P2JW111000-6-A00100-17FFFF5178F

ADVERTISEMENT Wonderingwhatitfeels like to finally roll over your old 401k?

Find outhow our rolloverspecialists canhelpyou getthe ball rolling on page R10.

****** MONDAY,APRIL 20,2020~VOL. CCLXXV NO.92 WSJ.com HHHH $4.00

Last week: DJIA 24242.49 À 523.12 2.2% NASDAQ 8650.14 À 6.1% STOXX 600 333.47 À 0.5% 10-YR. TREASURY À 21/32 , yield 0.655% OIL $18.27 g $4.49 EURO $1.0876 YEN 107.53 BrightSkies Shine LightonReopening as GermanyLoosens Rules Deal Near What’s News On Help ForSmall Business&Finance Businesses hort sellershave revived Stheir wagers against Latest coronavirus the stock market in recent weeks,taking their most ag- stimulus package gressive positions in years. could include money Travel-related companies areamong their targets. A1 for hospitals, testing  A lobbying skirmish is BY KRISTINA PETERSON pitting restaurants against

the insuranceindustryasthe GES Democratic leadersand the

government moves to help IMA Trump administration were businesses recoverfrom the close to adeal Sundaytore- coronavirus pandemic. A1 GETTY plenishapopular program to SE/  Walmart is being tested help small businesses weather by a pandemic that has coronavirus shutdowns,the lat-

shut down swaths of the ANCE-PRES est step in sweeping govern-

U.S., put 10% of its work- FR ment effortstodeal with the force on leave and led to consequences of the pandemic. ENCE

deaths at the retailer. B1 AG Democratsand Treasury SecretaryStevenMnuchin, the  Google wants one of You- administration’spoint person Tube’smain auditorstosub- ANDERSEN/ on talks,said they hoped an stantially limit what it tells agreement could be considered firms about risks of advertis- ODD OUT AND ABOUT: People gathered in a park in Berlin on Sunday, as Germany on Monday is set to take its first steps back toward by the Senateearly this week. ing on the video service. B1 normality. Smaller shops in some regions will open for the first time in a month, after closing because of the coronavirus. A9 Thepandemic has thrownmil-  Thepandemic has made lions of Americans out of work manytech companies’ wares as businesses acrossthe coun- moreessential in waysthat tryclosed, and the $350 billion could add to the industry’s forsmall businesses that was strength down the road. B1 ShortSelling ReachesNew Heights part of last month’seconomic- rescue packageran out.  Calpersdecided last year “I’m hopeful we canreach an to sell out of hedges that agreement the Senatecan pass could have given the pen- BY KAREN LANGLEY the SPDR S&P 500 Trust at the arestruggling to reconcile the tomorrow and the House can sion fund a payday exceed- beginning of 2020 and $41.2 impact of the coronavirus pan- passTuesday,” Mr.Mnuchin said ing $1 billion when stock Shortsellershaverevived billionayear ago. demic on the population and THE SundayonCNN.“We’remaking markets later plunged. B1 their wagers against the stock Short sellersborrow shares economy. TheS&P 500 suf- CORONAVIRUS alot of progress.” Laterinthe  U.S. steelmakers areslash- market in recent weeks,taking and sell them, hoping to re- feredits fastest drop from a day, aides said it would take ing output to match acollapse their most aggressiveposi- purchase them at lowerprices record to abear market in his- PANDEMIC time to finalizedetails of the in demand caused by manu- tions in years. and keep the differenceas tory—ultimately falling 34% deal,and it wasunclear when facturersidling factories. B3 Betsagainst the biggest ex- profit. Among the individual between Feb. 19 and March 23. exactly it would be brought to a change-traded fund tracking companies they have targeted Its28% rebound sincethen Legal tussle overvoting vote in the SenateorHouse. theS&P 500 rose to atotal of in recent weeks are travel-re- has also been brisk,leaving intensifies, A3 Mr.Mnuchin said the agree- World-Wide $68.1 billion last week,the lated firms,including Carnival some investors anxious about Americans fear reopening ment wasalso expected to in- highest level in data that go Corp., RoyalCaribbean Cruises the strength of the rally when tooearly,A4 clude $75billion forhospitals back to January2016,accord- Ltd., MarriottInternational PleaseturntopageA9 and $25 billion to expand testing  Democratic leaders and ing to financial-analytics com- Inc. and Wynn ResortsLtd. High prices formasksfrom forthe virus nationwide,which the Trump administration panyS3Partners. That wasup Those betscome during a  Calpers exited hedges before unprovenvendors, A7 Democratshavepressed for. were close to striking adeal from a$41.7billion bet against wild year forinvestorswho market crashed...... B1 PleaseturntopageA4 to replenish apopular pro- gram to help small busi- nesses weather coronavi- Walmart Battles rus shutdowns. A1 FightOver Virus Testing Hampered by  Reported coronavirus in- To Stay Open fections topped 2.39 million world-wide as the pandemic Pandemic Walmart has kept storesopen showedsome early signs of amid apandemic thathas shut Disarray,Shortages, Backlogs easing,increasing pressure down much of the nation. B1 to re-evaluatelockdowns. A6 Insurance  Americans are worried Share-priceand index about lifting stay-at-home or- performance, sinceMarch 1 State officials and labs say competition, confusion prolong crisis derstoo quickly amid the cri- Intensifies sis,according to aWall Street 20% Journal/NBC News poll. A4 Walmart BY CHRISTOPHER WEAVER AND REBECCA BALLHAUS “It is alittle bit insane.Everyone is running BY BRODY MULLINS around trying to getasmuch as they canfrom  The U.S. government AND TED MANN 10 Amid effortstoexpand coronavirus testing, everyvendor,” said David Grenache, the lab di- has placed more than $110 laboratoryoperatorsand statehealth officials rector at TriCoreReferenceLaboratories in Al- million in medical-mask or- WASHINGTON—Thegovern- arenavigating athicket of supply shortages, buquerque,N.M. “Laboratories arecompeting dersathigh prices with un- ment’seffortstohelp busi- 0 widespread test backlogs, unexpected snafus with each other to getneeded resources,” he proven vendors, areview of nesses recoverfrom the coro- and unreliable results, oftenwith no referee— said, and oftencoming up short. contracting data shows. A7 navirus pandemic aretriggering S&P500 prolonging the national crisis. Theprivatesector hasn’t so far been able to  ASenate panel is calling wavesoflobbying skirmishes, –10 Public health expertssay fast, widespread deliver nearly enough teststomeet the huge forstricter oversight of Chi- andone of the biggest fights testing is akey requirement forsafely reopen- demand in the U.S.,morethan six weeks after nese telecom firms in the U.S., shapinguppitsrestaurants ing businesses and returning to something the Food and Drug Administration allowedpri- afteraninvestigation found against the insuranceindustry. –20 close to normal life, because it would allowof- vate companies to manufacturetests and put years of weak supervision Restaurantsand their allies ficials to detect newcases quickly and stem them to use without having to be approved. threatens national security. A3 arelobbying President Trump outbreaks. Asignal WhiteHouse effort to ramp up test- and Congresstopress insur- –30 As President Trump and manyofhis advis- ing showcases the obstacles.Federal officials  Sixteen people were ancecompanies to cover“busi- March April ersfocus moreattention on the nation’seco- sought to distributeanew devicebyAbbott dead afterashooting ram- nessinterruption” claims stem- nomic reopening,lowerranking officials are Laboratories around the country, but the push pageinthe Canadian prov- ming from the coronavirus, Source:FactSet trying to sort out the testing puzzle and indi- fell short when supplies proved scarce and the inceofNovaScotia, and a even whererestaurantshave vidual labs arevying forsupplies in afractured device’sreliability faced doubts, according to suspect waskilled in acon- policies that exclude losses and exhausted marketplace. PleaseturntopageA10 frontation with police. A18 from pandemics.  Died: Paul O’Neill, 84, While insurersdooffer cov- former Treasury secretary erage, those policies aresignifi- No Lockdowns, and Money Falls and Alcoa chief executive. A2 cantly moreexpensivethan INSIDE standardbusinessinterruption From Trees, in Videogame Paradise policies,and few restaurants JOURNAL REPORT carrythem, industryrepresen- iii Encore: ACovid-19 tatives said. But restaurants and some U.S. lawmakerssaid ‘Animal Crossing’ fans yearn for escape; Communication the business-shutdown orders S Gap R1-10 in states and cities should con- ‘Normal life without any of the stress’ PRES

stitutebusinessinterruptions TED CONTENTS Opinion...... A15-17 undertheir existing policies. CIA Business&FinanceB2,6 Outlook...... A2 SO BusinessNews...... B3 Sports...... A14 Insurersare pushing back BY ANNMARIE FERTOLI the life-simulation videogame AS Crossword...... A14 Technology...... B4 hardwith the help of some Re- “Animal Crossing: NewHori- HeardonStreet... B10 U.S. News...... A2-3 publican senatorsand conserva- LauraSmykla had abunch of zons.” Nintendo Co.introduced RREN/ Life & Arts...... A11-13 Weather...... A14 WA

tivegroups,saying retroactive errands to runonGlenorchy, the thelatestversion of itswildly S. Markets...... B10 World News...... A18 changes to coverage policies island whereshe and her hus- successfulAnimal Crossing fran- TED and threatsoflawsuitsfrom band areriding out the pan- chise on March 20—just in time > restaurantscould undermine demic.Besides tidying up the forthe coronavirus pandemic to LIFE &ARTS SPORTS the nation’sinsurancesystem. floral landscaping and adding makereal lifealot lesspalat- Swimmersstuck on Baseball makes apitch “Exploiting this crisis with newfencing around her house, able than fakelifefor billions of land find some new to startthe season, litigation profiteering will stop shevisited ageneral storerun people. America’srecoverybeforeit by apair of raccoons. Nintendo won’t sayhow strokestostayin but seats will remain s 2020 Dow Jones & Company, Inc. All Rights Reserved even starts,” said David Samp- Therewas no need to wear a many games have been down- shape. A12 empty. A14 PleaseturntopageA4 mask.Glenorchyexistsonly in PleaseturntopageA10 P2JW111000-4-A00200-1------XA

A2 | Monday, April 20, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS

THE OUTLOOK | By Paul Hannon ECONOMIC CALENDAR

Other Crises Have ParedInequality Tuesday European governments, in- cluding the U.K., have launched a Past pan- and save on labor costs, even- Covid-19 has shown to be morelethal seas.Atthe same time,less series of programs that pay demics have tually giving rise to the Great among older people,asshown by these 5,000 deaths international trade will mean businesses to hold on to work- shiftedthe Divergence, aperiod when in- death tolls in selected locations. slowerglobal growth. ers during lockdowns. Even so, balanceof comes in the West surged “Some offshorejobs will jobless numbers are on the rise. 4,000 bargaining ahead of those in the rest of Italy return,” said Angus Deaton, a The U.K. will release figures for powertoward the world. Examples include Spain professor of economics at the number of people claiming workersand away from own- substituting horses foroxen NewYork State 3,000 Princeton University.“There’ll unemployment benefits during ers, but it is far from certain as asource of agricultural Wuhan, China be morediverse sourcesof March. They are expected to re- that the newcoronavirus will powerand moving from culti- key materials and medicines. cord a surge in applications. South Korea do that—and ultimately re- vating grains to raising sheep 2,000 Some of this would bring U.S. existing-home sales for ducethe gapbetween poor forwool. lowerlevelsofGDP,and March are expected to reflect a and rich. In apaper published this lowerincome inequality be- steep decline in activity during Economic historians have month by the National Bureau 1,000 cause some of the lessedu- the second half of the month. long thought that the Black of Economic Research, three catedpeople getjobs again.” Thursday Death, among other pandem- economistsexamined 15 out- Surveys of purchasing man- 0 ics,had asignificant impact breaks that each accounted ne key question forthe agers in the U.S., Europe and on howincome is shared be- formorethan 100,000 deaths, 30-39 40-49 50-59 60-69 70-79 80+ futureofincome in- Japan are expected to record an- tween those who ownland the most fatal being the O other sharp decline in activity Source:London School of Economics and Political Science equality is howthe and other assetsand those Spanish flu, which took an es- buildup in government debt during April as lockdowns per- who provide the labor. timated 100 million lives be- the virus’sspread, shutting reau paper.“Idonot expect will be reversed. In the after- sisted, with the services sector Themost direct and brutal tween 1918 and 1920. down large partsofthe econ- wagestorespond as in previ- math of World WarII, many suffering unprecedented falls in way in which that impact is They found that real wages omytosavelives.Those mea- ous pandemics,” he wrotein countries raised taxesonthe output while businesses cut pay- felt is achangeinthe supply typically rose forthree de- sures have limited the impact reply to an emailed question. wealthy, reducing income in- rolls. of labor.Viruses and bacteria cades afteranoutbreak,byas on the working-agepopula- That’snot to saythe pan- equality.That wasn’t the ap- U.S. jobless claims for the kill workers, who become less much as 5% at their peak. tion, as has the greater ten- demic will have no impact at proach takenafter the global week ended April 18 are ex- plentiful as aresult. Forthose Over that same period, the dencyofCovid-19 to kill older all on inequality.Having ex- financial crisis after2008. pected to show millions more who survive, wagesrise.At natural rate of interest—a people,who mayhavealready perienced two major eco- Thereare other waysca- job losses across the nation, the same time,land and other measureofthe return on cap- retired, while oftensparing nomic crises since2007,peo- tastrophes such as pandemics though there are signs the pace assetsare unscathed, and the ital—declined by 1½ percent- the lives of the working age ple arelikely to save more, and wars reshape income of layoffs has passed its peak. returns to their ownersde- agepoints. Overall, pandem- or younger. which would push down re- structures, exemplified most More than 20 million Americans cline.The result is amore ics narrowedthe income gap That is whyStanfordUni- turns on capital. On the other of all by the Russian Revolu- filed for unemployment benefits equal distribution of incomes. between workersand owners versity historian Walter Sc- hand, governmentswill bor- tion. People canand will from mid-March through the TheBlack Death, abacte- of capital. heidel doesn’t expect to see rowmoretofinanceemer- makeajudgment about how week ended April 11. rial infection that devastated an impact on wages. “The up- gencyspending,which would their system of government Friday populations in Europe and he current viral out- coming workforce is least af- tend to raise interest ratesas coped with the challengeand U.S. durable-goods orders for Asia in the mid-14th century, break has already fected, so we can’t expect a the demand forcredit in- whether it needs to change. March will capture factory clo- is the most widely studied of T shortageoflabor,” said Mr. creases.Overall, Mr.Jordà ex- sures and a big drop-off in de- claimed morethan StanfordUniversity’s Mr. past pandemics.The full ex- 160,000 lives. Had the pan- Scheidel, whose 2017book, pectsreturns to fall slightly, Scheidel thinks that is the mand for long-lasting goods. tent of itsconsequences are demic been leftunchecked, “The Great Leveler,” exam- potentially narrowing the in- most likely way the newcoro- The University of Michigan’s still debated, but it almost the toll would be agreat deal ined the driversofinequality come gap. navirus will alter income in- preliminary consumer sentiment certainly resulted in higher larger,and itsimpact on in- sincethe Stone Age. Theremay be morejobs in equality,evenifhedoesn’t gauge for April showed a sharp wagesfor workersinnorth- equality likely similar to that That’salso the viewofÒs- some advanced economies think much will actually deterioration in confidence. Econ- western Europe. of previous pandemics. carJordà,aneconomist at that choose to bring the pro- change. “Ifpolitical prefer- omists are forecasting a down- Higher wagesalso may But this time,governments the Federal ReserveBank of duction of drugs, medical ences shiftenough, it canre- grade in the final reading, con- have inspired asearch for around the world have taken SanFranciscoand one of the equipment and other essen- sult in transformative firming a sour mood about the ways to boost productivity unprecedented steps to halt authorsofthe National Bu- tial goods back from over- change,” he said. economy. U.S. Halts U.S. WATCH WYOMING Tariffs Biden Wins Caucuses For Some In Mail-Only Voting Former Vice PresidentJoe Bi- den wonthe Wyoming caucuses, Importers according to results released Sun- daybythe stateDemocratic Party. BY WILLIAM MAULDIN The win, which came with 72% of the vote,was the latest TheTrump administration nominating-contest victory for said it would allowsome compa- Mr.Biden, the presumptivepresi- nies to delaypayment of import dential nominee. Sen. Bernie tariffs due to economic hardship Sanders, who ended his bid on triggeredbythe newcoronavi- April 8,received support from rus, but the relief wasmuch 28% of voters.

morelimited than manyofficials Thevoting wasdone entirely S

and businessleadershad sig- by mail because of the pan- PRES naled. demic. The Wyoming Democratic TED

TheTreasuryDepartment on Partysaid caucus participation CIA

Sundayannounced arule in con- set arecord, with aturnout rate SO junction with U.S. Customs and of 38%. AS Border Protection to allowcom- —John McCormick panies to delay for90days the

payment of tariffs on certain OKLAHOMA OKLAHOMAN/ goods coming intothe U.S. in March and April. Video Tribute Marks /THE U.S. importersseeking atar- Bomb Anniversary iff-payment delaymust “demon- BILLINGS TE

strateasignificant financial Survivors and loved ones of NA hardship” and have operations the 168 people who were killed Aren Almon, center, stood outside the Oklahoma City National Memorial & Museum on Sunday, the 25th anniversary of the bombing. Ms. that are“fully or partially sus- in the Oklahoma City bombing Almon’s 1-year-old daughter, Baylee Almon, was among those killed. A remembrance ceremony was canceled due to coronavirus restrictions. pended during March or April weren’t able to gather Sunday 2020 due to ordersfromacom- to mark the 25th anniversary of have gathered Sunday at the TEXAS cording to police officials. Police eventually used a spike petent governmental authority the attack, but that didn’t stop memorial where the Alfred P. A man got on the Dallas Area strip to stop the vehicle along limiting commerce,travel, or them from remembering. Murrah Federal Building stood Bus Hijacker Killed Rapid Transit bus in Richardson the freeway in the suburb of group meetings.” Because the annual remem- before it was destroyed by a By PoliceAfter Chase at around 11 a.m. and opened Rowlett, according to Officer Themeasurefell short of the brance ceremony was canceled truck bomb on April 19, 1995. fire, said Gordon Shattles, a Barineau. The man continued fir- due to coronavirus restrictions, The prerecorded video in- A man opened fire on a Dal- DART spokesman. ing as he exited the bus after it the victims instead were hon- cluded remarks by former Presi- las-area public bus on Sunday, The man took the driver hos- stopped, and officers returned Importers must ored with a video tribute that dentClinton, who was president hijacking it with two people tage and fired at DART officers fire, killing him, said Officer Bar- included the reading of the at the time of the bombing, U.S. aboard and leading officers on a who tried to stop the vehicle ineau. A public transportation of- ‘demonstrate a names of those who died fol- Sen. James Lankford and Okla- chase that ended in a shootout while police from other agencies ficer and a Garland police officer significant financial lowed by 168 seconds of silence. homa City Mayor David Holt. in which the man was killed and joined the pursuit, said Garland were shot and wounded, he said. Ordinarily, the city would —Associated Press three officers were wounded, ac- police officer Pedro Barineau. —Associated Press hardship.’

THE WALL STREET JOURNAL Treasury Chief Clashed With President (USPS 664-880) across-the-boardtariff deferral (Eastern Edition ISSN 0099-9660) or even elimination sought by (Central Edition ISSN 1092-0935) bigbusinessgroups and retail- BY JAMES R. HAGERTY 2002.After arocky23months, his father’s death, research by mentsthereincluded analyzing (Western Edition ISSN 0193-2241) ers. PresidentBush firedhim in De- Paul O’Neill unearthed startling the costsand benefitsoffederal Editorial and publication headquarters: President Trump’sspecial tar- Paul O’Neill,aformer U.S. cember 2002. His apparent of- news: His father wasborn Piet health-careprograms.Herose 1211 Avenue of the Americas, New York, N.Y. 10036 iffs on Chinese goods and steel Treasurysecretaryand Alcoa fense: straying from the presi- Kalfsterman and grew up in the to deputy director of the OMB Published daily except Sundays and general andaluminum importsweren’t chief executivewhose indepen- dent’s tax-cutting message. Netherlands.Mr. O’Neill didn’t underPresident Gerald Ford. legal holidays. Periodicals postage paid at included in the tariff-deferral of- denceand blunt speaking style As aCEO,hepreferred to talk knowwhy his father had misled At the end of the Ford ad- New York, N.Y., and other mailing offices. fering,and other punitivetariffs led to clashes with President about worker safety rather than the family. ministration,hedidn’t want to Postmaster: Send address changes to on dumped and subsidized prod- George W. Bush, died early Sat- earningsgoals and gaveuphis become alobbyist, or “blood- The Wall Street Journal, 200 Burnett Rd., uctsalso can’t be delayed, ac- urdayathis home in Pittsburgh. officetowork from astandard sucker of the government,” as Chicopee, MA 01020. cording to the temporaryrule. He was84and had been un- cubicle.AsTreasurysecretary, Paul O’Neill he put it in aDecember 2018 in- All Advertising published in The Wall Street Journal is subject to the applicable Chad Wolf,acting homeland dertreatmentfor lung cancer. he wanted to maketax cutscon- wanted to terviewfor this obituary. After rate card, copies of which are available security secretary, said the deci- His death was ditional on targetsfor limiting make tax cuts reviewing offersfromthink from the Advertising Services Department, sion “gives the Administration OBITUARY unrelated to the federal debt. He also wanted conditional on tanks and consulting firms,he Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The the ability to help the trade com- PAUL O’NEILL novel coronavi- moreaggressivemeasures to targets for joined International Paper Co. Journal reserves the right not to accept an munity and U.S. businesses who 1935-2020 rus, his family counter global warming.Those limiting Afterjoining Pittsburgh- advertiser’s order. Only publication of an keep critical supply chains for said. positions put him at odds with federal debt. based Alcoa as CEO in 1987,he advertisement shall constitute final acceptance of the advertiser’s order. U.S. manufacturersmoving dur- Mr.O’Neill’sunlikely career Mr.Bush and some of his closest shocked Wall Street analystsby Letters to the Editor: ing this unprecedented time.” path took him from bored un- political advisers. putting the main emphasis on Fax: 212-416-2891; email: [email protected] Thelatestplan to delayfor 90 dergraduateatFresno State Col- Mr.O’Neill loved to delveinto Agraduatefromhigh school worker safety in his firstmeet- Need assistance with your subscription? days the payment of tariffs—es- legetoAlaskan highway sur- the minutiae of policyinitiatives in Anchorage, Alaska, and from ing with them. His idea wasthat By web: customercenter.wsj.com; sentially taxesatthe border paid veyor, federal bureaucrat, chief and hash out the pros and cons Fresno State,in1961 he went to improving safety wasthe right By email: [email protected] By phone: 1-800-JOURNAL by U.S. importers—follows previ- executiveofthe world’slargest with people of all political work forthe Veterans Adminis- thing to do and would win him (1-800-568-7625) ous moves to delaycorporatein- aluminum companyand U.S. stripes.Alifelong pragmatist, he tration in Washington, wherehe support from workers. Reprints &licensing: come-tax paymentsduring what Treasurysecretary. loathed ideologies.Hewas con- became acomputer expert re- By email: [email protected]; is expected to be asharp eco- His quirkystyle served him fident he could figure out abet- sponsible forsetting up systems By phone: 1-800-843-0008 nomic downturn. well as the CEO of Aluminum terway to managealmost any- to help managethe agency. CORRECTIONS  WSJback issues and framed pages: Thetariff issue rekindled a Co.ofAmerica, or Alcoa,where thing—and appalled that others Aftertaking ayear to earn a wsjshop.com sensitivedebateinanelection he oversawhugeincreases in didn’t always heed his advice. master’s degree in public ad- AMPLIFICATIONS Our newspapers are100% sourcedfrom year,with the steel industry, profitsand improvementsin Paul HenryO’Neill wasborn ministration at Indiana Univer- sustainably certified mills. trade hawks and lawmakerswho safety standards.Those traits Dec.4,1935,inSt. Louis.His fa- sity,hemoved in 1967 to the Bu- Readers can alert The Wall Street Journal to any errors in news support domestic industries re- worked lesswell when he was ther used the name John P. reau of the Budget, later the articles by emailing GOTATIP FORUS? jecting earlier proposals to delay Treasurysecretaryduring Mr. O’Neill and told the family he OfficeofManagement and Bud- [email protected] or by calling SUBMIT IT AT WSJ.COM/TIPS payments. Bush’s firstterm in 2001 and wasborn in Scotland.Long after get, or OMB.His early assign- 888-410-2667. P2JW111000-0-A00300-1------XA

THE WALL STREET JOURNAL. Monday, April 20, 2020 | A3 U.S. NEWS Legal Tussle Over Voting Intensifies

Pandemic adds twist, tighter voting regulations in several GOP-led states and are- seen in Wisconsin, alization that electoral rules with litigation likely to canaffect outcomes in close races. Throwintothe 2020 mix play out in this cycle the divisions over President Trumpand the importanceof BY BRENT KENDALL statelegislativeraces whose AND ALEXA CORSE winnerswill control redistrict- ing afterthe census,and ex- Intense court battles over pertssee arecipe foraneven voting rightsand election secu- morefurious litigation season. rity always promised to be part TheWisconsin clash, re- of the 2020 election cycle,but solved on the eveofits April 7 the coronavirus has added new primary,focused on whether to /REUTERS KER

urgencytothe cases,which are makelatechanges to voting AC multiplying nationwide. rules forpublic-health reasons. NIEL

This month’sfight over Democratic Gov.TonyEvers DA when and howWisconsin vot- tried to postpone the election, Poll workers helping voters during the April 7 presidential primary in Wisconsin, which the Democratic governor tried to postpone. erswould cast their ballots but Republican lawmakerswon marked the unofficial start of astate Supreme Court ruling ton, aRepublican, said the screen voting machines,with ing aballot. They aresupported in light of the pandemic.Demo- thelitigation campaign. In the that said he didn’t have that Texas election code only allows claims aboutsecurity vulnera- by Priorities USA, asuper PAC, cratsgenerally support itsex- two weeks since, courtsinsev- authority.The GOP also wona mail-in voting forpeople with bilities and public health. and other progressiveand civil- pansion but also worrythat eral other states have issued U.S. Supreme Court ruling that actual illnesses or disabilities. Kentucky, meanwhile,rekin- rightsgroups. some voters,likethose without notable decisions about con- narrowedadeadline forsub- Also Friday, the highest dled the debateovervoter- Meanwhile, the Republican afixed address, would be left ducting elections during apan- mitting absentee ballots. court in Massachusetts eased identification requirements, National Committeeand the out if in-person voting is elimi- demic,and ahost of newlaw- Other cases arefocusing on that state’srequirementsfor with itsRepublican legislature Trump campaign aretospend nated. Last week,Democratic suitshas been filed. howlongstanding rules apply the number of signatures citing election integrity in pass- morethan $10 million on elec- groups sued over Nevada’splan “BeforeI’d ever heardofthe to newcircumstances.InTexas, needed foracandidatetoap- ing anew lawand overriding tion litigation during the 2020 to expand mail voting while po- coronavirus,Iwas convinced Democratsand voting-rights pear on theballot. Democratic Gov.Andy Beshear’s cycle.Republicans generally tentially offering as few as one that this wasgoing to be are- advocates wonaruling Friday Some cases presslong-sim- veto.Litigation is alikely bet. have focused on attacking vot- polling location foracounty for cord year forlitigation,” said that said afear of coronavirus mering controversies,but with Democratshavedevoted ing procedures—and Demo- itsJune stateprimaryelection. University of California, Irvine, qualifiedunder statelaw as a apandemic twist. Civil-rights considerable resourcestovot- cratic legal actions—that they Some GOP-led states arealso lawprofessor RichardHasen. valid excuse forabsentee vot- groups in North Carolina last ing-rights litigation, focusing saythreaten secureand orderly advancing vote-by-mail options, Voting-rightsfightshave ing. Thestate is likely to ap- week filed alawsuit challenging on restrictions they believe elections. but Mr.Trump and the RNC op- been growing,afunction of peal. Attorney General KenPax- the use of electronic touch- placeunlawful burdens on cast- Vote-by-mail is akey focus pose nationwide mail-in voting. Chinese Meeting Halt Obscures Local Governments

Telecom BY TARINI PARTI ment he runs afterfour City nancewasn’t released until af- acted illegally,and the plastic- aredoing the best they canto AND JOSHUA JAMERSON Council membersheld ameet- terthe meeting.The actions bag ban suspension waslater conduct businessduring the ing in defianceofhis emer- were criticized in newspaper approved by the full City pandemic.For some in rural Firms Get Communitiesacrossthe gencyorder banning gather- editorials and by some legal Council. Erik Thomas,chair of areas,whereinternet access countryare finding them- ings of 10 people or more. expertswho said officials have the council, defended the spe- canbespotty,itisevenharder. selves in a bind as they try to At the meeting,the council to give notice even for emer- cial panel’screation andac- “Fiveminutes intothe Scrutiny passurgent legislation to com- members voted to hire a new gency meetings. tions.“We were trying to make meeting,itcame acrossmy bat the coronavirus pandemic city manager,who had re- “What our lawyershave it clear to people who wastak- screen, ‘Your internet connec- BY KATE O’KEEFFE at thesame time public meet- signed from aprevious post told us is that it isn’t the nor- ing the lead on the issue.The tion is unstable,’ ” said Chris- AND DREW FITZGERALD ings are impossible. after accepting responsibility mal public meeting that re- lesspeople that were in meet- tine Knisely,president of the Open-government advocates formaking inappropriatecom- quires notice because time is ings, the better,” he said. City Council in Athens,Ohio, An influential Senatepanel saymanycity councils,school mentsand settling asexual- of theessence,” said Johnny Governing bodies aretrying of ameeting she chaired Mon- is calling forstricter oversight boards and other governing harassment lawsuit. to maketheir proceedings daynight. “And Ithought, of Chinese telecommunications bodies arefailing at the task, Mr.Gibson said the meet- available online but have been should Isay something like, ‘If companies operating in the holding meetingsthat arein- ing,held on short noticeand Open­government beset by technical issues. I get bumped off, next person U.S.,after an investigation accessible to the public,rush- with only a handful of people Among those that have strug- in seniority take over?’ ” found yearsofweak supervi- ing actions without proper de- in attendance, violated Texas’s advocatessay many gled is Denver’s City Council, Access to recordshas also sion by regulatorsthreatens na- liberation and impeding access open-meetings law. Dowgoverning Jonesbodies are &an Alc oholicCompany,BeverageControl become anInc.issue fors taE-TearSheette and "Proof of Print Only" tional security. to public records. Thefour Bellmead council BoardinNorth Carolina and a local governments. Manyhave In acoming report, the Sen- “When transparencyisre- memberswho votedinfavor of failing at thetask. city council in Texas that had sloweddownorstopped re- atePermanent Subcommitteeon moved, so is the trust,” said thenew hireand the city attor- to pay$2,000 to upgrade its sponding to public-records re- Investigations will level sharp Daniel Bevarly, executivedi- ney said the mayordidn’t have equipment afteraudio prob- quests. criticismatagroup of telecom rector of the National Free- authority to cancel the meeting lems disrupted an earlier vir- “I would saymost of the regulatorsfor failing to scruti- dom of Information Coalition, without discussing it with the Gardner,chairman of the tual meeting. difficulties in adaptation can nizethe Chinese companies and agroup that advocates for council. Mr.Gibson is consulting council, adding that the un- Communities arealso deal- be chalked up to good-faith at- the way they handle datagoing open government. Mr.Bevarly with other lawyersinthe state common natureofthis out- ingwith one of most unpleas- temptstocomply with the law back nearly two decades.Senate said his group has received to figure out his next steps. breakmade it hardtofigure ant aspectsofonline life: in anew and unfamiliar investigatorssaid that without numerous complaintsfrom In South Carolina’sHorry out how to conduct business. trolls.During arecent Kalama- world,” said Frank LoMonte, proper oversight the Chinese privatecitizens and local jour- County,council members The City Council in Water- zooCity Commission meeting director of the Brechner Cen- companies “present an unac- nalistsconcerned about access closed manyhotels,camp- ville, Maine, created a special in Michigan held on Zoom, terfor Freedom of Informa- ceptable amount of risk.” to government during the cor- grounds, minigolf parks, the- panel to deal with svirus mat- some participantsused pro- tion at the University of Flor- Thegroup of regulators— onavirus pandemic. atersand amusement parks ters. But when the panel also fanity and racial slurs during ida. But he said the public composed of national-security In Bellmead, Texas,asuburb during an emergencymeeting suspendedthe city’s plastic- the public-comment portion of should be wary of “a certain officials from several agencies— of Waco,Mayor Travis Gibson last month. No membersof bag ban, it caused an uproar. the meeting,according to a element of opportunity for is known as Team Telecom and says he is considering legal ac- the public were in attendance, Thepanel dissolved after spokeswoman for the mayor. certain agencies that just is chargedwith maintaining the tion against the very govern- and acopy of the newordi- the city attorney declared it Manylocal officials saythey don’t like open government.” integrity of telecommunications infrastructure. Membersofthe group said they areaware of thepanel’sfindingsthat, they Campground Restrictions Strand Some RV Nomads said, support effortsalready un- der way to overhaul oversight of theChinese businesses. BY JAMES R. HAGERTY reservation would be risky. In recent weeks,Team Tele- Aside from uncertainty about comhas sought to root out Chi- Living in arecreational vehi- getting intoparks,thereiscon- nese links to U.S. telecom infra- cle might seem likethe ideal cern over the border check- structure. In public filings, the way to ride out apandemic— pointsput up by some state team recommended revoking cocooned in your ownalumi- and local officials to discourage state-owned carrier China num boxand free to wander.It leisuretravel. “It would be a Telecom Corp.’slicense to op- isn’t turning out that way for crapshoot,” Mr.Genegabus erateinthe U.S. and suggested Cindy and Doug Creek. said. that Beijing’stighter control Tenmonths ago, the couple, TheCreeks have about 420 over Hong Kong means the city both around 40 and parentsof squarefeet inside their RV for is no longer asecurelanding two children, leftFairbanks, afamily of four.Itmakes fora point forU.S.internet cables. Alaska, and embarked on a lot of togethernessasMr. ThemoreaggressiveU.S. freewheeling lifeasyear-round Creek does his job as adata- stanceislikely to acceleratethe recreational-vehicle nomads. base programmer and his wife global march toward abifur- Afterspending the winter at a steersthe kids through four or catedinternet, with China and KOAcampground in Gila Bend, five hoursaday of schoolwork. the U.S. each fighting for Ariz., they planned aleisurely Their daughter,Dahlia, is learn- spheres of influence. TheU.S. tour of the American West this ing to makequilts. government has mounted a summer and fall, featuring TheRVindustryhas takena global campaign to shun Chi- stops in Oregon, Colorado and hugehit. Thestock of Thor In- nese telecom equipment giant Texas. dustries Inc., North America’s HuaweiTechnologies Co.In That changedinMarch when largest maker of recreational China, U.S. carriersare already manycampgrounds around the vehicles,isdown28% so far

effectively barred from getting countrybegan restricting or CREEK this year. Occupancyatcamp- licenses to operate, and the barring newentries by leisure Y grounds has plunged. MM

Chinesegovernment heavily travelerstocomply with state TO Campground operatorsare censorsinternet content, espe- or local mandates and guidance Cindy and Doug Creek—with children Dahlia and Adrian—arestranded at acampground in Gila Bend, Ariz. experimenting with social-dis- cially from foreign sources. aimed at reducing the spread of tancing techniques,including Representatives forAmeri- the novel coronavirus.Many Just in case,herecently bought Dunphyhavebeen full-time their RV since2014. They remotecompletion of check-in cancarrierswarned the Senate campgrounds that remain open athirdair-conditioning unit for travelers. They splittheir time planned to flytoItaly in early procedures rather than inviting investigatorsthat the U.S. have sealed off swimming pools, his RV. between an RV and a47-foot April to visit adaughter.The customersintoreception areas. moves could cause Beijing to playgrounds and showerrooms. Theowner of the Gila Bend motoryacht. virus made that trip unthink- TheStella MareRVResort in retaliatebycutting off their “Weare not encouraging any KOA, ScottSwanson,isletting When virus worries began able.Now,likethe Creeks,they Galveston, Texas,isoffering businesswith Chinese carriers leisuretravelright now,” said stranded travelerslikethe growing earlier this year,Ms. areholed up at the KOAinGila 50% reductions in summer to provide services.That, the Chris Cutler,avicepresident at Creeks stay on and even giving Ve Ardand Mr.Dunphyhoped Bend. ratesfor people staying 30 carriershavesaid, would po- Recreational Adventures Co., them reduced rates. But he to continue their wandering. Mr.and Ms.Genegabus con- days or more. tentially hurt customersin which operates campgrounds in doesn’t want his campground Then, noticing that marinas and sider Livingston, Texas,their Josh Bell,whose family China, such as U.S. companies, 11 states. to be seen as arefugefor any- RV parks were restricting entry, home base andwanted to go owns KOAcampgrounds in Cal- andhinder the carriers’ ability So,for now, the Creeks are one seeking asafer spot. “I do they quickly lined up amooring back there, but the RV park ifornia, Arizona and Missouri, to cooperatewith U.S. intelli- stuck in Gila Bend, population not want people to come down in Sanford, Fla., wherethey wherethey planned to stay thinks the businesswill benefit gence-gathering requests. around 2,100. They hope to re- heretoget away from it all,” plan to liveontheir boat—with canceled their reservations.To from pent-up demand. Oncevi- U.S. national-security offi- sume travels soon, but Mr. he said, citing aneed to protect their cat, Kiki—until travel be- renewher prescriptions,Ms. rusworries abate, “a lot of cials saythe risks of allowing Creek doesn’t rule out the pos- his employees. comes lessperilous. Genegabus arranged foravideo guestsare going to be taking to Chinese access to U.S. telecom- sibility of asummer in Gila Some of the most hard-core Trisha and Ben Genegabus, appointment with her doctor in the road,” he said. “They’rego- munications infrastructureout- Bend, whereJuly and August nomads aremarooned. For14 retired federal civil servants, Texas. ing to be really,really anxious weigh intelligencecollection. temperatures canexceed 110. years, Cherie Ve Ardand Chris have been living on the road in Leaving Gila Bend without a to getoutside.” P2JW111000-4-A00400-17FFFF5178F

A4 | Monday, April 20, 2020 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. THE CORONAVIRUS PANDEMIC Americans Fear Reopening Too Early

Nearly 60% in latest split along partisan lines,with Whatworries youmore, that quarterssaid the outbreak had changed from Mr.Biden’s9- trillionsofdollarsinstimu- 77%ofDemocratsexpressing the U.S. will move tooquickly changed their lives in major point lead in March. lus.Atthe same time,48% ex- WSJ/NBC poll don’t concern about opening too in loosening restrictions or ways, including not being able Also,just 36% said they pressed concern that the U.S. favor quickly lifting quickly,compared with 39% of taketoo long? to see family or friends and trust what the president says wasspending toomuch and Republicans.Bycontrast, 48% of feeling anxious about grocery about coronavirus,while 52% would driveupthe deficit, stay-at-home orders Republicans areworried the U.S. Move Not Take shopping.InMarch, one-quar- don’t. In contrast, 66% said while 40% said the biggercon- will take toolong,compared too sure/ too tersaid therehad been major they trust their governor and cern wasthat the government quickly both long BY CATHERINE LUCEY with 19%ofDemocrats. Presi- changestotheir lives. 60% said they trust National In- would spend toolittle and pro- dent Trump has expressed an “Simply put: We areinit stituteofAllergy and Infectious long the economic downturn. Americans areworried eagernesstoliftrestrictions as Democrats now,” said Democratic pollster Diseases director Anthony Also,morethan 6in10said about lifting stay-at-home or- soon as possible,though he also Jeff Horwitt, who conducted Fauci. they weren’t satisfied with the derstoo quickly amid the coro- haslaid out public-health guide- Independents the survey with Republican Bill About6in10votersinthe federal government’seffortsto navirus pandemic,which has lines forgovernorstofollow. Republicans McInturff.“Thecoronavirus has survey approved of the federal provide medical equipment to dramatically upended lifeina Thesurvey of 900 registered hit Americalikeaseries of tor- government taking an ex- health-careworkersorensure month marked by business voters also revealed moreanxi- nadoes that won’t go away.” panded role in the economy, sufficient testing to determine shutdowns,job losses and ill- ety over the virus,compared Total ForMr. Trump,the poll indi- which has included providing howfar the virus has spread. ness, according to anew Wall with asimilar poll in March. catedthe pandemic hasn’t sig- 0150 00% Street Journal/NBC News poll. Nearly three-quartersofre- nificantly altered his job-ap- The Wall Street Journal/NBC News poll wasbased on nationwide telephone in- Nearly 6in10in the survey spondentssaid they were very Note:Numbers maynot total 100% proval rating as he campaigns terviews of 900 registeredvoters. It wasconducted from April 13-15, 2020, by the said they were concerned that or somewhat worried about due to rounding. forre-election. His rating was polling organizations of Bill McInturff of Public Opinion Strategies and Jeff Horwitt Source:WSJ/NBC News telephone poll of 900 of Hart Research Associates. the countrywould movetoo themselves or afamily member registeredvoters conducted from April 13-15; unchanged from March, with The sample wasdrawn in the following manner: Individuals were randomly se- fast to loosen restrictions catching the virus,upfrom margin of error +/– 3.27 pct. pts. 46%approving and 51% disap- lected from national lists of registeredvotersand were chosen by asystematic pro- aimed at slowing the outbreak, about half in March. And 40% proving.Inahead-to-head ceduretoprovide abalanceofrespondents by sex. Respondents reached on their cellphone were randomly selected from national lists of cellphone numbers. compared with about 3in10 said they personally knew fair or poor,compared with matchup with JoeBiden,49% Of the 900 interviews in the weighted data, 495 respondents were reached on who said the greater worrywas someonewho had been in- about half in March. Only 22% said they would support the acellphone and screened to ensurethat their cellphone wasthe only phone they had. In addition, 14 respondents were reached on acellphone but reported also hav- the economic impact of waiting fected. in the newsurvey described the presumptiveDemocratic nomi- ing alandline. toolong. Atotal of 76%ofrespon- economyasingood shape. nee and 42% said they would The margin of error for the full sample is plus or minus 3.27 percentage points. Viewsonwhen to reopen dentsranked the economyas Meanwhile,morethan three- support Mr.Trump,little Restaurants Dining ClashWith Chains Get Insurers Seconds

ContinuedfromPageOne On Aid son, president and chief execu- tiveofthe American Property Ruth’sChris Steak House has Casualty InsuranceAssociation. long been known forits beefy On the restaurant side,the portions,including a22-ounce fight is making forsome rib-eye. But lately,the upscale strangebedfellows.Along with chain is getting moreattention Thomas Keller of Napa Valley’s forthe sizeofthe loan it got French Laundryand California through the government’ssmall

fusion cuisine pioneer Wolf- S businessaid program.

gang Puck,the restaurateurs’ PRES Even though loans aregen- effort is backed by chef-activist TED

José Andrés, who has fre- CIA By Bob Davis in quently tangled with Mr. SO Washington and Trump,aRepublican. AS Heather Haddon in

Thealliance, called the Busi- CHEN/ Chicago

nessInterruption Group,or KIT BIG,has begun apublic opinion AL erally capped at $10 million, and lobbying campaign to push Ruth’sHospitality Group Inc. CENTR insurerstopay claims even if wasable to qualifyfor $20 mil-

restaurantsdon’t have pan- ORLD lion under aprovision that al- demic coverage,and demand- /W lowedittoseek loans foreach

ingthat the government reim- JETT of two subsidiaries.

burse insurers. TheBIG MIKE “Wewill be following all coalition has said restaurants Chef-activist José Andrés, right, is part of a lobbying effort by restaurants to be covered for losses stemming from pandemic shutdowns. guidelines set forth by the arethe largest U.S. employer, [Small BusinessAdministra- supporting morethan 15 mil- Thompson’sdistrict includes the Keller and other chefs pressed pressing forretroactive to giveit,” Mr.Trump said. “We tion] in howthe funds arebe- lion jobs,and responsible for French Laundry, wheredinner Mr.Trump in aphone call to changes to existing policies to cannot let that happen.” ing leveraged including payroll about $1 trillion in contribu- fortwo cancost $1,000. forceinsurancecompanies to coverpandemics,which Mr. Insurerscontend that paying assurancefor our team mem- tions to the U.S. economy. On the other side,agroup of pay. Afterthe call, Mr.Trump Houghtaling said would be un- claims fordamages specifically bersinindividual locations run- “Weneed insurancecompa- Republicansenatorssent Mr. said he had directed staff to constitutional. He said the excluded would be disastrous. ning our takeout and delivery nies to do the right thing and TrumpaletterApril 10 urging “use anyand all authority avail- chefs want the federal govern- “Mandating coverage for business,” Ruth’ssaid. save millions of jobs,” said Mr. him not to take “knee-jerk ad- able to giverestaurants, bars, ment to reimburse insurersfor this sizeand type of exposure At least two other restaurant Keller on the group’swebsite. ministrativeaction” to rewrite clubs incentives to stay open.” claims they voluntarily cover, while nullifying existing exclu- chains took advantageofthat Along with Messrs. Puck and insurancepolicies.Doing so,they On Tuesday, Mr.Trump even if thebusinessdidn’t have sions would amount to an un- provision, public filingsand in- Keller,the founding chefs in- wrote, “would undoubtedly un- named Messrs. Keller,Puck, pandemic coverage. constitutional abrogation of in- terviews show. Brazilian steak- clude restaurateur Daniel Boulud dermine our insurancesystem.” Boulud andVongerichten to a If the federal government surancecontractsand end the house chain Fogo de Chão Inc. and Jean-GeorgesVongerichten, Morethan 20 conservative newadvisory task forceonre- can’t develop asolution and in- very existenceofthe business also got$20 million, and ca- the owner of dozens of restau- groups,including Americans for opening the economy. surersdon’t payclaims,Mr. interruption insurancemarket sual-dining companyJ.Alexan- rants, including Jean-Georges. Prosperity,founded by billion- Mr.Keller and the other Houghtaling said businesses as we knowit,” wroteagroup der’s HoldingsInc.received Mr.Andrés, who made his aire Charles Koch and his late chefshavealso asked Mr. will file lawsuitsinevery state of insurancetrade associations $15.1 million. mark in Spanish-American cui- brother David Koch, signed alet- Trump to pressAttorney Gen- to forceinsurerstocover coro- in alettertoMr. Thompson. Therearen’t anyindications sine andwent on to launch the tersent to CongressonWednes- eral William Barr to issue an ad- navirus-related losses.Bynot Instead, the insuranceindus- the loans were improper.But nonprofit World Central dayurging limitsonlawsuits visoryopinion stating that the paying claims on valid policies, trywantsCongresstocreatea the amountsbeing provided to Kitchen, is asupporter.When stemming from the pandemic. coronavirus created dangerous “greedy insurancecompanies” government-backed fund that these and other big restaurant Mr.Trump disparaged immi- “While the rest of America work conditions,according to areinstead choosing to “line would payclaims that result companies—with collectively grantsonthe campaign trail, has come together to fight this John Houghtaling,aNew Or- the pocketsofdefense law- from the coronavirus epidemic. thousandsofemployees and Mr.Andrés canceled adeal to pandemic,some trial lawyers leans attorney who wasamong yers,” Mr.Houghtaling said. Rep.Nydia Velazquez(D., hundreds of millions of dollars open asignaturerestaurant in have instead plottedtoline the founding coalition members. Mr.Trump said at an April 10 N.Y.)and acoalition of House in revenue—have started to the Trump International Hotel theirpockets,” the groups Mr.Houghtaling said he had WhiteHouse pressbriefing that Democratswant insurersto come under scrutinyfromsome in Washington, D.C. Mr.Andrés wrote. “Iftrial lawyers’ preda- reviewedhundreds of business insurersshould paybusiness-in- coverlosses stemming from Democratic lawmakersata has oftenaccused the president tory,self-serving agenda suc- interruption policies in recent terruption insuranceiftheir pol- city and statepublic-health time when funding forthe aid of turning his back on Latinos. ceeds,itwill hobble our na- days and says at least20% of icies don’t include the pandemic shutdowns under business-in- program has runout. Thebattleismoving into tion’seconomic recovery,” them coverlosses from corona- exclusion, noting that some com- terruption policies,but they ac- Fogo de Chão,aprivately Congress. Rep.MikeThompson according to the letter. virus-related shutdowns be- panies have been paying premi- knowledgethat government owned chain based in Plano, (D., Calif.) wroteabill that would So far,however, the restau- cause businesses were asked to ums foralong time.“When they support might be needed. Texas,does roughly $325 mil- requireinsurerstoprovide di- rantsseem to have Mr.Trump close by government officials. finally need it, the insurance —Leslie Scism lion ayear in businessacross saster coverage in the future. Mr. in theircorner.InMarch, Mr. Some statelawmakersare companies sayweare not going contributed to this article. 43 restaurants, each employing 80 to 150 workers. It applied forloans forits individual res- brief but intense standoff Themoney forhospitals and Thetiming of adeal’spas- tion gavelenderspermission to taurantsand two received ato- Deal Near marked morebydifferences on testing comes as public-health sageonCapitol Hill remained makethe loans.However, how talof$20 million in funding, priorities than policy.Both Re- expertsand businessleaders fluid Sunday. Congressional quickly the money gets to bor- said companyChief Executive publicansand Democratssup- have said ramping up testing leadershad been hoping to pass rowers depends on howfast Barry McGowan. For Small ported manyofthe measures would be necessarytoopen up adeal quickly through methods anygiven lender is able to pro- Mr.McGowansaid the chain underdiscussion, but Republi- the economy, which Mr.Trump that wouldn’t requirethe cham- cess and close the loan. has furloughed 90% of itsstaff cans had initially wanted only to is pressing to do as swiftly as berstoreconvene but which in- Thedeal emerging Sunday sincethe crisis,and would use Businesses replenish the small-business possible. dividual lawmakerscan block. appeared to have the support the money to hiresome people fund. Democratswanted to also An additional $60 billion Even if adeal could quickly of Republicancongressional back.Hesaid all restaurantsde- boostmoney forhospitals,test- would be set aside forthe sepa- clear the Senate, the House leadersaswell as the adminis- servetotap the loans,evenbig ContinuedfromPageOne ing,food stamps and stateand rate Economic InjuryDisaster would likely have to reconvene tration. ones,asthey aremajor employ- Thesmall-businessrelief, local governments. Although un- Loan program, according to a to passlegislation, according to Mr.Mnuchin said Mr. ersintheir local economies. known as the Paycheck Protec- der pressurelast week from person familiar with the negoti- asenior Democratic aide.On Trump,SenateMajority Leader J. Alexander’s Holdings, tion Program, waspart of the some centrist Democratsun- Sundayevening,House Major- Mitch McConnell (R., Ky.) and which had 47 restaurantsand roughly $2 trillion stimulus bill comfortable with delaying the ity Leader StenyHoyer (D., Md.) House Minority Leader Kevin employed4,200 workerslast and is aimed at helping firms small-business aid, party lead- The House would advised lawmakerstoexpect a McCarthy(R.,Calif.) were all year,divided itsborrowingsbe- coverpayroll and other essen- erssaw several of their requests recorded vote on the bill, as “on boardwith the same plan.” tween two different subsidiar- tial expenses forabout two met in the emerging deal. likely have to soon as Wednesdaymorning. Sundayafternoon, Mr. ies.J.Alexander’s LLC received months.Loans canbeforgiven Over about atwo-week pe- reconvene to pass Congressional leadershave McConnell briefed SenateRe- a$10 million loan on April 10, if businesses maintain the size riod, hospitals’ funding needs said that oncethe small-busi- publicans on acall with the and Stoney River Management of their workforce. became clearer,and testing be- legislation. nessfund is shored up,they ex- president, Mr.Mnuchin and CompanyLLC collected $5.1 “We’vemade very good came widely seen as crucial to pect to consider broader legis- WhiteHouse chief of staff Mark million five days later,accord- progress,” Sen. Chuck Schumer being able to reopen the econ- lation addressing other funding Meadows.Messrs. McConnell ingtothe company’sSEC fil- of NewYork,the chamber’s omy, making Republicans more needs sparked by the coronavi- andMnuchin emphasized how ings. Companyexecutives didn’t Democratic leader,said on CNN amenable to funding those ations. Administered directly ruspandemic. much money small businesses respond to requestsfor com- Sunday. needs,aides said. by the Small BusinessAdminis- Lawmakersare already hur- would receiveunder the pro- ment. Mr.Schumer,House Speaker Although details were still tration, the disaster-loan pro- rying proposals forconsider- posal, according to aGOP aide. TheSBA didn’t makeclear NancyPelosi (D., Calif.) and being worked out, the agree- gram wasintended to quickly ation in thenexttranche of aid Meanwhile,Democratstouted that what thethree restaurant their aides have been in discus- ment waslikely to include deliver grantsofupto$10,000, that they said will be needed to the inclusion of additional funds chains were doing wasallow- sionswith Mr.Mnuchin and his about $310 billion in additional but overwhelming demand has mitigateboth the health crisis forhospitals,testing and ensur- able until April 14,11days after staff fordays,and those talks money forthe small-business caused delays. and the economic devastation. ing that awider crop of busi- the paycheck program was continued on Sunday. program, according to people Mr.Schumer said on Sunday Lawmakersare looking at mea- nesses could access the aid. launched. In astatement on its President Trump,ataWhite familiar with thenegotiations. that Democratswerestill push- sures to contain health-care In an interviewtaped Satur- websitethat day, SBAsaid House briefing Sunday, said That would likely include ing to include additional money costsconnected to the virus dayand aired Sunday, Mrs. firms could apply foreach res- therewere“very good negotia- $60billion that Democrats forstate and local govern- and itstreatment, forexample. Pelosi indicated that adeal was taurant or hotel so long as each tions” between the administra- wanted to set aside forbusi- ments. Mr.Mnuchin indicated The$350 billion appropri- coming intoview. “Wehave operated as a“separatelegal tion and Democrats. “I think nesses that have struggled to that wasunlikely but that the ated by Congress in lateMarch common ground,” Mrs. Pelosi businessentity” with itsown youcould have aniceanswer getloans from banks,such as Republicanpresident waswill- wasallocated to borrowers in said on ABC. employeridentification number tomorrow,but we’ll see.” thoseinrural areas or those ing to discussincluding it in less than two weeks,meaning —Amara Omeokwe and the location doesn’t have An agreement would end a that areowned by minorities. subsequent legislation. the Small BusinessAdministra- contributed to this article. morethan 500 employees. P2JW111000-0-A00500-1------XA

THE WALL STREET JOURNAL. Monday, April 20, 2020 | A5

OUR COMMITMENT TO AMERICA

PRATT INDUSTRIES THANKS OUR 10,000 GREATEMPLOYEES WHOARE PART OF THE FOOD-PACKAGING SUPPLYCHAIN KEEPING OUR SUPERMARKET SHELVES STOCKED

Sincerely,

Anthony Pratt Chairman of Pratt Industries & The Pratt Foundation

Pratt Industries is one of the largest corrugated boxmanufacturers in the United States. Our boxessave money and save the environment. www.prattindustries.com P2JW111000-0-A006A0-1------NS

THE WALL STREET JOURNAL. NY Monday, April 20, 2020 | A6A

They’re moms, dads, friends, neighbors.

And they’rethe front line.

Whilethe thousandsofMount Sinai health care workersare fighting to save lives, youcan give them what they need to keep going.

Back thefront line now. Text “SINAI”to707070.

Msgand data ratesmay apply. MountSinai Health System is anon-profit 501(c)(3)organization, and donationsare taxdeductible to thefull extent allowedbylaw.Visit giving.mountsinai.orgfor more information. P2JW111000-0-A006B0-1------NS

A6B | Monday, April 20, 2020 NY THE WALL STREET JOURNAL.

Jacob Sanchez Diagnosed with autism

Lack of speech is asign of autism. Learn the others at autismspeaks.org/signs. P2JW111000-6-A00600-1------NS

A6 | Monday, April 20, 2020 NY ****** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC Health Trackers Look to AI Tools

BY DANIELA HERNANDEZ large-scale contact tracing are still the gold standardfor con- Tech companies,health in- trolling outbreaks,they say. surers and governmentsare Current tech-enabled efforts turning to artificial intelligence cansuffer from the same limita- to predict potential coronavirus tion as previousattemptstouse outbreaks and help guide policy AI in health care:incompletein- decisions about social-distanc- formation. And, in the present ing as pressuremountstoend crisis,unknowns abound be- lockdowns. cause the virus is so new. Thesoftware,they say, can Decision makersare desper- learn to flag disease risk and atefor information to guide outbreak threatsbased on per- difficultpolicychoices that sonaldata, such as medicalhis- must balancepublic health and tory,real-time body-temperature economic well-being. readingsand current symptom Some Asiancountries har- reports, as well as demographics. nessed tech-enabled surveil- TheTrump administration lanceprograms,but their said Thursdaythat states will strategies were bolstered by ex- establish their owntime lines tensivetesting,especially in forreopening their economies. South Korea, Taiwan and Central to such effortsis Singapore.

AN/REUTERS broad and accuratetesting for Developerssay thereare Covid-19,the disease caused by early signs that AI canwork. CLAR

MC the newcoronavirus.Yet test- In Israel, AI researchersat

ON inglagsbehind. As manyasa the Weizmann InstituteofSci- YS

AL thirdoftest resultscould be in- enceare collaborating with lo- Ahealth-careworker stood in the street SundayinDenver, part of acounterprotestasothers rallied againstcoronavirus stay-at-home orders. accurate, health expertshave calgovernmentsand health in- said. And states such as Florida surerstoconduct surveysthat and Michigan have tested only askpeople if they areexperi- about 1% of their populations, encing Covid-19 symptoms, U.S. Deaths Pass 40,000 according to state-health de- have tested positivefor the new partment and U.S. Census data. coronavirus or came in contact “Until we gettrue, wide- with someone who has. As new data come in, Coronavirus Daily Update spread testing,wehavetorely So far,they have received on anyand all signals,” said morethan one million re- some governors wary As of 11:38 p.m. EDT April 19 Nirav Shah,asenior scholar at sponses,including several thou- of easing restrictions, StanfordUniversity and former sand from patientswith con- others move ahead health commissioner forNew firmed Covid-19 diagnoses,said 759,467 40,679 70,927 York statewho also advises health tech companies. Reportedcoronavirus deaths U.S. cases U.S. deaths U.S. recoveries In early April, outreach In thepresent crisis, topped 40,000 in the U.S. on nurses at CareATC Inc., a Sundayasthe pandemic showed Tulsa, Okla.-based operator of unknowns abound early signs of easing in some 2,403,963 165,227 616,583 employer-sponsored clinics, because thevirus states,ramping up pressureto started calling some employees re-evaluatelockdowns. World-wide cases World-wide deaths World-wide recoveries of clientstoadvise them on is so new. Part of the challengeauthori- proper hygiene and basic so- ties faceingauging whether to Source: Johns Hopkins University Center for Systems Science and Engineering cial-distancing strategies,as loosen lockdown restrictions is well as what to do if they expe- deciding howtointerpret statis- so and protestsagainst stay-at- Minnesotaare already easing lieved to be at increased risk of rienceflulikesymptoms. Eran Segal,the Weizmann tics that they saypresent a home orders in some states. some coronavirus-related re- exposure. Formost, the nurses didn’t computational biologist leading mixed pictureofthe virus—con- “They were protesting strictions.Texas Gov.GregAb- In France, Prime Minister Éd- have individuals’ health re- the project. tained in some areas but far against me yesterday, and that’s bott, aRepublican, has said that ouardPhilippe outlined plans cords; rather an artificial-intel- On April 5, the system, from defeated. just fine,” Ohio Gov.MikeDe- shopping,hiking and some med- forthe French to “livewith the ligencesystemhad identified which wasdescribed in apeer- Wine,aRepublican, said on ical procedures mayrestart as virus” while urging people to those at high risk of getting re- reviewedpaper in the journal By Talal Ansari, NBC.“We’regoing to do what soon as next week. remain in their homes until the ally sick if they were to become NatureMedicine,flaggedthe Stacy Meichtry we think is right, what Ithink is In hard-hit NewYork City, countrybegins to liftits lock- coronavirus-infected, according northern city of UmmEl-Fahm and Chuin-Wei Yap right. And that is trytoopen whereconfirmed cases ex- down on May11. Even then, the to Kimberly Hutton, CareATC’s as apotential coronavirus hot this economy, but do it very, ceeded 125,000,Mayor Bill de loosening will be gradual, as the chief medical officer. spot. Thesurvey datashoweda Therewere1,997 reported very carefully so we don’t geta Blasio called on Mr.Trump to country’shealth-caresystemis Thesoftware flagged255 roughly 50% increase in symp- coronavirus deaths in the U.S. lot of people killed.” giveAmerica’slargest city fed- still being stretched far beyond people from agroup of 4,800 toms relativetothe rest of the in the 24 hoursending at 8 Gov. LarryHogan of Mary- eral funding. normal capacity. associated with an employerin country, Dr.Segal said. p.m. Sunday, according to a land, aRepublican, said it is un- In NewYork state, where Some businesses resumed Utah that contractswith the Based on thosefindings, Wall Street Journal analysis of fair to suggest that states have confirmed cases rose above operationsinIran’scapital of health-services provider. plus other available data, offi- datafromJohns Hopkins Uni- enough testing to moveforward 247,000,Gov.Andrew Cuomo Tehran, but President Hassan CareATC said the system was cials started doing moretesting versity.The totalnumber of re- with reopening,assome Trump said hospitalizations,inaddition Rouhani said religious sites and subsequently extended to an and found an outbreak,hesaid. ported infections in the U.S. ex- administration officials have. to other indicatorssuch as intu- shrines would remain closed for employerinGeorgia and one in Facebook Inc., in partnership ceeded 759,000 on Sunday, with “Totry to push this off to bations,weredownorleveling the next two weeks instead of Arizona. with researchersatCarnegie morethan 40,600 dead, accord- saythat the governorshave off.“If the dataholds and if this the full month he initially an- Thesystem, developed by Mellon University,has an- ing to datafromJohns Hopkins plenty of testing,and they trend holds,weare past the nounced. Thewalkback comes clinical AI company Jvion,uses nouncedasimilar initiative University,afigureexperts should just gettowork on test- high point and all indications at afterpressurefromseminarians acombination of lifestyle,hos- among the social network’sus- have said likely undercounts ing,somehowwearen’t doing this point is that we areonthe in Qom, the main source of pitalization, emergency-room ersinthe U.S. Thecompany theextentofthe pandemic. our job,isjust absolutely false,” descent,” he said Sunday. Iran’searly outbreak. use, mortality and outcomes plans to roll out symptom sur- Western economies nowac- he said on CNN. Overseas,the coronavirus pan- Israel’sgovernment on Sun- data. It also incorporates social veys internationallyifearly re- count forsome two-thirds of Virginia Gov.Ralph Northam, demic reached the presidential dayapproved aloosening of determinantsofhealth, includ- sultsare promising,according to the morethan 2.4million coro- aDemocrat, agreed, saying on palace in Afghanistan’scapital some restrictions,allowing peo- ing socioeconomic status,edu- apost by Chief ExecutiveMark navirus cases around the world, CNN that the president was“de- city of Kabul, whereatleast 20 pleingroups of up to 19 to pray cation and ZIP Code,according Zuckerbergearlier this month. according to Johns Hopkins. lusional” forthinking states had people working forPresident outdoors, provided they wear to John Frownfelter,the At- Alphabet Inc.’sGoogle and Several governorswent on enough testing capacity in place Ashraf Ghani have tested positive, masksand stand 6feet apart. lanta-based company’schief Apple Inc.are planning to Sundaymorning talk shows, to loosen restrictions.“We’ve two government officials said. Some other countries re- medical information officer. launch acontact-tracing app largely agreeing that they didn’t been fighting fortesting…We Mr.Ghani, 70,has limited his ported improvementsindaily Some scientistscaution that that would let health officials yethavethe testing capacity to don’t even have enough swabs,” in-person meetingstokey staff infection rates. China on Sun- the ability of AI to predict out- reverse-engineer ill patients’ reopen their economies,despite Mr.Northam said. members. Officials wouldn’t say dayreported 16 newcases—its breaks or identifyat-risk popu- whereaboutsusing Bluetooth recent encouragement from Afew states arestarting to if Mr.Ghani had been tested for lowest level sincemid-March— lations hasn’t been validated. signals.Participation by smart- President Trump forthem to do reopen, however. Vermont and the coronavirus or if he wasbe- with no reported deaths. Accurate testing dataand phone userswould be voluntary. Modelers Grapple With the Unknown

BY MAX COLCHESTER Cumulativecoronavirus cases and lockdown dates LONDON—Politicians and government officials trying to 200,000 Italy Spain Germany chart acourse through the SPRING 2020 SALE EVENT global coronavirus pandemic have relied heavily on aspe- cialized set of epidemiological 150,000 experts: disease modelers. As they makedecisions af- fecting the health and liveli- hoods of hundreds of millions 100,000 of citizens,world leadershave

UP TO turned to projections of infec- ON/REUTERS tions and deaths by these sci- WS DA $ entists, who by their ownad- 50,000

500 Off mission areworking with a SIMON bewildering array of unknowns Epidemiologist John Edmunds warned last month the health service U.K. as they build their forecasts. risked being overwhelmed without a more intensive shutdown. WHEN YOUSPEND Some leading modelerssay 0 their discipline is being asked models to justifydecisions— ease modeler,Neil Ferguson,is March April $ to provide a level of certainty both to initially hold off on nowknown in the U.K. as Note:AsofApril 19,5p.m. EDT 2,000+ that it is unrealistic to expect, strict social-distancing rules “Professor Lockdown.” Source:John's Hopkins CSSE (cases) especially given howlittle is and then, when the virus’sse- Thedisease has proved par- known about the newcorona- verity became clear,tomove ticularly challenging forex- quarter of a million dead. virus. And they fear that they instead to awide-ranging perts. In the U.K.,initial pre- By March 23, Prime Minis- could become scapegoatsfor lockdown in an effort to curb dictions by apanel of modelers terBoris Johnson announced a politically unpopular policies. the spread of the pathogen. advising the government un- lockdown. “Any model that gets within As a result, disease model- derestimated the numbersof So far,Britain’shospitals FULL PRICE ORDERS 50% of the actual result has ers and their work are facing sick requiring intensive-care haven’t been overwhelmed by done well,” says Keith Neal, a unprecedented public scrutiny treatmentinhospitals. the number of sick.The gov- professor in the epidemiology as they makethe biggest calls On March 11, John Ed- ernment’sscientific advisers Limited Time Only of infectious diseases at the of their careers. munds,anepidemiologist and saynow that the national University of Nottingham. “It “It is ahardtime to be an modeleratthe London School lockdown has brought akey is not an exact science.” infectious-disease modeler as of Hygiene &Tropical Medi- ratio known as R—the number As initial outbreaks of the alot of criticism could be lev- cine,submittedaresearch pa- of people infected on average virusare beginning to peak eled,” says MikeTildesley,at per to the government’sscien- by acarrier of the virus— PAULSTUART.COM across Western nations,gov- the University of Warwick’s tific adviserssaying that the down to between 0.5and 1. ernmentsare leaning on dis- School of LifeSciences.“Ifear National Health Servicerisked Bringing R below 1 and keep- ease modelersfor guidanceas therecould be abacklash once being overwhelmed without a ing it thereiscritical to en- they consider how to unwind the pandemic is over.” more intensive shutdown. sure the disease doesn’t con- lockdowns without sparking a With the newpandemic, Othersincluding Mr.Fergu- tinue to spread, experts say. resurgence in infections. some modelershavebe- son quickly followedsuit, pre- Aproblem is that epidemiol- U.K. politicians have come household names.Impe- dicting that the government’s ogistsaren’t sureexactly how pointed to epidemiological rial College’sleading dis- current strategywould leave a far below1this key ratio is. P2JW111000-0-A00700-1------XA

THE WALL STREET JOURNAL. Monday, April 20, 2020 | A7 THE CORONAVIRUS PANDEMIC U.S. Turns to UnprovenVendorsfor Masks While major firms One Small Supplier ExecutiveRobert Stewart Jr., land biggest deals, reached by phone on Thursday, others charge more Says Goods in Hand wherehesaid he wasatthe Port of LosAngeles about to go and struggle to deliver through customs. “I’mlooking at The largestN95 mask con- afew million masksrightnow.” Thefederal government, tract given out by the Depart- According to Mr.Stewart’s scrambling to find N95 masks mentofVeterans Affairs, foran resume, he wasaPentagon to protect health-careworkers initial $35.4 million, wassigned contracting official formany from coronavirus infection,has at the end of March with a years, until leaving forthe pri- placed morethan $110 million two-year-old companythatop- vate sector in 2018. in mask orders at high prices erates out of asmall officeina Separately,a$14.7 million with unproven vendors, accord- Washington suburb. VA contract fortwo million N95 ing to aWall Street Journal re- Federal GovernmentEx- maskswas canceled earlier this viewoffederal contracting perts LLCagreed to provide the month, after the first-time fed-

data. S VA six million masksfor $5.90 eral contractor said its Chinese apiecebyApril 25, with poten- supplier backed out. PRES By Mark Maremont, tial foranother fivemillion ClaireCoder, chief executive Austen Hufford TED masksatthe same priceata of the contractor,amenstrual- and Tom McGinty OCIA laterdate, foratotal of $64.9 products firm called Aunt Flow SS

/A million, according to federal con- Corp. in Columbus, Ohio,said

Of the morethan 20 million YER tracting data. her supplier informed customers

N95 masks the government or- DW “I’mgetting ready to stepon in late March that exports were dered forfull deliverybythe aBoeing 737 to bring the being blocked by the Chinese endofMay,atleast 80% were maskstothe VA,” said Chief government. MICHAEL ordered from suppliersthat ei- Protective face masks are stored at an N95 decontamination site in Somerville, Mass. ther had never done business with the federal government or they aredelivered. which block 95% of very small N95 masks to some workers, mied by sellersthat don’t really amid the coronavirus pan- had only takenonsmall prior TheTrump administration, particles,including droplets the Journal reported. “It’slate. have high-quality masks or who demic.New York City has cut contractsthat didn’t include facing criticism forits handling that maycontain the coronavi- Iknowit’slate. But thereare jack up the price, he said. dealswith about 15 companies medical supplies,according to of the novel coronavirus pan- rus, areinshort supply.That thingsIjust can’t control,” Mr. “It’samarket that has been to supply facemasks,according the data. demic,has signed morethan $3 has spawned amarketplacefull Wright said in an interview. infiltrated by alot of fraudulent to city contracting data. Two- Some of the vendorsalready billion in pandemic-related con- of middlemen, counterfeitsand “The VA is not happy with the activities and fraudulent per- thirds of them have no recent have missed deliverydeadlines tractsrecently.That includes newentrantssensing large speed of howthingsare going.” sonnel,” he said. historyofworking with the or have backed out because of ordersfor 600 million N95 profits. VA SecretaryRobert Wilkie, He said hisfirm is buying city. supply problems.The parent masks from major established One of the companies trying when asked about the contract, only 3M masks that areinthe Market players saydemand companyofone supplier is in producerslike3MCo. and Hon- to navigatethis market is more said, “I’m not going to com- U.S. Mr.Wright said he recently is so brisk that being even a bankruptcy and itsownershave eywell International Inc.for than aweek behind on itsorigi- ment on anyparticular case,” found asupply and is now few minutes latewith payment been accused of fraud in law- lessthan $1 each. Those orders nal April 8contractual deadline adding that he updates the Fed- working to getthem delivered canresult in productsgoing to suitsbymultiple businesspart- stretch out until late2021 but to deliver 785,000 N95 masks eral EmergencyManagement to his warehouse. somebody else. ners. arestarting to trickle in. forabout $7 each, including Agencyregularly with the de- TheJusticeDepartment on Bill Childs, alawyer for3M, Theaverage pricethe gov- 3M and other manufacturers shipping and distribution costs, partment’s needs. April 10 arrested aGeorgia man said vendorshaveflocked to ernment agreed to payfor arealso selling manymasks to to the Department of Veterans Mr.Wright said his firm, on chargesthat he attempted government contracting agents masks from vendorsoffering hospitals through their normal Affairs. Wright Consultants&Associ- to sell the VA millions of nonex- because “that’swherethe quick deliveryisclose to $6 distribution networks.Major Thecompany’spresident, ates LLC,usually gets contracts istent masks and other protec- money is.” 3M has filed law- apiece, roughly six times the vendorslikethese have previ- BernardWright Jr., waspost- to renovategovernment hospi- tivegear.Investigatorssaid suitsagainst prospectivemask list pricebut in line with the ously been vetted and have ing messages on LinkedIn as re- tals.Hesigned the $5.5 million they arepursuing similar cases sellers, accusing them of trying currentmarket rate.Most of shown their ability to deliver. cently as afew days ago, seek- contract with the VA on April 1. against others. to sell to government officials the orderswereplaced with no- ATrump administration ing masks from people claiming He said he thought it would be Manylocal governmentsand at high prices whilepretending bid contracts, federal databases spokeswoman didn’t respond to to have them. simple to buy masks through hospitals also areturning to to be associated with 3M. show. Thegovernment gener- arequest forcomment. The VA has aface-mask his normal network of suppli- unconventional suppliersand —Ben Kesling ally doesn’t payfor goods until Meanwhile,the N95 masks, shortage and is only providing ers. Instead he has been sty- paying rich prices formasks contributed to this article. Scientists Unsure HowLong Virus ImmunityLasts

BY ROBERT LEE HOTZ could last alifetime. Under itsown pressureto As the ranks of Covid-19 survive, some pathogens can survivorsswell, scientistsare evadethose immune responses racing to understand howwell by gradually mutating until they resist reinfection—and they areunrecognizable.Infec- just howlong that hard-won tion by the virus that causes immunity mightlast. measles conferslifelong immu- So far,most medical re- nity,for instance, while the in- searcherswho have studied fluenzavirus mutates so rap- coronaviruses related to the idly that newinfectious strains pathogen that causes of fluemerge almost every S

Covid-19—including SARS, year. PRES

MERS and the common cold— SARS-CoV-2 has amutation TED

areconfident that people who rate of lessthan 25 mutations CIA do recovergain some immu- per year,compared with influ- SO AS nity to SARS-CoV-2,based on enza’smutation rate of almost preliminarystudies and case 50 mutations per year,accord- reportsofthe newvirus.They ingtoananalysis by computa- ERICAN/ AM

don’t knowyet whether that tional biologistsofthe Next- SA protection will last afew strain consortium, based at the months,afew yearsoralife- Fred Hutchinson Cancer Re- ODES time. search Center in Seattle and AN/ TM “The argumentsare that a the University of Basel in Swit- HAR protectiveresponse to SARS- zerland. That givesresearchers ELI CoV-2 will last somewherebe- hope that anynaturalimmunity Covid-19 survivor Claudia Monclova is headed to physical therapy for about a week after coming off a ventilator in Odessa, Texas. tween 6months and 60 or vaccine would offer more years,” said Martin Hibberd, a lasting protection, said Pamela mals didn’t become sick again, coronavirus from two to 15 than the first, Dr.Krammer whereitcan elude detection. specialist in emerging infec- Bjorkman,avirologist at the according to their preliminary days aftersymptoms appear. said. Researchersatthe Chengdu tious diseases at the U.K.’s California InstituteofTechnol- report. “What we certainly knowis As they struggle with the MedicalCollegeinSichuan, London School of Hygiene and ogywho studies viruses that Nowresearchersworld-wide that agood proportion of peo- nuancesofimmunity,medical China, last week reported a Tropical Medicine. cause AIDS,influenzaand Zika. areracing to determine the lev- ple exposed to SARS-CoV-2 expertsare troubled by reports case in which apatientwith se- Anytime the immune sys- TheSARS-CoV-2 virus is so els of antibodies required to makerelatively decent antibody of people who appeared to re- vere symptoms of Covid-19 temencountersanew virus,it newthat the earliest evidence generateprotectiveimmunity responses and that these anti- coverfromCovid-19,test free tested negativefor the virus tailorsacustom defense by of anylong-term immune re- against SARS-CoV-2,whether bodies areeffective,” said virol- of thecoronavirus,and then eight times beforeapositive orchestrating asystemof sponse comes not from human theseverityofaninfection af- ogist Florian Krammer at New sicken again. SouthKorea’s result. cells,organs and tissues.The patients, but from an experi- fectsthe strength of that im- York’sIcahn School of Medicine Centersfor Disease Control and “Aslong as youare mount- strength and longevity of ment with apair of monkeys. munity,and howlong the im- at MountSinai, who helped de- Prevention says it is investigat- ing astrong immune response, those defenses areaffected by In March, researchersatthe mune system mayretain its velop an antibody test for ing 160 cases,worried that the youshould not be reinfected heredity,sleep,diet, stress Beijing KeyLaboratoryfor Ani- defenses against Covid-19. Covid-19.“What we don’t know virus mayreactivate to cause right away,” said molecular vi- and hygiene,toname afew mal Models of Emerging and As afirst step,independent is howlong it will be protec- relapses or reinfections. rologist Rebecca Dutch at the factors, medical expertssay. Reemerging Infectious Disease research teams in the U.S. and tive. Theassumption is that the Medical researcherssuspect University of Kentucky, who is Allplayintothe levels of pro- reported that they had infected Europe who tested the blood immunity is not as long-lived these cases arise from prob- aformer president of the tectiveantibodies apatient two rhesus macaque monkeys, samples from patients with as with otherviruses.” lems with thediagnostic PCR American Society of Virology. canproducetowardoff infec- allowedthem to recoverand Covid-19 showedthat the im- Even if immunity turns out genetic test forthe virus.In “The most likely explanation is tion—and under the right cir- then tried to reinfect them with mune system does producepro- to be temporary, however, the later stages of the disease,the that they never cleared the vi- cumstances,that immunity the virus 30 days later.The ani- tectiveantibodies against the second illnessmight be milder virus settles intothe lungs rusinthe firstplace.” Antimalarial Drug DrawsNew Analysis, but Doesn’t FullyProtect

BY JARED S. HOPKINS matology Alliance, a coalition fully protect people from con- Researchersnotethe sur- Daniel Wallace, arheumatol- quine, considered more toxic, of rheumatologists, research- tracting the new virus. veys and published dataare ogist at Cedars-Sinai Medical also has been used to treat Dozens of people taking hy- ersand patients, and pub- “It’s not a magic bullet be- early and don’t constitutea Center in Los Angeles,said he those diseases. droxychloroquine and other lished in amedical journal cause people that areonitare clinical trial, atest that proves is unaware of anyofthe 800 Thedrugs gained attention treatments forchronic rheu- Thursday. contracting the infection,” said whether adrugissafeand lupus patientshehas seen after President Trump repeat- matologic diseases have be- Meanwhile,about 190 pa- Jinoos Yazdany, chief of the works. sinceSeptember who con- edly touted them as treat- come infected with Covid-19, tients with the chronic dis- division of rheumatologyat Additionally, patients with tractedthe disease.Hesaid ments and prophylactics according to an analysis of easeswho were taking hy- ZuckerbergSan FranciscoGen- autoimmune disorderstend to that might be “luck of the against contracting the virus. emerging data that is asign droxychloroquine reported in eral Hospital, who is helping be moreprone to infections draw,” but he has an “instinct” On April 4, he said that pa- the drugsmay not protect peo- surveystothe alliancethat lead the alliance’s research. because their immune systems that hydroxychloroquine might tientswith lupus “aren’t ple from the newcoronavirus. they contracted Covid-19.Doc- Thepublished datadoesn’t areweaker and morevulnera- help protect against the virus catching” Covid-19 and “aren’t More than five dozen peo- tors also saythey have treated addresswhether hydroxychlo- ble,physicians say. Antimalar- and should be studied. “We affected so much by it.” ple with chronic ailments like individuals with coronavirus roquine is effectiveattreating ial drugswork on the immune could be totally wrong,” Dr. Although neither drug has lupus and rheumatoid arthritis who were lupus patients tak- coronavirus symptoms.Doc- system, seeking to prevent Wallacesaid. “Wejust have to been proven to treat the virus, were taking medications such ing hydroxychloroquine. tors areusing it and asimilar flare-ups likethe ones lupus keep an open mind.” some doctorsare treating pa- as hydroxychloroquine before Researcherssay the pub- antimalarial, chloroquine,to patients experience. Hydroxychloroquine,whose tients with them, encouraged being diagnosed with the cor- lished data and surveysmay trytotreat coronavirus pa- Still, some rheumatologists brand name is Plaquenil, is ap- by smallstudies outside the onavirus,according to data be small but already showthat tients, though neither drug is have noted their lupus pa- proved to treat lupus and U.S. Thereare no approved compiled by the Global Rheu- hydroxychloroquine doesn’t approved for that purpose. tientsaren’t getting the virus. rheumatoid arthritis. Chloro- treatments or vaccines. P2JW111000-0-A00800-1------XA

A8 | Monday, April 20, 2020 THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC Disabled Encounter Strained Safety Net

As social distancing “When the able-bodied com- ethics guidelines forproviders munity gets the sniffles,weget whomay have to decide who puts limits on care, pneumonia,” Mr.Gregory said gets treatment if resourcesare higher risk of infection of people with disabilities. limited, favoring the patient Formillions of the nation’s more likely to have the better add an extra concern people with disabilities,the re- outcome. treat forced by the coronavirus Those who liveintheir own JOURNAL

BY ELIZABETH KOH is stripping away much of the homes and communities often REET patchwork safety net that helps do so through apainstakingly ST Damian Gregoryworries them maintain independent pieced-together network of LL WA about the thingsthat have lives. caregiversand providerswho THE

quickly become normal to About 1in4Americans has help them completedaily activ- R worryabout in the coronavirus some form of disability,and ities,fromeating andbathing FO era:IsthereClorox at thegro- though amuch smaller fraction to cleaning and traveling.Such cery storethis week? When will have what is considered ase- providersare the definition of MCINTYRE

social distancing end? Will he vere condition, they areamong social closeness, building ties T OT

and his family stay healthyun- the most vulnerable population that keep an otherwise isolated SC til avaccine is found? forCovid-19. population connected. For Damian Gregory, left, and twin brother Darren, the pandemic bring an extra layer of fear. But the 46-year-old consul- Manyliveingroup homes But the virus has forced tant and advocate, who has ce- and other institutions that pro- manypeople with disabilities to Ms.Goldman, who uses a and Ms.Goldman moved back group activities continued to rebral palsy,says he carries an vide round-the-clock nursing ask those home aides and assis- wheelchair andhas cerebral in with herparentsinnearby enrich his life, until the virus extralayer of fear. care or supervision, facilities tantstostopvisiting,fearing palsy,said she used to have six Tampa. also shut thosedown. He has to worryifhewill be that have proven susceptible to they might unintentionally rotating caregiverswho would Manyofthe social resources Mr.Praterwas recently diag- able to navigateinhis wheel- the virus’ spread. Scores of carrythe virus. come by her apartment in St. that people with disabilities nosed with Covid-19 and is re- chair at the storeorarrangefor such facilities have reported Nonurgent medical treat- Petersburg, Fla., dailytohelp rely on at groupsettingslike cuperating in anearby hospital. services to transport him. He cases,fromNew York to Illinois mentshavebeen put on hold, her getup, preparefor the day, long-termcarefacilities are Mr.Gregory,the disability wonderswhen social distancing to California. In Texas,atleast indefinitely postponing ap- then return and help her with strained, said Jim DeBeaugrine, advocate and consultant, says will end so his twin brother, 54 residentsand 47 staff mem- pointmentslikephysical ther- similar tasks in the evening. whose brother-in-lawPeter to minimizehis and his family’s who has amoresevereform of bersatone state-run facility, apy or checkups that many At first, she asked “the Prater hasDownsyndrome. exposure, he said they recently cerebral palsy,can welcome the Denton State Supported need to stay in shape.The self- girls,” as she called her caregiv- “It’snot just arisk—it’sall- started receiving Instacart de- back the personal care assistant Living Center,havebeen diag- described luckyones have fami- ers, to bring their ownutensils consuming,” said Mr.DeBeau- liveries,though the platform who helps him wake,eat, dress nosed with Covid-19. lies that arestepping back into and towels with everyvisit to grine,aconsultant on disability nationwide hashad delays. and go to work everyday. People with disabilities are caregiving—oftenaging parents minimizethe spread of germs. issues and former Florida dis- Meanwhile,much of his lim- He worries most of all that also uniquely at risk,inpart or older relatives who canalso “I had them wash their abilitiesagencyhead. “It’saf- ited income has also dried up— he or his loved ones might be because manyhaveadditional be vulnerable to the disease. hands everysingle time they fected our workforce,it’saf- the consulting work from which infected by avirus that has chronic conditions that can It all strains agroup that al- came intothe house,” Ms.Gold- fected all the natural support he made most of his living has been particularly deadly forthe weaken their immune sys- ready struggles to makeends man recalled. systems that our people have seen “everything from nowun- elderly and those with compro- tems.Because of their disability meet andoften feels unseen, When restaurantsbegan to come to rely on.It’saffecting til August canceled,” he said. mised immune systems.Heand status,they also harbor fears advocates and people with dis- shut down and her city neared providers’ abilitytoprovide He said he hopes if thereisa his brother livewith their theirmedical care could be ra- abilities say. astay-at-home order, Ms.Gold- services that arecritical.” silver lining,the pandemic en- mother and aunts, who arein tioned if they do contract the Likemanyinitially faced man, 28 yearsold, said she His brother-in-law, he said, courages otherstoempathize their 70sand have become coronavirus—and be denied with the virus,Sarah Goldman knewshe needed to makesure had moved intoagroup home a morewith the day-to-daydiffi- caregiversfor the twins even as treatment if lifesaving equip- said she hoped taking sensible she and her caregiversre- few yearsago afterhaving culties of living with adisabil- they aresocially distanced in ment likeventilatorsrun short. precautions against spreading mained healthy. They agreed to strokes that prompted his need ity.“We’reall just trying to live theirhome near Kendall, Fla. Some states have assembled germs would be enough. suspend her caregiving services for24-hour nursing care.But and survive,” he said. Plans Aim to Protect Patients

BY STEPHANIE ARMOUR AND KRISTINA PETERSON

Coronavirus patients are confronting steep medical bills despite efforts by the federal government and insurersto softenthe financial blow, prompting arenewedpush by lawmakersfor possible legisla- tivefixes that maycome too

JOURNAL late—if at all—for many peo- ple in the pandemic. REET

ST Among the issues patients

LL face: Out-of-network emer- WA gencyroom doctorsand other

THE clinicians canstill bill patients R

FO forchargesnot coveredbyin- A surance. Plans that don’t com- OV

SK ply with the Affordable Care PA Act maynot coverhospitaliza- NA

YA tion or capthe daily hospital- Junior Physician Julia Probert, whose specialtyispsychiatry,ishelping out in the internal-medicine departmentatBellevue Hospital in Manhattan while waiting to start aresidency. ization benefit. MoreAmeri- cans areinplans with high out- of-pocket costsand deductibles. New Graduates Plug Holes at Deluged Hospitals Morethan 22 million Amer- icans filed for unemployment in the past four weeks,and Young students just finish- to aresidencyinpsychiatryat It isn’t only in NewYork, with people concerned about be needed to managepatients. manyofthose arelosing their ing medical school across the Massachusetts General Hospital the current epicenter of the whether they need to be tested “Everyweek,it’sjust got employer-sponsored health in- U.S. and Europe arebeing in July.But until then, she is U.S. outbreak,whereyoung or who want to check on their moreand moreintense.The surance. Manystill won’t qual- rushed into hospitals over- reporting forduty at Bellevue doctorsare being draftedinto loved ones inside the hospital. firstweek,Ifelt likethey didn’t ify for Medicaid, especially in whelmed by the newcoronavi- Hospital in NewYork,having wardsearly.Early graduations Most fourth-year students need me,therewereloads of states that didn’t expand the rus to combat a global health signed up forearly graduation have takenplaceinMassachu- already finished their required people there, and this week state-federal program forlow- catastrophe. from NewYork University’s setts,Oregon, Louisiana and clinical work beforehospitals there’sbeen so much pressure. I income and disabled people, Grossman School of Medicine. elsewhere across the country. suspended such rotations in don’t think it’sgoing to getany which covers one in seven By Lucy Harley- “It’sbest to have as many Thenew graduates,who March to save protectivegear better,” Dr.Olabisi said. In the Americans. McKeown in London hands as possible,evenif matched intoresidencypro- and limit students’ exposureto hospital whereshe volunteers, An estimated 50 million and Melissa Korn they’rerelatively unskilled grams in March, arestill the virus.When the offer came, people arebeing redeployed Americans could be infected in New York hands like mine,” Dr. Probert slated to begin those pro- manyjumped at the chanceto from different specialties. undera20% infection rate, said. Sinceagreeing to gradu- grams in July. But until then, join the ranks of other doctors Likemanyother final-year based on astudy by Wakely Manyare forgoing final elec- ateearly,she said, she has had many have signed short-term on the front lines. medics in theU.K., Dr.Olabisi Consulting Group of people tiveclasses,logging ontoZoom “a waxing and waning course contractstowork forthe hos- TheUniversity of Illinois wasdue to completeher elec- coveredbycommercial as well or Webextorecitethe Hippo- of nervousness” as shereck- pitals associated with their CollegeofMedicine graduated tivetraining abroad, after as some federal plans.Atleast cratic oath and donning protec- ons with the possibility of 192 studentsearly,orabout which she would have spent 5.5million could requirehospi- tivegear to begin their careers, contracting Covid-19,the re- two-thirds of itsclass. TheUni- time shadowing ajunior doctor talization, with 1.3million ofteninareas far from the spe- spiratorydisease caused by Many of the young versity of Massachusetts Medi- and attended lectures at uni- needing intensivecare. Thecost cialties they plan to pursue. the newcoronavirus,and won- calSchool moved up graduation versity preparing her forwork. foreach of those intensive-care “Wefinished exams in dershow she canbeofmost doctors have had to for135 students. Dr.Probert She and her peerswould then patientscould top$30,000. March, and two days later we help in the hospital. take the Hippocratic wasone of 52 studentsfrom have had asummer vacation Republicans on Senate and were asked if we would volun- She has received what she her classof122 at NYUwho beforestarting work in August. House committees arestriving teer to work in hospitals.We says is expedited but still thor- oath online. graduated in early April, about Some saythey have felt to include legislation in the didn’t even have our results ough training on maintaining amonth ahead of schedule. pressuretovolunteer.“Our next stimulus bill that would then,” said Caroline Olabisi, 29, lifesupport and on howtoput In the U.K, Dr.Olabisi is one medicalschool keeps saying protect patients from out-of- who trained in London. Some of on andremoveprotectivegear of 7, 500 newly qualified doc- this is voluntary, this is volun- network bills.Some Democrats her final exams were canceled safely.For her firstweek,Dr. medical schools,orelsewhere, tors who areinthe processof tary,but nothing’severthat arebacking abill that would because of safety concerns. Probert—described on her in whatever capacity they can. being added to the U.K.’s simple,” said Abigail Rees,a22- entice holdout states to ex- “They just sent us an email work ID as a“Covid-19 junior State licensing agencies health-careworkforce three year-old who graduated early pand Medicaid by having the saying we’d been awarded the physician”—has mainly been have approved the temporary months early. Sincethe Gen- from the University of Notting- federal government pick up degree on the same dayaswe on standbyfor the internal- employment, allowing these eral Medical Council, the gov- ham on April 8. “Being adoctor the tab for three years. gotour results.” She started medicine department at Belle- medical-school graduates to ernment body that maintains is all I’veeverwanted, so it Theproposals reflect wid- work in aLondon hospital vue, ready to be called in if the practicewith supervision, says the country’sregister of medi- feels almost counterintuitiveto ening bipartisan concern that three weeks ago. unit gets overwhelmed or Dr.Alison Whelan, chief medi- cal practitioners, opened reg- go against that. It doesn’t feel many Americans remain vul- “Now, we just have to learn other doctorsfall ill. cal officer for the Association istration last week,ithas fast- voluntaryinmyheart.” nerable to major health costs on the job,” Dr.Olabisi said. Partsofthe hospital feel of American Medical Colleges. tracked about 3,000 of them. Dr. Rees will be starting that could undermine consum- “This week,I’vehad to do two empty,she said, sinceelective She says hospitals areestab- Known as interim doctors, work in Nottingham in the ers’ financial security and im- 12-hour nursing shifts and procedures have been canceled. lishing newroles forthe new they will be tasked with taking English Midlands,inlateApril. pede an economic recovery. have been putting IV lines in But she has been heartened to workers: assigning them jobs notes, making rounds of wards “Wewereprepped forstart- Lawmakers from both par- under supervision from con- see doctorsfromother special- as scribes to writedownnotes and ordering tests. And with ing work,but we were prepped ties also hope to pass a legis- sultants. Thingsthat I ties helping and pitching in foradoctor conducting aphys- an estimated one-in-fourof foragradual, trickled entrance. lative compromise struck last wouldn’t usually be doing.” howeverthey can. “It makes ical exam, organizing lab re- the country’smedics either off Nowwe’rebeing throwninto year to end surprise medical Julia Probert, 31, is heading youfeel hopeful,” she said. sults, or speaking on the phone sick or in isolation,they might thedeep end,” she said. bills. P2JW111000-0-A00900-1------XA

THE WALL STREET JOURNAL. Monday, April 20, 2020 | A9 THE CORONAVIRUS PANDEMIC Europe RetailersTakeTinySteps Forward Nations make tough choices on reopening businesses, crafting a possible guide for U.S.

Bookstores,and almost nothing else,are open again along desolatecanals of Venice. Restaurantsand hotels remain shut and cafesoncepacked with touristssit empty.

By Giovanni Legorano in Rome and Drew Hinshaw in Warsaw

But fortwo days aweek, customerscan browse for books, so long as they wear a mask,disinfect their hands be- fore shopping,and stay more than sixfeet apart. To comply, the city’s MarcoPolo bookstore has asked customerstoenter one at atime in the morning or

schedule ahalf-hour appoint- (2) ment forthe afternoon. “It’suselesstothink about sales,” said itsco-owner,Clau- JOURNAL

dio Moretti. “The reason we are REET ST

opening is to makethe book- LL

storeliveagain, to giveour cli- WA entsabit of freedom.” THE

Foralook at howharditis R to press“play” on aWestern FO LPI

economystill battling the new VO

coronavirus,turn to Europe, CA and to Italy,which is painstak- ANCES

ingly freeing itsshops and FR small businesses in stages,eas- ing a continentwide lockdown Claudio Moretti, co-owner of the MarcoPolo bookstore, above, can that has kept nearly half abil- now open for two days a week as restrictions ease in Venice. lion people at home. Nation by nation, and in Italian Prime Minister ment businesses has been ex- some cases,storefront by store- Giuseppe Contehas allowed traordinary. front, health authorities in the certain smaller shops likesta- At least asixth of all Italian European Union areselecting tionerystorestoopen, though restaurant and bars—some when andwherecommercial seven of 20 regions have kept 50,000 mostly small busi- life canbreatheagain, in tiny them shut. Other countries nesses—will perish, the coun- gasps.Each newcategoryofre- with fewercases,such as Den- try’sbar and diner lobby Fipe tail allowedtofunction pres- mark or Austria, areeasing projects. Movie theatershave entsareal-time experiment for faster,the firsttorisk new seen almost no revenue in what coming weeks could look wavesofinfections while their weeks,and anticipateprohibi- like as partsofthe U.S. attempt neighborsobservethe results. tivecrowd restrictions when to follow. Europe’seffortsare atest of they reopen: Germany’stop 10 Most Italian regions have let howthe U.S. will fareasstates grossing films combined re- children’sclothing outletsopen, such as NewYork and Califor- ported just $1,485 in totalticket and the Czech Republic has nia attempt to follow. sales over Easter weekend. greenlit hardware stores.In “It’sahardmental shift,” Forthe few shops cleared to central Vienna, face-masked said Weston Stacey, the execu- open, businessisbrisk.Inthe Austriansnow line up around tivedirector of the American Czech Republic,hardware city blocks to visit sewing Chamber of Commerce in the stores and bikeshops—virtually shops and chocolatiers. Ger- Czech Republic.“With U.S. gov- the only nonessential stores manyand Poland both said ernment officials we’vetalked currentlyallowed—sawsales they would soon loosen rules to,it’sveryhardtoget them up 61% over Easter weekend, that have suffocated retail. and provisional, bringing no exceed acertain count, public- thedelicateundertaking itsna- around this thinking of,‘OK,if compared with the same period Chancellor Angela Merkel swiftorsubstantial relief to a health officials will reimpose tions areattempting,each on we do this,inthree weeks,ev- last year,according to Global last Wednesdaysaid Germany crushing recession. lockdowns. theirown timeline: to revive erything will go back to nor- PaymentsInc., afinancial-ser- would start reopening itsecon- Stores have reopened only to “It will be really hardtoget theircollectivecontinentwide mal.’Thingsare not going back vices company. omyafter amonth in apartial find employees and sometimes back to business. Reopening economyinphases,while still to normal.” Forothers, the processis lockdown. Hourslater,autogi- goods stuck on the other side will be very difficult acrossEu- containing adeadly pandemic. Lockdown restrictions slowand agonizing ant VolkswagenAGsaid it of sealed borders. Some have rope,” said Nicola Nobile, an Decisions on what shops to helped reducecoronavirus “Wereally want to keep the would begin reopening itsEu- lost customerswho have mi- economist at research firm Ox- open and when have devolved cases and manyItalian inten- placerunning,” said David ropean factories as early as this grated online.Managerstrying ford Economics. to national authorities,and in sive-careunitsnow have free Hajek, co-owner of the upscale week. to plan ahead knowthat if and Europe has no blueprint or hard-hit places likeItaly,also beds.But the toll on shops,res- Prague bistroRoesel. “It is re- Theopeningsare piecemeal when newcoronavirus cases overriding agencycoordinating regional administrators. taurants, barsand entertain- ally hardtodothe math.”

Performancesince S&P500 SPDR S&P500 ETF Short Sales record on Feb. 19 Trustshortinterest* In Barcelona, Hotelier Caters Are Hitting 20% Clorox $80 billion 10 Total value To a New, Grateful Clientele 0 Invesco 60 High Point QQQTrust –10 Series I As the new closed to paying customers and had nowheretogo.” SPDR –20 40 coronavirus on March 16. Fifteen of those The city and the Catalan ContinuedfromPageOne S&P500 forces big staffers were able to keep government are compensat- ETF Trust so much remains unknown. –30 changes in their jobs, however, after ing the hotel for certain pa- “We’vereally seen asignifi- –40 20 how we Barcelona health authorities tient-care costs. Cotton cant bounceback in the last Marriott work, The Wall Street Journal said she could offer lodging. House is paying workers and three weeks at levels that I –50 is looking at how different “Wewant them to feel like other operating expenses out think aretoo quick,” said –60 0 people are coping with the they areathome,” she said. of its own pocket. Jerry Braakman, chief invest- stresses and risks. For earlier Ms. Perinat’s Cotton Ms. Perinat, a 40-year-old ment officer at FirstAmerican March 2020 April 2017 ’18 ’19 ’20 articles in the series, visit House hosts around 86 peo- mother of four, said she gets Trust. His firm recently bet *Data as of Thursday wsj.com/makingitwork. ple at a time, abiding by two emotional every time those against the Nasdaq-100,onthe Sources: FactSet (performance); S3 Partners strict rules: no leaving the in her care show gratitude. belief that technologystocks BY SABELA OJEA room for 14 days, and no vis- She recalls a note from Sal- have fallen toolittle to reflect tions will decrease but not until when demand evaporated, fur- itors allowed. Most of the vador, a former occupant of the probability of arecession. we start seeing lessvolatility in loughing employees and curbing It has been more than a guests are Covid-19 patients Room 202 at another of her The index is up 1.1% in 2020. the market,” Mr.Dusaniwsky spending plans,and the federal month since Maraya Perinat with mild symptoms, but the hotels, Pratkit Bakery. “When we see astrong said of the rise in short posi- Centersfor Disease Control and closed the doors to paying hotel also accepts vulnerable “I will leave in afew days, move in one direction, where tions against the SPDR S&P 500 Prevention has extended ano- guests at the Cotton House people who can’t spend the but youwill all always be in we think the fundamentals and Trust. “No one’sgoing to give sail order forcruises intoJuly. Hotel, a swanky destination quarantine at their homes. my heart,” he wrote. “I think the news can turn ugly, espe- up their insuranceuntil they Short sellers have added a she founded in 2015 in Bar- “Weare hosting elderly youhavehealed me and made cially during an earningscycle, see the chances of catastrophe collective$797 million to their celona. The closure should men and women that live me become abetterperson.” we think that’sanopportunity areinthe rearviewmirror.” short positions against Carni- have given her more time alone and shouldn’t leave Spain, which is second to wherewecould see a5,10% Theportion of available val, RoyalCaribbean, Marriott with her family and hours their houses to go to the gro- the U.S. in the number of selloff again,” he said. shares sold short against the and Wynn over the past 30 needed to finish Donna cery store; pregnant women; Covid-19 cases,isheavily de- Investorsare bracing for SPDR S&P 500 Trust has also days,according to dataonFri- Tartt’s “The Goldfinch,” the people who areinfected and pendent on tourism. Almost the possibility of morevolatil- risen, climbing to 27% in early day from S3 Partners. book she was reading when have lost aloved one in the eight out of 10 jobs belong to ity this week, as earnings re- April, the highest level since Among the stocks that saw Spain’s lodging sector was same hospital wherethey the services sector.The can- ports from companies includ- November 2016 and up from big drops in short positioning in forced to shut. were being treated; homeless cellation of the World Mobile ing Coca-Cola Co., Netflix Inc. 14% at the beginning of 2020. March were stodgyconsumer- She has found little extra men; and even acouple of CongressinlateFebruaryhit and DeltaAir Lines Inc.give Therise in betsagainst the staples shares.“We had alife- time forher family since Covid-19-infected touriststhat the hotel industryhard—it anotherglimpse at howthe market coincides with apush in time of trading in the month of then, and her bookmark sawtheir flightsget canceled wasexpected to generate coronavirus is reshaping the other countries to curb short March,” said Mitch Rubin, chief hasn’t moved. TheCotton revenue of around €500 mil- landscape for U.S. business. selling temporarily.Attimes of investment officer at RiverPark House,typically charging the lion ($542 million) in aweek. Theoutsizemarket swings heightened volatility,critics of- Funds.Hesaid he had previ- equivalent of about $450 a “We didn’t see this crisis of laterequirevigilancefrom tenargue that the practiceex- ously bet against shares of night foraroom, is one of coming at all,” Ms. Perinat investorswho sell shares short acerbates downward pressure Kroger Co., Walmart Inc., Clorox three Barcelona hotels Ms. said. Cotton House expected because they canfacelosses on stockprices.But JayClay- and Campbell Soup Co.but cov- Perinat owns that arehosting revenue of around €400,000 when prices rise.Short sellers ton, the chairman of the Securi- ered those positions in lateFeb- Covid-19 patientstorelieve during the tech event. She incurred totalmark-to-market ties and ExchangeCommission, ruaryand early March as it be- pressureonoverwhelmed in- has yet to calculate losses losses of $108.8 billion over hasargued it is needed to facil- came clear those companies tensive-careunits. from the closure of the hotel three days in lateMarch when itateordinarymarket trading. would perform well with con- “We were deeply worried and the lack of bookings, and the S&P 500 surged18%, said To be sure, coronavirus has sumers sheltering in place. about the lack of beds in she doesn’t anticipate a Ihor Dusaniwsky,head of pre- upended entireindustries in “Their businessishealthier hospitals,” Ms. Perinat said. strong recovery until next dictiveanalytics at S3 Partners. recent weeks.With the pan- than it wasbeforethe crisis “Our facilities might not be year’s Congress. But with the potential for demic devastating global because the demand for their perfect for patients, and it’s “Wemight lose some cli- additional declines ahead, travel, hotel, casino and cruise productshas increased,” he true that there are bigger entsoverthis decision, but it manyinvestorshavedecided stocks have been among the said. “The amount of times and more functional hotels pays off,” she said. Manyreg- that the ability to hedgetheir hardest hit—and seen some of youclean high-touch surfaces in the city, but we really felt ular clientshavecontacted CO

portfolios—or simply bet on a the biggest additions to the with achemical disinfectant is the need to offer our space.” FIC the CottonHouse to congrat- selloff—is wise. short positions against them. going to go up forsome period Ms. Perinat temporarily ulatethe team and to say “Thingswill go back to nor- Manyhotels and casinos of time, maybe for the rest of laid off 45 staff members MINA that they will plan atrip to RO maleventually and these posi- temporarily closed their doors our lives.” when the Cotton House Ms. Perinat owns three hotels. Barcelona as soon as possible. P2JW111000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Monday, April 20, 2020 | A10A GREATER NEW YORK Data Point to Those Most Vulnerable

In city, as in other hot Others have pointed to be- havior. In China, for example, spots, the elderly, men male smokers vastly outnum- and some minorities ber females who light up. But even in areas with low smok- aredying at higher rates ing rates, moremen aredying, said Dr. Murray. BY SHAN LI “Flu doesn’t do this.It’s somethingthat seems to be Thedemographic break- quite specific to Covid-19,” he down of infections and deaths said. “But we really don’t from the novel coronavirus in know why.” NewYork City mirrorspat- Another complication is terns that have emerged race. around the nation and the This month, NewYork City, world, epidemiologistssay, Chicagoand LosAngeles all with the elderly,men and reported that the pandemic some racial minorities among hasdisproportionately af- the disease’s most vulnerable fected African-American and victims. Hispanic residents, particu-

NewYork stateaccountsfor GES larly those with lower-income

nearly athirdofthe nation’s IMA jobs who rely on public trans- 722,761cases as of Sundayaf- portation. ETTY

ternoon, according to Johns /G In New York City, Hispanic Hopkins University,which has TT patientswho contracted been tracking the virus.The PLA Covid-19 account for34% of all statehas reported 232,436 virus-related deaths,despite

positivecases and 12,913 SPENCER making up 29%ofthe city’s );

deaths. OP population of 8.4million. Afri- NewYork City has 129,788 (T can-Americans makeup28% cases,and 8,811 confirmed of fatalities, while making up

deaths related to Covid-19,the REUTERS 22% of the population. disease caused by the virus, Y/ Thereverse is true for

according to city data. Three KELL whiteand Asian residents. NewYork City boroughs— WhiteNew Yorkersmakeup

Queens,Brooklyn and Bronx— ANDREW 27% of deaths from the virus, each had moredeaths than any Flags at anearly emptyConeyIsland beach Sunday. Below, acoronavirus intakeareaatMaimonides Medical Center in Brooklyn lastweek. but32% of the city’s popula- other county in the country, tion. Asians account for7%of according to Johns Hopkins. Spain,” said Jeffrey Shaman, a deaths and 14%ofthe city’s Thecity’s high death count professor of environmental residents. also aligns with tolls in other health sciences at Columbia Epidemiologistssaid the metropolitan hot spots, ac- University’s Mailman School of data track socioeconomic dif- cording to epidemiologists. Public Health. “It’sadisease of ferences in the city.Black and “The density of people is the elderly.” Hispanic residentstend to pull certainly something the virus As in other regions, the vi- in lowerwages working at feeds off of,” said Dr. Christo- rusisinfecting residentsofall jobs that don’t allowfor social pher Murray,the director of ages in NewYork City.But distancing.Those who are the University of Washington’s positive cases are highest for poor also have restricted ac- Institutefor Health Metrics those 75 yearsold and up—af- cess to health care and are andEvaluation. “Weare see- fecting about 2,728 for every morelikely to suffer from un- ing the same patterns emerg- 100,000 people,according to derlying medical conditions ing in so many countries.” city data. Close behind are45- that putthem at higher risk In NewYork City,people to 74-year-olds,who arein- foramoresevereform of age75and up aredying at fected at ratesofaround 2,300 Covid-19. ratesnearly eightfold com- forevery 100,000,according In NewYork state, exclud- pared with the deaths of those to the city. ing NewYork City,whiteresi- who are45to64, the Covid-19 also appearstoaf- dentsaccount for60% of the datashow. They aredying at fect men morethan women. In death tally,the biggest group, more than twicethe rate of New York City, more men are butmakeup74% of the popu- those65to74yearsold, the infected and hospitalized com- lation. Comparably, Hispanics data show. Similar trends can pared with women, datashow. makeup14% of the deaths and be seen throughout New York They are also dying at nearly 12% of the population, while and other states likeLouisiana twicethe rate of women. New black residentsmakeup18% and Illinois,aswell as else- York statehas reported that ders, but men make up 60.7% rusthan women, according to have suggested that men suf- of deaths and 9% of the popu- where around the world. men account for59.8% of of virus-related deaths. More adatatracker from the re- fermoreunderlying health is- lation. “This is what we sawout of deaths in the state, compared than 20 countries,including search instituteGlobal Health sues like diabetes and cardio- “It’smoreabout these is- China, this is certainly what with 40.1% of women. China, Spain, Italy and Austra- 50/50 and CNN. vascular disease,which sues of inequality,” Dr.Murray we sawout of Italy,and this is In Chicago, the infection lia, arereporting moredeaths The cause for the disparity increases their risk from said, “than it is about abio- what we’reseeing out of ratesare similar forboth gen- among men from the coronavi- is still unknown. Some doctors Covid-19. logical difference.” Virus-Related Discrimination Increases in City

BY STEPHANIE YANG ployment based on race, age, the commission received 105 the case is passed along to the Asian communities maybere- understanding of the problem.” immigration status or disabil- reportsofanti-Asian incidents, NYPD Hate Crime Task Force. luctant to report incidentsbe- Wayne Ho,president of the Coronavirus-related dis- ity.Several of thecalls were compared with five in the same As the original coronavirus cause of immigration and po- Chinese-American Planning crimination in New York City from disabled or immunocom- time frame last year.Out of the outbreak in China morphed into licing concerns. Council, a nonprofit that pro- is on the rise,particularly promised tenantswhose land- discrimination reports, 91 were a global pandemic,Chinese- Shesaid the organization vides social services to Asian- againstAsian-Americans, lords or co-op boards had re- forharassment, five were for Americans and othersofAsian wasalerted to itsfirst corona- Americans,said he started no- prompting the city to establish stricted deliveries of groceries housing and nine were forpub- descent have reported more virus-related discrimination ticing the fallout as early as anew response team to handle or other purchases. lic accommodation. issue in early February, aftera January, in the form of snide the complaints. “The response team came Hate crimes against Asian- middle-school child in LosAn- remarks and the avoidance of Thecity’s Commission on together because we sawthat Americans have risen this year A new response geles was accused by another Chinese businesses. Human Rightssaid sinceFeb.1 we had so manyinquiries com- as well, while the number of student of having the disease. Mr.Hosaid newpolicies it has received 248complaints ing in afterthis pandemic overall crimes in NewYork team has been An online form forreporting and enforcement of legislation of discrimination spurred by started,” said Sapna Raj, deputy City has fallen. Between March formed to handle similar cases that launched on canhelp protect against dis- fearsoverCovid-19,the dis- commissioner of the commis- 7and April 2, the NewYork March 19 has garnered about crimination in housing and ease caused by the novel coro- sion’slaw enforcement bureau. PoliceDepartment received re- complaints. 1,500 responses across46 jobs,but an increase in ha- navirus.The majority of com- “Werealized we needed to re- portsof11hatecrimes related states,most notably in Califor- rassment requires moresocial plaintsweremade in March spond rapidly to unique issues to the disease and made seven nia and NewYork,ranging outreach. and April, and about 42% have that NewYorkerswerefacing.” arrests. from refusal of serviceto “I have staff members who been specifically anti-Asian in- Thecommission actsasa Following an inquiry, the cases of racism and discrimina- physical attacks. have been spit on by people, cidents. city watchdog and enforces human-rightscommission may tion. However, broader dataon “Even though the numbers people have yelled at them or Theinflux of calls prompted human-rightslaws. It canseek advise on acaller’s rightsand the discrimination is sparse. aresmall overall, Ithink it’san made commentsonthe sub- the commission to form atask civil penalties against an indi- intervene,oropen up alon- Manjusha P. Kulkarni,exec- indication of what we’reseeing way,” he said. “People have forceinearly April to address vidual or business accused of ger-term investigation. If the utivedirector of the Asian Pa- acrossthe country,” Ms. throwneverything from pieces the incidents, including dis- discrimination. commission determines the cific Policyand Planning Kulkarni said. “All those efforts of paper to their leftover crimination in housing or em- Between Feb. 1and April 16, complaint to be a hate crime, Council, said membersof areimportant to getabetter lunch.”

STATESTREET | By Jimmy Vielkind Remembering a Fierce Advocate for a Strong Legislature

Richard first confirmed coronavirus forum about the balance of opaque, unaccountable, “So- an acerbic wit. Assemblyman Brodsky case on March 1. budget-making powers. viet-style bureaucracies.” Kevin Cahill, a Democrat rep- should be The next day, the state As- Mr. Brodsky’s last profes- Former Lt. Gov. Richard resenting Kingston, who sat writing this sembly and Senate hastily sional victory was in a law- Ravitch said that he spoke next to him in the chamber, column. approved a law that gave suit, brought on behalf of with Mr. Brodsky two days said he could quote most of Mr. Brod- New York Gov. Andrew the Working Families Party, before he died. They were the Mel Brooks film “Blazing sky, who spent 28 years as a Cuomo new power to issue to preserve the state’s elec- planning a campaign to edu- Saddles” from memory. member of the New York directives “necessary to cope tion practices. A state com- cate legislators about a de- Afterleaving officein State Assembly representing with” a broad list of poten- mission had recommended a cade-old court decision that 2010,Mr. Brodskypenned a parts of Westchester County, tial disasters, including an system of public campaign gave the governor an upper weekly column forthe Albany was a fierce advocate for a impending disease outbreak. finance, which the WFP sup- hand in budget negotiations. Times Union. In his last itera-

strong Legislature and loudly “Everything I know about OL ported. However, the suit Mr.Cuomo said he needed tions,hepraised Mr.Cuomo’s PO

denounced steps to cede any Richard tells me he would S challenged the commission’s both the emergencymanage- handling of the outbreak and more of its power to the ex- have been very wary, if not authority, and eventual rec- ment and budget powers to said one of the lasting im-

ecutive branch or other out- outraged, about giving the M/PRES ommendation, to increase deal with the coronavirus cri- pactsofcoronavirus would

side entities. governor an open-ended au- YA ballot access thresholds for sis.During arecent public ra- be an increased recognition

The73-year-old Democrat thority to govern by ‘direc- CUS minor parties. (After a judge dio interview, the Democratic of the need forgovernment.

died on April 8, afterdays of tives,’ ” said Assemblyman MAR ruled in favor of the WFP, governor called Mr.Brodsky “There are many more symptoms consistent with the Richard Gottfried, a Demo- Richard Brodsky lawmakers inserted language “a character” and a“bright, ideas that have been widely novel coronavirus,his daugh- crat from Manhattan who enacting the thresholds into bright fellow.” Aspokesman assumed as truth and are terEmilyn Brodskysaid. The voted against the law. had already ceded to the the state budget.) forAssembly Speaker Carl now casualties of the coro- family believes he wasin- The statebudget approved governor in the previous As a legislator, Mr. Brod- Heastie said the Legislature navirus,” Mr. Brodsky wrote fected, she said, although a at the beginning of this budget session,” said E.J. sky successfully pushed to still had the powertomodify on March 16. “We will get test forthe virus came back month gives Mr.Cuomo McMahon, research director create a watchdog over the Mr.Cuomo’s actions,and past the infection and its negativeafter his death. powertounilaterally hold of the Empire Center for state’s public authorities, “nothing is being ceded.” economic fallout. The world His colleagues and collab- back spending if revenues Public Policy, a fiscally con- which operate everything Other colleagues recalled that survives will be pro- orators said they expected don’t materializeasprojected. servative think tank. Mr. Mc- from New York City’s subway Mr. Brodsky, a Harvard- foundly intellectually and po- Mr. Brodsky would have “I think he would be ap- Mahon said he and Mr. Brod- and bus system to hydroelec- trained lawyer, as incredibly litically different from the been critical of several re- palled by the delegation of sky had opposite political tric dams on the Niagara smart and, often, proportion- one that died.” cent steps taken by the state authority. He was already ideologies, but enjoyed de- River. He frequently in- ally arrogant. He was a Legislature since New York’s appalled by how much they bating, including at a 2019 veighed against them as fierce debater and wielded [email protected] P2JW111000-2-A010B0-1------NS

A10B | Monday, April 20, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK In Central Queens, Doctors Feel the Pain

BY REBECCA DAVIS O’BRIEN AND MELANIE GRAYCE WEST

Victor Peraltaisapediatri- cian, but in reality he caresfor entirefamilies.Working-class, Spanish-speaking immigrants pour into his small office be- neath NewYork City’s No.7 subway line—parents, grand- parents, young brothersand sisters. In recent weeks,Dr. Peralta says, the newcoronavirus that has torn through his patients’ multigenerational households has also infected his staff— three employees recovered at home,but amedical assistant

ended up in critical condition (2) at nearby Elmhurst Hospital. They hadkept the Jackson Heights, Queens,officeopen JOURNAL

even aftermuch of the city REET ST

shut in mid-March. LL Plaza del Sol provides medical

“It was all very idealistic,” WA care for more than 20,000 Dr.Peraltasaid. “Wehad no patients. Victor Peralta says THE

idea what wasgoing to hit us.” R staff at his Jackson Heights They sent the16-person FO practice have been infected. AR

staff home and closed just over SS

two weeks ago. On Wednesday KEY around 70% positive tests for

night, themedical assistant—a LIE the coronavirus. TA

51-year-old woman with ateen- NA At least athirdofthe ageson—died in the hospital. nearly 100 employees in Dr. The coronavirus pandemic Neighboring Elmhurst and had longtime relationships pital in Queens. rona and Elmhurst, morethan Delmont’s practice, including has exacted aseveretoll on Jackson Heightshad 2,196 and with,” said Jacqueline Delmont, Now, doctorsworrythat aquarter livebelowthe pov- doctors, have become sick thepatchwork of community 1,732, respectively. aQueens doctor and the chief they wrongly dismissed symp- erty line.A2019 report from with Covid-19.Somos staff clinics and storefront doctors Many physicians’ practices medical officer of Somos,anon- toms as flu, and that their NewYork City Health +Hospi- have died. She has furloughed in the city’s central Queens in theseneighborhoods have profit network of 2,500 health- open-door,open-arms ap- tals found that 41% of Queens 70% of her staff, although her neighborhoods,areas that closed their doors; othershave care providersacrossNew York. proach brought crowdstotheir residentshad one or more office remains open. have some of the highest lev- furloughed staff without pay. “Do youexpose yourself?” small waiting rooms,where chronic health conditions. ThedoctorsinDr. Peralta’s els of Covid-19 cases in the Doctorssay their colleagues Small community medical they lacked the materials or “It wasdestined to be the practice—including his wife, country. Physicians likeDr. and staff arefalling ill; some offices and privatepractices understanding to contain the epicenter of the spread,” Dr. who is also apediatrician— Peralta were treating some of of their peers have died. emerged as an alternative for Peraltasaid of central Queens. field dozens of calls aday, the city’s most vulnerable resi- Those that remain open have thousands of Queens’ immi- Effortstoinform the Queens working remotely.They areof- dents, manyofthem low-wage seen patient traffic fall off dras- grants and the poor in the ‘We were completely immigrant community faltered. tenfromsick parents, worried serviceworkerswho can’t tically.Therehas been a75% past two decades, as hospital Public-health announcements about their children. He ad- work from home and who now decline from peak visitor traffic, closures in the borough frayed unprepared for the from thegovernment weren’t vises people to stay home and provide asupport network for about three weeks ago, at Plaza the social-safety net. magnitude of this widely translated, and there rest and to try to self-isolate. the multitudes of white-collar delSol, acommunity clinic that So,when the coronavirus wasverylittle interaction in That guidanceisalmost im- workerswho aretelecommut- provides primaryand urgent firstarrived in NewYork,it pandemic.’ the early days of the crisis possible.Inacommunity ing.InQueens,these service care formorethan 20,000 pa- likely spread quietly in the of- with the non-English-language wheremultiple families and workers—oftenrecent immi- tients in central Queens,most fices of community doctors. media, said stateSen. Jessica generations oftenlivetogether grants—live in close quarters of them uninsured. Queens physicians saythey Ramos,who representsain small homes,sharing bed- that expertssay mayhave “People are just terrified,” likely began seeing patientswith disease and protect staff and swath of central Queens. rooms, it is impossible to iso- helped spread the virus. said MatthewKusher,Plaza Covid-19 in February, weeks be- patients. Theclose quarters “Wewerecompletely unpre- lateathome.Similarly,for The hardest-hit neighbor- del Sol’s clinical director. fore NewYork emergencyrooms mirrored the situation at home pared forthe magnitude of this families that rely on aservice hood shares aname with the Community doctorsare were packed and residentswere formanypatients. pandemic,” Ms.Ramos said. worker’s income stream, it is virus: Corona, alargely Span- struggling with howtoprotect ordered to stay at home. Morethan 293,000 people Somos set up atelemedi- impossible to stay home. ish-speaking enclavewith by themselves.Some have estab- “This thing maywell have liveinElmhurst, Corona, North cine effort for its patients on “Thereisnowheretoiso- far the most confirmed cases lished separatewaiting rooms been percolating in [Queens] Corona and Jackson Heights, March 9, and on March 18 late,” Dr. Kusher said. “If you of Covid-19,the illnesscaused or even different offices for from early February on,” said according to census data; 18% opened atrilingual testing site aresick,whereare yousup- by the virus,ofany ZIP Code in Covid-19 patients, and staff have Steven Corwin, president and lack health insurance, the data in the parking lot of Aqueduct posed to go?” the city,with 2,817, as of Sun- started wearing protectivegear. chief executiveofNewYork- show. Morethan athirdwork Racetrack in South Queens. —Katie Honan day, according to city data. “These arepatients you’ve Presbyterian, which has ahos- in the serviceindustry. In Co- Theinitial test resultsshowed contributed to this article.

Medicine in theRaw Healthcare Starts with HealthyFood.

Since1985, we’vebeencooking and home-delivering nutritious, individually tailored meals to people living with serious illness in the NYCmetropolitan area. Being sick and hungry is acrisis. Youcan help. Donate,volunteer,orjustlearn more at glwd.org

godslovewedeliver @godslovenyc God’sLove We Deliver is amember of the Food is Medicine Coalition (FIMC). To learn moreabout FIMC’s work around the country,visit fimcoalition.org P2JW111000-4-A01000-1------XA

A10 | Monday, April 20, 2020 **** THE WALL STREET JOURNAL. FROM PAGE ONE

high-school historyteacher, the best prices when selling tur- Ever thetourism booster,he tered. He said playing the game Videogame gavebirth to their second son. nips. noted: “We’reanup-and-coming is offering him structureand Stuck in their three-bedroom Theopening of the couple’s island, so we’reexcited to be ex- routine—with atheatrical flour- house on maternity leave with a firststore brought newgame- panding right nowand welcom- ish. “When we visit each other’s As Therapy newborn, anearly 4-year-old generated visitors, including, ing moreguestsinthe near fu- islands,wechangeupour looks andher working-from-home Ms.Smykla said, “anamazing ture. We’vejust built amuseum so we canslay,” he said. “A husband, she wasbadly in need blue bear with ahipster beard that is full of fossils and differ- friend of oursevenmade a At Home of distraction. namedBeardo,” who has since ent specimens that arenative to “Cats” logotee in the custom- Enter Animal Crossing.At been invitedtocome livewith the island and we’rereally ex- design app.” first, Ms.Smykla just watched them (on the island, not in New cited about that.” Valerie Sachs, apostproduc- ContinuedfromPageOne herhusband play. He created a Rochelle). Oneofhis island’sfrequent tion coordinator forcommer- loaded. But in one indication of humanavatarand arranged to They arealso interacting visitorsishis real-lifebest cials,isalongtime fan of Animal howpopular video escapism has visit adeserted island managed with real friends they can’t see Escape friend,Logan Culwell-Block, Crossing.The 33-year-old, who become,consoles likeNintendo by apretend companycalled in person right now. Mr.Mirsky with me who lives in WhitePlains,N.Y. lives in Astoria, N.Y.,isseeing a Switch arebecoming rarerthan Nook Inc.run by araccoon plays hide-and-seek on the is- Animal Crossing allows players lot moreinterest in the game toilet paper.The system wasout named TomNook.Mr. Mirsky, land with friends from Queens.. to sharecodes and “fly” to from people whomight nor- of stock at several retailersthis 32, named the island Glenorchy, “It’sasimulation of normal friends’ islands. mally be playing violent shoot- week,including Best Buy, afterthe couple’sstreet in New lifewithout anyofthe stressor Thetwo usually text to keep ing simulations.InAnimal GameStopand Target.Third- Rochelle. responsibility,” Ms.Smykla ex- So,what’sthe goal? Adam in touch but have found they are Crossing,thereare no bad guys, party sellerswereoffering it on He whiled away the hoursex- plained. “Likewhen youhave Rucker, 32, of Dallas tried to fig- using avoicechat feature on the or strifeatall, really. Amazon at amarkup of several ploring the island’sbright, col- your mortgagefromTom Nook, urethat out when he first Nintendo Switch app to commu- It is also drawing in first-tim- hundred dollarshigher than the orfullandscape,fishing in the thereisnointerest, thereisno startedplaying last month. “I nicatewhile they playthe game. ers. Her friend Rosie Miranda, usual $299. river or the ocean, planting latepayments.” even asked one of my friends, “Wejust have it on and we’re 23,got hooked afterthe Star- Luckily forMs. Smykla, her treesand crafting with wood It’salso providing structure like, ‘What’sthe point of this?’ ” talking about whatever while buckswhereshe works tempo- husbandJustin Mirsky, ahigh- and stone items he found. in alooser,work-from-home he said. “And he waslike, ‘Yeah, we’recatchingfish and stuff,” rarily closed. school librarian, had already Money actually growson world. Thegame syncs with exactly.’ And Ithought, ‘Wait, Mr.Culwell-Block said. “It’svery “I definitely,you know, enjoy squirreled away aSwitch when trees in Animal Crossing—or,at players’ actual time zones. OK,maybe nowIunderstand.’ ” oddly likehanging out in alow- building this little lifeonthe is- the coronavirus hit their home- least falls out of them—and Shops and amenities on the is- Mr.Rucker,who by dayisa stakes environment.” land,” she said. “It’sgood to town of NewRochelle,N.Y., in players canplant bagsofit(the land have operating hours. And business-systems analyst in the Mr.Culwell-Block,34, who have likeanalternative-universe earlyMarch. going currencyisbells) to grow thereare events,likefishing travel industry, is currently works in the theater industry, Rosie living herbest lifewhile That wasright around the their ownmoney trees.They bet contestsorseasonal challenges, working from home,wherehe has been temporarily laid off I’m over hereonthe couch all time Ms.Smykla, a33-year-old on the “stalk market” to fetch that occur semiregularly. lives alone. whileBroadway remains shut- day.”

cases as manyasfivedays. Disarray Quest spokeswoman Wendy Bost said Thursdaythe company is nowable to turn around tests Hampers sooner,inaslittle as one dayfor priority patientsand two days formost others. She said the Testing companycan do 45,000 testsa day. Quest had earlier attributed the backlog to hugeinitial de- ContinuedfromPageOne mand. stateofficials and laboratoryex- perts. By one topadministration of- 300 swabs ficial’saccount, testing through Aregional microbiologylab April will only meet about half that serves anetwork of seven the capacity that is needed. St.Louis-area hospitals has the Adm. BrettGiroir, the adminis- capacity to runabout 1,000 tration’stesting coordinator, testsaday,said ScottIsbell,a said in an interviewwith The professor at Saint Louis Univer- Wall Street Journal on Thursday S sity and lab director at the uni-

that he believed three or four PRES versity-affiliated hospital that million testswould be per- belongstothe network.But a UMA

formed in April. /Z shortageofswabs used to col- Butheset aspecific target lect test specimens means the TIMES

forneeded testing capacity at Y labstill has to ration tests. six million to seven million tests BA “I have 300 swabs in my lab amonth, while projecting the PA right now, and that’sgot to last AM U.S. would reach that goal in me until Iget my next supply, May. Dr.Giroir said that esti- and Idon’t even knowwhen matewas based on an assump- RHINE/T that will be,” Dr.Isbell, aclinical

tion that therewould be ENCIO chemist, said.

300,000 newcases of the virus AS An invoiceviewedbythe

amonth, even as pocketsofthe THA Journal shows another labora- nation areexpected to reopen. tory ordered about $13,000 MAR Thenextday,Dr. Giroir gave Shortages arehampering efforts to expandcoronavirus testing. Above,adrive-through at aQuestDiagnostics parking lotinTampa in March. worth of swabs on March 13.As arosier projection at aWhite of April 15,the supplier,Medline Housebriefing,saying only 4.5 Control and Prevention botched to produce20million additional Senior federal leaders, in- Vice President MikePence Industries Inc., estimated it milliontestswould be needed itsfirst testsfor Covid-19,the swabs per month but played cluding Mr.Trump,havewaffled said SundayonNBC’s“Meet the could fill the order on May18. based on an estimated 200,000 disease caused by the coronavi- down concerns about shortages. over their role in ramping up Press” that “thereisasufficient Dr.Giroir said the U.S. gov- newcases amonth. In an inter- rus. Afaulty component forced Of the chemicals used in testing, testing.One official said the capacity of testing acrossthe ernment wasontrack to pur- viewSaturday,heexplained the the CDC to recall the tests. he said: “We’reingreat shape. government’sjob wasto“rap- countrytodayfor anystate in chaseand distribute12million change: “I revised that down Almost amonth later,the It’ssoeasy to get.” idly prototypesomething,” be- AmericatogotoaPhase 1 swabs by the end of May, in- from the podium.” FDAcleared labs to devise tests Labdirectors, including in fore states and companies take level” of reopening,with some cludingmorethan five million of their own. Most of the dozens America’shardest-hit areas,say over.AnthonyFauci,the long- business activity and daily life in thenextfew weeks. produced sinceidentifythe ge- the supply chain problems are time National Institutes of resuming. Laboperatorsand their ad- Federal vs.states netic footprint of the virus,but severe. When an order of atest- Health official, de-emphasized So far,the U.S. has tested viserssay they aretrying to Some in the federal govern- use different machines,methods ing chemical never arrived last testing Friday, afterweeks of ar- about 3.7million people,about crack the codes of who gets ment, including Mr.Trump and and materials. week,“we delayedsome testing 1% of thepopulation, according what and when on their own. his advisers, saythe job of fig- Most requirealong list of as aresult of it,” said Dwayne to datagathered by Johns Hop- “It is moredeli-style on uring out howtoexpand testing componentsthat come from dif- Breining, the laboratorydirector Labs vie for supplies kins University researchers. In swabs.When your number belongstostatesand private ferent producers, including at Northwell Health, aNew York South Korea, which experts comes up,you areserved,” said labs.Mr. Trump tweeted Friday: swabs,throwaway polystyrene City-area health system. in a fractured and praised foranimble response to Greg Knapp,anexecutiveatVi- “The Stateshavetostepup parts, chemical reagents, glass With normal market forces exhausted the pandemic,about 560,000 zient Inc., which advises hospi- their TESTING!” pipettes, pipette tips and more, warping under the pressure, people have been tested, also tals on purchasing supplies. Dr.Giroir said Saturdaythe resulting in acomplexsupply some labs stockpiling goods and marketplace. around 1% of the population, ac- When swabs aren’t the bot- federal government wasstill chain that easily breaks down othersstruggling to getthem, cording to that country’sdis- tleneck,other supply-chain fully engaged in fixing testing. when thereisashortageofany many see aclearer role forthe ease prevention agency.But problems canthrottle testing. On March 30,Mr. Trump had particular element. federal government to resolve testing ramped up far more Intermountain Healthcarein touted in aRose Garden news Theprocess is also used to themismatch. guing it is the key to reopening quickly there, allowing officials Salt Lake City could theoreti- conferencethe newtesting de- detect other respiratoryviruses. “Evenlibertarians want the the economy, saying what to bettercontain the country’s cally do about 3,000 testsaday. vicebyAbbott. Ahugesurge in U.S. demand for government to combat deadly, “we’vebeen hearing is essen- outbreak. “We’venever approached that He said the Abbotttests the componentsduring the pan- contagious diseases” when it tially ‘testing is everything,’ and Some U.S. labs continued to because of other shortages,” could deliver “lightning-fast re- demic stressed that system. Pro- canactually help,said Michael it isn’t.” facesignificant backlogs. An in- said Sterling Bennett, alab di- sultsinaslittle as five minutes,” megaCorp., aMadison, Wis.,- Cannon,ahealth policyanalyst Mr.Trump backed away from ternal Quest Diagnostics Inc.re- rector there, adding that in at atime when politicians based testing-chemical maker, at the CatoInstitute, which ad- aMarch 6promise that “any- port this month viewedbyThe practicethe lab cantypically do around the countrywerefret- told the Journal ordersfor their vocatesfor asmall federal gov- body that wantsatest canget a Wall Street Journal showedall somewherebetween 10% and ting over long backlogsatcon- productshad increased 10-fold ernment that keeps itshands test” to say, amonth later,tests of the company’slabs had back- 30% of that volume. ventional laboratories.The fed- so far this year,compared to the out of nearly everycorner of were unnecessaryfor people in logsofatleast three days to Roche HoldingAG, one of Dr. eral government bought same time last year. American life. much of the country. perform tests, and in some Bennett’ssuppliersofthe chem- hundreds of the devices to dis- Absent aclearly organized icals used in tests, said “the tributetostates. system forallocating materials supply situation maybechal- That marquee effort soon ran across the industry, “itfeels a lenginginthe short term” and intothe supply-chain issues that little bit likenaturalselection, that it wasprioritizing custom- have plagued the testing doesn’t it?” said Andy Last, the ersmost able to perform tests, buildup.State officials found chief operating officer at Bio- such as those that already have they couldn’t easily obtain RadLaboratories Inc., aCalifor- itsmachines set up. enough of Abbott’ssingle-use nia-based laboratoryequipment Promega, the Wisconsin cartridges to actually test pa- manufacturer. chemical maker,said it is priori- tients, they said. Each cartridge Thegovernment has stepped tizing ordersasthey come in, contains the chemicals and com- in at times,and rebuffed calls and filling them to the extent ponentsneeded forthe machine foraid at others. possible. to processone test. “There is zero probability we Almost immediately afterthe As of last week,Abbottsaid canhelp on plates,” said Dr.Gi- FDAcleared the Abbottdevice, it had distributed about 600,000 roir,the testing coordinator,re- called the ID Now, it became a cartridges forthe machines. ferring to the disposable plastic symbol of theadministration’s “Weunderstand thereis trays used in the testing pro- response.After arequest from a great demand from both the cess,inanemail this month to a WhiteHouse official, an Abbott public and privatesectorsfor doctor who had inquired about worker walked an ID Nowover ourrapid point-of-caretest,” supplies on behalf of acommer- from one of the company’s said ScottStoffel, Abbott’s cial laboratorywith dwindling Washingtonoffices,and it be- spokesman. “We’vebeen clear stores. came apropatthe March 30 from the outset on what we “This wasone lab in one news conference, people famil- could initially provide,and placethat is having trouble get- iar with the mattersaid. we’vemet everycommitment.” ting plates,” Dr.Giroir said to One of the people said the In recent days,state and hos- the Journal, adding that it WhiteHouse asked forthe de-

pital officials found in internal would have been inappropriate GES vice so it could test officials.

studies that the devices fre- to intervene. IMA When stateofficials received quently produced inaccuratere- He said the administration the machines in early April, sults, leading at least one hospi- had made strides by speaking to GETTY challenges quickly emerged. For taltoreturn the devices,they “every manufacturer” of key SE/ one thing,the machine cando said in interviews. testing chemicals.“Thereare one result quickly,inunder 15 Mr.Stoffel said the company some spot shortages around,” minutesaccording to the com- ANCE-PRES

believes the inaccurateresults he acknowledged. FR pany,but wasnever meantto arerare, and said it has made In Sunday’sbriefing,Mr. runthe large volumes of tests ENCE

changestoits instructions to Trump said the administration AG needed during apandemic. addressthem. waspreparing to use the De- Other machines,including one

Theobstacles in the push for fense Production Act, which can NGAN/ by Abbott,can run96samples national coordination of the lab compel manufacturerstomake at atime over several hours, far

supply chain followafailure needed productsinanemer- MANDEL outpacing the ID Nowinthe when the Centersfor Disease gency, to direct one U.S. facility President Trump showed a coronavirus testing device from Abbott Laboratories on March 30. course of an afternoon. P2JW111000-0-A01100-1------XA

THE WALL STREET JOURNAL. Monday, April 20, 2020 | A11 LIFE&ARTS

BONDS: ON RELATIONSHIPS |ELIZABETH BERNSTEIN Navigating Your Sex NI FA TO CRIS

O Life in the Pandemic BENEDETT BY Stress takes a toll on intimacy. Practicing ‘mindful sex’ can help. ION AT TR US ILL

ast week, Marcus An- coronavirus, there are also worries that aren’t overtly sexual, such as into three categories: absolutely from meditation—to help female war had an offer he about whether a pregnancy, and taking abath with apartner. OK, probably OK, and absolutely cancer survivors regain their abil- never thought he baby, would be healthy. Is sex safe now, though? In not OK. Masturbation—at least 6 ity to become sexually aroused. would refuse: “Do you “A stateofhigh threat, charac- March, the New York City Health feet away from your partner—is Thereare two core concepts: Fo- L want to have sex?” his terized by stressoranxiety,isnot Department put out guidelines on absolutely OK. Also perfectly safe: cus on the present moment. And girlfriend asked. conducivetohaving sex,” says Jus- sex and Covid-19. Doctors caution “If you and your partner are es- practicebeing nonjudgmental and Mr. Anwar said no. tin Garcia, acting executivedirector that the coronavirus is new, so the sentially on a desert island and compassionate. Techniques include “I had been watching the news and research director of the Kinsey data so far is incomplete. The vi- have no contact with the outside doing amental scan of your body, and Ihad toomuch on my mind,” InstituteatIndiana University,in rus has not been identified in se- world at all,” Dr. Streicher says. to identifytense areas; observing says the Toronto-based 30-year-old Bloomington, Ind. “There’sareason men or vaginal lubrication, doctors It is probably OK,Dr. Streicher your breath; and focusing your at- founder of aclassified-advertising gazelles don’t mateafew feet in say. However, it can be transmitted says,tohavesex with apartner you tention on touch when your mind website. “I wasworrying about a front of alion.” via saliva and breath, and research livewith, or who is your regular startstowander with anxiety. recession, about my elderly parents, There’sanother partner,ifyou are A caveat: Therapists advise about whether Iwould accidentally factor at play, too, Dr. monogamous and when you’re not feeling up for sex, makemygirlfriend sick.” Garcia says.Humans TIPS FORPRACTICING ‘MINDFUL SEX’ have been doing an just don’t do it—and don’t let that So Mr. Anwar turned to his girl- have evolved to have excellent job of so- stress you out. It’s OK to give friend and tried to let her down adisgust response, cial distancing from yourself a pass and find other gently. “How about tomorrow?” he an innatetendencyto n Don’t have sex if you don’t n Mentally scan your body for others. “Ifyou are ways to connect. asked. She smiled and replied: avoid thingswith the want to. areas of tension. sitting and having Mr. Anwar, who once owned an “OK, I understand.” potential to transmit n Remind yourself that it’s OK n Pay attention to touch. dinner together and escort agency, describes his pre- How’s your sex life? disease.This is why if the sex isn’t great. Direct your mind back to the breathing on each quarantine sex life with his girl- It’s a tough time for intimacy, we’regrossed out by present if it starts to wander. other,you might as friend, whom he has lived with for when people are terrified that feces, maggots or n Have compassion for your well have sex,” Dr. eight years, as “steamy.” The cou- kissing, touching or even breathing rotten food. And it’s partner. If you’re having trouble n Open your eyes. Make gentle Streicher says. ple typically had sex four to five on someone could be deadly. whywemight be focusing, assure your partner it eye contact with your partner. It’snot OK to times a week, he says. Stress and fear are big libido buzz- turned off by the is not his or her fault. n Try something new. It have sexwith some- Now, gripped by stress and fear, kills. And even if you can get in idea of kissing now: n Breathe. Slowly and deeply, doesn’t have to be overtly one who has symp- the couple has sex just about once the mood, privacy may be hard to Our lover could un- to help calm your nervous sexual—consider a bubble bath toms.And this isn’t a week, if that. Even when they come by, with kids and anyone knowingly harm us. system. or a massage. the time foranew are intimate, it’s not like before, else you are quarantined with Last month, Dr. partner,Dr. Mr. Anwar says. Instead of sponta- home all the time. Garcia and colleagues Streicher says. neously starting to make out, now Early in the pandemic, many at the Kinsey Institutelaunched an has found the virus in the stool of Manyexpertssuggest using tech- one person will ask: “Do you want people speculated that there would online study called “Sexand Rela- some patients. In other words, the nology, such as sexting,virtual sex, to have sex?” They avoid kissing be a baby boom next winter. Ex- tionships in the Time of Covid-19.” actual act of intercourse isn’t dan- video or phone sex, or toys that can and are careful not to breathe in perts now say that probably won’t Theinitial results, of asample of gerous. But getting close enough be operated remotely.But these op- each other’s faces. “It’s all very happen. Research has shown that 1,200 participants, showthat half to breathe on another person or tions don’t allowfor one of the mechanical now,” Mr. Anwar says. baby booms sometimes follow low- arehaving lesssex sincethe pan- swap spit is. most important aspectsofsex, To recapturetheir passion, the severity stressful events that end demic began. Yet, those who are “The decision to have sex is not something people cravenow:physi- couple is trying to replicatewhat quickly—like the threat of a tropi- still having sexare oftentrying very different from the decision caltouch and asense of connection. they used to do to getinthe mood. cal storm—because people respond something new, especially among you make to be in the same room So howcan youbring sexy back? They dressupasthey would fora emotionally. But when the trauma younger adults, people living alone, or be closer than 6 feet with a per- One way: a concept called mind- night on the town. They setapretty is intense and remains high over those who feel lonely,and risk-tak- son,” says Lauren Streicher, clini- ful sex. The idea has been around table,cook anicedinner and turn time—such as after Sept. 11— ers. Themost common newactivi- cal professor of obstetrics and gy- awhile. In 2002, Lori Brotto, a on some Rachmaninoff. there’s typically no baby boom. ties were sexting,sending nude necology at Northwestern clinical psychologist who is now a And they talk. “We acknowledge People are too anxious to think photos to someone else,trying a University’s Feinberg School of professor of gynecology at the the fact that this is temporary,” much about sex. And they question newposition and sharing fantasies Medicine. “The risk is the same.” University of British Columbia, in Mr. Anwar says. “We will have that the wisdom of bringing a baby with apartner.But some people To help people navigate this, Dr. Vancouver, started using mindful- passionate sex again. Things will into the world. In the case of the were experimenting with activities Streicher divides sexual activities ness—a technique that evolved get back to normal.”

from home as an APandemic Keepsake: independent marketing con- sultant have de- creased to about The Family Portrait five a week from at least 40. Her husband, Andrea BY ANNE MARIE CHAKER as an increasing number of stay- Battista, has home orders went into effect na- closed the doors SOME RELATIVES and friends tionwide). Families are posting of his hair salon united by the coronaviruspan- their pictures, taken by profes- and barber shop. demic aredocumenting their time sional photographers or neighbors Their daughter, together with casual group photo- or relatives, on social media. Here 10-year old Noa, graphs.Some of the pictures were are a few examples from different has been keeping inspired by the Front Steps Project, corners of the country. up with school created by agroup of Needham, via Zoom from Mass.,photographersand residents GLEN RIDGE, N.J. her bedroom and last month. They begantaking “Itjust feels likelifeisreally sim- misses her snapshotsofneighborsontheir ple right now,” says Suejean Mott, friends. front steps—from at least 10 feet a35-year old director in opera- But the family away.They posted them to Face- tions foralarge bank.Working has been spend- book and Instagram with the from home while caring forher ing more time hashtag #thefrontstepsproject. 10-month old twins Vivienne and Lilaj Segal, Andrea Battista and their daughter Noa posed with their dogs in their 1964 pickup. together. They Some subjectswereintheir sweats; Sebastian canbetough—and de- recently enjoyed others still in pajamas or their exer- lightful. “I cantakea30-minute OJAI, CALIF. are off limits. “It’s a difficult thing a Passover Seder, with Ms. Segal’s cise clothes.But all from afar. break and sit on the front lawn Jill Snowden is a single mom who to be there for your child and also family dialing in from four other “The distanceinthe pictureis and blowbubbles,” she says. has a full-time job as a marketing be focusing on work,” she said. homes in the Miami area. A few part of the composition and part of Ms.Mottand her husband, Jef- consultant. When she heard from Mr. Meyer came to take the days later, Mr. Battista’s relatives the story.” says Needham photogra- frey,also 35 and the vicepresi- her friends, married photogra- photos on a soggy Sunday. “We in Italy joined them via Zoom for pher CaraSoulia, who co-founded dent of financefor acommunity phers Matt Meyer and Jess Purple, were playing it by ear. Bodhi Easter dinner. Ms. Segal and Noa the effort. In lieu of payment, sub- food bank,are catching up with that they were taking front-porch hadn’t taken a nap” so Ms. took a virtual live-camera tour of jectswereasked to makeadona- neighborsinGlen Ridge, N.J.,and pictures during the quarantine, she Snowden worried the shoot would the San Diego zoo, just for fun. tion to the Needham Community meeting newones.“So manypeo- expressed interest. She wanted be a messy mix of rain and cranky On a recent bright day, they Council, alocal food pantry. ple areout on walks.Wesee peo- something tangible to remember toddler. “He finally fell asleep on piled into the back of Mr. Battista’s The first pictures were taken on ple and sometimes ask ‘Are you these strange times. the couch. The rain started sprin- 1964 Chevy pickup truck along March 17. Within a week, more newhere?’ and they’ll say‘No, “It’sbeen ahustle,” says the kling when he woke up, and he with their dogs River, a Husky, and than 200 photographers across the we’velived here…’” 42-year old. “I feel likebeing a was excited to see Matt, excited Cece, a Chihuahua mix. Their country were taking their own Gone arethe 5a.m. alarms,the single mom is ahustle anyway, about the rain. It set the mood.” neighbor, Tracey Hagen, took pho- front-steps pictures, posting them rushed morning commuteand vis- but nowthereisnotime to pro- tos from the sidewalk. and asking subjects to make their itstofavoriterestaurantsand cof- cess anything.” MIAMI “We were under the sun, we are own community donations in lieu feeshops that have closed their Juggling her job with the needs Lilaj Segal says that while the healthy, and those smiles are of payment. Today, there are more doors. “Wedoour work,make of her 2-year old son, Bodhi, is a “normal” in her life has changed, smiles of gratitude,” Ms. Segal than 20,000 images on Instagram food, take care of the kids,” Ms. challenge. Bodhi’s Montessori pre- she is overwhelmingly grateful for says. “We have our daughter, we GEN

HA using the hashtag. (On March 25, Mottsays.“When Ilook at that school said it would suspend oper- simple things like family, health have our dogs and if the worst

EY the Front Steps Project asked pho- picture, it’speaceful. Lifeissim- ations on March 13. Normal go-to and home. that can happen is we’re home— AC

TR tographers to pause the practice ple.It’sbeen really kind of nice.” parks and neighborhood friends The number of hours she works then we’ll take it.” P2JW111000-0-A01200-1------XA

A12 | Monday, April 20, 2020 THE WALL STREET JOURNAL. LIFE & ARTS

WHAT’SYOUR WORKOUT? |JEN MURPHY Fitness for aSwimmer Stuck on Land

A woman with no pool to train in devised a series of workarounds that she’s sharing with her fellow athletes.

WITH POOLSCLOSED over con- cerns about coronavirus transmis- RUNNING FORPEOPLE sion, Arlette Godges is adapting to being a fish on land. WHO HATE RUNNING The 55-year-old U.S. Masters swimmer was in the pool five days a week training for the UANA Pan Even those who loathe run- American Masters Championships ning are grudgingly lacing up in Medellín, Colombia. The June their sneakers in an attempt to competition has been postponed. get their cardio fix during the “I was feeling so strong,” she says. coronavirus pandemic. If you’re “Now I have to challenge myself new to running, regardless of with other things so I don’t be- whether you’ll be running on a come a slug and lose motivation.” treadmill, trails or road, go slow A physical therapist based in and steady, says Roberto Mandje, Santa Barbara, Calif., Ms. Godges senior manager of training and is used to seeing injuries that re- education for New York Road sult when swimmers start training Runners. on land. “We are great at cardio, “Takeagradual approach to but we aren’t used to pounding your running, both in the number our joints. Gravity is not forgiving. of minutes or miles youlog per We need to give our bodies time run, and intensity,” he says.“A to adapt.” gradual and measured approach, So manyfellowswimmers primarily in the firsttwo or three reached out to Ms.Godges,asking weeks, will allowyour body to howthey could avoid aches and adapt.” keep fitoutside the pool, she Arlette Godges holds a 25-pound bag of rice while If you have no stability ball at home, use a basketball, Mr. Mandje says many new- launched aseries of dryland work- performing side lunges, above, and uses toilet paper to above, to test your balance, Ms. Godges says. She uses runner injuries happen between out videos on Facebook. “You can help hold a one-arm plank in her backyard, below. soup cans as weights while she works her core, below. the knees and the feet. “One way find dryland workoutsbyMichael around these injuries is to make Phelps or Natalie Coughlin online, sure you’re wearing the proper but Iwanted to createsomething running shoes,” he says. If you forpeople in their 50s and 60s who have questions, call a running have tight hips,back or shoulder is- store or go online and find a sues,” she says.“They aren’t elite coach who can field your ques- swimmers, but they’rereally good tions. Other ways to avoid aches swimmersand might not have and injuries are to ensure you run equipment at home.” on even surfaces, he says. This Ms.Godges tries to post daily will put less pressure and strain and keeps videos under four min- on your lower legs. utes long.Her husband, JoeGodges, For those struggling with mo- has agreed to playvideographer, tivation, he suggests looking into but only allows one take.Videos virtual training programs and have themes likecorestrength. She races. “NYRR’s virtual 5K is a tends to demo three exercises and manageable distance for beginner uses household items liketoilet pa- runners,” he says. “You can run it per and waterjugs. Thevideos have on your own time anywhere in reached Mastersteams around the the world until April 30. Virtual country. “It’sbeen funhelping my races are a great way to stay fellowswimmersstaysafeand motivated and still feel connected sane,” she says.“Iwas able to hit a to the global running community, nerveinacommunity that is very as long as you do so while adher- tight and diverse in everyway,in- ing to your community’s social- cluding ability.” distancing guidelines.” This has also allowed Ms. Godges to maintain her own train- ing routine. “I haven’t run in the twice a week and spin class two to Gus, on extra walks, practicing so- she says, because it is light and The Gear and Cost last few years, and I really don’t three days a week. cial distancing. doesn’t cause neck strain. Ms.Godges runs in Hoka One One enjoy it,” she says. “But it works She decided on running to get a In the absence of heavy weights, “I make sure to take a day off Bondi sneakers($150) and tries to for cardio and I know how to do it dose of fresh air with her cardio. she’s been increasing the number still, just like I would when I’m replacethem beforeshe hits200 safely. Some people cope through She’s worked her way up to 4 of repetitions she does while swimming,” she says. “Recovery is miles.Her garage gymisequipped these times with virtual happy miles, three days a week. “Swim- strength training. She’ll make ex- important.” with dumbbells,astability ball, a hours, but I need to move.” mers who jump into running often ercises, like biceps curls, more spin bike, yoga matsand foam roll- Ms. Godges admits it’s hard to challenging by balancing on one The Diet ers. Fellowswimmershavemes- find motivation some days. She’s foot. Nowthat she’sburning fewercalo- saged her saying they’reunable to used to squatting 450 pounds at ‘Some people cope Her core routine usually in- ries,Ms. Godges tries to scale back find weightsorequipment, so she the gym. The heaviest weights she volves Russian twists, which entail portions.Breakfast is still yogurt, dedicated aFacebook post to cre- has at home are 25-pound dumb- through these times with balancing with your legs and torso fruit, granola and nut butter. Lunch ativeweight substitutions.Every- (4) bells. “I have to be OK with the virtual happy hours, forming a V (known as boat pose might be aturkey sandwich on thing from a25-pound bag of rice fact that I’m not going to be as in yoga) and twisting from side to whole wheat bread or asalad with to bottles of wine will work. strong when this is over,” she says. but I need to move.’ side. Ms. Godges holds a jug as she protein. She skips snacks,likefruit, One-gallon water jugs weigh JOURNAL “But when you look at what other twists. “The sloshing water be- and her middayenergy bar.She’s around 8 pounds, she says. Soup REET people are losing, you put things haves like a weighted ball,” she cooking with lessbutterand fewer cans can double as weights when ST

LL in perspective. Sometimes we get says. sauces.“Fried thingsare my weak- you power walk, she says. If you

WA a challenge like this and we need end up with shin splints, Achilles For glutes and legs she might ness, so Ihavebeen trying to buy don’t have a stability ball, balance

THE to adapt our values.” tendinitis or plantar fasciitis,” she do lunges and squats, both per- popcorn instead of chips,” she says. your hands on two soccer balls or R says. “We’re not good at shock ab- formed while holding two rolls of With her two athleticsons home basketballs while you hold plank FO The Workout sorption, so I like to work the up- toilet paper. “Holding an item in from college, she’spreparing large pose or do push-ups. Ms. Godges’s normal routine was hills and walk the downhills. Or if front with straight arms encour- quantities of food. “IfIcook six “Don’t underestimate the versa- BANKS

ER intense. In addition to swimming you can’t run, power walk.” She ages shoulder stability and cups of rice, it’sgone the next day,” tility of toilet paper,” Ms. Godges LT about 10 miles a week, she also has a spin bike in her garage that strengthening, which is super im- she says.“But buying bulk bags says. WA did strength training at the gym she uses four times a week and portant for swimmers,” Ms. gives me another option when I She uses rolls as weights and as VID

DA three times a week, took yoga has been taking her St. Bernard, Godges says. Toilet paper is great, want to liftheavier weights.” a substitute for yoga blocks.

Boswell Book Co. in Milwaukee. Bigger Than ‘War and Peace’ Creating a cohesive story across such a large canvas is a challenge. “Part of the charm of a really long drawn-out book is to see if a Author took two decades to complete his 1,506-page novel writer can do it,” he says. The audiobook is expected to run 55 to 56 hours. “When it BY JEFFREY A. TRACHTENBERG more than 1,150 pages, and it tow- tionalized Robert comes to audiobooks, often the ers over David Foster Wallace’s Moses, the power- longer it is the better it sells,” said IT TOOK Arthur Nersesian more “Infinite Jest,” published in 1996 ful public official Ron Formica, who acquired the than 25 years to write his epic at more than 1,050 pages. who reshaped New rights for Tantor Media, which 1,506-page novel about a dystopian “I’d write other novels, and York City and its produces digital audiobooks and New York City, “The Five Books of while waiting to hear back, that environs, and his spoken content. (Robert) Moses.” His patient pub- was the project I’d return to,” says brother Paul, an Tantor Media’s average audio- lisher dedicated more than 12 Mr. Nersesian, 61 years old, whose electrical engineer. book lasts about 10 hours. years to editing the book, which 1997 debut novel, “The F—-Up” A difficult rela- Akashic is best known for its comes out in late July. earned him what his publisher de- tionship between 2011 smash hit “Go the F— to “As long as he scribes as a loyal cult the two has dire Sleep” written by Adam Mansbach kept working, I kept following. “This could consequences. and illustrated by Ricardo Cortes, the faith,” says have easily gone to There are also and a series of noir anthologies. Johnny Temple, a 2,000 pages, maybe pop-culture favor- Mr.Temple,who playedbassgui- rock musician more.” ites from the pe- tarfor the band Girls Against Boys turned book editor He’s had other suc- riod, including and is the sole owner of Akashic who co-founded the cesses. His novel psychedelic evan- Books,says he had never edited, Brooklyn-based in- “Dogrun,” for exam- gelist Timothy Arthur Nersesian’s book features a dystopian New York. published or marketed abook be- dependent Akashic ple, was made into Leary; urbanolo- fore starting out. His firsttitle,pub- Books back in the the 2016 movie “My gist Jane Jacobs, and poet Allen post-9/11 world, where civil liber- lished in 1997,was Mr.Nersesian’s 1990s and has pub- Dead Boyfriend” di- Ginsberg. All are intended to show ties are taken away in the name of formerly self-published debut novel lished Mr. Nersesian rected by Anthony readers how the value of culture protecting society as a whole.” about ayoung man living in New since then. Edwards and starring erodes in an isolated world. He stuck with the project for York in the early 1980s.Afriend of Mr. Nersesian’s Heather Graham. Mr. Nersesian describes his more than two decades because he Mr.Temple’sbought acopy from work is a tale of ex- In his latest book, novel as “alternate history,” com- wanted to explore the relationship Mr.Nersesian when the author was tremes. The finished the story opens in paring it to Philip Roth’s “The Plot between people and their govern- working in afurniturestore;Mr. product weighs Rescue City, an edgy Against America,” and Philip K. ment. “It was like peeling an on- Temple liked it, as did the friends more than 4 pounds. If he stacked recreation of New York City built Dick’s “The Man in the High Cas- ion,” he says. “You discover some- he shared it with. all his manuscript pages since he in the Nevada desert following a tle,” both of which have been thing new, and then it takes you “I thought, I bet it’s not getting began the book back in 1993 it 1970 terrorist attack in Manhattan. made into TV shows. somewhere else.” its due,” says Mr. Temple. After would stand 6 feet tall, a shade An epidemic also plays a role: “At some point in the writing Akashic has printed 5,000 cop- hunting down Mr. Nersesian’s taller than himself, Mr. Nersesian Women who live there suffer from process I realized that so many of ies of “The Five Books of (Robert) street address, he introduced him- says. The novel is longer than the a virus preventing them from hav- the new people who had come to Moses,” and priced them at $44.95 self by postcard. Mr. Temple wrote 2007 hardcover edition of Leo Tol- ing children; other residents end this city had no idea of its rich each. Its imposing size will likely that he was in a band, starting a stoy’s “War and Peace,” which un- up in an underground facility cultural history and I wanted to attract readers, said one retailer publishing company, and that if folds across more than 1,200 where a disease spreads. The story bring it to life,” he said. “I was who has ordered two copies. Mr. Nersesian was interested, he pages. It also eclipses the com- jumps around in time; some of it trying to show a society in crisis, “Even if I didn’t work in a book- should give him a call. MAHER

ES plete and uncut 1990 edition of occurs in the original New York. with everything from the polariza- store, I would buy this book,” said Mr. Temple’s phone rang a few

JAM Stephen King’s “The Stand” at Main characters include a fic- tion of political parties to the Jason Kennedy, the buyer for the days later. P2JW111000-0-A01300-1------XA

THE WALL STREET JOURNAL. Monday, April 20, 2020 | A13 LIFE & ARTS

Nancy Odegaardofthe Universityof Arizona with Willem de Kooning’s ‘Woman—Ochre’ (1955), left; Rembrandt’s‘Christinthe Storm on the Sea at Galilee’ (1633), above;ascene from ‘The Rape of Europa,’belowleft

Prime). Hitler stripped museums, palaces and privatecollections across Europe partly as an extension of the Final Solution, but also with an eye to creating an encyclopedic museum in Linz,Austria, not far from his humble birthplace. We see train cars in Paris stuffed with loot, and some of the masterpieces,likethe Ghent Altarpiece, hidden in cavesand barely escaping destruction. THE STAYING INSIDE GUIDE—ART One aspect of this dark episode— profiteerstaking advantageofJews forced to sell their art at fire-sale The Art of the Steal prices in desperateeffortstosur- vive—is explored in “Gurlittand the Secret of the Nazi Treasure,” in German with English subtitles. These real-life stories of high-profile heists paint a compelling picture of international crime Hildebrand Gurlitt, aGerman art dealer,was one such character.He acquired atrove of nearly 1,500 BY MARY TOMPKINS LEWIS Florez), cowering in his room in works of modern art during the horror over what he had done,as 1930s and ’40s,leaving it to his son CTION

THE THEFT at theend of March of contemporaryexpertsand histori- Cornelius at his death in 1956.The LLE awork by Vincent vanGogh from a ans ponder his motives. cache remained asecret until 2013, CO Dutch museum came just days after That mysteryissolved in “Mona when, as we see in the film’ssus-

the 30th anniversaryofone of the Lisa Is Missing,” which featurespe- penseful opening sequence, Corne- EVERETT

most catastrophic art heistsofall riod footage, startling newevidence lius,bythat time 81 (he died the ON; time.At1:24a.m. on March 18, and the uncomfortable moment next year), became awanted man. ST 1990,burglarsbroke intoBoston’s when filmmaker JoeMedeiros re- Finally, “Discovering the De BO Isabella Stewart Gardner Museum, veals Peruggia’ssecret to his dumb- Kooning: AWFAAOriginal Docu-

taking 13 works,among them Rem- founded 85-year-old daughter. mentary” tells the storyofAbstract MUSEUM, brandt’smonumental and exquisite Fiftyyearstothe dayafter the Expressionist Willem de Kooning’s

“Christ in the Storm on the Sea at Mona Lisa theft, FranciscoGoya’s “Woman—Ochre” (1955), stolen ARDNER

Galilee” (1633), his only known sea- magnificent portrait of Arthur from the University of Arizona Mu- TG scape.After scores of investigations, Wellesley,the DukeofWellington, seum of Art in 1985.Itremained AR EW

tips and definitiveidentification of wasstolen from the National Gallery missing until 2017when patrons of ST the thieves (nowlikely dead), the in London. “Gone Goya,” ashort, aNew Mexicoantique storein-

fateofthe artworks remains un- period news clip,setsthe stage, formed itsshocked owner,who had ABELLA IS

known. That saga opens awindow while “The HistoryGuy: Theftof purchased the painting at an estate S; ontothe dark but fascinating inter- FranciscoGoya’sWellingtonPor- sale,ofthe work’sidentity.Ithad national world of stolen art. trait” tells the full story. Thepaint- hung behind the bedroom door of PRES An excellent introduction to the TheGardner heist is explored in 1911, when Leonardo da Vinci’s ing became the subject of afamous Jerryand RitaAlter,apair of other- TED CIA

subject is the BBC’srecent four-part depth in “Last Seen,” aseries of 10 Mona Lisa wasstolen from the Lou- sight gagin“Dr.No,” displayedin wise unassuming schoolteachers, SO series “The World’sMost Expen- podcastsproduced by WBUR and vre, itsabsenceunnoticed foraday. the eponymous villain’shideaway, whose lavish double lifeisslowly AS

siveStolen Paintings,” nowa the Boston Globe.The firstofthem, As re-enacted in an episode of the thus giving birth to the myth of con- exposed. Anephew, Ron Roseman, ONA/

movie on YouTube.Art critic “81 Minutes in the Gardner,” has an docudrama series “Raidersofthe tract thefts.(Ironically,the copy theirexecutor,and nearby neigh- ARIZ

Alastair Sookerevisits the Gardner, accompanying video.Inthis thrill- Lost Art,” the story, along with the used in the film wasitself nabbed bors, remain stunned by the news. OF speaks to the various players—in- ing short, the museum’scurrent se- painting’srecoverytwo yearslater, during production.) “The Duke,” a Thereturn of “Woman—Ochre” to cluding curators, security personnel curity chief,AnthonyAmore, re- captured the world’simagination, film starring Jim Broadbent as the museum, whose staff traveled in and assorted suspects—and ex- creates the theftstepbystepusing the publicity turning the painting Kempton Bunton, the retired bus secret and at night to pack it up for NIVERSITY :U

plores the lost works’ allure. With adigital floor plan. An anniversary intothe icon it is today. Among the driver who committedthe crime,is the trip home,offersahappy end- EFT

the brutish sounds of canvases be- podcast from NPR, “30 YearsAgo, suspectswas ayoung Pablo Picasso, scheduled forrelease in November. ing rare in such stories. PL ing cut out of their frames setting an Audacious Museum Heist In who had unwittingly purchased Ibe- Themost monstrous art crime in TO the scene forhis world-wide survey Boston,” bringsusuptodateon rian sculptures stolen from the Lou- historywas committedbythe Nazis Ms. Lewis, who taught art history OM FR of art thefts,Mr. Sookedispels the the investigation. vreinanearlier robbery. We watch during World WarII, astory bril- for many years at Trinity College, glamour Hollywood has bestowed Thefirst spectacular theftofthe the real thief,anItalian carpenter liantly laid out in the 2006 documen- Hartford, Conn., writes about art for WISE OCK

upon this malign universe. 20th centuryoccurred in August named VincenzoPeruggia (Dave tary “The Rape of Europa” (Amazon the Journal and other publications. CL

BY HEIDI WALESON THE STAYING INSIDE GUIDE—OPERA online emoji messages from Freia and Froh. WITH LIVE PERFORMANCE in the- At the other end of the agespec- atersruled out forthe foreseeable High NotesinDocumentary trum is “Tosca’sKiss,” ahaunting future, operahouses around the 1984 film by Daniel Schmid that was world areworking to maintain their restored and re-released in 2014(on relationships with their audiences Prime Video). In the Casa di Riposo and donorsthrough performances in Milan, founded by Giuseppe Verdi and other programming offered on- as ahome forretired musicians,65 line.Those relationships areessen- residents, most in their 80s and 90s, tial to their post-pandemic survival: evokeavanished agewith their Thegreat fear is that people who memorabilia and recollections of have done without liveperformance performances long past and collabo- forweeks or months decide they rators long dead. And thereisstill candowithout it forever. Nonprofit singing: An elderly woman with a artsgroups depend on both the terrible wig,abrilliant smile,and a ticket-buying public and the donors pocketbook hanging from one elbow who believeinthe public value of stops in ahallway and out comes their missions; hence, the need to “Vissi d’arte” from “Tosca,” aston- remain relevant and visible even in ishingly warm and lovely.“Ilived for extraordinarycircumstances. art” takesonnew meaning in this “The RoyalOperaHouse,” the context. six-part BBC documentaryseries Also in the historical realm is firstbroadcast 1996,available on TomVolf’s “Maria by Callas: In YouTube,demonstrates just how Her Own Words” (2018), on Prime complicated and expensiveitisto Video,made up entirely of television runanoperahouse even in normal interviews,footageofperformances, times.The filmmakershad extraor- home movies,and readingsofthe dinaryaccessduring nine months of soprano’s eloquent letters and jour- the 1993-94season, and their fly-on- nals.Those not familiar with the the-wall perspectivecaptures the Stephane Degout, Maria Bengtsson, Jurgita Adamonyte and Pavol Breslik in ‘Così fan tutte,’ above; Maria Callas, below Callas storymay be puzzled, but the perpetual existential tensions be- film has plenty of her magnetic tween art and commerce,and be- it wasnot simply aplaything of the week,asthese giftedyoung artists singing and recalls alost time when tween accessibility and elitism. rich. work with Met staff to preparetheir an operastarwould walk off an air- Each segment has itsown back- TheROH had some rockyyears arias,the film chronicles their single- plane to bouquetsand news cam- stagedrama. Some areartistic: A after1993-94, but it did accomplish minded focus and drive. During the eras,and young fans slept overnight disagreement between director and itsfacility expansion and, likeits firstrehearsal with the Met Orches- on the street to buy ticketstoher conductor leads to the conductor peers, worked successfully to tra, youcan see them sizing up the performances.Especially touching quitting just days beforeanew pro- changeits imageand demonstrate competition. Threetenorsare fea- areCallas’sletters about her lover, duction’spremiere. Othersare man- itspublic value.Itiscurrently tured, including Alek Shrader,who Aristotle Onassis (thereare home agerial: Themarketing director fires streaming operas and balletsonde- made alast-minutedecision to sing movies of them on yachtsinthe

the box-officeand shop managers; mand free from itswebsite, with Donizetti’s“Ah! mes amis,” with its Mediterranean), who abandoned her CTION

the newpersonnel director negoti- each newone beginning on Fridays nine high Cs.His triumphant perfor- to marryJacqueline Kennedy. LLE ates acontentious schedule change at 2p.m. EDT. Nowrunning areMo- manceisahigh point, as is Angela Theexcavation of theCallas CO with the stagecrew’sunion. Bud- zart’s“Così fan tutte” (toMay 10) Meade’svoluptuous “Castadiva.” storygoes on: TerrenceMcNally’s get-cutting is an overarching theme. and Handel’s“Acisand Galatea” (to duced several excellent behind-the- Hindsight is funhere: Thewin- recent death prompted memories of /EVERETT As the ROHgeneral director,Jer- May3); April 24 bringsBritten’s scenes documentaries by filmmaker ners(except forRyanSmith, who his 1995 play“Master Class,” in emyIsaacs,insisted to the Arts “Gloriana.” Susan Froemke; all areavailable on died in 2008) have gone on to sig- which Zoe Caldwell and Tyne Daly,

Council during afraught meeting Another backstagedocumentary, Met OperaonDemand. “The Audi- nificant careers. Forsome of the among others, have brought the PICTURES over funding,“youcan’t provide art “The Paris Opera” (2017), on Prime tion” (2009) is an engaging look at contestants’ recent activity,check divatolife. And Marina Abram- NY SO on the basis of the least cost op- Video and DVD, looks at that the- the Met’sNational CouncilAuditions out mezzoJamie Barton, bass-bari- ović’s opera“7Deaths of Maria Cal- tion. Theleast cost option is no ater’s 2015-16 season. Less revealing program. Twenty-two young semifi- tone Ryan McKinnyand pianist las,” itsApril 11 world premiereat OH; art.” With 25-year hindsight, one than itsBritish predecessor,itis nalists—chosen from 1,800 appli- Kathleen Kelly in “Das Rheingold: the Bavarian State Operanow post-

understands that the ROHwas on nonethelesspacked with diverting cantsthrough regional auditions— Coronadämmerung” on YouTube: poned indefinitely,demonstrates HOBAN/R the brink of anew age. Angling for storylines,likethe arduous process arriveatthe Met. Eleven arechosen Fricka and Wotan, in separatequar- that her mystique is evergreen. MIKE

public lottery money that would al- of casting alivebull forSchoen- to perform in the 2007 Grand Finals antines,sing their firstscene in “Das P: lowittomodernizeand expand its berg’s“Moses und Aron.” concert on the Met stage, acareer- Rheingold,” which featurestooth- Ms. Waleson writes on opera for TO OM

facilities,ithad to demonstratethat TheMetropolitan Operahas pro- making opportunity.Overthe next paste, asleep mask,cold pizza,and the Journal. FR P2JW111000-0-A01400-1------XA

A14 | Monday, April 20, 2020 THE WALL STREET JOURNAL. SPORTS Athletes Adjustto Working At Home

BY LOUISE RADNOFSKY AND ANDREW BEATON

At first, the greatest gymnast in human history expanded her train- ing with the finest, most advanced tool that’s readily available to world-class athletes these days. Si- mone Biles opened up YouTube, and she chose a twerkout video. She was underwhelmed. “It was mostly leg squats. There wasn’t a lot of twerking or what-not,” she said. Would she try it again? “It depends on how bored I get.” “I never work out outside of the gym,” Biles said, “because there’s GES never been a need to.” IMA Now, there’s an urgent need to. One of the strange consequences GETTY of the shutdown caused by the novel coronavirus is that, in one PETERSEN/ distinct way, it has made the

world’s best athletes just like the TIAN

world’s most mediocre athletes. CHRIS Everyone is trying to figure out Local lawmakers and federal public-health experts have given cautious backing to the idea of playing regular-season baseball games in emptyballparksinArizona. how to work out from home. This includes star NBA and NFL players and the guy next door who, to the dismay of the entire Baseball Makes aPitch to Play neighborhood, insists on wearing a funny hat while repeatedly thwacking a tennis ball against the wall and posting videos of the dis- An ideatosequesterplayers and hold games in empty ballparkssoundedcrazy.Itmightjustwork. turbance on social media. Which is exactly what it’s like to live next to tennis star Roger Federer these BY JARED DIAMOND off acomplexlogistical operation. Manfred has the support of the One of those ideas makes Ari- days. AND LOUISE RADNOFSKY Forstarters, staging abaseball government to try, however. Presi- zona the epicenter of the baseball Minnesota Vikings tight end game requires morepeople than dent Trump has been actively world, arole stateofficials appear Kyle Rudolph wrestled with a It sounded morelikesciencefic- most people imagine.Evenwith no pushing forthe return of sports, to welcome.Gov.Doug Ducey,aRe- question he hadn’t faced for his tion than real life: aproposal to fans in attendance, it takesmore even withoutfans in attendance, publican who wasrelatively lateto entire adult life: “What was life stagethe Major League Baseball than the players and coaches to put signaling that to him, they area issuing astay-at-home orderinhis like for me as an athlete before I season in afunctional Biodome-like on amajor-league season—and priority. state, said last week that “Arizona, had a world-class facility?” setting in Arizona, sequestering even they alone would constitute He said last week,“We have to at the right time,isveryopen- Rudolph is the rare Viking who players and other essential person- morethan 1,000 people.Thereare getour sportsback.I’m tired of minded to hosting whatever Major stays in the Twin Cities during nel in hotel rooms and holding also umpires and clubhouse atten- watching baseball games that are14 League Baseball would likefromthe football’s off-season. Because he games at various ballparks in the dants, stadium security staff and yearsold.” Officials inside govern- state.” does that, he has year-round ac- Phoenix area without fans. television cameraoperators, team ment and baseball recognizethe Another idea would be to include cess to his team’s state-of-the-art But baseball’scrazy contingency doctorsand bus drivers, grounds- Florida, the other statewith MLB complex. Then, a couple of weeks might not be completely crazy after keepersand cooks. spring training facilities.Gov.Ron ago, the doors were locked. That all. MLB must be able to guarantee The ability for baseball DeSantis,also aRepublican, has led him to the same things every- Over the past two weeks,local access to the testing infrastructure added professional sports to the list one else has been doing. lawmakersand federal public-health to monitor those people everysin- to proceed depends on of essential services in his state, Rudolph ran around the block. expertshavegiven cautious backing gle week of aseason—without that pulling off a complex paving the way forgames in empty He ran around his yard. He did to the idea. That haskept it alive taking away capacity from the stadiums.MLB has acknowledged push-ups and sit-ups, challenging among baseball officials even if it front-line response to the pandemic, logistical operation. that playing in Florida “isone of himself to do 10 sets of 25 each still remains far-off and full of com- or other sectorsofthe economy manyideas that has been dis- throughout the day. He didn’t use plexmedical and logistical obstacles. considered to be higher-priority. cussed.” his Peloton. “My butt always hurts Themost positivedevelopment At this point, such capacity In addition to the governmental after doing those rides,” he said. forbaseball came on Wednesday, doesn’t exist in the U.S.,meaning role that America’spastime could issues,MLB will also need to nego- when Dr.AnthonyFauci, the na- that it’simpossible to secureMLB’s fill in showing that the countryis tiatewith the players’union. Be- tion’stop infectious disease leader, self-made bubble.When or if that back on itsfeet, with some thinking sides economic considerations, expressed optimism about the via- will changeisstill unknown, which back to the firstgame in NewYork players have expressed concerns bility of playing an entireseason at is whybaseball is only in the earliest afterthe Sept. 11 attacks.AJuly 4 about what would happen if some- one location in empty stadiums. stages of formulating acomeback. opening day, forinstance, would body were to contract the virus and S “There’saway of doing that,” he “Baseball is not going to return fulfill those dreams. whether their families would be al- PRES said on Snapchat’s“Good Luck until the public health situation has Manfred is one of several sports lowedtojoin them. America” show. “Nobody comes to improved to the point that we’re executives invited intothe large co- Both MLB and the MLBPAsay ZUMA the stadium. Putthem in big hotels comfortable that we canplay alition that will advise the federal they arecommittedtoplaying as SMI/ wherever youwant to play. Keep games in amanner that’ssafefor government on howtoreopen the manygames as possible.The regu- ON them very well surveilled and have our players,our employees,our economy. lar season could be pushed through them tested everyweek and make fans,and in away that will not im- “Wedon’t have aplan,” Manfred October,with the playoffs going

MOORE/IC surethey don’t wind up infecting pact the public health situation ad- said. “Wehavelotsofideas.What through November in warm- each other or their family.” versely,” MLB commissioner Rob ideas come to fruition will depend weather cities or roofed stadiums. ONE

JEV Theability forbaseball or any Manfred said in an interviewon on what the restrictions are, what In virtually everycase,it’ll start Vikings tight end Kyle Rudolph sport to proceed depends on pulling FoxBusinesslast week. the public health situation is.” without fans.

Weather TheWSJ DailyCrossword | Edited by MikeShenk Shown aretoday’snoon positions of weather systems and precipitation. Temperaturebands arehighs for the day. Edmontondt 1234567891011 62 Reason for 23 BatonRouge 40s 20s 20s <0 50s aphone sch. 0s 12 13 14 15 VaV ncouver 30s notification 24 Aceupalawyer’s CaCalgaryC lgary 30s 10s Winnipegip 16 17 18 63 Contract to sleeve,maybe Seattle 20s protect secrets: 50s 27 “Chandelier” PortlandP d 70s 30s 19 20 21 22 Abbr. Helenal 40s Montreal 50s singer 70s Bismarck Ottawa 40s Down 29 Composer Eugeneg Billings 50s 40s AugustA g ta 23 24 25 50s 70s ToT ronto Bostot n 50s 1Sunblock letters Charles 70s 60s Boise 50s AlbanyA banyb Mpp/lss/.//St.Paaul Buffallo 26 27 28 29 31 Degs. formany 40s Siouxoux FFalllls Hartfordrtford 60s 2“This is great!” Pierre Milwaukkee Detroitt Newew YYork 50s 30 31 32 33 3Lawyers join profs 70s 50s 60s ChicChChicagog CCleveland 70s Reno 50s Deses Moines 50s Cheyenney them 32 “___ be my Omahah PittPittsbbhurgh 80s 34 35 36 Sacramento Saltlt LakLakeL keeCCityCiC tyy IndianapolisIndianapolis PhilaPhPhiladelphiah d ph pleasure” Denver Springfieldpg 4Driveagetaway 50s 70s Washingtonhih g on D.CD.DCCC.. 90s Sann Francisco 40s Topeka Kansas CharlesChCharlestonlt 37 38 39 40 41 42 car,e.g. 35 Flavor LasL 50s ColoC raddo City 100+ Springsp 50s Richmondh d 70s70s VeV gas Wichith a St.LLouis LoLLouisu villeill 5Overly 36 Helicopter 50s 60s Raleighliihh 43 44 45 46 40s Nashvillehill 60s permissive landing site LosAAlngele es 50s Santaa FFe CChCharlottltte 60s Oklahoma City Memphishi PhoenixPh 47 48 49 50 6Winking, maybe 37 Misbehave 50s Albuquerque ColumbiaC b Warm Rain San Diego 80s Little Rock Atlantlta 7Church fixture 38 Some preppy Tuccson 70s 51 52 53 Ft.Ft.WWoorthrth JacJackkson Birmingham 70s 8Changed pants DDallas Cold T-storms Mobilebil JJacksonvillek 54 55 56 57 58 platforms, 41 Like some 10s El PaP so AAtAustini 80s 80s Stationary perhaps chefsand 20s Houstot n Snow 59 60 30s NeewwOrleans Orlandoldd driveways 80s SanannAAntonioAt i 9Brosnahan of Tampmpap 90s Showers Flurries 61 62 63 “The Marvelous 42 Set down 40s Honolulull 90s Miami AAnchorh ageg Mrs. Maisel” 44 Pass easily 70s 50s Ice TOPOGRAPHICAL |ByKevin Patterson 10 Scrape (by) 45 Like older 11 Abilityinhibited audiobooks U.S. Forecasts TodayTomorrow TodayTomorrow Across 25 Each Oof 45 Ref. work with by closing one 49 Part of Walt City Hi Lo WHiLoW City Hi Lo WHiLoW s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1Bro or “XOXO” over45,000 eye DisneyWorld Omaha 67 39 pc 66 47 s Frankfurt 68 47 pc 70 48 s t...t’storms; r...rain; sf...snowflurries; sn...snow; i...ice obsoletewords Orlando 86 67 t8765s Geneva 66 49 c6949c 26-Across, 26 See 1-Across 13 Urges 50 Shaker sprinkle TodayTomorrow Philadelphia 58 44 c6637t Havana 92 73 s9172pc informally 27 Penfor pigs 46 Govt. pollution 15 Strong and 53 Is unable to City Hi Lo WHiLoW Phoenix 87 61 s8462s Hong Kong 81 74 pc 81 73 c 4___ Romeo 28 Earth’sorbit watchdog healthy 55 Toolatefor the Anchorage 43 36 pc 44 36 c Pittsburgh 56 42 pc 49 26 sh Istanbul 61 48 c5546c (Italian around the sun, 47 ___ fortat Atlanta 71 51 pc 74 48 s Portland, Maine 52 32 pc 50 32 sh Jakarta 91 76 t9077t 18 Newspaper hosp. Austin 83 59 c8368pc Portland, Ore. 72 47 pc 66 48 c Jerusalem 77 56 pc 76 62 c automaker) forexample 48 Go to makeup 57 Cowboy Baltimore6043c 65 37 t Sacramento 69 47 c7750pc Johannesburg7450pc7649pc 8Ginger’s dancing 30 Perfect place 50 Energetic for 21 Deliberately nickname Boise 71 45 s7344s St.Louis 67 48 s6242pc London 62 48 pc 63 49 s partner 32 “Who am ___ one’sage mislead 58 Nabokov novel Boston5038pc5633t Salt LakeCity 65 46 pc 68 46 pc Madrid 66 47 pc 61 48 t 12 Umpire’sstarting Burlington 49 33 pc 54 27 r SanFrancisco6151c 64 51 pc Manila 96 80 pc 96 81 pc judge?” 51 Half of bi- Charlotte 68 48 r7443s SantaFe6738c 68 42 c Melbourne 66 49 pc 68 55 pc call 33 Ones giving 52 Bumbling Previous Puzzle’sSolution Chicago 64 38 s5037pc Seattle6746pc6049c MexicoCity 82 61 pc 80 58 pc 14 LeBron James, pointers about 53 Censor of APPLEPAS BORG Cleveland 53 44 s4731pc Sioux Falls 65 29 c6346s Milan 60 51 sh 62 46 sh RARESTAPP EVEN since2018 pointers CRUNCH USODEMO Dallas 75 59 s7961pc Wash., D.C.6248c 67 38 t Moscow 49 32 sh 49 34 pc ancientRome 16 It maybe HAND ELLERRAM Denver6338pc6341c Mumbai 96 80 pc 92 82 pc 34 #1 hit, or ahint 54 Dog thatmay IDES DEVTEVERE Detroit 56 37 pc 45 28 pc International Paris 70 52 pc 69 51 pc alarmed to 3-, 8-, 11- and be ornamentally EERSRA SNEAKS Honolulu 83 69 s8370pc Rio de Janeiro7867s 78 69 pc 17 Frozentreat 24-Down clipped HEADTO CRTS Houston8562pc8468pc TodayTomorrow Riyadh 81 67 t8065t BETWEENJOBS City Hi Lo WHiLoW 19 Philosopher 37 Acetic or 56 Island off ARLO RACERS Indianapolis 61 46 pc 54 34 s Rome 66 54 r6853t STEPUP ARERCS Kansas City 66 43 pc 66 48 pc Amsterdam 62 46 pc 64 47 s SanJuan 87 75 pc 87 75 s Immanuel ascorbic, e.g. the coastof CHASTE ELOVERA Las Vegas 78 59 c7765pc Athens 72 58 pc 69 52 pc Seoul 60 42 pc 55 39 s 20 Fashionable 39 Massofchewing Long Beach, ELKPSALM EAUX Little Rock 72 52 s7754pc Baghdad 93 66 pc 96 70 pc Shanghai 76 53 c6052c NEST PEREVERSO Lauren gum California ITINELL SERMON LosAngeles 67 54 c7254s Bangkok 99 83 pc 100 83 pc Singapore9280t 91 79 t 22 As yetundecided, 40 Philosopher/ 59 Superior sorts CENT RAYESSES Miami 93 79 pc 92 74 pc Beijing 62 38 s5939s Sydney7356c 76 60 pc The contestanswerisAPP DEVELOPER. As Milwaukee 62 35 pc 48 35 pc Berlin 59 40 s6142s Taipei City 80 71 c7766c on asched. mathematician 60 Like most suggestedbyAPPLE (1-Across)and BETWEEN Minneapolis 56 29 pc 52 43 s Brussels 64 45 pc 67 46 s Tokyo5853r 65 53 pc 23 Reduced amount Blaise sandals JOBS (36-Across), four lines of the grid contain the Nashville 71 51 pc 71 42 s BuenosAires 77 60 s6959pc Toronto4637s 41 26 pc NewOrleans 82 63 s8267c Dubai 95 80 pc 91 77 pc Vancouver 57 45 pc 58 46 r 24 Bitterconflict 43 Auto frame 61 Puts into words name STEVE bracketing athree-letteranswer. Those four answers, in order,spell the contest

NewYork City 58 44 pc 62 35 t Dublin 56 41 pc 57 42 pc Warsaw5737pc5837pc s Oklahoma City 73 51 pc 75 54 t Edinburgh 55 38 pc 56 40 pc Zurich 65 45 pc 68 43 pc Solvethis puzzle online and discussitatWSJ.com/Puzzles. answer. P2JW111000-0-A01500-1------XA

THE WALL STREET JOURNAL. Monday, April 20, 2020 | A15 OPINION Upgrade Our 8-Track Government BOOKSHELF | By Steven Poole

I’ll admit to revealed that only 42% of all expect acheck,uptofour crease in demand. Let Us using this line stateand local government months.Meanwhile,Ican But even public-private all the time: computer systems were im- Venmo or Zelle money to your partnerships getpolitical. The “The Howard plemented afterOct. 25, bank account in seconds. The $10 billion contract Joint En- Stern Show” 2001. Therest are“old or IRS can do better. terprise Defense Infrastruc- Eat Cake asked Ringo broken,” including two-thirds In 1971 IBM introduced the ture, or JEDI, waswon by Mi- INSIDE Starr, “What of those used forchild sup- 3270 terminal for data entry, crosoftbut Amazon sued, VIEW did youdoport and half of those used those ubiquitous green claiming irregularities.(Yes, Ingredients with the forunemployment or vehicle screens,and 44 of the world’s the Pentagon is only now By Andy money?” registration. top50banks still use the moving to the cloud.) This will By George Zaidan Kessler “What Thefeds,who spend $88 technology. It now has a fan- be amessfor along time. (Dutton, 299 pages, $27) money?” “The billion ayear on information cier graphicalfront end, but Coming soon, likeitornot, money your mother gaveyou technology, areworse and no- maybe you have an eye like I Phase 4 of the corona stimu- hemicals getabad rap. And yet, as the science forsinging lessons.” torious forancient systems. lus promises a phantasmago- C educator and trained chemist George Zaidan Earlierthis month, Johns ThePentagon’scontrol of nu- ria of infrastructurespending emphasizes in “Ingredients: TheStrangeChemistry Hopkins surgeon Marty Ma- clear missiles and bombers Squandered funds lead on porky bridges and rest ar- of What We PutinUsand on Us,” ahighly entertaining karytold Tucker Carlson untilveryrecently ranon8- easnamed forU.S.senators. and deceptively sophisticated book,everything is made about amuch-needed Covid-19 inch floppy disks from the to ancient software. Watchyour wallet. Can we of chemicals: you, me,and everything we chewand quaff. antibody test developed in 1970s.Some of the weather- That givesuscrashes spend some of this to upgrade It’schemicals all the way down. Headlines constantly Januarythat wasunder re- tracking systems of the Na- from CD-ROMs and fax ma- warn us about the dangersofultraprocessed foods that viewbythe Food and Drug tional Oceanic and Atmo- and delayed checks. chines instead? might giveuscancer or shave yearsoff our lives.But are Administration.Dr. Makary spheric Administration and We need government, but some chemicals really that bad forus, or should we stop noted, “And we lost precious the National Weather Service it should be limited. Mean- worrying and gorgeonmicrowave dinnersand Cheetos? time when one of the original were programmed in Fortran, do and spot its use in stores, while,government is learning First, let’sdefine some terms.If“processing” food scientistssubmittedanappli- as far back as the 1950s.Or airline counters and at every fast what the privatesector means doing something to changeits chemical structure cation and wastold that he the National Institutes of DMV. Theproblem is that it already knows: As soon as you beforeweeat it,then humans have been doing that for had to submit it also by paper Health,which stopped buying takesforever to alter the digitize, technologyinvest- tens of thousands of years—most obviously through mail with aCD-ROM with the fax machines ...in2019. mainframe software or add ment is no longer static—it cooking,but also,asMr. Zaidan explains,through files burned on it.” CD-ROM? And—yikes—remember the new features. dragsyou along acapital-hun- practices such as the They mightaswell have asked 2018 false alarm? “Ballistic Contrast this with Face- grycontinuum from main- mashing and soaking of forapplications on adeck of Missile Threat InboundtoHa- book,wherenew hires and frame,mini, client-server,PC, cassavaroots, which IBMpunch cardswith audio waii. Seek ImmediateShelter. even summer interns could, mobile-first, cloud-first to, removes the cyanide on 8-track tapes.The FDA This Is Not aDrill.” And don’t within aweek of starting,see soon, AI.The privatesector contained in the plant. budget is around $5.8 billion. forget howHealthCare.gov their featuresdistributed to a digitizes to reducehead count Cyanide,averysimple What didyou do with the imploded in 2013. billion users. That’sthe speed and generateproductivere- chemical that manyplants money? According to the Govern- of software in 2020. turns, but government grows developed to poison animals Lastweek,New Jersey put ment Accountability Office, as On Monday, April 6—10 and growsatthe taxpayer that wanted to eat them, is out acall forCobol program- of May2016 two different In- days afterthe Cares Act trough. definitely bad forus. But merstoupdateits unemploy- ternal Revenue Servicecom- passed—NewYork Gov.An- Our government is an enor- what about the host of ment-benefitssoftware,which puter systems used fortax drew Cuomo announced a mous entitlement engine with (possibly carcinogenic) runs on mainframes installed dataand refunds were written partnership with Google,Del- what feels likeapatronage chemicals that result from the 40 yearsago. Cobol wasin- in “low level” assembly lan- oitte and Verizon to createa factoryoftwo million federal processing of pork intobacon? vented in 1959.New Jersey guage 56 years prior. I get it: “Tech Surge” portal to han- workersaveraging $135,000 in Then thereare the ultra- has a$39 billion budget. It works,sowhy messwith dle the jump in unemploy- salaryand benefits. Then add processed foods: those produced What didyou do with the success? But in reality, those ment claims.Itwas ready by periodic stimulus bonanzas. industrially and designed to be cheap money? $1,200 taxrebates granted to 7p.m. Thursday. Google So yeah, we knowwhat hap- and convenient. In the U.S.,Mr. Zaidan tells IgrewupinNew Jersey Americans (including de- claims to have offered other pened to the money.But it’sfi- us,morethan 58% of our calories “come from ultra- (Exit14), but this ineptitude ceased ones) in the Cares Act states similar technologyto nally exposed forall to see. processed foods,” afact that is oftenblamed forthe is everywhere. A2018 study have taken weeks, and if you help scale the massivein- Write to [email protected]. country’sobesity epidemic.These Frankenfoods areso chemically engineered that they must be bad forus. Or must they? In aslyly brilliantbait and switch, what is framed as a AMLO Tries to Capitalize on Coronavirus book about what we should eat becomes athriller about the scientific method itself.For agold standardabout how TheFitch Rat- with asmirk,has accelerated billions of dollarsonhis own year.InJune it forced the we build a“bridgeoftruth” in health science, Mr.Zaidan ingsdown- “the collapse of the neoliberal pet projectswhile destroying cancellation of tendersfor de- explains the multiple strands of evidenceweamassed to grade of Mex- model in the world,” which wealth at the government- velopment of seven onshore be absolutely surethat smoking causes lung cancer.Asan ico’sforeign- “already doesn’t work.” owned oil companyPetróleos areas. These areas, according example of “lesscertainty,” he then discusses sunscreen: currencydebt AMLO has the upper hand Mexicanos, akaPemex. to Natural Gas Intelligence, It “unequivocally reduces your risk of sunburn,” he to BBB- last now. But here’sbetting that Pemexwas onceapowerful contain 392 million barrels of explains,but we arelesssurethat it reduces the risk of AMERICAS week sur- themarket will have the last oil companyand the symbol oil equivalent in “proved, skin cancer,and wearing it everyday might ultimately be prised no one. laugh. Sadly,bythe time he’s of Mexican corporatism. Mr. probable and possible ...hy- bad foryou because of the ingredientsthat canenter the By Mary TheMexican forced to acknowledgehis LópezObrador wantstomake drocarbon reserves” and 683 bloodstream. Anastasia economywas folly,ageneration of middle- it so again. But the company millionbarrels in “unrisked Thingsare still lesscertain in the field of diet and O’Grady already weak classgains maybelost. is suffering the effectsofthe prospectiveresources” as of health. What we knowabout the possible harms of going intothe Covid-19 is an international global oilglut and drowning June 2018. certain foods,Mr. Zaidan explains,comes mainly from Covid-19 pandemic because challenge, and economists in debt implicitly backed by By closing down the auc- “prospectivecohort studies” wherescientists“recruit a President AndrésManuel Ló- acrossthe globe favorgovern- tions, AMLO gaveupthe op- bunch of people and check in with them regularly for pezObrador’seconomic ment effortstosoftenthe eco- portunity to enhancethe years,” but “don’t requirethem to changetheir diet or agenda is antigrowth. His nomic blowcaused by stay-at- He’s treating the value of Pemexproperties. behavior in anyway.” Thereare manyproblems with this strategyfor dealing with crum- home edicts. No solution is But forthis president, oil is a approach, we aretold, and Mr.Zaidan gleefully bling demand at home and perfect. One popular idea, to economic crisis as a zero-sum game and inviting enumerates some half dozenofthem. (It’sakind of abroad from the coronavirus is extend forgivable loans to em- chance to advance entrepreneurstoshareinthe carefulmethodological demolition that the author calls making thingsworse. ployers who continue to pay profitsisforfeiting Pemexre- putting on his “Asshole Hat”—he assures us that anyone It’shardtoknowhow sick employees,misses other oper- his socialist agenda. sources, which he stresses are canwear one.) Mexicoismedically,because ating costs. The Federal Re- nonrenewable. Covid-19 testing is very lim- serve’saggressivebond-buy- Meanwhile he’ssinking $8 ited. But the economyising has been criticized for the government. Pemex’sout- billion intoanew Pemexgas- Aresome ultraprocessed foods reallythat deathlyill. TheWorld Bank favoring corporateAmerica standing debtstop $100 bil- oline refineryinhis home badfor us, or canwestopworrying and forecastsa6%contraction over midsizefirms that could lion.Itowesanother $10 bil- stateofTabasco, even though this year.The peso has fallen face bankruptcy if shutdowns lion to suppliersand has some all six existing refineries gorgeonmicrowavedinnersand Cheetos? 22%against the dollar in the drag on. $77billion in unfunded pen- have surplus capacity and past two months,robbing mil- YetAMLO’sinsistencethat sion obligations. lose money. If Pemexhas a lions of Mexicans of savings aid to midsizeand large busi- Creating value ought to be comparativeadvantage,it’sin Forexample,it’sverydifficult—maybe impossible—to andpurchasing power. nesses is ahandout to corrupt job No.1atthe company, but upstream crude production, pick apart the effectsofcertain dietaryhabitsfromthe Only an ideologue likeMr. elites is preposterous.Asfor- to do that it needs the flexibil- not downstream refining.But effectsofbeing poor,ordoing lessexercise,orother LópezObrador could see this mer Salvadoran FinanceMin- ity to manageits portfolio of that doesn’t fitMr. LópezOb- correlated lifestyle factors. (Ifyou eat lotsoforganic human tragedy as opportu- ister Manuel Hinds has writ- oil fields.This implies letting rador’s vision forMexican vegetables,for example,you arealso likely to have good nity.Hewon election in July ten,the virus is likeatsunami privateinvestment bid on proj- autarky. health insuranceand agym membership.) Second, the 2018 on apledgetousher in a bearing down on afishing vil- ectsand exploit reserves where Last week Fitchfurther studies rely on questionnaires aboutwhat people eat, newera of socialism that he lage.The boatsmust be saved Mexicolacks the technologyor downgraded Pemexdebt, and people areverybad at remembering what they eat— calls the Fourth Transforma- so that when the storm the capital to do it on itsown. which wasalready at junk sta- sometimes they even lie.Third, showing astatistical tion. Nowhe’streating the passes,the villagerscan go Or Pemexcould enter intojoint tus,and on FridayMoody’s association (say, between aloveofcheeseburgers and pandemic-caused spikeinun- back to work and earn their ventures with other companies, cut Pemexdebt to junk.This heart disease) does not by itself showacausal employment, lost wagesand livelihoods. which would provide know- means manyinstitutional in- relationship. business failures as achance Mr.LópezObrador isn’t in- howand money. vestorswon’t be allowedto Mr.Zaidan offersamarvelously clear exposition of the to advancehis agenda. terested in saving the boats. Some of this had been hap- hold the bonds. statistical methods in such studies,and some notorious In apress conference ear- He frames government sup- pening sinceMexicoopened High yields mayalready be abuses of them—especially the sleight of hand known as lier this month AMLO,asthe port to entrepreneursasitsoil and gasresourcesto anticipating arestructuring. “p-hacking,” where“p”is,essentially,amathematical president is known, said that it harmful to the poor because it privateinvestment via a2013 AMLO doesn’t likemarkets. “measureofsurprise,” and hacking it involves selectively would be “absurd” to stay the would add to the debt. That constitutional reform. But the But he should worryabout pruningone’sdatauntil something that looks surprising economic course of his prede- argument would be moreper- LópezObrador government marketsthat don’t likehim. is found. One satirical team of scientists, forinstance, cessors. Thevirus,headded suasiveifheweren’t spending slammed on the brakes last Write to O’[email protected]. managed to showthat Geminis aremorelikely to be alcoholics.(Don’t worry; they aren’t really.) Thekicker to Mr.Zaidan’switty and clever analysis is that, even if we assume that the nutritional studies are Why I’m Running Against AOC totally right, their worst-case scenarios arestill not that bad. Thestrongest claim is that adiet high in ultra- By Michelle Caruso- tion.Now,most of them are other wordsthose 25,000 ist made it sound like$3bil- processed foods is associated with a14% higher risk of Cabrera out of work.That’soverone- Amazon jobs would have lion in taxsubsidies forAm- death. That sounds alarming.But formost people it’sa thirdofthe district’sworking meant at least 42,500 total azon would be coming out of 14%increase in averylow baseline number.And the risk Queens, N.Y. population of 350,000. jobs,and perhaps as manyas their pockets. of death gets steadily higher as we age, anyway.Simply he Covid-19 crisis is es- Restaurantsand hotels had 125,000.Gov.Andrew Cuomo, In truth, NewYork City turning 20 increases aperson’srisk of death by “almost T pecially direinthis to shut down, but one mas- aDemocrat who backed the and statewould have re- exactly” 14%, even if he consumes nothing but kale, NewYork City borough. sive employerhas held on to deal, put the number at ceived $27 billion in taxreve- blueberries and Himalayanglacier water. Our neighborhoods,manyof staff and even is hiring tens 107,000. nue over 10 yearsinstead of “Ifthis were aMalcolm Gladwell book,” Mr.Zaidan them in Rep.Alexandria Oca- of thousands morearound the That’swhy NewYork City’s $30 billion—a return of 800% writes mischievously near the end, “right nowyou’dbe sio-Cortez’s district, are country: Amazon. minority residentswereover- on the $3 billion taxbreak. reading ablistering rebukeofscienceasawhole.He’d called “the epicenter of the whelmingly in favorofAma- Once residentsunderstand use astory about aspaghetti saucescientist to argue epicenter,” and our hospitals zon. Tenantsinthe Queens- that subsidiesare merely a that youcan’t trust adamn thing anyscientist says.” “hot zones.” The virus hit Queens bridgeHouses,the largest discount on taxesrather than And yet, Mr.Zaidan argues persuasively,the disagree- Dense neighborhoods with hard. Those Amazon housingproject in the U.S. acash payment to companies, mentsbetween nutritional epidemiologistsand other several generations living un- and the one closest to what they feel bamboozled, angry scientistsonthis subject showscienceworking as it der the same roof suffered a jobs could’ve helped. would’vebeen the newAma- and betrayed by Ms.Ocasio- should: It’smessy and imperfect, but the struggle is a rapid spread of the disease, zoncampus,pushed hardfor Cortez. struggle toward truth. producing38,733cases as of the opportunities it would Imagine howmuch better In the meantime,the author’s health adviceis Sunday, the highest of the Forthe people of Queens, bring. off Queens would be in this refreshingly simple: Don’t worrysomuch. Do some five boroughs. that is athumb in the eye. Nonetheless, politicians emergencyifwecould count exercise.Goonadiet if youwant to (anydiet will do). Theeconomyhas also been We had the chancetolet Am- campaigned against the proj- on astrong and growing em- “Ifyou decide to cut out all ultra-processed food, that’s devastated. Tens of thousands azon open asecond head- ect, and Amazon pulled out. ployerlikeAmazon—still hir- totally fine,” he concludes.“It might makeyou feel better, areout of work because their quartersherewith 25,000 Theloudest opponent was ing even now—toprovide res- whether from the placebo effect or,just as likely,because jobs can’t be done from newjobs.Economistsdebate Ms.Ocasio-Cortez. identswith jobs on the way you’ll have to replaceall the ultra-processed food with home.Beforethe pandemic, the multiplier effect it would That’swhy I’m challenging to our recovery. fruits, veggies,and other stuff most dietswould tell you roughly 120,000 residentsin have had, with some saying AOCinthe June 23 Demo- NotetoJeff Bezos: Any to eat anyway.” the 14th Congressional Dis- therewould be five newjobs, cratic primary. As Icam- chanceyou would reconsider? But mainly his counsel boils down to this: “Relax, trict—which covers northwest manyofthem in Queens,for paigninQueens and the dude.” And if successfulrelaxation, especially in these Queens and part of the everyAmazon hire. Even the Bronx,voterstell me it is Ms. Caruso-Cabrera is a troubled times,involves Cheetos or chocolate, that’sstill Bronx—worked in food ser- most skeptical economists dawning on them howmuch former CNBC anchor and a anet positivefor your well-being. vice, hotels,artsand enter- put the figure at seven other theirrepresentativelied to candidatefor Congress in tainment, retail or construc- jobs per10Amazon hires.In them. Thedemocratic social- New York’s 14th District. Mr. Poole is the author of “A Word for Every Day of the Year.” P2JW111000-0-A01600-1------XA

A16 | Monday, April 20, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Sending Hospitals Into Bankruptcy We Can Better Protect Those Seniors in Care

ublic-health officials have directed gional Healthcareisclosing clinics and outpa- As we continue to navigatethese spreading the virus to other staff Americans to stay home to slowthe coro- tientcenters. Thehospital trade association in uncertain, unprecedented, fear-filled membersuntil manyare unknow- P navirus spread and ease the burden on Pennsylvania reportsthat itshospitals arelos- times,weneed to protect our most ingly sick and start spreading the in- vulnerable populations.“Toll in Senior fection to their patients. It is also health-careproviders. Most ing $1.5billion to $2 billion The lockdowns are doing Homes Wider Than Reports” (Page possible the disease entersthrough areas of the countryare suc- each month. Philadelphia’s One,April 11) groups together skilled- essential but nonpatient servicestaff ceeding—so much so that hos- great unintended harm Einstein HealthcareNetwork nursing facilities (nursing homes) who passittothe nurses and aides pitals and physicians arehem- is projecting itsbiggest finan- with the broader spectrum of senior who areincontact with residents. orrhaging cash due to to medical providers. cial lossever. living communities that support inde- Social distancing in the workplace declining demand forcare. Contractorsthat provide pendent living,assisted living and needs to be the focus of renewedef- TheCentersfor Disease doctorsand nurses to emer- memorycare. Residents of nursing forts, especially contact not directly Control and Prevention last monthrecommended gencyrooms arealso laying off workers. Mere homes,with their serious comorbidi- related to the job. that health-careproviderspostpone “elective” months agoprogressives were attacking these pri- ties,are at much higher risk of seri- ROGER FERGUSON procedures to free up capacity and conservepro- vate-equity backed staffing agencies forrolling in ouscomplications and death from Melbourne, Fla. tectiveequipment fortreating coronavirus pa- clover.Now their ER businesshas vanished since Covid-19.While senior living commu- nities have experienced tragic losses Ihavebeen involved in long-term tients. Governorshavelikewise ordered providers folks aren’t getting in caraccidents, and fewerkids in the past weeks,they areatamuch care in Kansas since1979.Our com- and citizens to reschedule “non-essential” ap- arebreaking bones. lowerrisk.Furthermore, senior living panymanages seven ruralnonprofit pointments. Forbetterorworse,these directions Even hospitalsinNew York aregasping.East- communities maybeinabetterposi- Kansas nursing homes,and we are arebeing stringently observed. ern NiagaraHospital’sCEO Anne McCaffrey ex- tion to contain the spread of the dis- working 24/7 to preparefor our Hip and knee replacementsare being delayed, plained last week: “For the last few weeks we’ve ease because of their ability to have firstcase of Covid-19.Our staff butsoare mastectomies.Some doctorsare paus- had [non-essential] employees not working to greater social distancing. shows up everyday,risking their ing chemotherapy treatmentsfor lessaggressive their full capacity,manyofthem not working at Theone similarity they all share ownpersonal health for$15 per cancersdue to government recommendations all, expecting therewould be aneed elsewhere is that they house an elderly popula- hour.Leadership from the regulatory but also to avoid suppressing patient immune in the hospital forthem. Currently,we’renot ex- tion, with an averageage of over 80. agencies is extremely weak because systems.Preventivescreeningsincluding mam- periencing asurge of Covid-19 patients.” What allthese facilities desperately of alongstanding cultureofadver- mograms,colonoscopies and melanoma checks Eastern Niagaralast year wasamong two need is priority access to personal sarial relationships.Their job is “in- protectiveequipment (PPE) and spect, identifyweaknesses and pun- have been cancelled. dozenorsohospitals to file forbankruptcy due Covid-19 testing to continue safe ish.” TheCentersfor Medicareand iii to miserly Medicaid and Medicarereimburse- care forresidentsinthe coming Medicaid Services,rather than pro- It’simpossible to forecast the human cost ments. ARAND study last year estimated that months.Manyfacilities arerunning viding localsupport and guidance from this suspension of care.Aggressivecancers Medicarepays about 40% of what privateinsur- out of supplies including facemasks, immediately,addresses us last. We maygoundetected. Chronic conditions that have ersdo. Medicaid typically pays about 70%ofthat eyeprotection, gowns and gloves arethe stepchildren in the health- been controlled with regular check-ups and med- and lessthan half in states likeNew York and that protect workersbravely provid- care system and servethe “forgot- icines mayworsen. While doctorscan prescribe California. ingcaretoresidents. Our federal, ten” generation. drugsoverthe phone or web, physical exams and Sincemost coronavirus patientswho arehos- stateand local lawmakersand health JOHN R. GRACE medical imaging areneeded to diagnose many pitalized areelderly and lower-income,hospitals departmentsneed to take swiftand GraceTeam Services ailments. that do experiencesurging demand will be un- effectiveaction to ensurethe safety Topeka, Kan. and well-being of residentsand staff Then there’sthe financial cost to the health- der-compensated fortheir care.Congress’s$2.2 living and working in senior living Therehas been morepublic dis- care system. Most doctorsand hospitals make trillion relief bill boostsMedicarereimburse- and makethem apriority during cussion of howtodisembark people most of theirmoney on electiveprocedures for mentsfor coronavirus patientsby20% and in- this crisis. from cruise ships than howtomove privately insured patients. Nowtheir largest rev- cludes a$100 billion fund forhospitals,but it’s PROF. EDWARD L. SCHNEIDER, M.D. nursing-home residentsout of nurs- enue stream has dried up.Outside of afew hot unclear howthis money will be allocated. University of Southern California ing homes,which arealso incubators spots, few providersare inundated with corona- Independent physician practices won’t bene- Los Angeles forthe coronavirus,and back to virus patients. They arehaving to cut payand fitfromthe federal relief.While they canapply their ownhomes.What isn’t widely furlough staff to stay afloat. forloans from the Paycheck Protection Program, We aretrying to build moats known is that most people in nursing OxfordEconomics forecaststhat 1.5million itsrules limit qualifying payroll compensation around these facilities,but the dis- homes could liveinthe community “non-essential” health-careworkerswill lose to $100,000 per employee—lessthan athirdof ease is already inside the walls or with proper attendant care.Medic- their jobs this month. TheMayoClinic is cutting the averagephysician salary—and excludes pay- has apasstofreely crossthe draw- aid-funded community-based ser- bridge. Irecently spent six weeks in vices exist. Attendant-careworkers physician salaries by 10%. Boston Medical Center mentstovendorslikelaboratories. anursing home getting six hoursof help disabled people reside in their is furloughing 10% of itsworkforce.Cincinnati- Theavowedpurpose of the government shut- IV antibiotic daily,and as profes- ownhomes,providing help with all based Bon SecoursMercy Health, with 43 hospi- downs wastoreducestressonhealth-carepro- sional as the staff was, Iwas rarely activities of daily living,including tals and 1,000 outpatient facilities acrossseven viders. But the University of Washington’sInsti- in closecontact with anystaff mem- eating,shopping,bathing, toileting. states,isfurloughing employees who aren’t tute for Health Metrics and Evaluation ber formorethan two to three min- Without these services,severely dis- treating coronavirus patients. projections nowshowthat demand forhospital utes at atime.However, Icould see abledpeople areforcedtogoto “Even though we were financially strong en- resourcespeaked aweek ago, and thousands of nurses and other staff in close con- nursing homes to survive. People tering this crisis and areinabetterposition than hospital beds areempty in places with few tact with one another oftenand for don’t want to be forced to go to manyother health systems,our response to this Covid-19 patients. extended periods.This provides a nursing homes.They want to reside pandemic has placed atremendous financial Politicians and the pressare praising health- highly probable explanation of the in the community in their own burden on our ministry’sresources,” Mercy CEO care providersfor their courageand sacrifice, mechanism of virus transmission. homes with appropriateservices. One staff member gets infected and STEPHEN F. GOLD John Starcher recently told employees. and well they should. But shutting down other then mingles with co-workers, Philadelphia St.ClaireHealthCareinKentuckyisfurlough- medical services to fight Covid-19 mayput many ing aquarter of itsstaff,and Appalachian Re- of those same providersout of business. The Coronavirus Cops Growing Bureaucracy Is No Pandemic Answer Rahm Emanuel’s“HowtoPrepare organization in Washington, similar napublic-health crisis,governmentsmay school never called to discusswhat doctorshad forthe Next Pandemic” (op-ed, April to other federal departments, but do thingsthat aren’t justified in ordinary told them about their daughter though Mrs. Co- 14)isareminder that astatist will, with lesswork to do on acontinuing I times.But as apolicevisit to ateen’s hoon had earlier spoken to both the principal in the former mayor’sfamous words, basis.Likeall bureaucracies,itwould “never let aserious crisis go to createintrusivefunctions foritself to home in Oxford, Wis.,shows,some actions are and the band teacher about her illness. waste.” He will always propose yet justifyexpanding itsbudget, and hire overkill. Then the cops showedupatthe Cohoons’ another program or cabinet-level de- lotsofpeople to be in charge. Afteraspring break trip to Florida with home.According to asuit filed on their behalf partment. God forbid that we require BILL CAULFIELD her high school band, 16-year-old Amyiah Co- by the Wisconsin Institutefor Lawand Liberty, actual performancefromany existing Naples, Fla. hoon developed asevererespiratoryillness the officer said he had ordersfromthe sheriff programs or departments—we with symptoms similar to Covid-19.Onher to demand that she deletethe Instagram post should start another one to coordi- It’sironic that George W. Bush’s second visit to the hospital, she wastested. or he’dciteher or her parentsfor disorderly natethem all. thoughtfulproposal fordealing with Though she tested negative, her family says conduct and “start taking people to jail.” We cannot expect politicians—any pandemics wasallowedtolapse un- they were told she had likely had the virus but Amyiah says she complied. party,any level, anytime—topre- der Barack Obama’sadministration. had missed the windowfor testing positive. Alawyer forthe sheriff’s department says the parefor anything if they cansiphon KNIGHT COOLIDGE Afterreturning home,she posted aphotoof policeansweredin“good faith” to avoid “un- off the preparednessmoney to buy Round Pond, Maine votesunder the coverof“social jus- herself in her hospital bed saying that though founded panic.” But as Attorney General William tice” or whatever they advocate. IappreciateMr. Emanuel’sinput she wasstill on breathing treatment she had Barrrecently noted, thereisno“pandemic ex- DAVID L. GILMER on the current coronavirus situation, “beaten the virus.” ception” to the Constitution. Thesheriff,the Kerrville, Texas including the fully expected second- Theschool’sdistrict administrator sent a school system andthe teen would all be better guessing of responses.Itisabso- messagetoall school families denying the “ru- off if the sheriff’s officeapologized forthe heavy- Inoticeastark sentenceinMr. lutely no surprise that his solution to mor” that astudent had contracted Covid-19 on handed treatment—and admit that Amyiah Co- Emanuel’spiece: “The reserve[of managing pandemics is agreat in- aschool trip,calling it a“foolish means to get hoon’sInstagram postswerefreespeech pro- medical equipment] wasnever re- crease in thesizeofthe federal gov- attention.” Meantime,the family says,the tected by the FirstAmendment. plenished afterWashingtonwent to ernment. That is thesolution from warwith previous pandemics.” This all liberals.Isn’t thereabettersolu- comes aftergiving credit to Presi- tion than afull-boreramp up of a dentsClinton and George W. Bush newmultibillion-dollar government China’s Hong Kong Roundup forpresumably putting this stockpile agency? Iguessone of itsmajor on agood footing.Sowhy wasthis tasks will be taking amonthly inven- he world is learning some unpleasant derlying messageisthat anyone who has strategic stockpile of medical equip- tory of personal protectiveequip- truths about China’sCommunist Party marched against the government is vulnerable ment not replenished? Guessithad ment, ventilators, cots and beds in T amid theCovid-19 pandemic,and the to arrest and prosecution at any time. something to do with the administra- federal storage, much of which will latestexample comes from Article 22 of Hong Kong’s tion that followedthat of George W. likely be tooold or decayed by the Hong Kong.PoliceonSaturday Beijing increases its Basic Lawstatesthat the Chi- Bush, an administration in which Mr. time it will be needed. Thereare bet- arrested morethan adozenof hold on the territory nese government will not in- Emanuel wasamajor player. tersolutions at lowercosts. the city’s most prominent pro- terfereinHong Kong’sadmin- LAWRENCE G. KARCH JEFF SOLBERG ponentsofdemocracyonwhat with a spate of arrests. istration of itsown affairs. But Gainesville, Va. Bonita Springs, Fla. has all the earmarks of orders afterpro-democracylaw- Isuggest we carefully read Mr. While we’reprotecting ourselves from Beijing. maker Dennis Kwok and his al- Emanuel’splans so we understand from another virus,could somebody The arrested include Martin Lee, 81, a main lies delayed pro-Beijing legislative initiatives howhewould createanew pandemic please take alook at our creaking author of Hong Kong’sBasic Lawwho is consid- in recent weeks,China’sHong Kong and Macau electrical grid so we won’t starve ered the father of Hong Kong’sdemocracy Affairs Officesuggested they may “have vio- when it breaks? movement; 71-year-old media tycoon and our lated their oath, which could mean misconduct European M.D.s Make Less. BRIAN BRANDT contributor JimmyLai;atleast eight former op- in public office.” Do They Get a Better Deal? Lansdale, Pa. position lawmakers; and at least four pro-de- On Fridaythe government asserted that the mocracy activists. Police say they ran afoul of Liaison Officeand Hong Kong and Macau Affairs Regarding MichaelPetrowsky’s the law when they organized and participated Officehavebroad powertosupervise and com- observations on the restrictiveli- Pepper ... in protests last year. ment on Hong Kong’spolitical operations with- censing requirementsand relatively And Salt Thechargescarryheavy penalties,including out violating Article 22.That is aradical reinter- high payofphysicians in this coun- try(Letters,April 17): ForaEuro- THE WALL STREET JOURNAL possible prison time, but at least it would be pretation of the Basic Law. Chinese officials are pean-likesalary, would American served in Hong Kong.Last year’s protests also calling forHong Kong to passnational secu- doctorsbewilling to have their erupted when Chief ExecutiveCarrie Lamtried rity laws that would criminalizedissent. $250,000 educational loans forgiven to ram through legislation that would have al- Beijing may figure it can get away with this in return fora40-hour workweek, lowedBeijing to extraditeanyone in Hong Kong at little cost as the world copes with the pan- 25 paid vacation days plus 11 holi- to the mainland, effectively destroying the demic.But Hong Kongershaveshown they days?Nowadays,perhaps. city’s legal autonomy. Millions took to the street won’t go down without a fight, and Beijing’s THOMAS CONKLIN ROTHE, M.D. in peaceful protest and defeated the bill. Had moves this month risk reigniting protests. Sec- Tucson, Ariz. they failed, those arrested this weekend would retary of State MikePompeo and Attorney Gen- likely have been whisked off to mainland courts eral William Barr condemned the arrestsin Lettersintended forpublication should and shadowy prisons. statements, and so did JoeBiden in atweet. So be addressed to:The Editor,1211 Avenue of the Americas, NewYork, NY 10036, The mass protests died down with the out- should President Trump. or emailed to [email protected]. Please break of the coronavirus,but Beijing nowwants The Communist Party’s coronavirus decep- includeyour cityand state. All letters to makesurethey never resume.Saturday’s ar- tion is turning Western opinion against China, aresubject to editing,and unpublished rests targeted well-known political figures for and the Hong Kong roundup underscores that letters canbeneither acknowledged nor “It’s much quieter than returned. proteststhat happened months ago, and the un- the regime is a threat to free people. a leaf blower.” P2JW111000-0-A01700-1------XA

THE WALL STREET JOURNAL. Monday, April 20, 2020 | A17 OPINION Keep Workers Healthy on the Job War-Gaming The Next By Scott Gottlieb caught in 14-dayinternational quar- And Stephen Ostroff antines. Frequent communication with Pandemic he threat from Covid-19 workforcesisessential, especially won’t end when the epi- when thereare changes in protocols. demic subsides.The recent This canbedone electronically via By Frank Keating upsurge in cases in Singa- videooremail rather than faceto T have experience—though not in poreand Japan shows how face. Consider designating acompany easily the virus canre-emerge.Itwill point person whom employees can I real life—in dealing with apublic be aconstant threat until an effective contact when they have Covid-19 con- emergencycaused by an infec- vaccine is on the market. So how cerns. tious virus.InJune 2001, as governor does Americafunction? What hap- Officebuildings, factories and re- of Oklahoma, Iparticipated in Dark pens at work sites could be the differ- tail sites have to adheretocontain- Winter,asimulation of the release of encebetween relativesafety and con- ment rules set by local governments. the smallpoxvirus at an Oklahoma stant disruption from newoutbreaks. Forbusinesses that operateinmulti- City shopping center.The simulated Thevirus will have fresh opportu- ple jurisdictions,that could mean dif- virus spread to 25 other states and 15 nities to spread as workersreturn to ferent measures in different places. countries. the job.But businesses cantakesteps Businesses should trytocreateaplan Fourteen participantsplayedthe ER

to minimizerisk and makethe coun- ST that canbeinstituted acrossloca- roles of federal and stateleaders, in- trysafer.Employers need to start FO tions. cluding former Georgia Sen. Sam

crafting plansfor safe, healthyand PHIL Finally,it’sessential to provide ac- Nunn, former Central Intelligence productivework environmentsinan cess to rapid diagnostic testing if an AgencyDirector Jim Woolsey, former ageofCovid risk. home.Technologycan allowfor col- Then there’scleaning.Employees employeebecomes ill. Testing canbe Federal Bureau of Investigation Di- laboration, even on the job site. Not will need reassurancethat surfaces brought to work to facilitatescreen- rector Bill Sessions and political ana- all meetingsbased in the officeneed aredisinfected regularly.Givedisin- ing forthose who might have mild lyst DavidGergen. Johns Hopkins Employers can stagger to happen in person. fecting wipes to all employees and symptoms that wouldn’t necessarily University and the Center forStrate- Employers should also reduceden- ask them to clean surfaces they often triggeratrip to the doctor,orfor gic and International Studies orga- breaks, deep-clean sity,which maybeeasier in offices touch, such as keyboards and tele- those who think they were exposed. nized the event at AndrewsAir Force surfaces, limit meetings than on shop floors. Employers can, phones,regularly.Businesses canalso Employers should makesureaposi- BaseinMaryland. say, split workersintogroups and al- establish routine deep cleaning of tivediagnosis doesn’t become puni- and offer on-site testing. ternatewho shows up in person and factoryfloorsand retail establish- tive: Maintain paywhen someone who works from home.Companies ments. Allowemployees to wear agrees to self-isolateorstays home What I learned from the canallowstaggered schedules,espe- masks if they wish, and passout hand while awaiting atest result. Thefirst step is reducing the risks cially to avoid rush hoursoncrowded sanitizer liberally. Therewill be moreCovid cases. Dark Winter simulation of commuting.The virus canspread trains and buses.Employers might Businesses should limit gatherings Businesses need plans forhow to ad- and the 1995 Oklahoma from person to person in crowded also consider redesigning open office to amodest size, perhaps five people dressinfections,including tracing spaces and through shared surfaces plans or manufacturing plantstoal- safely distanced from one another.At workplacecontactsand engaging lo- City terrorist bombing. that become contaminated. Mass lowfor moredistancebetween work- least fornow,employers should keep calhealth authorities.Itsounds transit systems in NewYork,San ers, so that one sick person can’t take settingssuch as break rooms or daunting,but Covid-19 doesn’t need Franciscoand Chicagoprobably con- down an entireworkforce. kitchen areas closed or limit the to seizeour social activities or com- Dark Winter wasspontaneous and tributed to early spread. Cities have Another consideration is meals. number of people who cansharethe mandeer work lives. unrehearsed. It quickly punctured the stepped up cleaning protocols,but Companies should encourageworkers space. On shop floors, employees can myth that everylevel of government workersshould limit their use of to bring food to the officeorhave take breaks in staggeredgroups Dr.Gottlieb is aresident fellow at would work together because each masstransit when possible,and be lunch delivered in prepackaged con- throughout the daytoavoid crowding the American Enterprise Institute and knewits role and that stateand local aware that surfaces canspread infec- tainers. Employers that operateacafe- break areas. was commissioner of the Food and officials would salutesmartly when tion. Businesses canencouragecar- teria cancontinue to do so with added Travel should be discouraged un- Drug Administration,2017-19. He the feds walked intothe room. pooling or deploycorporatevans or measures forsafety: moresupervision lessabsolutely essential, and even serves on the boards of Pfizer and Il- Instantly,debatefocused on the otherforms of transport wherehy- of the health of food handlers, forex- then, companies should makesure lumina. Dr. Ostroff has served as the public-health response,the inexplica- giene and social distancing areeasier ample.Businesses ought to continue to virus levels arelow in both the FDA’s deputy commissioner and chief ble lack of an adequatesupply of to control. runsafefood services instead of let- home city and the destination. Busi- scientist and as the deputy director of smallpoxvaccine,the roles and mis- Companiescan also continue to ting employees wander to the corner nesses canprobably resume domes- the National Center for Infectious sions of federal and stategovern- encouragetelework,and Zoom calls deli, whereprecautions maybeuncer- tic travel sooner than trips abroad. Diseases at theCenters for Disease ments, and the civil liberties associ- aren’t only foremployees stuck at tain and spaces morecrowded. They won’t want employees getting Controland Prevention. ated with isolation and quarantine. Thescenario wasdifferent from the real crisis we faced in Oklahoma on April 19,1995—3½ months afterI The Democrats’ 2020 Coronavirus Hindsight took office—but the fundamental principles were the same. By Dave Seminara candidates about closing the border cus.CNN led itsdebatebetween down. Mr.Biden avoided the ques- Themassiveterror bomb that det- to Americans who’d been exposed to Messrs. Biden and Sanderswith a tion: “What Iwould do is what we onated in front of the Murrah Federal Donald Trump is not responsible the virus.Ms. Klobuchar vaguely as- series of questions about the pan- did in our administration. Iwould Building in Oklahoma City 25 years ‘ for COVID-19, but he is responsi- serted that she would “better coor- demic. call ameeting in the Situation Room agokilled 168 and injured hundreds. blefor our slow, uncoordinated dinatethroughout my presidencyto Mr.Biden talked about providing of all the expertsinAmericadealing Theresponse overnight joined more response,” JoeBiden tweeted Friday. be ready for the next pandemic and assistance and ensuring every state with this crisis.Iwould sit them separateagencies from local, state “Expertssay that if we had acted to preparefor this one” and said she has at least 10 drive-through test down andIwould do exactly what andfederal government than had two weeks earlier, more lives could favored“investing in education” be- centersbeforequickly running out of we did then. What is it that we ever worked cooperatively on asin- have been saved. Trump failed to cause “I knowthe vaccine is out steam likeaboxerhoping forabell. need? Listen to the experts.” gle task.The outcome could have take swiftaction—and we’repaying there in the head of some kid right “I see my time is up here,” he said, Mr.Tapper asked what conse- been chaotic but wasn’t. Later, ob- the price.” now in school.” even though no onewas cutting him quences China should face for play- serverscoined the label “The Okla- TheTrump-acted-too-latestory Mr.Biden rambled about Ebola off. ing down the crisis and suppressing homa Standard” to describe the way line would be moreconvincing if Mr. andestablishing an officeinthe the doctor who called attention to everyone worked together to respond Biden and other Democratshad called White House to handle pandemics it. Mr.Sanderssaid it “wasn’t the to what wasthen the largest criminal forbolder action early in the crisis, and spoke of increasing funding to A review of this year’s time to be punishing people” and investigation in the historyofthe butthey didn’t. Democratic candi- the Centersfor Disease Control and pivoted to criticizing Mr.Trump.Mr. FBI. dates held five televised debates,last- Prevention andthe National Insti- debates shows they were Biden again driftedback to Ebola Theafter-action analyses from ing nearly 11 hoursfromJan. 14 tutesofHealth.Mr. Sanderssaid less concerned than Trump and said “weshould insist on having Oklahoma City areremarkably simi- through March 15.They offered no much the same. Tom Steyer briefly our expertsinChina” and impose lartothose that followedthe Dark policyproposals that haven’t already mentioned the coronavirus before about the pandemic. unspecified “consequences” if Bei- Winter simulation. Forone,first re- been enacted and said little about the declaring that “the biggest threat to jing refused. sponderswill be local. Thefederal virus in the four eventsinJanuary Americaright nowinterms of our At no point during anyofthe de- government doesn’t maintain rapid- andFebruary. safety of our citizens is climate.” Mr. Sanders harped on Medicare bates did aDemocratic candidate response teams; the Federal Emer- Therewas plenty of talk of im- Mr.Bloombergaccused Mr. forAll and twicemisidentified suggest that the countryshould have gencyManagement Agencyarrived peachment but no mention of the Trump of having “defunded” the Covid-19 as “the Ebola crisis” before been locked down or takenother so- the night afterthe 1995 bombing.Lo- coronavirus at the Jan. 14 debatein CDC, so “we don’t have anybody to saying,“You’vegot Ebola in my head cial-distancing measures sooner.As calprivatephysicians and public Iowa.During the next debate, in New respond.” In fact, though Mr.Trump hereright now.” Mr.Biden confused Arthur Conan Doyle observed: “It is health officials were the firsttode- Hampshire on Feb. 7—a week after three times proposed reducing the Covid-19 with swine flu, which he easy to be wise after the event.” tect cases of smallpoxinDark Winter, Mr.Trump restricted travel from CDC’sbudget foremerging and called “N1H1” rather than H1N1, and and local government and law-en- China—Bernie Sandersand Amy zoonotic infectious diseases,each then, forgetting the name Ebola, re- Mr.Seminara is aformer diplo- forcement agencies imposed quaran- Klobuchar mentioned China, but only time Congress raised it instead. ferred to it as “what happened in Af- mat and author of “Breakfast With tines,curfewsand martial law. The in the contextofclimatechange. Only on March 15 in Washington rica.” Jake Tapper asked Mr.Biden if Polygamists: Dispatches From the locals collected epidemiological data Pete Buttigieg said: “The next presi- didcoronavirus become acentral fo- he would call foranational lock- Margins of the Americas.” to forwardtofederal agencies and dent is going to facechallenges from handledrelations with the press. global health security,likewhat Another lesson is the local knowl- we’re seeing coming out of China,” edgeadvantage.Locals knowthe ge- but he didn’t frame this as an imme- Suspend the Payroll Tax ography, infrastructureand resources diate danger. that shape the immediateresponse. Thevirus didn’t come up at all at By Steve Forbes rity and Medicaretax,known as this plan cutsout the bureaucratic Dark Winter featuredrepeated the Feb. 19 debateinNevada,though And Arthur Laffer FICA, which takes 7.65% from a middlemen who plague spending disagreement between federal and MikeBloombergwarned that the worker’s paycheck,with another programs.Our previous research local authorities over what the public Chinese “are going to die just as our he best economic idea we’ve 7.65% paid by employers, up to leadsustoexpect that this would would be told. We Oklahomans ar- people are going to die” as a result T heardinresponse to the coro- $137,700 of income.Self-employed be at least 20% moreefficient than gued that leaving the public unin- of carbon emissions. navirus crisis is apayroll-tax Americans,usually socked with the collecting the money from taxpay- formed would result in angst, suspi- Mr.Buttigieg wasthe firstDemo- suspension. President Trump restated full 15.3%payroll tax, would also find ers, running the funds through the cion, mistrust, fear and panic.The cratic candidatetomention the coro- his support foritatarecent press relief. federal maze, and then distributing feds (particularly the military) navirus explicitly,onFeb. 25 in South briefing,and forgood reason: It Everyworker in Americawould them through various spending seemed to focus moreongathering Carolina.His only policysuggestions, would reward work and production getasubstantial payraise forthe programs. intelligencethan saving lives imme- if youcan call them that, were for rather than the growth of govern- remainder of the year, but because We have heardthe objections.One diately.Fortunately,the statewon the president to “listen to scientists, ment. Republicans should rally around thetax is regressive, lowest-wage is that this will drain the Social Se- thedebate. Government won’t earn listen to your ownintelligenceand the idea as the centerpieceoftheir workers would be helped the most. curity and Medicaretrust funds.But the trust of those it serves if it is coordinatewith an international next economic revival plan. Themajority of low- and middle-in- the Treasurywould transfer money overly secretive. community that this president has Theplan we recommend would come workers pay more payroll tax from the general fund to these pro- Perhaps the strongest lesson from alienated because his idea of asecu- cancel all payroll-tax collections than income tax. Even minimum- grams,fully making up the shortfall. Oklahoma City,and the most worri- rity strategyisabig wall.” from May1tothe end of the year. wage workerswould see anice Benefitsfor seniorsnow or in the fu- some outcome from Dark Winter,was CBS’sGayle King later queried the This would suspend the Social Secu- boost in their paychecks while their turewouldn’t be threatened. the federal government’sinstinctive employers would pay less too. Another is that it would be too urge to open the federal umbrella By reducing employerpayroll costly to let workersand businesses over anyand all functions and activi- costs, this plan would encourage keep $800 billion of their own ties.Itacted likea2,000-pound go- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY firms to start hiring.Several eco- money. But compared with the few rilla. Instantly,the feds sought to Rupert Murdoch Robert Thomson nomicstudies document what com- trillion dollarsCongresswould oth- commandeer the National Guard. Executive Chairman, News Corp Chief Executive Officer, News Corp monsense would tell us: Lowering erwise spend on more government Fortunately,Mr. Nunn, who played Matt Murray William Lewis Editor in Chief Chief Executive Officer and Publisher the taxonemployment leads to more relief programs,the payroll-tax sus- the president, overruled them and we Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: of it. Because the taxrelief would be pension is a bargain. continued to work together as Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; temporary, businesses would gain an Theother complaint is that House equals.Still, the states can’t know Natalie Cerny, Chief Communications Officer; Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; incentivetohurryupand hireright Speaker NancyPelosi would never what horror is about to attack the News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; away,orassoon as their work re- go forthis plan. Maybe,but this country. Only the national govern- Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer sumes.Thereisnotime to waste: would forfeit the moral high ground ment knowsthat. That meansearly Features &Special Projects; Andrew Dowell, OPERATING EXECUTIVES: TheU.S.needs to put perhaps 20 completely. Suspending the payroll warningsand constant contact are Asia; AnthonyGalloway, Video &Audio; Kenneth Breen, Commercial; AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; million people back to work. taxwould giveevery minimum-wage essential. Features &Weekend; Emma Moody, Standards; TracyCorrigan, Chief Strategy Officer; This would help firms without and middle-classworker—most of TheOklahoma City bombing and Shazna Nessa, Visuals; MatthewRose, Enterprise; Frank Filippo, Print Products &Services; pickingwinnersand losers. Unlike whom have faced great hardship this Dark Winter exercise pulled light out Michael Siconolfi, Investigations; Nikki Waller, Live Kristin Heitmann, Chief Commercial Officer; Journalism; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; almost everyother “stimulus” plan— year—a swiftrise in their paychecks, of darkness. Leadership,training, Thomas SanFilippo, Customer Service; to bail out airlines,banks,Boeing, starting immediately. If Mrs. Pelosi equipment and ahound’snose for GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; energy companies and the rest—sus- and her colleagues want to oppose factswereessential to asatisfactory Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International pending the payroll taxprovides an that, let them. outcome.Teamwork is the principal Barron’s Group: Almar Latour, Publisher equal benefit to everycompanyin ingredient, especially in America. WALL STREETJOURNAL MANAGEMENT: Professional Information Business: America. Mr. Forbes is chairman of Forbes Federalism requires it. Federalism Joseph B. Vincent, Operations; Christopher Lloyd, Head; LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head Also important is itsease of im- Media. Mr. Laffer is chairman of works.

EDITORIAL AND CORPORATEHEADQUARTERS: plementation. By simply not taking Laffer Associates. They are co- 1211 Avenue of the Americas, New York, N.Y., 10036 some $800 billion from the busi- founders of the Committee to Un- Mr. Keating served as governor of Telephone 1-800-DOWJONES nesses and workersonMain Street, leash Prosperity. Oklahoma, 1995-2003. P2JW111000-5-A01800-1------XA

A18 | Monday, April 20, 2020 ***** THE WALL STREET JOURNAL. WORLD NEWS Arrests Spark New Anger in Hong Kong

Pro-democracy founder of Apple Daily,alocal ner,” the spokesperson said in mobilizeinasafeenviron- pro-democracynewspaper. a written statement. ment,” said Mr.Lai, who marches are on hold, Thearrestsdrewcondem- Proteststhat simmered added he was concerned that but calls emerge for nation locally and globally,in- throughout the second part of the government would con- cluding criticism of authorities last year scored avictoryin tinueemergencymeasures summer protests fortargeting the pro-democ- late November, when pro-de- against public gatheringseven racy movement at amoment mocracycandidates—many when the threat of the virus BY NATASHA KHAN when the world wasfocused newtothe political arena— has dissipated. on halting the spread of the swept district council elec- TheSaturday arrests, tar- HONG KONG—The arrest of coronavirus and social-dis- tions.While street protests geting peaceful protestersas veteranpro-democracyfigures tancing restrictions limited continued,manyinthe move- opposed to those who were has stirred anger among sup- howprotesterscould respond ment began turning their at- moreradical, will stir anger portersofaprotest movement on the streets of Hong Kong. tention toward other ways of amongolder,traditional pro- that has stayed off the streets “It’sagolden opportunity supporting it in civilsociety, democracysupporterswho during the coronavirus pan- forthem to suppressdemoc- such as organizing labor might otherwise have had mis- demic and spurred calls to re- racy activists in Hong Kong,” unions and patronizing busi- givingsabout the moreviolent

start demonstrations this said LeeCheuk-yan, vicechair- GES nesses seen as supportive of tactics of protesterslast year,

summer. man of the city’s Labour Party. IMA democracyand shunning those said Kevin Yam, aHong Kong On Saturday, Hong Kong “Ifthis happened beforethe viewedaspro-government. At- lawyer and former convener of police arrested morethan a outbreak,therewould be a GETTY tention has nowshiftedto- the ProgressiveLawyersGroup, dozenpro-democracylawyers march today, a march tomor- AN/ ward supporting pro-democ- thus widening the antigovern- and activists.Morethan 7, 500 rowand one next week—but KW racy candidates in Legislative ment coalition even further. people have been arrested no one can march for us now Council elections scheduled Outside the policestation,

during the course of the pro- because of the virus.” ANTHONY for later this year. Martin Lee, the 81-year-old de- teststhat rocked the city for Lee Cheuk-yan was among Martin Lee leaving the Central District police station on Saturday. “Nowislikeatime forusto mocracycampaigner,said: much of last year,but manyof the group arrested Saturdayin concentrateonthese fronts “I’m relieved and proud to fi- those have been foralleged connection with three protests movement fighting fordemoc- including Mr.Lee,led them out rather than street politics,” nally be listed as a defendant actsofviolenceand vandal- last year.Hehas been charged racy in the semiautonomous of the park.The march con- said Eric Lai, vice-convener of alongside so manybrilliant ism. Saturday’sarreststar- fororganizing and participat- city,aswell as an independent cluded hourslater without the Civil Human RightsFront, young Hong Kong people in getedparticipantsinlargely ing in an unauthorized assem- judge-led investigation intopo- sparking notable violenceor an umbrella group that orga- walking the road to democracy peaceful rallies that police bly on Aug.18and Oct. 1.Heis licehandling of the protests. confrontations with police. nized some of last year’s big- together. I have no regrets.” said violated the boundaries of now out on bail. As some proteststurned vio- Agovernment spokesperson gest marches. Thearrestsdrewcondem- their permits. Theprotests, which began lent last summer,policebegan said Sunday that decisions to Immediately afterthe ar- nation from senior figures in Among the arrested were last June,wereinitially sparked restricting rallies.OnAug.18, arrest the protesterswere rests, Mr.Lai’sgroup called the U.K. and the U.S.,including Martin Lee, asenior barrister by anow-withdrawnextradi- policeallowedanassembly in made independently by police formorepeople to join their Attorney General William Barr, known as the “father of democ- tion bill that would have al- Victoria Park but banned a and weren’t politically influ- annual July 1 march. “In gen- who said he condemned “the racy”;Albert Ho,alawyer and lowedfor people to be tried on march. As hundreds of thou- enced. “The Policeare duty eral, people arewaiting foral- latestassault on the rule of former lawmaker; and Jimmy the mainland. Thedemonstra- sands crowded the park,anum- bound to handle everycase in leviation of the spread of cor- lawand the liberty of the peo- Lai, amedia tycoon and tions widened intoalarger ber of pro-democracyfigures, afair,just and impartial man- onavirus.People hope to ple of Hong Kong.” Afghan Minorities Seek Asylum in U.S. Gunman Thelast community of Kills 16 in Sikhs and Hindus in Afghani- stan is seeking asylum in the U.S. aftersuffering an attack Canada by IslamicState extremists, posing atest of the Trump administration’spledgeto Rampage protect and support religious minorities world-wide. BY PAUL VIEIRA

By Jessica Donati OTTAWA—Sixteen people in Washington were dead afterashooting and Ehsanullah Amiri rampageinarural part of the in Kabul Canadian provinceofNova Scotia, and asuspect was Theattack targeting aSikh killed in aconfrontation with temple in Kabul in March police, law-enforcement offi- killed 25 people,while dozens cials said Sunday. of othersweretaken hostage Theshooting spree ranks in asix-hour siegeending in as thedeadliest in modern agun battle with Afghani- S Canadian history. Previously, stan’s commandos,the elite PRES the worstgun massacrewas

army unit that works closely TED themurder of 14 women at a with U.S. Special Forces. CIA Montreal engineering school SO

Thereare about 650 Sikhs AS in 1989. and Hindus leftinAfghani- Y/ Among the 16 people killed AR

stan. Thefear in the commu- RW wasaRoyal Canadian

nity is areminder of the un- SA Mounted Policeofficer who certainty facing the country responded to emergencycalls after the U.S. reached aFeb- MANA Saturdaynight. Constable TA ruarydeal with the Taliban to Afghan Sikh men on March 26 carried coffins of victims of an Islamic State attack on a house of worship in Kabul the previous day. HeidiStevenson, a23-year withdraw itstroops next RCMP veteranand amother year. speaking out on the plightsof ment. rather than seek anew start attack killed 19 of its commu- of two children, died early “When the U.S. leaves, life minorities,such as Christians Asenior administration of- in the U.S. or elsewhere. nity leaderswho were wait- Sunday, the policeforce said. foruswill become impossi- in Iraq and UighursinChina. ficial said the Trump admin- Hindus and Sikhs have ingtomeet President Ashraf PoliceinColchester ble.It’sonly amatteroftime Vice President MikePence istration condemned the at- lived in Afghanistan forhun- Ghaniinthe eastern city of County,about 500 miles that all of us will be elimi- has been the faceofthe reli- tack. dreds of years, playing a Jalalabad. northeast of Portland, Maine, nated. We want refugeesta- gious-freedom agenda and Theasylum request pits prominent role in moneylend- Thetop U.S. envoy forreli- found casualties inside and tus and protection in aU.S. helped steer hundreds of mil- the administration’scommit- ing and merchant trade with gious freedom at the State outside ahome,aswell as Armybase here. We want this lions of dollarstoChristians ment to lowering immigra- the rest of Central Asia. Most Department, Samuel Brown- houses on fire,they said. soon,” aSikh community and other minorities threat- tion against itspledgetohelp fled during the civil warof back, told the Journal he had One of the responding offi- leader who lost three imme- ened by Islamic State in Iraq. those persecuted for their re- the 1990s and the harsh Tali- recently met with U.S.-based cers wasamong those killed. diaterelatives in the attack SarahMakin,asenior offi- ligious beliefs.InSeptember, ban rule that followeduntil Sikhs to discusstheir con- People were killed over a told TheWall Street Journal. cial on Mr.Pence’sstaff,is it dropped the refugeecap to theU.S.invaded in 2001. cerns.Hedeclined to com- 30-mile stretch in the prov- TheTrump administration handling the appeal from 18,000,arecordlow,for the TheSikh and Hindu popu- ment on the possibility of Af- ince,policesaid. “Wedon’t has made religious freedom a Sikhs and Hindus at the fiscal year 2020. lation in Afghanistan declined ghan Sikhs and Hindus being have afinal count” on the focus of itsforeign-policyef- WhiteHouse and wassent a In previous episodes,such further as the security situa- granted asylum in the U.S. death toll, said Superintend- forts, hosting an annual in- video messagefromtheir as in Iraq,the administration tion deteriorated during the “It wasatragic event in ent Chris Leather,head of the ternational conferencetoad- lawyer last week.She didn’t has encouraged minorities to more-than-18-year,U.S.-led Kabul,” he said, referring to RCMP’scriminal-investigation vancereligious freedom and respond to arequest forcom- rebuild their lives at home war. In 2018, an Islamic State the attack in March. unit in NovaScotia, at apress conference. “It will certainly be morethan 10.” WORLDWATCH On Sundayevening,a spokesman forthe RCMP in Ottawa said the death toll NORTH KOREA istry’srecommendation to main- rose to 16,not including the tain social distancing. suspect. Pyongyang Denies On the dayBrazil celebrates its Thepoliceidentified the Trump Got‘NiceNote’ army, Mr.Bolsonaromade an ap- suspect as Gabriel Wortman, a pearanceatthe protestheld in 51-year-old man who operated North KoreaonSundaydis- frontofthe army’sheadquarters, adentureclinic in Dartmouth, missed as “ungrounded” Presi- in the capital cityofBrasília. NovaScotia. dentTrump’scommentthathe There, dozens of tightly packed RCMP Commissioner recently received “a nicenote” protesters, manyofwhom Brenda Lucki told Canadian from the North’sleader,Kim weren’twearing masks, were call- Broadcasting Corp.she be- Jong Un. ing forthe Supreme Court and lieved therewas “aninitial Mr. Trump said at a news Congresstobeshut down. motivation” to the suspect’s briefing on the coronavirus pan- “I am herebecause Ibelieve in shooting spree, “and then I demic on Saturday that “I re- you. Youare herebecause yoube- thinkitturned to random- ceived a nice note from him re- lieve in Brazil,” said Mr.Bolsonaro, ness. We aregoing to have to cently. It was a nice note. I think aformer armycaptain who waxes do alot of work to find the we’re doing fine.” Mr. Trump de- nostalgic forthe 1964-1985 dicta- motivation.”

fended now-stalled nuclear diplo- S torship. Sincebeing sworn in on At one point, the killer

macy with Mr. Kim, saying the PRES Jan. 1, 2019, Mr.Bolsonarohas wore apoliceuniform and U.S. would have been at war asked the defense ministry to or- droveavehicle made to look with North Korea had he not ZUMA ganizecommemorations of the likeapolicecruiser,Supt. A/ been elected. two-decade-long military dictator- Leather said.

NorthKorea’sForeign Minis- XINHU ship, paid tributetoGen. Alfredo Canadian Prime Minister E/

try said therewas no letterad- AT Stroessner,aformer military Justin Trudeau called the

dressed to Mr.Trump recently UY strongman in neighboring Para- shooting rampageanepisode by “the supreme leadership,” a KO guay, and backed changes in of “senselessviolence.” referencetoMr. Kim. It said it schools’ curriculum thatwould re- NovaScotia Premier Ste- HABIB would examine whythe U.S. VOTING: Officials staff a polling station in Bamako, Mali, for a second round of legislative elections. vise the waychildren aretaught phen McNeil said it wasa leadership released “the un- about the 1964 military coup. “devastating day.” grounded story.” manyoccasions since2018, when Mr.Trump rebuffed Mr. BRAZIL Supreme Court JusticeLuís “It maychangeusalittle, “The relations between the when theybegan talksonNorth Kim’scalls forsweeping sanc- RobertoBarrosocriticized the pro- but it cannot define us,” Mr. topleaders of [North Korea] and Korea’snuclear weapons pro- tions relief in return forapartial Bolsonaro Joins Rally testers. “It is frightening to see McNeil said. the U.S. arenot an issue to be gram. The twoleaders have denuclearization step. Backing Military Rule demonstrations forthe return of Under Canadian law, indi- taken up justfor diversion nor built some personal rapport, and In March, North Koreasaid the military regime, after 30 years viduals arerequired to hold a should it be misused formeeting Mr.Trump oncesaid thatheand Mr.Trump sentapersonal letter PresidentJair Bolsonarocame of democracy,” he wroteonTwit- license to purchase and pos- selfish purposes,” the ministry’s Mr.Kim “fell in love.” to Mr.Kim, seeking to maintain out in public to support asmall ter. Manywerealso angered at sessafirearm and buy ammu- statementsaid. The nuclear diplomacy has good relations and offer cooper- protestthatdefended military in- Mr.Bolsonaro’sdefianceofthe nition. According to datafrom Messrs. Kimand Trump have made little headway sincethe ation in fighting the coronavirus tervention, prompting strong criti- stay-at-home measures intro- Canada’snational police, met three times and exchanged breakdown of their second sum- pandemic. cism acrossthe political spectrum duced by severalstatesgovernors. therewere2.2 million fire- letters and sentenvoys on mit in Vietnam in early 2019, —Associated Press while also infringing his ownmin- —Associated Press arms licenses in force. P2JW111000-4-B00100-1------XA BUSITECHNOLNEOGY: BOSSSSES KEEP WATC&FH ON WORK-FROM-HOMEINSTANAFF B5 CE

© 2020 Dow Jones & Company. All Rights Reserved. **** THE WALL STREET JOURNAL. Monday, April 20, 2020 | B1

Last Week: S&P 2874.56 À 3.04% S&P FIN g 4.03% S&P IT À 4.79% DJ TRANS g 0.04% WSJ $ IDX À 0.15% LIBOR 3M 1.109 NIKKEI 19897.26 À 2.05% See more at WSJ.com/Markets

Prime Time Amazon's stock has surgedas Walmart’s Feat Is Staying Open buyersstuck at home have turnedtothe online retailing Pandemic puts 10% to at least18deaths at the est employerwith 1.5million Worker absences have risen cessities or ajob.Sales at gianttostock up. company. Managing the health U.S. workersand morethan because of illness, fear of coro- Walmart’s4,700 U.S. stores Amazon.com of workforce on leave, of workersand shoppers, reas- $500 billion in global sales. navirus and as Walmart added surged nearly 20% in March, prompts retailer to suring local officials,and keep- Walmart executives have de- more aggressivehealth checks according to documentsre- Nasdaq CompositeIndex ing stores and warehouses bated various issues,such as and generous leave policies,ac- viewedbythe Journal. More S&P500 Index require masks on staff staffed have become amassive whether to givemasks and cording to interviews with ex- than one million people applied effort inside Walmart when gloves to workers, when to ecutives and storeworkers. to work at the companyinthe 30% BY SARAH NASSAUER customersare relying more close and clean stores,how to Around 150,000 people areon past month. It hired 150,000 of 20 than ever on the nation’slarg- control shopperswho gettoo leave,said aperson familiar them, and plans to hireanad- 10 Apicturehangsinthe office est retailer. close to workersand each with thesituation, and fewer ditional 50,000. of Walmart Inc.Chief Execu- “Weare one of the few other,and even whether to dis- than 2,000 workershavetested Walmart started ramping up 0 tiveDoug McMillon showing places in thecountrywherea able the theft-detection sys- positivefor Covid-19. hiring in mid-March as sales –10 companytrucks rolling into sizable amount of people are tems connected to self-checkout “The health of our associ- forfood and cleaning supplies NewOrleans afterHurricane gathering,” said Dan Bartlett, a machines,according to people ates tends to track the health surged. A12-person team built –20 Katrina, an indication of the re- former George W. Bush White familiar with the discussions. of the countryasawhole,” the asystemtointegratenew –30 tailer’s pride in quickly restock- House official who is nowase- Starting this week,Walmart companysaid. “Weare follow- workerswithin 24 hours, in- Feb. 28 April 1 ing stores during the toughest nior Walmart executive. The plans to requireall workersto ing the evolving guidanceof steadofthe usual two weeks, of times. companyhas been in communi- wear masks,aspokesman told public health experts, and we said Drew Holler,asenior vice Source:FactSet Walmart is being tested like cation with “just about every TheWall Street Journal, in line have quickly takensteps aimed president. Thegoal: Hire5,000 never beforebyacoronavirus mayorand governor youcan with anew wave of local laws at keepingour customersand people aday. pandemic that has shut down thinkof.” and in anticipation of new associates safe.” Manynew hires have come Tech Firms much of the nation, put 10% of Thechallenges aremagnified standards as businesses open People areturning to the re- from the hospitality and food- itsworkforce on leave and led at Walmart, the country’slarg- up as thevirus wanes. tailer morethan ever,for ne- PleaseturntopageB2 Face Test No Live Sports, but Pay-TV Still Charges Of Their

BY LILLIAN RIZZO Resilience AND DAVID MARCELIS BY ASA FITCH Americans shell out nearly $20 amonth in pay-TV fees to Thecoronavirus pandemic watchsportsprogramming, hasmade manytech compa- but the main attractions—live nies’wares moreessential in events—areall canceled be- waysthat could add to the in- cause of the pandemic. dustry’sstrength, even if it So canyou getarefund? In isn’t immediately reflected in short, no. thebottomline. Pay-TV providerssay they From online groceryshop- arestill paying to carrysports ping to virtual gatheringsto channels in their packages de- cloud-computing infrastructure, spitethe lack of livegames,so productsand services from they arejust passing on the companies like Amazon.com cost to customers. Several Inc., Microsoft Corp.and Intel large providers said they Corp.haveexperienced growth would issue rebates if entire in areas of their businessthat, sports seasons arecanceled— in some cases,might otherwise rightnow they aretechnically have takenyearstoachieve. suspended—dependingonthe That is enabling them to refunds they getfromthe net- weather theeconomic shut- works. down betterthan othersand “Networks continue to positioningthem betterfor charge the cable companyfull when societystartsshifting pricefor sportsprogramming, back toward normal. sinceleagues believesports GES Chip maker Micron Tech- will take placeagain,” a IMA nology Inc., which reported spokesman for CoxCommuni- earningsand an outlook last GETTY cations Inc.said. Representa- month that beat Wall Street tives of Comcast Corp., Char- forecasts, expectsgreater use terCommunications Inc.and of e-commerce,online gaming AT&T Inc.’sDirecTV took a and streaming entertainment to MEDINA/NBAE/ similar view. raise demand forits server Fornow,that $20 will buy productsfor some time.“The

youreruns of classic games FERNANDO work-from-home economyis and documentaries. ESPN moved up its documentary on Michael Jordan, ‘The Last Dance.’ Mr. Jordan celebrates winning his sixth championship in 1998. definitely putting greater strain Industry analystshavesaid on datacenter requirements,” pay-TV providersthat keep National sports channels—ESPN, FoxSports and NBCSports Network—have experienced sharp declines in Chief ExecutiveSanjayMeh- charging customersfor nonex- the four weekssinceleagues suspendedplaycompared with the year-earlier period. rotrasaid. istent sportscontent risk los- Still, the overall impact on ing them to lessexpensivein- Average daily prime-time Carriage fees per pay-TV Breakdownofthe average ShareofTV-viewing time tech companies’ financial per- ternet-TV bundles or formanceoverthe firstthree viewers* subscriberfor 2019 sports carriage feeof$19.52 spent watching sports streaming services—a phe- months is expected to be nomenon known as cord-cut- $3.96 mixed. Facebook Inc.and 2019 2020 News March 7-8 March 28-29 ting. 7% Google parent Alphabet Inc. “For some people thedeci- 1.0 million RSNs†, 30% arebeing hit by aplungeinad- sion maycome down to eco- vertising. Apple Inc.issued a Sports $19.52 league- nomics.Ifsomeone loses their 0.8 $10.70 rare profit warning,and Ama- 37% controlled job or payiscut, and they are 54% channels 20 zonhas increased spending to paying forsomething they 0.6 drop $0.42 keep warehouse staff safeand can’t watch, they aremore NBCSN add newworkers. $0.71 likely to cut the cord,” said Mi- 0.4 Entertainment/ $29.46 Investorswill start getting a FoxSports 10 chael Huyghue,asportslawyer Other detailed glimpse this week,as 0.2 56% and professor at Cornell Law 31% 58% $7.69 ESPN big tech businesses including School. International BusinessMa- Pay-TV subscribers’ 0 0 chines Corp.and Intel report monthly bill forsports-content ESPN Fox NBCSN Total:$52.9 All Heavy their resultsfor the March costsabout the same as two of Sports 1 U.S. adults sports viewers quarter.Apple,Facebook,Al- the most popular streaming *2020 average daily prime-time viewernumbers arefor period from March 16 to April 12;2019numbers arefromMarch 18 to April 14.†Regional sports networks phabet, Amazon and Microsoft PleaseturntopageB4 Sources: Nielsen (prime-time viewers, TV-viewing time); Kagan, amedia research group within S&P Global Market Intelligence(carriage fees, breakdown) PleaseturntopageB2 Yo uTube Spars With Auditor INSIDE Calpers Exited Hedges J

WS Before Market Turmoil R

Over Transparency on Ads FO BY CEZARY PODKUL to do,” Mr.Meng answered, ac-

FIELD cording to acall transcript. CO

BY SUZANNE VRANICA YouTube’scontent, one of the remains open to an agreement N The California Public Em- “And from what we know…most

people familiar with the situa- that doesn’t include such re- TO ployees’ Retirement System of these strategies areperform-

Google wantstosubstan- tion said. strictions. HOUS waswell prepared to cash in on ing as anticipated.” tially limitthe information a OpenSlateworks with lead- Alphabet Inc., the parent of astock market selloff.Until a Mr.Meng didn’t saythat key auditorofYouTube can ing brands and ad agencies, Google,said in astatement, BUSINESS few months ago. Calpershad mostly exited the shareabout the risks of adver- includingMcDonald’sCorp., “Our brand safety partnersare Steelmakers’ worst Aftersuffering big losses dur- threefunds.One of the funds tising on the video service, ac- Pfizer Inc., Unilever PLC, and always able to share their in- slump in adecade ing the financial crisis,the $371 hada3,612% return in March, cording to people familiar WPP PLC,providing them with dependent reporting with cli- billion pension fund hedged according to aletterfromits with the situation, highlight- information to assurethat ents.” Google said OpenSlate is expected against another dramatic down- manager, Universa Invest- ing tensions between the tech their ads on YouTube are ap- isn’t currently among its offi- to getworse. B3 turn by investing in three funds ments LP.The manager of an- giant and Madison Avenue. pearing alongside content that cial brand-safety partners. The designed to producebig payoffs othernow-exited fund, Long- Theauditor,New York- marketers deem safe. companydidn’t comment spe- when marketsfall steeply.But Tail Alpha LLC of Newport based OpenSlate, is refusing In theemail to ad agencies, cifically on whether it has pro- the pension, also known as Calp- Beach, Calif., cited areturn of to sign acontract that would which wasreviewedbyThe posed restrictions forOpen- ers, decided to sell out of these 156% in an investor letter. preventitfromreporting to Wall Street Journal, OpenSlate Slateinany categories of hedges last year,giving up what “He took away arisk strat- clientswhen ads have runin said it hasn’t been able to content, citing contractual could have been apaydayof egythat the boardhad ap- videos with sensitivesubject reach an agreement with confidentiality obligations SMITH/REUTERS morethan $1 billion. proved without telling the R.

matter, including hatespeech, Google to be included in a during active negotiations. N Some membersofthe Calpers board,” Ms.Brown said in an YA

adult content, children’scon- new, updated version of You- Google said it is expanding BR boardwerecaught by surprise. interview. Stacie Olivares,an- tent, profanity,violenceand Tube’s ad-measurement pro- thenumber of measurement At aMarch 18 teleconference, otherboardmember,said she illegal substances,according gram. companies it works with, in- HEARD ON THE boardmember MargaretBrown doesn’trecall being told that to an email the firm sent this “The terms of this program cludingbrand-safety firms, STREET asked the pension fund’schief the strategies had been weekend to ad agencies. would severely limit Open- changes expected to be made Pain maybe investment officer,Ben Meng, dropped. Under the terms Google Slate’sability to deliver trans- public Monday. “Weknowhow howthese funds were doing. Mr.Meng says Calpershas proposed, OpenSlatewould parencytoclients,” the firm important it is for our indus- juststarting “They should perform well found acheaper and betteral- need approval from Google to said in the email. Thefirm trytohaveahealthythird forluxurybrands. B10 in this kind of adownmarket, ternativetorisk mitigation sharecertain metrics about also said in the email that it PleaseturntopageB4 as they were exactly designed PleaseturntopageB6 P2JW111000-6-B00200-1------XA

B2 | Monday, April 20, 2020 ****** 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 Coca-Cola...... B2 Netflix...... B1,B2 Earnings to Give Look Into Crisis Agricultural Comcast...... B1 News Corp...... B4 Development Bank of Cox Communications..B1 Nintendo...... A1 China...... B9 D Novatek...... B10 BY ALLISON PRANG Alcoa...... A2 Delta Air Lines...... B2 R - S Alphabet...... B1,B4 Almost afifth of S&P 500 Deutsche Lufthansa...B6 Altice USA...... B4 Royal Caribbean Cruises companies arescheduled to re- DISH Network...... B4 A1 Amazon.com...... B1 port earningsthis week,giving Ruth's Hospitality investorsalook intohow the AMC Entertainment E Group...... A4 Holding...... B4 Export-Import Bank of Covid-19 pandemic has ravaged American Express...... B2 China...... B9 Shenzhen Diranda different sectorsofthe econ- Optoelectronics...... B9 omy, from airlines to tech com- Apple...... B1 F Southwest Airlines....B2 panies. ArcelorMittal...... B3 Facebook...... B1 U Many of the companies re- AT&T...... B1 I porting—including DeltaAir B United States Steel....B3 Lines Inc., Coca-Cola Co.and Intel...... B1,B2 Universa InvestmentsB1 International BusinessMa- Big River Steel...... B3 International Business chines Corp.—arelogging re- BP...... B10 Machines...... B1,B2 V S sultsfor the firstthree months C L Verizon Communications NEW

of 2020.The resultswill show G B2,B4 California Public L'Oréal...... B10 only some of thefallout from Employees' Retirement Lululemon Athletica...B6 W the coronavirus pandemic,as System...... B1 OOMBER M Walmart...... B1 the U.S. economydidn’t shut /BL CareATC...... A6 Walt Disney...... B1 down widely until the quarter’s Carnival...... A1 Marriott International final few weeks. A1 Wright Consultants & SHARRETT Charter Communications Associates...... A7 Jonathan Golub,chief U.S. B1 Micron Technology...... B1 KE

equity strategist forCredit LU Microsoft...... B1 Wynn Resorts...... A1 China Merchants Bank Suisse Securities,said those The beverage company will likely fall short of its outlook amid a broad decline in people eating out. B9 N Z businesses forced to close or China Telecom...... A3 Nanda New Agriculture Zoom Video curtail operations during the lier in the media industryin Manyregional banking com- nomic uncertainty.“That’sreally Citigroup...... B9 B9 Communications...... B2 shutdown arelikely to struggle. that it’sinsulated from—or panies arereporting Monday. problematic because it means “They’regoing to really be even boostedby—the Covid-19 Last week,manyofthe bigger that we’rekind of flying blind a treated much rougher in this outbreak,and Netflix is cer- nationwide banks reported little bit,” Mr.Golub said. INDEX TO PEOPLE environment,” he said. tainly reaping the benefits,” sharpdeclines in profitsas DeltaAir Lines Inc.and Less than atenth of the S&P Dan Morgan, senior portfolio they set aside billions of dollars Southwest Airlines Co.report B Guido, Patrick...... B6 Morgan, Dan...... B2 500 have reported resultsso manager at Synovus Trust Co., to coverexpected losses on resultsWednesdayand Thurs- far this earningsseason, and said in an email. loans in what is likely to be a day, respectively.The travel in- Bartlett, Dan...... B1 Holler, Drew...... B1 N profitshavefallen almost 15%, Overall, the tech industryis painful recession. dustryhas been decimated amid Hutton, Kimberly...... A6 Bevarly, Daniel...... A3 Nimmons, Robert...... A6 according to FactSet. If that de- among those sectorsbetterpo- Beverageand snack company the outbreak,and multiple air- cline holds afterother compa- sitioned during the pandemic. Coca-Cola is expected to report lineshavealready accepted a C K P nies report their results, it Credit Suisse’sMr. Golub said itsfirst-quarter resultsbefore federal bailout. Kley, Karl-Ludwig...... B6 Cannon, Paula...... A6 Perinat, Maraya...... A9 would be the biggest year-over- tech companies canbemore themarket opens Tuesday. Last On Friday, American Ex- F L S year profit decline sincethe flexible because they don’t have month, the companysaid it was press Co.and Verizon Commu- thirdquarter of 2009,when as manyoverhead costsas probably going to fall short of nications Inc.will both share Fix, Keith...... B4 Lai, Eric...... A18 Scaramucci, Anthony..B6 Lai, Jimmy...... A18 earningsdropped almost 16%, other industries.People are the financial outlook it provided. theirresults. Ford, Rollin...... B2 Segal, Eran...... A6 FactSet said. also shopping online and using Thecompanycited the decline in Despitethe decline in earn- Frank, Meghan...... B6 Lee, Martin...... A18 Shah, Nirav...... A6 One companyexpected to video forwork,hesaid. people going to restaurantsand ings, the resultshavebeen bet- Frownfelter, John...... A6 Logue, Cathy...... B6 Somers, Rose Mistri..B6 benefit from the current stay- “We’reusing plenty of tech,” traveling,aswell as entertain- terthan expected. About two- G - H LoMonte, Frank...... A3 Stickler, David...... B3 at-home culture is video- he said. On Monday, IBM will ment andsportseventsbeing thirds of the companies that M Svensson, Ulrik...... B6 streaming company Netflix report resultsfor the first canceled. have reported so far have Ghani, Ashraf...... A18 Inc., which reportsits results quarter,and Intel Corp.issup- Manycompanies withdrew loggedper-shareearnings Golub, Jonathan...... B2 McDonald, Calvin...... B6 Y Tuesday. posed to giveits resultson the guidancethey had given for aboveanalysts’ expectations, Grieve, Alex...... B6 McMillon, Doug...... B1 Yam, Kevin...... A18 “Streaming video is an out- Thursday. futureresults, citing the eco- according to FactSet.

tech companies achancetore- Bernstein. “Given their quick to media-measurement com- have translated intoimproved expected to jump 22%, accord- Tech Firms pair some of their beaten-down and impactfulresponse,Ithink panyComscoreInc. Zoom revenue,asthe company ing to FactSet, helped by in- reputation afteryearsofcriti- the pendulum swingsback abit Video Communications Inc.in- warned of declines in digital ad creased retail sales and itsrole cism from politicians, regula- toward neutral or positive.” creased user numbersfrom10 spending.The cost of showing as the world’slargest cloud- Face Test of tors and customersover al- In the U.K.,antitrust regula- million aday at theend of last an ad to Facebook users1,000 computing provider. leged anticompetitivepractices, tors on Friday provisionally year to 200 million this month, times fell by 15% to 25% be- MicrosoftinFebruary poor labor relations and data cleared Amazon’sinvestment in transforming almost overnight tween Februaryand March, ac- warned itssupply-chain disrup- Resilience privacy. Silicon Valley firms U.K. food-deliverystartup De- from abusiness-focused video- cording to ad agencies. tions from the coronavirus out- were among the firsttotry to liveroo after previouslysuggest- conferencing servicetoaubiq- Asimilar problem is seen break would dent sales forits protect employees by shifting ing it had competition concerns. uitous way forfamilies to stay hurting Google,which derives a personal-computing businessin ContinuedfrompageB1 to working from home and TheCompetition and Markets in touch. Microsoftsaid its majority of itsrevenue from ad the quarter just ended. Ana- report the following week. promising to payidled hourly Authoritysaid that given the Teams online collaboration ser- sales.Alphabet Chief Executive lystsstill expect the software Expectations arehigh as big workers, and manycompanies damagetoDeliveroo’s financial viceonMarch 31 loggedasin- Sundar Pichai said last week giant to post 11% sales growth tech stocks have broadly out- areusing their tools to tryto position in recent weeks,the gle-dayrecordof2.7 billion the company would slowhiring. when it reportsresultsonApril performed the wider market. aid in the pandemic fight. company’sexit from the market minutes of meetings, triple the Apple also is expected to 29. Amazon shares hit arecordhigh “We’vegone from admiring “would be worsefor competi- midmonth figure. showweakness. Thecompany’s Tech companies areentering on Thursday. Microsoft’sstock tech companies likeFacebook, tion than allowing theAmazon Facebook has said totalmes- sales forthe firstthree months, the uncertain months ahead is up 13.3%this year,while the Google and Amazon to ques- investment to proceed.” saging acrossthe platform’sser- due April 30,are estimated to largely with stronger balance S&P500 indexisdown12.8%. tioning whether aprivatecor- Americans areleaning on vices has increased 50% in coun- have fallen almost 4%, accord- sheetsthan most large corpora- Even shares in Apple,which has poration should ever have that their tech productsmore. tries hit hardbythe virus,with ing to FactSet. Goldman Sachs tions.Microsoft, Alphabet, Ap- had to close stores,are down much knowledgeand power,” VisitstoAmazon’swebsite video messaging morethan dou- downgraded Apple’sstock to a ple,Facebook and Amazon are only 3.7% this year. said Mark Shmulik, atech-com- have risen morethan 30% year- bling. Theincreased user en- “sell” rating last week. among the most cash-rich pub- Thecrisis also has given panyanalyst at SanfordC. over-year in March, according gagement at Facebook maynot Amazon’ssales,though, are licly traded U.S. companies.

mounting illness, local govern- Walmart ment requestsand changing CDCguidelines.They include adding plexiglassbarriersto Worksto pharmacyareas and checkout lines. It started limiting how manypeople canenter its StayOpen stores to 20% of their capacity. It has temporarily closed stores fordeeper cleaning in some vi- ContinuedfrompageB1 rushot spots, likeNew Orleans. serviceindustries,Mr. Holler At the start of each shift, said. workersare asked health ques- Don Monagan, a26-year-old tions and have temperatures who lives in NiagaraFalls,N.Y., checked. Those with fevers or wasrunning the kitchen in a symptoms aresent home with family-owned restaurant when sick payand cannot return for the stateforcedall nonessen- seven days or until they arefe- tial businesses to shut. Now verfreefor at least three.A working in aWalmart deli, he Walmart worker in western makes $16 an hour,morethan S Pennsylvania said three of he earned in hisformer sala- PRES roughly 30 staffersweresent

ried position. UMA home because of suspected ill- “Most of us arejust glad /Z nessduring arecent shift.

that it’s busy,and we have /TNS “Wewill continue to be pro- somewheretowork,” Mr.Mon- GO activeinour approach to keep-

agan said. NTIA ing our associates safe,” Wal- At first, Walmart executives SA mart said. VID

discussed closing some U.S. DA Corporateemployees in stores so they could keep People areturning to Walmart morethan ever,for necessities or ajob. Asecurityguarddirects people at astore in Miami earlier this month. Bentonville, Ark., and else- shelves stocked andhave where, started working from enough people to runthem. In- The coronavirus pandemic triggered steep drops in severalareas of March retail sales. kind of geographic issue,but home afterMarch 13.Mr. Mc- stead they chose to close stores While Walmart stayed open, other storeshave had to close and makesome painful choices. we didn’t have something Millon and other topexecutives overnight forcleaning and prescribed foranational issue arefrequently visiting stores stocking.The executives de- Month-over-month Walmart’squarterly U.S. Weekly number of retailers likethis.” and warehouses,posting pic- cided to hireadditional work- percentagechangein sales,percentagechange in the S&P1500 that... Walmart has the benefit of tures on Instagram.Inrecent ersand givecash bonuses to Marchretailsales* from previous year† recent pandemic experiencein days,Mr. McMillon wearsa existing staff.The company ...pulledfinancial forecasts China, whereithas morethan mask in his photos.The com- hasn’t raised itsminimum ...borrowedoncredit lines 400 stores,16ofthem in Wu- pany has opened nine of the Clothing stores –51% 5% starting wage,$11 an hour. ...furloughed/laid off workers han, the Chinese coronavirus drive-through Covid-19 testing James Sexton, the mayorof Auto dealers –27 epicenter.Throughout atwo- sites that Mr.McMillon dis- Furniture Evergreen Park,Ill., temporar- –27 4 0204060month lockdown, the company cussed in aWhiteHouse press Bars &restaurants –27 ily revokedhis local Walmart’s March 9 briefly closed only two,asthe conferenceamonth ago. liquor license earlier this Sporting goods –23 3 government cleared the way Twenty areplanned by the end Department stores –20 month aftertwo workersdied March 16 fordeliveries and Walmart of April, aspokeswoman said. of Covid-19.The storemanager Electronics –15 2 worked to locatenew local Walmart has adjusted the wouldn’t sharemuch about the Building materials 1 March 23 sourcesoffood. flow of productstowarehouses status of sick workersinlate Online 3 1 But unlikeChina, wherethe and stores to meet the surge in March, Mr.Sextonsaid, so he Health stores 4 April 1 national government has total demand forfood and house- wassurprised when Walmart Grocerystores 27 0 control, in the U.S.,Walmart hold goods,prioritizing space said in April that two had died. Total retailsales –9 April 8 must navigatestate and county on deliverytrucks forthose AfterMr. Sexton pulled Wal- FY2016 ’17 ’18 ’19 ’20 regulations.Vermont, Michigan items.The system is still mart’sliquor license “my *Seasonally adjusted†Includes e-commerce;years end in January. and other local governments strained enough that Walmart phone rang and it wasanattor- Sources: Commerce Department(retail sales); the company(quarterly sales); companyfilings via MyLogIQ (retail choices) have told retailersnot to sell is asking shopperstobuy less. ney,” who set up aSaturday items deemed nonessential, in- “In the last five days,we morning call with two Walmart and they apologized fornot tionateimpact, but we must had the answers on the front cluding craftsupplies,toys and have sold enough toilet paper executives,the mayorsaid. He telling the city. stay vigilant,” he said, adding side of this,” said Rollin Ford,a furniture. Some restrictions forevery American to have reinstated the license afterthe “Wehavelost some associ- that Walmart has temporarily former Walmart executivere- have caused confusion and their ownroll,” Mr.McMillon Walmart executives assured ates,and that is obviously closed an e-commerce ware- sponsible forlogistics involved pushback from shoppers. In said earlierthis month on the himthe storehad been sani- painful,” Mr.McMillon said house and afew stores. in the company’sKatrinare- Vermont, Walmart can’t sell “Today” show. If people could tized twice, the deceased April 9inamemo to all staff. Walmart’shistoryofkeeping sponse andother disaster re- clothes.InPennsylvania, it can. “buy week-to-week rather than workershadn’t been in the “The numberswe’veseen so stores stocked amid natural di- covery efforts. “Wedid fora Walmart is making adjust- stocking up,” he said,“it would building formorethan aweek, far don’t indicateadispropor- sastersishelping,but “nobody hurricane.Wedid forsome mentstosafety policies amid- be helpful to everybody.” P2JW111000-0-B00300-1------XA

THE WALL STREET JOURNAL. Monday, April 20, 2020 | B3 BUSINESS NEWS Steelmakers In Worst Fall Since 2008

Businessthreatened unemployment will weigh on demand forautos,construction by slowdowns in auto materials and energy equip- industry,construction ment. Those industries account for82% of domestic sheet-steel and energy equipment consumption, according to market consultant Metal Strat- BY BOB TITA egies Inc.“Thebig three mar- kets have fallen flat on their U.S. steel companies are face,” said David Stickler,chief slashing production to match a executiveofBig RiverSteel JOURNAL sharp collapse in demand LLCinArkansas.U.S.Steel

caused by manufacturersidling bought a50% shareofBig REET ST

plantstoslowthe coronavirus River last year with adeadline LL

pandemic. of 2023 to purchase the re- WA

TheU.S.steel industryhas maining sharefor $700 million. THE fallen intoits most severe U.S. Steel CEO David Burritt R downturn sincethe 2008 finan- hasdescribed the acquisition FO

cial crisis. United States Steel as the company’stop strategic FIELD CO

Corp., ArcelorMittal and other priority.Aspokeswoman said N

steelmakersare ratcheting therehas been no changein TO

back output and shedding the acquisition plan. HOUS workers, anticipating that or- ArcelorMittal, U.S. Steel and U.S. mills are operating at 56% of capacity, down from 80% in 2019. and steel output has fallen by a third in three weeks. dersand prices will fall further. Cleveland-Cliffs Inc., formerly U.S. mills areoperating at known as AK Steel,are heavily come,” Mr.Murray said. “This Steelprices in the U.S. have dropped, prompting domestic steel mills to cut production. 56% of capacity,downfrom dependent on auto-industry is not going away.” 80% in 2019,according to the customers. Amonth of idled U.S. Steel, which wasrecord- Spotmarket prices for U.S. weekly rawsteel Steel industry capacity American Iron andSteel Insti- carproduction acrossthe U.S. ing losses beforethe sudden hot-rolledcoiledsteel production utilization rate tute,and steel output across will cost the steel industryat downturn in the steel market, the countryhas fallen by a least $1 billion in revenue, hasbeen one of the moreag- $625 per ton 2.0 million tons 85% thirdinthree weeks.The spot- MetalStrategies estimated. gressivesteelmakersincutting market pricefor hot-rolled Crashing oil prices arediscour- costs. Last month, the company 600 80 coiled sheet steel is $485 aton, aging frack-drilling companies trimmed itscapital-spending 1.5 75 off 18% from amonth agoand from starting newwells.The budget forthis year to $750 575 down nearly half from arecent number of newwells started in million from $875million to 70 high in July 2018. the U.S. is down 48% from a preservecash. It indefinitely 550 1.0 “We’reinfor arough ride,” year agoand 27% sincethe end delayed$1.2 billion in upgrades 65 said Bill Douglass,aregional of March. to the rolling line forsteel at 525 60 president forLex Group,asteel U.S. Steel idled about two- itsmill near Pittsburgh, which 0.5 distributor in Illinois.“There’s thirds of itspipe businessin includes $200,000 foracoal- 500 55 nobody who’s unaffected.” March, closing plantsinTexas coking plant that has been the Industryexecutives and ana- and Ohio.During two weeks in siteoftwo firesinrecent years 475 0 50 lystsexpect production to drop March, customersofSouth Ko- and has been fined by environ- Jan. Feb. March April Jan. Feb. March April Jan.MFeb arch April further,evenasmanufacturers rea’sSeAH Steel Corp.canceled mental regulatorsfor emissions reopen plants. High stockpiles ordersfor 25,000 tons of pipe, violations. Sources: S&P Global Platts (prices); American Iron and Steel Institute(production, utilization) at distributorswill likely be said Kirk Murray,the com- Improvementsatamill in drawndownbeforecompanies pany’sU.S.general manager. Gary, Ind., also were sus- mines in northern Minnesota. production is lowered, analysts Steel and other companies had placenew orders, said Credit “Our pipe inventoryisnow pended,and U.S. Steel has U.S. Steel, ArcelorMittaland say. Theelectric furnaces at plannedtoadd about 8million Suisse,which expectssheet- massive,” he said. Demand had idled blast furnaces in Illinois, other companies that rely on newermills operated by com- tons of newsteelmaking capac- steel demand to plummet 50% been weakening forayear be- Indiana and Michigan that ac- labor-intensiveblast furnaces petitorsincluding Nucor Corp. ity from electric furnaces by in thesecond quarter from a fore the market collapsed,he count forhalf the company’s tend to suffer moreduring and Steel Dynamics Inc.can be 2021. Nucor and Big River say year ago. said. SeAH last week laid off capacity to makeraw steel. market downturnsbecause quickly throttled up or down, they haven’t changed their When ordersdopick up,ex- about 30 of the 250 workersat With fewerblast furnaces now their mills arecostly to main- andoperatewith fewerwork- plans.Steel Dynamics didn’t re- ecutives expect that businesses itsHouston pipe plant. melting iron ore, the company tain even when the coal-fueled ers. Beforethe downturn, Nu- spond to requestsfor com- will spend lessand that high “There’s morestruggles to also idled one of itsironore furnaces areidled and steel cor, Steel Dynamics,Big River ment.

Brightand bold Murano

Unique andcolorfulglass beadsblend to create ourvibrant torsade necklace. CraftedinMurano, Italy, thefine strands of ourmasterpiece twistand turn in gorgeous hues of aqua andgold. Just picture yourself in this inspiredworkofart!

$99 Plus Free Shipping Murano GlassBead Torsade Necklace 18"length. 18kt yellow gold oversterling silver springring clasp. Also available in 20"$109

Ross-SimonsItem #929103 To receivethisspecial offer, use offercode: BEAD140 1.800.556.7376 or visitross-simons.com/bead P2JW111000-4-B00400-1------XA

B4 | Monday, April 20, 2020 **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

PERSONAL TECHNOLOGY | By Nicole Nguyen When Outside Calls,KeepSocial Distancethe Tech Way

Aftera aresome tools that canhelp the privacy of individuals. marathon of youensureyou maintain the Six Feet Apart Is video calls,my recommended distance.  No data foryour store? eyes felt like Actually Farther Sincethe end of March, the they were  Strava, the activity- Than You Think lowest traffic period forgro- burning.It tracking app, can help you cery stores has been before wasaFridayand Idecided I find alternative routes for 10 a.m. on Wednesdays and couldn’t stand another minute running, walking and rid- If youaren’tsurewhat6 Thursdays,according to Keith of screen time,soIwent fora ing. It released a new fea- feet lookslike, bustout the Fix, chief executiveofRetail walk. ture in beta called Routes to Measureapp on your iPhone or Aware, areal-time analytics Apark nearby wasteeming help people find more places Android device. firm that captured datafrom with like-minded sun wor- to run or ride from their Both apps provide esti- microsensorsembedded in shipers—which made practic- front door. It’s available only matesofdimensions forreal- hundreds of grocersacross ing social distancing likeplay- to subscribers ($5 a month world items around the house the country. Check with your ing agame of real-life after a 30-day trial) in the using your phone’scameraand storebeforeyou visit—many “Frogger.” app. The feature shows you aneataugmented-realityvisu- arededicating specific hours In the quarantine era, three route suggestions alization. Ifound them particu- to seniorsand immunocom- green spaces and sidewalks based on preferences such as larly useful forgauging what promised people only. aregetting morecrowded— desired distance, with your thatminimum distanceis. (It’s OpenTable recently making it difficult to maintain current location as a starting farther than Ithought!) launched online wait listsand the minimum 6feet of social point. There’salso aSnapchat reserved shopping times for distancing recommended by Using the map icon in the lens thatputs an animatedra- grocerystores. Thecompany the Centersfor Disease Con- top right, turn on the Global dius around your feet. It isn’t is making the newtools avail- trol and Prevention. Heatmap layer, which shows an exact distance—but it is a able to grocers, in hopes it As days grow longer and the popularity of any section fun waytoencourage others will help limit contact from balmier,outdoor spaces will of your route. The darker the to maintain some personal waiting in lines outside only getbusier—raising the road or trail, the more peo- The Measure app uses an iPhone’s camera and augmented-reality spaceoutside of the home. stores.The capability is rela- risk that moreparks and out- ple have taken that route software to help you visualize what 6 feet looks like. tively new, so theremay be door public spaces will need within the past two years. few options in your area. to close.Many sidewalks are AllTrails identifies lightly you’re up for it, consider a ends. Stay away from trail- the estimates shown might toonarrow forkeeping asafe treaded trails nearby. The trail rated as moderate or heads with large parking not accurately reflect crowds  Avoid grocery stores distance, which is whyRails- app, which is free for iOS hard difficulty that most lots, as those tend to draw during the pandemic. by signing up for a commu- to-Trails Conservancyiscall- and Android devices, shows won’t attempt. (Anything more hikers, she advised. However, if you see a pink nity-supported agriculture ing forcities to temporarily top hiking spots close to that might have you requir- “Live” indicator, that is a program. Many store-deliv- close morestreets to vehicle your location. (There’s also a ing medical attention should  Before your next gro- good representation of how ery services, such as Insta- traffic, the group’svicepresi- premium subscription option be avoided.) cery run, consult Google’s many people are there right cart and Prime Now, are dent of communications, for $2.50 a month that lets Meaghan Praznik, an All- popular times to see if it’s now. The information is jammed with orders, but you Brandi Horton, said. you download maps offline.) Trails spokeswoman, said ac- crowded. This is a feature pulled from people who might have better luck trying TheCDC,among other ex- To find hidden gems, filter cording to the app’s activity that appears in search re- opted into Location History these other options. Local- perts, says being active and results by “light” trail traf- data, the quietest times to sults for restaurants, grocery and have a Google app, such Harvest delivers products enjoying open spaces is a fic, informed by users who hike are weekday mornings, stores and other businesses. as Maps or Search, running such as grass-fed beef and great way to keep healthyand record hikes with the app. while the busiest times tend A Google spokeswoman said on their phone. The spokes- pork chops from farms, relievestress. But we need to Opt for loops rather than to be after work during the the data is based on average woman said “Live” insights while Sea2Table offers wild- stay away from each other— out-and-backs to minimize week, and late mornings and popularity “over the past are only shown when there caught seafood, delivered and tech canhelp.So, here encounters with others. If early afternoons on week- several months.” This means is sufficient data to protect frozen in one to three days. AMC SeeksLending No Live AfterTheatersShut Sports, but

BY ALEXANDER GLADSTONE term, AMC faces uncertainty about when it canreopen its Fees Stay AMC Entertainment Hold- theaters. ingsInc.isseeking to secure “This is aBand-Aid solu- rescue financing while renego- tion; it will getthem through ContinuedfrompageB1 tiating terms with lenders to thesummer and maybe until services combined—Netflix help it getthrough the corona- Thanksgiving,but if consum- Inc.and Walt Disney Co.’sDis- virus pandemic,which has ersdon’t come back likethey ney+—while many“skinny forced it to close down itscin- did before, they’rescrewed,” bundles” such as Dish Net- emas world-wide. said Michael Pachter,anana- work’s Sling TV and Alphabet Thecompanysaid Thurs- lyst at Wedbush Securities. Inc.’sYouTube TV offer most dayitislaunching aprivate “Webelieve, but cannot sports channels. offering foranew $500 mil- guarantee,that the exhibition Amajor portion of the aver- lion secured bond. industrywill ultimately re- agemonthly $84 pay-TV bill— AMC’smorethan 1,000 bound and benefit from pent- about $53,according to Kagan, OL PO

movie theatershavebeen shut up social demand forout-of- amedia-research group within S through at least the end of home entertainment, as S&P Global Market Intelli- June. government restrictions are gence—goes directly to the

Meanwhile,AMC is bring- liftedand home sheltering channels available in the cable TINEZ/PRES

ingineffectively zero reve- subsides,” AMCsaid Thurs- bundle.The sportsfees ac- MAR nue,the companysaid. day. count for37% of such pay- NALD

In addition to the newdebt But the companyalso said ments. RO offering,AMC seeks to negoti- itsbusinesscould suffer more Some providersare still Networks are showing classic games in lieu of live sports. Kevin Garnett in 2010 NBA finals. atewith itsexisting revolver if Covid-19 leads to changes in considering their options.A lenderstowaiverequirements consumer behavior,orifthe spokeswoman for Altice, ball Association and National and Wall Street Journal parent sportslineup,with manypost- regarding itscurrent financial pandemic causes further re- which provides cable service Hockey League fulfilled those News Corp sharecommon poned eventspotentially re- standing. ductions to movie releases. under the Optimum and Sud- minimum-game requirements, ownership. turning at once. Failing to obtain the waiv- TheWhiteHouse on Thurs- denlinkbrands,said it is re- given that they both were In an effort to generate Combined, ESPN,Fox Sports erscould result in adebt de- dayissued guidelines forre- viewing itscontracts. nearing the postseason. fresh content, ESPN recently and Comcast’sNBC SportsNet- fault, the companysaid. openingthe economy,which “Weare negotiating aggres- Viewership of sports-spe- aired an NBA2K20 videogame work account foralarge part While the newliquidity jolt includeallowing movie the- sively on our customers’ behalf cificchannels has fallen off a basketball tournament—with of sportscarriagefees,which and moreflexible terms from atersand other large venues to issue creditsand/or pass cliff sinceMarch 12, when everygame having opposing also go to regional sportsnet- lenderscould help the com- to operateunder “limited savingsontothem,” said Erin most of the major U.S. sports real-lifeNBA players at the works and league-controlled panyget through the near physical distancing protocols.” McPherson,head of consumer leagues suspendedtheir sea- channels such as MLB Network content and partnerships at sons,following the NBA’smove and NHL Network. Verizon Communications Inc. aday earlier. Viewership of Prices forregional sports Dish Network didn’t com- To fill airtime without any networks vary,with the chan- ment on the matter. An AT&T livesports, channels areairing sports­specific nels in thebiggest markets— Home Haircuts MadeEasy spokesman said the company classic games and “best of” channels has fallen andthose that carrygames would either not charge or sports moments,while work- from multiple prosports Special Offer would reimburse subscribers ing to push up the release off since March 12. leagues—costing the most. Trims evenly to thedesired length... of add-on services,giving them dates fororiginal content. DespitelowersportsTVrat- no need to go to thebarber. access to out-of-market base- Disney’s ESPN,for itspart, ings, sportsfans still tend to —William, Philadelphia PA $20OFF ball and soccergames until the moved up itsdocumentaryon watchmoreTVthan the aver- any purchase of $99 or more Major League Baseball and Michael Jordan and the NBA’s controls—as well as aH-O-R-S- ageviewer. Nielsen found that use code WSHAIR by 6/21/20 Major League Soccerseasons— ChicagoBulls,“TheLast Eshooting competition be- the 20% of U.S. adultswho both of which were post- Dance,” which began Sunday tween current and retired NBA spent the most time consum- poned—officially begin. night. and WNBAplayers,each at- ing sportsonTVbeforethe Under typical contracts, Last week,ESPN aired the tempting trick shotsfromtheir league-ordered suspensions pay-TV providers’ paymentsto deciding game of the 2010 NBA respectivedriveways or home watched TV for about 2½ sportschannels depend in part Finals between the LosAnge- gyms. hourslonger than the average on airing aminimum number les Lakers and the Boston Celt- ESPN said it expectstoat- adult viewer, according to data of the games playedduring the ics,while FoxSportsshowed tract strong audiences forthe published Thursday. That season. Sportsleagues’ deci- some key games of the 2018 coming National Football trend continued in recent sions on theremainder of the soccerWorld Cup,including League draft.Aperson familiar weeks despitethe absenceof season will determine who is Belgium’supset quarterfinal with the companysaid ESPN is livesportsonTV, Nielsen said. refunded, and when. It remains victoryagainst heavy tourna- poised to benefit from what —Drew FitzGerald unclear if the National Basket- ment favoriteBrazil. FoxCorp. could be a very crowded fall contributed to this article.

Google’sapproved brand- tent, including on YouTube vid- YouTube has takensteps to YouTube safety partners, “delivers eos promoting racism or hate assuage marketers’ concerns, transparent, unrestricted re- speech. includingimproving the tech- porting across the entirety of In 2017, manybig brands nologyituses to screen videos SparsWith itsmeasurement solutions,” temporarily suspended their and by allowing third-party the companysaid. Representa- ad spending on YouTube amid measurement companies to tives of Integral Ad Science evidence that some ads were monitor where ads appear on Auditor Inc.,another partner,had no appearing alongside content the site. immediate comment. considered to be objection- Advertisershavebecome #96209 #83676 Thedisputecomes amid up- able.Last year,several brands dependent on these so-called ContinuedfrompageB1 heavalinthe online-ad world suspended their ads on the brand safety firms,likeOpen- The Professional party ecosystem of trusted in- because of the coronavirus pan- site after revelations that in- Slate, not only to avoid placing Lighted Clipper Set The Barber Eliminator dependent solutions for driv- demic.Amajor contraction in appropriateuser comments ads next to controversial con- ing and measuring marketing ad spending threatens the reve- were appearing under videos tent but also to makesure Browse allour personalcareitems performanceonYouTube,” the nue of all companies that sell featuring underage girls. they arespending their money company said. digital ads,including giantslike Despitethe controversies, wisely.For example,advertis- Online: www.hammacher.com/care Google said it has invited Google and Facebook Inc.Being Google has remained the ersthat aretrying to target OpenSlatetoparticipateinits on good terms with Madison world’slargest advertising adults would want to make TollFree: 1-866-409-5548 expanded program. Avenue is as important as ever. platform. It is expected to sure that their ads avoid run- It is unclear if the partners Brand safety has become a have aroughly 30% shareof ning on children’s content. forthe newly expanded pro- critical issuefor advertisers the $369 billion world-wide Under the terms Google Hammacher Schlemmer gram will face the same re- over the past few yearsafter digital ad market this year,ac- proposed to OpenSlate, the Guaranteeing theBest, theOnly, andthe Unexpected for 172 years. strictions Google proposed to many brands discovered their cording to research firm eMar- types of information Open- OpenSlate. ads were appearing next to ob- keter. YouTube had $15.1 bil- Slatewould be allowedto DoubleVerifyInc., one of jectionable social-media con- lion in ad revenue for 2019. share are unclear. P2JW111000-0-B00500-1------XA

THE WALL STREET JOURNAL. Monday, April 20, 2020 | B5

TECHNOLOGY WSJ.com/Tech Tech Tools WatchWork-From-Home Staff

As bosses track how Employers have wide legal latitude to use tracking tools, employees use time though the products can test on computers, some employees’ threshold for pri- vacy concerns.Ifeoma Ajunwa, fear added stress an assistant professor at Cor- nell University’s ILR School, Chris Heuwetter never felt formerly known as the School aneed to monitor the employ- of Industrial and Labor Rela- ees of his Florida social-media tions,says oversurveillance marketing company. He could can turn counterproductive. glance acrosshis company’s “It becomes moreabout the 3,000-square-foot officeand worker being stressed out see them. about surveillanceorpaying toomuch attention to the sur- By Chip Cutter, veillancerather than getting Te-Ping Chen thework done,” Dr.Ajunwa and Sarah Krouse says. Manyemployees have a The coronavirus pandemic heightened sense that their changed his thinking. performanceonthe job mat- Weeks after employees be- ters even more now, with gan working from home in morethan 22 million Ameri- March, Mr.Heuwettersaid he cans seeking unemployment noticed that some staffers benefits. “Frankly, employees started logging on later in the already have an incentiveto mornings. Otherswereslowto Y be productive, just by mere respond to messages.Mr. Heu- fact of wanting to keep their wetter says he understands CALLER jobs,” she says. OR

working remotely requires a YL In Florida, Mr.Heuwetter, significant adjustment,but he TA of the social-media marketing became concerned. BY company, explained his ratio- ION

So he required workersat AT nale forinstalling the Hub-

his company, 98 Buck Social, TR staff tracking system last US

to install atool that takes ILL month in an email to employ- computer screenshotsevery 10 ees and discussed it in avir- minutes and recordshow late security rules. than 1,000 newcompanies laptops. The initial goal, says their ownproductivity levels tual meeting. Afew staffers much time they spend on cer- Companies also use such have signed up to use her Trevor Greene,director of fluctuate. pushed back,and one called it tain activities.“We realized surveillanceand analytics company’stool in recent business development, was Theroughly 300 staffersat spyware,hesays. we didn’t know what was go- tools to determine everything weeks. tracking working hoursfor the Anequim, an Omaha, Neb.- “Therewas some tension ing on,” he says.“We were just from who is influential at a “It’sbeen alittle insane,” company’s30-odd hourly em- based companythat handles when we firstrolled it out,” he worried that we were losing companytowhich teams tend she says. The companies, she ployees.The tool, he notes,al- maintenanceand billing is- says.“Ididn’t see anyeye productivity.” to be most productive. Advo- says, range from law firms to lows employees to work more sues forapartment complexes rolls, but I felt the eyes roll.” Nowthat millions aresud- catessay such technologycan insurancecompanies to flexible schedules and still and other property managers, Some employees asked denly doing their jobs at help companies assesshigh banks—businesses that have their hoursbeaccounted areall remoteworkersacross whether Mr. Heuwetter could home as aresult of the new and lowperformersand better “maybe hadn’t had remoteem- for, something he says is par- the U.S. and Mexico. But now nowsee their files or web- coronavirus,morecompanies allocate resources, while crit- ployees before, and they were ticularly important forparents that children and other family search historyduring non- want to know how employees icswarn the tools might not super anxious about it.” with children at home. membersare home during the working hours. He explained arespending their time.Some be nuanced enough to render At Teramind, whose tech- “This is not awitch hunt to workdaywith them, many that he couldn’t. Thesoftware of them arerelying on the balanced judgments. nologycan giveemployers a tryand find the guywho employees have newdistrac- stops tracking activity when same surveillancetools that “What’shappening todayis livelook at employees’ com- spends 20 minutes aday on tions and challenges,says employees hit atimer to pause have been used to monitor just an acceleration of what’s puter screens or recordingsof the news,” he says.But he Gwenn Aspen, the company’s or finish work for the day. work in the office, and they been happening,” says Brian videos of their activities,in- also thinks thetool—which president. Productivity has noticeably don’talways disclose when Foster,senior vicepresident quiries have tripled sincemid- thecompanyuses to track Thenew monitoring soft- increasedinrecent weeks,Mr. the software is added to lap- of product management at March, and about athirdof webbrowsing and time spent ware Anequim uses, Hubstaff, Heuwettersays.Hecan now tops remotely. MobileIron Inc., adevice- the company’s2,000 clients on work-related apps,such as can be a conversation starter identifystafferswho seem Thetechnologyprovides management and security have requested additional li- Excel—will paylonger-term during the pandemic that overworked and those who are managerswith daily produc- company. censes to track moreusers, dividends. helpsmanagersfigureout especially productiveand tivity scores forremotework- Makersofworkplace-moni- says Eli Sutton, vicepresident “We’reable to getalot which employees arestrug- might deserveapay raise.He ersordetailed reportson toring productssay they have of global operations. moregranular insightsinto gling and find a solution, she is also paying attention to which tasks consume their loggedanincrease in orders SiteTech Systems,aprop- howmuch time they’re says.“If yousee in the soft- which people might requireon- days.Other tools aredesigned since the coronavirus altered erty-valuation companybased spending on individual tasks,” ware that people really aren’t the-job coaching in the future. to catchemployees who might life. RitaSelvaggi, chief execu- in Myrtle Beach, S.C.,went re- Mr.Greene says.Each staffer being productive, youcan have “I’m in lovewith it,” Mr. be moretempted to download tiveofemployee-monitoring mote on March 16, and rolled hasaccesstotheir owndata, discussions about howto Heuwettersays of the tool. files from the companyorvio- software ActivTrak,says more outActivTrak on employees’ he says,and cansee how makethem moreproductive.” “I’m never going back.”

WSJTALK /EXPERIENCE/OFFER /GETAWAY/EXTRAS

Maintain your exercise routineathome withAaptiv, afitness appfeaturing thousandsofexpert-ledaudio workouts. Stay Fitat As aWSJ member,enjoy 50%offanannual membership andaccess classes includingat-homestrength,cardioand yoga—no equipment needed.

Home With WSJMEMBER EXCLUSIVE REDEEM NOWAT 50%Off WSJPLUS.COM/AAPTIV 6DJ7864 ved. reser rights All

Aaptiv Inc. o., &C Jones Dow ©2020 P2JW111000-0-B00600-1------XA

B6 | Monday, April 20, 2020 THE WALL STREET JOURNAL. BUSINESS & FINANCE Law Grads Are in Limbo More Firms Divide Up Finance-Chief Tasks BY PATRICK THOMAS BY NINA TRENTMANN solution,she said. SarahBeechayisgraduat- AND MARK MAURER Deutsche Lufthansa AG ing from Hofstra University’s went forasimilar arrangement lawschool this spring and has Lululemon Athletica Inc.’s following the sudden departure a job lined up working in the decision to divvy up the role of of Chief Financial Officer Ulrik family-law department of the interim financechief and allo- Svensson this month. TheGer- LegalAid Society of Nassau cate it to existing executives man airline group,which in re- County in New York. Now she could be an example of how cent weeks grounded the ma- isn’t surewhen she will be companies plan to navigate jority of itsplanes,reassigned able to work. CFOvacancies during the pan- financetasks to itschief execu- Like many graduating law- demic,recruiterssaid. tive, boardmembersand senior school students, she has seen Thecompanysaid Patrick managers. Mr.Svensson left

her plans turned upside down VIS Guido, who joined the Vancou- Lufthansa citing health reasons.

as the coronavirus spread and DA ver, British Columbia, ac- Lufthansa Chairman Karl- Y led states to cancel or post- tivewear maker as CFOinApril Ludwig Kley said in an April 8 EMIL

pone the July bar exam. Pass- Y; 2018,would leave on May8. news release that the new

ing the bar beforepracticing CHA Meghan Frank,Lululemon’sse- structurewould help the com-

as an attorney is arequire- BEE nior vicepresident forfinancial pany betternavigatethe pan- ment in most states. H planning and analysis,and Alex demic, which has resulted in RA

“It has probably been the SA Grieve, vicepresident and con- the companyshuttering itslow- most stressful time of law : troller,werechosen to lead the cost Germanwingsairline,de- school,” said the 25-year-old LEFT financeteam until asuccessor commissioning aircraftand OM

Ms.Beechay. “Everyday I’m FR is appointed, the companysaid. forecasting weak demand for stressed, all my friends are Sarah Beechay, left, and Emily Davis, right, had been planning to take the bar exam in July. Usually,companies have a air travel foryears. Companies stressed, and it’sall we can succession plan in placetocover talk about. It’slikeIcan see exam. Each has to makeits MatthewBradley,23, is ing used as a hospital. unexpected vacancies and re- the light at the end of the tun- owndecision whether to move graduating from NotreDame’s “It’sfar from certain where placeexecutives with interim ‘You cannot be nel and everything just col- the bar.Statescan decide to lawschool this spring and has we’ll be in early September,” candidates while they search for lapsed.” implement temporaryorders been planning to work fora said Mr.Greenbergofthe New apermanent successor.“Typi- without a CFO in Ms.Beechayand the roughly that allownew graduates to lawfirm in Denver. His em- York State Bar Association, cally these interim roles have this situation,’ says 46,000 other soon-to-be law practice law and forgo taking ployment at the firm hinges on adding it is possible the Sep- been allocated to asingle indi- graduates acrossthe U.S. who the bar until 2021. his ability to take and passthe tember bar exam dates could vidual,” said RoseMistri Som- Cathy Logue. planned to take the July exam TheUtahSupreme Court bar.Sofar,Colorado hasn’t be changed. ers, aconsultant in the CFO areuncertain what their job said earlier this month it will movedits scheduled exam Statesincluding NewYork practiceofRussell Reynolds As- status will be if they can’t take consider waiving the bar-exam date, but Mr.Bradley fearsitis could decide to adopt an order sociates, arecruitment firm. the test.Inaddition to ade- requirement forrecent gradu- amatteroftime beforeevery that would let newlaw gradu- But with the pandemic roil- typically seek to fill such vacan- layedbar exam, the job market ates.Decisions arebased on statealterstesting plans. ates work under the supervi- ing all kinds of businesses,and cies quickly.“This is not the forlawyersisstarting to dry factorsincluding officeclo- “Ifitgot postponed, frankly, sion of alicensed attorney un- with manypotential CFOcandi- right moment to appoint anew up. Lawfirms have reduced sures, state and local restric- Idon’t knowwhat Iwould do,” til they cantakethe bar in dates delaying possible career chief financial officer,” Mr.Kley staff and cut pay as courtsare tionsongatherings, and test Mr.Bradley said. “Itwould cre- 2021, either the Februaryor moves,companies areexpected said this month. largely closed,settlement dis- venue availability,NCBE ateadomino effect formyfu- July sittings, he said. to rely more on temporary Lululemon said itssearch for cussions areonpause and few spokeswoman Valerie Hickman ture. Idon’t think anyone in TheAmerican Bar Associa- workarounds and to sharere- anew CFOwill begin immedi- newdeals arebeing struck. said. theclassof2020 is feeling tion BoardofGovernorsisurg- sponsibilities between several ately and will include internal In most jurisdictions,the Thegroup is exploring what very optimistic right now.” ing jurisdictions to authorize executives,recruiterssaid. and external candidates. bar exam is offered twicea it would take to allow people Earlier this month, New some recent graduates to prac- “Itmakes sense in an envi- “Weare confident Lulu- year,inFebruaryand July.It to take the exam online.The York,which typically tests ticelaw in alimited way before ronment likethis,” Ms.Mistri lemon will attract an experi- is made available to the indi- NCBE is consulting with tech- about10,000 newlaw grads they gettosit forthe bar. Somers said. enced chief financial officer vidual statecourtsthat admin- nologyand security experts, each summer,canceled the Emily Davis,25, is graduat- Sharingthe burden among who has successfully guided a ister it by the National Confer- but an online test is difficult July exam and moved it to ingfromRutgersLaw School several executives,evenifonly broad-based portfolio,” Calvin enceofBar Examiners. Earlier to administer because the September.The postponement this spring andishoping to forawhile,underscores the McDonald,the company’schief this month, the NCBE said it exam is 12 hourslong and con- is creating alogistical prob- take the NewYork bar exam in high workload financechiefs executive, said. Lululemon is made tests available for Sept. ducted over two days,Ms. lem. TheNew York State September.She said her em- faceasthey navigatethe crisis. benefiting from having two ex- 9-10 and Sept. 30-Oct. 1for Hickman said. Board of Law Examiners said ployersaid it will still take her “You cannot be without a ecutives to lead the CFOorgan- states that postpone the July “The job market is beyond it can’t use the same large in the fall, but she is nervous CFOinthis situation,” said ization forthe interim period, test date. grim, and then they areinthis venues it typically does to ad- shewon’t be one of the stu- CathyLogue,head of the CFO according to aspokesperson. States including New York, no man’sland,” NewYork State minister the September exam. dentsprioritized forthe Sep- practice at executivesearch Lululemon has closed stores Hawaii and Massachusetts Bar Association President Hank Oneofthe state’slargest test- tember exam. “Wedon’t know firm Stanton Chase.Dividing up in North America, Europe,Ma- have said they plan to cancel Greenbergsaid of newgradu- ing centers, the Javits Center when to start preparing to take the role while conducting a laysia, Australia and NewZea- or delaythe summer bar ates’ inability to take the bar. in Manhattan, is currently be- it,” she said. search could be apracticable land because of the pandemic.

Calpers Total market value,cumulativechange,yeartodate THE TICKER | Market events coming this week 10% Monday Prologis 0.36/0.57 Thursday Friday Unwound Texas Instruments 0 Earnings expected* 1.00/1.26 EIA report: natural-gas Previous change in stocks in Estimate/Year Ago($) Short-selling reports billions of cubic feet Cadence Design Systems Ratio, days of trading volume of Hedges up 73 current position, at March 31 Calpers 0.54/0.54 Wednesday -10 NYSE 2.2 Crown Holdings Nasdaq 1.9 0.92/1.05 ContinuedfrompageB1 S&P500 EIA status report Initial jobless claims Equifax 1.29/1.20 Previous change in stocks in than hedgefunds such as Uni- Previous 5,245,000 versa, which is whyhetold Ms. -20 International Business millions of barrels Durable-goods orders Crude-oil stocks up 19.2 Expected 4,100,000 BrowninMarch that risk miti- Machines 1.81/2.25 Feb., previous up 1.2% Gasoline stocks up 4.9 gation effortswereperforming M&T Bank 1.91/3.35 March, expected Distillates up 6.3 as expected. Still, Ms.Brown Truist Financial down 10% -30 New-home sales says the boardshould have 0.65/0.97 Jan. Feb. March April Feb., previous 765,000 been informed that Calpershad U.Mich. consumer index Mort. bankers indexes March, expected 663,000 exited the hedgefunds. Note:Dataare as of April 15. Tuesday Purch., previous down 2% Apr., prelim 71.0 TheCalpersboardwill con- Sources: FactSet (S&P 500); California Public Employees' RetirementSystem(fund value) Refinan., prev. up 10% Apr., final 60.0 vene again next week and dis- Existing home sales Earnings expected* cuss, among other things, how LongTail Alpha. They are March it only had aresidual Feb., previous 5.77 mil. Earnings expected* Estimate/Year Ago($) Earnings expected* much authority it delegates to known in industrylingoas“tail stakeleftinLongTail, accord- March, expected 5.50 mil. investment staff. risk” funds because they are ing to documentsand people Estimate/Year Ago($) Estimate/Year Ago($) Calpers lost nearly aquarter supposed to protect against familiar with the changes. AT&T 0.85/0.86 American Express of itsassetsduring its2008-09 rare events such as March’s LongTail’sremaining positions Earnings expected* Biogen 7.69/6.98 Air Products & Chemicals 1.51/1.80 fiscal year,which forced cities, coronavirus selloff. returned lessthan $200 million Estimate/Year Ago($) CSX 0.94/1.02 2.11/1.92 Gentex 0.39/0.40 school districtsand stateagen- Thefunds generally invest in to Calpers, one of the people Coca-Cola 0.44/0.48 Kimberly-Clark Blackstone 0.51/0.44 Portland General Electric cies that participateinthe pen- options and post small losses said. Theexitswerepart of a Lockheed Martin 1.96/1.66 Edwards Lifesciences 0.90/0.82 sion fund to contributemore, each month, which areoffset broader strategytowithdraw 5.79/5.99 NextEra Energy 1.37/1.32 Synovus Financial putting additional pressureon by huge, very rapid gains when about $60 billion from internal Netflix 1.63/0.76 2.20/2.20 Eli Lilly 1.48/1.33 0.36/0.98 already-strained budgets. marketstank.Calpersbegan in- and external fund managersin Philip Morris Thermo Fisher Scientific Intel 1.28/0.89 Verizon Communications Pensions around the U.S. are vesting in both funds in August abid to boost returns and save International 1.13/1.09 2.81/2.81 Union Pacific 1.90/1.93 1.23/1.20 struggling with similar short- 2017and developed athirdin- on fees,according to Mr.Meng. * FACTSET ESTIMATES EARNINGS-PER-SHARE ESTIMATES DON’T INCLUDE EXTRAORDINARY ITEMS (LOSSES IN PARENTHESES)  ADJUSTED FOR falls, making big market de- ternally managed fund with a Mr.Meng,who took over as STOCK SPLIT NOTE: FORECASTS ARE FROM DOW JONES WEEKLY SURVEY OF ECONOMISTS clines even riskier.Some have similarstrategy. thepension’schief investment turned to risk-mitigation hedge Calpersdecided to unwind officer in January2019,said he funds including Universa and the positions in October,and by has no regretsabout exiting Universa and the other funds. “Knowing what we know, we ADVERTISEMENT would makethe exact same de- cision,” he said in an interview. TheMarketplace Mr.Meng said these strate- To advertise: 800-366-3975orWSJ.com/classifieds gies aredifficult to use forbig funds such as Calpers, which had about $200 billion of stock expo- NOTICE OF SALE PRODUCTS surebeforethe March selloff. During good years, the losses

31+086 14 ,68*-67 /#-+)/*".08 #*8+013 14 they incur aretoo costly,hesaid. %99$ 14 +26 565"6-,20/ 03+6-6,+, 03 Mark Spitznagel, Universa’s %!&' #,,180#+6, 56(( ..8 NLB_'# _D a#F#*) c_+#N S9&S XO#;> P#(( __ RR' chiefinvestment officer,said in V3D?dM1?@ J&1SE2U I7]] Y==?1 =Y1 0&]? &S WM"]7d &MdS7Y[ his lettertoinvestorsthat the S9? =Y]]YI7[: W1YW?1SEb &]] 17:9S` S7S]? &[@ 7[S?1?0S Y= XO;> ,DDL'_,B#D P#(( firm’sstrategycan help boost re- __ RR'7[S9? \?\"?1097W 7[S?1?0S0 Y= XO;> ,DDL'_,B#D turns if investorsstick with it P#(( RR'` &0 0Md9 'Y]]&S?1&] 70 @?0d17"?@ 7[ S9&S d?1S&7[ TM[7Y1 P?CC&[7[? RY&[ ,:1??\?[S` @&S?@ &0 Y= ,W17] X/` through thick and thin. Thestrat- OAXZ` "E &[@ "?SI??[ XO;> ,00Yd7&S?0 P?CC __ RR'` &%?]&I&1?]7\7S?@ ]7&"7]7SE dY\W&[E`&0"Y11YI?1 egy’sannualized compounded re- V3%?"SY12U` &[@ XO#;> P?CC __ RR'` &%?]&I&1?]7\7S?@ turn since2008 wasabout 11.5%, ]7&"7]7SE dY\W&[E`&0]?[@?1 V3D?dM1?@ J&1SE2U &[@ S9&S d?1S&7[ TM[7Y1 P?CC&[7[? J]?@:? &[@ D?dM17SE according to the letter. ,:1??\?[S` @&S?@ &0 Y= ,W17] X/` OAXZ` "E &[@ "?SI??[ %?"SY1 &[@ D?dM1?@ J&1SE`&00Md9 &:1??\?[S0 \&E 9&K? TheUniversa investment "??[ =M1S9?1 &\?[@?@ Y1 \Y@7 ,DDL'_,B#D P#(( RR' Spitznagel said.“In our 12 &[@ V"U XO;> ,DDL'_,B#D P#(( RR'YI[0 XAA6 Y= S9? \?\"?1097W 7[S?1?0S0 7[ XO;> ,DDL'_,B#D RR'` S9? yearsatUniversa, we’vemore YI[?1 &[@ @?K?]YW?1 Y= S9? ]&[@ &[@ "M7]@7[: ^[YI[ &0 XO #&0S ;>S9 DS1??S` *Y1YM:9 Y= P&[9&SS&[` 'YM[SE Y= than demonstrated our ability N?I )Y1^` DS&S? Y= N?I )Y1^U5 to do that,” he added. B9? WM"]7d &MdS7Y[ I7]] S&^? W]&d? Y[ P&E X` OAOA 0S&1S7[: &S XAbAA &5\5 #&0S?1[ %&E]7:9S B7\? VN?I )Y1^U Amid the split, Universa

&S S9? ]&I Y=

WM1d9&0?10 &1?7[K7S?@ SY "?dY\? HM&]7

&MdS7Y[5 B9? S?1\0 Y= 0&]? \&E "? Y"S&7[?@ "E dY[S&dS7[: ZUMA S9? W?10Y[ [&\?@ "?]YI5 ADVERTISE TODAY group,towork as aresearch di- (800)366-3975 rector under Mr.Spitznagel. At J,-R a,DB_NcD RRJ WIRE/

,SSY1[?E0 =Y1 D?dM1?@ J&1SE Calpers, Mr.Lagnado helped A ,SS[b a&1K?E ,5 DS17d^Y[` #045 Formoreinformation visit: /P OAA J&1^ ,K?[M? overseethe pension’stail-risk N?I )Y1^` N) XAX.. wsj.com/classifieds B?]b VOXOU QX>8.Q>A hedging program, including LLINS !&Gb VOXOU OQA8/.>Z winding up and then shutting CO

#8\&7]b 9&1K?E0S17d^Y[$W&M]9&0S7[:05dY\ TIE ©2020Dow Jones &Company,Inc. down the pension’sUniversa in- All Rights Reserved. KA vestment. Netflix is expected to post earnings Tuesdayof$1.63 ashare, compared with 76 centsayear earlier. P2JW111000-0-B00700-1------XA

THE WALL STREET JOURNAL. Monday, April 20, 2020 | B7 MARKETS DIGEST

Dow Jones Industrial Average S&P 500 Index New to the Market IPO Scorecard B8 Last Year ago Last Year ago 24242.49 s523.12, or 2.21% last week Trailing P/E ratio 18.50 0.00 2874.56 s84.74, or 3.04% last week Trailing P/E ratio * 22.10 21.78 Public Offerings of Stock High, low, open and close for each of P/E estimate * 20.61 16.67 High, low, open and close for each of P/E estimate * 20.75 17.62 the past 52 weeks Dividend yield 2.17 0.00 the past 52 weeks Dividend yield * 2.13 1.91 IPOs in the U.S. Market All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 None expected this week

Current divisor 0.14579812049809 30000 3400 Lockup Expirations Below, companies whose officers and other insiders will become eligible 65-day moving average 28000 3200 to sell shares in their newly public companies for the first time. Such sales can move the stock’s price. 65-day moving average 26000 3000 Lockup Offer Offer amt Through Lockup expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision 200-day moving average 24000 2800 April 22 Oct. 25, ’19 Happiness Biotech Group HAPP 5.50 8.3 –44.5 180 days 200-day moving average Oct. 23, ’19 BRP Group BRP 14.00 246.0 –26.9 180 days Week's high 22000 2600 Oct. 24, ’19 Progyny PGNY 13.00 150.0 76.8 180 days DOWN UP Monday's open Friday's close Oct. 25, ’19 Youdao DAO 17.00 92.4 18.0 180 days t 20000 2400 Friday's close Monday's open Oct. 24, ’19 Cabaletta Bio CABA 11.00 87.0 –37.7 180 days t Oct. 24, ’19 Phathom Pharmaceuticals PHAT 19.00 150.1 60.4 180 days Week's low 18000 2200 Oct. 25, ’19 Aesthetic Medical International Holdings AIH 12.00 30.0 –27.2 180 days Bars measure the point change from Monday's open Sources: Dealogic; Dow Jones Market Data 16000 2000 A M J J A S O N D J F M A A M J J A S O N D J F M A Other Stock Offerings Primary Secondaries and follow-ons expected this week in the U.S. market NYSE weekly volume, in billions of shares t

market t Composite Financial Flashback None expected this week 36 The Wall Street Journal, April 20, 1990 24 Off the Shelf 12 Michael Milken wasgiven until noon todaytoaccept aplea 0 bargain or face additional charges,say people familiar with the “Shelf registrations” allow a company to prepare a stock or bond for A M J J A S O N D J F M A insider-trading case againstthe former Drexel junk-bond chief. sale, without selling the whole issue at once. Corporations sell as conditions become favorable. Here are the shelf sales, or takedowns, *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index over the last week: Major U.S. Stock-Market Indexes Nasdaq Composite Takedown date/ Deal value Issuer/Industry Registration date ($ mil.) Bookrunner(s) Latest Week 52-Week % chg s 496.57, or 6.09% High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. last week Inspire Medical Systems Inc April 13 $133.4 BofA Securities, JPM, GS Dow Jones Healthcare April 13,320 Industrial Average 24264.21 23095.35 24242.49 523.12 2.21 18591.93 l 29551.42 -8.7 -15.1 5.5 Crinetics Pharmaceuticals Inc April 15 $100.1 SVB Leerink, Piper Sandler, Transportation Avg 8301.01 7803.37 8233.81 -3.11 -0.04 6703.63 l 11304.97 -25.1 -24.5 -2.9 Healthcare Aug. 13,319 Cantor Fitzgerald & Co 8650 Utility Average 827.65 792.14 823.98 -3.85 -0.47 610.89 l 960.89 6.7 -6.3 5.3 Arcturus Therapeutics Holdings Inc April 16 $70.0 Guggenheim Partners Total Stock Market 28887.74 27338.26 28840.28 764.41 2.72 22462.76 l 34631.28 -3.5 -12.7 5.8 Healthcare June 21,319 Barron's 400 586.08 561.31 584.81 3.03 0.52 455.11 l 746.64 -17.9 -20.1 -1.8 8400 Calithera Biosciences Inc April 16 $31.3 Citi Healthcare Aug. 8,317 Nasdaq Stock Market 8150 Athersys Inc April 15 $50.1 BofA Securities Nasdaq Composite 8670.30 8035.95 8650.14 496.57 6.09 6860.67 l 9817.18 8.2 -3.6 13.9 Healthcare Jan. 16,320 Nasdaq 100 8879.24 8158.58 8832.41 593.89 7.21 6978.02 l 9718.73 14.9 1.1 17.8 Performance Food Group Co April 16 $303.8 Credit Suisse, Barclays, 7900 Food & Beverage Nov. 18,319 BMO Cptl Mkts, Rabobank, WFS S&P 10 13 14 15 16 17 Reeds Inc April 16 $5.0 Roth Cptl Ptnrs 500 Index 3.04 l April 2879.22 2721.17 2874.56 84.74 2237.40 3386.15 -1.0 -11.0 7.0 Food & Beverage Dec. 31,318 MidCap 400 1587.92 1481.66 1561.43 -24.94 -1.57 1218.55 l 2106.12 -20.1 -24.3 -2.8 DJ US TSM SmallCap 600 741.39 677.65 722.58 -20.65 -2.78 595.67 l 1041.03 -24.9 -29.2 -4.3 s 764.41, or 2.72% Other Indexes last week Public and Private Borrowing Russell 2000 1251.88 1154.52 1229.10 -17.63 -1.41 991.16 l 1705.22 -21.5 -26.3 -3.3 Treasurys NYSE Composite 11241.23 10718.13 11208.29 71.68 0.64 8777.38 l 14183.2 -13.3 -19.4 -0.6 Monday, April 20 Tuesday, April 21 Value Line 393.33 364.59 385.93 -3.87 -0.99 305.71 l 562.05 -29.5 -30.1 -9.1 28650 Auction of 13 and 26 week bills; Auction of 52 week bill; NYSE Arca Biotech 5185.58 4667.97 5184.04 449.86 9.50 3855.67 l 5313.05 11.6 2.3 13.7 announced on April 16; settles on April 23 announced on April 16; settles on April 23 NYSE Arca Pharma 648.26 603.36 647.44 35.66 5.83 494.36 l 670.32 14.7 -0.9 8.6 28100 Thursday, April 23 KBW Bank 75.10 64.04 70.00 -5.26 -6.99 56.19 l 114.12 -29.7 -38.3 -7.9 PHLX§ Gold/Silver 111.48 95.06 104.28 6.06 6.17 66.14 l 111.51 43.1 -2.5 5.3 Auction of 4 and 8 week bills; 27550 announced on April 21; settles on April 28 PHLX§ Oil Service 29.57 24.11 26.15 -2.184 -7.71 21.47 l 102.39 -73.6 -66.6 -45.8 PHLX§ Semiconductor 1724.76 1585.70 1705.64 103.91 6.49 1286.84 l 1979.5 9.5 -7.8 20.6 Auction of 5 year TIPS; CBOE Volatility 45.04 37.31 38.15 -3.52 -8.45 11.54 l 82.69 215.6 176.9 37.5 27000 announced on April 16; settles on April 30 10 13 14 15 16 17 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data April A Week in the Life of the DJIA International Stock Indexes Commodities and Alook at how the Dow Jones Industrial Average component stocks Currencies did in the past week and how much each moved the index. The DJIA Latest Week 52-Week Range YTD YTD Region/Country Index Close % chg Low Close High % chg Last Week gained 523.12 points, or 2.21%, on the week. A$1change in the price Close Net chg % Chg % chg of any DJIA stock =6.86-point change in the average. To date, a World The Global Dow 2608.38 0.98 2138.97 3300.22 –19.8 • DJ Commodity 484.76 -7.48 -1.52 -24.53 $1,000 investment on Dec. 31 in each current DJIA stock component DJ Global Index 364.99 2.02 292.30 • 444.78 –15.9 TR/CC CRB Index 123.80 -4.02 -3.14 -33.37 would have returned $25,838, or aloss of 13.87%, on the $30,000 DJ Global ex U.S. 209.97 0.96 174.38 • 267.54 –20.3 Crude oil, $ per barrel 18.27 -4.49 -19.73 -70.08 investment, including reinvested dividends. Americas DJ Americas 659.61 2.70 512.68 796.10 –13.3 • Natural gas, $/MMBtu 1.753 0.020 1.15 -19.92 Brazil Sao Paulo Bovespa 78990.29 1.68 63569.62 • 119527.63 –31.7 The Week’s Action Gold, $ per troy oz. 1689.20 -47.00 -2.71 11.17 Pct Stock price Point chg $1,000 Invested(year-end '19) Canada S&P/TSX Comp 14359.88 1.36 11228.49 • 17944.06 –15.8 chg (%) change in average* Company Symbol Close $1,000 Mexico S&P/BMV IPC 34743.10 0.51 32964.22 • 45902.68 –20.21 U.S. Dollar Index 99.71 0.20 0.20 3.45 10.01 26.43 181.28 UnitedHealth Group UNH $290.56 $992 Chile Santiago IPSA 2693.31 –0.10 2045.49 • 3839.37 –19.3 WSJ Dollar Index 93.65 0.14 0.15 4.56 8.75 10.03 68.79 Procter & Gamble PG 124.69 1,004 EMEA Stoxx Europe 600 333.47 0.50 279.66 • 433.90 –19.8 Euro, per dollar 0.9195 0.0050 0.55 3.12 8.47 10.32 70.78 Walmart WMT 132.12 1,117 Stoxx Europe 50 2826.09 1.14 2383.14 • 3539.12 –17.0 Yen, per dollar 107.53 -0.82 -0.75 -1.02 8.15 13.46 92.32 Microsoft MSFT 178.60 1,136 Eurozone Euro Stoxx 314.95 –0.33 261.53 • 421.34 –22.0 U.K. pound, in dollars 1.25 0.0053 0.43 -5.73 7.64 10.79 74.01 Johnson & Johnson JNJ 152.02 1,049 Euro Stoxx 50 2888.30 –0.16 2385.82 • 3865.18 –22.9 52-Week 5.64 3.22 22.09 Intel INTC 60.36 1,013 Austria ATX 2070.07 –5.22 1630.84 • 3301.38 –35.0 Low Close(l) High % Chg Belgium Bel-20 3015.41 –2.49 2528.77 • 4198.31 –23.8 5.53 14.81 101.58 Apple AAPL 282.80 965 DJ Commodity France CAC 40 4499.01 –0.17 3754.84 • 6111.24 –24.7 451.81 l 647.86 -23.10 4.29 1.52 10.43 Pfizer PFE 36.91 952 Germany DAX 10625.78 0.58 8441.71 • 13789.00 –19.8 TR/CC CRB Index 118.50 l 187.92 -33.84 3.92 7.89 54.12 Home Depot HD 209.42 966 Greece Athex Composite 606.75 –0.09 484.40 • 948.64 –33.8 Crude oil, $ per barrel 18.27 l 66.30 -71.45 3.59 3.12 21.40 Nike NKE 89.91 890 Israel Tel Aviv 1324.22 –0.96 1171.21 • 1751.79 –21.3 Natural gas, $/MMBtu 1.552 l 2.862 -29.60 3.39 2.86 19.62 Chevron CVX 87.17 732 Italy FTSE MIB 17055.47 –3.21 14894 25478 –27.4 • Gold, $ per troy oz. 1269.30 l 1756.70 32.81 3.11 1.28 8.78 Cisco Systems CSCO 42.48 900 Netherlands AEX 505.82 –0.44 404.10 629.23 –16.3 • 2.10 1.36 9.33 Raytheon Technologies RTX 66.07 752 Portugal PSI 20 4172.21 –0.57 3596.08 5435.85 –20.0 U.S. Dollar Index 94.90 l 102.82 2.30 • 2.04 2.13 14.61 Walt Disney DIS 106.63 737 Russia RTS Index 1078.69 –6.65 832.26 • 1646.60 –30.4 WSJ Dollar Index l 89.47 97.02 3.65 1.78 1.02 7.00 Verizon VZ 58.46 972 South Africa FTSE/JSE All-Share 49134.65 2.34 37963.01 59544.80 –13.9 • Euro, per dollar 0.8742 l 0.9352 3.38 Spain IBEX 35 6875.80 –2.76 6107.2 • 10083.6 –28.0 1.42 2.16 14.82 Boeing BA 154.00 476 Yen, per dollar 102.37 l 112.20 Sweden OMX Stockholm 582.15 1.34 478.95 • 732.67 –14.5 -3.90 1.31 2.40 16.46 McDonald’s MCD 186.10 948 Switzerland Swiss Market 9612.83 1.69 8160.79 • 11263.01 –9.5 U.K. pound, in dollars 1.15 l 1.33 -3.76 1.18 0.52 3.57 Walgreens WBA 44.50 761 U.K. FTSE 100 5786.96 –0.95 4993.89 • 7686.61 –23.3 1.18 0.97 6.65 Merck MRK 83.46 925 Asia-Pacific Real-time U.S. stock 0.21 0.09 0.62 Exxon Mobil XOM 43.22 628 quotes are available on Australia S&P/ASX 200 5487.50 1.86 4546.0 • 7162.5 –17.9 –0.42 –0.77 –5.28 Goldman Sachs GS 183.49 803 China Shanghai Composite 2838.49 1.50 2660.17 3270.80 –6.9 WSJ WSJ.com. Track most- • –0.89 –1.32 –9.05 3M MMM 146.46 838 Hong Kong Hang Seng 24380.00 0.33 21696.13 30081.55 –13.5 .COM active stocks, new • –1.14 –1.38 –9.47 IBM IBM 120.12 906 India S&P BSE Sensex 31588.72 1.38 25981.24 41952.63 –23.4 highs/lows, mutual • –1.92 –0.94 –6.45 Coca-Cola KO 48.06 876 Japan Nikkei Stock Avg 19897.26 2.05 16552.83 • 24083.51 –15.9 funds and ETFs. –2.39 –4.15 –28.46 Visa V 169.54 904 Malaysia FTSE Bursa Malaysia KLCI 1407.34 3.67 1219.72 • 1691.00 –11.4 Plus, get deeper money-flows data and Singapore Straits Times 2614.60 1.68 2233.48 • 3407.02 –18.9 email delivery of key stock-market –4.26 –4.67 –32.03 Travelers TRV 105.07 773 South Korea Kospi 1914.53 2.89 1457.64 • 2267.25 –12.9 data. –6.98 –8.73 –59.88 Caterpillar CAT 116.30 800 Taiwan TAIEX 10597.04 4.33 8681.34 12179.81 –11.7 • All are available free at –7.38 –7.58 –51.99 JPMorgan Chase JPM 95.18 695 American Express AXP Source: FactSet; Dow Jones Market Data WSJMarkets.com –7.84 –7.43 –50.96 87.39 708 –8.59 –3.14 –21.54 Dow DOW 33.42 621

*Based on Composite price. DJIA is calculated on primary-market price. Consumer Rates and Returns to Investor Benchmark Yields and Rates Source: Dow Jones Market Data; FactSet. U.S. consumer rates Selected rates Treasury yield curve Forex Race A consumer rate against its Five-year ARM, Rate Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. Currencies benchmark over the past year notes and bonds major U.S. trading partners Bankrate.com avg†: 3.29% U.S.-dollar foreign-exchange rates in late New York trading Hanscom Federal Credit Union 2.38% US$ vs, US$ vs, 4.00% 8% Fri YTD chg Fri YTD chg 4.00% Hanscom AFB, MA 800-656-4328 Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)

t Credit Union of New Jersey 2.50% One year ago Yen Vietnam dong .00004269 23425 1.1 s Americas 5-year adjustable- 3.00 3.00 4 rate mortgage Ewing, NJ 609-538-4061 t Argentina peso .0152 65.7898 9.9 Europe (ARM) 2.00 American Airlines Federal Credit Union 2.75% 2.00 0 Brazil real .1911 5.2342 30.2 Czech Rep. koruna .03989 25.071 10.6

Canada dollar Denmark krone

Ft Worth, TX .7143 1.4001 7.8 .1458 6.8605 3.0 t 800-533-0035 Chile peso .001172 853.30 15.4 Euro area euro 1.0876 .9195 3.1 5-year Treasury 1.00 Tradeweb ICE Friday Close 1.00 –4 s Star One Credit Union 2.88% s Colombiapeso .000254 3940.00 20.1 Hungary forint .003079 324.78 10.0 note yield t WSJ Dollar index Sunnyvale, CA 408-742-2801 Euro Ecuador US dollar 11unch Iceland krona .006948 143.92 18.8 0.00 0.00 –8 Mexico peso .0421 23.7383 25.4 Norway krone .0968 10.3292 17.7 Old National Bank 3.00% M J J A S O N D J F M A 1 3 6 1 2 3 5 710 30 Uruguay peso .02288 43.7100 17.7 Poland zloty .2407 4.1553 9.5 Appleton, WI 2019 2020 2019 2020 812-464-1494 month(s) years Asia-Pacific Russia ruble .01351 74.025 19.3 Sweden krona .1002 9.9824 6.6 maturity Australian dollar .6363 1.5716 10.3 Yield/Rate (%) 52-Week Range (%) 3-yr chg Switzerland franc 1.0344 .9667 –0.1 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data China yuan .1414 7.0732 1.6 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Turkey lira .1443 6.9315 16.5 Hong Kong dollar .1290 7.7506 –0.5 Ukraine hryvnia .0370 27.0576 14.3 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.25 -0.75 India rupee .01306 76.570 7.3 Corporate Borrowing Rates and Yields UK pound 1.2500 .8000 6.1 Prime rate* 3.25 3.25 3.25 l 5.50 -0.75 Indonesia rupiah .0000648 15430 11.1 Spread +/- Treasurys, Japan yen .009300 107.53 –1.0 Middle East/Africa Libor, 3-month 1.11 1.22 0.74 l 2.59 -0.05 Yield (%) in basis pts, 52-wk Range Total Return Kazakhstan tenge .002344 426.63 11.7 Bahrain dinar 2.6486 .3776 0.1 Money market, annual yield 0.32 0.32 0.31 l 0.78 0.02 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Macau pataca .1253 7.9823 –0.4 Egypt pound .0635 15.7484 –1.9 Malaysia ringgit .2288 4.3700 6.8 Israel shekel .2785 3.5902 3.9 Five-year CD, annual yield 0.86 0.89 0.86 l 2.01 -0.44 U.S.Treasury,Barclays 0.540 0.58014.79 5.70 New Zealand dollar .6034 1.6573 11.6 Kuwait dinar 3.2091 .3116 2.8 30-year mortgage, fixed† 3.59 3.73 3.52 l 4.34 -0.40 U.S. Treasury Long,Barclays 1.230 1.29038.81 13.29 Pakistan rupee .00602 166.250 7.3 Oman sul rial 2.5964 .3852 0.04 15-year mortgage, fixed† 3.15 3.28 2.95 l 3.72 -0.04 Aggregate,Barclays 1.410 1.470n.a. 39 127 11.18 5.06 Philippines peso .0197 50.850 0.3 Qatar rial .2747 3.641 –0.1 Singapore dollar .7033 1.4218 5.6 Saudi Arabia riyal .2662 3.7572 0.2 Jumbo mortgages, $510,400-plus† 3.66 3.82 3.54 l 4.71 -0.86 Fixed-Rate MBS,Barclays 1.230 1.150n.a. 28 132 7.72 3.87 South Korea won .0008222 1216.24 5.3 South Africa rand .0532 18.8131 34.4 High Yield 100,ICE BofA 6.920 7.371 646 271 1018-3.38 1.94 Five-year adj mortgage (ARM)† 3.29 3.48 3.29 l 4.78 -0.01 Sri Lanka rupee .0052091 191.97 5.9 Muni Master,ICE BofA 1.634 1.733 29 -12 30 5.033.68 Close Net Chg % Chg YTD % Chg New-car loan, 48-month 4.28 4.26 4.26 l 4.81 1.05 Taiwan dollar .03328 30.050 0.5 EMBI Global,J.P. Morgan Thailand baht .03077 32.500 9.2 WSJ Dollar Index 93.65 –0.40–0.43 4.56 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest 6.355 6.415 563 277 662 -3.44 0.73 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Sources: Tullett Prebon, Dow Jones Market Data P2JW111000-0-B00800-1------XA

B8 | Monday, April 20, 2020 THE WALL STREET JOURNAL. CLOSED‑END FUNDS

Listed are the 300 largest closed-end funds as 52 wk 52 wk 52 wk Prem12 Mo 52 wk measured by assets. Closed-end funds sell a limited Prem Ttl Prem Ttl Prem Ttl Fund (SYM) NAV Close /Disc Yld Prem Ttl number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Unlike open-end funds, closed-ends generally do not Pimco Muni III PMX 10.46 11.00 +5.2 5.6 buy their shares back from investors who wish to cash Columbia Sel Prm Tech Gr STK 18.33 19.50 +6.4 -2.4 Aberdeen Tot Dyn Div AOD 8.21 7.19 -12.4 -8.7 Western Asset Hi Inc Opp HIO NA 4.35 NA 8.6 PioneerHilncAdv MAV 11.81 10.41 -11.9 4.5 Calmos Dyn Conv and Inc CCD 18.53 17.34 -6.4 2.1 in their holdings. Instead, fund shares trade on a stock World Equity Funds exchange. NA signifies that the information is not DNP Select Income DNP 9.01 10.78 +19.6 0.8 Calamos GloDynInc CHW 6.59 6.28 -4.7 -15.2 Western Asset Hi Yld D O HYI NA 13.19 NA 8.8 PioneerMunHiIcmT MHI 12.62 11.36 -10.0 5.0 ACAP Strategic:A 20.98 NA NA 27.2 available or not applicable. NS signifies fund not in Duff&Ph Uti&Infra Inc Fd DPG 11.71 10.01 -14.5 -25.1 Cdn Genl Inv CGI 31.26 21.24 -32.1 -12.1 Other Domestic Taxable Bond Funds Putnam Mgd Inc PMM 7.49 7.01 -6.4 5.3 existence of entire period. 12 month yield is computed ACAP Strategic:W 15.61 NA NA 28.3 EtnVncEqtyInc EOI NA 13.30 NA -4.1 China CHN 23.16 19.91 -14.0 -1.5 Apollo Tactical Income AIF NA 11.75 NA 10.6 Putnam Muni Opp PMO 12.97 12.29 -5.2 5.3 by dividing income dividends paid (during the previous BMO LGM Front ME;I 6.19 NA NA -31.5 twelve months for periods ending at month-end or EtnVncEqtyIncoII EOS NA 15.50 NA -1.4 EV TxAdvGlbDivInc ETG NA 13.15 NA -12.2 Ares Dynamic Crdt Alloc ARDC NA 10.97 NA 11.9 RiverNorth Mgd Dur Mun I RMM 17.44 17.75 +1.8 NS during the previous fifty-two weeks for periods ending CalamosGlbTotRet CGO 9.60 9.49 -1.1 -11.7 EVRskMnDvsEqInc ETJ 9.35 9.24 -1.2 7.7 EtnVncTxAdvOpp ETO 19.73 20.15 +2.1 -10.9 Barings Corporate Inv MCI NA 14.99 NA 10.3 Western Asset Mgd Muni MMU NA 12.05 NA 5.2 at any time other than month-end) by the latest Prem12 Mo month-end market price adjusted for capital gains ETnVncTxMgdBuyWrtInc ETB 12.86 13.05 +1.5 -9.7 Gabelli Multimedia GGT 5.44 6.09 +11.9 -16.6 BlackRock Mlt-Sctr Inc BIT 14.96 13.33 -10.9 11.9 Westn Asst Mu Def Opp Tr MTT NA 19.11 NA 4.4 distributions. Fund (SYM) NAV Close /Disc Yld EtnVncTxMgdBuyWrtOpp ETV 12.60 13.41 +6.4 -5.0 GDL Fund GDL NA 7.95 NA -11.9 BlackRock Tax Muni Bd BBN 23.32 23.09 -1.0 6.2 Single State Muni Bond Source: Lipper Loan Participation Funds EvTxMnDvsEqInc ETY 10.81 10.43 -3.5 -3.6 Highland Global Alloc HGLB DoubleLine:Oppor Crdt Fd DBL 17.45 17.75 +1.7 8.2 BlackRock CA Mun BFZ Friday, April 17, 2020 8.79 5.20 -40.8 -53.3 14.81 12.73 -14.0 3.8 1WS Credit Income NA NA NA 7.0 EtnVncTxMgdGlbB ETW NA 8.04 NA -12.2 Duff&Ph Util Cor DUC 9.36 8.96 -4.3 5.5 52 wk India Fund IFN 16.49 14.16 -14.1 -26.0 BR MH CA Qly Fd Inc MUC 15.11 13.28 -12.1 4.0 AlphCntrc Prime Merid In 9.92 NA NA NS Prem Ttl EVTxMnGblDvEqInc EXG 7.42 6.94 -6.5 -8.6 Japan Smaller Cap JOF NA 7.02 NA -13.8 EVLmtDurIncm EVV NA 10.71 NA 9.6 BR MH NJ Qly MUJ 15.03 12.98 -13.6 4.8 Fund (SYM) NAV Close /Disc Ret Angel Oak Str Crdt:Inst NA NA NA 8.5 First Trust Energy Inc G FEN 12.42 11.71 -5.7 -43.1 MS ChinaShrFd CAF 22.21 18.52 -16.6 -21.4 Franklin Ltd Dur Income FTF NA 8.10 NA 13.0 BR MH NY Qly MHN 14.42 12.71 -11.9 4.2 Axonic Alternative Inc 19.60 NA NA 4.2 General Equity Funds First Tr Enhanced Eq FFA 14.24 13.45 -5.5 -4.5 MS India IIF 16.73 13.64 -18.5 -35.3 J Han Investors JHI 15.37 13.68 -11.0 10.0 BR MuniYld CA MYC 15.11 13.45 -11.0 4.0 Blackstone/GSO FR EI D 20.51 NA NA 8.0 Adams Diversified Equity ADX 16.29 14.04 -13.8 2.7 FirstTrEnergyInfra FIF 11.30 9.84 -12.9 -32.4 New Germany GF 14.82 12.95 -12.6 -8.6 KKR Income Opportunities KIO NA 10.95 NA 14.0 BR MuniYld CA Qly MCA 15.14 13.63 -10.0 4.2 Blackstone/GSO FR EI I 20.48 NA NA 8.4 Boulder Growth & Income BIF 11.59 9.73 -16.0 -9.5 FirstTrMLPEner&Inc FEI 6.32 5.26 -16.8 -49.0 Templeton Dragon TDF 21.11 17.93 -15.1 -3.2 MFS Charter MCR 8.37 7.66 -8.5 9.6 BR MuniYld MI Qly MIY 15.17 13.24 -12.7 4.5 Blackstone/GSO FR EI T 20.44 NA NA 7.7 Central Secs CET 33.69 28.75 -14.7 0.3 Gabelli Healthcare GRX 11.67 9.96 -14.7 0.9 Templeton Em Mkt EMF 13.98 12.10 -13.4 -16.1 Nuveen Taxable Muni Inc NBB 20.05 19.90 -0.7 6.1 BR MuniYld NJ MYJ 15.06 13.54 -10.1 5.3 Blackstone/GSO FR EI T-I 20.88 NA NA NS CohenStrsCEOppFd FOF 10.50 10.30 -1.9 -10.5 Gab Utility GUT 4.11 6.52 +58.6 6.1 VirtusTotalRetFd ZF 8.37 8.26 -1.3 -0.4 PIMCO Corp & Inc Oppty PTY 11.26 13.80 +22.6 12.3 BR MuniYld NY Qly MYN 13.87 12.27 -11.5 4.1 Blackstone/GSO FR EI U 21.34 NA NA NS EVTxAdvDivIncm EVT NA 18.53 NA -14.4 GAMCOGlGold&NatRes GGN NA 3.23 NA -14.4 Wells Fargo Gl Div Oppty EOD 4.49 4.08 -9.1 -12.0 PIMCO Corp & Inc Strat PCN 11.66 14.26 +22.3 10.5 EVCAMuniBd EVM 12.33 10.69 -13.3 4.3 Blstn Commnty Dev 9.81 NA NA 3.7 GabelliDiv&IncTr GDV 18.60 16.22 -12.8 -20.2 J Han Finl Opptys BTO 19.03 19.53 +2.6 -36.3 Prem12 Mo PIMCOHilnco PHK 4.63 4.98 +7.6 15.0 Eaton Vance NY Muni Bd ENX 12.95 11.28 -12.9 4.1 BNYM Alcntr Glb MS Cr Fd 76.53 NA NA NS Gabelli Equity Tr GAB NA 4.43 NA -19.6 Neuberger Brmn MLP & EI NML 2.97 2.30 -22.6 -67.3 Fund (SYM) NAV Close /Disc Yld PIMCO IncmStrFd PFL 8.64 8.60 -0.5 12.7 InvCaValMuIncTr VCV 12.90 11.48 -11.0 4.8 CLIFFWATER CL FD;I 9.97 NA NA 1.5 GeneralAmer GAM 35.61 30.07 -15.6 -7.2 NubrgrRlEstSec NRO 3.73 3.35 -10.2 -23.6 U.S. Mortgage Bond Funds PIMCO IncmStrFd II PFN 7.78 7.79 +0.1 12.6 InvPAValMuIncTr VPV 13.33 11.92 -10.6 5.0 CNR Strategic Credit 7.69 NA NA 10.8 JHancockTaxAdvDiv HTD InvTrInvGrNYMu VTN FedProj&TrFinanceTendr 9.78 NA NA 3.9 20.83 18.97 -8.9 -17.6 Nuv Dow 30 Dyn Overwrite DIAX NA 13.46 NA -19.9 BlckRk Income BKT 6.31 5.96 -5.5 7.1 Putnam Mas Int PIM 4.18 4.28 +2.4 8.8 13.60 11.98 -11.9 4.9 Librty AllStr Eq USA Nuveen CA AMT-F Qual MI NKX FS Global Crdt Opptys D NA NA NA 8.4 5.67 5.42 -4.4 -5.6 Nuveen Nasdaq 100 Dyn Ov QQQX NA 21.02 NA -1.1 Invesco HI 2023 Tgt Term IHIT 7.69 7.92 +3.0 7.4 Putnam Prem Inc PPT 4.62 4.38 -5.2 9.2 NA 14.45 NA 4.3 Garrison Capital Inc GARS NA 2.01 NA NA Royce Micro-Cap Tr RMT 7.20 6.20 -13.9 -18.0 Nuv Real Est JRS NA 7.40 NA -20.2 Investment Grade Bond Funds Wells Fargo Multi-Sector ERC 11.12 9.86 -11.3 12.4 Nuveen CA Val NCA 10.51 9.88 -6.0 3.4 NuveenCAQtyMuInc NAC NA 14.04 NA 4.6 Schrdrs Opp Inc;A 22.91 NA NA NS Royce Value Trust RVT 12.15 10.58 -12.9 -19.5 Nuveen Rl Asst Inc & Gro JRI NA 10.92 NA -25.8 BlRck Core Bond BHK 15.43 14.50 -6.0 5.9 World Income Funds Source Capital SOR 37.11 31.78 -14.4 -11.3 NuvS&P500DynOvFd SPXX NA 12.69 NA -13.4 Abrdn AP IncFd FAX 4.23 3.47 -18.0 6.6 Nuveen MD Qual Muni Inc NMY 14.27 12.60 -11.7 4.1 Schrdrs Opp Inc;A2 22.90 NA NA NS BR Credit Alloc Inc BTZ 14.05 13.30 -5.3 7.7 Schrdrs Opp Inc;I Tri-Continental TY 26.49 23.03 -13.1 -8.0 NuvSP500BuyIncFd BXMX NA 10.82 NA -11.9 BrndywnGLB Glb Inc Oppts BWG NA 11.19 NA 7.4 Nuveen MI Qual Muni Inc NUM 15.63 13.47 -13.8 3.9 22.91 NA NA NS InvescoBond VBF 20.06 19.51 -2.7 4.5 Schrdrs Opp Inc;SDR 22.91 NA NA NS Specialized Equity Funds ReavesUtilityIncome UTG NA 30.10 NA -6.2 EtnVncStDivInc EVG NA 11.23 NA 8.1 NuvNJ Qual Muni Inc NXJ 15.73 13.51 -14.1 4.7 J Han Income JHS 15.01 14.37 -4.3 4.7 Invesco Sr Loan A 5.65 NA NA 5.7 Aberdeen Glb Prem Prop AWP 5.25 4.48 -14.7 -17.5 Tortoise Enrgy Infra Crp TYG NA 3.34 NA -83.7 MS EmMktDomDebt EDD 6.42 5.34 -16.8 10.3 Nuveen NY AMT/Fr Qual MI NRK 14.26 12.49 -12.4 4.3 MFS Intmdt MIN 3.98 3.73 -6.3 9.5 Invesco Sr Loan C 5.66 NA NA 4.8 Adams Natural Resources PEO 11.66 9.71 -16.7 -39.0 Tortoise Midstream Enrgy NTG NA 1.33 NA -89.2 PIMCO Dyn Crd & Mrt Inc PCI 16.82 17.70 +5.2 14.9 Nuveen NY Qual Muni Inc NAN 14.72 13.05 -11.3 4.3 Western Asset Inf-Lk Inc WIA NA 11.16 NA 3.9 Invesco Sr Loan IB 5.65 NA NA 6.0 AllianzGI AI & Tech Opps AIO 19.43 17.19 -11.5 NS Income & Preferred Stock Funds PIMCO Dynamic Income PDI 20.88 23.13 +10.8 13.8 Nuveen OH Qual Muni Inc NUO 17.00 14.47 -14.9 3.5 Western Asset Inf-Lk O&I WIW NA 10.31 NA 4.5 Invesco Sr Loan IC 5.65 NA NA 5.8 GI NFJ DivInt&PremStr NFJ NA 10.57 NA -7.4 PIMCO Income Opportunity PKO 19.68 20.04 +1.8 11.2 Nuveen PA Qual Muni Inc NQP 15.18 13.18 -13.2 4.5 CalamosStratTot CSQ 11.46 11.16 -2.6 -5.3 Loan Participation Funds Invesco Sr Loan Y 5.65 NA NA 6.0 PIMCO Stratg Inc RCS Nuveen VA Qlty Mun Inc NPV 14.32 12.82 -10.5 4.0 ASA Gold & Prec Met Ltd ASA 14.82 12.61 -14.9 29.7 CohenStrsLtdDurPref&Inc LDP 22.11 22.29 +0.8 0.7 Apollo Senior Floating AFT NA 11.94 NA 10.2 5.59 6.45 +15.4 12.1 Pioneer Sec Inc NA NA NA NS PIMCO CA PCQ 13.33 17.00 +27.5 5.6 BR Enh C&I CII 14.77 13.92 -5.8 -7.6 CohenStrsSelPref&Income PSF 22.97 24.01 +4.5 -5.7 BR Debt Strategy DSU 10.41 9.13 -12.3 9.9 Templeton Em Inc TEI 8.86 7.93 -10.5 10.1 High Yield Bond Funds PIMCOCAMuniII PCK 8.40 8.57 +2.0 4.8 BlackRock Energy & Res BGR 6.92 6.82 -1.4 -39.6 FirstTrIntDurPref&Inc FPF 20.35 19.48 -4.3 -5.3 BR F/R Inc Str FRA 12.56 10.82 -13.9 8.8 Templtn Glbl Inc GIM 6.31 5.50 -12.8 7.0 Griffin Inst Access Cd:A NA NA NA 8.1 Pimco CA Muni III PZC 9.59 10.03 +4.6 5.0 BlackRock Eq Enh Div BDJ 7.53 6.96 -7.6 -12.6 JHanPrefInc HPI 16.88 17.20 +1.9 -18.3 BlackRock Floatng Rt Inc BGT 12.16 10.49 -13.7 8.6 WstAstEmergDebt EMD NA 11.15 NA 11.4 Griffin Inst Access Cd:C NA NA NA 8.0 BlackRock Enh Glbl Div BOE 10.04 9.16 -8.8 -7.9 JHPrefIncII HPF 16.57 16.51 -0.4 -18.9 Blackstone / GSO Strat BGB 12.30 10.85 -11.8 12.7 Western Asset Gl Cr D Op GDO NA 15.41 NA 8.8 52 wk Griffin Inst Access Cd:F NA NA NA 8.0 BlackRock Enh Intl Div BGY 5.46 4.86 -11.0 -7.7 HnckJPfdInco III HPS 14.85 14.64 -1.4 -16.2 National Muni Bond Funds Prem Ttl Griffin Inst Access Cd:I Blackstone/GSO Sr Flt Rt BSL 13.48 12.01 -10.9 11.0 Fund (SYM) NAV Close /Disc Ret NA NA NA 8.0 BlackRock Hlth Sci Tr II BMEZ 19.96 19.23 -3.7 NS J Han Prm PDT 12.26 12.57 +2.5 -18.1 Eagle Point Credit ECC AllBerNatlMunInc AFB 14.39 13.03 -9.5 4.3 Griffin Inst Access Cd:L NA NA NA 8.1 NA 6.10 NA 35.0 Specialized Equity Funds BlackRock Hlth Sciences BME 39.05 40.89 +4.7 15.2 LMP CapInco SCD NA 9.40 NA -20.1 EtnVncFltRteInc EFT BlckRk Inv Q Mun BKN 15.47 15.00 -3.0 4.5 PIMCO Flexible Cr I;A-2 7.76 NA NA NS NA 10.88 NA 10.0 Bluerock Total Inc+ RE:A 30.30 NA NA 6.1 BlackRock Res & Comm BCX 6.29 5.50 -12.6 -27.2 Nuveen Pref & Inc Opp JPC NA 7.77 NA -12.7 BlackRock Muni 2030 Tgt BTT 24.80 22.97 -7.4 3.3 PIMCO Flexible Cr I;A-4 7.76 NA NA 11.7 EV SenFlRtTr EFR NA 10.69 NA 10.2 Bluerock Total Inc+ RE:C 28.97 NA NA 5.3 BlackRock Sci&Tech Tr II BSTZ 19.56 19.14 -2.1 NS Nuveen Fd JPS NA 7.88 NA -8.1 EVSnrIncm EVF NA 5.03 NA 9.3 BlackRock Muni BFK 13.40 12.73 -5.0 5.0 PIMCO Flexible Cr I;Inst 7.76 NA NA 12.7 Bluerock Total Inc+ RE:I 30.82 NA NA 6.4 PionrILSBridge BlackRock Sci&Tech Trust BST 30.95 31.41 +1.5 4.4 Nuveen Pref & Inc Term JPI NA 20.05 NA -7.9 FT/Sr Fltg Rte Inc 2 FCT 12.18 10.24 -15.9 9.4 BlackRock Muni II BLE 13.94 13.81 -0.9 5.2 10.00 NA NA 0.0 Bluerock Total Inc+ RE:L 30.08 NA NA 5.8 WA Middle Mkt Dbt NA NA NA 10.4 BlackRock Utl Inf & Pwr BUI 18.19 18.23 +0.2 -7.8 TCW Strat Income TSI NA 5.38 NA 4.1 FT/Sr Fltg Rte 2022 TgTr FIV 8.72 7.97 -8.6 4.8 BlckRk Muni Inc Qly BYM 14.71 13.51 -8.2 4.4 CC Real Estate Income;A 7.23 NA NA -19.4 WA Middle Mkt Inc NA NA NA 11.4 CBRE ClrnGlbRlEst IGR 6.78 5.64 -16.8 -16.6 Convertible Sec's. Funds Highland Income HFRO 11.82 9.20 -22.2 10.8 BR MuniAssets Fd MUA 13.18 12.81 -2.8 4.7 CC Real Estate Income;Ad 6.88 NA NA -24.2 Other Domestic Taxable Bond Funds CLEARBRIDGE ENGY MDS OPP EMO NA 1.88 NA -77.8 AdvntCnvrtbl&IncFd AVK 13.35 12.20 -8.6 -9.6 InvDYCrOpp VTA 9.96 8.54 -14.3 10.4 BR MuniEnhanced MEN 11.51 10.66 -7.4 4.5 CC Real Estate Income;C 6.99 NA NA -23.2 Am Beacon Apollo TR:T 9.69 NA NA NS CLEARBRIDGE MLP&MDSTM TR CTR NA 2.11 NA -75.5 GI Conv & Inc NCV 4.28 3.93 -8.2 -25.9 InvSnrIncTr VVR BR MuniHoldings Qly MFL 13.91 12.85 -7.6 4.3 4.00 3.41 -14.8 8.5 CC Real Estate Income;I 7.23 NA NA -19.4 Am Beacon Apollo TR:Y 9.69 NA NA 3.4 ClearBridge MLP & Midstm CEM NA 2.72 NA -75.6 AGI Conv & Inc II NCZ 3.87 3.58 -7.5 -24.3 BR MH Qly 2 MUE 13.27 12.05 -9.2 4.5 Nuveen Credit Strat Inc JQC NA 6.00 NA 21.3 CC Real Estate Income;T 7.00 NA NA -20.8 Am Beacon SP Enh Inc:T 8.63 NA NA NS Cntr Cst Brkfld MLP&EI CEN 1.15 1.13 -1.7 -82.6 AGI Dvs Inc & Conv ACV 21.78 20.19 -7.3 -5.3 BR MuniHoldngs MHD 15.77 14.69 -6.8 4.8 NuvFloatRateIncFd JFR NA 7.77 NA 9.7 Clarion Partners REI D NA NA NA NS Am Beacon SP Enh Inc:Y 8.63 NA NA 6.0 ChnStrInfr UTF 22.53 20.35 -9.7 -8.4 AGI Eqty & Conv Inc NIE NA 20.59 NA 2.3 BR MuniVest Fd MVF 8.98 8.15 -9.2 5.3 NuvFloatRteIncOppty JRO NA 7.72 NA 9.9 Clarion Partners REI I NA NA NA NS BR Credit Strat;A NA NA NA NS COHEN & STEERS MLP INC&E MIE CalamosConvHi CHY BR MuniVest 2 MVT 14.16 13.10 -7.5 5.0 2.11 1.84 -12.8 -77.8 10.25 9.88 -3.6 -1.3 Nuveen Senior Income NSL NA 4.58 NA 10.0 Clarion Partners REI S NA NA NA NS BR Credit Strat;Inst 9.21 NA NA 5.6 BR MuniYield Fd MYD 13.88 12.73 -8.3 5.3 Cohen&SteersQualInc RQI 11.37 9.88 -13.1 -15.6 CalmosConvOp CHI 9.71 9.18 -5.5 -4.1 PionrFltRate Tr PHD 9.83 8.44 -14.1 8.9 Clarion Partners REI T NA NA NA NS BlackRock Mlt-Sctr Oppty 73.45 NA NA 10.6 BR MuniYield Qlty MQY 15.35 14.66 -4.5 4.4 CohenStrsREITPref RNP 20.32 17.95 -11.7 -5.4 World Equity Funds High Yield Bond Funds NexPointHCOpp;A 14.68 NA NA -0.5 BlackRock Mlt-Sec Opp II 74.16 NA NA NS BR MuniYld Qlty2 MQT 13.52 12.45 -7.9 4.3 Cohen&Steers TotRet RFI 11.78 11.21 -4.8 -6.3 Aberdeen Emg Mkts Eq Inc AEF 6.48 5.56 -14.2 -24.8 AllianceBernGlHiIncm AWF 10.98 9.84 -10.4 8.5 NexPointHCOpp;C 14.45 NA NA -1.2 Carlyle Tact Pvt Cred:A NA NA NA 9.1 BR MuniYld Qly 3 MYI Angel Oak FS Inc Trm FINS NA 17.00 NA NS 13.94 12.61 -9.5 4.3 NexPointRlEstStrat;A 13.73 NA NA -27.1 Carlyle Tact Pvt Cred:I NA NA NA 10.0 Barings Glb SD HY Bd BGH 13.03 11.48 -11.9 15.7 BNY Mellon Muni Bd Infra DMB 13.27 12.52 -5.7 5.1 NexPointRlEstStrat;C 13.86 NA NA -27.4 Carlyle Tact Pvt Cred:L NA NA NA 9.5 IPO Scorecard BR Corporate HY HYT 10.25 9.35 -8.8 10.2 BNY Mellon Str Muni Bond DSM 7.67 7.17 -6.5 5.5 NexPointRlEstStrat;Z 13.86 NA NA -26.7 Carlyle Tact Pvt Cred:N NA NA NA NS Performance of IPOs, most-recent listed first BlackRock Ltd Dur Inc BLW 14.93 13.49 -9.6 8.4 BNY Mellon Strat Muni LEO 7.87 7.43 -5.6 5.6 Principal Dvs Sel RA A 19.74 NA NA NS Carlyle Tact Pvt Cred:Y NA NA NA 9.7 DWS Muni Inc KTF 11.99 10.56 -11.9 4.6 Principal Dvs Sel RA Ins 19.76 NA NA NS % Chg From % Chg From Brookfield Real Asst Inc RA 18.14 15.57 -14.2 16.2 CION Ares Dvsfd Crdt;A NA NA NA 6.4 EVMuniBd EIM 13.67 12.55 -8.2 4.2 Principal Dvs Sel RA Y 19.79 NA NA NS Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day CrSuisHighYld DHY 2.12 1.89 -10.8 11.9 CION Ares Dvsfd Crdt;C NA NA NA 6.4 Resource RE Div Inc:A IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close DoubleLine Inc Sol DSL NA 13.08 NA 13.8 EVMuniIncm EVN 13.30 12.25 -7.9 4.7 9.49 NA NA -2.4 CION Ares Dvsfd Crdt;I NA NA NA 6.4 Resource RE Div Inc:C 9.48 NA NA -3.3 DoubleLine Yld Opps DLY NA NA NA NS EVNatMuniOpp EOT 20.38 19.00 -6.8 4.6 CION Ares Dvsfd Crdt;L NA NA NA 6.4 Keros Thera 26.70 66.9 33.0 LifeSci Acquisition 10.01 0.1 –2.3 Resource RE Div Inc:I 9.89 NA NA -2.2 First Tr Hi Inc Lng/Shrt FSD 14.76 12.98 -12.1 10.6 InvAdvMuIncTrII VKI 11.36 10.37 -8.7 5.2 CION Ares Dvsfd Crdt;U NA NA NA NS KROS April 8/$16.00 LSACU March 6/$10.00 Resource RE Div Inc:L 9.49 NA NA -2.7 IVY HIGH INCOME OPP IVH 12.09 10.72 -11.3 12.0 Invesco MuniOp OIA 7.02 6.76 -3.7 5.5 CION Ares Dvsfd Crdt:U2 NA NA NA NS Zentalis Pharmaceuticals 24.56 36.4 5.9 GFL Environmental 15.08 –20.6 –10.2 Resource RE Div Inc:W 9.63 NA NA -2.5 CION Ares Dvsfd Crdt;W NA NA NA 6.4 NeubHgYldStrt NHS 10.66 9.92 -6.9 12.2 InvescoMuOppTr VMO 12.72 11.58 -9.0 5.2 ZNTL April 3/$18.00 GFL March 2/$19.00 SharesPost 100;A 30.76 NA NA 5.4 CNR Select Strategies 10.85 NA NA 0.0 NexPointStratOppty NHF 16.14 10.37 -35.7 27.8 InvescoMuTr VKQ 12.72 11.61 -8.7 5.1 SharesPost 100:I 30.94 NA NA 5.7 GL Beyond Income 1.10 NA NA NE Imara 15.90 –0.6 6.0 Passage Bio 20.35 13.1 –8.3 Nuveen Crdt Opps 2022 TT JCO 7.68 7.69 +0.1 7.0 InvescoQual Inc IQI 12.94 11.72 -9.4 5.1 SharesPost 100:L 30.60 NA NA 5.2 KKR CREDIT OPPTY;I NA NA NA NS IMRA March 12/$16.00 PASG Feb. 28/$18.00 Nuveen Global High Inc JGH 14.09 12.22 -13.3 10.9 InvTrInvGrMu VGM 13.13 11.92 -9.2 5.0 InvescoValMunInc IIM 15.70 14.38 -8.4 4.9 USQ Core Real Estate:I 25.59 NA NA 3.5 Lord Abbett Cred Opps Fd 8.32 NA NA NS DFP Healthcare Acquisitions 9.90 –1.0 –2.9 Zhongchao 2.36 –41.0 –41.0 Nuveen HI Nov 2021 Tgt JHB 9.02 8.67 -3.9 5.7 USQ Core Real Estate:IS MAINSTAY:MK DEFTR MUN OP MMD 19.61 19.31 -1.5 5.3 25.60 NA NA 3.6 Lord Abbett Cred Opps Fd 8.32 NA NA 9.3 DFPHU March 9/$10.00 ZCMD Feb. 24/$4.00 PGIM Global High Yield GHY 13.54 11.76 -13.1 11.1 Versus Cap MMgr RE Inc:I 26.67 NA NA NE NeubrgrBrm NBH 14.26 13.45 -5.7 5.1 Palmer Square Opp Inc NA NA NA 8.0 PGIM High Yield Bond ISD 14.30 12.34 -13.7 10.6 Versus Capital Real Asst 24.47 NA NA 0.1 Flying Eagle Acquisition 10.03 0.3 –3.6 dMY Technology Grp 10.00 ... –3.3 Nuveen AMT-Fr Mu Val NUW 16.29 15.18 -6.8 3.6 Resource Credit Inc:A 8.96 NA NA 9.3 PioneerHilncmTr PHT 7.68 6.82 -11.2 11.5 Wildermuth Endwmnt:A 13.57 NA NA 5.0 Resource Credit Inc:C 9.06 NA NA 8.4 FEAC.U March 6/$10.00 DMYT.UT Feb. 21/$10.00 Nuveen AMT-Fr Qlty Mun I NEA NA 13.70 NA 4.7 Wells Fargo Income Oppty EAD 7.60 6.76 -11.1 11.1 Wildermuth Endwmnt:C 13.16 NA NA 4.3 Resource Credit Inc:I 8.98 NA NA 9.6 Nuveen AMT-Fr Mu CI NVG NA 14.70 NA 5.3 Sources: Dow Jones Market Data; FactSet WstAstHIF II HIX NA 5.55 NA 11.3 Wildermuth Endowment:I 13.71 NA NA 5.4 Resource Credit Inc:L 8.95 NA NA 9.0 Nuveen Enh Muni Val NEV NA 13.49 NA 5.2 Income & Preferred Stock Funds Resource Credit Inc:W 8.95 NA NA 9.3 Nuveen Int Dur Mun Term NID NA 12.75 NA 3.9 A3 Alternative Cr 10.36 NA NA NS Thrivent Church Ln&Inc:S 10.75 NA NA 3.2 Nuveen Mu Crdt Opps NMCO NA 11.55 NA NS Calamos L/S Eqty and DI CPZ 17.06 14.46 -15.2 NS World Income Funds Insider-Trading Spotlight Nuv Muni Credit Income NZF NA 14.18 NA 5.5 Destra Multi-Altrntv;A 11.99 NA NA -6.7 Destra Int&Evt-Dvn Crd:A 21.90 NA NA 6.4 Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys NuvMuniHiIncOpp NMZ NA 12.63 NA 5.7 Destra Multi-Altrntv;C 11.52 NA NA -7.5 Destra Int&Evt-Dvn Crd:I 21.90 NA NA 6.7 new information about the prospects of a company. Insiders are required to report large trades to the SEC Nuveen Muni Val NUV 10.26 9.84 -4.1 3.8 Destra Multi-Altrntv;I 12.22 NA NA -6.5 Destra Int&Evt-Dvn Crd:L 21.90 NA NA 6.1 Nuveen Quality Muni Inc NAD NA 13.85 NA 4.6 within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by Destra Multi-Altrntv;L 11.68 NA NA -7.2 Destra Int&Evt-Dvn Crd:T 21.90 NA NA 5.8 Nuveen Sel TF NXP 15.83 15.18 -4.1 3.6 Flat Rock Opportunity 15.24 NA NA -13.5 National Muni Bond Funds Thomson Financial on April 17, and year-to-date stock performance of the company Nuveen Sel TF 2 NXQ 14.99 14.53 -3.1 3.5 Variant Altrntv Inc:Inst 26.34 NA NA 9.1 PIMCO Flex Mun Inc;A-3 10.24 NA NA NS KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer PIMCO MuniInc PMF 12.21 12.72 +4.2 5.5 Variant Altrntv Inc:Inv 26.35 NA NA 8.9 PIMCO Flex Mun Inc;Inst 10.24 NA NA 3.2 CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner PIMCOMuniIncII PML 11.51 12.81 +11.3 6.0 Convertible Sec's. Funds Tortoise Tax-Adv Soc Inf 9.41 NA NA 5.0 I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: unknown VP: vice president Excludes pure options transactions Borrowing Benchmarks | WSJ.com/bonds Biggest weekly individual trades Based on reports filed with regulators this past week Money Rates April 17, 2020 No. of shrs in Price range ($) $ Value Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) guide to general levels but don’t always represent actual transactions. Week —52-WEEK— Week —52-WEEK— Buyers Inflation Latest ago High Low Latest ago High Low March index Chg From (%) Apr. 9 Stitch Fix SFIX J. Gurley DOI 1,000 14.67-16.92 15,805 15.70 -38.8 level Feb. '20March '19 Low 0.0300 0.0300 2.4400 0.0200 Commercial paper (AA financial) Bid Apr. 9S. Spurlock BI 1,000 14.67-16.92 15,805 0.0500 0.0500 2.4400 0.0100 90 days n.a. n.a. 2.58 0.58 Mar. 12 S. Spurlock BI 50 12.70 635 U.S. consumer price index Offer 0.0800 0.0700 2.5000 0.0500 All items 258.115 –0.22 1.5 Apr. 16 JPMorgan Chase JPM S. Burke DI 75 87.99 6,599 95.18 -31.7 Core 267.312 0.02 2.1 Treasury bill auction Libor Apr. 14 electroCore ECOR J. Tullis DI 1,765 .85 1,500 1.10 -30.8 4 weeks 0.150 0.190 2.400 0.000 One month 0.67275 0.81400 2.48588 0.61163 International rates 13 weeks 0.280 0.125 2.400 0.000 Three month 1.10900 1.21888 2.58638 0.74050 Apr. 14-15 Simply Good Foods SMPL J. Kilts D 47 16.57-16.76 783 18.99 -33.5 26 weeks 0.290 0.160 2.400 0.080 Six month 1.10250 1.22588 2.63850 0.73538 Apr. 13 B. Ratzan D 15 16.00 240 Week 52-Week Latest ago High Low One year 0.98188 1.05088 2.74638 0.74350 Apr. 14-15 M. Goolsby D 10 16.59-16.88 167 Secondary market Apr. 13 Huntington Ingalls Industries HII P. Bilden DI 3192.77 601 195.96 -21.9 Prime rates Fannie Mae Euro Libor U.S. 3.25 3.25 5.50 3.25 30-year mortgage yields One month -0.365 -0.379 -0.360 -0.621 Apr. 16 Ryman Hospitality Properties RHP C. Reed CEO 22 27.16 595 27.95 -67.7 Canada 2.45 2.45 3.95 2.45 30 days 2.379 2.372 3.857 2.281 Three month -0.182 -0.212 -0.182 -0.539 Apr. 9 Williams-Sonoma WSM A. Bellamy D 10 50.54-51.20 485 51.64 -29.7 Japan 1.475 1.475 1.475 1.475 60 days 2.445 2.442 3.884 2.341 Six month -0.093 -0.139 -0.093 -0.491 One year -0.016 -0.126 -0.015 -0.441 Apr. 14 Apogee Enterprises APOG L. Johnson DI 25 18.73-18.75 471 17.95 -44.8 Policy Rates Euro zone 0.00 0.00 0.00 0.00 Other short-term rates Apr. 8-9 NexPoint Real Estate Finance NREF J. Dondero PI 40 9.93-12.82 464 10.70 Value 52-Week Switzerland 0.50 0.50 0.50 0.50 Latest Traded High Low Week 52-Week Britain 0.10 0.10 0.75 0.10 Mar. 12 Bank OZK OZK R. Whipple D 22* 19.30-19.48 427 18.34 -39.9 Latest ago high low Australia 0.25 0.25 1.50 0.25 DTCC GCF Repo Index Apr. 13-15 Liquidity Services LQDT W. Angrick CEOI 88 4.73-4.75 418 4.95 -16.9 Call money Treasury 0.088 56.080 6.007 0.002 Apr. 8-9 W. Angrick CEOI 53 4.57-4.77 250 Overnight repurchase 2.00 2.00 4.25 2.00 MBS 0.101 61.110 6.699 0.011 U.S. 0.09 0.08 3.40 -0.07 Mar. 12 Park National PRK M. Ramser DI 576.01 380 73.31 -28.4 U.S. government rates Notes on data: Mar. 18 Hingham Institution for Savings HIFS M. Corrigan BI 2153.00 355 150.00 -28.6 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, 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. DTCC GCF Repo Index is Depository 0.25 0.25 3.00 0.25 Sellers Trust & Clearing Corp.'s weighted average 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. Apr. 14-16 Masimo MASI J. Kiani CEO 301 190.44-204.13 59,520 199.70 26.3 Federal funds Effective rate 0.0800 0.0800 2.4800 0.0700 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Apr. 13 Copart CPRT W. Johnson CBI 537 71.21 38,261 72.10 -20.7 High 0.1400 0.1500 3.0000 0.1400 Tullett Prebon Information, Ltd. Apr. 14 W. Johnson CBI 463 71.44 33,058 Apr. 8-9 CrowdStrike Holdings CRWD G. Kurtz CEOI 549 57.84-60.49 32,820 64.74 29.8 Cash Prices WSJ.com/commodities Friday, April 17, 2020 Apr. 13-14 Take-Two Interactive Software TTWO K. Slatoff PI 220 117.98-124.26 26,173 124.44 1.6 Apr. 13-14 H. Zelnick CEOI 220 117.98-124.26 26,173 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Apr. 14 C.H. Robinson Worldwide CHRW J. Wiehoff OD 221 70.99-71.56 15,731 74.23 -5.1 separate from the futures price on an exchange, which reflects what the commodity might be worth in future months. Apr. 9 SBA Communications SBAC T. Hunt GC 50 305.00 15,116 314.83 30.6 Friday Friday Friday Apr. 14 Cloudera CLDR C. Icahn BI 1,448 8.05 11,655 7.71 -33.7 Energy Aluminum, LME, $ per metric ton *1476.0 Wheat,No.1soft white,Portld,OR-u 6.0850 Apr. 9-13 C. Icahn BI 1,020 8.14-8.44 8,437 Copper,Comex spot 2.3535 Apr. 9-13 Ares Management ARES B. Rosenthal ODI 271 34.08-35.16 9,429 33.20 -7.0 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.200 Iron Ore, 62% Fe CFR China-s 85.5 Food Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.550 Shredded Scrap, US Midwest-s,m 236 Beef,carcass equiv. index Apr. 14-16 Luminex LMNX N. Shamir CEO 250 30.00-31.00 7,625 32.66 41.0 Steel, HRC USA, FOB Midwest Mill-s 486 Metals choice 1-3,600-900 lbs.-u 189.66 Apr. 13 BJ's Wholesale Club Holdings BJ C. Baldwin D 300 25.13 7,539 27.00 18.7 Fibers and Textiles select 1-3,600-900 lbs.-u 176.61 Gold, per troy oz Apr. 8-9 Digital Realty Trust DLR A. Stein CEO 50 145.00-150.00 7,375 149.20 24.6 Broilers, National comp wtd. avg.-u,w 0.5000 Burlap,10-oz,40-inch NY yd-n,w 0.5700 Engelhard industrial 1699.00 Butter,AA Chicago 1.1875 Apr. 13 Okta OKTA P. Grady D 50 130.85-134.51 6,655 148.09 28.4 Cotton,1 1/16 std lw-mdMphs-u 0.4961 Handy & Harman base 1692.55 Cheddar cheese,bbl,Chicago 100.50 Cotlook 'A' Index-t *62.95 Apr. 13 C. Race O 50 131.01-133.78 6,623 Handy & Harman fabricated 1878.73 Cheddar cheese,blk,Chicago 101.25 LBMA Gold Price AM *1717.85 Hides,hvy native steers piece fob-u 25.000 Apr. 15-16 Zscaler ZS A. Sinha CT 67 70.00-73.37 4,685 68.00 46.2 Milk,Nonfat dry,Chicago lb. 85.50 Wool,64s,staple,Terr del-u,w n.a. LBMA Gold Price PM *1729.50 Coffee,Brazilian,Comp 1.1643 Apr. 8-9 Acceleron Pharma XLRN K. Mclaughlin CFO 54 82.83-88.19 4,664 97.78 84.4 Krugerrand,wholesale-e 1754.27 Grains and Feeds Coffee,Colombian, NY 1.6835 * Half the transactions were indirect **Two day transaction Maple Leaf-e 1771.14 Eggs,large white,Chicago-u 2.1050 Barley,top-quality Mnpls-u n.a. p - Pink Sheets American Eagle-e 1771.14 Flour,hard winter KC 14.45 Bran,wheat middlings, KC-u 113 Mexican peso-e 2041.77 Hams,17-20 lbs,Mid-US fob-u 0.33 Corn,No. 2 yellow,Cent IL-bp,u 3.0650 Austria crown-e 1656.40 Hogs,Iowa-So. Minnesota-u 43.62 Corn gluten feed,Midwest-u,w 123.8 Buying and selling by sector Austria phil-e 1771.14 Pork bellies,12-14 lb MidUS-u 0.3103 Corn gluten meal,Midwest-u,w 496.0 Based on actual transaction dates in reports received this past week Silver, troy oz. Pork loins,13-19 lb MidUS-u 1.1783 Cottonseed meal-u,w 285 Engelhard industrial 15.3000 Steers,Tex.-Okla. Choice-u n.a. Hominy feed,Cent IL-u,w 105 Sector Buying Selling Sector Buying Selling Handy & Harman base 15.1400 Steers,feeder,Okla. City-u,w 140.94 Meat-bonemeal,50% pro Mnpls-u,w 300 Handy & Harman fabricated 18.9250 Basic Industries Finance Oats,No.2 milling,Mnpls-u 3.2300 525,266 2,760,005 8,065,470 11,577,997 LBMA spot price *£12.4100 Fats and Oils Rice, Long Grain Milled, No. 2 AR-u,w 28.50 Business services Health care (U.S.$ equivalent) 035,058 163,570 34,609,311 *15.5000 Sorghum,(Milo) No.2 Gulf-u 7.5400 Corn oil,crude wet/dry mill wtd. avg.-u,w 45.7500 Coins,wholesale $1,000 face-a Capital goods 00Industrial 44,193 3,374,787 14189 SoybeanMeal,Cent IL,rail,ton48%-u 292.60 Grease,choice white,Chicago-h 0.3000 Other metals Lard,Chicago-u n.a. Consumer durables 179,948 0 Media 16,520 16,474,824 Soybeans,No.1 yllw IL-bp,u 8.2100 LBMA Platinum Price PM *n.a. Wheat,Spring14%-pro Mnpls-u 6.2675 Soybean oil,crude;Centl IL-u 0.2564 Consumer nondurables 06,823,834 Technology 37,900 99,661,328 Platinum,Engelhard industrial 783.0 Wheat,No.2 soft red,St.Louis-bp,u 5.4900 Tallow,bleach;Chicago-h 0.3250 Consumer services 2,066,158 184,325 Transportation 015,730,540 Palladium,Engelhard industrial 2164.0 Wheat - Hard - KC (USDA) $ per bu-u 4.8875 Tallow,edible,Chicago-u 0.3800 Energy 197,766 1,143,072 Utilities 32,787 44,885 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co; 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 4/16 Sources: Thomson Financial; WSJ Market Data Group Source: Dow Jones Market Data P2JW111000-0-B00900-1------XA

THE WALL STREET JOURNAL. Monday, April 20, 2020 | B9 BANKING & FINANCE China’sBanksGiveBorrowers aBreather

BY CHONG KOH PING to makepayroll and keep op- An indexofChinese bank stockshas faredworse than the broader stock market this year. cause of government policies erating while waiting forbusi- The amountoftroubledloans on bank balancesheetscould climb further as moreborrowers to keep food supplies stable China has dodged awaveof nessactivity to rebound. Many fall behind on their debtduring the coronavirus pandemic. during the pandemic. It was coronavirus-related defaults Chinese banks benefit from also able to secureanaddi- with a coordinated effort by some form of stateorlocal Indexperformance Nonperforming loan ratio tional 25 millionyuan loan regulatorsand banks to allow government support, and au- from abranch of the Agricul- companies and individuals de- thorities areexpected to stand 20% tural Development Bank of fertheir loan payments. behind them if losses mount, 0% China to help it deal with the It is also delaying areckon- or come to the aid of strug- impact of the coronavirus. ing forthe country’slenders, gling private-sector banks like 10 Because most banks are potentially foryears. they have done several times CSI 300 stateowned, they can“extend While the U.S. financial sys- in the past year. CSI 300 Banks loans uniformly without ask- temstruggles with billions of In the U.S.,regulatorshave ing questions,” said Citigroup’s dollarsinmissed loan pay- avoided pressuring banks to 0 Mr.Liu, adding that lenders ments by individuals and com- grantloan forbearanceortake 2003 ’10 ’19 canalso postpone the problem panies,China is morethan two actions that could cause them forlonger without causing sig- Troubledloans months intoamassivefor- significant losses.The govern- –10 nificant disruptions. bearanceeffort. Sincelate ment has rolled out a small- 6 trillion yuan Shuang Ding,aneconomist January, itsbanks have al- businessloan program and at StandardChartered in Hong lowedmanyborrowers to provided financial guarantees Kong,said China’sdeferment leavedebtsunpaid—or extend that help banks makeloans 4 program is likely to be ex- loan maturities—while their while protecting lendersfrom Special-mention* tended till year-end, as the revenues and personal in- losses.Some American banks, current forbearanceperiod comes dived, on the encour- such as Citigroup Inc., re- 2 won’t be enough formany agement of financial regula- cently said they gaveselected firms that will continue to tors and government customersinthe U.S. and Asia Nonperforming struggle in the global down- authorities. temporary debt-payment re- –20 0 turn.Mr. Ding said manyChi- In early April, Zhou Liang,a prieves.Anumber have Jan. Feb. March April 2014 ’19 nese banks have been profit- deputy head of the China waived late-payment fees on Note:1trillion yuan=$142billion *Classified by banksasproblematic or at high-risk of default able foryears, and canafford Banking andInsuranceRegula- credit cardsand given borrow- Source:Wind to take on the burden. tory Commission, estimated ersmoretime to repay. Cindy Wang, an analyst at that morethan 700billion Analystsare starting to Citigroup.Extending loan ma- rapidly acrossthe country, Five government agencies, DBS Group Research, said yuan ($98.97billion) in busi- quantifythe hit to China’sfi- turities takespressureoff forcing closures of factories, including the banking and in- smaller companies in China nessloan principal and inter- nancial industry. S&P Global companies, and prevents the retailersand other businesses. suranceregulator and the cen- arefacing hugeworking capi- est paymentshavebeen de- recently estimated Chinese country’ssmaller and weaker On Jan. 26,China’sBanking tral bank,subsequently issued tal pressures due to suspen- ferred sinceregulatorsasked banks could incur $224 billion banks from reporting surgesin and InsuranceRegulatory a circular on March 1 telling sionsofbusinessactivities. lenderstogivesmaller compa- in additional credit coststhis defaulted loans that could cur- Commission issued anotice banks to grant small busi- These private firms typically nies debt reprieves from Jan. year from loan forbearance tail their lending activities and asking banks to be flexible in nesses temporary deferment have about one to two months’ 25 to June 30. That total ex- that includes payment holi- shakemarket confidence. lending to help support indi- of loan principaland interest worth of working capital and cludes forbearancethat banks days,reduced interest charges Theaverage nonperforming vidualsand companies in the paymentsbetween Jan. 25 and the prolonged impact of the granted on housing loans and and lengthened maturities loan ratio at Chinese commer- regions or industries hit hard- June 30. virus crisis could land them in other personal debt, and could during the pandemic. cial banks wasjust 1.86% at est by the outbreak.They cited Shenzhen Diranda Opto- trouble. well exceed 1trillion yuan be- That would represent more the end of 2019,according to sectorsasdiverse as retail, ho- electronics Co., an LED pro- Thedeferment of loan pay- fore the virus crisis ends, than half of S&P Global’spre- Wind, adataprovider.During ducer, last month said it had ments will have a lagging ef- some economistspredict. outbreak estimate of the in- the last global financial crisis, obtained asix-month exten- fect on the banks’ loan books. The payment suspensions dustry’s 2020 profits. It ex- when Chinese banks’ balance Business loan sion on a4.5 million yuan MoreNPLswill start showing have allowedmanycompanies pectsthe financial hit to be sheetsweremuch smaller,the loan that wasoriginally due at up in the second half of the to stay solvent and helped manageable forlargerand averageNPL ratio topped 5%. principal and the end of March. Theexten- year and in 2021, said Ms. mitigatesome of the damage state-owned banks,but some Adeep and persistent slow- interest payments sion, from a branch of China Wang.Chinese banks canclas- to China’s slowing economy. smallerbanks could come un- down in economic activity MerchantsBank,amidsize sifytroubled debt as “special- Delinquent loans,however, are derpressure. would eventually cause many are being deferred. commercial lender, will help mention” loans forlong peri- piling up at banks and other Most of the unpaid loans corporatefailures and poten- ease the company’s financial ods without them affecting lenders, which will lose money might not be reflected in tially deeper losses forbanks pressureduring the pandemic, nonperforming loan ratios. if borrowers can’t makethe in- banks’ nonperforming loan ra- that have provided more it said in aregulatoryfiling. Thecoronavirus has hit a terest and principal payments tios forsome time,because credit to companies in addi- tels,food and beverage, logis- Nanda NewAgriculture “giant pause buttononthe they missed. Some lenders lendersthat areallowing bor- tion to letting them delayre- tics and tourism. Co., alivestock,dairyand fruit wholeeconomy,” said S&P have warned of rising per- rowers to defer loan repay- payments. “Ifcompanies have It said banks shouldn’t companybased in the western credit analyst HarryHu, who sonal-loan delinquencies. mentsare correspondingly no revenue forawhile and are withdraw or suppress loans, autonomous region of Xinji- covers Chinese banks. China has in effect called putting off recognizing unpaid not viable,these policies won’t andshould “appropriately re- ang, said it extended a7mil- He said it could take the upon banks to shoulder much debtsasdefaulted. work anymore,” said Citi- duce” loan interest rates, im- lion yuan loan for 11 months country’s banking system up of the financial pain that busi- “It’s a mutually beneficial group’sMr. Liu. provepolicies forloan renew- with a branch of the Export- to four yearstofully reflect nesses aresuffering.Some ex- arrangement forboth banks The country’s forbearance als and provide more Import Bank of China. the total volume of problem- tended additional loans to and companies,” said Li-Gang effort started shortly afterthe unsecured loans as well as me- Thecompanysaid it was atic loans resulting from the companies that arestruggling Liu, chief China economist at coronavirus began spreading dium- and long-term loans. able to get the extension be- currentcrisis.

THE FUTURE OF INTERACTION Dr.Vivek H. Murthy 19th Surgeon General of the United States

Meetusonline While we look forways to navigatethis crisis, we’realso thinking about what April21at12:30PM EDT comes next. Over the coming months, we’ll bring youconversations with the leaders RegisterNow: wsj.com/rsvp changing howwelive, work andplay—live, online. Joinusfor the first episode. FREE ADMISSION

©2020Dow Jones&Co.,Inc.All rights reserved.6DJ7868 P2JW111000-0-B01000-1------XA

B10 | Monday, April 20, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY PainMayBe China’s EconomyHas Just Starting AWarning forthe U.S. ForLuxury U.S. stocks are back in a bull Percentage of Chineseconsumers market, as investors bet that the with given plans outside the home Brands coronavirus pandemic in America overthe coming week is near its peak and the economy Socializing and leisure will make a strong comeback. In S 6% Early April China, meanwhile, the health crisis

PRES 2% Early March LVMH’sresultssuggest has already peaked—but that strong comeback isn’t really Necessities, discretionary shopping

deepimpactfromvirus ZUMA in evidence. 19 OPI/

/R China on Friday posted its first 8 Luxurybrands have awell-earned quarterly fall in economic growth Necessities only reputation forresilience. Major la- on record: The economy was 6.8%

KE/UTUKU 67%

bels bounced back from the 2008 fi- LI smaller last quarter than a year 75% nancial crisis within 18 months and Sales in mainland China forLouis Vuitton rose in the first twoweeks of April. before, according to official fig- shruggedoff political protestsin ures. Most worrying, consumption Don’tplan to go out Hong Kong last year.But the Sales growth in global luxury fell 6.8% in the firstquarter,accord- and services are struggling to re- 8 Covid-19 pandemic looks different ing to datareleased Friday, with cover due to heavy job losses and 15 and could laythem much lower. 20% Estimate consumer spending showing little continuing worries about a sec- Note:Based on online surveysof LVMH MoëtHennessy Louis recovery in March. ondary viral outbreak. That bodes approximately 2,000 consumers. Vuitton, the world’slargest luxury LVMH said sales in mainland ill for the U.S. economy, which is Source:Morgan Stanley 10 company, gaveinvestorstheir first China forbig fashion brands like even more dependent on consumer read on the industry’sperformance Louis Vuittonand Christian Dior in- spending and services than January and February. through the health crisis afterthe creased 50% year over year in the is China. Recent survey data also show 0 Paris stock market closed Thursday. firsttwo weeks of April, as restric- The news wasn’t all bad: Most that consumers remain cautious. It reported a 17%decline in sales tions on movement were lifted. official indicators declined less in An early-April online survey by forthe firstquarter versus the However, spending by Chinese na- March than in January and Febru- Morgan Stanley of 2,041 Chinese –10 comparable period of 2019. tionals is still down acrossthe en- ary. Most important, China’s prop- consumers in 19 provinces found Revenue at itsflagship fashion tireportfolio.And with global erty market is stabilizing. Prices that only 25% of respondents and leather goods division wasdown –20 travel flowsnot expected to return rose again modestly last month af- planned to leave the house for lei- abetter-than-expected 10%. But its to their pre-Covid levels until late ter flirting with declines in Febru- sure or discretionary spending, as perfume and cosmetics unit shrank 2021, travel retail sales will remain ary, and average daily transaction opposed to necessities—double by afifth—double the reduction –30 depressed—as will traffic to LVMH’s volumes across 30 large cities are early-March levels but still seen at L’Oréal’s luxurycosmetics network of European boutiques, back near the level of recent years, very low. business, which reported the same 2008 ’10 ’15 ’20 whereuptohalf of sales aremade according to Goldman Sachs. That makes sense given both day. LVMH slashed itsdividend to Source:Bain &Company to tourists. In time, looser monetary policy the scale of lost income and con- save cash and cut its2020 capital Stock-market valuations in the should also help: China’s central tinuing worries about a secondary expenditurebudget by 40%. Thetwo Theglobal financial crisis is a luxurysector arestill well above bank on Wednesday cut the rate outbreak. Nearly half a million measures will save around €2.3bil- poor guide to howthe industrywill their financial crisis levels.Among on its key medium-term lending Chinese businesses closed their lion ($2.5billion), Credit Suisse fare.Luxurybrands recoveredfrom seven major European companies facility by 0.2 percentage point to doors in the first quarter, estimates. the 2008 downturn because of a that were also publicly listed ade- its lowest level ever, and credit according to the South China LVMH’sdiverse portfolio shows surge in demand from Chinese con- cade ago, enterprise values now growth in March accelerated Morning Post. howthe pandemic impactsluxury sumers. In 2009,sales acrossthe trade foranaverage of 3.9times sharply. Containing downside Several million workers have al- brands in multiple ways. TheBel- industryfell 8% but were growing projected sales,compared with 1.5 risks in property is key to ready lost their jobs, and the com- mond chain of exclusivehotels by 14%again just one year later. times during the last major keeping China’s shaky banking ing hit to exports as the U.S. and bought in 2018 will be hurt by a Chinese spending will be vital downturn. system afloat. European economies stall could hardstopininternational travel. So this time too, only the hole they LVMH shares rose 5% early Fri- But the news on consumption put an additional four million to will the French company’smajority need to fill is much bigger. Sales dayinabuoyant market. Luxury more broadly isn’t good. March six million Chinese out of work, holding in airport duty-free retailer acrossthe global luxuryindustry companies’ strong balancesheets data showed a significant rebound according to consulting firm DFS.The spring-summer collection will shrink by between 22%and and savvymanagement teams have in industry—the year-over-year Gavekal Dragonomics. forapparel brands such as Christian 25% in 2020,according to Bainesti- pulled them through squalls before, decline in growth narrowed to just The Chinese economy is clawing Dior and Louis Vuittonmust be ex- mates—three times the decline in but the market reaction still seems 1%, from 13% in January and Feb- its way back, and eventually the tended intothe fall to clear aback- 2009.The Chinese economyhas optimistic.For nonessential con- ruary. But the recovery in con- U.S.’s will too. The road will likely log of unsold inventory. Sales at its been hit hardbythe newcoronavi- sumer spending—which includes sumer spending was far less obvi- be longer and slower, however, Champagne and spiritsdivision will rus and Beijing doesn’t have the luxurybydefinition—the pain is ous. Retail sales were still down than many investors yet seem to only recoveroncestock held by same room to spend itsway out of only just beginning. almost 16% on the year, only mar- appreciate. wholesalershas been depleted. the problem. Output in the country —Carol Ryan ginally better than the 20% fall in —Nathaniel Taplin

MARKETS Cheaper NaturalGas TacklesCoalinEastAsia

Natural gasinEast Asia costs some—but not as much as its PowerPivot natural gasislikely to shake about the same as coal forthe vast domestic supply of coal. the globe’senergy producers. Natural gas nowcosts about the same as coal in EastAsia. Countries in the region have been buying firsttime,amilestone that is Ahalf-centuryago, Japan be- GlencorePLC,the operator of moregas in recent yearsand nowmay acceleratetheir shiftfromcoal. likely to acceleratethe region’s came the firstcountrytoim- 16 coal mines in Australia and U.S.-style energy transformation. port natural gasinliquid form, Prices*China’s natural-gas imports† South Korea's imports, oneofthe world’sbiggest coal Even before the newcorona- which requires supercooling the change from ayear earlier producers, said weak commod- fuel andconveying it on tankers $15 per million British thermal units $150 billion cubic meters 25% ity prices,including those of By River Davis in from the Middle East, Southeast Liquefied coal, were responsible fora26% Tokyo and Andrew Asia and, morerecently,the natural gas Liquefied reduction in adjusted earnings Jeong in Seoul U.S. Thecost of liquefaction and natural gas beforeinterest, taxes, deprecia- shipping typically contributed tion and amortization in 2019. virus rocked markets, govern- to making natural gasseveral 10 100 0 U.S. coal exportsfell 20% in mentsinSouth Korea, Taiwan times moreexpensivethan coal. 2019,according to U.S. Coal Ex- and China were pivoting to Recently, newLNG produc- ports, acoalition sponsored by cleaner-burning natural gas. ershavesprung up in places as the National Mining Associa- SinceFebruary, the pandemic far-flung as Louisiana and off- 5 50 –25 tion. “U.S.coal exportersare has pushed the priceoflique- shorenorthwestern Austra- the swing suppliersofthe fied natural gas to record lows, lia. More abundant supply, Coal world, and right nowthereisa enabling them to movefaster. combined with the recent drop lot of competition,” said Rich As natural gasbecame con- in demand because of the coro- Thermal coal Nolan, the association’schief sistentlycompetitivewith coal navirus,has sent the Japan Ko- 0 0 –50 executive. in the U.S. over the past decade, reaMarker,anLNG benchmark 2016 ’18 ’20 2010 ’12 ’14 ’16 ’18 2019 ’20 One risk forLNG is asudden propelled by newdiscoveries of forEast Asia, down 64% since *Japan KoreaMarker (LNG) and Australia Newcastle/Port Kembla Marker (thermal coal) †Includes liquefied natural gas and pipeline shiftfromfeast to famine in a shale gas, it eventually put many October. Sources: FactSet (prices); BP (2009-'18 China’simports); China Customs (2019); S&P Global Platts, KoreaEnergy Economics Institute(South Korea) few yearsifinvestment in new coal-mining companies into At around $2.43 per million LNG production dries up.That bankruptcy and generated op- Britishthermal units—a mea- could makeprices volatile. portunitiesfor their gasrivals. sureofthe energy content of a “Coal is areliable,inexpen- Now, with little fanfare, East fuel—LNG dipped belowthe sive and securefuel that con- Asia’sbiggest economies arego- $2.56pricefor an equivalent tinues to underpin energy ing through the same upheaval. amount of Australian coal near security and industrialization,” Taiwan plans to generate the end of March. Mr.Nolan said. half itspowerfromnaturalgas In the past, lowspot prices Demand from developing na- by 2025 and reducecoal’spro- didn’t necessarily translateinto tions such as Vietnam mayalso portion to lessthan athird higher demand because the ma- help coal producersmakeup from nearly half in 2017. “In the jority of natural gasinEast Asia forlosses elsewhere. AGlen- past, we gotpowerfromcoal is imported via long-term con- core spokesman cited a because it wasthe cheapest, tractstied to the priceofcrude December report by the Inter- CK

but nowthe situation is chang- oil. Now, with oil prices having TO national Energy Agency, which ing,” said Fran Tseng,chief of recently touched 18-year lows, said that while coal “isdisap- public utility Taipower’soil- “we’ll likely start to hit that pearing in manyadvanced and-gas section. coal-to-LNG switching band by SHUTTERS economies,itremains resilient A/

In South Korea, the govern- this summer,” said Wood Mack- /EP and is even continuing to grow ment last month temporarily enzie analyst Lucy Cullen. in developing Asia.” NHAP

shut down 28 of thecountry’s China aggressively pursued YO Some companies aremoving 60 coal-fired powerplants. Fur- coal-to-gas switching in 2017 In South Korea, LNG imports are sharply up, while coal is down. A tanker in Incheon in October. to stabilizeLNG supplies for ther shutdownsmay followthis and 2018,part of agovern- the long term. Japan’sSaibu year if the priceofnaturalgas ment-led effort to reducepollu- nomic plan due early next year ones.Itisalso converting some year.State energy firm CPC GasCo. is looking at anearly keepsfalling,said officials at tion in major cities.Coal’s mayclarifyhow fast the govern- to LNG.The countryhas raised Corp., which decides gasprices $300 million project to turn its state-owned and privatecompa- shareofChina’senergy mix fell ment wantstogo. import taxesfor coal by 28% based on the priceofcrude oil, gasterminal in southern Japan nies that operatepowerplants. to 58% in 2018,compared with Burning natural gasemits while cutting them forLNG by cut this month’sratefor power intoatransit hub that could And China in the next few 72%adecade earlier,according carbon dioxide intothe atmo- 75%, according to the Institute producersbynearly aquarter carryArctic LNG produced by yearsisset to overtakeJapan to BP PLC. sphere, but the carbon emis- forEnergy Economics and Fi- compared with ayear ago. Russia’sPAO Novatek to buyers as the world’slargest importer Last year,China backed off its sions aregenerally around half nancial Analysis. Natural gasisalready the in China and elsewhereinAsia. of liquefied natural gas, or LNG. anticoal message,inpart be- that of coal, and emissions of This year,South Korea’scoal topfuel in Japan, accounting “With the decline in LNG Until recently,the idea of cause of concerns about exces- other air pollutantssuch as sul- importsare morethan 20% be- formorethan 40% of power spot and contract prices,weex- powering the big economies of siverelianceonimported en- furand mercuryare negligi- lowyear-earlier levels,and LNG production, and is likely to so- pect this will help fuel Asia’s East Asia with natural gaswas ergy,but recent trends arelikely ble—a consideration forcoun- importsare sharply up, lidify that position in coming movement toward LNG and unrealistic because supplies to acceleratesome major im- tries such as China that according to S&P Global Platts yearsasenvironmental con- away from petroleum and coal were toolimited and expensive. porters’ LNG purchases,said Zhu struggle with chronic pollution. Analytics. cerns makeitdifficult to build fuels,” said Saibu spokesman Japan, South Koreaand Taiwan Chen, managing director of Bei- In 2017,South Korea’sminis- At Taiwan’sstate-owned Tai- newcoal plantsand nearly im- Takashi Kuwahara. have virtually no natural gasof jing-based oil-and-gas consulting tryoftrade said it would ban power, gas-fired poweredged possible to add nuclear power. —Xiao Xiao in Beijing their own, while China has firm Sia Energy.Afive-year eco- newcoal plantsand retireold outcoal forthe firsttime last As in the U.S.,the shiftto contributed to this article. P2JW111000-0-R00100-1------XA ENJOURNCORAL REPORTE

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, April 20, 2020 | R1

WhyIt’sSoHard to Talk to Your ParentsAbout the Coronavirus (and ViceVersa)

When it comes to the pandemic, people in their 40s, 60s and 80s speak different languages. And it’s making communication even more difficult than usual.

BY MARC AGRONIN Then the second wave of calls much emotional supportwecan giveand started. And it hasn’t stopped. receivefromothers, onlyincreasing our These callers range in age from their psychological stress. he panicked phone calls 30s to their 80s and older. And, regard- As a psychiatrist, I spend my time began in early March. less of age, everyone is scared. Scared trying to learn these languages. If we They came from the adult of losing something—their lives, or can speak the same language, we can children of severalofmypa- livelihood, or just the many simple better communicate our fears, needs pleasures of daily life that we’ve all and strengths to one another. And if we tients, worried thatmom taken for granted. can do that, we can go a long way to- and dad, likemanyintheir But while fear maybeacommon de- ward relieving so much of the intense generation, were blithely nominator, it’sthe differences among stress and tension that we are all feeling T generations thatare evenmorepro- in a time of lockdowns and illness. disregarding the growing nounced, and moreworrisome.Under T clamor forsocial distancing stress, we makemental calculations and and putting themselvesatrisk. considerations based on our ownmind- Fortyish “Life must go on!” one patient, a war vet- sets, as if everyone thinks the same way. Although most people in their 30s to eran and widower, had told his son, explain- Under stress, we tend to speak to and 50s perceive themselves as generally not with each other. safe even if infected, many were startled ing why he refused to stay at home. Nowherehas this been clearer to me to realize that their older loved ones As the numbersofdeaths from Covid-19 than when Ilisten the conversations PleaseturntopageR2 quicklyrose,and morepeople began to acrossgenerations.Inthose moments, hunker down, Istarted getting fewerof we oftenspeak very different lan- Dr. Agronin is a geriatric psychiatrist at guages—call them fortyish, sixtyish and these calls.Eventhe warveteran by this Miami Jewish Health in Miami, and the eightyish—in which the wordsmay be author of “The End of Old Age: Living a point had retreatedintothe safer confines the same but the meaningsaren’t. The Longer, More Purposeful Life.” He can be of his apartment. resulting misunderstandingslimit how reached at [email protected].

Inside JEAN JULLIEN ASKENCORE Roll SECOND ACTS SQUARING OFF For couples nearing Longer Lives retirement who have Over Three retirees who got great Will thoseborn found themselves Whatdoyou do with jobs at baseball in this century working from home your 401(k)when you leave ajob?Here’s stadiums say they routinely liveto lately, consider this a howtomakethat can’t wait to get 100? Twoscien- dress rehearsal. R3 crucial decision.. R4 back to work. R6 tists debate. R9 P2JW111000-0-R00200-1------XA

R2 | Monday, April 20, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | ENCORE

When aFortyish speaker asks: Whywould you go to the grocerystore?

Whatthe Fortyish speaker really means is: I’mworried about your safety. WhataSixtyish speaker hearsis: You’re much older and vulnera- ble than you think.

Language Gap cancer. Forsomeone alreadyliving in the ContinuedfrompageR1 shadowoflife’send, the world looks chat, or ear to ear on the phone. We’ve weren’t only the most vulnerable to se- quitedifferent. Anyseeming recklessness never before had such a luxury of time to vere illness and death, but were even la- on this group’s partinthe earlydaysof do that, yet we still need to remind our- beled as expendable in certain quarters. the pandemic wasneverlikethe foolish selves to breathe slower and be more pa- Suddenly, these speakersoffortyish— or impulsivebehaviorsofateen who tient listeners. manyofwhom had distant or limited rela- doesn’t appreciate the risk.Itwas, We are all struggling to find answers, tionships with their elders—sawtheir re- rather,the determined behavior of some- small and large, but there isn’t a rush. sponsibilities as going beyond merely one who is accepting of the perceived Each generational language has its own serving as an occasional drop-bydriver, risk because it’snow or nevertocom- power and truth, and given time it will porterortech support. They were now pleteone’s most important lifetasks and Babel aftereveryone’s tongues were emerge with clarity. protectors. goals. struck with different languages.Weend It’sareminder to speakersoffortyish This new role explains many of the be- And contrarytoour macabreand age- up frustrated, angry, disconnected and thatolder generations reallycan learn to haviors I have observed in speakers of ist stereotypes,most healthyaging morestressed out than before. It’sjust use the digital technologythatotherstake fortyish toward older loved ones. I have minds areneither depressed nor dis- another pernicious effect of this virus. forgranted, but need time to shakethe an- seen frantic concerns—“You left the abled. Rather,theygrowmorehopeful But it doesn’t have to be that way. alog cobwebs from their minds. house and went where today?!”—over and practical with age, and exertconsid- Let me share several strategies that can Speakers of sixtyish can learn to be what they perceive as cavalier attitudes erable effortbinding our families and improve intergenerational interactions. more patient with themselves and realize toward keeping safe. I have seen short communities together with their wisdom that their voices and skills can be trans- tempers and exasperation over having to and creativity,especiallyduring times of Begin with questions. In some ways lated into effective ways to give and re- help them set up Zoom conferences or natural disaster.Itisnot surprising that this is the hardest thing to do, because ceive support across the stay-at-home di- navigate the intricacies of smartphone severalofthe keyleadersduring the most of us want to talk in these trying vide; they just need to accept that younger apps or internet shopping. The fortyish pandemic,Dr. AnthonyFauci among times. So here is my most crucial bit of people can help them make that transition. speakers lecture, cajole, threaten and them, come from this generation. advice: When talking to others—and es- Speakers of eightyish offer powerful sometimes scream at the older individu- Many of those speaking eightyish do pecially with somebody from a different coping skills, such as taking the long view als they feel responsible to guide and understand the meaning of a deadly generation—put aside your agenda, no and realizing that life will emerge from protect. pandemic (despite what their children matter how urgent or necessary it this, but they need help getting their Beneath the screams, of course, what believe), but without the same urgent seems, and commit yourself to learning voices out. These oldest among us are too they are saying is, “I care about you” and fears that younger generations might be more about them. Ask questions about often silent, because they are neither “I want you to live.” As obvious as these feeling. Older brains are less impulsive, how they are feeling and coping, what wired nor brought into the conversation, translated phrases appear, though, they and because they are have often been left unspoken. Perhaps viewed as actual or po- that is why they aren’t understood and tential victims to pity even resented. Would you want to be told Lonelinessand Distress and protect but not en- repeatedly how foolish you are? gage. That’s a huge In asurveybyYouGov, compared with their counterparts,asmaller proportion of people aged55and older missed opportunity for reported feeling morelonely as aresult of coronavirus lockdowns. the rest of us. Sixtyish Percentage of U.S. adultswho have felt more or less lonely No change Many boomers in their late 50s through Be Empathic: Asking 70s—speakers of sixtyish—began the Ages 18-34 33%1156 questionsand taking the pandemic with a similar mind-set as time to listen will trans- their fortyish-speaking family and Between35and 54 23 671 portusintothe shoes of friends, focused on the responsibilities of others. This will activate caring for themselves and particularly 55 and older 18 379 our inborn trait of empa- their elders. After all, this is a generation thytoreallyexperience that prides itself on its vitality and en- Older age groups also reported feeling lowerlevels of distressinaPew Research survey about the crisis. the generational mind- ergy and independence, and is used to Percentage of U.S. adultsexperiencing a high, medium or low levelofdistress setsofothersand getin- taking care of both their parents and side their languages.For their kids. Ages 18-29 33%2838speakersoffortyish, feel- The pandemic, though, has undercut ingsofworryand occa- so much of what boomers think of them- Between30and 49 25 26 47 sional exasperation can selves. For one thing, being cut off from be tempered with new family, friends or communities has ampli- Between50and 64 22 25 52 respect and evenawe for fied pre- and postretirement fears of be- the lifelong accumulation ing left without a purpose or plan. I have 65 and older 15 23 61 of experienceand wis- seen and heard from many speakers of dom in those older. sixtyish who are struggling with this Note:Figures don’tadd up to 100% due to rounding. Speakersofsixtyish can Sources: YouGovonline survey of 12,754 U.S. adults conducted March 25-April 2(loneliness);Pew Research Center survey of 11,537U.S. adults conducted March 19-24; strange gap in time, not certain, or able, margin of error +/—1.5percentage points (distress) betterunderstand not to connect in a satisfying way with chil- onlythe needs but the dren, friends or parents. It has been hard capabilities of those for them to acknowledge the true depen- younger and older than dence on others that has been revealed less emotionally reactive. Contrary to they need, and how they perceive the themselves, which canenrich conversations by the pandemic, not just for toilet paper the stereotype that fragile older minds impact of the pandemic on their life. in ways thatgivethem feelingsofpurpose or groceries but also for basic human crumble in the face of stress, the aver- Listen to the answers without having to and support. Empathyalso will help speak- contact. age older person is surprisingly resil- immediately respond with your own ersofeightyish to bettertranslate the ur- But perhaps morethan anything else, ient, drawing upon a lifetime of experi- perspective. gent wordsofconcern and sometimes panic manyspeakersofsixtyish have been ence, knowledge and social connections. This approach gives speakers of for- in younger voices intoapowerfuland reas- shocked by the fact thatwhen health ex- tyish the time to explain the practical suring expression of love and protection. perts speak of older ageasarisk factor and technological solutions so often These approaches areagood start, and formoreserious illnessordeath, theyare needed. It encourages speakers of sixty- will enable all of us to betterunderstand referring to them! These speakersofsixty- Talking Across ish to voice underlying fears of mortal- whatthe other person is intending to say, ish were the younger generation of the Generations ity and dependence. And it will tap into not just in this time of fear and uncer- not-so-distant past. With another 30 to 40 lifetimes of experience from those tainly, but in the future, when the pan- yearsoflifeahead, theythink of them- Howdothese different languages play speakers of eightyish who can provide demic ends and we still have to talk with selvesasstill in their prime,and have out daytoday?Inour current strange needed perspective for younger genera- one another acrossgenerations. been conditioned to project their own world of confinement and worry, the tions panicked over the pandemic’s Let us seize the opportunity now to fearsabout sicknessorisolation ontotheir conversations between generations have threat to their health, careers and re- make a difference that will leave at least younger and older lovedones,rather than become morefrequent and fraught with tirement plans. one positive legacy from this otherwise focusing on themselves. Thepandemic has misunderstanding.Eventhe most banal devastating scourge. With time, patience stripped away this defense,laying bare topics—Howdoweget groceries?How Be Patient: If there is one currency to and mutual interest, our words to one an- their ownvulnerability. should we communicate? Whenwill it be this pandemic, it is the time to sit in the other can begin to make sense. safetogoout?—arelikeatthe Towerof presence of others, either eyeball to We just have to listen. Eightyish eyeball in our households or on a video The oldest generation represents a wave of individuals in their late 70s to 90s who never existed in such numbers before. Many of these speakers of eightyish are content to have earned some years of retirement, and they intend to make the best of them. Not surprisingly, then, some of them initially inter- What a Sixtyish preted “social distancing” as a When an Eightyish speaker says: speaker hears is: I am potentially permanent end to all of the activities and personal, I am going to see some friends oblivious about the face-to-face connections that from my card group. danger of this virus. give meaning to their lives— lives that they know may not have all that much time left. What the Eightyish speaker really Unlikeyounger generations, speakersofeightyish tend not to be means is: I need to enjoy the years as quick to turn to texting,video that are left to me. chats or Netflix to fill their hours. Manythriveonroutines thatare simple yetcritical: coffee at the same diner; dom- inoes every Tuesdaynight; meeting every week to talk,laugh or pray with their cir- cle of friends.Why stop all of thatfor an-

other daggerhanging over them?Today JULLIEN it’scoronavirus,tomorrow astrokeor JEAN P2JW111000-0-R00300-3------XA

THE WALL STREET JOURNAL. Monday, April 20, 2020 | R3 JOURNAL REPORT | ENCORE

cally needstoenroll in aMedicareAd- vantage plan, an alternativetotradi- tional Medicare. Now, though, “thereare Medigap plans offering coverage similar” to that found in some MedicareAdvantage programs,saysNeil Brown, aMedicare insurance consultant in Las Vegas. Forinstance, Blue Shield of California, in its Plan FExtra and Plan GExtra,in- cludes coverage foreye exams, frames, eyeglassorcontact lenses through ase- lect network of providers—as well as somehearing-aidbenefits. In Illinois, Mutual of Omaha offers aMedicare SupplementVision Plan, with savings on eyeexams,eyeglassframes and lenses. Again, such benefits aren’t common in Medigap policies—and, as arule,tend to be modest. But if you’re in the mar- ketfor aMedigap plan, youshould keep an eye open for these options.

iii

My wife’s Social Security benefit statement shows that she has 20 credits from her five years of em- ployment. She is 55, and I am 56. I have worked for 35 years and plan to wait until I’m 70 before collecting Ask Encore GLENN RUFFENACH Home Together retirement benefits. Would my wife get any benefits from having only Have youworked from home as a result of the coronavirus outbreak? 20 credits? And if I wait until 70 be- fore collecting benefits, would she Quarantine Offers a 0 20 40 60 80 100% be entitled to collect any portion of AGE my Social Security in her early 60s? 18–29 Yes No PreviewofRetirement No answer The answertobothquestions:I’m 30–49 afraid not. Most people need at least 40 work credits to qualify for retirement bene- Being stuck at My wife and I are both working from ery day, is difficult,” one psychologist 50–64 fits. (In 2020,for instance, aperson home provides a home, something we haven’t done be- told us. “And to expect that there be earns onecredit foreach $1,410 of glimpse of what fore. Like most couples now, we’re to- no frictions about howtofold the 65+ earnings, up to amaximum of four gether about 24 hours a day. I think clothes or howtoput things in the credits ayear.) Thereare exceptions: it might be like the coronavirus is giving us a taste of dishwasher—all the trivial stuff of Depending on their age,people who are when you stop what retirement might be like. life—just isn’t realistic.” Total disabledand/or survivorsoffamily memberswho have diedcan qualifyfor working Source:Pew Research Center survey of 10,300 U.S. adults Ihave heardthis same idea from several Losing yourself. Do you miss conducted March 19 to 24,2020; margin of error +/-1.5% benefits with fewer than 40 credits. people in the pastfew weeks. Yes, couples friends from the office? Do you But again, 40 is the magic number and individuals who areapproaching retire- miss being part of a team, part of a formostpeople.Assuch, your wife ment—and who suddenly find themselves mission? It’s a problem new retirees wouldn’t be eligible forretirementben- Do you miss sequesteredintheir homes—aregettinga face: losing a sense of one’s value. relationships—thatwill get youout efits based solely on her five years of crash course in LifeAfter the Office. “Having burnedbothends of the of bedeach morning. Difficult? It can employment. being part of And that’sagood thing. As we have candle for40years, it wasashock to be.Important?Morethan youknow. As for your wife collecting benefits a team while notedseveral times in this space, many the systemtosuddenly find myself in her early 60s,the answerlies in how working people think about,and preparefor,the fi- andmycalendar no longer in de- iii spousal benefits work.Inthis case, your nancial side of laterlife, but fail to consider mand,” one retiree told me. wife isn’t eligible for a spousal benefit from home? howtheywish to spend their time in retire- In a recent column, you mentioned until youfile foryour Social Security. If It’s a ment, whatthe average daymightlook like. Bored and restless. Chances are that traditional Medicare, in most youwait until age 70 to claim benefits, Don’tmisunderstand: I’mnot saying good you’re wrestling with cabin fe- cases, doesn’t pay for eyeglasses your wife, given her currentage,will problem youcan, or should, use this time to pick ver. Something similar canhappen or contact lenses. What about Me- first become eligible foraspousal bene- new retirees the path youplan to followafter you when youfirst retire: Youtakeyour digap plans? Can I get vision cover- fit at 69.(The rules arethe same if the face: losing walk away from work.(Clearly,it’sdiffi- dream vacation, youspend time with age through Medigap? roles were reversed.) cult to trynew pursuits or join new your grandchildren—and youwakeup Of course,your wifecould add to her a sense of groups at adistanceof6feet.)But sit- one morning and ask:WhatdoIdo Goodquestion. MostMedigap plans currenttotal (if she has earnedincome) one’s value. ting at home cangiveyou apreviewof— now? (I have heardthe same,sad don’t offersuch benefits. But if youlook and eventually reach 40 credits. That and, ideally,help yousidestep—someof story countlesstimes.) closely,you canfind afew exceptions. would allowher,ifshe chooses,toclaim the shocksthatpeople experiencewhen Fortunately,thereare twowaysto Some quick background. Medigap, Social Securityasearly as age 62, theyfirst retire. Among them: cushion yourself from these shocks. or Medicare SupplementInsurance, based solely on her work history. First,aswehave urgedreaders helps pay bills that Medicare doesn’t Toomuch togetherness. Some newly manytimes,talk with your partner cover. Thereare 10 differentMedigap Mr. Ruffenach is a former reporter retired spouses end up tripping overeach aboutyour particular vision forre- plans,each denotedbyaletter—A,B, and editor for The Wall Street other.Bothare adjusting to newroutines tirement. The mistakecomes in as- C, etc.—and each offering different Journal. His column looks at financial and roles,and the kinksaren’tnecessarily suming thatthe person acrossfrom benefits and levels of coverage.Tradi- issues for those thinking about, worked out in the first weeks—or months. youshares the same dreams.And tionally,Medigap plans haven’tcov- planning and living their retirement. “For some [retired]couples,justthe second, at somepoint, find the ered items likevision or dental care.A Send questions and comments to fact that they’re both at home all day, ev- things—the activities,connections, person looking forsuch benefits typi- [email protected].

When Doing Estate Planning, Don’tForgettoInclude Your Digital Assets

Among other things, Re-examine your estate plan nealogy information, beneficiaries canbeunable For those who crafted an estate plan Dropboxaccounts, email to access accounts and more than a few years ago, it is worth and social-media ac- credit-cardpoints canbelost looking at it again. It is likely that digi- counts. tal assets aren’t mentioned. State laws regarding digital assets also might Keep the list safe have changed. Lists of accounts should BY CHERYL WINOKUR MUNK either be printed out and Create a list kept with the estate plan The internet opens a world of pos- People should keep a list of their digi- in a safe place, like a sibilities to store personal data, to tal accounts and online assets to make vault or safe-deposit box, manage assets, and to gather and it easier for their heirs to administer or stored within a pass- create digital content. the estate. word manager online. But too often that data gets for- Providing a list and instructions for For those using an on- gotten when it comes to estate plan- accessing accounts will help autho- line password manager ning—and that can cause problems rized people gain access as quickly as as a way to list their dig- for family members and heirs. possible, which can help prevent theft, ital accounts, it’s impor- “We oftenforgetthe fact thatwe among other problems. Hackers and tant to leave instructions areusuallythe onlyones thatcan ac- thieves comb public records for infor- for a trusted individual, cess these accounts,” says Tamara mation that will help them access the such as an attorney, cus- Telesko, director of wealth planning deceased’s accounts, says Chicago law- todian, agent or executor, strategies at TIAAand aspecialist in yer Jennifer Guimond-Quigley. to gain access to the estateplanning and income-tax issues. Another risk is that heirs might be master password, taking care not to appoint someone to receive a password and The result is that when an online- unaware of accounts, says Michael leave the actual password in the will control the account upon the user’s disability account holder becomes incapaci- Roberts, president of Arden Trust Co., or trust, says Christopher Paul, partner or death. It is a good idea to ensure the des- tated or dies, beneficiaries can be in Wilmington, Del. This can lead not and chair of the Trust & Estates De- ignated representative doesn’t conflict with O blocked from financial documents only to loss of assets, but to mounting partment at McLane Middleton in the executor or other responsible person JAS and accounts related to banking, bro- debts from unpaid bills. If a bill—for in- Manchester, N.H. Armed with the ac- named in the estate plan. Otherwise conflicts

MIKEL kerages or cryptocurrency. Frequent- stance, for property taxes or insur- count information and necessary docu- can arise between your representatives after flier or credit-card points can go to ance—arrives by email, and the execu- mentation, the authorized representa- your death, adding unintended administrative

GNOLA; waste. Many kinds of nonfinancial tor doesn’t have access to it, the bill tive can then contact each account complications. TO assets, such as photos, social-media could be missed, causing late pay- provider and should be able to access Each site has its own policy, so it is im- TIN accounts, family trees and blog posts ments or, worse, default. each account, he says. portant to check with each provider. MAR

P: may never be seen again. Anylistofdigital assets also should TO Here’s some advice for creating an include things likecloud accounts with Choose the right settings Ms. Winokur Munk is a writer in West OM estate plan for digital assets. storedfamily photographs,videos or ge- On some online platforms users can Orange, N.J. Email: [email protected]. FR P2JW111000-0-R00400-1------XA

R4 | Monday, April 20, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | ENCORE What to Do With a401(k)When Leaving aJob

You can keep it where it It’s more important than ever is, roll it over into a new to understand your options 401(k), roll it into an concerning 401(k) rollovers. IRA, or cash out. Here’s with low-cost institutional pricing. how to decide. So while not every 401(k) fea- tures lowercoststhan an IRA, if your plan sponsor has negotiateda good plan lineup with lowerfees,it BY DAISY MAXEY will be hardfor IRAs to compete, says Aron Szaprio,director of pol- cross the board, icy research at Morningstar. 401(k)s have taken big hitsinrecent months.While many Managed accounts investorshave Cheap is great, but if youcan geta heeded the general good fund, with greatprofessional Aadvicetostand pat management, then higher fees and and give markets time to recover, expenses may be worthwhile. thereare times when investorsare Investorscan getprofessional forced to makedecisions regarding help by investing in their 401(k)’s their accounts. target-date or balanced fund or, One of those momentsiswhen perhaps,amanaged account, in youleave your employer—some- which an investment adviser builds thing manypeople arebeing forced aspecific allocation forthe partici- to do these days.Whatyou do with pant for a fee. your 401(k) as youdepartcan have At FidelityInvestments, aman- abig impact on your financial fu- aged-account option existsfor 50% ture. of thedefined-contribution plans— Generally, a401(k) plan partici- primarily401(k)s and 403(b)s—for pant leaving ajob maychoose to which it keeps records. leave the moneywhereitis; roll it Managed accountsaren’tastan- over into a new employer’s 401(k) dard feature in 401(k)s, however. plan;roll it intoanindividual re- Decisions,Decisions Taking Account tirement account; or cash it out, Choices made by investorsinVanguardplans [mostly 401(k)s and 403(b)s] While numbersofIRA and 401(k) Flexibility which can be a costly move. who were separated from their employers in 2018. accountholdersare comparable, Whatfollows is alook at IRAs hold distinctly moreassets Retirees who need income should whether to do arollover, and to consider thatIRAsoften offer more Chosearolloverand cash 1% $12 trillion which type of account. flexibility forsystematic withdraw- IRA 401(k) als than a 401(k), says Ms. Cheng. Optedfor alump sum cash payment 10 “If youneed moneyconsistently, Age 18% [401(k)s] aren’t designed forthat,” In adirect rollover, your funds are 8 she says. “It becomes cumbersome; depositeddirectlyintoanother re- youhavetofill out aform; it might Chosetosell the assets in tirement account, and there is no 4% Choseto even have to be notarized.” their account gradually and remain in 6 early-withdrawal penalty.Inanin- About60% of the defined-con- receiveinstallment payments the plan direct rollover—one in which you tribution plans for which Fidelity 12% 4 receivethe funds—therewill be no 65% keeps records permit participants Performedarolloverto penalty if the moneyisthen depos- to take some partial automatedor an individual retirement 2 ited in another retirement account account or a401(k) systematic withdrawals.The rest within 60 days. If the money isn’t permit full payoutsorpartial with- redeposited, in most cases, inves- 0 drawals only through systematic- tors younger than 59½ who with- 2016 ’17 ’18 ’19 withdrawal plans forrequired min- draw moneyfromaretirement ac- Sources: VanguardGroup (choices); InvestmentCompanyInstitute(assets) Note:IRA assets for2018and 2019 areestimates imum distributions.Some of the count will owe a10% penalty,in plans allowonlyannual withdraw- addition to stateand federal taxes. als,while othersoffer onlyquar- But if youleave your job any- Forparticipantswith $1,000 to sponsoring the IRAalso has to no- sands of different options out on terlyand/or monthlywithdrawals, time in or after the year you turn $5,000 in a401(k),the plan spon- tifythe participantsthatithas the open market.” a spokeswoman at Fidelity says. 55,thereisno10% penalty fora sormay also forcethem out, but createdanIRA forthem and send Midcap and small-cap value In addition, the default solution withdrawal from a 401(k). must help set up an IRA, says Bon- them the IRAdocuments, he says. stocks areoften underrepresented forplan participantsistotake The “55 rule” doesn’t applyto nie Yam, a401(k) investment ad- in 401(k)s,saysMarguerita withdrawals on a “prorata” basis, IRAholders. ForIRAs, apenalty-free viseratPension Maxima Invest- Cheng,chief executiveofBlue which means an equal portion of withdrawal generallywon’t be per- ment AdvisoryInc. Investment options Ocean Global Wealth, in Gaithers- the moneyistaken from each in- mitteduntil the account holder is In such cases,the sponsor will Opening an IRAcan be awelcome burg, Md. vestment in the retirement plan, 59½. communicatewith participantsto changefor former 401(k) partici- theFidelity spokeswoman says. choose their distribution option, pantswho felt underwhelmed by But, the spokeswoman adds, most says John Nestico, senior counsel their investment options.John Fees and expenses of the plans also allowparticipants Low plan balance at Schneider WallaceCottrell Ko- Iammarino,president and High expenses and fees caneat to decide which investment to sell Departing employees with lessthan neckyLLP.For plan participants founder of Securus Financial,says away at investment gains,particu- if they choose to. $1,000 in a401(k) canbecashed out who don’t choose,the sponsor will when people move from a 401(k) larlyinretirement accountswhich by the plan sponsor and sent a tell them it’sgoing to be rolled to an IRA, “theygofrommaybe savers typicallyhold fordecades. Ms. Maxey is a writer in New check. over and where. Thecompany 10,20or30options…to thou- Many401(k) plans offer funds Jersey. Email: [email protected].

Tips for rates in March, bank savings rates Notchick says. Tweaking a have fallen significantly. But a few To moderate credit risk, Mr. banks still pay more than average. Notchick suggests the iShares Retirement Bankrate.com recently listed 16 iBoxx $ Investment Grade Corpo- banks offering rates of 1.5% or rate Bond ETF (LQD), which re- AccountAfter higher. cently yielded above 3% and had the Selloff There are no guarantees that about half of its holdings in securi- those rates will stick, so investors ties rated single-A or higher. who can afford to do so might For tax-exempt income, Mr. lock in better rates by buying bank Notchick likes iShares National The advice is often to do certificates of deposit, says Greg Muni Bond ETF (MUB), which fo- nothing. But not always. McBride, chief financial analyst at cuses on investment-grade securi- bankrate.com. To manage future ties and yields more than 2%. BY MICHAEL A. POLLOCK cash needs, an investor could cre- ate a ladder of CDs that mature in Health experts urge people to consecutive years. 4. wash hands, stay home and avoid Be cautious about higher-yield- Dangers for dividends touching their faces. And financial ing-income alternatives, says Doug Dividend-paying companies tradi- experts caution against touching a Cohen, who heads the New York tionally were considered among nest egg after stocks have office of Athena Capital Advisors. the strongest financially. But with plunged. Although short-term bond funds the economy plunging, even some But when the market is down a may offer more attractive yields, dividend stalwarts may be forced lot, does that really mean doing many of these funds hold securi- to slash distributions to conserve nothing with retirement assets? ties with lower credit ratings. Even cash. Another concern, notes data The answer depends on circum- though Fed moves have steadied provider CFRA, is that corpora- stances, of course. Some people markets, “there still may be risk tions that receive emergency fed- must raise cash to replace lost in- there,” Mr. Cohen says. eral loans could be prohibited from come. In such cases, it is impor- paying dividends for an additional tant to first sell assets with the year after they repay the money least appreciation potential, such 3. to the government. as fixed-income. But those who need to make up choices should be bond funds,indi- The surprising risks in If an investor lacks the skill to Others may be fortunate to lost income should think twice vidual bonds close to maturityor bonds analyze financial statements, a ba- have extra funds that could be about selling equities, says Joe Lu- stocksthathave held up the best. Perhaps seeking insurance against sic way to gauge dividend pros- used to buy stocks at bargain lev- cey, an adviser in St. Louis Park, Despitetheir declines,stocksthat a stock downdraft, investors began pects is to look at a stock’s yield— els. Still, for them, being selective Minn. Historically, stocks have per- have fallen alot mayhave moreup- flocking to bond ETFs some time the annual per-share dividend also is crucial. formed more strongly after big side potential than others, says Mi- ago. Any funds that own debt of divided by share price. Yield rises Things to consider for those downturns than at other times, chael Lackwood, founding principal companies with lower credit rat- as share price declines, and yields thinking about tweaking invest- and a rebound could occur well be- of Spring Delta AssetManagement ings aren’t the best choice for in- much above mid-single digits ments, whether out of necessity fore a full economic recovery. in NewYork.Mr. Lackwood sug- vestors now, says Dennis Notchick, could signal investor concerns or as part of a careful strategy: One tactic to make selling less gests, rather than dumping lots of an adviser in San Diego. about a dividend cut, says Greg

urgent is to reroute earned inter- assets at once, selling just enough Even bonds rated triple-B, the Powell, deputy chief investment PULIDO

est or dividends that are normally to coverexpenses one month at a lowest rung of the investment- officer at Miller/Howard Invest- NIA 1. automatically reinvested, says Mi- time until marketsrecover. grade ladder, could be vulnerable ments, Woodstock, N.Y. SO Whether to sell, CK; chael Macke, owner of Petros Es- to downgrades, he says. And mar- TO and what 2. IS tate & Retirement Planning, Jack- ket expectations of a downgrade Mr. Pollock is a writer in P: As the economy craters, many sonville, Fla. Smart cash management could trigger a double-digit drop in Pennsylvania. He can be reached TO people have lost their jobs. If someone mustsell, the first Since the Federal Reserve slashed principal value in a bond, Mr. at [email protected]. OM FR P2JW111000-0-R00500-1------XA

THE WALL STREET JOURNAL. Monday, April 20, 2020 | R5

We protect health workers, so they can protect you.

At thefrontlines: For more than 40 years, Americareshas responded to some of the world’sbiggest emergencies. Now,we’re providing criticalprotective gear, trainingin infectioncontrol andmentalhealth supporttohealthworkers on the frontlines of the COVID-19 pandemic.

To learn more about Americares response to COVID-19,visit americares.org/COVID19.

Health is on the way.™

Health is on the Wayisatrademark of Tandigm Health, LLC. P2JW111000-0-R00600-1------XA

R6 | Monday, April 20, 2020 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Monday, April 20, 2020 | R7 JOURNAL REPORT | ENCORE JOURNAL REPORT | ENCORE

 “We talked forabout 10 min- It’snot something she ries—their firstsince1908. Brion Thompson is an utes,” Mr.Drewsays. “Iwas planned formuch. About 12 “Therewas electricity in the usher at Nationals Park numb all day.” yearsago,Ms. Pressel says,she air.Itwas just amazing,” Ms. in Washington, D.C. He did some calculations after- and her co-workerswereata Pressel says. When the ballpark ward and figuredhecould swing Cubs game on an officeouting She and other Cubs employees reopens, he says, “I’ll be an earlyretirement, at 51. So,the (she wasasecretaryfor the De- received aring as amemento. first in line.” following spring,hemoved to fense Department),when she “Iwear it to every game and California, wherehenow enjoys asked one of the ushershow she shareitwith everyone around giving Dodger Stadium tours— could getonthe volunteer list me,” she says. andwatching the game. forthe job. Back when she startedat Most of his toursstart in the Pleased to learn it wasapay- Wrigley, Ms.Pressel says,she Ushers “don’t have highest seats with an overview ing position, and alreadyqualify- couldn’t have fathomed that “all any control over of the franchise and stadium. ing foradecent pension from the these awesome thingswould have what’s happening Nextstops include the Vin government, Ms.Pressel soon re- happened.” ScullyPress Box, the memora- tired from secretarial work and She plans to be an usher as on the field, but we bilia hallway “with old stuff startedthe very next spring as long as she’s physically able. She have influence over from the Brooklyn years,” and an usheratWrigley. had aknee replacement in Decem- thetrophygallery. Forher firsttwo seasons,Ms. ber 2017. Ms. Pressel already has your enjoyment of Each tour ends,though, down Pressel scanned ticketsand her five-and 10-year-servicepins. the game,” Mr. on the field. “Igivethem 10 handed out promotional items “Could Iget up to 30?” she Thompson says. minutestohavetheir Dodger like bobbleheads,jerseys and asks. “Iwould be 88.Thatwould moment in thedugout,” Mr. caps.After that, she worked be awesome.” Drew says. severaldifferent areas of the Ms.Pressel is currentlyshel- Whenthe Dodgersmade it to park. tering at home with her husband, their three-bedroom house in the World Series in 2017 and In 2011, she wasOutstanding JimPressel. On Easter,she says, Maryland.Theyare both well, again in 2018,Mr. Drew attended Employeeofthe Year,and gotto she wore her Cubs T-shirt. She is says Mr.Thompson. He adds all of the home games.The high- throw out the ceremonial first staying safeand onlygoes to the that, at his age, he is awareof light was2017, he says. “We had pitch foragame against the storefor essentials,wearing a his ownmortality,and abit ner- not been in the World Series in Milwaukee Brewers.Concerned mask hergood friend made for vous about coming in contact 29 years, so it wasreallyspe- shewouldn’t do the job justice, her and glovesshe had in her with crowdsagain wheneverthe cial.…Iremember walking around Ms.Pressel practiced with two Cubs backpack. baseball season does begin. MLB the stadium taking it all in.” neighborhood boys. “Idotry to take shortwalks on itswebsitesaysitwill be Sadly, forDodgersfans,the “Imade it over the plate— around my neighborhood on the guided in itsdecisions by rec- team lost both series. and it wastelevised,” she says. days that arenice,” Ms.Pressel ommendations of “public health “We’restill waiting forthat Perhaps her biggest reward, says. “But mostlyIhavebeen experts.” Whenadecision to championship,” Mr.Drewsays. though, came in 2016.Two baking.” open Nationals Park is made, Mr.Drewrecalls thathis fa- thingshappened thatseason: says Mr.Thompson, “I’ll be ther nevermade it to Dodger Ms.Pressel wasmoved to asec- Ms.Halpert is awriter in there. I’ll be firstinline.” Stadium or EbbetsField, in tion close to the dugout, and the Michigan. She canbereached Brooklyn, wherethe Dodgers Cubs finallywon the World Se- at [email protected]. played until 1957. His father Still aDodger fan died in 1984 at the ageof64. James Drew,age 58,grewupa “During every game Igoto, I Dodgersfan in Iowa,likehis look up at the Dodger logo, and dad. that’smymoment with my Mr.Drewlives in Pasadena, dad,” Mr.Drewsays. Calif.,now and commutes back Mr.Drew, who is sheltering and forthtoDodger Stadium, a in his apartment with his cat, 10-mile drive, wherehegives Laluna, says, “Imissseeing ev- toursyear round. eryone at Dodger Stadium: fans, “It’sadream,” he says. “Every players,ushers, security folks, daywhen Iwalk in there, Ijust vendors, cleaning staff,and my look around and say, ‘Are you terrific tour-guide teammates. kidding me?’ It’sunbelievable.” We reallyare ateam.” “Peopleare stunned by the amount of enthusiasm Iput into the tours,” Mr. Drew says. “This The first pitch he sees them regularly. And he is partofmyheart. This goes LenorePressel, aChicagona- relishes his interactions with the back to my connection with my tive, has been aCubs fanall her ASecond Actatthe Ballpark players and their families as well. dad. I’m grateful forall of this.” life. She recalls heading to Nothing compares,however, Mr.Drew, aformer director of WrigleyField with her mother with going to the World Series. communications foraschool dis- on Ladies Day, when women got “It wassoimprobable,” Mr. trict in Colorado,saysheapplied in free,and, later, howtaking For retirees, working at a Major League Baseball stadium is often a dream come true. They can’t wait to get back to it. Thompson says of the Nationals forthe job in LosAngeles after her two sons to the ballpark felt finallywinning the NL champion- getting aphone call in 2012 from likeafamilyvacation at atime ship last year. “We had to beat hisboyhood hero, former Dodger when theywereliving on her the Cardinals and the Dodgers, Steve Garvey.Aclose friend of secretary’ssalary. two teams in the past that Mr. Drew’s met Mr. Garvey at a Now, at age 69,Ms. Pressel is BY JULIE HALPERT enjoyedhis job—and howhe He startedout parttime in just behind home plate—afford- knocked the Nationals out….To golf tournament and persuaded an usher at WrigleyField—and thought thatMr. Thompson 2011, working eveningsand ing aperfect viewonanear-per- be able to beatthose teams set him to make the call. loving it. would likebeing aNationals weekends,greeting and helping fect season. offafeeling of euphoria.” anykids dream of usher,too. fans in asection wherehesays Afterthat, Mr.Thompson was “Theplacejust exploded,” Mr. playing baseball when Intrigued, and starting to think it wasdifficult to see much of hooked. In 2013,heretired from Thompson says of the moment theyget older.Manyre- about whattodoinretirement, the action. Notthathemissed theSEC and became afull-time his team clinched their World Se- tirees come as close as Mr.Thompson discovered thatat thatmuch. TheNationals fin- usher at Nationals Park,working ries berth. “One of the prime rea- To be a Dodger Stadium tour guide is “a possible to fulfilling Nationals Park,usherswere ished thirdintheir division that pretty much every home game. sons Iworked forthe Nationals dream,” Mr. Drew says. “Every day when I that dream. called upon to do alot morethan season, with arecordof80wins Forthe past four years, he’s wasjust to gettothe World Se- They have found sec- showfans to their seats.The Na- and 81 losses. had the ideal spot, he says,work- ries and work aWorld Series walk in there, I just look around and say, ond actsworking for tionals organization counted on Thefollowing year,fortunes ing in the Diamond Club,behind  game,” he says. ‘Are you kidding me?’ It’s unbelievable.” their hometownMajor the usherstohelp makesurethe improved forboth Mr.Thomp- the dugout. Lenore Pressel, TheNationals wound up win- MLeague Baseball teams. ballpark wasstill afun atmo- son and the team. TheNationals “I’m ecstatic.I’m nowalmost below, was ning the World Series,beating Here’salook at three such people.Two are sphere—evenwhen the team was won98games and made it to behind the plate,watching the named theHouston Astros in aseven- ushers, one gives stadium toursand all three losing. the National League Division Se- game every dayinclose proxim- Outstanding game series.Still, the three wield major-league social skills.For each, it’s Ushers “don’t have any control ries,though theylost in afive- ity to the field,” he says.This po- Employee of the games thatthe Nationals lost about feeling the excitement of the ballpark,hear- over what’shappening on the game series to the St.Louis Car- sition also gives him an evenbet- Year for 2011 at were all home games—the games ing the crack of the bat, soaking in the roar of the field, but we have influenceover dinals.Mr. Thompson, teropportunity to form Wrigley Field, thatMr. Thompson worked. crowd. And for these three lovers of baseball, it your enjoyment of the game,” Mr. meanwhile,was assigned to a relationships with the customers. home of the “Whenwegot to the third JOURNAL was also about going to the World Series. Thompson says. newsection, nearlyatfield level They’reseason-ticket holders, so Chicago Cubs. game,itwas going to be the last REET

Of course, with the beginning of the baseball ST game at Nationals Park forthat

season on hold because of the coronavirus,soare LL year,” Mr.Thompson says. “There these ballpark second acts. But these veterans of WA wasabit of despair but happi-

the game have every intention of returning as THE nessthatweaccomplished as R

soon as it is safetodoso. In the meantime,for FO much as we accomplished.” At the baseball fans who fantasizeoffollowing in TT the end of the game,hesays, “ev- WE

theirfootsteps (orjust liketowonder whatit HE eryone washugging each other

would be like), here are their stories. CY because we won’tsee each other LU until springtime.” (2); From lawyer to usher Butthen, in Houston, things Brion Thompson, age68, of Takoma Park,Md., turned around. spent 38 yearsasastaff attorneyatthe Securi- JOURNAL “During game six in Houston, I

ties and ExchangeCommission, working forthe REET would turn the TV on, then turn ST

division thatregulatesmutual funds. LL it off,then turn it on. Iwas just

But beforehebecame alawyer, he wasabase- WA crazy,” Mr.Thompson says.

ball fan. Growing up in Camden, N.J.,near Phila- THE And during game seven, when R

delphia, Mr.Thompson rooted along time for FO it appeared the Nationals would

the Phillies,hesays. Whenthe Nationals arrived NS win it all: “Iran upstairsand told in WashingtonD.C.in2005,though, he started PO my wife. It was this feeling of ec-

going to their games. SICA stasy. To be apartofaWorld Se- TheNationals weren’tthe greatest team back JES ries winning team, it’shardto then, but the games were fun. And, over the describe how happy it made me.”

course of severalseasons,Mr. Thompson became JOURNAL; Mr.Thompson and his wife, friends with an usher who told him howmuch he DeniceDishman, arecurrently REET

ST practicing social distancing in LL WA THE R

“I made it over the FO plate—and it was  James Drew, at far right, FRIEDMAN

televised,” Ms. Pressel A leads tours of Dodger UR Stadium in Los Angeles. As says of a ceremonial MA first pitch she threw each tour ends, he says, he WISE: gives his group 10 minutes

before a Cubs game. OCK in the Dodger dugout. CL P2JW111000-0-R00800-1------XA

R8 | Monday, April 20, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | ENCORE

Little follow-up was seen in a study of first hypertension readings. ications mayplayinCovid-19. Some scientistshave raised concerns about whether two types of drugs—known threshold fordiagnosing and treating as ACEinhibitorsand ARBS—might the firststage of high blood pressure increase the ability of the virus to en- to 130/80fromaprevious 140/90. terthe lungs. But other research sug- Morethan ahalf-dozenmedica- geststhose same drugsmay help pro- tions areavailable to treathyperten- tect against lung injuryfromCovid- sion, and some areused in combina- 19.The American HeartAssociation tion. Manypatientsneed at least two and other heartgroups stronglyrec- drugs, forridding the bodyofexcess ommend that patients stay on their sodium, forexample,and forrelaxing medication as moredatabecomes and opening up narrowedblood ves- available,and thatpatientswith sels.Doctorssometimes have to Covid-19beevaluatedbyadoctor be- tweak doses and switch medications. fore adding or removing treatments. Manyfactorscontributetothe gap High blood pressureoften goes thatexistsbetween initial diagnosis hand in hand with obesity, a seden- and treatment. Generally, adoctor’s tary lifestyle and poor diet such as appointment should include ablood- high salt intake. But it canalso occur pressuremeasurement, and because in otherwise healthy and fit people anxietyabout such visitscan often due to familyhistoryand genetic cause atemporaryspikeinblood mutations. It can occur years after pressure, asecond reading should be cancer treatment due to treatment takenifthe firstishigh. However, side effects. And formany, it just this isn’t alwaysdone.When blood comes with ageneral stiffnessinag- pressureistoo high, anew medica- ing arteries. The oft-cited Framing- tion is oftenindicated, and afollow- ham Heart Study found 9 out of 10 up visit should occur within about middle-aged and older adults were four weeks.But oftennonew medica- likelytodevelop elevatedblood pres- tion is prescribed, and no follow-up sure over their lifetimes. “Thevast majority of patientscan visit occurs. In a study of 800,000 pa- Researchersare studying the use Silent Killer be managed with lifestyle changes tients, published in the journal Circu- of technology like electronic health and very inexpensiveand well-toler- lation: Cardiovascular Quality and records, smartphone apps and wear- ated medications,” says Mariell Jes- Outcomes,asecond measurement is able devices to help doctorsand pa- sup,chief scienceand medical officer documented lessthan aquarterofthe tientswork together to help measure With the right treatment, high blood of the American HeartAssociation. time,and only12% of patientswere and track blood pressureand adhere pressure is often easily managed. Covid-19 Even losing 10 pounds can make prescribed anew medication. to regimens to keep it under control. has made this more crucial than ever. it possible forcertain high-blood- “Thereisclearlyamajor issue Dr.Pletcher has developed atech- pressurepatientstoget off medica- with inertia that comes from both nology-based research program called tion, says Dr.Jessup.Limiting smok- the PCORnet Blood PressureControl BY LAURA LANDRO ing,alcohol, caffeine and salt, and LaboratoryatUCSFtohelp research- exercising regularlycan also help ersuse data from electronic health ere’sanew reason to have your blood pressure keep blood pressure in check. Com- recordstostudythe effectivenessof checked: Data from the coronavirus outbreak suggests mon pain medications containing 1,300 blood-pressure-control strategies. thathigh blood pressurecan makepatientsmoresus- ibuprofen, such as Motrin, canin- Nearly Thelab is working to identify ceptible to Covid-19, morelikelytodevelop severe crease blood pressure, while those which types of monitoring technolo- symptoms no matter whattheir age, and morelikelyto with acetaminophen, such as Tyle- deaths aday in 2017 gies forhome use work best at help- die if theyare older. nol, are less likely to do so. relatedtoHypertension ing patientsget their blood pressure H Researchersare also studying whether some According to the Centersfor Dis- Source: CDC in ahealthyrange. Thecurrent focus blood-pressuremedications might help or hurtwith regard to ease Control and Prevention, about is asmartphone-linked monitor sup- the coronavirus. 11 million adultswith ausual health- thedoctor and the patient,” says portedbyanapp thatgives patients High blood pressureisreferred to as the silent killer because it care source have undiagnosed hyper- Mark J. Pletcher, lead author of the the ability to see their measurements increases risk of death from heartattack and strokewithout symp- tension, and 30 million who have study and a professor of epidemiol- and sharereadingswith their doctor. toms or signs.Itisalso adisease thatfrustrates public-health ex- been diagnosed either don’t have a ogy and biostatistics at the Univer- Home measuring devices areinexpen- perts because,while itseffectscan be severe, with the right diagno- prescription or aren’t taking the sity of California San Francisco. Dr. siveand easytouse and canhelp pa- sis and treatment it is easily manageable for many patients. medications they are prescribed. Pletcher says thereisusuallyalong tientstrack their number over time. Morethan 116 million adults, or nearlyhalf the population, have Hypertension is measured by two list of issues to discuss in primary- been diagnosed with high blood pressure, but onlyone in four has numbers, expressed likeafraction: care visits, and sincethereare no Ms. Landro, a former Wall Street it under control, despiteclear evidencethatmedicine and lifestyle the pressureofblood against the ar- symptoms, doctor and patient may Journal assistant managing editor, changes candothe job.Among people over 60,alreadyathigher tery walls when the heartbeats and simply agree to keep an eye on it. is the author of “Survivor: Taking risk forCovid-19and other infectious diseases,nearlytwo-thirds when it is resting between beats. Researchersare nowstudying Control of Your Fight Against have high blood pressure, also known as hypertension. Medical groups have loweredthe whatrole some blood-pressuremed- Cancer.” Email: [email protected].

Troubling Numbers American adults 20 and older with high blood pressure* who are aware of their condition, areattempting to treat it,and have it under control,inpercents Non-Hispanic whiteNon-Hispanic black Mexican-American Awareness Treatment Control 80% Female J J J J J J J 60 J J J J J J J J J J J J J J J J J J J 40 Male J J J J J J J J J J J 20 J J J J J J J J J J J J J J J J 0 J 1999– 2005–10 2011 1999– 2005–10 2011 1999– 2005–10 2011 1999– 2005–10 2011 1999– 2005–10 2011 1999– 2005–10 2011 1999– 2005–10 2011 1999– 2005–10 2011 1999– 2005–10 2011 2004 –16 2004 –16 2004 –16 2004 –16 2004 –16 2004 –16 2004 –16 2004 –16 2004 –16 *Systolic blood pressurewas 130/80 or greater, or if the subject wastaking antihypertensivemedication Sources: National Health and Nutrition Examination Survey;National Heart, Lung, and Blood Institute

The TrickyTask of Handing aFamily Businesstothe Next Generation

Too often, it’s mishandled, the businesswithout something in thanks to miscommunication, writing, Mr.Riverssays, and the son poor planning and a ranthe businessintothe ground. reluctance to let go Figure out postwork life well before transitioning As parents start to think about hand- ing the business to the kids, they BY CHERYL WINOKUR MUNK also need to think about what they are going to do next, says Bruce For many family-business owners, passing Werner, managing director of Kona on the business to the next generation can Advisors LLC, which provides advi- be as challenging as starting the business in sory services to owners and investors the first place. of private and family-owned compa- Among the obstacles: a lack of communi- nies. For example, many family-busi- cation between generations, a failure to plan ness owners make grandiose plans ahead and, perhaps most difficult, a reluc- and then find themselves bored after tance to let go. Left unresolved, such issues six months. can lead to business disruption and strained relationships when a family is least able to Don’t hang on when cope with it. it’s time to let go In a worst-case scenario, if an owner dies Robin Satyshur, principal in the Nash- or becomes incapacitated without a plan in ville office of Diversified Trust, a place for a smart and smooth succession, wealth-management firm, routinely “it’s like trying to put Humpty back together again,” says Rick this as your career? Whatdoyou of asuccessful food-processing tells family-business owners to avoid Goossen, a member of Nicola Wealth’s business-development think it would takefor the company businesswhose ownersbegan suc- becoming a third-wheel. This means team who advises family-owned businesses. to continue to flourish?Whatdoyou cession planning in their early 70s. letting go when the time is right.

Here, then, are some tips to help smooth transitions to the think will be the challenges? Theywereplanning to giveowner- If there is not an agreed-upon PULIDO

next generation. ship to their daughter, who wasin plan, with clear expectations, it in- NIA Create a clear, written her early 50s,had worked forthe creases the risk that the parents SO Communicate, communicate, communicate transition plan businessfor yearsand was don’t really leave, Mr. Werner says. It’s fairly common forentrepreneurial parents, manyofwhom are Wayne Rivers, co-founder and presi- chargedwith handling day-to-day “In too many cases, Dad still comes /REUTERS; Type-A personalities and singularly focusedonbuilding their busi- dent of the Family Business Insti- responsibilities.However, the wife to the office every day, well into his CHT

nesses,tofind succession-relateddiscussions with their children dif- tute Inc., a business management diedunexpectedly,and therewas 80s or 90s, for a few hours because FO ficult.Failuretocommunicatebusinessplans effectively,however, consultancy, recommends family- nothing in writing to saythatthe he has nothing else to do. This

cancause serious repercussions,experts say. business owners formalize their daughterwas supposedtotake doesn’t help anyone.” PULFER

Joan Crain, senior directorand global family wealth strategistat succession plans in writing. This can over. Ason who wasuninvolved in REN KA

BNY Mellon Wealth Management, counsels parents to talk through help avoid problems for when life the business, meanwhile,prevailed Ms. Winokur Munk is a writer in P: succession plans with their adult children as soon as theyare in throws a curveball. on the father to put him in charge. West Orange, N.J. She can be TO their late teens or early 20s.And ask questions,such as:Doyou see He offers the real-lifeexample The daughterhad no legal claim to reached at [email protected]. OM FR P2JW111000-0-R00900-1------XA

THE WALL STREET JOURNAL. Monday, April 20, 2020 | R9 JOURNAL REPORT | ENCORE Is 100 theNew Life

BY ANNE TERGESEN due.But even Prof.Austad, the optimist, Expectancyfor says,“It’s going to be our descendants Is the first person who will liveto who gettocollect thatmoney.” 150 alivetoday? People Born in the By 2150,Prof. Austad says,advances That’sthe subject of a“$1 billion bet” in biomedical scienceand drugs thatim- betweentwo leading scientists in the prove cellular function “would makeliv- field of aging: S. JayOlshansky, apro- 21st Century? ing to 100 routine,with afew people fessor of epidemiology and biostatistics reaching the age of 150 years—some- in the School of Public Health at the whatlikepeople routinely livetoage 80 UniversityofIllinois at Chicago,and todaywith afew people living to 110.” Steven N. Austad, abiologistatthe Prof.Olshanskysaysinhis view, the UniversityofAlabama at Birmingham. YES upper limitsoflifeexpectancy areinthe Friends sincethe early 1990s,the mid- to high 80s.Under thatscenario,he twomade their betin2000 aftera says,“manymorepeople will livetosee newspaper article quotedProf. Austad 100.” as saying thatliving to 150 will soon be But 150? No way. within our grasp.Each has put $300 into an investmentaccountthatthe Ms.Tergesen is areporterfor The Wall twomen hope will be worthmorethan NO Street Journal in NewYork.She canbe $1 billion in 2150,when the betcomes [email protected].

BY STEVEN N. AUSTAD BY S. JAY OLSHANSKY

The Leap Will Come From Blame it on Math, Science, Focusing on Aging Itself Common Sense And Our Bodies

eople born in the 21st thegroups not taking it. Discoveries of this redicting thatchildren born in the tancyisapopulation metric,and it century—today’scollege sort areemerging at afaster and faster pace. U.S. from 2000 on will have alifeex- gets harder to move the needle the students, forinstance—can It’strue, adding just one year of lifeexpec- pectancyofatleast 100 is nothing olderweget. Adding one year to life expect to liveacenturyor tancyismoredifficult the older one gets.With shortofradical—but not forthe rea- expectancywhen it is 80 is ordersof morebecause their health 80 yearsbehind you, forexample,and various sons youmight think. magnitude moredifficult than when it will be unlikeanything age-relatedillnesses lining up beforeyou, the Ourunderstanding of the biology is 50.Attaining alifeexpectancyof90 odds of reaching 100 worsen. But we have to P of aging will advance; breakthroughs requires the equivalent of cures for P seen beforeinhuman his- tory.This newsurge in lifeexpectancy stop thinking about age-relateddiseases as in- areonthe horizon thatwill slowthe effectsofag- cancer,all cardiovascular diseases,dia- will not be due to doctorsbecoming dependent entities.Diseases associatedwith ing; the extension of healthylifewill soon trans- betes,infectious diseases and acciden- better at diagnosing and treating the aging have extensivelyoverlapping causes,so form whatitmeans to grow old; and Nobel Prizes taldeaths.Getting to 95 requires the diseases that kill us today. It will be thatatreatment (likerapamycin) affectsmost await the scientistswho makethis possible. elimination of all known causes of duetoour newability to prevent and or all such ailments. Treating aging itself thus Lifeexpectancywill inch up,towell shortof death shortofaging.And getting to delaymost or all of the diseases and candramaticallychangethe mortality rates 100—but the HolyGrail of whatIcall extended 100 requires not onlythatweslowag- disabilities thatplague laterlife. currentlyseen in our lateryears. Hundreds of healthspan will finallyberealized. Let’sstop ing,but thatsurvival time would need During the 20th century, lifeexpec- life-extending animal experiments showthat striving foranunattainable goal of radical lifeex- to be added to the lives of people aged tancyinthe U.S. surgedsome 63%, to whatwepreviouslythought of as “limits” can tension, or,worse,claiming it has alreadyar- 70-plus at aratefaster than it was 77 yearsfrom48. That progresswas be burst through with the right treatment. rived. Common sense dictates thatweshiftthe added to lives of children born at the driven by betterhygiene,the develop- No one should rush to getprescriptions or focus of medicine and public health to extending startofthe 20th century. ment of vaccines and antibiotics,and, tryout aging-retarding therapies beforethey thatpartofour laterlives in which we enjoy Therecan and should be some mar- lateron, betterdiagnosis and treat- areproperlyevaluatedfor safety and efficacy good health. ginal gains in lifeexpectancyfor demo- mentsofindividual diseases.Similar graphic subgroups; reducing disparities progressinthe 21st centurywill easily between the rich and poor,for exam- take us to a100-year lifespan. ple, is desperatelyneeded. But asec- We’ll getthere, but not by focusing ond longevity revolution on par with as we have in the past on one disease thefirst is highlyunlikely. at atime.Near the past century’send, One morepoint on the mathematical anew approach to health began to argument: Thelaw of averages requires emerge, focused not on diseases thatfor 100 to be the newlifeexpec- themselves, but on the underlying tancy, asignificant proportion of the processes of aging itself.Aging is the population routinelymust survivebe- biggest factor in virtuallyeverything yond the current maximum lifespan that kills us today. limitof122—an ageknown to have Beginning with tinyroundworms been reached by just one person. This and fruit flies,researchersdiscovered alone is sufficient to cast doubt on thattreating aging as if it were adis- claims that100 is the newnormal. ease wasnot difficult. We could do it Scientistswho neverthelessback by altering genes,modifying dietsand, such claims point to research in which most surprisingly, with the use of aging has been slowedand lifespans in- some existing drugsdeveloped for creased in short-lived species.But hu- other purposes.These treatments mans don’t experiencebiological time worked not onlyinthe simplest ani- at thesame rate as those species.A mals; theyalso worked in mice—mam- doubling of the lifespan of ashort-lived mals likeourselves. species will likelyyield onlyafraction Geroscientists—anew word fora of thatgain in humans.Doubling the newfield—have found thattreating lifespan of amouse from three to six aginghas remarkablybroad benefits. yearsdoesn’t mean the lifespan of hu- Onedrug, forinstance, rapamycin,has mans will double from 80 to 160. made miceliveconsiderablylonger.It Keep in mind thataging interven- has delayedsome mouse cancers and tions aren’t seeking to “cure” aging it- Living Longer Lifeexpectancy at birth in the U.S. from 1933 to 2017 Life expectancy is a We’ll get there, but 85 not by focusing as we population metric, and it gets harder to have in the past on 80 Female 2.5 one disease at a time. Both sexes move the needle the Male The number older we get. 75 of yearslife

70 expectancy completelyeliminatedothers; it also has grown self.Thatwould be an unrealistic tar- has delayedmouse versions of Alzhei- each decade getwith no evidencetosupportit. mer’s disease, heartaging and the ad- 65 Aging isn’t adisease,any morethan vanceofforgetfulness of laterlife. And since1840. growth, development, puberty and in alimited study involving humans,a Source: James Vaupel, founding menopause are. Whenaging interven- 60 director, Max Planck Institute for drug closelyrelatedtorapamycin was Demographic Research tions areeventuallyintroduced, they seen to have benefitsfor people 65 and will likely delaydiseases,compress older in the form of improved protec- 55 morbidity,extend healthspan and yield tion from fluwhen used in combina- 1933 ’40 ’50 ’60 ’70 ’80 ’90 2000 ’10 ’17 economic dividends to individuals and

tion with aflu vaccine. Source:Human MortalityDatabase societies.Inthe final analysis,though, Then came atruly unexpected dis- some diseases will recede in favorof covery.Rapamycin had virtuallythe others, and the game of disease Whac- same health benefits whether started A-Mole (referred to as “competing later in amouse’s life—the mouse risks” in epidemiology) will continue. equivalent of 60-75yearsold—or early. in people.But testing has started. Theproblem with the idea of living routinely Abettergoal than extending human It’s true,the biologyofmiceand hu- We don’t knowyet which of the various to 100 is thatmath, science, common sense and lifespan is the extension of the periods mans differs. But we share98% of the health-extending treatments foraging that our inherited body “design” getinthe way. in our lives in which we enjoygood same genes. Meanwhile,another drug, work so unequivocallyinmicewill work in Thefirst longevity revolution—the 30-year in- health. Humans arenomorecapable of metformin, fortreating diabetes,shows people too, but we will. And the earlyevidence crease in lifeexpectancyseen in the 20th cen- routinelyliving to 100 as apopulation promise in preventing or delaying the suggeststhatthose treatments, evenifthey tury—occurred mostlybecause of declining early- than we areexpected to all runa4- maladies of aging.Moreover, the drug aren’t available until midcenturyorlater,can agemortality thanks to advances in public health. minutemile,high-jump 8feet, or dunk has shown more promise in studies in- still extend lives and health likenothing we This wasboosted laterinthe centurybyreduc- abasketball—at least not in these bod- volving humans than it has in mouse have everseen before. tions in death ratesatmiddle and older ages as ies with this bodydesign.

S studies.The manystudies involving lifestyles improved, and because of newmethods

PRES humans compared people taking met- Dr.Austad is distinguishedprofessor and of detecting and treating aging-relateddiseases. Dr.Olshansky is aprofessor of

TED formin fordiabetes with people not chair in thedepartment of biologyatthe But look whereweare today. Evenideal be- epidemiologyand biostatisticsatthe

OCIA taking metformin, or taking another di- UniversityofAlabama, and directorofthe havioral risk factorswon’t transform a70-year UniversityofIllinois at Chicago’s SS abetes drug,and compared the ratesof Nathan ShockCenter of Excellenceinthe old intoasupercentenarian. Conquering aging- School of Public Health. He is also /A

CO cancer,heartdisease and dementia in Basic BiologyofAging.Heisalso senior relateddiseases one at atime would yield dimin- chief scientist at Lapetus Solutions SE those groups.The studies found less- scientific directorwiththe American ishing gains in lifeexpectancythe older one gets. and aboardmember of theAmerican CO frequent incidenceofthese illnesses in Federation for Aging Research in New York. Perhaps thebiggest reason humans can’tex- Federation forAging Research.He ANCIS the groups taking metformin than in Email: [email protected]. pect to routinelyliveto100 is this: Lifeexpec- canbereached at [email protected]. FR P2JW111000-0-R01000-17FFFF5178F

R10 | Monday, April 20, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | ENCORE

darker colors, straighter lines, sim- blouses, full skirts—are now back in ple jewelry—acceptable,efficient style. Iamperilouslyclose to being and sometimes eveneye-catching.I selectively trendy. passed, but not with flying colors. Some sports-medicine experts are Istayedonthe sidelines as evenwarning of the dangersofover- friends jumped on fitnesscrazes, exercise, while others worry that ex- from Zumba and spin classes to Pi- pensive, highlycushioned running latesand yoga (back then not every- shoesmight cause,rather than pre- one did yoga). Iwatched them sign vent, ankle injuries.Iamstill walking up forpersonal trainersand spend and swimming. hoursinhigh-sweat,beat-thumping Finally,instead of feeling likeI classes.Istayedwith tried-and-true have to read one of those trending exercises likewalking,stretching and leadership best-sellers,Ican enjoy swimming.But Ienvied my peersthe books full of memorable characters, camaraderie they found in these rousing adventures,moral dilemmas, classes.IknewIwas missing out. and beautiful descriptions of times As fortravel, friends frequently and places.Reading forpleasure planned trips that took them to ex- opens up newwaystoexperiencethe otic, trendy places where one could world, and I’m free to do it any time sleepincaves or helicopter to gla- of day for as long as I want. ciers. Thepressurewas on to showa All of which suggeststhatthe rep- similar adventurous spirit—and one utation older people get—resistant to year we did gettoMongolia to visit change, slowtolearn, unwilling or our older son. But in general, some unable to master every new advance of our best vacations were at our thatmoves through society likewaves four-bedroom, no-bathroom, no-In- crashing on the beach (and so often ternet river cabin. receding)—is inaccurate. Moreimportant, it misses the point: We arebetteroff because we Driverless cars are not burdened by the heavy insis- Retirement has changed all this.I I never was one to am no longer judged by colleagues TheJoysofBeing stay ahead of the or peersfor failing to adopt the lat- I’m in a wonderful wave. Now, in est, newest, most revolutionary retirement, it makes productorimprovement. I’m in a space free of trends ALate Adopter wonderful, wide-open space free of and expectations. no difference trends and expectations. Now,with relief,Ican stand aside while early adopters jump on inno- vations likedriverlesscars, diets were earlyadopters. Iwas alate with hard-to-pronounce names, ro- tenceofthe latest trends.Wecan BY ROBBIE SHELL adopter,signing on onlywhen it was bots that increasingly think like us, pursue projectsand makeplans,inno- required as partofthe editorial mis- and drone delivery services. vativeorold-school, simplyfor the joy mong the manypleasures retirement has sion. It didn’t feel good, knowing I Iappreciate the contributions they bring into our lives. When that brought, one of the biggest—and most sur- was more often than not late to the made by early adopters, with their means working with otherstodefeat prising—isthis: freedom from the pressure game but having little inclination or energy,their eagernesstoexperi- an enemy, seen or unseen, we cando to be an earlyadopter of everything new aptitude to get out in front. ment, their constant pushing of the that, too, sharing whererelevant our andtrendy, from tech and management boundaries.But I’m also happyto yearsofexperienceand the collective Atrends to fashion and travel. leave it to them. wisdom of our generation. Theneed to stay ahead of the wave plagued both my Dressing safe At the same time,Isee ironyin As fortravel, my husband and Ido professional and personal life, especiallywhen it came Earlier in my career,Iwas areporter the fact that, unintentionally, my venturebeyond our summer place. In to technology. Ihad figuredout in the firstdaysofthe in the Washingtonbureau of late-adopter or nonadopter status December, we spent a wonderful, re- computer revolution thatnothing about technology Women’s Wear Daily, one of the hassometimes been prescient. In laxed two weeks in Bilbao,Brussels was intuitive to me. Even though my sons said, “Just foremost fashion/retail industrypub- technology, thereisanoff-again, on- and Amsterdam—skipping Croatia be- experiment with your devices—it is impossible to break lications. True to form, I was never again movement to stop face-plant- cause of the crowds. Whentravelgets them,” Idid, in fact, break,oratleast disable,anum- someone who rushed intothe latest ing ourselvesinfront of screens and back to normal, we might think about ber of them, from PCsand printerstoremotecontrols styles—shoulder pads back then, return to alessdemanding relation- going there. By then, we figure the and museum audio guides. along with power jackets, bold col- ship with our devices. I am already crowdswill have movedon, and there As editorial director of a print and then an online ors, wraparound dresses,bright gold there. In fashion, severalofthe older will be room for travelers like us. management journal, Iwas alwaysafew steps behind jewelry. But my job meant I had to choices—choker necklaces (I still PULIDO my moretech-savvy colleagues and the creativeways look as up-to-date as the people I have mine), corduroy pants (ditto), Ms. Shell is a writer in Philadelphia. NIA they used new software and social-media sites. They coveredatsocial events. Istuck to blouses with bows, denim, peasant Email: [email protected]. SO Youknow the feeling when youactually wakeupearly to work out?

Rolling overyour old 401k can bring youthatsamesense of satisfaction—without thealarmclock.Our team of rolloverspecialists will walk youthrough theprocess step by step,and even callyour old provider.Wedothe heavylifting so youcan focusonfeeling accomplished. Visit tdameritrade.com/rollover to getstarted today.

Arolloverisnot your onlyalternative when dealingwithold retirement plans.Please visit tdameritrade.com/rolloverfor more information on rolloveralternatives. TD Ameritrade,Inc., memberFINRA/SIPC. ©2020TDAmeritrade.