 TalisBiomed TLIS 12.01 -7.9 CornerGrowthA 9.65 ... GlassHouses 9.85 0.8 Levere 9.93 -0.2 TastemakerAcqn 9.95 -0.5 B.RileyPfdB RILYL 27.41 0.1 FirstWesternFin MYFW 26.86 2.1 NewYorkMtgPfdD NYMTN 25.16 0.4 AccelerateAcqn AAQC.U 9.73 -0.8 BluescapeOppsAcqn BOAC 9.73 -1.4 COOL GLHAU LVRAU ProgressAcqn PGRWU 9.86-0.9 TMKRU CornerGrowthAcqn COOLU 9.95 -0.2 GlobalPtrII GPACU 9.75 -0.3 LibertyMediaAcqn LMACU 10.67 -0.5 TastemakerA TMKR 9.51 -0.3 BcoSantChile BSAC 25.89 1.8 FortistarSustA FSSI 9.80 -0.2 NicoletBankshares NCBS 86.25 0.6 AckrellSpacI Wt ACKIW 0.60 -3.3 Bridgetown2 BTNB 10.13 -3.1 ProgressAcqnWt PGRWW 0.40-7.4 CrownPropTech CPTK.U 9.81 -0.4 GlbPtrII A GPAC 9.61 -0.4 LibertyMediaA LMACA 10.12 -1.8 TastemakerWt TMKRW 0.55 -17.7 BankofAmPfd4 BMLpJ 25.55 0.8 FortressBioPfdA FBIOP 23.90 0.6 NuSTARLogNts NSS 24.53 0.5 AcutusMedical AFIB 13.65 -6.8 BrightLights BLTSU 9.95 -0.4 PropSolnsII PSAGU 9.78 -0.7 CrucibleAcqn CRU.U 10.20 -1.0 GlobalSynergy GSAQU 9.91 -0.9 LifeSciAcqnII LSAQ 9.92 -2.2 TekkorpDigitalAcqn TEKK 9.71 -1.4 BankofSC BKSC 25.22 5.0 Funko FNKO 24.72 6.2 OldDomFreight ODFL 236.16 1.1 Adagene ADAG 17.51 -5.3 BrightLightsA BLTS 9.56 -1.2 ProspectorCap PRSRU 9.95 -0.5 D&ZMedia DNZ.U 9.83 -0.3 GlblSynergyWt GSAQW 0.52 -10.0 LightJumpAcqn LJAQU 9.87 -0.9 TekkorpDigitalWt TEKKW 0.89 -19.3 BerryGlobal BERY 63.24 -0.4 GigaMedia GIGM 4.90 29.6 OrchidIslandCap ORC 6.14 -1.7 AdaraAcqn ADRA.U 9.86 -0.3 BrightLightsWt BLTSW 0.67 ... ProspectorCapWt PRSRW 0.99 -9.5 D&ZMediaWt DNZ.WS 0.56 26.5 GlobisAcqn GLAQ 9.83 -0.5 LightJumpA LJAQ 9.55 -0.7 ThayerVenturesWt TVACW 0.65 -10.8 BlueRiverWt BLUA.WS 1.25 -0.9 GlassHouses GLHAU 10.02 0.8 Orphazyme ORPH 14.78 3.8 AditEdTech ADEX.U 9.85 -0.7 BroadscaleAcqn SCLEU 9.84 -0.8 ProvidentAcqn PAQCU 10.04 -1.2 DHB Capital DHBCU 9.85 ... GlobisAcqnWt GLAQW 0.52 -2.6 LiveOakII A LOKB 9.66 -1.8 ThayerVentures TVACU 10.05 -0.2 BraemarHtlsPfd BHRpB 20.67 1.9 GolarLNG PfdA GMLPP 25.50 -0.2 OrthoClinical OCDX 20.43 -2.7 AditEdTechAcqnWt ADEX.WS 0.56 -9.7 BrooklineCap BCAC 9.11 -0.3 ProvidentAcqnA PAQC 9.56 -1.0 DHC Acqn DHCAU 9.80 -0.2 GoalAcqns PUCKU 9.92 -0.3 LiveOakMobility LOKM.U 9.95 -0.6 TherapAcquisition RACA 9.91 -8.5 BrookfieldInfr BIP 54.77 2.3 GreatAjaxNts24 AJXA 25.87 0.5 OwlRock ORCC 14.40 -2.6 AequiAcqnA ARBG 9.66 -0.1 BuildAcqn BGSX.U 9.80 -0.2 ProvidentAcqnWt PAQCW 1.00 ... DPCM Cap A XPOA 9.85 -1.0 GoldenFalconWt GFX.WS 0.71 -10.2 LuxHlthTechAcqnWt LUXAW 1.40 4.1 ThomaBravoAdv TBA 10.07 -2.2 BrookfieldPropPf2A BPYPO 25.11 0.4 Gridsum GSUM 1.95 3.2 OxfordSquare OXSQ 4.65 5.8 AfricanGoldAcqn AGAC.U 9.88 -0.4 Cadiz CDZI 8.30 0.3 QellAcqnA QELL 9.92 -0.7 BurgundyTechWt BTAQW 1.40 -11.9 HartfordFinl HIG 69.60 -0.4 PLBY Group PLBY 21.38 1.8 AjaxIWt AJAX.WS 1.50 -11.8 CA Healthcare CAHCU 9.92 -0.1 DecarbonizationII DCRNU 9.91 -0.8 GoldenFalconAcqnUn GFX.U 9.99 -1.2 LuxHlthTechAcqn LUXA 10.05 1.5 ThunderBridgeIII TBCPU 9.81 -0.4 DecarbonizPlusIII DCRCU 9.82 -1.2 GoresGugg GGPIU 9.85 -1.1 McapAcqn MACQU 9.83 -0.1 QuantumFin QFTA.U 9.87 -1.0 TishSpeyInnII TSIBU 9.93 -0.1 DecibelTherap DBTX 12.49 -12.9 GoresHldgsVIII GIIXU 9.71 -1.7 MagnumOpus OPA.U 9.75 -1.5 QuantumFinWt QFTA.WS 0.30 -5.6 TribeCapGrwI ATVCU 9.97 -0.4 DeepLakeCap DLCAU 10.00 -1.1 GoresVII GSEVU 9.90 -0.5 MallardAcqnA MACU 9.78 -1.1 QueensGambit GMBTU 9.95 0.5 TuataraCap TCACU 9.76 -0.8 Exchange-Traded Portfolios | WSJ.com/ETFresearch DeepLakeCapA DLCA 9.65 -0.3 GoresMetroII GMIIU 9.95 -0.5 MarlinTech FINMU 9.85 -0.3 Queen'sGambitA GMBT 9.61 -0.3 TurmericAcqn TMPMU 9.86 -1.1 DeepLakeCapWt DLCAW 0.62 -14.1 GoresMetroIIWt GMIIW 1.07 -9.2 MarlinTechA FINM 9.59 -0.9 Queen'sGambitWt GMBTW 0.91 -6.3 TurmericAcqnWt TMPMW 0.86 -0.1 DelwindsIns DWIN.U 9.91 -0.2 GoresTechPtrs GTPAU 10.10 ... MarlinTechWt FINMW 0.66 -10.5 RLX Tech RLX 7.89 -11.5 TurmericAcqn TMPM 9.70 -0.1 Closing Chg YTD DiamondHead DHHCU 9.81 -0.3 GracellBiotech GRCL 19.91 -9.8 MarqueeRaineA MRAC 9.80 -0.6 RMGAcqnIII RMGCU 9.91 -0.7 Tuya TUYA 18.51 -8.2 Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) DigitalOcean DOCN 39.01 -9.6 GraybugVision GRAY 6.01 -14.8 MasonIndlTech MIT.U 9.82 -0.4 RedBallAcqnA RBAC 9.80 -0.4 TwelveSeasII TWLVU 9.77 -0.2 DisruptiveAcqnI DISAU 9.71 -1.6 GroupNineAcqn GNACU 9.81 -0.9 MedTechAcquisition MTACU 9.95 -2.2 ReinventTechA RTP 9.95 -1.6 26CapAcqn ADERU 9.95 -0.6 Schwab US TIPs SCHP 61.40 0.26 –1.1 DoorDash DASH 124.90 -4.7 GroupNineA GNAC 9.69 -0.5 Metacrine MTCR 7.18 -4.8 ReinventTechPtrs RTP.U 10.48 -1.8 USHG Acqn HUGS.U 9.92 -0.1 Closing Chg YTD ReinventTechY RTPYU 9.97 -0.5 Wednesday, March 24, 2021 SPDR DJIA Tr DIA 324.08 0.01 6.0 DragoneerGrowthII DGNS 10.06 -2.6 GrowthCapAcqn GCACU 9.76 -0.3 MissionAdv MACC.U 9.77 ... uniQure QURE 29.47 -5.3 ETF Symbol Price (%) (%) DuneAcqnA 9.66 -0.5 HamiltonLaneI 9.90 -1.2 MontesArchWt 0.81 -3.5 ReinventTechZ RTPZ.U 10.30 -0.9 UniversePharm 4.17 -12.2 Closing Chg YTD SPDR S&PMdCpTr MDY 457.85 –0.63 9.0 DUNE HLAHU MAACW UPC DuneAcqnWt DUNEW 0.65 -12.2 HaymakerIII HYACU 9.79 -1.0 MorphoSys MOR 21.75 -3.4 RevivaPharm RVPH 5.14 -8.8 VallonPharm VLON 4.32 -13.3 ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 51.68 –2.29 0.0 SPDR S&P 500 SPY 387.52 –0.51 3.6 DuneAcquisitionUn DUNEU 9.94 -1.0 HealthAssuranceA HAAC 10.15 -2.1 MotionAcqnA MOTN 9.77 0.8 RevolutionAccelA RAAC 10.02 -3.5 VastaPlatform VSTA 10.50 -2.2 SPDR S&P Div SDY 115.43 9.0 RevolutionHlthcr REVHU 9.72 -0.5 ARKInnovationETF ARKK 114.78 –5.69 –7.8 iShMSCIJapan EWJ 68.41 –1.10 1.3 0.45 DyneTherap DYN 13.50 -7.9 HealthSciences2 HSAQ 10.40 -2.4 MotiveCapA MOTV 9.72 -1.3 VectoIQ II VTIQU 10.06 -0.3 iShNatlMuniBd MUB 115.97 0.15 –1.0 TechSelectSector XLK 129.46 –1.21 –0.4 ECPEnvlGrwOpps ENNVU 9.81 -0.2 HealthcareCap HCCCU 9.81 -1.6 MotiveCapital MOTV.U 10.07 -0.8 RiceAcqnA RICE 9.84 -1.6 VectoIQII A VTIQ 9.70 -0.1 CommSvsSPDR XLC 73.45 –2.52 8.8 RossAcqnII 9.83 -0.9 iSh1-5YIGCorpBd IGSB 54.68 0.05 –0.9 VanEckGoldMiner GDX 32.30 –1.04 –10.3 EQ Health EQHA.U 9.80 ... HlthcrSvcsA HCAR 9.66 ... Movano MOVE 5.26 -18.8 ROSS.U VentouxCCM Wt VTAQW 0.28 -30.2 CnsmrDiscSelSector XLY 163.26 –1.48 1.5 RothCH II A ROCC 9.64 -2.7 iShPfd&Incm PFF 38.10 0.32 –1.1 VangdInfoTech VGT 349.81 –1.53 –1.1 EQ Health A EQHA 9.63 -0.3 HlthcrSvcsWt HCARW 0.67 ... MudrickCapII MUDSU 9.95 -1.4 VickersVantIWt VCKAW 0.45 -9.4 EnSelectSectorSPDR XLE 49.03 2.51 29.4 EQ Health Wt EQHA.WS 0.57 -4.8 HlthcrSvcs HCARU 10.00 -0.8 MudrickCapII A MUDS 9.70 -1.1 RotorAcqnWt ROT.WS 0.53 -15.7 VickersVantageI VCKA 9.77 ... iShRussell1000Gwth IWF 238.03 –1.40 –1.3 VangdSC Val VBR 160.00 –0.94 12.5 FinSelSectorSPDR XLF 33.28 0.36 12.9 ESM Acqn ESM.U 9.76 -0.5 HealthCorCat HCAQ 9.59 0.4 MudrickCapII Wt MUDSW 0.64 -11.4 SCP&COHlthcrWt SHACW 0.52 -12.0 View VIEW 7.60 -7.5 iShRussell1000 IWB 219.65 –0.68 3.7 VangdSC Grwth VBK 264.98 –2.46 –1.0 SVF Invt SVFAU 10.64 -3.7 HealthCareSelSect XLV 114.37 –0.11 0.8 EdifyAcqnWt EACPW 0.46 -1.2 HighlandTransI HTPA.U 10.04 -1.2 MultiPlan MPLN 5.85 -3.1 VinciPartnersInvt VINP 12.55 -7.1 iShRussell1000Val IWD 148.81 0.01 8.8 VangdExtMkt VXF 171.80 –2.28 4.3 EdtechX II Wt EDTXW 0.50 -14.7 HudsonExecII Wt HCIIW 1.02 ... MultiPlanWt MPLN.WS 0.91 -3.0 SVF Invt SVFA 10.15 -2.7 VirginGroupII VGII.U 9.85 -1.0 IndSelSectorSPDR XLI 95.13 0.73 7.4 iShRussell2000Gwth IWO 289.09 –3.18 0.8 VangdDivApp VIG 143.76 0.08 1.8 8905thAvenuePtrs ENFAU 9.86 -1.4 HudsonExecIII HIIIU 9.88 -0.4 MusicAcqn TMAC.U 9.83 -0.3 SVF Invt Wt SVFAW 2.59 -10.0 VisionMarineTech VMAR 7.58 -5.3 InvscQQQI QQQ 311.87 –1.69 –0.6 SVF Invt 3 SVFC 9.95 -1.2 iShRussell2000 IWM 212.04 –2.31 8.2 VangdFTSEDevMk VEA 48.57 –0.43 2.9 EmpowermentI EPWR.U 9.85 0.2 HumanCoAcqnA HMCO 9.55 -0.2 NewVistaAcqn NVSAU 9.83 -0.3 VitalFarms VITL 23.20 -2.8 InvscS&P500EW RSP 137.90 –0.13 8.1 EmpowerIWt EPWR.WS 0.46 -21.8 HycroftMiningWt HYMCL 0.50 -63.6 NewburyStAcqn NBSTU 9.80 -0.2 SVF Invt 2 SVFB 10.10 -0.8 ViveonHealthWt VHAQ.WS 0.34 -5.4 iShRussell2000Val IWN 153.00 –1.39 16.1 VangdFTSE EM VWO 50.56 –2.34 0.9 iShCoreDivGrowth DGRO 47.43 0.02 5.8 EnvlImpactA ENVI 9.55 -0.2 HycroftMining HYMC 4.90 -28.7 NightDragon NDACU 10.00 -0.2 SandbridgeX2 SBII.U 9.82 -0.4 VoyagerTherap VYGR 4.60 -9.3 iShRussellMid-Cap IWR 72.29 –0.95 5.5 VangdFTSE Europe VGK 62.13 –0.18 3.1 EpiphanyTech 9.81 -1.5 INSUAcqnIIIUn 10.00 -0.6 NobleRockAcqn 9.77 0.2 SareptaTherap SRPT 74.90 -4.6 Waldencast 9.96 -0.1 iShCoreMSCIEAFE IEFA 71.35 –0.47 3.3 EPHYU IIIIU NRACU WALDU iShRussellMCValue IWS 106.93 –0.37 10.3 VangdFTSEAWxUS VEU 59.68 –1.13 2.3 EpiphanyTechWt EPHYW 0.70 -13.6 ION Acqn 2 IACB.U 10.05 -1.5 NorthAtlAcqn NAACU 9.86 -0.2 SciStratAcqn SSAAU 9.59 -0.6 WindtreeTherap WINT 2.24 -8.3 iShCoreMSCIEM IEMG 62.41 –2.24 0.6 iShS&P500Growth IVW 63.71 –1.12 –0.2 VangdGrowth VUG 251.60 –1.37 –0.7 Epizyme EPZM 7.84 -6.5 IthaxAcqn ITHXU 9.82 -0.5 NorthAtlAcqnA NAAC 9.64 -0.2 SciStratA SSAA 9.80 -2.0 YatsenHolding YSG 11.51 -10.9 iShCoreMSCITotInt IXUS 69.14 –1.06 2.9 iShS&P500Value IVE 138.91 0.09 8.5 VangdHlthCr VHT 224.57 –0.68 0.4 EucratesBioWt EUCRW 0.92 -2.0 IberePharm IBER.U 9.84 0.2 NorthernGenII NGAB 9.76 0.2 ScionTechI A SCOA 9.70 -0.6 YellowstoneAcqnWt YSACW 0.57 -23.4 EucratesBiomed 9.70 0.2 IgnyteAcqn 9.98 0.4 NorthernGenesisIII 9.75 -1.3 ScIONTechGrowthI SCOAU 10.01 -0.9 ZaniteAcqnA 9.90 -0.3 iShCoreS&P500 IVV 390.21 –0.51 3.9 VangdHiDiv VYM 98.79 0.09 8.0 EUCR IGNYU NGC.U ZNTE iShShortTreaBd SHV 110.52 ... –0.0 EuropeanSustGrw EUSGU 9.91 -1.2 InhibikaseTherap IKT 5.53 -1.9 NorthernStarIII NSTC.U 9.79 -1.1 ScionTechII SCOBU 9.94 -0.3 ZaniteAcqnWt ZNTEW 1.11 -1.5 iShCoreS&P MC IJH 251.29 –0.58 9.3 iShSilver SLV 23.24 0.09 –5.4 VangdIntermBd BIV 89.12 0.01 –4.0 iShCoreS&P SC IJR 104.15 –1.75 13.3 iShTIPSBondETF TIP 126.09 0.26 –1.2 VangdIntrCorpBd VCIT 93.16 0.16 –4.1 iShS&PTotlUSStkMkt ITOT 89.67 –0.87 4.0 iSh1-3YTreasuryBd SHY 86.29 0.02 –0.1 VangdLC VV 181.83 –0.68 3.5 iShCoreUSAggBd AGG 114.16 0.12 –3.4 iSh7-10YTreasuryBd IEF 114.11 0.13 –4.9 VangdMC VO 217.17 –1.05 5.0 Dividend Changes iShSelectDividend DVY 112.13 0.14 16.6 iSh20+YTreasuryBd TLT 138.23 0.54 –12.4 VangdMC Val VOE 132.68 –0.41 11.5 iShESGAwareUSA ESGU 89.12 –0.75 3.6 iShRussellMCGrowth IWP 99.42 –1.95 –3.1 VangdMBS VMBS 53.44 0.07 –1.2 iShEdgeMSCIMinUSA USMV 68.18 –0.20 0.4 iShUSTreasuryBdETF GOVT 26.32 0.19 –3.4 VangdRealEst VNQ 90.49 –0.56 6.5 Dividend announcements from March 24. iShEdgeMSCIUSAMom MTUM 156.03 –2.48 –3.3 VangdS&P500ETF VOO JPM UltShtIncm JPST 50.75 0.02 –0.1 357.42 –0.55 4.0 Amount Payable / Amount Payable / iShEdgeMSCIUSAQual QUAL 119.50 –0.39 2.8 PIMCOEnhShMaturity MINT 101.95 0.01 –0.1 VangdST Bond BSV 82.27 ... –0.8 iShGoldTr IAU 16.50 0.36 –9.0 SPDRBloomBar1-3MTB BIL 91.50 –0.01 –0.0 VangdSTCpBd VCSH 82.43 0.01 –1.0 Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record iShiBoxx$InvGrCpBd LQD 129.86 0.30 –6.0 SPDR Gold GLD 162.37 0.35 –9.0 VangdSC VB 206.87 –1.52 6.3 Increased Buckle BKE 2.3 .33 /.30 Q Apr29 /Apr15 iShiBoxx$HYCpBd HYG 86.51 0.06 –0.9 SchwabIntEquity SCHF 37.21 –0.51 3.3 VangdTotalBd BND 84.99 0.15 –3.6 iShJPMUSDEmgBd EMB 109.38 0.22 –5.6 SchwabUS BrdMkt SCHB 94.37 –0.84 3.7 VangdTotIntlBd BNDX 57.36 0.14 –2.0 AG Mortgage Invt Trust MITT 4.4 .06 /.03 Q Apr30 /Apr01 Foreign iShMBSETF MBB 108.55 –0.01 –1.4 SchwabUS Div SCHD 71.07 0.20 10.8 VangdTotIntlStk VXUS 61.63 –1.08 2.4 Banco de Chile ADR BCH 1.6 .3844 A Mar26 / iShMSCI ACWI ACWI 93.35 –0.83 2.9 SchwabUS LC SCHX 94.01 –0.66 3.4 VangdTotalStk VTI 202.33 –0.83 4.0 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; JOYY ADR YY 0.8 .51 Q Apr30 /Apr19 iShMSCI EAFE EFA 75.06 –0.50 2.9 SchwabUS LC Grw SCHG 127.16 –1.45 –1.0 VangdTotlWrld VT 95.44 –0.80 3.1 iShMSCI EAFE SC SCZ 71.22 –0.53 4.2 SchwabUS SC SCHA 95.84 –1.95 7.7 VangdValue VTV 129.39 0.08 8.8 S2:1: stock split and ratio; SO: spin-off. ZTO Express (Cayman) ADR ZTO ... .24 Apr22 /Apr08

Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret TotRetBdI 10.54 ... -1.1 GroCo 32.82 -0.77 -0.2 IntlEq 28.24 -0.23 -0.6 TotRt 10.26 +0.01 -2.7 ExplrAdml 123.43 -2.49 3.1 WndsrAdml 78.43 +0.07 9.8 ExtndIstPl 320.50 -8.63 NA Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Edgewood Growth Instituti GrowCoK 32.91 -0.77 -0.2 Invesco Funds Y PIMCO Funds A ExtndAdml 129.88 -3.49 NA VANGUARD FDS IdxIntl 19.82 -0.20 NA EdgewoodGrInst 51.50 -0.97 -0.5 InvGrBd 11.58 +0.01 -2.4 DevMktY 53.10 -0.88 -0.7 IncomeFd 11.95 -0.01 NA GNMAAdml 10.66 +0.01 NA DivdGro 33.96 +0.11 2.2 MdCpGrAdml 90.16 -1.55 NA e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese Fidelity LowP r 53.96 -0.32 11.0 John Hancock Instl PIMCO Funds I2 GrwthAdml 129.35 -1.96 -0.9 INSTTRF2020 NA ... NA SmValAdml 68.51 -0.90 NA and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, 500IdxInstPrem135.26 -0.74 3.9 Magin 12.84 -0.10 -1.6 DispValMCI 25.76 +0.06 10.5 Income 11.95 -0.01 NA HlthCareAdml r 88.99 -0.71 -2.2 INSTTRF2025 NA ... NA TotBd2 11.04 +0.01 -3.3 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r Contrafund K6 18.84 -0.26 -0.2 NASDAQ r 162.90 -3.35 0.7 JPMorgan I Class PIMCO Funds Instl HYCorAdml r 5.90 +0.01 -0.3 INSTTRF2030 NA ... NA TotIntlInstIdx r132.56 -1.35 NA apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not ExtMktIdxInstPre 87.19 -2.03 4.4 OTC 17.72 -0.31 1.1 CoreBond 11.93 +0.01 -2.5 IncomeFd 11.95 -0.01 NA InfProAd 28.05 +0.07 -1.0 INSTTRF2035 NA ... NA TotItlInstPlId r132.59 -1.36 NA available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; FidSerToMarket 13.42 -0.12 4.0 Puritn 26.75 -0.13 2.8 EqInc 21.17 +0.09 7.6 Price Funds IntlGrAdml 155.70 -3.24 -2.9 INSTTRF2040 NA ... NA TotSt 98.17 -1.15 NA data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. IntlIdxInstPrem 46.74 -0.27 2.5 SrsEmrgMkt 25.01 -0.54 0.2 JPMorgan R Class BlChip 163.31 -2.78 -1.3 ITBondAdml 12.08 +0.01 -3.6 INSTTRF2045 NA ... NA VANGUARD INSTL FDS MidCpInxInstPrem 28.49 -0.26 5.5 SrsGlobal 14.66 -0.15 2.2 CoreBond 11.95 +0.01 -2.5 DivGro 61.74 +0.04 2.9 ITIGradeAdml 10.09 ... -3.1 INSTTRF2050 NA ... NA BalInst 44.48 -0.57 NA Wednesday, March 24, 2021 SAIUSLgCpIndxFd 20.40 -0.11 3.9 SrsGroCoRetail 22.82 -0.53 0.2 Lord Abbett A EqInc 34.58 -0.01 10.7 LTGradeAdml 10.65 +0.03 -9.0 INSTTRF2055 NA ... 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NA P2JW084000-4-B01000-1------XA

B10 | Thursday, March 25, 2021 **** THE WALL STREET JOURNAL. BUSINESS & FINANCE HSBC Venture Seeks Rich China Clients

BY SIMON CLARK had she accepted a job offer from Alibaba Group Holding HSBC Holdings PLC has a Ltd. founder in 2004. newplan to find riches in Ms.Sun declined because she China. It is hiring 3,000 had already committedtojoin- branchless bankers to search ing HSBC. prosperous coastal cities for Sincethen, Alibaba has wealthy clients who need ad- grownintoanonline com- vice on insurance and invest- merce behemoth with amar- ments. ketcapitalization that is more Theventure, known as than five times biggerthan HSBC Pinnacle,isled by Trista HSBC’s $122 billion. And Ant Sun, a41-year-old Chinese Group Co., the Alibaba affiliate banker with the enthusiasm of that Mr.Macontrols,has be- afinancial-technologyentre- come afintech giant. Alibaba’s preneur. She has set up a fin- shares have morethan tripled tech platform in Shanghai to sinceits 2014initial public of- operate Pinnacle—HSBC says fering in the U.S.,while HSBC’s it is thefirst foreign company U.S.-traded shares have fallen to getalicense to do this— 46% in the same period. and is recruiting financial JOURNAL Ms.Sun grew up in Wuxi, a

plannerstoroam Shanghai, REET city of about 5million, before Hangzhou,Guangzhou and ST studying journalism in Shang- LL

Shenzhen armed with digital WA hai. Afterabrief stint in tele- tablets. vision, she started asales- and THE

Pinnacle is critical to HSBC R leadership-training company. Chief ExecutiveNoel Quinn’s FO “I wasmoreinterested in plan to revive the bank’s lag- the businessworld,” she said. ging fortunes with what he ARIANO She has worked forHSBC in UL

calls three pivots: to Asia, to RA Hong Kong,London and wealth management and to Trista Sun, center, with her team in Shanghai. HSBC Pinnacle will hire 3,000 bankers to roam cities with tablets, generating business. Shanghai. She recognized the businessthat generates feein- threat to traditional banking come—advisory work, for ex- the mainland sincethe found- Alibaba's stock has soared with China's planning. from technologywhen an en- ample—rather than lending.It ing of the People’sRepublic of digital economywhile HSBC has languished. “HSBC has chosen the right trepreneur wearing ablack is also part of a digital-bank- China in 1949.Ithas about 160 strategyand nowthe chal- hoodie spokeataninternal ing push at HSBC that analysts branches on the mainland, U.S.-listedstock performance lengeisexecution,” said Rich- conferencein2015.Hetold the say is overdue. morethan anyother foreign 200% ardLeung, the former head of bankersthey were “old and HSBC wasfounded by Brit- bank. UBS’s private banking unit in out” because startups would ish bankersinHong Kong and But that hasn’t translated China and aformer HSBC take businessaway from them. Shanghai in 1865 but it has intobig retail-banking profits Alibaba banker. “HSBC should look at “I do remember the discom- struggled to keep pacewith recently.HSBC’swealth and their customersand say, ‘What fort Ihad during that session,” China’sbreakneck economic personal banking unit lost $34 100 can we offer that local banks Ms.Sun wroteonLinkedIn re- growth and digital transfor- million in mainland China last can’t?’ They would expect cently. mation. It has also become year while earning $4.93 bil- HSBC to offer something in- Current and former HSBC embroiled in the geopolitical lion of pretax profit in Hong ternational.” executives sayMs. Sunisa tensions between China, the Kong,ahighly lucrativehome 0 Ms.Sun said she would ex- strong leader.Afew yearsago, U.S. and the U.K. market forthe bank.Ofthe ploreoffering global insurance she attended agatheringof Still, Ms.Sun believes 226,000 people HSBC employs HSBC forcritical illnessand high- global retail bankers. Stuart HSBC’slong historyand expe- globally,27,000 areinmain- end medical services and is Gulliver, then HSBC’sCEO,told riencecan giveitanedgeover land China and 29,000 arein -100 also drawing on know-how the audience that most mar- newercompanies,evenasit Hong Kong. 2015 '16'17 '18'19 '20'21 from other markets. ketsoutside Hong Kong and pushes intohigher-tech areas. Meanwhile, HSBC faces in- Others are less optimistic. the U.K. were insignificant for “Weprobably underesti- creasing competition from JP- Source:FactSet Anne Boden, the founder of HSBC—a tough messagefor matethe value of traditional Morgan Chase &Co.,Goldman British digital startup Starling employees working in those financial institutions,” Ms.Sun Sachs Group Inc.and other hugeprogress.” cusing on about 30 million BankLtd., is skeptical that the locations,people who attended said in an interview. “It re- U.S. banks. Theprizewith Pinnacle is a people who have at least venturecan succeed. said. Ms.Sun spokeup, saying quires expertise and experi- “The American financial greater shareofthe money $100,000 to invest. “When an industrydis- HSBC connected the smaller encetounderstand howto services industryisabsolutely from China’sburgeoning mid- “Weare targeting the rupter isn’t led by a founder, centers into one global mar- managerisk,how to design cleaning up in China,” She- dle class, agroup that will higher end of the market and but instead by acompanyem- ket, the people said. the right products, sustainably rard Cowper-Coles,HSBC’s swell to 600 million people by we believethe right way to ployeewho cangoback to “She was articulate, made grow the business.” head of public affairsand a 2028, according to HSBC. Ms. engage is adigital and people- their corner officeifthe ven- her point well and did so with HSBC has a long history in former British diplomat, said Sun’s team is competing with blended service,” Ms.Sun said. turefails,itlacks the absolute asmile,” one of the people mainland China and an exten- in an online discussion last both domestic and interna- Pinnacle’swealth plannersad- drive to succeed,” Ms. Boden said.“Stuart reacted to the sive reach. In 1984, it became month. “The bigAmerican tional financial institutions, vise on lifeand health insur- said. challengewell.” the firstforeign institution to banks,the big American in- such as China MerchantsBank anceaswell as saving foredu- Ms.Sun’sfriends sayshe —Frances Yoon secureabanking license on vestment houses aremaking Co. and AIA Group Ltd., in fo- cation, retirement and legacy could have been a billionaire contributed to this article. Bank of East Asia Sells Insurer Unit to AIA Ex- Oil Trader BY JING YANG Paul Singer’s Elliott Manage- additional fees from distribut- panywas oncethe crown itspolicies via abank’snet- ment Corp.since2015.The ing AIA’s products, according jewelofAmerican Interna- work—have been priced with HONG KONG—Bank of East U.S. hedge-fund firm owns a to BEA Co-Chief Executive tional Group Inc., beforethe considerable premiums to the Pleads Guilty Asia Ltd. agreed to sell its in- minority stakeinthe family- Adrian Li. “This would allow NewYork-based insurer sold it book value of the insurance surancebusinesstopan-Asian backed lender and has under- us to streamline our business to repayagiant bailout that it portfolios. To Conspiracy lifeinsurer AIAGroup Ltd., takenayearslong campaign to model, improveour capital ef- received during the In 2019,FWD,the insurance marking amilestone in one of getthe bank to improveshare- ficiencyand ultimately drive 2008-2009 financial crisis. arm of Hong Kong tycoon BY ARUNA VISWANATHA the longest-running share- holder returns.Elliotthad pre- shareholder value,” Mr.Lisaid AIA’sbusinessgrowthhas Richard Li’sPacific Century holder activism campaigns in viously pushed forasale of in an interviewWednesday. He been driven in part by China’s Group, bought the life-insur- A former oil trader at min- the region. thebank,aplan BEA’s board added that while Elliottsup- middle class, and it is nowfar ance businessofThailand’s ing company Glencore PLC TheHong Kong-based bank rejected. ported the bank’sintention to more valuable than AIG. Siam Commercial Bank PCLfor pleaded guilty Wednesdayto said it would sell its BEA Life Last March, the two sides sell the insurancebusiness, AIAsaid the deal would $3 billion. As part of the deal, conspiring to manipulate fuel subsidiaryfor $650 million reached a truce and the bank the U.S. was “not giveitmoreinroads intothe the two sides entered a15-year prices,inacase that signals a and enter an exclusive15-year embarked on astrategic re- involved at all” in choosing Greater BayArea, apet project distribution agreement. newfront in along-running agreement under which the viewfor itsbusinesses.InSep- the buyer. of Beijing’sthat is aimed at in- Thecarrying value of BEA crackdown by prosecutors on bank will distribute AIA’s life tember,BEA said it would sell AIA, which has amarket tegrating a11-city bloc that Lifewas equivalent to $331 effortstoimproperly steer oil andlong-term savingsprod- itslife-insuranceoperations in capitalization of morethan encompasses Southern China’s million at the end of 2020.The trading benchmarks that influ- ucts via its 140-plus branches exchange for a long-term, ex- $150 billion, is one of the Guangdong province, Hong bank expectstobook a$129 ence real-world prices. in Hong Kong and mainland clusive distribution partner. world’smost valuable insur- Kong and Macau. million gain from the sale.Mr. Appearing via videoconfer- China. Theinsurancedeal will help ers, with operations in 18 mar- Recentdeals that include Li said some of the proceeds ence from his lawyers’ offices BEAhas been under pres- BEA focus on itscorebanking kets acrossAsia. TheHong bancassurance—in which an arelikely to be distributed to in California, the ex-trader, surefromAmerican billionaire activities,and help it generate Kong-listed and based com- insurancecompanydistributes BEA’s shareholders. Emilio Jose Heredia Collado, admittedtoallegations that accused him of working to ma- nipulateanoil-pricebench- Maersk Invests in Freight-Logistics Tech Startup mark by directing other trad- erstosubmit ordersthat would push prices in the di- BY MARC VARTABEDIAN surgedinthe fourth quarter to rection he wanted. “Guilty,” $2.6billion, aseven-quarter Mr.Heredia said when asked Ahandful of international high, according to areport howhewished to plead to the shipping and logistics giants, from PricewaterhouseCoopers one count of conspiracythat including A.P. Moller-Maersk and CB Insights. prosecutors had charged him A/S, have teamed up with ven- 8VChas been particularly with. turefirm 8VCtoinvest in a focused on the notion of infus- The case against Mr. Here- startupthat matches freight ing technologyintothe sup- dia related to trading through with trucks. ply-chain.The firm wasco- aprocess managed by oil-price

Therelatively small $10.5 CK founded by JoeLonsdale,who benchmark publisher S&P million deal illustrates how TO also co-founded dataanalytics Global Platts. legacylogistics behemoths are companyPalantir Technolo- At the brief Zoom hearing taking an increased interest in gies Inc. beforeU.S.District Judge SHUTTERS

a crop of young startups that A/ “The problem is that the Charles Breyer in SanFran- areaiming to disrupt the in- entirelogistics industryisrun cisco, Assistant U.S. Attorney dustry. Some areinvesting out on archaic 15+ year old soft- MatthewSullivan said that Mr.

of venturearms launched in NGMANN/EP ware,almost no dataiscap- Heredia wascooperating in

the past several yearsthat are RA tured, and none of the soft- the government’sinvestiga- meant to givethe companies a ST ware systems can tion. CKE

toehold in emerging logistics FO communicatewith each He faces up to five yearsin technology. The shipping company’s venture arm has teamed with truck operators to back Baton Trucking. other…,” Mr.Lonsdale and 8VC prison but could facelessthan Maersk’sventurearm co-founder and partner Jake that if the government deter- Maersk Growth, which began complexpickup and drop-off the earningsfromcontainer are increasingly turning to Medwell wrote in a post mined he had offered substan- investing in 2018,co-led the operations and optimizing shipping,which accounted for venture.The number of U.S. in 2019. tial assistance, the judge financing round intoBaton routes using analytics. Baton the lion’sshareofits revenue. corporations investing in At the same time, investor noted. Prosecutorssaid Mr. Trucking Inc.alongside Austin, operates in LosAngeles and Maersk operates aglobal web startups forthe firsttime rose interest has turned the sector Herdedia, 49 yearsold, Texas-based 8VC. Theventure Atlantaand says it is generat- of ocean and land freight trans- 43% last year to 744compared intoacrowded field. Some worked to engineer bench- divisions of truck-fleet opera- ing revenue from seven truck- portation as well services such with 2019,according to data firms have spread betsaround mark prices between 2012 and torRyder System Inc.and Pro- ing companies that arecus- as port operation. provider and media publica- to startups performing similar 2016 that would improvethe logis Inc., which investsinlo- tomers. Baton’sability to alleviate tion Global CorporateVentur- or overlapping functions,pos- profitability of other transac- gistics facilities, participated Maersk Growth seeks out truck driver shortages and ing.Ryder,for instance, made sibly heightening competition tions in physical fuel oil. in the deal along with refriger- startups that it believes could usher in electric truck fleetsis itsforay intostartup investing as the sector matures. AGlencorespokesman said ated-storage companyLineage be of long-term strategic value attractive,said Mr.Hoier,who in the fall with a$50 million Mr. Medwell and Mr. Hoier previouslythe companyhas Logistics LLC. to Maersk,partner Jeppe will join the startup’s board. fund. said they believed Baton could cooperated with the continu- Baton, based in SanFran- Hoier said. “That’sthe fascination of Meanwhile,the logistics help usher in newtechnologies ing federal investigation, and cisco, offers trucking compa- Thedeal comes amid a stra- startups—their ability to grow sector has been apopular tar- such as automated trucking S&PGlobal Platts has said it nies atechnologyplatform tegic shift forthe Danish com- fast and take risks that you get. While ventureinvestment and could reducepollution by maintains atransparent meth- that matches trucks with pany. Maersk said in 2019 it wouldn’t do in the corporate in the sector last year was cutting the amount of time odology that allows it to pub- cargo loads, aiming to reduce wasaiming to increase itsland- world,” Mr. Hoier said. down slightly from the $6 bil- trucks idle whilewaiting at lish assessmentsthat reflect downtime by synchronizing side businesstoroughly equal Companies acrossthe board lion raised in 2019,funding warehouses. market value. P2JW084000-5-B01100-1------XA

THE WALL STREET JOURNAL. ***** Thursday, March 25, 2021 | B11 MARKETS Tech Selloff Pulls Down Indexes Yields Slip As Traders Dow finishes day tiveday,finishing at 1.613% from 1.637% Tuesday. Bond lower after rising as yields rise as prices fall. The Await much as 360 points yield had closed as high as 1.730% last week afterstarting earlier in session 2021 below1%. Spending Theincrease in bond yields BY CAITLIN MCCABE in recent weeks has takenthe AND WILL HORNER steam out of technology Details stocks,but the movedownin Stocks closed lowerasin- yields on Wednesdaydid little BY SAM GOLDFARB vestorscontinued to pull back to stabilizethe sector. Apple from the technologystocks fell $2.45,or2%, to $120.09. Bond investorsare taking a that led the market higher for Netflix lost $14.28,or2.7%, to wait-and-see approach to much of the past year. $520.81. Amazon.com edged President Biden’snextmajor All three major indexes down $50.43, or 1.6%, to spending push. closed in negativeterritoryaf- $3,087.07. All three companies, Yields on U.S. Treasurys, terstarting the dayhigher.As which were among the stocks which rise when bond prices the session continued, losses that led marketshigher last fall, have paused in recent

among technologystocks wid- year,are also down forthe NIEL/NETFLIX sessions even afterreportson

ened, pulling down the Nasdaq year. DA Mondaythat Biden adminis- M

Composite “Weare nowone year into LIA tration officials are crafting a WEDNESDAY’S and S&P 500. this rally: We’veseen amas- Shares of Netflix dropped Wednesday, along with Apple and Amazon. Netflix’s hit ‘Bridgerton.’ plan for amultipart infra- MARKETS TheDow sivedecline and amassive structureand economic pack- Jones Indus- rally,and my sense is that Share-priceand indexperformance, Wednesday afterits earningsmissed ana- age that could cost as much trial Averagetumbled intothe marketsare just going to lysts’ forecasts and the com- as $3 trillion. redjust beforethe closing bell. pause forbreath from here,” Chevron panydidn’t issue guidancefor That comes afterthe yields Stocks have seesawedthis said Brian O’Reilly,head of the year.Still, the meme stock had climbed sharply in recent week as investorshavecontin- market strategyfor Mediola- beloved by individual investors months based largely on ex- ued to trytomakesense of num International Funds. is up 539% in the year to date. pectations that large-scale volatility in the U.S. govern- “Gains aregoing to be much Caterpillar ViacomCBS fell $21.15,or will ment-bond market. Money harder to come by forthe rest 23%, to $70.10,marking its help fuel the economic recov- managershavealso been as- of the year.” largest percentageincrease on ery, leading to faster inflation S&P500 sessing the valuations on Federal ReserveChairman record.The media company and eventually higher interest stocks afterthe major indexes Jerome Powell has tried to as- haddropped morethan 9% ratesset by the climbed morethan 70%since suageinvestorsinrecent Amazon.com Tuesdayafter saying it was CREDIT Federal Reserve. thepandemic-fueled rout last weeks by reiterating that the seeking to raise $3 billion by MARKETS Theyield on March. Fedwill continue to support Apple sellingnew shares. thebenchmark Investorssaid acatalyst be- the economyuntil the recovery Meanwhile,the Russell 10-year U.S. Treasurynote hind alate-daypullback wasn’t is morerobust. Still, money Nasdaq Composite 2000 indexfell 2.4%, extending settled at 1.613% on Wednes- immediately clear. managersare betting that in- itslosses intoathirdconsecu- day, according to Tradeweb, “It wassurprising to see the flation will climbsharply and Russell 2000 tiveday. down from 1.637% Tuesday market tail off at the end of could spur the central bank to Overseas,the StoxxEurope and 1.730% last Thursday. the day,” said Chris Zaccarelli, raise interest ratesorpare Netflix 600 ended the dayessentially Increased government chief investment officer of In- back bond purchases. flat, rising less than 0.1%. In- spending canliftTreasury dependent Advisor Alliance. Mr.Powell on Tuesday told -3%-2-10123ternationally, investorshave yields in two ways:first, by “Wehad what wasatypical cy- lawmakers that he doesn’t Source:FactSet mulled signs that the global boosting economic growth clical stocks rally.” thinkfiscal stimulus would economic recovery maytake and second, by increasing the TheDow ultimately fell 3.09 have alarge or persistent ef- Covid-19 vaccine rollout and, other groups forthe day. Dia- longer than anticipated be- supply of bonds,which are points, or lessthan 0.1%, to fect on inflation. He also ultimately,growth. mondback Energy, Exxon Mo- cause of rising Covid-19 cases used to fund that spending. 32420.06after trading up more stressed that policymakers “Yields have moved very bil and Marathon Oil all and extended lockdowns in Heading intothis year, than 360 pointsearlier in the could act to tamp down rising quickly,and it wasaclassic gained 2% or more. manycountries. many analystsalready ex- day. TheS&P 500 also finished pricepressures if needed. case of toofar,too fast. Rates Brent crude,meanwhile, In Asia, stock benchmarks in pected yields to rise due to the daylower, falling 21.38 On Wednesday, Mr.Powell arethe most overbought they rose 6% to $64.41 abarrel Hong Kong and Japan led de- expectations that growth points, or 0.5%, to 3889.14af- andTreasurySecretaryJanet have been since1994,” said amid effortstofreeagiant clines,both falling morethan would pick up as morepeople terstarting the dayhigher,too. Yellen testified beforethe Sen- Hani Redha, aportfolio man- container ship stuck in the 2% by the close of trading. arevaccinated against the TheNasdaq Compositetum- ateBanking Committee, with a ager at PineBridgeInvest- Suez Canal, blocking all traffic Early Thursday, Japan’sNikkei coronavirus.Yields,though, bled forasecond consecutive messagesimilar to Tuesday’s ments. “Therewas ageneral on one of the world’sbusiest wasup1.1%. Hong Kong’sHang began their steep ascent after day, losing 265.81points, or beforethe House Financial expectation from marketsthat shipping arteries.The Suez Ca- Seng Index, which had entered Democratswon two pivotal 2%, to 12961.89. The fall Services Committee. Mr.Pow- the Fedwould trytocontain nal is avital trade routefor correction territoryonSenateelections in early Jan- marked the index’slargest ell indicated that he isn’t con- anysharp rise in yields and tankerscarrying oil and natu- Wednesday, wasdown0.1% uary, improving the prospects two-daydecline sinceMarch 4. cerned about the recent rise in that has not happened, which ralgas. early Thursday. U.S. stock fu- foranother large coronavirus In the bond market, the bond yields,saying that it has been asurprise.” In corporatenews, shares of tures were up 0.2%, relief package. yield on the 10-year Treasury seemsthat rateshavere- Among the S&P 500’s11sec- videogame retailer GameStop —Joanne Chiu contributed to At the time,manyinves- notefell forafourth consecu- sponded to news about the tors,energy outperformed all fell $61.41, or 34%, to $120.34 this article. tors and analystsexpected a packageofabout $1 trillion, and bonds came under further selling pressureinFebruary Online Forums DiscoverQQQ Tech ETF onceinvestorsrealized that the final pricetag would be closer to $2 trillion. BY JULIA CARPENTER lot, it gottalked about ade- InvescoQQQ Trust, QQQ—or “the Q’s” as some call to embraceso-called cyclical cent amount” on , he daily inflows it—with othersinthe com- shares whose success is more Everything old is newagain said, “and it led me to look mentsoffering adviceand dis- tied to the economic recovery, The bond market in the markets, even popular into it.” $5 billion cussing the fund’spast perfor- such as Ford Motor Co.orJP- exchange-traded funds. He added: “My main love mance. MorganChase &Co.,QQQ hasn’t registered a Take QQQ,the giant tech- forstocks lies in investor sen- 4 Thesurge in interest among holders could face significant big response to the focused ETFrun by invest- timent and hype,basically.I’m Redditusersand declines in thevalue of their ment manager Invesco Ltd. invested in reading and seeing 3 traderspresented an opportu- holdings. With any luck, ana- infrastructure plans. Launched 22 years ago at the what people aretalking about, nity to Invesco, an Atlantain- lystssay,afurther pullback in height of thedot-com boom, what people are wearing and 2 vestment manager.Invesco tech shares should highlight the fund has in recent months using,what will succeed in the has stepped up marketing forQQQ holdersthe value of grabbed the attention of anew future.” 1 spending in abid to cash in on diversifying their investment Giventhe reaction to the generation of investorsvia Arihant Jain, a 31-year-old QQQ’smoment, sponsoring for portfolios beyond what has latest spending package, some Reddit’s WallStreetBets and technical sales engineer who 0 instanceaMarch Madness- been thehottest sector for analystsexpressed surprise other online investing commu- owns almost $3,500 in QQQ themed “QQQ Hoops” game some time. that the bond market hasn’t nities. shares,shares that enthusi- –1 that gives youthe opportunity “They’reveryfocused on registered abiggerresponse Thefund’sconcentration in asm. to shoot hoops,showing off this narrow sector that’s to the latest news out of the high-growth stocks billed “QQQ is at the topofmy –2 thepotential performanceof growing likecrazy,but Icould Washington. as “innovative” and “disrup- list because of the diversity investments. spend an hour talking about Some said that investors tive” in the lingo of the day— and exposure” of itsholdings, –3 Marketing spending for what they’renot invested in,” could just be waiting formore it tracks the Nasdaq-100—has said Mr.Jain, whose QQQ QQQ was$66.8 million in said Mitch Tuchman, chief in- details about the spending made it afavoriteofthose shares are his largest ETF in- Jan. 2021 Feb. March 2020,compared with $19.6 vestment officer at Rebalance, plan, which could include tax looking to capitalizeonthe ac- vestment. Mr.Jain bought the Source:FactSet million forState Street’sSPDR an investment management increases to coveratleast celerated shifttoworking shares when opening his first S&P 500 ETFTrust,according firm. part of itscost. In addition, from home.The shares surged investing account with Social for investing purposes, a sum to the State Street prospectus. Those lessons areoften some investorsmay be skepti- 90% over the past year,and Finance Inc.in2018.“Last that beforethe collapse of “This is an investor who hard won, however. Mr. Bow- calabout itschances of mak- assets in the fund soared to a year we sawthe relianceon trading commissions and the likes the product because of ers’sfather cautioned him ing it through Congress. And recent $150 billion, making it tech, be it forwork or con- rise of fractional sharepur- access to innovation,” said againstgetting swept up in even if it does become law, oneofthe largest ETFs any- nectingtotheir loved ones,” chases would have put some Emily Pachuta, chief market- market hype,sothree months anyinfrastructurespending is where. he said. casual QQQ investments(re- ing and analytics officer of the agohesold most of aposition likely to be spread over alon- Michael Bowers, a 21-year- Mr.Jain’sinterest illus- cent shareprice: $319) off lim- Americas at Invesco. whose value had grownto gerperiod than the coronavi- old student, trates how the QQQ has come its. Now, SoFiestimates about Young investors’ embraceof $5,000, retaining only his ini- ruslegislation. first heard about QQQ on the to embody one of the signa- one-quarter of itsclients’ frac- QQQ has so far been an unal- tial investment. He turned Still, some analystssay Reddit forum WallStreetBets. turetrends of the current tional buysare ETFs,with loyedsuccess story, but that around and invested the bulk that the administration’sin- He bought $1,000 worth of market moment: young inves- QQQ being one of itsmost won’t last forever. Forone of his money in Riot Block- terest in another multitril- fund shares last summer be- tors’embraceoftech investing popular. thing,tech shares arestarting chain Inc., a blockchain tech- lion-dollar spending bill is an- cause the ETFtracks compa- via online trading whose fall- Messrs. Bowers and Jain to fade out of favor following nologyfirm and otherreason that yields could nies he knows and whose ing costsgaverise to tools aren’t alone.OnReddit groups a long run, fueling more than “miner.” keep climbing,evenafter products he uses,ranging that didn’t exist before. liker/investing and r/stocks, $1 billion of outflowsfromthe “I don’t want to lose every- their big adjustment in recent from Apple to Facebook. Some of these investors new investors often post ask- QQQ fund for 2021. thing,but Ilikeplaying risky,” months. “When QQQ wasrising a sock away, say, $100 a month ing howmuch to invest in Should the market continue he said. “Given our viewthat we think $3 trillion gets done, and thereissome funding im- plication, Ithink rateshave Fidelity Plans ETF That Tracks Price of Bitcoin moreroom to rise,” said Priya Misra, head of global rates strategyatTDSecurities in BY JUSTIN BAER coin ambitions.Ifitisap- tive, Abigail Johnson, has long of investorsseeking access to qualified investors. NewYork. proved, the ETFcould be avail- championed themarket’spo- bitcoin has underscored the Other largerfinancial firms Fidelity Investments un- able forpurchase on the large tential.The money manager’s need foramorediversified set have declared their intentions veiled plans Wednesdayto brokerageand wealth-manage- support wasanimportant mile- of productsoffering exposure to bring cryptocurrencies into AUCTION RESULTS Here are the results of Wednesday's Treasury launch an exchange-traded fund ment platforms that oversee stone foramarket that met re- to digital assets.” thefold. Last month, Bank of auctions. All bids are awarded at a single price at the that tracks the priceofbitcoin, trillions of dollarsofindividual luctancefromWall Street over Fidelity began experiment- NewYork Mellon Corp.said it market-clearing yield. Rates are determined by the difference between that price and the face value. furthering the money man- investors’ assets. concerns about risk,regula- ing with mining digital coins would hold, transfer and issue FIVE-YEAR NOTES ager’s push to bring cryptocur- TheSEC has repeatedly re- tions and stability.That resis- and using digital ledgerstoex- bitcoin and other digital assets Applications $154,998,181,700 rencies to mainstream finance. jected applications forbitcoin tancehas faded as the prices of ecutetrades in the last decade. on behalf of itsasset-manage- Accepted bids $71,953,839,200 " noncompetitively $47,393,300 TheETF,called Wise Origin ETFs,blocking investorsfrom bitcoin and other popular digi- It put some of itsown money ment clients. Theannounce- " foreign noncompetitively $7,200,000 Bitcoin Trust, will aim to match buying intothe market through talassetshavesurged, drawing to work in acryptocurrency ment followedthe movebyan- Auction price (rate) 99.511492 (0.850%) an indexthat takesspot prices afinancial vehicle whose low interest from large and small fund and allowedclientstodo- other major custody bank, Interest rate 0.750% from various bitcoin markets, fees and taxadvantageshave investors. natetheir digital assetsto Corp., to form a Bids at clearing yield accepted 64.83% including popular exchanges, helped upend the way stock “The digital assetsecosys- charities.In2018,the firm joint venturewith Standard Cusip number 91282CBT7 The notes, dated March 31, 2021, mature on March 31, Fidelity said in asecurities fil- and bond funds aresold. But temhas grownsignificantly in launched planstostoreand Chartered PLC to storedigital 2026. ing.Fidelity Digital Assetswill the industryremains hopeful recent years, creating an even trade bitcoin forhedgefunds assetsfor their clients. ONE-YEAR, 10-MONTH FRNs serveasthe fund’scustodian, some funds will eventually more robust marketplacefor and other professional inves- TheSEC rejected applica- Applications $84,534,958,900 storing Wise Origin’sholdings. . investorsand accelerating de- tors and serves as custodian to tionsfor nine bitcoin ETFs in Accepted bids $26,000,046,400 " noncompetitively $14,958,900 TheETF,which requires the Fidelity wasamong the first mand among institutions,” aFi- morethan 100 institutions. 2018.Money managers, includ- Spread 0.049% Securities and ExchangeCom- major financial firms to em- delity spokeswoman wroteina In September,Fidelity ing VanEck Associates,have Bids at clearing yield accepted 92.65% mission’sapproval, would mark bracecryptocurrencies as an statement. started offering aprivatebit- continued to pressforward Cusip number 91282CBK6 The floating-rate notes, dated March 26, 2021, mature astepforwardinthe firm’sbit- asset class, and itschief execu- “Anincreasingly wide range coin investment fund to certain with additional filings. on Jan. 31, 2023. P2JW084000-0-B01200-1------XA

B12 | Thursday, March 25, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Road Is Smooth for Infrastructure

Traffic and revenue sources for transportation haven’t dried up as much as states expected last year

Infrastructurebills promised big passed in 2015,the so-called FAST Normalized passenger vehicle miles tation funding alone would be nota- of transportation as part of Decem- and delivered little in the past. Will Act,isdue to expireinSeptember traveledacrossU.S., by week, ble,Martin Marietta’s Chief Execu- ber’s Covid-19 relief bill helped cush- it be different this time around? afteraone-year extension passed compared with baseline tiveHoward Nye said in aFebruary ion the losses last year,henoted. Investorscertainly seem to think last year.The industrysees an op- earningscall. “FromMartin Mari- North Carolina’sDepartment of so. Martin Marietta and Vulcan portunity forareauthorization and 120% etta’s perspective, whether it’sup Transportation sawarevenue short- Materials,companies that provide increase in that pool of funding, 28% or 42%, it doesn’t really matter. fall of $150 million in itslast fiscal building blocks forinfrastructure whether or not it gets folded into 100 Either one of those is the single year—far lessthan the $500 million such as concrete, asphalt, sand and the largerinfrastructurebill. largest increase that we’veseen in expected. Passenger vehicle miles gravel, hit record highs this month, That seemsrealistic.First, ac- 80 federal infrastructureinvestment in traveled acrossthe U.S. fell as much soaring 124% and 96% over the tion must be takenbeforethe bill over 15 years,” he said. as 50% in certain weeks last April past year,respectively,compared expires again in September.Indus- 60 Meanwhile,state-level funding, but rebounded to pre-pandemic lev- with the market’s75% gain. tryobserversagree that maintain- which comprises the lion’sshareof els by June.They haven’t dropped Both the companies and inves- ing it seems to be the least contro- 40 spending on roads and oftende- significantly sincethe summer,ac- tors seem bullish about federal versial of infrastructureproposals. pends on gasoline taxesortolls,isin cording to datafromlocation data support forinfrastructure, which is Secondly,both houses of Congress 20 much bettershape than expected and analytics firm Inrix.Iftraffic high on President Biden’sagenda. said they would liketoincrease the with Americans back on . wasresilient last year,thereislittle Thedetails of the administration’s funding pool: TheSenateEnviron- 0 Last April, the American Association reason to think 2021 will be worse. $3 trillion infrastructureplan, ment Public Works Committeein March 2020 ’21 of State Highway and Transportation Of course,any supplemental sup- which haven’t been finalized, are 2019 thought newhighway funding Note:Baseline is January and February 2020 Officials projected statedepartments port that comes with an ambitious likely to shiftovertime—including should increase by morethan 27% Source:Inrix of transportation would see at least infrastructurepackagewould be mu- the sticker priceand the parame- compared with original FAST Act a30% drop in transportation reve- sic to the privatesector’s ears. The ters of what countsasinfrastruc- levels. Therelevant House commit- alifeline to the Highway Trust nues over the following 18 months. good news is, as Washingtonhaggles ture. But thereare factorsoutside teeproposed that totalfunding for Fund, which would have been un- Jim Tymon, executivedirector of over the details,state transportation the plan that brighten prospects. all aspectsofthe FAST Act includ- derfunded if it had solely depended AASHTO,notes the shortfall was agencies and infrastructurecompa- On afederal level, it comes down inghighways, transit and railroads, on federal gasoline taxes, which lowerbecause traffic resumed much nies already have reason to breathe to timing.The federal surfacetrans- should increase by morethan 40%. haven’t been raised since1993. faster than states predicted. The$10 moreeasily than they did last year. portation funding authorization that Notably,that funding pool provides Theincrease in surfacetranspor- billion granted to statedepartments —Jinjoo Lee

Volkswagen's shareprices Economic Setback Ordinary Preference Porsche squeeze EV mania €600 GES

IMA Recorded in February 500 GETTY

SE/ Won’t Prove Durable 400

300 ANCE-PRES

FR Another day, another report tories are, if anything,struggling to 200 showing the economy weakened keep up with demand, which should ENCE

AG last month. help push capital spending along. 100 On Wednesday, it wasthe durable Indeed, the biggerquestion in the ANN/

TM goods report’sturn. TheCommerce months ahead maynot be whether 0 Department said that newordersfor manufacturerscontinue to experi- HAR 2002 '05'10 '15'20 long-lasting manufactured items encegrowing demand, but what the NNY

Note:€100=$118.51 RO dropped 1.1% in February from Janu- contoursofthat demand will be as Source:FactSet Theremay be good reason to hold VW,but notordinary stock or associatedADRs. ary, snapping anine-month streak of morepeople arevaccinated, allow- gains.Ordersfor nondefense capital ing the economy, with hope,tore- goods excluding aircraft, seen as a open further.Ordersfor computers Don’t Buythe Wrong Volkswagen gaugeofthe direction of companies’ and electronic goods,which were a capital spending,slipped 0.8% in the source of strength through much of firstdecline sinceApril of last year. last year,weresoftening even be- It wasprobably the weather that fore February. Industrial categories, drovethe drop in orders, just as it such as manufacturing equipment, Indiscriminate investors drive a wedge between virtually identical securities wasprobably the weather that ac- have done better. counted forthe decline in February Still, until March dataarrives it existing and newhome sales,re- won’t be possible to knowfor sure If youfind two almost identical time round. Thecompanysays its close the gapbetween VW’s stock- ported earlier this week,and for if February’seconomic setbacks on adealer lot and stakeinVWhasn’t changed in re- market valuation and bankers’ “sum- the decline in Februaryretail sales were about anything morethan one costs23% lessthan the other, cent weeks,and it is hardtosee why of-the-parts” calculations of what its and industrial production reported the weather.Worse,while it it should be obvious that youare it would risk morelegal challenges. individual partscould be valued at. last week.The strong winter makes sense that demand will rise betteroff buying the cheaper one. Instead, brokersare pointing Strong demand for the ordinary storms that hit the countrylast with Covid-19 cases down sharply Asurprising number of investors the finger at inexperienced U.S. in- shares has come up against limited month, and particularly the Texas from earlier this year and vaccina- seem to be forgetting that the same vestors. They appear to be buying supply. In addition to the control- blackouts, pushed the pause button tions rolling out, the ultimatesize logic applies to the stock market. VW ordinaryshares without realiz- ling stake held by Porsche SE, on all types of economic activity. and shape of that rebound re- Agap or spread has opened up ing the confusingly named prefer- there is a 20% stake owned by the Thereare signs that thingsgot mains muddled. February’seco- between the priceofVolkswagen’s enceshares offer the same for German state of Lower Saxony, back on track this month. Credit- nomic reportsmight not be worth ordinaryshares (VOW), nowat less. Trading volume of American and a 17% stake owned by the Qa- card datasuggest retail sales have worrying much about, but neither €285.20—equivalent to around depositaryreceiptsthat track VW’s tar Investment Authority. That already bounced back.March manu- were they helpful. $338—and itspreferenceshares ordinaryshares (VWAGY)have leaves a free float of about 10% facturing surveysindicatethat fac- —Justin Lahart (VOW3), at €218.85. Thelatteraren’t surged, as have Google search vol- with which the ADR managers can conventional, debtlikepreference umes forthe VWAGYticker. cover their exposure. Change in newordersfor nondefensecapital equipment,excluding aircraft, shares; they areidentical to the or- Like General Motors, VW has In an echo of 2008,ahedge-fund from amonth earlier dinaryshares except that they don’t positioned itself as the incumbent short squeeze maybeexacerbating 6% carryvoting rights. In the U.S.,there car maker to rival Tesla. Particu- the moves.Apopular arbitrage would be two different shareclasses. larly since a “Power Day” last strategyinvolves buying shares in 4 Infamously,the spread last bal- week that echoed ’s Sep- the Porsche SE investment company looned in 2008,when Porsche SE tember “Battery Day,” the message and selling short the VW ordinary 2 tried to take over VW.That saga, by seems to be getting through to the shares that theoretically underlie way of ashort squeeze that briefly kind of individual stock pickers them. Thetrade has unraveled with 0 made VW the world’smost valuable who are also buying U.S. and Chi- the ordinary-sharerally,likely forc- company, ended with VW taking nese electric-vehicle startups. ing some investorstorun forcover. -2 over Porsche’scar-making opera- Another reason VW’s stock has Thecrazy thing about U.S. inves- tion, Porsche AG, leaving behind an become popular is the potential tors’interest in the ordinaryshares -4 investment company, Porsche SE spinoff value of Porsche AG. Man- is that ADRstracking the cheaper, (PAH3), with roughly 53% of VW’s ager Magazin reported in February moreliquid preferenceshares -6 ordinaryshares and lotsoflaw- that VW wasconsidering aminority (VWAPY) also exist. Theremay be suits. Sincethat drama, VW’s ordi- of the sports- good reasons to hold Volkswagen, -8 naryand preferenceshares have carmaker,which is by far itsmost but therearen’t good reasons to Jan. 2020 '21 rarely traded outofline. profitable division, to raise funds for hold itsordinaryshares or the as- Porsche SE isn’t asuspect this itselectric push. Adeal would help sociated ADRs. —Stephen Wilmot Source:Commerce Department Covid-19 Relief Could Stimulate Fintech Stocks

Millions of Americans have ment of stimulus cash, which overly moved, perhaps because fin- started getting another round of sometimes arrives via prepaid tech firms have already rallied so stimulus—and so, by extension, debit cards, or goes into checking much and will soon start facing could many fintech companies. accounts linked to debit cards. tougher comparisons against the So-called neobanks are enjoying Debit card usage fees are a major start of the pandemic eraasdigital a moment in the spring sun right revenue source for many neobanks paymentssurged. PayPal, Square now as relief checks go out. Up- and digital wallets such as and Shopify,whose shares all more

starts such as Chime Financial and S Square’s Cash App. than doubled last year,are little others often offer “early access” Digital or online paymentshave, changed this year,while the S&P NEW

for many incoming direct deposits, G during the coronavirus pandemic, 500 financial sector is up nearly 13% in this case enabling customers to also increasingly been used forev- so far in 2021. As agroup,buy-now-

spend stimulus money headed into OOMBER eryday purchases likegroceries pay-later stocks including Afterpay

their accounts a few days before a /BL that tend to be smaller-dollar and and Affirm Holdings aredown typical bank customer might. debit-oriented. Debit has further morethan 20% in the past month.

Many neobanking firms like MORRIS been linked to the rise of “buy now, But these shares might just find

Chime aren’t actually banks them- UL paylater” in theU.S., which enables a second wind. Household balance selves,but software companies PA people to split apurchase intomul- sheets are largely in good shape, VID

with partner banks sitting behind DA tiple paymentsrather than usea and this round of stimulus is hit- featureslikedepositsand cards. Digital payments have been increasingly been used for everyday purchases. credit card.Debit usagealso helps ting just as vaccinations pick up Thereisnomagic technologyin- makesome digital paymentsmore pace, giving consumers opportuni- volved in early access,which typi- tie up liquidity.That might be fine long list of obligations. profitable: PayPal Holdings,for ex- ties to spend in a reopening econ- cally involves floating money to a forasmall bank that has made A broader positive trend for fin- ample,sees healthier transaction omy. Habits acquired during the customer that the bank knows will this akey customer benefit, but tech upstarts has been a shift to- margins when purchases via itsdig- pandemic of using digital wallets arriveshortly via the usual pay- forabig bank the cash involved ward usage of debit cards over ital walletsare funded with debit and online payments may well ment system. Thereisessentially could runtomanybillions—a siz- credit cards. Debit has been get- cardsrather than credit cards. prove sticky. no credit risk,but it does in theory able chunk that it might need fora ting a boost from the disburse- So far,investorsdon’t seem —Telis Demos P2JW084000-0-R00100-17FFFF5178F

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© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, March 25, 2021 | R1

The People of 5G

BEN WISEMAN

These are the faces behind the 5G revolution. The telecom strategist looking to come up with new profitable services. The business­school professor hoping to inspire his students to think big. The regulator who will lead the way in writing the new rules of the 5G road. The new college graduate whose first job is in the new technology. The investor who sold his commercial properties and plowed the Fast, money into data centers and cell towers. The telecom executive whose tough job is to attract users. And more... Reliable & Secure. Inside Making It Pay The 5G Up in the Air Verizon’s strategy Rules chief, Rima Qureshi, Towerworkers likeKelsey hunts for new ways Acting FCC chief Olson playabig to monetize 5G after Jessica Rosenworcel has a full plate of role in building the firm’s big outlay controversies and wireless on spectrum R2 crises R3 networks R4 P2JW084000-0-R00200-1------XA

R2 | Thursday, March 25, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | 5G

Inside Verizon’s Quest to Monetize 5G

The company’s strategy chief hunts for new ways to monetize the service after its big spending on spectrum

BY SARAH KROUSE

s Verizon Commu- nications Inc. rolls out 5G service, Rima Qureshi has a clear mission: find ways to move beyond provid- A ing basic connectivity. Ms. Qureshi, Veri- zon’s chief strategy officer, leads a team charged with being “as creative and off the wall as possible” while re- maining dead set on creating products that can be monetized, she says. “I don’t want you to come up with demos, I want products,” she tells them, grilling members monthly on the financial viability of products and services. That drive has meant forming new partnerships with technology giants including Amazon.comInc. and Mi- crosoft Corp.; creating new business- use cases for connected products like and drones; and finding reve- nue models that take advantage of features of 5G. Those include ultra low latency, or the much shorter time it takes for machines to respond to each other over a network, and high throughput, or the ability to move massive amounts of data at speeds far beyond those possible with 4G. Billions of dollars are at stake in Ms. nerships with Amazon and Microsoft on Rima Qureshi describes Qureshi’s efforts. Verizon landed more Rima Qureshi wants network and cloud services. She declines recently secured airwaves than half of the midband spectrum her team to be “as to discuss the specifics of how the com- as ‘rocket fuel’ for rights offered in a recent U.S. govern- panies share revenue. Verizon’s 5G projects. ment airwaves auction that attracted re- creative and off the In addition to those partnerships, Veri- cord-setting bids. The carrier will pay wall as possible” while zon has revamped its pricing with the more than $50 billion for those airwaves remaining dead set on features of 5G in mind. It plans to charge and related expenses and is planning a business customers based on what as- focused technology firm Incubed IT. Ms. total of $10 billion in capital expendi- creating products that pects of 5G service are most critical to Qureshi wants to lower the cost of ro- tures over the next three years to ex- can make money. them—such as low latency, which can bots by moving some computing and pand its midband range. enable more-seamless use of robotics, or storage into the network rather than sit- Ms. Qureshi joined Verizon roughly high throughput, which enables faster ting within a device’s hardware. For ex- three years ago from Ericsson AB, speeds for many more connected de- ample. her team is working to teach ro- where she worked previously with Veri- vices. bots, enabled by 5G computing power zon CEO . Among her pri- isting cloud itself or partner with an out- The pandemic has accelerated by five and lower latency, to sense fixed and orities has been determining what 5G- side company. Executives realized that to 10 years some of the use cases she moving objects around them to better enabled edge computing can accomplish scaling Verizon’s own cloud would re- and her team have envisioned. “Some of interact and coexist with . and what problems Verizon’s service quire hefty investments and starting it felt almost a little bit like science fic- It is also working to advance the use might help businesses solve. Edge com- from scratch in a developer ecosystem tion,” she says, pointing to increasingly of 5G-connected drones. Verizon and puting allows for faster data processing that technology giants were already im- common uses such as robots disinfecting United Parcel Serviceare testing deliv- because the data is crunched in real mersed in. hospitals and office buildings or interact- ery of retail products at a retirement time closer to a device, rather than first “Does it make sense to go in and de- ing with humans in warehouses, manu- community called The Villages in Florida. being sent to a centralized cloud or data velop it against the experts in the field?” facturing plants and other work environ- The airwaves the company recently center. Ms. Qureshi recalls asking at the time. ments. Plus, retail and logistics secured are “rocket fuel” for the projects For businesses looking to use 5G ser- She determined that joining with large, companies are more quickly adopting au- under way, Ms. Qureshi says. vice it means bringing the cloud closer established cloud providers was a faster tomation and robotics because of pan- “It really is a question of what you to the application and having more re- way to start generating revenue and put- demic-spurred changes in consumer can imagine, and that’s the fun of it,” she mote cloud storage. As a result, Verizon ting edge computing to use for business shopping habits that strained their abili- says. needed to connect its network to a clients. ties to quickly fill and deliver orders. cloud. “Here’s a mutually beneficial way for Verizon has made small acquisitions Ms. Krouse is a Wall Street Journal Ms. Qureshi had to decide whether us to commercialize a product as early to further some of Ms. Qureshi’s goals. reporter based in New York. She can be the company should try to scale its ex- as possible,” she says of Verizon’s part- In February it agreed to acquire robotics- reached at [email protected].

A Professor Brings 5G Technology to M.B.A.s

David Yoffie has students look for HOOL

world besides more speed,” he says. “If SC business opportunities that the S anyone said we’d have Uber or have hun- wireless technology could bring dreds of millions of people streaming vid- BUSINES

eos on their phones because of 4G, we RD

would have shaken our head and said VA

‘Sure.’ ” HAR BY PATRICK THOMAS Prof. Yoffie explains to students that companies such as Uber Technologies OGIES;

n David Yoffie’s Harvard Business Inc. and Netflix Inc. were the biggest CHNOL School class, he wants his manage- beneficiaries of 4G technology, not the TE ment students to envision the business wireless carriers themselves. ERLITE

opportunities 5G could bring that they He teaches a case study that shows ST one day could profit from. And he en- students the nuts and bolts of 5G tech- I courages them to think big. nology. But unlike a normal HBS case NOKIA;

“I describe it as a revolution in its early study, which typically looks back at a GES;

stages,” he says. past challenge facing an organization and IMA David Yoffie says 5G is ‘a revolution The professor has spent nearly two de- puts the student in the role of the deci- could enable, for instance, the develop-

in its early stages.’ GETTY cades studying communications technol- sion maker, this is more about what 5G ment of systems that make the move- ogy while teaching at Harvard Business is, how it works and how it’s likely to ment of vehicles and people around cities School. He also was on the board of Intel evolve, he says. as efficient as possible by reacting imme- MODEVILLA/

Corp. for 29 years, until 2018, and has His goal is to get his students to think proaches to gaming, self-driving cars or diately to current conditions. “Just imag- SO been on the board of Taiwanese con- of the new entrepreneurship opportuni- other consumer-focused ventures, he ine the amount of data that you’d have CHIP sumer-electronics company HTCCorp. for ties that could emerge from this latest says. Prof. Yoffie is personally excited to collect and do it all in real time,” he ON; about 10 years. Most recently, he’s been technology. “What I tell my students is, about what 5G could mean for the emer- says. “You can’t do it by sending it to telling his M.B.A. students they need to this is your great opportunity,” he says. gence of edge computing, which allows centralized servers in North Carolina or VERIZ P:

learn about 5G to be prepared for the fu- “What are things you can do that information to be processed at the point wherever they go.” TO

ture of business. wouldn’t be possible with 4G, what are it’s collected rather than having to travel OM FR “When 4G emerged, I was on the board things they can do to have an impact on to central servers. Among other things, Mr. Thomas is a Wall Street Journal

of Intel, and we had no idea what kinds of the world?” he says, that will foster the emergence reporter based in New York. He can be WISE applications would be possible in a 4G The students often suggest new ap- of smart cities, where edge computing reached at [email protected]. OCK CL P2JW084000-0-R00300-1------XA

THE WALL STREET JOURNAL. Thursday, March 25, 2021 | R3 JOURNAL REPORT | 5G

A New College The RegulatorWho Will Writethe Rules of the Wireless Road Grad Gets His First Job as an Jessica Rosenworcel has Engineer in 5G inherited a litany of crises and controversies Ryan Juraidini, 23,wishes morepeople understood

the technology’s importance BY DREW FITZGERALD

BY KATHRYN DILL obile devices cover the modern world with bil- When Ryan Juraidini tells people he’s lions of wireless signals, a a 5G systems engineer at Nokia Corp., figure expected to grow he’s usually met with a blank stare. several-fold once 5G tech- “They’re like, ‘I have zero idea what you M nology is commonplace. just said.’ ” Orchestrating that digital symphony of- The highly technical explanation of his ten falls to regulators. job involves Faraday cages and baseband Governmentofficials writerules to en- models, but essentially Mr. Juraidini per- surethatWi-Fi-connected laptops,5G-en- forms -strength tests, simulating abledsmartphones,television broadcasts real-world situations in a lab to see, for and internet-beaming satellites canwork example, how well a smartphone will without drowning out other signals.And handle the transition between cell trans- fewregulators hold moresway than Jessica mitters if the speaker is driving. He ex- Rosenworcel, the acting chief of the U.S. plains these tests in terms of the poten- Federal Communications Commission. tial consequences to a customer. What if, The FCC has been in overdrive in recent for example, a call drops and the results months as billions of dollars in 5G invest- are disastrous to someone’s job? “You ments put new demands on its staff. The randum of understanding with the U.S. De-  never know what could happen,” he says. coronavirus pandemic has complicated partment of Commerce, a separate federal The acting FCC chief says 5G tech These are the types of quandaries, matters even more by highlighting the mil- agency involved in wireless-spectrum policy. can help bridge the digital divide. and solutions, that have always intrigued lions of Americans who lack broadband ac- Federal agencies in recent yearsdrafted Mr. Juraidini, who is 23. Though he em- cess for work and school. conflicting spectrum plans,slowing down phasizes the gravity of dropped calls, he “We’ve been handed some problems to the processfor making newairwavesavail- prefers to explain the potential of 5G to solve,” says Ms. Rosenworcel, a longtime able to business users. those who are curious in terms of the commissioner whom President Biden More broadly, the new FCC chief says, The FCC has been in global impact it could have. Imagine, he picked in January to steer the agency. Past the government must make reaching all overdrive in recent suggests, if a patient in the rural U.S. problems include turf battles among gov- citizens “a national priority.” She says 5G months as billions of could have a life-changing operation, per- ernment agencies and policy makers’ slow technologies can help fill that need by formed by a surgeon in France with per- recognition of the need for 5G-capable competing with cable and fiber-optic ser- dollars in 5G fect precision, without either person hav- midrange spectrum. vice to the home, though wireless service investments put new The FCC’s earliest 5G-focused auctions alone won’t bridge the digital divide. sold off millimeter-wave licenses, which Universal service “might sound like a demands on its staff. support extremely fast internet connec- big, audacious task, but remember, a cen- The Nokia systems tions but suffer over long distances. Ms. tury ago we did it with electrification,” engineer prefers to Rosenworcel says U.S. authorities were she says. slow to recognize the economic impor- The commission’s regulatory responsi- goals during the deadlock. She cites fund- explain the potential of tance of more middle-of-the-road frequen- bilities extend beyond 5G, of course. The ing for telemedicine technologies as an 5G in terms of the global cies, though the government is now mak- agency sets limits for federal subsidies, example of policies that enjoy bipartisan impact it could have. ing up for lost time. media ownership and even space for sat- support. The telecom regulator recently com- ellites. The commission itself, meanwhile, “The real revolution when it comes to pleted the sale of $81 billion of wireless must work within its political limits. 5G is going to be not centered on our spectrum licenses in the 3.7-4 gigahertz Until the White House nominates a phones,” she says. “In fact, if we do this range, which cellphone carriers can use to fifth commissioner, the FCC is stuck with right, our phones may be the least inter- strengthen their 5G services. Another auc- a two-two tie between Democrat and Re- esting thing when it comes to 5G.” tion in the nearby 3.45-3.55 GHz range is publican appointees. scheduled to start in October, offering Ms. Rosenworcel, a Democrat and law- Mr. FitzGerald is a Wall Street Journal companies another chance to bid on the yer with decades of experience on the reporter based in Washington, D.C. He in-demand assets. commission and as a senior Senate ad- can be reached at The commission recently signedamemo- viser, says she can still accomplish big [email protected]..

An Entrepreneur Sees a Future in the New Wireless Tech

Ankit Agarwaland his customers to mix and match network the macro,” or equipment for large tele- colleagues arehoping to components from various vendors. That com towers, when it comes to 5G, says allows them to compare various options Badri Gomatam, Sterlite’s group chief capitalizeonthe building by price and gives them flexibility in buy- technology officer. But Sterlite saw an of 5G networks. ing equipment amid the global fight opportunity at the level of individual busi- among the U.S. and other countries and nesses, he says. China’s Huawei Technologies Inc., which Mr. Agarwal, who grew up in India and has restricted the availability of some received an undergraduate degree in busi- BY NEWLEY PURNELL products in some countries. ness from the University of Southern Cal- The price of the Sterlite devices hasn’t ifornia and an M.B.A. from the London nkit Agarwal and his fellow been disclosed, but some are already be- Business School, is Sterlite’s chief execu- executives at India-basedtele- ing used in trials. The company is eyeing tive for connectivity solutions. He says he comproducts firm Sterlite markets across Europe and the U.S. for is thinking ahead to solutions for his Technologies Ltd. decideda now, with the potential to target develop- home country, where most of the 1.3 bil-  fewyearsago that5Gwas ing nations when they get closer to em- lion population lives in rural areas. Mr. Juraidini’s job involves A the future—and thatthey bracing 5G. “Wemay nothave driverlesscarsinIn- signal-strength tests in a lab. wanted to capitalizeonit. Sterlite’s device faces competition dia” forsome time—orever—he says,smil- Already global players in producing fi- from several other makers of indoor ing. “But maybe we canhave driverless ing to travel. “That would be invaluable,” ber-optic cables for use in 4G wireless net- small cells in a growing market. Research tractorsfor farmersworking in 45 degree he says, even more so during a global works, Mr. Agarwal and his team realized firm Analysys Mason estimates that the Celsius (113 Fahrenheit)temperatures.” pandemic. “That could save lives.” that the building of 5G networks not only market for such devices is growing at a Born in Germany, where his family demands more fiber, helping their core compound annual rate of 15% and will hit Mr. Purnell is a Wall Street Journal had moved briefly for his dad’s job in business. It also provides an opportunity to $5 billion in the next four years. reporter in Hong Kong. He can be reached telecommunications, he studied com- offer the kind of specialized, relatively low- “Everybody and his brother is doing at [email protected]. puter engineering at Florida Atlantic Uni- versityin Boca Raton, and interned at Nokia’s Dallas office the summer before his senior year. During his internship he Sterlite Technologies is floated an idea: What if, in the case of a Mr. Agarwal says he car accident, fleets of 5G-enabled drones eyeing markets across is thinking ahead to were able to send information to emer- Europe and the U.S. for 5G solutions for his gency services and all of the smart- now, with the potential to home country, India. phones in the area? He learned it was a concept Nokia was already testing. target developing nations After graduating in May 2020, Mr. Ju- when they get closer to raidini applied for a full-time engineering embracing 5G. position at Nokia and was hired in Au- gust. He joined a team of engineers in Dallas who were with the company through the implementations of 4G and cost building blocks of telecom networks LTE systems. His department manager’s that bigger companies might not focus on. primary rule—don’t pretend you know So Sterlite developed a signal extender something that you actually don’t—is to help companies connect mobile devices one that could be useful to any new hire. and computers in indoor spaces, far from Mr. Juraidini wishes more people un- telecom towers, to 5G networks. The new derstood the sweeping impact he be- device, which resembles a soccer-ball-size lieves 5G is going to have on society. flying saucer, can be installed in 30 min- “Everyone talks about 5G,” he says. “But utes, and multiple units can be positioned I just don’t think people realize how im- in offices or across company campuses portant it is.” where obstructions might interfere with 5G reception. Ms. Dill is a Wall Street Journal reporter Known as an indoor small cell, Sterlite’s based in New York. She can be reached device is based on “open RAN,” or open ra- at [email protected]. dio access network, standards that allow P2JW084000-0-R00400-1------XA

R4 | Thursday, March 25, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | 5G

Goodbye 5G WORKERS Hotels. Hello Cell Towers. Tower workers like WHO RISE Kelsey Olson ready tall A property investor structures for new pivots to digital-related wireless equipment ABOVETHE real-estate assets BY DREW FITZGERALD REST B Y I NTI PACHECO he job interview ColonyCapital Inc. has made one of that got Kelsey Ol- the biggestpivotsinthe real-estate son’s foot in the business. Over the pasttwo years, the door to the cellu- former investor in commercial real es- lar-tower industry tate has sold warehouses, hotels and began with a other traditional properties and T straightforward plowedthe proceedsintodatacenters, question. cell towers and fiber-network assets. “Are you afraid of heights?” In short, the company, capitalizing Fear of high places is pretty on the revolution in wireless com- much a deal breaker for the work- munications, has transformed itself ers who scale cellular towers, into an owner of digital-related real- broadcast masts and rooftops to estate assets and provider of digital build the next generation of wire- networks—particularly 5G. less infrastructure. Ms. Olson, a Chief Executive Marc Ganzi has civil engineer by training and ama- led this shift, amassing $30 billion in teur rock climber at the time, had digital-infrastructure assets. His for- a ready answer: She loved heights. mer company, Digital Bridge, merged Thirteen years later, Ms. Olson, with Colony Capital in 2019, at 36, is a Denver-based division which time 80% of Colony’s assets manager for Tower Engineering were in traditional real estate, Mr. Professionals Inc., a North Carolina Ganzi says. Since then, 60% of the company that helps telecom com- merged company’s assets have be- panies upgrade the country’s wire- come data centers, cell towers, fiber less network to support 5G stan- networks and small cells, or trans- dards. She manages roughly a mitters that can be placed on struc- dozen engineers who design net- tures or buildings to expand the work infrastructure across the range of wireless signals. country. She also works outdoors Colony will seek to accelerate its with teams that inspect and retro- move into infrastructure for phone fit structures to hold new equip- and data services across the U.S. ment. and globally as the rollout of 5G ser- Telecom companies have spent vices continues. Its strategy is to the past few years placing thou- lease its portfolio of digital infra- sands of new small-cell transmit- structure assets to telecom carriers ters on streetlamps and telephone and other business customers. poles, leading to a popular miscon- “I find there’s a massive amount ception that 5G signals only use of excitement in our organization as those short-range structures. But we build these next-generation net- the next-generation wireless ser- works,” Mr. Ganzi says. vice will rely just as much on tradi- tional cell towers, the kind that Mr. Pacheco is a Wall Street Journal rise 30 feet or more. reporter in New York. He can be Many of those cell towers have reached at [email protected]. carried cellular equipment for de- cades. Ms. Olson and her col- leagues must inspect them periodi- she says. “I don’t know if that’s  cally to ensure they’re structurally ‘The new guys because they’re competing with a Kelsey Olson says she often sound. Other towers need more have always been girl and don’t want to be shown takes a short break to take steel to support the weight of new up, but it’s always been good. I’ve in the sights from a electronics and antennas that can good sports,’ Ms. never had any guy chicken out.” picturesque job site. bring cablelike broadband speeds Olson says. ‘I’ve Grueling hours are another to customers on the move. hallmark of tower workers, who picturesque job site. Climbs in the “Physically,the towers have to never had any must often drive hours to a loca- forested Pacific Northwest tend have been modifiedtoaccommo- guy chicken out.’ tion on short notice. A single shift to be particularly breathtaking. date additional loading,” Ms.Olson can last more than 12 hours. The “I was above the pine trees on says.Arrayshave grownbigger payoff, many tower workers say, this particular climb and there sincecarriersstarted building 4G comes from competitive wages. was a purple sunset,” she says. networks, and 5G upgrades are engineers while still working in Tower climbers also get to travel “I’ll remember that forever.” prompting manytoadd morean- the field with the company’s to new places, meet interesting tennas per site. tower crews. A shared trait people and enjoy local food. Mr. FitzGerald is a Wall Street Ms. Olson says her company among all climbers: no qualms Then there is . Ms. Ol- Journal reporter in Washington, has offered a good career path, al- about heights. “The new guys son says she often takes a short D.C. He can be reached at Led by CEO Marc Ganzi, Colony lowing her to manage a team of have always been good sports,” break to take in the sights from a [email protected]. Capital is looking to grow with 5G.

 David Thompson says 5G makes his life easier. He says he’s also able to more quickly download movies thathis family and friends watchduring flights. Mr.Thompson has also found said in a report last summer. 5G useful outside of flying. Since (There are 1,000 megabits in a about 2016, he says,he’sbeena gigabit.) And you don’t need to big consumer of hi-fi music—or own your own jet to appreciate high-fidelityaudio trackswith the faster speed: It can take al- CD-levelsound qualityorbetter— most six minutes to download a whichheaccesses through hi-fi full movie over 4G, CTIA said, music streaming services Tidal and about 15 seconds for that and Deezer. same movie over 5G. “The file sizes on those are Mr.Thompson says he’s able to much larger” than the audio files get 5G speedsexceeding 600 available on more-common mu- megabits per second on his phone sic-streaming services,henotes, JOURNAL

and hotspot. And 5G coverage which canmakehi-fi music more REET ST

has been good in the places he’s difficult to stream without inter- LL

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wherehehas family. phone to avoid interruptions,but FO Before getting his 5G devices he no longer has thatissue with he’d have to spend ahalf-hour 5G, which canstream the bigger

downloading the navigation- files flawlessly. PETERMAN software updatesfor his plane Music streaming has gone MARK

at home,placethem on aflash mainstream overthe pastseveral AL; years, but industryexecutives have said audio qualityhas suf- CAPIT NY

fered. Companies including Ama- LO A5GEarly David Thompson, chief technology of- every few weeks. zon.comInc., which launched a CO ficer at American Express Global Busi- “Prior to the 5G it was about ‘It allows me to be high-resolution music streaming

Adopter ness Travel, is no stranger to embrac- a 20- to 30-minute process, and more nimble,’ Mr. serviceinlate2019, and Spotify JOURNAL; ing new technologies in his personal now I’m doing these updates Technology SA,which plans to Thompson says of REET Sings the life. The licensed aircraft pilot is a bit- within less than five minutes,” do so laterthis year,are betting ST coin miner, a high-fidelity music says Mr. Thompson, 55. “It’s a his 5G service. thathi-fi music will be the next LL Praises of streamer and, most recently, an active pretty significant percentage sav- big thing. WA THE

5G user. ings of time.” “This uncompressedCD-quality R The New Mr. Thompson bought an iPhone 12 Fifth-generation wireless net- music is howartistsintendedfor FO DO

Pro and a Verizon Communications Inc. works will enable consumers to driveand then upload them into their music to be enjoyed, and 5G RA Technology mobile hot-spot device last fall, both of reach peak speeds up to 100 his aircraftatthe hangar.With opens this capabilityup”to more VA AL

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says the main benefit he gets from us- networks, according to wireless- handle the processatthe han- says. NTIA

David Thompson sees ing 5G, at least for now, is being able industry trade association CTIA, gar in mereminutes,without SA itsbenefitsasapilot to quickly download the software up- with potential peak speeds of 20 having to worryabout misplac- Mr. Council is a Wall Street CALEB

and music lover dates and flight plans needed for navi- gigabits per second. The average ing storage devices. Journal reporter based in New P: gating his seven-passenger Cirrus Vi- 4G download speed in 2019 was “It savesastep. It allows me York. He can be reached at TO BY JARED COUNCIL sion SF50 jet, which has to be done 41 megabits per second, CTIA to be morenimble,” he says. [email protected]. OM FR P2JW084000-0-R00500-1------XA

THE WALL STREET JOURNAL. Thursday, March 25, 2021 | R5

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R8 | Thursday, March 25, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | 5G

Meet the 5G-Network Fixit Man

Toussant Won Jr. helps set up networks at stadiums and factories

BY AUSTEN HUFFORD

Toussant Won Jr. relies on two very different tools to help corporate customers plan, install and operate 5G networks: one state-of-the-art, the other old-fashioned. Mr. Won uses a device that looks like an extra-thick tablet, called a mobile spectrum analyzer, to mea- sure the performance and range of the private 5G networks he is help- ing set up at stadiums, warehouses and factories. A systems engineer for Syracuse, N.Y.-based JMA Wire- less, which makes software-con- trolled networking products, Mr. Won brings the device with him ev- Neville Raysays network erywhere, checking it into a foam- upgrades demand patience. lined protective case when he flies to customer locations. The other must-have tool? A torque wrench set, needed to do the sponsible for managing and devel- ultrahigh-frequency millimeter wave manual work of bringing together oping T-Mobile’s wireless network, signals typically used in cities. Mid- cables and antennas and fixing trou- T-MOBILE is prepping up to 85,000 cellular range spectrum sandwiched in the blesome connections. stations for equipment that can middle gives the company a swath of “It doesn’t make sense to have a carry 5G signals. It’s an expensive, frequencies that balance high data fantastic radio [to manage 5G sig- complex undertaking complicated by speeds with geographic coverage. Mr. nals] manufactured by us plugged HAS BIG the company’s ongoing integration Ray calls this a “layer cake” strategy. into a piece of coax that isn’t with former rival Sprint. That pro- Mr. Ray is relying on the usual torqued properly,” he says. cess demands careful planning so suspects, such as Nokia Corp. and Er- The tools Mr. Won carries are em- icsson AB, to supply much of the blematic of how sophisticated, ex- PLANS electronics for his network upgrades. pensive technology and old-school The carrier in 2018 signed two con- physical labor are both needed to ‘You have to stay on tracts totaling $7 billion to buy 5G get 5G networks up and running. your toes and you can equipment and services from the FOR5G. Scandinavian suppliers, and it never be complacent,’ awarded them more business earlier Mr. Ray says of the this year.“Obviously, it takes time to BUT FIRST... wireless business. deploy those investments,” Mr. Ray says. Network upgrades demand con- stant adherence to tight schedules, coupled with patience for the fruits Neville Ray, the carrier’s tech boss, that existing customers can keep of those efforts, he adds. must oversee the prepping of up using their existing phones while Mr. Ray’s work for his current em- to 85,000 cell stations technicians install equipment that ployer started in 2000 at predecessor supports newer 5G specifications. VoiceStream Wireless, a relatively T-Mobile’s plans for5Gservice small Seattle-area company later BY DREW FITZGERALD include eventually using it to serve bought by Germany’s Deutsche devicessuch as connected cars, Telekom AG and renamed T-Mobile. efore T-Mobile US Inc. executive Nev- factory machines andfarm sen- The carrier spent much of the follow- ille Raybegan building 5G networks, he sors. This month, the company ing two decades beefing up its infra- first had to tackle color TV. launchedaproduct calledWFX So- structure and expanding wireless Mr. Won is part salesman, part The British engineer earned some of lutions thatlets businesses send coverage in rural and suburban areas troubleshooter, part network his first paychecks more than three de- workersadedicated Wi-Fi hotspot where more established rivals started installer and part instructor. cades ago by working on radio masts, oil backed by 4G and 5G connections. with a firstcomer’s advantage. B rigs and television-broadcast towers in The effort could help T-Mobile “I’dliketothink we only took smart Mr. Won, who is now 49 years old, the Middle East for a Dubai-based con- grow its relatively small shareof risks, but we took risks,” Mr.Ray says, was only a year into college when he tractor. Some areas in the region had only recently re- businesscustomersbyconnecting citing decisions to invest in technology had to drop out to save money. He placed black-and-white TV broadcasts, while others homebound workersoverthe air and wirelessfrequencies thattook enlisted in the U.S. Marine Corps., were deploying expensive digital mobile-phone service. instead of through often-busyca- yearstodeliver results. “In wireless, it’s where he got a job in avionics, re- As a “young college kid looking for exciting stuff, ble networks. fierce.You have to stay on your toes pairing communication equipment looking for travel, that was a great avenue for me to T-Mobile’s 5G network benefits and youcan neverbecomplacent.” for military aircraft. He says his mili- explore,” the 58-year-old Mr. Ray, president of technol- from a large cache of wireless li- tary education and on-the-job train- ogy at T-Mobile, says about his early career. “So much censes spread across the radio Mr. FitzGerald is a Wall Street ing allowed him to continue working was happening and was starting to happen.” spectrum, from low-frequency air- Journal reporter in Washington, D.C. in the fast-evolving field. The latest renovation project for Mr. Ray, who is re- waves suited for rural settings to Email [email protected]. Mr. Won is now part salesman, part troubleshooter, part network in- staller and part instructor at JMA Wireless. The company helps set up indoor and outdoor 5G and 4G net- works, using software-controlled products that are more flexible than Her Job Is to Woo Users. traditional networking gear because features can be unlocked with soft- It Is a Tough Sell So Far. ware updates. Being a systems engineer is pri- marily about helping customers set Jeon Jin-soo hopes to six people in the country up office, warehouse and hotel net- convince South Koreans subscribed to the stan- works that can meet current needs that they can use 5G in dard, carriers have faced while being flexible enough to meet their daily lives slower-than-expected future, unknown demands, says Mr. growth. Customers have Won. been reluctant to buy 5G networks have significantly BY ELIZABETH KOH into 5G, unsure of what more space for information than it can be used for. prior technologies, allowing for many EOUL—Jeon Jin- SK Telecomhas nearly high-definition video streams and for soo wants con- half of the country’s 5G many more devices to connect si- sumers to love 5G. users, with 5.5 million at multaneously to the network. But she under- the end of 2020. That’s A new 5G system may allow for stands why they’re shy of the six million to autonomous forklifts in a warehouse not head over seven million the com- setting, he says. It could start off as S heels right now. panyhoped for by now, the backbone of a walkie-talkie-like Ms.Jeon, avice but it is still aiming to system in a sports arena but eventu- presidentatSKTelecomCo.,the reach nine million 5G users by enamored with its simplicity: “It’s  ally allow the cash register at every largestcarrier in South Korea, is the end of this year. impossible to lie in coding.” At Jeon Jin-soo at Jump Studio, concession stand to be connected to tasked with designing experiences Finding ways to reach that Samsung, she built games for the used in producing content that a central database. may help sell 5G to consumers. for5Gusers, somethingshe’s goal is a big part of Ms. Jeon’s company’s cellphones. “I’m always amazed by all the use M

worked on sincelong beforethe agenda. Ms. Jeon, 45, has spent She moved to SK Telecom in cases that will be invented,” he says. CO

countrylaunchedits mobile 5G decades designing ways to enter- 2013, where she began looking at The apps are available to ev- A typical project involves under- TELE SK

networkfor consumersin2019. tain people through their phones. 5G in depth, writing white papers eryone but work best with 5G’s standing the space that needs to S; The key to winning over con- She began her career as a mobile and leading the company’s forays ability to handle high loads of have connectivity, such as a factory sumers, Ms. Jeon says, is show- programmer at Samsung Elec- into virtual- and augmented-real- data. Once consumers see how floor, and then figuring out the num- WIRELES ing them how to incorporate the tronics Co., which she joined ity technology. much more appealing these expe- ber and location of antennas and technology into their day-to-day shortly after graduating with a SK Telecom has begun leaning riences can be on the faster net- networking equipment. JMA life. But for now there isn’t that master’s in computer science and heavily on those offerings in sell- work, Ms. Jeon says, more people When he arrives on a customer MOBILE;

much to show. “Right now, what’s engineering. She took to coding ing the 5G experience, releasing will be likely to switch. To bolster site, Mr. Won commonly uses a T- R

available still falls short of taking like a “fish in water,” she says, apps that feature stars like that hope, she looks back at the torque wrench to tighten a connec- FO

full advantage of 5G,” she says. Olympic figure skater Yuna Kim transition to 4G. Before the 4G tion and then pulls out his spectrum GES

So far, one of the biggest differ- in videogames or augmented-re- era, people weren’t watching You- analyzer to verify the network is IMA

ences between 4G and 5G for SK Telecomhad 5.5 ality videos. The stars aren’t just Tube on their phones in the sub- working properly. AP consumers is the improved expe- million 5G users at being rendered as animations in way, she notes. “Now, everyone is “You simply walk around the facil- rience in virtual-reality and aug- these apps—they’re playing golf watching videos on their phones ity and say, ‘Do I have enough cover-

mented-reality apps because of the end of 2020 in 3-D, or doing dance tutorials on their commute.” age?’ ” FERNANDEZ/ 5G’s much faster speed. and is aiming to that you can rotate 360 degrees. MANU

Though South Korea has one The apps also include VR content Ms. Koh is a former Wall Street Mr. Hufford is a reporter for The P: of the highest densities of 5G us- reach nine million for children’s entertainment or Journal reporter. She can be Wall Street Journal in Chicago. Email TO ers globally, with roughly one in home-gym training. reached at [email protected]. him at [email protected]. OM this year. FR P2JW084000-0-R00900-1------XA

THE WALL STREET JOURNAL. Thursday, March 25, 2021 | R9 JOURNAL REPORT | 5G

 Earl Lum says a formidable tool kit, including ‘every screwdriver and bit known to man,’ is essential to his work.

that connects cellphones to wireless networks—they’re the backbone of modern telecom networks. The roll- out of 5G networks has Mr. Lum hunting for a new generation of tele- com gadgetry to break open. There are only a few manufacturers of such equipment, and Mr. Lum says he has gotten his hands on 5G base stations made by almost all of them. Breaking down a 5G base station is more difficult than, say, a 4G unit, he says. 5G base stations are bigger and more complex, weighing 50 pounds or more and containing up- ward of 15,000 individual compo- nents. That’s around twice as many components as a 4G base station, Mr. Lum says. A typical teardown takes a month or more. “It’s heavy and it’s huge and there’s a lot of pieces in it,” he says. “You’re just going to have more chips because there’s a lot more complexity to 5G.” Mr. Lum got his start as a tear- down specialist in the 1990s, when he traveled the world as an invest- ment-bank analyst in search of the latest hot gadget of the era: cell- phones. He’d fly to Europe or Japan, buy up all the cellphones he could, man operation calledEJL WirelessRe- and break them open in his hotel Taking Apart5G, search, is overflowing with electronics room to see what brand of chips he has accumulatedoverthe years. were inside. His findings would in- Mr.Lum’s clients makeupacross form the bank’s stock picks. Eventu- Piece by Piece section of the tech industry, from tele- ally, too many people got into the com-equipmentmakerslooking fora cellphone teardown business, so he viewatthe competition, to chip com- left the bank and moved on to tear- Earl Lum hunts the globe for telecom panies eager to seewhich rivals are ing down base stations. equipment. He then breaks them open. helping to powerafinishedproduct,to Mr. Lum has a bachelor’s degree in investorsseeking an edge in the mar- electrical engineering, but he says ket. His feefor atypical teardown runs most of his education in electronics in the tens of thousands of dollars. has been on the job. Essential, he Apiece of the world’stelecomin- says is a formidable tool kit. Among BY DAN STRUMPF frastructureisn’t easyfor alone out- his most used tools: a collection of sider to obtain. First of all, asingle roughly 100 screwdrivers, a back-sup- t takes an army of engineers to design and build the unit known as abase station costs port belt and a motorcycle jack used complicated equipment that runs a 5G network. It only tens of thousands of dollars. Second, trusted contacts, built over more to hoist whatever equipment he’s ex- takes one to take it apart. even if youwantedtobuy one,the than 15 years of studying the tele- amining. Earl Lummakes a living hunting the globe for the manufacturersofsuch equipment comindustry, to get the equipment “I have every screwdriver and bit machines that underpin the world’s telecommunications probably wouldn’t sell it to you; they he needs. “If it’s somewhere in the known to man,” he says. networks. He breaks them open and explores their in- generally only takeordersfromwire- market around the world, I’m going Isides to inform his industry forecasts and give clients a lesscarriers, which buy them by the to find it, or one of my people is go- Mr. Strumpf is a Wall Street Journal window into the most cutting-edge products. The garage thousands to install in their networks. ing to find it,” he says. reporter in Hong Kong. He can be in his home in Half Moon Bay, Calif., where he runs a one- So Mr. Lum relies on a network of Base stations are the equipment reached at [email protected].

 Hugh Odom represents landowners.

ents that just because one tele- com company wants to use their land, it doesn’t mean they can try to start a bidding war by shop- ping it to a competitor. “Just because a site works for AT&T doesn’t mean it’s going to work for a T-Mobile,” he says. But his biggest challenge, Mr. Odom says, involves getting customers to think bigger and long-term. Go- ing into a negotiation without un- derstanding how the value of a lease can grow over time is like Enjoy aworld “trying to play baseball against football players. You’re never go- ing to win that game,” he says. To explain whythe value of benefits could grow,Mr. Odom compares cell towers and antennas to oil rigs,only instead of pulling value anytime, out of the ground, they’re pulling Property Owners value out of the air.Justlikealand- owner who expects to get paid more anywhere. Seek 5G Dollars when moreoil is taken out of their land, he says his clients should get paid more if telecoms makemoremoneyfromthe Individuals, companies and use of their property.Atelecommunica- tions company, forexample,mightat others are looking to lease somepointlease spaceonatowerto their property for cellular sites another company, add their ownmod- ernized equipmentorotherwise find

BY CHRIS KORNELIS waystomonetizeits equipmentinways thatweren’t apparentwhen the contract Hugh Odom is in themiddle of a5G wassigned.

JOURNAL property boom. Aformer attorneyfor “People want to talk about rent. They

REET AT&T and founder of Vertical Consul- want to talk about money,” Mr. Odom ST tants, basedinNashville,Tenn., he repre- says. “And I say: rent is a derivative of LL

WA sentscorporations,individuals,municipali- structure. You need to think long-term

THE ties and other property ownerswho lease and think about how to structure this to R the rights forcellular sites to be built on get the right rent on day one, and get the FO their property. right rent a year from now or seven years TER Because 5G requires a dense network of from now, or 27 years from now.” CLIS

MC cell sites and there are going to be so Similarly, when a telecom company

VID many more needed—on the tops of build- adds 5G equipment onto an existing DA ings or connected to utility poles and other structure on a client’s property, they are (2); structures, in addition to the traditional big creating more value for the company and towers—Mr. Odom expects the number of its customers, and should be creating

JOURNAL sites to mushroom in the next couple of more money for the client as well. years, creating many opportunities for “5G increases the utility, the value, REET

ST property owners to lease space. whattheycan do from your property,” LL The vast majority of his business, he he says.“All we’retrying to do is say: WA says, is from individuals and corporations ‘Look,you’re using our client’sproperty THE

R who come to him after a telecom or site- as the backbone forthatabilitytoin- FO acquisition company has approached them creasecapability, increaseproductivity Experiencethe events,offers and insights included ORD about setting up shop on their property. and increaserevenue.Wejustwantto with your membership to The Wall Street Journal.

CLIFF Other times, a third party has approached seesome of thatflowdowntoour prop- Sign in at WSJplus.com E

YC a property owner with an existing lease erty-owner client.’ ” CA

P: and offered them a pile of money to ex- TO tend the lease or to buy out the rights. Mr. Kornelis is a writer based in Seattle. OM Still, one of his challenges is convincing cli- He can be reached at [email protected]. ©2021Dow Jones &Co.,Inc.All rights reserved.3DJ8100 FR P2JW084000-0-R01000-17FFFF5178F

R10 | Thursday, March 25, 2021 THE WALL STREET JOURNAL.

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