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***** WEDNESDAY,FEBRUARY 10,2021~VOL. CCLXXVII NO.33 WSJ.com HHHH $4.00

DJIA 31375.83 g 9.93 0.03% 14007.70 À 0.1% STOXX 600 410.42 g 0.1% 10-YR. TREAS. À 1/32 , yield 1.156% OIL $58.36 À $0.39 GOLD $1,835.30 À $3.40 EURO $1.2121 YEN 104.56 Toll Mounts as Search for Avalanche Survivors Pushes On Senate What’s News Rejects Trump’s Business&Finance Bid to ome of the world’s S biggest investorshad been on the cusp of amulti- End Trial billion-dollar windfall from their betsonChina’sAnt but are stuck with shares Six Republicans join that won’t pay off soon. A1 Democrats in saying  plans formost of itsemployees to work re- they have jurisdiction motely part or full time after over former president the pandemic and to reduce itsreal-estatefootprint. A1 BY SIOBHAN HUGHES  ’sHuaweifiled a AND LINDSAY WISE lawsuit in the U.S. disputing

itsdesignation as anational S WASHINGTON—TheSenate security threat by the FCC. B1 votedonTuesdaytoproceed PRES with thesecond impeachment  SoftBank plans to in-

ZUMA trial of ,after an

vest $900 million in gene- A/ afternoon of argumentson sequencing firm PacBio. B1

XINHU whether it wasconstitutional  Twitteradded users HIMALAYAN HORROR: Rescue workers on Tuesday carry the body of a victim retrieved near the Dhauliganga hydropower to tryaformer president. through the holidayquarter project in . At least 32 people are dead and 165 missing after the collapse of a glacier Sunday unleashed flooding. A10 Six Republican senators and said it continued to add joined all Democratsinassert- moreinJanuary, the month ing the Senate’sjurisdiction it banned Trump. B1 even though Mr.Trump,im- peached by the House last  Vornado Realty is ex- month in the wake of the Jan. 6 ploring waystoend alucra- ‘Surefire’Bet on Ant Entraps Capitol riot, is no longer in of- tivepartnership with Trump’s fice.The 56-44 vote setsthe real-estatecompany. B1 stagefor several days of pre-  Thenumber of help-wanted sentationsfromboth sides on ads returned to pre-pandemic InvestorsHoping foraPayday the factsofthe case,which are levels in January, asign to begin on Wednesday. that hiring could pick up. A2 Sixty-seven voteswill be re- quired to convict Mr.Trump,  Nasdaq,the NYSE and Some of the world’sbiggest Pincus LLC,Carlyle Group Inc. cense to operateAlipay, its tors areturn while it stayed meaningatleast 17 Republi- Cboe sued the SEC to block investors were on the cusp of and T. Rowe Price Group Inc. highly popular mobile app,Ant private, the people added. cans would need to join all 50 itsplan to overhaul the public amultibillion-dollar windfall took part in acoveted fund- had to be domiciled in mainland Theforeign investorsdidn’t senatorsinthe Democratic cau- data feeds that broadcast from their bets on Ant Group raising by Ant that raised $14 China. But that also limited the receiveany voting rightsin cus. Only ahandful of Republi- stock prices to investors. B13 billionand minted the finan- company’sability to raise funds Ant, which wasvalued at $150 cans have signaled they would  The S&P 500 fell 0.1% By Jing Yang cial-technologygiant as the directly from foreign investors. billion in the June 2018 deal, vote guilty. and the Dowslipped 0.03%, in and Julie world’smost valuable startup. Theglobal investorsagreed the world’slargest-ever startup Mr.Trump paid close atten- while the Nasdaq advanced Steinberg in London Morethan $10 billion of the to terms that were highly fa- fundraising.None wasgiven a PleaseturntopageA4 0.1% to another record. B13 money came from international vorable to Ant, and which lim- seat on Ant’sboard. Co.Now they arestuck with investors, which bought shares ited their ability to cash out if Terms of Ant’s2018 fund-  Trial turns focus on handful  CD Projekt,the game shares that won’t payoff soon. in an offshoreshell company the companydidn’t end up go- raising,which hadn’t been re- of Republican senators...... A4 maker behind “Cyberpunk In 2018,anexclusivegroup set up by Ant to raise funds in ing public,according to people ported previously, showthe  GOP lawmakers fault Trump 2077,” said itsinternal systems of global private-equity firms U.S. dollars. Theunusual ar- familiar with the matter. Ant pitfalls of taking stakes in lawyers’ presentations...... A4 were hit by acyberattack. B1 and mutual-fund managersin- rangement came about because also didn’t provide alisting popular startups that areable  Vornado examines ties to  ThePepsiCo that sells cluding Silver Lake, Warburg in order to secureapayment li- time frame or guarantee inves- PleaseturntopageA12 Trump company...... B1 Aunt Jemima pancakeprod- uctsisrebranding them under the name Pearl Milling Co. B1 Salesforce Homeowners Face End to Aid Virus Cases Drop World-Wide Mortgage forbearance plans, which allowed borrowers to postpone payments on federally backed mortgages during the To Shrink pandemic, are set to expire in the coming months. A3  The Senate voted to 56% Over Month, proceed with the second Shareofmortgages in forbearancebyinvestortype,weekly impeachment trial of Its Office Trump,after an afternoon 12% Stirring Optimism of argumentsonwhether it 10 Portfolio wasconstitutional to trya Footprint and private former president. Six Re- BY JON KAMP Unlikeduring earlier mo- publican senatorsjoined all 8 AND TALAL ANSARI mentsinthe pandemic,case Democratsinasserting the BY KATHERINE BINDLEY countsare heading loweramid Ginnie Mae Senate’sjurisdiction. A1,A4 6 Themost severesurge of amass-inoculation effort. But Themost severe surge of Salesforce.com Inc.plans for theCovid-19 pandemic in the even aftersuch asteep decline, most of itsemployees to work U.S. has weakened significantly, cases and hospitalizations re- the Covid-19 pandemic in the 4 Fannie Mae/ remotely part or full time after Freddie Mac according to key metrics, main higher than during ear- U.S. has weakened signifi- the pandemic and to reduceits though public-health experts lier surges, deaths continue to cantly over the past month, real-estatefootprint as are- 2 andepidemiologistsurgecau- hover near records, and the according to several key met- sult, atop executivesaid, tion, given the spread of highly rise of morecontagious coro- rics,though public-health As of Jan. 31 showing Covid-19’slasting im- 0 contagious newvariants. navirus variantscould quickly expertsand epidemiologists pact on howcompanies man- Newly reported cases have worsen the spread. urge caution, given the April MayJune July Aug. Sept. Oct. Nov. Dec. Jan. agetheir workforces. 2020 2021 dropped 56% over the past “The concern right nowis spread of newvariants. A1 Thebusiness-software pro- Source:Mortgage Bankers Association month, based on a seven-day that while we’re seeing a de-  The virus that causes Covid-19 most likely jumped vider,which has 54,000 global average, marking asignifi- cline in cases from the holiday employees,isamong the larg- cantly steeper fall than the surges, as we identifymore from one species to another est companies to spell out how U.S. saw after the spring and PleaseturntopageA6 before entering the human it plans staff to work afterthe summer surges.Hospitaliza- population and is highly unlikely to have leaked health crisis recedes.Chief Pandemic DelayFuels tions have declined 38% since  Pandemic deepens divide in from a lab, a WHO investi- People Officer Brent Hyder Jan 6. The seven-day average Pennsylvania...... A6 said Salesforce’s changes of Covid-19 testsreturning  States to get an increase in gative-team leader said. A8 would include revamping of- Polio’sResurgence positive fell over the past vaccine allotments...... A7  Schumer said Senate fice layoutstoincrease collab- week to 6.93%, the lowest  Covid-19 likely jumped from Democrats are pushing to oration spaceinstead of hav- since Oct. 31. , WHO says...... A8 include an increase in the ing a“sea of desks.” As federal minimum wage in employees areexpected to do Cases rise after nearing global eradication; their Covid-19 relief pack- much of their independent agedespitereservations work remotely,the mock-ups misinformation, mutation are hurdles from some in the party and of the newoffices feature café- Salesforce. other potential hurdles. A2 style seating,open-air confer- BY SAEED SHAH put ahalt to that progress.  Thehelicopter crash that enceareas and privatenooks, AND BETSY MCKAY In March, house-to-house with an emphasis on clean vaccination teams working killed Kobe Bryant and eight #1 CRM. desks and . PESHAWAR, Pakistan—Af- acrossPakistan were forced to othersoccurred primarily be- cause the pilot became dis- “We’renot going back to the terdecades of work,polio had stop their work because of oriented afterflying into way thingswere,” Mr.Hyder been wiped out almost every- Covid-19.Asaresult, polio re- Ranked #1 for CRM Applications basedon said in an interview. “I don’t whereinthe world. All that surged, including amutated clouds,the NTSB found. A3 IDC 2020H1 Revenue Market ShareWorldwide. believethat we’ll keep every wasleftwerepocketsinAf- form of the virus.Ithas now 19.8%  TheU.S.Chamber of spaceinevery city that we’re ghanistan and Pakistan. Medi- been detected in samples Commerce named Suzanne in, including SanFrancisco.” calexpertshoped 2020 would takenfromsewers in 74%of Clark as itsnew chief,suc- Salesforce expectsmore be the last year the main form Pakistan in late2020,upfrom ceeding retiring CEO Thomas PleaseturntopageA2 of the virus,which canperma- just 13% in early 2018. Donohue,who has led the nently paralyze or cause “Nowthe virus isn’t just in organization since1997. A5  Pandemic disrupts co-working death, posed athreat. select pockets. Therisk is ev- PleaseturntopageA12  Hong Kong’s highest court business models...... B6 Thecoronavirus pandemic denied bail to pro-democ- racy publisher JimmyLai. A11 My Covid Valentine: Couch, Takeout, Movie 5.3% 4.8% CONTENTS Personal Journal A13-14 3.9% Arts in Review... A15 Property Report B6-7 iii 3.8% Business News.. B3,5 Sports...... A16 Crossword...... A16 Technology...... B4 Some dig deep forideas aftermonths at home,othersnot so much Heard on Street.B14 U.S. News...... A2-7 2016 2017 2018 2019 2020H1 Markets...... B13 Weather...... A16 Opinion...... A17-19 World News...... A8-11 Source: IDC, Worldwide Semiannual BY ANNE MARIE CHAKER each of a half-dozen different “just alittle moreelevated. SoftwareTracker,October 2020. restaurantsand enjoyan Maybeelevated is the wrong > Nicole Weissman and her fi- eclectic feast of tacos and ra- word.” She says each food ancé Nick Kruse areplanning a men noodles—on the same item will be symbolic—noo- “takeout scavenger hunt” on couch wherethey normally dles from Daikaya,wherethey Feb. 14.They will drivearound eat. had their firstdate, and curry salesforce.com/number1CRM Washington, D.C.,and itssub- “It will be an on-the-couch, from Ruang Khao in Silver CRM market includesthe followingIDC-defined functional markets:Sales ForceProductivity andManagement, s 2021 Dow Jones & Company, Inc. MarketingCampaign Management, Customer Service, Contact Center,Advertising,and Digital Commerce All Rights Reserved urbs and pick out their single takeout containerskind of Spring,Md., ago-toThai spot. Applications. ©2020salesforce.com, inc. Allrightsreserved.Salesforce.comisaregisteredtrademark of salesforce.com, inc.,asare other namesand marks. favoritetakeout items from night,” says Ms.Weissman, PleaseturntopageA13 P2JW041000-4-A00200-1------XA

A2 | We dnesday, February 10, 2021 **** . U.S. NEWS Schumer WantsWageBoost in Aid Bill JobPosts At Levels B Y KRISTINA PETERSON the NewYork Democrat said. wage workersout of poverty parliamentaryrules would federal minimum wasenacted AND ANDREW DUEHREN Both the House and Senate and deliver payincreases to preventDemocratsfromin- largely because higher prices last week passed abudget out- manyessential employees dur- cluding arise in the minimum for goods and services would SetBefore WASHINGTON—SenateMa- ,opening up aprocess ing the pandemic.Republicans wage in the relief package. contributetoanincrease in jority Leader known as reconciliation that and some businesses and As part of his strategyto federal spending.That impact said SenateDemocratsare would allowthem to pass economists have warned that build public support forhis is small relativetothe last fis- Pandemic pushing to include an increase President Biden’s $1.9 trillion such an increase could cost coronavirus relief proposal, Mr. cal year’s $3.1 trillion deficit. in the federal minimum wage coronavirus relief package jobs as the U.S. recovers from Biden met Tuesdayafternoon SenateBudget Committee BY HANNAH LANG in their Covid-19 relief pack- with asimple majority,rather pandemic layoffs. with leadersfromJPMorgan Chairman (I., age, despitereservations from than the 60 votesrequired for “Totakeabill and put policy Chase&Co., Walmart Inc., Gap Vt.) said the CBO report indi- Thenumber of help-wanted some in the party and other most legislation. positions in it that have abso- Inc.and Lowe’s Cos., as well as catedthat raising the mini- ads returned to pre-pandemic potential hurdles. Democratic leadershave the U.S. Chamber of Commerce. mumwagehad enough of a levels in January, particularly House Democratsthis week said they hope to securesome Businessgroups have been budgetaryimpact to be permit- among industries that have unveiled acoronavirus relief GOP support, but they are Chuck supportiveofaid and higher tedunder the Senate’srules. weathered thepandemic rela- packagethat included aprovi- making plans to passthe legis- Schumer wagesbut some,including the Republicans have criticized tively well, asign that hiring sion to raise the federal mini- lation without it. Still, they favors raising BusinessRoundtable and the Democratsfor quickly prepar- could pick up from itssluggish mumwageovertime to $15 an can’t affordtolose anyDemo- the federal Chamber, have objected to an ing to passlegislation without pace at the start of the year. hour,upfromits current level cratic votesinthe evenly di- minimum wage across-the-board$15 minimum GOP support rather than tak- Available jobs on job-search of $7.25.Inthe Senate, however, vided Senate. over time to wage,saying payshould reflect ingmoretime forbipartisan site Indeed at the end of Janu- procedural rules forpassing Not all bills canbepassed $15 an hour. wherepeople live. negotiations and assessing the arywereup0.7%from legislation without GOP support usingreconciliation. Senate On Monday, the nonparti- impact of the roughly $4 tril- Feb. 1, 2020,according to the raise complications forDemo- rules requirethat measures san Congressional Budget Of- lion Congress already has ap- company’smeasureofjob cratshoping to quickly movea passed under it must have lutely nothing to do with Covid fice said that raising the mini- proved for coronavirus relief. posting trends.The number of minimum-wageincrease,and at budgetaryeffectsthat aren’t relief,infact makeitworse for mum wage to $15 by 2025 Mr.Biden has met with postingstothe sitehas grown least one Democrat, Sen. Joe merely incidental to the policy manyAmericans because they could deliver raises for27mil- SenateRepublicans,but Demo- since hitting a low in May, Manchin of West Virginia, has aims.Itisn’t clear that raising will lose jobs,isreally irre- lion workers and lift 900,000 cratic leadershavesaid they though the paceofnew open- said he opposes the change. the minimum wage will be sponsible,” said Rep.FredKel- Americans above the poverty don’t want bipartisan negotia- ingshas slowedinrecent Mr.Schumer indicated Tues- considered permissible.The ler (R., Pa.), the topRepublican threshold,but it could cost 1.4 tions to bog down the process months,Indeed said. daythat he wasstill hoping to nonpartisan parliamentarian on the House Education and million Americans their jobs of passing additional relief be- Industries that recovered passitinthe Senate. “We’re of the Senatedetermines Workforce Committee’spanel over the next four years. fore unemployment benefits quickly from the initial shock trying to work as well as we which measures areeligible to on workforce protections. Thestudy found the cumu- expire in mid-March. of the pandemic have led canwith the parliamentarian pass under reconciliation. Mr. Biden said last week in lativefederal budget deficit growth in job openings, said to getminimum wage to hap- Democratshavesaid the in- an interviewwith CBS News from 2021 to 2031 would in-  James Mackintosh: Stimulus JedKolko, chief economist at pen, that’sall I’m going to say,” crease is necessarytoliftlow- that he thought the Senate’s crease by $54 billion if a$15 inflation isn’tmarket fear... B12 Indeed. Those industries—such as warehousing,construction and deliveryservices—have U.S. WATCH held steady over the course of the pandemic. Meanwhile higher-wage WASHINGTON postingsintechnologyand fi- nancehaverecently picked up. SECtoLet MoreStaff “I think those aresectorsthat Initiate Investigations hirebased on wherethey see the economygoing longer Wall Street’s main regulator term,” Mr.Kolkosaid. “Restau- will give more power to its en- rants, beauty-and-wellness forcement staff to launch inves- jobs and hair salons will hire tigations, an early sign that it pretty quickly if demand picks plans to become more assertive up but also might layoff peo- under the Biden administration. The move by the Securities and Exchange Commission al- lows more enforcement supervi- sors to authorize investigations, 0.7% permitting about 36 senior offi- cials at the agency to subpoena Rise in available jobs posted companies and individuals for re- on Indeed from a year earlier cords or testimony. S

The agency during the Trump PRES administration withdrew that UMA

authority from supervisors and /Z ple quickly.Higher-wagesec- allowed only two officials to ap- tors hireand fire moreslowly.” TIMES

prove new probes, saying it Y Aseparatereport from the would result in more consistent BA Labor Department on Tuesday decisions about which tips and PA showed job openingsrose AM complaints justified investiga- modestly to 6.6 million in De- tions. cember.The totalnarrowly ex- “Returning this authority to RHINE/T ceeded both the number of

the division’s experienced senior ENCIO available jobs in November

officers, who have a proven AS andfromayear earlier.Job

track record of executing it pru- THA openingsinDecember were

dently, helps to ensure that in- MAR still well belowthe number of vestigative staff can work effec- PERCHED: A couple of fishermen tried their luck Tuesday on a sea wall on the south side of the Gandy Bridge in Tampa, Fla. people who were unemployed tively to protect investors,” SEC and seeking work,10.7million acting Chairwoman Allison Her- after a judge reduced his bond and his right hand not visible. WISCONSIN consumer products. He pleaded that month. ren Lee said Tuesday. from $3 million to $1 million. In addition to one murder guiltytobothcounts in avideo- SteveSweeney,president of —Dave Michaels Former Columbus Police Offi- charge, Mr. Coy, who was a 19- Man Guilty of Trying conferencewith U.S. District NEMR TotalHR, ahuman-re- cer Adam Coy, who is white, year member of the force, also To Spoil Vaccine Vials Judge BrettLudwig in Milwaukee. sourcesadvisory firm in Marl- OHIO was freed in the afternoon from faces charges that include failure The charges carry amaximum ton, N.J.,said he works with a the Franklin County jail, where to use his body camera and fail- A former Wisconsin pharma- combined sentenceof20years in variety of small businesses— Ex-Officer Who Shot he was being held on charges in- ure to tell another officer he be- cist pleaded guilty Tuesday in prison and $500,000 in fines. from lawfirms to pest-control Andre Hill Posts Bail cluding murder in the December lieved Mr. Hill presented a dan- federal court to charges that he According to court filings, Mr. companies—that have boosted shooting death of 47-year-old ger. tried to spoil dozens of vials of Brandenburg believed the Mod- hiring in recent months.Many The fired Ohio police officer Mr. Hill, who was Black. He pleaded not guilty to all Covid-19 vaccine. erna vaccine was laced with mi- have scaled up in anticipation charged with fatally shooting Mr. Hill was shot as he four charges Friday. He was fired Prosecutors charged Steven crochips and would render peo- of astronger recovery once Andre Hill posted bail and was emerged from a garage holding Dec. 28. Brandenburg, 46, with twocounts ple infertile. vaccinations ease the impact released from jail Tuesday, hours a cellphone with his left hand — of attempting to tamper with —Associated Press of thepandemic,hesaid. “There’salot of talent in the labor pool,” said Mr. with similar names in cities in- Sweeney,who said he has Salesforce cludingIndianapolis,New York hired several people at his own and . Thecompanyde- businessduring the pandemic. clined to sayhow much itsreal- The high number of unem- Rethinks estate footprint might shrink as ployed workerspresentsan aresult of itschanges. opportunity forsmaller firms Tech companies were to quickly recruit, he said. Its Offices among the earliest to tell their In the hardest-hit indus- employees to work from home tries,Indeed said job postings when the coronavirus began arelagging behind. Openings ContinuedfromPageOne spreading last year,and some in hospitality and tourism, for than 65% of itsworkforce to have talked about embracing CE example,are down nearly come intothe officeone to flexible work permanently. In OR 37.9%fromFeb.1,2020,ac- LESF

three days aweek in the fu- May, Inc., which has SA cording to Indeed’sdata. In ture, up from 40% beforethe about 56,600 employees, said Arendering of aSalesforceofficeshows café-style seating; the companynow plans moreremote work. arts and entertainment, the pandemic.Anunspecified num- it would be moving to asub- number of postingsonIndeed ber of additional employees stantially more remote work- .comInc., which Thepandemic’spersistence located to lesscostly places at the end of January were would be fully remote. force,and Twittersaid it went on ahiring spree last has continued to push back during the pandemic,but it is 16.8%belowpre-pandemic lev- Thecompanyisthe largest would give all employees the year, expanded officespacein timelines foroffices to reopen. continuing to evaluateits els. privateemployerinSan Fran- option to stay remote. six U.S. cities and said last Some tech workershaveopted compensation strategy. “My The number of available ciscoand occupies the city’s Others have indicated they month that it had leased more to move out of major cities suspicion is the market is go- jobs would have to stay above tallest building,known as remain committedtooffice- spaceinBoston to accommo- such as SanFranciscoand New ing to foreverbechanged in the pre-pandemic level for Salesforce Tower, and others based work. dateagrowing workforce there. York that have long attracted wherepeople arelocated,” Mr. some time to makeupfor job toptalent. Both residential and Hyder said. “A great engineer losses within the past year, officerents in SanFrancisco is still going to cost me agood Mr.Kolkosaid. “Getting back THE WALL STREET JOURNAL CORRECTIONS  have fallen during the pan- amount of money whether to baseline is an essential step. (USPS 664-880) (Eastern Edition ISSN 0099-9660) demic. Afew companies,in- they’relocated in or But it’snot enough,” he said. (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) AMPLIFICATIONS cluding Oracle Corp.and Hewl- San Francisco.” Thelabor market’srecovery Editorial and publication headquarters: ettPackardEnterprise Co., Thecompany notified about stalled at the end of last year. 1211 Avenue of the Americas, New York, N.Y. 10036 have moved their headquarters 1,000 employees in August that Hiring resumed in January, but Published daily except Sundays and general legal holidays. In some editions Tuesday, from California to Texas. it waseliminating their jobs, overall employment remained Periodicals postage paid at New York, N.Y., and other mailing offices. the last name of Carlos Tava- “On the other side of the though some have found new about 10 million jobs below Postmaster: Send address changes to The Wall Street Journal, res, Stellantis NV’schief exec- pandemic Idothink we’rego- ones within the company. The pre-pandemic levels,and lay- 200 Burnett Rd., Chicopee, MA 01020. utive, wasmisspelled as Ta- ing to see more innovation in executives said Salesforce plans offs remained elevated. All Advertising published in The Wall Street Journal is subject to the applicable rate veresinone referenceina morepartsofthe country, and to hiremorethan 12,000 people Some laid-off workersare card, copies of which are available from the Advertising Services Department, Dow Business&Financearticle Ithink that’shealthy,” said this year and that the processis finding that therearen’t many Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal about the automaker’s brands. Bret Taylor,Salesforce’s chief nowlessbound by geography. openingsintheir industry. But reserves the right not to accept an advertiser’s order. Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. operating officer,“but it in no “Not everyone who is atal- ahigh number of postings Letters to the Editor: : 212-416-2891; email: [email protected] Noticetoreaders way diminishes my excitement entedtechnologist canafford doesn’t necessarily mean job Wall Street Journal staff for the Bay Area.” to pack up and movetheir fam- seekerscan find the type of Need assistance with your subscription? By web: customercenter.wsj.com; By email: [email protected] membersare working remotely Mr.Hyder said Salesforce ilies out to the West Coast and work they aresearching for. By phone: 1-800-JOURNAL (1-800-568-7625) during the pandemic.For the cannow do morewith less California,” said Mr.Taylor. Jeff Maddox, of Houston, lost Reprints &licensing: foreseeable future, please send space. He relocated from San While the majority of Sales- his job as adirector at BMO By email: [email protected] reader comments only by FranciscotoSouthern forceemployees would no lon- Capital Markets, an investment By phone: 1-800-843-0008 email or phone,using the con- California last year but said gerbeworking in the office bank,inNovember. WSJback issues and framed pages: wsjshop.com tactsbelow, not via U.S. Mail. therehasn’t been an overall full time,the companycited Mr.Maddoxsaid he is find- Our newspapers are100% sourcedfromsustainably certified mills. surge in employees asking to an internal survey in which ing few open management po- Readers can alert The Wall Street move permanently. 80% of employees said they sitions in his job search. “It Journal to any errors in news articles GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS by emailing [email protected] or Salesforce hasn’t adjusted wanted to maintain a connec- just feels likeyour odds are by calling 888-410-2667. salaries of employees who re- tion to a physical space. pretty terrible,” he said. P2JW041000-5-A00300-1------XA

THE WALL STREET JOURNAL. ***** We dnesday, February 10, 2021 | A3 U.S. NEWS Mortgage-Relief Programs to End Soon

Some homeowners did pre-pandemic. Percentage of forbearance proportionately affected low- won’tbeable to pay More than half of 2.7mil- plans expiring each month* wage workers,including em- lion active forbearance plans 25% ployees of the restaurants, bills when yearlong areset to end forgood in hotels and shopping malls that March, April, MayorJune,ac- have been devastated by the forbearanceplans expire cording to mortgage-datafirm stay-at-home economy. 20 Black Knight Inc. Theforbearanceonthe BY ORLA MCCAFFREY “The biggest concern in my Bononis’ home in northwest eyes is thenumber of folks Washington state is set to ex- When Jenand Brian Bononi whose forbearance programs 15 pireinApril, but they don’t signed up to postpone their are going to end this spring,” expect to be able to restart mortgagepaymentslast April, said Ralph McLaughlin,chief JOURNAL payments then. 10 they thought it would be for economist at Haus,ahome-fi- REET Ms.Bononi, 46 yearsold, six months at most. nancestartup.“Those that ST said shehasn’t been eligible Closetoayear later,little were hit the hardest early on LL forunemployment because she WA haschanged forthe couple. andstill haven’t found ajob 5 lefther job voluntarily be- THE

Ms.Bononi’sautoimmune dis- aregoing to be in direstraits.” R cause of her autoimmune con- order makes finding another Thefederal Cares Act FO dition. She added that she ap- job as a social worker during passed last March allowed YO 0 plied fordisability insurance MA

the Covid-19 pandemic danger- borrowers to postpone pay- TA Jan. ’21 Dec. from the Social Security Ad- ous. And Mr. Bononi’s income mentsonfederally backed ministration in 2019 but has *The month when the plan will reach VELLE

as abehavioral-health coun- mortgages foraslong as 12 JO its 12th and final month. yet to be approved. selor isn’t enough by itself to months.About 75%ofU.S. Jen and Brian Bononi aretrying to keep their Washington statehome. Source:Black Knight If the paymentshaven’t covertheir monthly mortgage mortgages are guaranteed or kicked in by April and the cou- payment of roughly $2,000 on insured by the U.S. govern- paused their paymentswhen the loan is government- icy Advisors. “If you can’t get ple can’t extend forbearance, top of their other expenses. ment, according to Black they were laid off,then started backed. Lendersalso canoffer ajob at the end of that for- Ms.Bononi, who is agraduate Mortgage forbearancehas Knight. Close to one in 10 paying again when they found modifications such as lower bearance, the reality is you’re student, planstotakeout stu- been afinancial lifeline for homeownerssigned up forfor- newjobs.But othersare still interest rates or longer terms not going to have the income dent loans to coverthe fam- manyAmericans navigating bearanceatthe peak of the struggling. Fewerborrowers to lowerthe monthly bill—but to afford even a modification ily’s mortgagepaymentsto thepandemic-ravaged econ- program’s use last June. have exited forbearanceplans borrowers typically need to be because nothing would be af- Umpqua Bank.“It’sour first omy,allowing homeownersto Likeother consumer-relief in recent weeks,and the employedtoqualifyfor aloan fordable to you.” home so the idea of losing it eliminatewhat is oftentheir programs craftedduring the of Americans unemployedfor modification. Manyofthe borrowers who afterwe’veworked so hardto largest bill formonths at a pandemic’searly,frenzied days morethan six months is rising. “The hope is that people arestill postponing payments getitwould be devastating,” time. But the relief programs, mortgageforbearancewas envi- Lendersare supposed to will be back to employment, to have Federal Housing Admin- Ms. Bononi said. largely designed to last amax- sioned as ashort-term fix, a work with borrowers when some form of income aside istration loans.FHA borrowers TheDepartment of Housing imum of 12 months,are set to way to buy time forthe econ- forbearance plans expire, and from unemployment benefits typically have lower incomes and Urban Development,which expireinthe coming months,a omytorecover and consumers thereare rules to constrain or stimulus payments, so they andsmaller down payments setsguidelines forFHA loans, serious challenge for borrow- to getback on their feet. them from making borrowers canqualifyfor modifications,” than Fannie Mae and Freddie planstoannounceadditional erswho arestill out of work Theagreement has worked payback all their missed said Marcel Bryar, founder of Mac borrowers.Job losses relief measures forhome- or are earning less than they formanyhomeowners. Some mortgagepaymentsatonceif consulting firm MortgagePol- during the pandemic have dis- ownersinthe coming weeks Five Shot in MinnesotaClinic Attack

BY ELIZABETH FINDELL AND DEENA WINTER

BUFFALO, Minn.—Five vic- tims were rushed to local New Minis! trauma centersand asus- pected gunman wastaken into custody afterashooting at a Just in time for Minnesotahealth clinic on Tuesday, authorities said. Valentine’s Day... Policeresponded just be- fore 11 a.m. to Allina Health

Clinic’s Crossroads campus in S Buffalo,wherethey found multiple victims and the sus- PRES pected shooter, local resident TED CIA

Gregory Paul Ulrich, 67 years SO

old, policeand sheriff’s repre- AS sentatives said in an afternoon

news conference. TRIBUNE/

They also found potential R TA

explosivedevicesatthe clinic /S and alocal Super 8hotel where Mr.Ulrich wasstaying,said JOLES VID

Wright County Sheriff Sean De- DA ringer. Authorities said a man was in custody following the shooting Tuesday at the clinic in Buffalo, Minn. Choose 4single studs forunder $500 Thehotel and clinic were 14k gold,diamonds&gemstones evacuated whilebomb squads Chief Budkeand Mr.De- demeanor convictions fordriv- them and there’sjust aboom,” evaluated the scene. ringer said Mr.Ulrich is a ing while intoxicated and pos- she said. “It wasn’t huge.” All five victims were taken longtime resident who was session of small amountsof Mr.Budkecouldn’t confirm OrderToday to Level1trauma centers. One well known to local lawen- marijuana. Tuesdayafternoon whether person later died, the Associ- forcement afterunspecified Dozens of lawenforcement therewas an explosion before ated Pressreported, citing a incidentsdating back to 2003. vehicles surrounded the clinic police arrived on the scene. HandcraftedinNew York hospital spokeswoman. They said he wasalso well Tuesdayafternoon, whereon- MinneapolisMayor Jacob Threeother victims were in known to health-careprofes- lookersgathered on thefrigid, Frey wroteonTwitterthat his stable but critical condition sionals and his motives were 5-degree day. city’s firstresponderswereon andanother wasdischarged, most likely personal. Julie Parks was working at the way to help. the AP said. “The historythat we have thefront desk at an Edward “Thereisanunspeakable MISAHARA.COM “This is aday that no com- as a department with this in- Jones office about a half-mile depravity in doing harm to munity would want to go dividual makes it most likely southwest of the clinic when those who work to heal us. (805) 390 6326 through,” said Buffalo Police that this incident wastargeted sheheardanexplosion, she Those who have stepped up [email protected] Chief PatBudke, who had to at that facility or someone in said. and risked their ownhealth pause several times during the that facility,” Mr. Budke said. “Itsounded likewhen your for ours,” Mr. Frey said. pressconferencetocollect Criminal recordsindicate neighbor’s burning leavesand —Jim Oberman himself. that Mr. Ulrich had past mis- they put toomuch gasoline on contributed to this article. Helicopter Pilot Faulted in Bryant Crash

BY ANDY PASZTOR lish, the lead investigator,told the board at the hearing. The fatal helicopter crash He said the helicopter was last year that killed equipped with an advanced

star Kobe Bryant and eight S autopilot designed to keep it others occurred primarily be- on track regardlessofweather, PRES cause the pilot became disori- but investigatorsconcluded

ented after flying into clouds, ZUMA Mr. Zobayan didn’t turn it on contrarytohis company’s and chose instead to manually

rules and appropriatesafety CIONAL/ fly through the cloud bank. precautions,according to fed- Mr.English and his team eral investigators. determined that the flight by INTERNA

TheNational Transporta- A Island ExpressHelicopter Inc. tion Safety Board’sfindings, took off during cloudy but ac-

along with anumber of indus- /PRENS ceptable weather conditions trywide recommendations to on aSundaymorning in Janu- HARRIS

help chopper pilotsprevent T ary 2020.

such accidents, were adopted BUR But as the weather deterio- as part of itsfinal accident re- Kobe Bryant and his daughter Gianna, shown together at a rated along the route and Mr. port during ahearing Tues- Lakers game, were among nine people killed in the crash. Zobayanencountered rising day. The board urged federal terrain, he opted against turn- air-safety regulatorsand char- erupted intoafireball. Mr. according to investigators. ing around and diverting to a terhelicopter operatorstorely Bryant’s13-year-old daughter, The findings largely match nearby airport roughly 12 on ground-based flight simula- Gianna, wasamong the vic- earlier accountsofthe heli- miles away. tors to assist pilots in detect- tims. copter’s final minutes,and in- Mr.Zobayan, the report ing signs of spatial disorienta- Mr.Zobayan, flying under vestigatorsreiterated that said, didn’t faceundue pres- tion and avoiding situations in visual flight rules that re- they didn’t find any evidence surefromhis companyorMr. which such dangerscan arise. quired him to stay out of of mechanical problems. Nei- Bryant to press on to his des- Theboardconcluded that clouds,advisedair-traffic con- ther Mr.Zobayannor the rest tination. AraZobayan, an experienced trollershewas climbing to get of the company’spilotswere By pinpointingaseries of pilot with agood safety record aboveacloud layer. Investiga- authorized to flyinclouds, pilot errorsand misjudgments who had grown friendly with tors told the boardthe pilot even though thehelicopter in such ahigh-profile accident, Unity Mr.Bryant and his family likely suffered spatial disori- had the necessary equipment boardmembersand staffers while transporting them over entation as the helicopter for such operations. highlighted widespread safety several years, failed to follow banked over afog-shrouded When aviatorssuddenly hazards for helicopters flying federal flight rules and vio- hillside and went into a steep can’t see the ground or the under visual rules that sud- lated his owntraining by com- descent. Mr.Zobayan, who had horizon and have to switch to denly encounter poor visibil- PAULMORELLI.COM manding the SikorskyS-76he- barely afew hoursofinstru- scanning cockpit instruments ity. From 2010 and 2019,the licopter to dart through a ment flying documented in his to maintain level flight, they boardhas identified 20 heli- NYC: 895MADISON (72ND&MADISON) thick cloud bank over aLos log book,likely also wasdis- canbecome swiftly disori- copter crashes and an addi- PHL: 1118WALNUTSTREET Angeles suburb.The helicopter tracted by sending aradio ented. In manysuch accidents, tional 184plane accidentsin slammed intohilly terrain transmission to controllersat “the pilot doesn’t really know the U.S. stemming from spatial 212.585.4200 near Calabasas,Calif., and the instant he lost visual cues, which way was up,” Bill Eng- disorientation of pilots. P2JW041000-5-A00400-17FFFF5178F

A4 | We dnesday, February 10, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL. U.S. NEWS TheRepublican SenatorstoWatch GOP Side Displeased While most arelikely that the president wasderelict in his duty to defend the Con- By Trump to vote to acquit the stitution and uphold the rule ex-president, ahandful of law.” Mr.Sasse votedtoup- hold the constitutionality of Lawyers of votescould be in play thetrial. Mr.Sasse has taken flak from Republicans in Ne- BY REBECCA BALLHAUS BY GABRIEL T. RUBIN braska: Thestate party is pre- AND KRISTINA PETERSON paring to censurehim forhis Former President Donald criticism of Mr.Trump,adeci- WASHINGTON—Republican Trump’simpeachment trial on sion that Mr.Sasse complained senatorscriticized former Pres- acharge of inciting the riot at about in a widely circulated ident Donald Trump’s impeach- the Capitol Jan. 6 begins with last week in which he ment lawyers’ presentations as the battle lines clearly drawn. criticized the party forits underwhelming and ineffective, Thepartisan math makes it “weirdworship of one dude.” even as allbut six GOP lawmak- unlikely therewill be the 67 erssided with the defense votes necessary for a convic- PatToomeyofPennsylvania team’sposition that the case tion. But at least a handful of isn’t running forre-election in wasunconstitutional.

Republicansenatorsdoappear S 2022 and was one of the first In asession dedicated to the

to be in play to join what will PRES senatorstocongratulate Joe question of whether the trial

likely be all the Democrats in TED Biden and on wasconstitutional, Trump law-

voting to convict. CIA their election victory, includ- yerBruce L. Castor Jr.had a Forty-four of the Senate’s SO ing in his home state. He went rough start: He introduced him- 50 Republicans votedTuesday AS on TV frequently in the days self as the “lead prosecutor,” that the trial was unconstitu- following the election to make beforeclarifying that he was tional because Mr.Trump has it clear that voterfraud had Mr.Trump’slead counsel and

left office. Most legal experts APPLEWHITE/ not tainted the results of the assuring senators: “I do under- T

disagree with that argument, OT election in Pennsylvania, as al- stand the difference.” SC

butitwas embraced by both J. leged by Mr.Trump.Mr. In about 45 minutes of re- the Trump defense team and Sen. MittRomney, above,was the only Republican to vote to convict former PresidentDonald Trump Toomey has said that Mr. marks,Mr. Castor veered from even senators who believe he in the firstimpeachmenttrial lastyear.Sen. has sharply criticized Mr.Trump’sbehavior. Trump “committedimpeach- the fall of Rome and Greeceto bears some responsibility for able offenses” but Sundaycon- the trade-off between liberty the riot, like Senate Minority quently falls back on arefrain ceded it would be very un- and security,occasionally refer- Leader Mitch McConnell. Here that as a juror she can’t com- likely forhim to be convicted. encing his relationships with arethe most important Re- ment on impeachment pro- some senatorswhile only publican senatorstowatch ceedingsuntil she gets to hear RobPortman of Ohio recently briefly addressing the core during the second Trump im- from the prosecution and the said he would retirerather questions of the case. peachment trial. defense,but she has sharply than runfor re-election in In an unusual concession, he criticized Trump’sconduct. 2022, making him moreofa said Democrats’ leadoff argu- of Utah has po- “Heincited them in the first wild card in the trial. But given mentshad been betterthan ex- sitioned himself as Mr. place” and later failed to quell that he already votedagainst pected. “I’ll be quitefrank with Trump’shighest-profile Re- theviolencebyhis supporters holding the trial because of you: We changed what we were publican opponent in Congress “byrepeating his grievances constitutional concerns,itgoing to do on account that we and was the only Republican and telling the rioters that he seems unlikely he would re- thought the House managers’ to vote to convict him during knewhow they felt,” she versehimself and decide to presentation waswell done,” the firstimpeachment trial wroteinafirst-person ac- vote to convict. He has said Mr.Castor said. last year.Hehas said he be- count of Jan. 6for the Bangor that Mr.Trump “bearssome Republicans offered harsh lieves it is constitutional to try Daily News. responsibility” forthe riot. assessmentsofMr. Trump’s aformer president and has team, while many praised the left little doubt that he plans of Alaska Early on, it appeared that Mr. Democrats’ lead manager,Rep. to vote to convict this time, called out Mr.Trump in the McConnell might vote to con- Jamie Raskin of Maryland, as too. “I believethat what is be- immediateaftermath of the vict: He excoriated Mr.Trump well-prepared and impassioned. ing alleged and what we saw, riot. She drew aclear distinc- forhis conduct, saying the which is incitement to insur- tion between the firstim- mob was“provoked by the rection, is an impeachable of- peachment, which she said was president.” He made the deci- Bruce L. Castor fense.Ifnot, what is?” he said “partisan from the beginning,” sion not to whip up votes Jr. got off to a last month. Mr.Romney’s and the present one,when she /REUTERS against conviction, instead rocky start, at stancewill makehis actions praised the House forproceed- leaving it up to individual sen- one point

worth watching when the ing “swiftly,and Ibelieve, ap- BRENNER ators. His actions in recent praising the M

chamber debates possible mo- propriately,with impeach- TO days have confused some, Democrats’ tions during the trial and ment.” She also votedtoaffirm however. He votedwith the arguments. when senators get the chance the constitutionality of the me,” she told the Anchorage to strongly criticizeMr. majority of his caucus against to ask questions of each side. processand has said she is ea- DailyNewslast month. Trump, though he did so at the trial’sconstitutionality but gerfor the GOP to rid itself of times. Afterthe House im- praised Rep.,the Mr.Trump wasalso un- Susan Collins of Maine has Mr.Trump’sinfluence. “Ifthe of Nebraska was peachment vote he made clear House Republican who re- happy about his team’sperfor- long held Trump at arm’s- Republican Party has become also recently re-elected to a wherehestood on the evi- tained her leadership post af- mance, according to aperson length, especially when run- nothing morethan the party of six-year term, giving him the denceofincitement: “Before terTrump-aligned lawmakers familiar with thematter. ning successfully forafifth Trump,Isincerely question politicalspacehesometimes the Capitol wasevencleared tried to oust her for support- Sen. (R., Texas) term last year.Ms. Collins fre- whetherthis is the party for lacked over the past four years of rioters, it’s been obvious ing impeachment. said Mr.Castor “just rambled on and on and on and didn’t re- ally addressthe constitutional argument.” He said Mr.Castor’s Trial Will partner,David Schoen, made a bettercase: “Finally,the second lawyer gotaround to it.” Proceed “The [Democratic] House managerswerefocused, they were organized,” Sen. Bill With Vote Cassidy (R., La.) told reporters. “President Trump’steam were disorganized. They didevery- ContinuedfromPageOne thing they could but to talk tion to the trial on TV and was about the question at hand.” in frequent contact with his “IfI’m an impartial juror, team, according to aperson fa- and I’m trying to makeadeci- miliar with the matter. sion based upon the factsas Thevotecame afteranafter- presented on this issue,then noon of argumentsinwhich the House managersdid amuch Democratssaid the trial wason betterjob,” Mr.Cassidy said. solid legal footing and that the Thedissatisfaction among Constitution didn’t include a Republicans with the defense “Januaryexception” that would team’sperformanceisunlikely allowpresidentstogounpun- to have asignificant effect on ished forimproper actions in the the outcome of the trial.Alto-

final weeks of their tenure. Mr. S gether,56senators, including Trump’slawyerscountered that six Republicans,supported PRES the Senatecan’t tryMr. Trump, moving forwardwith the trial, aRepublican, because he is now UMA well short of the 67 needed to /Z

aprivatecitizen, and they ar- NP convict the former president. gued that the effort waspoliti- /C Mr.Cassidy had sided with cally motivated. Republicans in atest vote last OLARIS

TheHouse votedtoimpeach /P month over the constitutional- Mr.Trump last month, alleging ity of trying aformer president. MKEY

that on Jan. 6heincited the LA On Tuesday, he sided with D

mob to insurrection as part of a RO Democratsinasserting the Sen- last-gasp effort to overturn Pres- House impeachmentmanagers led by Rep. Jamie Raskin, second from right, walked through the Capitol Rotunda to the Senate Tuesday. atehas jurisdiction to proceed. ident Biden’selection victory. In an interviewfollowing Thearticle of impeachment Almost all 100 senatorssat in fore Mr.Biden took office. ment trial; afteraguilty verdict, and family members’ terror on the conclusion of the trial, Mr. pointstoaspeech Mr.Trump their seatsduring the video,si- Mr.Trump’slawyersalso the Senatecould also vote to Jan. 6, “just hit it out of the Castor defended his perfor- gave at arally preceding the riot lently watching and listening as cast doubt on the Democrats’ disqualifyaperson from hold- park.Itwas eruditeand touching mance.“Youput 100 people in in which he urgedsupportersto riotersonthe screens rammed motives forcalling the trial con- ing futureofficeonasimple at thesame time.” the same room, you’regoing to “fight” and march to the Capitol. doorsand attacked police, the stitutional. majority vote. While Republicans praised the get100 different opinions,” Mr. Mr.Trump’steam has said he same daylawmakersweregath- “Weare really herebecause Last month, five Republicans Democratic impeachment man- Castor said of the senators. Re- wasexercising his free-speech ered in the Capitol to formalize the majority of the House of sidedwith Democratsinatest agers, they said the presentation ferring to Mr.Cassidy’s vote, rightstochallengethe integrity Mr.Biden’sElectoral Collegewin. Representatives doesn’t want to vote over the constitutionality of didn’t changetheir mind on the he added that: “Weonly lost of the election. “This cannot be the futureof faceDonald Trump as apolitical trying aformer president, under- question of whether the trial was one…so Ibelievewehad a Sen. (D.,Vt.), America,” Mr.Raskin said. “We rival in the future,” Mr.Castor scoring the uphill battle facing constitutional. “I thought the at- good day.” acting as presidingofficer,gav- cannot have presidentsdothis said in apresentation that at one Democratsinreaching the two- torneyswereverywell-prepared Mr.Castor said he hadn’t eled the Senateintosession because they refuse to accept the point referenced the downfall of thirds threshold foraconviction. and well-spoken,” said Sen. plannedtospeak on Tuesday, shortly after1p.m., kicking off will of the people.” ancient Greeceand Rome.Mr. On Tuesday, Sen. Bill Cassidy of (R., Miss.)“It did but changed the plan afterthe the second impeachment trial of In their arguments, Trump Castor also defended Mr. Louisiana joined the other five— not changemymind.” House presentation was Mr.Trump in alittle morethan a lawyersBruce L. Castor Jr.and Trump’sremarks on Jan. 6. Susan Collins of Maine,Mitt TheSenatehas tried former broader than anticipated. He year.The Senatethen voted David Schoen acknowledged the In an interview, Mr.Castor RomneyofUtah, Ben Sasseof officials in the past, the most said he hadwrittenanoutline 89-11 on aresolution setting out horror of Jan. 6but said the trial said he hadn’t initiallyplanned Nebraska, Lisa Murkowski of prominent being William forhis opening remarks for trial rules,which gaveeach side wasunconstitutionally targeting to speak on Tuesdaybut Alaska and PatToomey of Penn- Belknap,who resigned as secre- later in the week,and used the two hourstodebateconstitu- Mr.Trump. changed the plan afterthe House sylvania—in saying the trial was tary of warshortly beforethe firsthalf of that outline on tionality. “Presidents areimpeachable, impeachment managersspent within the bounds of the Consti- House impeached him on cor- Tuesday. Some observerssug- “Our case is based on cold, presidentsare removable,” Mr. moretime than he anticipated tution. ruption chargesin1876. gested he appeared to be ad- hardfacts,” said Rep.Jamie Schoen said. “Former presidents laying outtheir broader case, “The Housemanagerswere Starting Wednesday, Mr. libbingduring his remarks. Raskin (D., Md.), the lead im- arenot because they cannot be rather than focus on the ques- focused, they were organized,” Trump’sdefense and the House Some GOP senatorsde- peachment manager,before removed.” tion of constitutionality. Mr.Cassidy said. “President managerswill both getupto16 fended Mr.Trump’slegal team playing a13-minutevideo of Mr. TheHouse impeached Mr. TheConstitution is silent on Trump’steam were disorga- hoursper side forpresentations by noting howlittle time they Trump encouraging supporters Trump on Jan. 13,with aweek whether impeached officials can nized. They dideverything they over several days.Democrats had to . “My under- to march to the Capitol and of leftinhis term. Then-Majority avoid trial by leaving officebe- could but to talk about the ques- last week asked Mr.Trump to standing is they’vebeen on the the subsequent violencethat left Leader Mitch McConnell (R., Ky.) fore Senateproceedingsbegin. tion at hand.” testify, which the former presi- case forfour days,” Sen. Marco five people dead. “That’sahigh declined to convene the Senate Legalexpertshavenoted that SenateMajority Leader Chuck dent’slawyersshot down. Rubio (R., Fla.) said of Mr. crime and misdemeanor.Ifthat’s early foranimpeachment trial, removing apresident from of- Schumer (D., N.Y.)said that Mr. —Jess Bravin Trump’steam. not an impeachable offense,then keepingthe Senateout of ses- fice isn’t the only consequence Raskin, who in his remarks refer- and Rebecca Ballhaus —Lindsay Wise thereisnosuch thing,” he said. sion until it returned aday be- of conviction in an impeach- enced the recent death of his son contributed to this article. contributed to this article. P2JW041000-2-A00500-17FFFF5178F

THE WALL STREET JOURNAL. ** We dnesday, February 10, 2021 | A5 U.S. NEWS OMB Pick Expresses Regret Over Tweets

BY ANDREW RESTUCCIA WhiteHouse asked Ms. her past remarks. Tanden to apologizefor her If confirmed, Ms.Tanden, WASHINGTON—Neera tweets, WhiteHouse press whose parents immigrated to Tanden, President Biden’spick secretary Jen Psaki said, “We the U.S. from India, would be to lead the Office of Manage- certainly did not ask her to the firstwoman of color to ment and Budget, said she re- makeany specific comments oversee OMB,anarm of the grettedcommentsshe made in her testimonytoday.” She WhiteHouse tasked with while running acenter-left said the president is confident crafting the president’sbudget think tank and pledged to be Ms.Tanden will be confirmed. request to Congress and ana-

nonpartisan if confirmed by Ms.Tanden has in recent lyzing proposed regulations. OL

the Senate. yearsused Twittertocriticize To win Senateapproval, PO “I knowtherehavebeen then-President Donald Trump Ms. Tanden’s nomination will S some concerns about some of and Republican lawmakers, need 51 votes. Democratscon-

my past languageonsocial me- while also tussling with the trol 50 seatsinthe chamber GEL/PRES dia, and Iregret that language leftwing of the Democratic and Vice President Kamala VO

and take responsibility forit,” Party. Harris canbreak atie.Sen. LEIGH Ms.Tanden said in opening re- “In your case,I’m con- Bernie Sanders, aVermont in- Neera Tanden, nominated for the Office of Management and Budget, at her confirmation hearing. marks at her confirmation cerned that your personal at- dependent who caucuses with hearing beforethe Senate tacks about specific senators Democrats, is expected to sup- ary choices that reflected our American Progress, Ms. In March, referring to Mr. Homeland Security and Gov- will make it moredifficult for port her nomination, despite nation’svalues—manyofthem Tanden wasthe senior adviser McConnell, she tweeted: “I’m ernmentalAffairsCommittee. you to work with them,” said past disagreementswith Ms. made in the very agency I am forhealth reform at the Health glad McConnell is fiddling, She didn’t specifywhich com- Ohio Sen. , the Tanden, according to aperson nownominated to lead,” Ms. and Human Services Depart- while the markets burn.” mentsshe wasreferring to. topRepublican on the commit- familiar with his thinking. Tanden said. ment under President Barack While much of her criticism She described herself as an tee, noting that she has criti- Ms.Tanden recounted her Dealing with the effects of Obama. has been focused on Republi- “impassioned advocate” in her cized Senate Minority Leader personal history, telling the the pandemic will be apriority In the yearsbefore her cans, Ms. Tanden, a longtime previous role as head of the Mitch McConnell (R., Ky.), story of her mother traveling if confirmed, Ms.Tanden said. nomination,Ms. Tanden wasa adviser to HillaryClinton,has Center forAmerican Progress. along with Republican Sens. to the U.S. and relying in part She said she would also prolific user of , where at timestangled with progres- But she added, “I understand TedCruzofTexas, on social programs likefood work to make sure communi- she often made pointed criti- sives. Ms. Tanden has argued that the role of OMB director of Arkansas and Susan Collins stamps to help raise her chil- ties of color and low-income cisms of Republicans, includ- with some of Mr.Sanders’s calls for bipartisan action, as of Maine. dren. “AsIsit beforethis com- communities have betterac- ing senators who will vote on supportersonTwitterand has well as anonpartisan adher- “I’m sorry, and I’m sorry mittee, I’m mindful that my cess to coronavirus resources. her nomination. at time criticized Mr.Sanders. ence to facts and evidence.” forany hurt that they’ve path in life would never have Beforeshe became the She has called GOP lawmak- —Eliza Collins Asked Tuesdaywhether the caused,” Ms.Tanden said of been possible without budget- president of the Center for ers“enablers” of Mr.Trump. contributed to this article. Key Business Group Names Woman CEO For the First Time

BY BRODY MULLINS calling foranincrease in cor- poratetaxes,legislation to WASHINGTON—TheU.S. combat climatechangeand an ChamberofCommerce on increase in the minimum wage. Tuesdaynamed Suzanne Clark James Thurber,the founder as itsnew chief executive, suc- of the Center for Congressio- ceeding retiring CEO Thomas nal and Presidential Studies at Donohue, who has led the or- American University,said ganization since 1997. thereare some common ar- Ms.Clark,53yearsold, a eas” forthe Chamber to work longtime ally of Mr. Donohue, with the Biden administration 82, had served as president and DemocratsinCongress, since2019 and will retain that including a Covid-19 plan and title along with that of CEO. immigration reform. Theappointment, which takes TheChamber “isthe most effect March 11, had been ex- important businessassociation pected. in AmericasoBiden cannot “Suzanne Clark’s extensive completely ignore them,” Mr. experiencethrough ever in- Thurber said. creasing responsibilities dur- Under Mr.Donohue,the ing her more than 16 years at Chamber built alarge political theChamber,combined with campaign arm that at its her ambitious vision and on- height spent about $35 million going work to strengthen the dollarseach election to sup- U.S. Chamber of Commerce, port mostly Republicans run- makeher the resounding ning forCongress. Mr. choicetolead the organization Donohue waspaid $6.6 million intothe future,” Chamber in 2019,the most recent figure BoardChairman Christopher available,and wasprovided corporatejet servicefor his business and personal travel. Ms.Clarkhas tried On Tuesday, Mr.Donohue met with Mr.Biden at the to build bridges to WhiteHouse as part of the ad- centrist, pro­ ministration’seffort to rally support forits $1.9trillion businessDemocrats. stimulus plan. Ms.Clark has along history working forMr. Donohue in Washington. She served as his Lofgrensaid. chief of staff when he ran the Ms.Clark will be the first American Trucking Associa- woman to lead the 100-year- tions.When Mr.Donohue took oldorganization, which has over the Chamber in 1997,Ms. long been regarded as corpo- Clark joined him at the Cham- rate America’sprincipal voice ber foradecade beforeleav- in Washington. But she takes ing to pursue other opportuni- Science over at a challenging time. ties. In the past decade,the In 2014, when Mr. Chamber and other business Donohue’swifewas dying of interests have lost influencein cancer, he asked Ms. Clark to Washington as more extreme rejoin the Chamber in order to ideologies have gained ground help him runthe organization. At BATweare proudofour work in scienceand in both the Republican and With Mr.Donohue’sbless- Democraticparties,leaving ing,Ms. Clark sought to innovation whichisfundamental to ourbusiness. fewerlawmakerstopromote changethe Chamber’s political Butdon’t take ourwordfor it. business-friendly policies. strategytoadapt to the cur- Agrowing number of popu- rent political environment in Ouruniqueplant-based technologyhas been used listsinthe Republican Party, Washington. including former President Ms.Clark has overseen a to develop aCOVID-19and seasonal flu candidate Donald Trump, have moved shift in that strategy, seeking vaccine. Both have progressed into Phase1first-time the party away from some of to build bridges to centrist, in humantrials,following approval by theFDA of the itscoreeconomic beliefs,such pro-business Democratswho as promoting free trade. she sees as critical to advanc- InvestigationalNew Drug application. Meantime,anexpanding set ing abusinessagenda in a of progressiveDemocratshave Congressthat is nownarrowly We have more than 1,500R&D specialists,including shiftedthe party to the left, controlled by Democrats. global leaders in thefield of plantgenomics and bioinformatics,acrossour research facilitiesinthe UK and USA. This scientific progress inspires us to keep

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AN biology,toxicology and chemistry. LW SA Suzanne Clark, president of the U.S. Chamber of Commerce, will succeed Thomas Donohue, right, as chief executive. P2JW041000-2-A00600-1------XA

A6 | We dnesday, February 10, 2021 ** THE WALL STREET JOURNAL. U.S. NEWS Virus Deepens a Divide in Pennsylvania

State lawmakers split mask,which he calls a“facedi- aper.” Thegraphic battle scene along party lines in he displayedonlegislative battle over steps to meetingswas among the reasons the Senatehas re- curb the pandemic stricted backdrops,several law-

S makerssaid. BY JULIE BYKOWICZ Mr.Mastriano began push- PRES ing back on pandemic rules HARRISBURG, Pa.—Republi- TED soon afterthey were imposed. CIA

canDoug Mastriano wasalittle SO Morerecently,hewrote leg-

over ayear intohis firstterm AS islation forbidding mandatory as astate senator when the vaccinations. coronavirus pandemic struck. “The radical stuff with him -GAZETTE/

He assailed the Democratic ST really started with Covid,” said governor’s businessclosures PO stateSen. ,aDem- and mask mandates,raising his GH ocrat who regarded his col-

profile in the process. He is SBUR league as friendly while “a po- nowconsidering arun forgov- lar oppositeinterms of things /PITT ernor next year. we think areimportant.”

State Sen. ,a NCHAK Mr.Mastriano wasamong

Democrat, urgedpeople to fol- PA the statelawmakerswho trav- M

lowhealth guidelines and gov- PA eled to WashingtononJan. 6to ernment rules,astancehesaid protest the presidential elec- nearly cost him his seat last tion results, though Mr.Mastri- November.Afrequent party- ano said he leftbeforeprotest-

crosser during his 10 yearsin SKI/REUTERS; ers stormed the U.S. Capitol. office, he said the pandemic Mr.Mastriano wasdiag-

has changed howheviews his WISNIEW nosed with Covid-19 in lateNo- fellowlawmakers. “I’m done vember.After being informed working with people who have CHEL he had tested positive, he RA

an agenda,” he said. P: abruptly leftaWhiteHouse Thepublic-health crisis ap- TO meeting with Mr.Trump. OM

proachingthe one-year mark FR Mr.Brewster,72, has repre- upended howAmericans live. It GOP State Sen. Doug Mastriano, above, criticized health measures. Democratic State Sen. Jim Brewster, below, has urged compliance. sented aformer steel manufac- has also deepened the divide turing area just outside of between Republicans and Dem- Fetterman, aDemocrat who has Republican-led Pennsylvania Pittsburgh forabout adecade ocratsatthe national level, announced he is running fora legislaturerecently approved a andsaid his long record as a polls have shown, and in Penn- U.S. Senateseat next year,said plan to ask voters to roll back conservative, pro-Second sylvania, wherecontrol of state the pandemic “morphed intoa Mr.Wolf'’s emergencypowers. Amendment Democrat and re- government is split between political opportunity,whereRe- In May, Pennsylvania voters lationships in 38 communities the parties.That partisanship publicans sawthe governor as will decide whether to reduce he representsmeant nothing at worsened aftermanylocally the enemy, not the virus.” the number of days the gover- the ballot boxlast year. elected Republicans supported On the other side,Mr. Mas- nor’semergencydeclarations “I had Democrats—friends— former President Donald triano has repeatedly referred last. State lawrequires the leg- come up to me and say, ‘Jimmy, Trump’sunfounded assertions to his state’scoronavirus-con- islaturetopassthose constitu- you’reanoutstanding senator, that the election wasstolen trol plan as government coer- tional requeststwo sessions in but I’m never voting foraDem- from him. cion. “Wehavethe fearmonger- arow.Last year,four Demo- ocrat again,’” he said. “The an- “It wasthe perfect storm— ing here,” he said at an October crats, including Mr.Brewster, geroverthis.There’snothing I an election year,people’slives pressconference. “Leave it up joined Republicans to approve could saythat could change turned upside down from the to the governor and his leftist the legislation. This time,just their minds.” long pandemic of things,” said policies to politicizeevery- one Democrat crossed over. Mr.Brewster held on to his stateRep.Torren Ecker,aRe- thing.” That mightbeapreviewof seat, ultimately winningbya publican whorepresentspart Democratic Gov.’s the lasting effectsthe pan- scant 69 votes. On swearing-in of south-central Pennsylvania. officeagrees that the pandemic demic bickering will have on dayJan. 5, his Republican op- “It’sall led to some tension, to has become overly political but legislating. ponent wasstill pursuing long saythe least.” blames Republicans formaking At the center of the Pennsyl- shot legalaction, though the Republicans sayDemocrats it so. cused on everything but help- fightsare playing out across vania pushback on the gover- secretaryofstate had certified went toofar in placing restric- “Sincethe pandemic began, ing Pennsylvanians.The admin- the country. nor’s coronavirus response is Mr.Brewster as the winner. tions on businesses.Democrats thegovernor has done every- istration remains hopeful for In California, Democratic Mr.Mastriano,amilitaryvet- TheRepublican Senatepresi- sayRepublicans followedMr. thing in his powertohelp the increased collaboration, rather Gov.Gavin Newsom faces are- eran andinstructor,aswell as dent refused to seat him, Trump’slead and didn’t take people of the commonwealth,” than continued opposition, call effort.Republican gover- alocal conservativeradio per- promptingascene during the virus seriously enough and said LyndsayKensinger,a from membersofthe General norsinTexas,Arizona and sonality,who wonaspecial whichMr. Fetterman was pushed to prematurely reopen spokeswoman forMr. Wolf. Assembly.” Ohio have drawnscorn from election in 2019. ejected from the Senatecham- the economy. “Meanwhile,the Republicans in Such Covid-19-fueled parti- theirown voters during their Mr.Mastriano,57, wears ber.Mr. Brewster wassworn in Pennsylvania Lt.Gov.John the legislaturespent 2020 fo- san—and at times,intraparty— pandemic crackdowns.And the spursonhis shoes and rarely a aweek later.

“I do thinkthat we should from three to four weeks ear- Drop in be easing back on some re- lier, according to Trevor Bed- strictions because thereare ford,anassociateprofessor in serious social consequences the vaccine and infectious-dis- Cases Stirs and health consequences of re- ease division of Fred Hutchin- strictions themselves,” said son Cancer Research Center. Thomas Farley,Philadelphia’s By the second week in Jan- Optimism health commissioner.“How- uary, the seven-dayaverage ever,Idoworrythat toomany fornew cases peaked at nearly changes happening tooquickly 250,000 a day, according to a ContinuedfromPageOne mayencouragepeople to let Wall Street Journal analysis of transmission of thevariants down their guard, and that Johns Hopkins University within the U.S.,this could lead maymakethe virus surge data, apandemic high that fol- to another surge,” said Saskia again.” lowed the holidays. Popescu, an assistant profes- Covid-19 deaths remain Sincethen, case counts S

sor at the Schar School of Pol- closetopeak levels,with have plunged, with the seven- NEW icyand Government at George seven-dayaveragesstill hover- day average slipping to about G Mason University. ing above3,100 per day, ac- 111,000new daily cases as of Forpublic officials,manag- cording to Johns Hopkins Monday,according to Johns OOMBER ing the pandemic has long data. Reported deaths tend to Hopkins data. /BL been a balancing act. be linked to reported cases Thedropcoincides with the

choppy but quickening rollout DREHSLER of vaccines that have been shown to be highly effective ARIANA against Covid-19. By Tuesday, U.S. hospitalizations for Covid-19 have declined 38% since Jan 6. A patient in California last week. about 32.9million people in the U.S.,orabout 10% of the Daily confirmedCovid-19 Daily deaths Number of people population, hadreceived at casesinthe U.S. currently hospitalized* least one of two doses needed formaximum protection, ac- 300,000 cases 5,000 deaths 150,000 hospitalizations cording to the Centersfor Dis- ease Control and Prevention. Epidemiologistssaid it 240,000 4,000 120,000 might be toosoon forvaccina- tions to be playing a measur- Seven-day Seven-day able role in the decline beyond average average 180,000 3,000 90,000 nursing homes,wherethe shotswereconcentrated early on. But thereisgrowing hope nonethelessthat the popula- 120,000 2,000 60,000 tion is betterprotected than it was months ago. “Though it is difficult to 60,000 1,000 30,000 know for sure, there are indi- cations that through acombi- nation of cumulativecases and 0 00 vaccinations,wemay be ap- proachingherdprotection,” Feb. 2020 '21 Feb. 2020 '21 March 2020 ’21 said Dr.Andrew Brouwer,an Source:Johns Hopkins University(cases and deaths); The COVID Tracking Project (hospitalizations) *Florida began reporting on July 10,2020. assistant research scientist in epidemiologyatthe University Tuesdaythe state’sseven-day levels apotential challenge, and immunotherapies less ef- of . averagepositivity rate,reflect- and the new, morecontagious fective,” said AjaySethi,anas- Hospitalizations have also ing teststhat showpeople variantscould mean agreater sociateprofessor at the Uni- been easing forweeks.Al- have Covid-19,had dropped to number of people would need versity of Wisconsin-Madison. though still higher than at the 4.38%, the lowest level since to be vaccinated to curb the He has urgedagainst rolling height of the summer surge, Dec. 1. spread. back Covid-19 restrictions. hospitalizations have de- In Massachusetts,restau- Another wild card is last The decisions people make creased by 38% sinceJan. 6, rants, gyms and other busi- weekend’sSuper Bowl celebra- nowabout thingslikesocial when arecord132,474people nesses were allowed to bump tions,which ShiraShafir, an interactions and indoor dining were hospitalized, according to up indoor capacity to 40% associateprofessor of epide- could determine whether this the Covid Tracking Project. As starting Monday, up from a miologyatthe University of currentdecline in cases con- of Monday, atotal of 80,055 25%limit set around Christ- California, LosAngeles,said tinues,orwhether the U.S. individuals were hospitalized. mas, as cases were spiking. might have acted as a“nation- risks prolonging the hardships Officials in some states Some infectious-disease wide superspreader event.” people areeager to put behind have responded to case de- specialistssaid thereisrisk in Vaccine makersare racing them, said Samuel Scarpino, clines by relaxing some re- loosening policies that have to createnew shotsthat can who directsNortheastern Uni- strictions. NewYork City plans just helped bring cases lower. betterprotect against new versity’s Emergent Epidemics to begin allowing indoor din- While vaccinations bring hope, strains. Lab. ing with limitedcapacity on the rollout has been sluggish But if the virus continues to “Wehaveachanceright Friday, two days earlier than and marked by logistical chal- spread, morenew variantscan now,” he said. planned. NewYork Gov.An- lenges. Vaccine hesitancy has emerge with the potential to —Melanie Grayce West drew Cuomo,aDemocrat, said made reaching herd-immunity “render our current vaccines contributed to this article. P2JW041000-0-A00700-1------XA

THE WALL STREET JOURNAL. We dnesday, February 10, 2021 | A7 U.S. NEWS StatesWill Va ccinating Teachers Proves Tricky GetBoost BYJENNIFER CALFAS In Weekly Akey to reopening school doorsisgetting teachersvacci- nated against the coronavirus. Doses That isn’tasstraightforwardas moving them to the front of the BY STEPHANIE ARMOUR line forshots. AND SABRINA SIDDIQUI Among the hurdles school districtsface: Some states TheBiden administration aren’t giving teacherspriority said it is increasing weekly while other states have vaccine Covid-19 vaccine doses to distribution delays that are af- states,territories and tribes to fecting school reopenings. 11 million, up from 8.6million Some parentswant to makein- weekly doses three weeks ago, oculation arequirement for for a total increase of 28%. teachers. And meanwhile,a Theadministration’sCovid-19 number of teachersare hesitant response has been hampered in to getthe vaccine. part by limited vaccine supply “They allwant to return to and, in manystates, overwhelm- their jobs.They all want their ing demand. Getting morevac- kids to return to school,” said cines out is especially urgent be- Daniel Domenech,executivedi- cause amorevirulent variant is rector of the Schools Superin- spreading rapidly in the U.S. and tendentsAssociation. “The is expected to become dominant number of people who refuse to S by the end of March. [get vaccinated] is aminority, PRES

Theincrease announced not amajority.Itmay slowthe UMA Tuesdaywill be continued forat processdown. But it’snot go- /Z NG

least three weeks,officials said. ing to stop it.” SC

As it ramps up supply,the Anew survey from the Na- ON/ administration said it plans to tional Education Association, PIERS

send one million doses to 250 thenation’s largest teachers Y

federally qualified health cen- union, found 84% of members TERR ters as part of abroader plan to have either already received A vaccine station at a school in Jurupa Valley, Calif., on Friday. Vaccinating teachers, seen as key to reopening schools, faces hurdles. getvaccines to community the vaccine,scheduled their ap- health centersand addressra- pointmentsorplanned to do so least 24 states and Washington, back returns to in-person in- host of mitigation measures they canget inoculated soon cial inequities. when it became available. D.C. “It’sagame changer,” said struction. In Chicago, city and such as mask wearing and so- not only fortheir safety but to Theadministration on Jan. Sixty-three percent of respon- David James,superintendent of district leaderssaid they cial distancing were in place. lowerthe impact of staffing 26 said it would boost the dentssaid they would feel more Akron Public Schools in Ohio, reached atentativeagreement TheCDC is expected to release shortages.Oncevaccinated, she supply of coronavirus vaccines willing to teach in person with wherehundreds of school em- with the teachersunion. Plans newrecommendations on said, educatorswouldn’t have sent to states by about 16% thevaccine. ployees received their first to getteachersaccesstothe school reopening this week. to quarantine if they came into and would purchase enough At the same time,11% of doses over the weekend. vaccine were among several President Biden has pro- contact with an infected per- additional doses to vaccinate teacherssaid they didn’t want Manyvieweducatorsas key safety factorsinthe posed$130 billion to bolster son. most of the U.S. population to getvaccinated, and 5% were ideal messengersfor vaccine ef- monthslong reopening negotia- safety measures to reopen All studentsinTulsa are with atwo-dose regimen by unsure. Among their reasons: ficacy in the broader commu- tions.InSan Francisco, unions schools. learning remotely now, and the the end of the summer. thevaccine wastoo new, they nity,particularly in Black,La- and school district leadersalso Manyeducatorshope for district has been the target of Senior administration offi- were worried about the side ef- tino and indigenous came to an agreement on re- added Covid-19 testing at Gov.KevinStitt, who wants cials said at the time that the fectsand they mistrusted the communities with histories of opening parameters, including schools,but arecent report schoolsreopened. While re- federal government is working government. mistrust and abuse at the the requirement of vaccine ac- shows that school-based test- opening isn’t contingent on to purchase an additional 100 Teachersunions,education hands of medical groups and cess when thereissubstantial ing canbedifficult to imple- vaccination, Dr.Gist said, giv- million doses each of the Pfizer leadersand school districts the federal government. The coronavirus spread in the area. ment without extraresources. ing priority to educatorswould Inc.and Moderna Inc.vaccines, have sought to quell vaccine NEA’s survey found white Complicating the reopening “Ifyou don’t have all the help doorsopen. increasing the totalU.S.vaccine concerns.District leadersin teachershavebeen twiceas decision-making processes,Ro- mitigation, and youdon’t have Arecent survey of 1,001 par- order by 50% to 600 million this states such as Ohio,Oklahoma likely as Black teacherstoget chelle Walensky, director of the all the testing,vaccines become entsbythe National Parents summer from 400 million. andVirginia have handed out thevaccine so far.BeckyPrin- Centersfor Disease Control and increasingly essential,” said Union, an advocacygroup, On Feb. 2, the administra- information on efficacyfrom gle,president of the NEA,said Prevention,recently said the Randi Weingarten,president of found 44% believed teachers tion said it would boost manufacturersand public- this is likely due to factorsin- vaccination of teachers wasn’t the American Federation of andschool staff should be re- weekly vaccine supply to health departments. In letters cludingaccessibility and con- aprerequisitefor reopening, Teachers. quired to getvaccinated. At states by afurther 5% for to staff,superintendentshave cerns rooted in history. later amending her comments Formanydistricts, the prob- some school districts, parents three weeks,inaddition to the encouraged educatorstoget “Those arereal fears, so we to emphasizethe need foraddi- lem is vaccine access.The shots areasking leaderstoidentify 16% increase.That totalin- vaccinated. have to start with that and ac- tional mitigation efforts. Are- aren’t widely available for whichteachershavebeen vac- crease broughtthe weekly Educatorshavepushed for knowledgethat,” she said. cent CDC report studying rural teachersinOklahoma. But cinated—a request superinten- vaccine supply forstatesto priority in the vaccination line, Teachers’ safety concerns Wisconsin schools found trans- Tulsa Public Schools Superin- dentshavedeclined due to pri- 10.5 million doses. gaining access in partsofat about the virus have pushed mission waslimited when a tendent Deborah Gist hopes vacy issues. U.S. Campaign Will Press For Distancing and Masks

BY STEPHANIE ARMOUR

TheBiden administration plans to ramp up apublic safety campaign focused on social distancing andmask wearing to curb the spread of Covid-19 in the coming weeks as states beginrelaxing pub- lic-health measures,according to aperson familiar with the matter. Butthe administration will ON/REUTERS delayabroad national cam-

paignithad been planning APLET that would promotevaccine ST awarenessuntil moredoses

areavailable,the person said, SHANNON and will instead launch a lim- A sign called on people to wear face masks in Tampa last week. ited version targeting smaller groups whereskepticism is said the government shouldn’t Slavitt, WhiteHouse senior pervasive. delayany messagedesigned to adviser forthe Covid Re- Thedecision to focus on combat vaccine skepticism. sponse Team, said Monday. masks and distancing and to “It takestime to build The variant first identified temporarily narrow itsvaccine trust,” said LeanaWen, a in the U.K.,known as B.1.1.7, is campaign announced Jan. 21 health policy professor at spreading rapidly in the U.S. reflectswhat health authori- George WashingtonUniversity. and is expected to become ties have been saying for “This is not something that dominant in March. It is about weeks: Mask wearing,social should wait.” 40% to 70% more transmissi- RACE TO THEFINISH distancing,and testing are Thecampaign focused on ble. critical as newvariants masks and distancing will A number of states, locali- JOHN STEVEN DEWS spread, because theremight build on initiatives already un- ties,businesses and nonprofits not be enough vaccines to in- der way,including spotsfea- areramping up their own oculatemost people in the U.S. turing President Biden and messaging campaigns to en- Maritime . Breathtaking seascape. until latesummer.Meanwhile, firstlady Jill Biden urging so- couragepeople to getvacci- Celebrated vessel. John StevenDews states including NewYork, cial distancing and testing in a nated. captures theexcitementofsailboat Massachusetts,Iowa,North prerecorded ap- Wyoming has launched ads racing in this original oiloncanvas. Dakota,Minnesota, NewJer- pearanceand Dr.Anthony to counter vaccine skepticism, sey and Washingtonhavere- Fauci, chief medical officer for and Massachusetts Gov.Charlie Here,the artist expertly renders laxedmask mandates or in- the administration, on mask Baker,aRepublican, on Feb. 5 theworld-famous Velsheda vyingfor door-dining restrictions. wearing,according to aperson announced a$2.5million cam- position with the YannekeToo during Scarcity of vaccine doses familiar with the plans. paignurging residentstoget Auckland’s Millennium Cup. Widely and complications in the roll- TheBiden campaign has vaccinated, with ads in English regarded as thegreatestliving out have led to long waits for been stressing public-health andSpanish. maritime painter, Dews depicts shipsatsea with dynamicmovementand shots in many states. practices as a way to counter TheAdCouncil, anonprofit Vaccine skepticism remains governorsand local leaders that helps makepublic-service an unmatched photorealism,drawing theviewerintothe heart-racing 3 5 1 1 abarrier to getting shotsto whoare relaxing measures campaigns,will be rolling out competition. Canvas:23/4”h x35/8”w;Frame:29/4”h x41/4”w. #31-2679 populations most at risk. such as mask wearing and in- spotsabout the vaccine and Aboutone-thirdofBlack door restrictions.Membersof public-health measures with the adultssay they plan to avoid Mr.Biden’sCovid-19 team this Covid Collaborative, acoalition thevaccine,compared with week said in abriefing they of expertsonhealth, the econ- about one-fifth of Hispanic are encouraging governors to omyand education. They have and whiteadultswho don’t uphold public-health measures raised $37 million fortheir vac- plan to getvaccinated, accord- aimed at curtailing spread of cine education initiativefrom ing to recent survey datafrom the virus. companies such as General Mo- the U.S. Census Bureau. “We’reinsuch acritical pe- tors Co.and Walmart Inc. Thevirus has killed Black, riod to combating the virus, CareFirst BlueCross Latino, Native Americans and and hope to continue to work BlueShield, anonprofit and 622 RoyalStreet,New Orleans,LA•877-677-2801 •[email protected] •msrau.com Pacific Islandersatdouble the to persuade and partner with thelargest health-carecom- rate of Asian-Americans and states and localities to con- panyinthe mid-Atlantic re- Since1912, M.S. Rauhas specialized in the world’s finest art, antiques and jewelry. whites, according to adjusted tinue to followsensible public- gion, on Feb. 5launched a Backed by our unprecedented125% Guarantee, we stand behind each and everypiece. mortalityrates from APMRe- health measures until such campaign in Washington, search Lab, which analyzesna- time as we’reinasituation Maryland, and northern Vir- tional data. wherethe case ratesare ginia about the importanceof Some public-health experts down—aredownlower,” Andy the vaccine. P2JW041000-0-A00800-1------XA

A8 | We dnesday, February 10, 2021 THE WALL STREET JOURNAL. WORLD NEWS Virus Passed From Animals, WHO Says

Researchers in Wuhan it wasimpossible to sayhow is the virus infectspeople so the virus arrived there. well it had to somehowevolve saybats, other species Several smaller outbreaks beforeitevenreached the Wu- were likeliest culprits followedbyearly clustersin han seafood market,” he said. the market would have ad- Dr.Perlman—who is also a in the initial outbreak hered to a“classical pictureof member of TheLancet Covid-19 an emerging outbreak,” Dr. Commission, an international WUHAN, China—The virus Ben Embarek said. However, he groupset up in July 2020 to that causes Covid-19 most didn’t rule out the possibility addressthe pandemic—said likely jumped from one species that thefirst outbreak could scientistswerelooking at mul- to another beforeentering the have occurred outside Wuhan, tiple lines of inquirytodeter- human population and is including in another Chinese mine howthe virus gotintothe provinceorinanother country. wider population. They aretry- By Jeremy Page, “The market probably wasa ing to identifybat viruses that Chao Deng setting wherethat kind of could be direct ancestorsofthe and Drew Hinshaw spread could have happened SARS-CoV-2 virus and arein- easily,but that is not the whole terested in testing blood sam- highly unlikely to have leaked story,” Dr.Ben Embarek said. ples forantibodies to SARS- from a laboratory, a leader of Anothermember of the CoV-2 in people who livenear aWorld Health Organization WHO team, PeterDaszak, went cavesinSoutheast Asia where investigative team said. further,telling reportersthat batsroost, among other ap- In laying out the possibilities the focus of the investigation proaches. for the origin of the pandemic, wasshifting toward countries— “Ifthey had antibodies to the WHO team on Tuesdaysaid especially in Southeast Asia— SARS-CoV-2 at atime when it wasalso possible that the vi- that could have been the source therewas no Covid-19 in that rusmay have been transmitted of animals or animal products region, that’sastart at figuring

to humans through imported sold in Huanan Market. out howitgot intothe wider GES

frozenfood, atheoryheavily “We’vedone alot of work population,” he said,adding IMA promoted by Beijing.But the in China and if youmap that that the challengemay be that

team said the most likely sce- back,itstartstopoint towards labs maynot retain blood sam- GETTY

nario wasone in which the vi- the border and we knowthere ples going back that far. GES;

russpilled over naturally from is very little surveillanceon Chinese health official Liang IMA an animal intohumans,such as the other side in the whole re- Wannian pushed back on the

from abat to asmall mammal likelihood that Huanan Market GETTY

that then infected aperson. was the firstplacewherethe SE/ “Did we changedramatically Many scenariosare outbreak occurred,saying the the picturewehad beforehand? dateofonset of the earliest con- Idon’t think so,” said PeterBen being probed to find firmed case wasdays earlier ANCE-PRES FR Embarek, aDanish food-safety howthe virus gotinto than that of the earliest con- expert who spokeonbehalf of firmed case in the market. The ENCE theWHO delegation. “Did we thewider population. majority of earlier confirmed AG AL/

improveour understanding? cases didn’t have anyrelation- AM

Did we add details to that pic- ship to the market, he said. RET

ture? Absolutely.” Dr.Liang pointed to unpub- OR Thepreliminaryassessment gion of Southeast Asia,” he lished studies about cases that CT HE

came during apress conference said. “I think our focus needs preceded China’s, saying other P: at theend of afour-week mis- to shifttothose supply chains countries could have missed TO OM

sion,which included two weeks to the market, supply chains early cases. FR of quarantine,toWuhan, the from outside China, even.” Dr.Ben Embarek of the Peter Ben Embarek, top, a Danish food-safety expert who spoke on behalf of the WHO delegation, original center of the pandemic. Stanley Perlman, aprofessor WHO said the virus could have said delegates found Wuhan’s Huanan Market, above, was an early center of the pandemic. It comes morethan ayear after of microbiologyand immunol- takenalong and convoluted the virus began spreading ogyand pediatrics at the Uni- path involving movements around the globe, killing more versity of Iowa,has been study- acrossbordersbeforearriving Politics Play Role throughout much of 2020 forthe Chinese government claims than two million people. ing coronaviruses fordecades. in the Huanan Market. He early spread of the virus, and the that many scientists consider Afterreviewing environ- He said regarding the tracing of called forfurther studies on In Pandemic Probe WHO visit wasarranged only af- far-fetched, said LawrenceGos- mental samples from Wuhan’s SARS-CoV-2 to itsorigins,“It is the source of animal products terlong negotiations with Beijing. tin, aprofessor of global health Huanan Market, as well as hardtoknowhow to getthe in the market as well as re- Many virologists outside lawatGeorgetownUniversity. “I thousands of biological sam- datatosort this out.” search on similar products The World Health Organiza- China believe the first outbreak would notgivecredenceatthis ples and case files from more Based on research on other still being sold elsewhere. tion’spreliminary findings aren’t began within Chinese borders stage to China’sstory line about than 200 local hospitals,17 coronaviruses,Dr. Perlman said Going forward, WHO offi- likely to calm the political contro- and are skeptical of the idea whatitwants to project to the Chinese and 17 WHO experts the likeliest scenario is that cials said they would liketo versyaround the investigation that imported frozen food ig- world. WHO has been on that said the market wasone place SARS-CoV-2 originated as a see if early coronavirus cases into the origins of the pandemic. nited a global pandemic. path beforeand it should not wherethe virus began spread- bat virus that evolved to infect occurred outside China before China and the U.S. traded blame The WHO risks validating get on thatpathagain.” ingrapidly,but cautioned that people.“Theissue in my mind the Wuhan market outbreak.

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THE WALL STREET JOURNAL. NY We dnesday, February 10, 2021 | A9 WORLD NEWS Embattled Earlier CurfewsKey to JapanVirus Fight Starts BY ALASTAIR GALE Va ccine AND MIHO INADA TOKYO—Inthe fight to sup- pressCovid-19,Japan has Campaign found success by stripping down its policy to one simple BY ARESU EQBALI measure: closingrestaurants AND SUNE ENGEL RASMUSSEN and bars at 8 p.m. When the government de- TEHRAN—Iran began its clared astate of emergency in Covid-19 vaccination cam- Tokyoand other urban areas on paign, starting with front-line Jan. 7, it changed little,except medical workersasthe gov- to urge places that servefood ernment attemptstocontain anddrinks to close by 8p.m. the worstoutbreak of the dis- Most complied in exchangefor ease in the Middle East. support that includes payments Thefirst person to receivea of about $600 aday. GES dose of the Sputnik Vvaccine Infections sincethen have IMA on statetelevision on Tuesday fallen by morethan two-thirds GETTY

wasthe son of the health min- nationwide,eventhough other SE/ ister,Saeed Namaki, amovede- daily activities such as shop- signed to counter public skepti- ping and commuting have con-

cism about the Russian vaccine. tinued. Thegovernment hopes ANCE-PRES Ahundred membersofIran’s to lift the state of emergency FR

medical council in aletterlast by March 7. ENCE

week to President Hassan Rou- “In consultation with ex- AG hani questioned the efficacy perts, we carefully crafteda MEHRI/

and safety of the Russian vac- policycentered on reducing Z

cine,while the head of the par- thehoursofrestaurantsand OU liament’shealth committeesaid bars,” Prime Minister Yoshi- BEHR he refused to getthe Russian hide Suga said Feb. 2. “We’re People ate at a Tokyo restaurant on the evening of Jan. 8, a day after the Japanese government declared a state of emergency. jab. TheSputnik Vdoses are clearly beginningtosee that part of abatch of about strategy pay off.” hit with itsworst coronavirus Early to Bed Restaurants and bars are a clusters, and some have broken 500,000 that will arriveinIran Figuring out the right bal- wave yet, leading to thousands particular vulnerability in out at workplaces as well. Newinfections fell afterJapan in February, out of atotal pur- ancebetween restricting pub- of deaths,although the num- Japan because they areamong Global-Dining Inc., which asked restaurants and barsto chase of two million doses. lic activities and keeping busi- bersper capitaremained be- the few public settings where operates dozens of restaurants close at 8p.m. “Given the attacks,we nessgoing has been aglobal lowthe U.S. and Western Eu- people removetheir masks. in Tokyo including large loca- promised to start the vaccina- challengesincethe beginning rope.With his poll numbers Daily newCovid-19 cases, Mask-wearing is almost uni- tions,iskeeping itsoutlets tion with our ownfamilies,” of thepandemic,when it be- plunging,Mr. Suga opted for seven-daymoving average form in other places, such as open past 8p.m., saying the Mr. Namaki said. came clear that totallock- the emergencydeclaration. on trains and in offices. subsidies aretoo lowtojustify Iran expects to vaccinate downs worked to stop Covid-19 While determining cause and 6 thousand Government health officials closing early. 70%ofits population of more but at high economic cost. effect with Covid-19 is always Jan. 7 said evening entertainment lo- On Feb. 3, parliament than 80 million, andaims to Manycountries have been uncertain, Japanese health offi- Restrictions cations were also aconcern be- passed a law setting fines for inoculateabout 1.4million be- trying more targeted restric- cials saythey believethe fall in takeeffect cause they attract younger peo- restaurantsthat don’t follow fore the end of the Iranian tions,with mixed results. infections is connected to their 4 ple,who have become one of government guidelines on op- year on March 20 amid global Franceintroduced an 8p.m. minimalist lockdown. themain driversofthe spread erating hours. Aspokeswoman supply constraints. Vaccina- curfew in mid-December but Data showedthat in the lat- of thevirus,according to the forGlobal-Dining said the tions in Iran arefreeofcharge. had to moveitto6p.m. in est wave of the pandemic,eat- World Health Organization. companyhasn’t decided how 2 Therelatively slowvaccine mid-Januaryafter virus cases ing and drinking establish- In Tokyo, infections among to respond. rollout has exposed the latest continued to climb.Indoor mentsaccounted forthe largest people between 20 and 39 Even beforethe stateof challengefacing Iranian au- dining wasbanned in New number of infection clustersaf- yearsold fell to 35% of overall emergency, revenue for tradi- thorities grappling with an York City in mid-December, fecting five or morepeople, 0 infections in the firstfew days tional izakaya pub-styleres- outbreak that has infected and infections have declined. outside of medical facilities. of Februarycompared with taurantsfell by morethan 60% around 1.5 million people and Thereare plans to dial back When the Tokyometropoli- Nov. 2020 Jan. 2021 46% during December. in December from a year ear- killed nearly 60,000. the ban by permitting restau- tangovernment asked busi- Source:Japan's health ministry Themeasures have faced re- lier,according to the Japan Internal squabbles have hin- rantstooperateat25% capac- nesses in entertainment dis- sistancefromsome restaurants FoodserviceAssociation, a dered Iran from effectively ity indoors starting Friday. trictstoclose by 8p.m. tions fell by lessthan 20%. that saythe uniform $600-a- trade group.Its director, suppressing the virus.Health South Koreadirected dinersto between April and June last “Our experiencefromlast daypayment is unfair and ShigeruIshii, said he didn’t officials have called for leave restaurants by 9 p.m. year,the infection rate fell by year showedthat the 8p.m. their industryisbeing asked to like the way his industrygot stricter lockdowns while some Japan has always avoided morethan 90%, an analysis by cutoff waseffectiveinsup- bear the brunt while others singled out. “Weget labeled as politiciansand clerics have in- hardlockdowns,and until No- the Cabinet Officefound. When pressing the spread of virus,” gettooperatenormally.Gov- the font of all clusters, as if sisted on keeping the country’s vember it wasamong the most Tokyoasked those businesses said MakotoShimoaraiso,adi- ernmentdatashowhomes for restaurantsalone were re- sanctions-strained economy successfuldeveloped nations in to close by 10 p.m. between rector in the Cabinet Office’s the elderly and hospitals are sponsible forthe spread of in- and itshouses of worship open. taming the virus.Then it was August and September,infec- Covid-19 task force. the biggest source of infection fections,” he said.

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A10 | We dnesday, February 10, 2021 THE WALL STREET JOURNAL. WORLD NEWS WORLD WATCH

POLAND again Tuesdayindefianceofrules Biden SeeksCooperation With Mexico Holocaust Scholars making protests illegal. Reports of manyinjured dem- Ordered to Apologize onstrators drew strong concern BY JUAN MONTES from the U.N.’s officeinMyanmar. AND JOSÉ DE CÓRDOBA APolish court ordered two “According to reports from historians to apologizefor identi- Naypyitaw, Mandalay and other MEXICOCITY—Mexican fying atownmayor as acollabo- cities, numerous demonstrators President Andrés Manuel Ló- ratorwho gave up Jews to occu- have been injured, some of them pezObrador became an un- pying Nazi forces during World seriously, by security forces in likely ally of former U.S. Presi- WarII, potentially chilling discus- connection with the current pro- dent Donald Trump’s sion of the role some Poles tests across the country,” the migration policies, deploying playedduring the Holocaust. U.N. said. thousandsofsoldiersacross Close to 3.2 million Polish Jews “The use of disproportionate MexicotostopCentral Ameri- areestimatedtohave died during force against demonstrators is canasylum seekersheading fiveyears of Nazi rule. Decades of unacceptable,” said Ola Almgren, toward the 2,000-mile border. research have found thatwhile the U.N. resident coordinator in Now, President Biden is pre- manyPoles risked their ownlives Myanmar. paring to undo much of Mr. to help Jews,others participated —Associated Press Trump’simmigration legacy, in or assistedthe slaughter. while facing differences with The ruling Lawand Justice INDIA the Mexican populist over other partyhas tried to limit discus- bilateral issues such as security sion of the actions of Polish na- Search Continues for cooperation and climatechange. tionals in the genocide, warning Avalanche Survivors Cooperation with the Mexi- thatitconsiders anyinvestiga- canpresident will be crucial to tion into alleged complicityof As hundreds of rescue work-

managing the immigration is- ALEZ/REUTERS Poles in the Holocaustasdishon- ers scoured muck-filled ravines sue,say political and policy oring Poland. It prefers to portray and valleys on Tuesdaylooking GONZ

analysts. Mr.Biden has IS the country as ablamelessvic- forsurvivors after the sudden

pledged an immigration over- LU tim of larger regional powers. collapse of aHimalayanglacier, SE

haul to provide a path to citi- JO The court found thatanaca- distraughtrelatives gathered at zenship for11million undocu- Asylum seekers approach a U.S. Border Patrol vehicle on Feb. 5 after crossing the Mexican border. demic study,“NightWithout End: the disastersitetosearch for mented migrants, nearly half Fate of Jews in Selected Counties family members, almost re- of them Mexicans. U.S. officials have been telling and other governmentsare lion in the region. of Occupied Poland,” had violated signed to the likelihood they He also wants to end eligi- migrants to stay home. “This much morewilling to recognize Thereare other issues that the libel lawbydocumenting cases were dead. bility restrictions forasylum is not the time to come to the such movementsasaproblem. will complicatethe relationship. of Catholic Poles collaborating with The disasterwas set off when put in placeduring Mr. ,” WhiteHouse “The governmentsinthe One significant area of policy the Nazi regime. It ordered its edi- part of aglacier near Nanda Devi Trump’syearsand terminatea presssecretaryJen Psaki said region understand that it’s in differences is fighting climate tors, BarbaraEngelking and Jan mountain brokeoff Sunday, un- program that required some last week. “We need the time no one’sinterest to allowa change,which Mr.Biden has Grabowski, to makeapublic apol- leashing adevastating flood that 70,000 asylum seekerstowait to put in placeanimmigration surge of people acrossthe put at the centerpieceofhis ad- ogy.Theysaid theywould appeal. left at least32people dead and in Mexicowhile their proceed- processsopeople canbe border,” he said. ministration’sgoals. —Natalia Ojewska 165 missing. ingsare adjudicated in the U.S. treated humanely.” Both Mexicoand Guatemala In contrast, Mr.LópezOb- Scientists areinvestigating Theshiftinpolicy, which Therisks of amigrant surge saythey arewilling to keep up rador is building an $8 billion MYANMAR whatcaused the glacier to break— theadministration says will were on displaydays beforeMr. the tough law-enforcement ap- refinerywhile he funnels more possibly an avalanche or arelease result in amorehumane mi- proach until the Biden adminis- money to inefficient state oil Protesters Again of accumulatedwater.Experts say gration system, has apotential tration implementsits policies. firm Petróleos Mexicanos. He Defy Military Rule climate change maybetoblame downside: If done too hastily, “Mexico’sdeployment of hasimplemented aseries of sincewarming temperatures are it could spark asurge in mi- the National Guardwon’t regulatorychanges that effec- Policefired warning shots and shrinking glaciers and making grants, which could provepo- $4B change in the foreseeable fu- tively block the development used watercannons to disperse them unstable world-wide. litically disastrous for Mr. Bi- ture…all the three countries of renewable energy projects, crowds thattook to the streets —Associated Press den, analysts say. Amount Biden administration agree that we don’t want ami- and is undoing key partsof “They arewalking atight- plans to invest in the region gratorycrisis and that changes the 2013 energy reform that rope on this one,” says An- have to happen in agradual opened the oil and electricity drew Selee of the Migration and orderly manner,” said Ro- industries to privateinvestors, PolicyInstitute, aWashington- berto Velasco, the general di- many of them American. based think tank.“They under- Biden’sinauguration when a rector fornorthern Americaat Expertswarn some of the stand they have to signal they large caravanofsome 9,000 mi- Mexico’s foreign ministry. changes in the energy sector aredoing thingsdifferently, grantswas heading from Hon- The cooperation on migra- could violateMexico’strade

but they need to be cautious duras through Guatemala to the tion is emerging as arare deal with the U.S. and Canada. GES

about what they are doing in U.S. border.Guatemala mobi- point of strength in the rela- “What we aregoing to see is IMA the border so as not to risk lized thousands of soldiersthat tionship between Mexico’sna- an increasing number of con- sparking a huge surge.” turned the caravanback.Mex- tionalist leader and the new flictsinamyriad of issues, GETTY In November and December, icomarshaled troops as backup. U.S. president. Both men agree from energy to climatechange SE/ the flow of migrantsincreased Mr.Selee said the Trump on the need foralong-term and environment,” said Carlos along some partsofthe bor- administration changed the development plan forGuate- Elizondo, apolitical-science ANCE-PRES

der, driven partly by hopes way regional governments, in- mala, Honduras and El Salva- professor at Tecnológicode FR that the new U.S. administra- cluding Mexico, see uncon- dor, wheremost asylum seek- Monterrey university and afor- ENCE

tion would allow them entry, trolled migration movements, erscome from, fleeing poverty mer Mexican envoy to the Or- AG according to analysts. as exemplified by large cara- and violence. Mr.Biden has ganization forEconomic Coop- Police in Myanmar’s capital Naypyitaw fired water cannons Worried about astampede, vans of migrants.Now,Mexico committedtoinvesting $4 bil- eration and Development. Tuesday during protests over the Feb. 1 coup. Congratulations!ADVERTISEMENT To the Best and Brightest Companies To Work For® In The Nation THE TOP101 COMPANIES Logical Innovations, Inc. ABD Engineering &Design, Inc. Blue CrossBlue Shield of Michigan DiscoverHope Behavioral Solutions, Inc. IN THE NATION Marsh &McLennan Agency |Michigan Above and Beyond Family Recovery Center Blueboard Dispatch 2313 Inc. 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THE WALL STREET JOURNAL. We dnesday, February 10, 2021 | A11 WORLD NEWS ImmigrantsShiftToward Center-Right in Germany

Majority of foreign- normalization,” said Viola Neu, Germany, 53% of Turkish-origin the author of the study.Asmi- voters said they would support born residents and grantsbecome economically conservativeparties in 2019,up offspring now support and culturally moreintegrated, sharply from 17%in2015 and getnaturalized and gain the closer to the parties’ popularity conservative parties right to vote,they tend to shift among the broader electorate. support from the center-leftto This has mainly been aboon BY BOJAN PANCEVSKI the center-right, she said. for the CDU, which remains “People with immigrant thecountry’smost popular —Germans with for- backgrounds nowvotelikethe party despiteasteady erosion eign rootsare increasingly majority does—not as agroup in support during the past two S

voting forthe center-right, tied to their origin, but accord- decades. PRES

providing anew pool of voters ing to their values and per- Thestudy also shows rising TED

forthe party of Chancellor An- sonal preferences,” she said. migrant support forthe CIA SO

gela Merkel as the country’s Timur Husein, aMuslim Greens,which has long shed AS social fabric becomes increas- politician who heads Ms. itsradical origins to become A/ ingly diverse and traditional Merkel’s center-right party in the second-largest centrist political allegiances dissolve the traditionally left-wing Ber- party in the country. Both par- with integration. lin district of Kreuzberg, is ties broadly favorthe welfare PEDERSEN/DP

This could have significant one of a number of new faces stateand free markets, but the A

politicalimplications forthe in aparty that still has “Chris- CDU has maintained a more BRITT country, which washome to tian” in itsname but is becom- socially conservativeprofile. Timur Husein is a Muslim politician who heads Angela Merkel’s party in a left-wing Berlin district. the largest group of migrants ing moreopen to non-Chris- Thereisnostatistical data, in the world—13 million—in tian members and activists. however, on the political lean- Ms. Güler said, reject favorite ing down because immigrants fora“cosmopolitan patrio- 2019, just behind the U.S., ac- Mr.Husein recently has bat- ingsofrecent arrivals such as progressiveissues such as arebecoming betterinte- tism” embracing all of Ger- cording to the United Nations. tled an initiativebylocal liber- Syrian refugees,veryfew of drug legalization, criminal-jus- grated, Prof. Uslucan said. many’s ethnic groups. It also shows how decades of als to rename streetsdedicated whom have obtained German ticereform and nontraditional Meanwhile, conservatives “Manyyoung people with a immigration into Europe has to Prussian generals who citizenship and areable to vote. family models. arereaching out to migrant migrant background come to transformedthe continent’s fought against Napoleon as People of foreign back- Yet, the CDUwas until re- communities, which often are me and ask how they can get demographics and is reshaping part of an effort to removeref- ground arenaturalconserva- cently suspicious of migrants, younger than the general pop- engaged politically without politics in unexpected ways. erences to wars and national- tivevoters, said Serap Güler,a she said. ulation and thereforeattrac- going to the left or the green Thefinding,inanew study ism from public spaces.Just a conservativepolitician. Most of Immigrantspreviously have tivetoparties with an aging parties,” said Ms.Tekkal, who by theKonrad Adenauer Foun- few yearsago, the coalition of Germany’simmigrant commu- sided with progressiveparties membership, he said. runs apro-integration group dation, athink tank linked to Greens,Communistsand Social nities hail from Turkey,the Bal- not forideological reasons but In arecent essaytitled called German Dream. “There Ms.Merkel’sChristian Demo- Democratsbacking the cam- kans,the former Soviet Union because they hoped formore “The CDUIsthe People’sParty is aprocess of transformation cratic Union shows amajority of paign could have counted on and North Africa—communities support and protection, said of aDiverse Nation,” Health happening.” people of migrant origin in the thesupport of people likeMr. that arecomparatively conser- Haci-Halil Uslucan, professor of Minister Jens Spahn,apromi- Theconservatives must countryfavor conservative, free- Husein, born to Macedonian- vativeintheir values,often be- modern Turkish studies at the nent CDUleader,and Düzen competewith the Greens for market or even far-right parties. Turkishand Croatian parents. cause they arereligious. University of Duisburg-Essen. Tekkal, an award-winning the futurevotes of newimmi- “Weare seeing aprocess of This is no longer true.In Many of these immigrants, Now, that pattern is break- filmmaker of Yazidi origin,call grants, she adds. Hong Kong Court Denies Bail to Media Mogul

BY JOHN LYONS that courtswill set ahigh U.K.-style legal system since judgehad acted “erroneously” standardfor granting bail to itsreturn to China in 1997. in granting bail and ordered HONG KONG—Hong Kong’s anyone chargedunder the na- China’sstate-backed media Mr. Lai to remain in custody. highest court denied bail to tional security law. reacted with outrageinDe- Mr.Lai wasone of several pro-democracynewspaper Mr.Lai, who is in his early cember afteralower-court Hong Kong activistswho trav- publisher JimmyLai,the most 70s, is among ahandful of de- judgegranted bail to Mr.Lai eled to Washingtonin2019 to prominent figure facing prose- fendantsheading to trial under shortly afterhis arrest. Mr. seek U.S. support for ongoing cution under asweeping na- alaw imposed last year—and Lai, who also faces afraud democracyprotestsinHong S tional security lawimposed by wasthe only one so far that a count, denies the charges. Kong,and met with then-Vice PRES Beijing to silenceopposition judge had released on bail Hong Kong prosecutorsap- President MikePenceand TED after a year of unrest. pending trial. His case is being pealed the bail decision to other officials.The meetings

OCIA Thebusinessman and long- watched closely in mainland Hong Kong’sCourt of Final enraged Beijing.Mr. Laiwas SS

/A time critic of China’sCommu- China and in Hong Kong as a Appeal and Mr.Lai wasre- first arrested on suspicion of nist Party is chargedwith for- test of howthe lawwill be en- turned to jail on NewYear’s foreign collusion in August

CHEUNG eign collusion,which carries a forced in the former British Eveawaiting aruling.On 2020.About 200 policeoffi- maximum sentenceoflifein colony, which has largely gov- Tuesday, apanel of five judges cers also raided the newsroom KIN JimmyLai leaving the Hong Kong’sCourt of Final Appeal on Tuesday. prison. Thedecision signals erned itself and retained its ruled that the lower-court of his paper, Apple Daily.

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A12 | We dnesday, February 10, 2021 THE WALL STREET JOURNAL. FROM PAGE ONE

$300 billion, andthe foreign people said. path to profitability,asAnt has minority shareholder.There’s ment, invested $262million in Bet on investorswould be able to sell However, those terms were come under heavy pressure really nothing they cando.” Ant during the 2018 offshore their shares afterthe company specifically tied to Ant becom- and criticism from Chinese Ant’stransformation intoa fundraising round, according went public. ing apublic company. There regulatorsafter expanding rap- moreheavily regulated com- to the company’slisting pro- Ant Traps Instead, the listingswere wasnodeadline stipulated for idly and allegedly taking ad- panyisalso likely to be acostly spectus.“We arepatientinves- called off in early November, that event, people familiar with vantageofregulatoryloop- one.Iris Tan, asenior equity tors and don’t agitatefor an after Ant’s controlling share- the mattersaid. In contrast, holes to generatelarge profits. analyst at Morningstar, esti- IPOwhen investing in private Investors holder Jack Ma made acon- manyother startups have The Hangzhou-based com- mates Ant might be worth the companies,” aBaillie Gifford troversial speech that rankled granted their investorsso- panyisnow preparing to over- equivalent of $162billion if it spokeswoman said. Chinese regulatorsand top called exit rightsthat promise haul itsbusinesstofall in line convertsintoafinancial hold- To be sure, investors ContinuedfromPageOne government officials. them payoutsifthe companies with Chinese financial regula- ing company. Thecompanyalso wouldn’t have been able to to dictateinvestment terms, Thedeal’scancellation don’t list within acertain time tions,achangethat will likely could need to come up with predict that Ant would be and the regulatory unpredict- closed the avenue forinterna- frame.The agreement also had crimp Ant’sprofitability and 100 billion yuan ($15 billion) in barred from going public by ability that comes with invest- tional investorstoexit. The no anti-dilutionprovisions,the growth prospects. Ant and Mr. funding forits consumer-lend- Chinese regulators. ing in Chinese companies. terms of Ant’s2018 offshore people said,meaning investors Ma arehoping to win back fa- ing businesstocomply with “All the way until [Mr.Ma’s] Last fall, as Ant neared the fundraising had stipulated that could incur losses if the value vor with Chinese authorities, newrules,she said. speech, the strong consensus completion of blockbuster ini- if ashareconversion didn’t of Ant’sbusinessdeclines. who will ultimately decide Ant’srecent debacle could wasthis companyhad astrong tial public offeringsinHong take placeupon Ant’slisting in “The deal wasprobably whether the company can re- makesome international inves- relationship with the govern- Kong and Shanghai that were mainland China or Hong Kong, structured this way because vive its IPO plans. tors think twiceabout buying ment in away that protected on track to raise morethan the companywould redeem Ant wasabsolutely the hottest “Practically it means every stakes in hotChinese startups it from disruptiveregulation,” $34billion, the international the foreign investors’ shares, startup at the time,” said investor has to patientlywait,” in the future, though othersbe- said Martin Chorzempa,are- investors were poised to con- according to people familiar Rocky Lee, who specializes in Mr.Lee said. “They have no lievetherestill is significant search fellowatthe Peterson vert their holdings into Ant’s with the matter. That redemp- China tech deals at lawfirm right to demand an exit, they profit to be made in the sector. Institutefor International Eco- Hong Kong-listed shares at an tion would include a15% com- King & Wood Mallesons. don’t even have boardseatsand Baillie Gifford, aScottish in- nomics. over-80% paper profit.The pounded annual return from Theglobal investorsnow there’snot much influencethey vestment firm with morethan —Ben Dummett IPOs valued Ant at more than their dateofpurchase,the faceadifficult and uncertain canexert on the companyasa $445 billion under manage- contributed to this article. S PRES TED OCIA SS /A AD JJ SA MMAD MUHA forDisease Control and Preven- Pandemic tion.Parentswerefrightened to

let their children playoutside in JOURNAL; the warm summer months when REET

Hurts Polio the virus wasspreading most. ST Infected children were isolated. LL Public-health officials insti- WA

tuted travel restrictions be- THE Battle R

tween affected cities and quar- FO antines in places wherepolio SHIR

ContinuedfromPageOne wasdiagnosed, and they learned BA erywhere” in the country, said that asymptomatic carriers IYNA

Rana Safdar, in could spread the virus.During a SA charge of Pakistan’spolio cam- 1934 epidemic in LosAngeles, : paign. 5% of doctorsand 11% of nurses LEFT Thedecadeslong battle to who treated polio patientscon- OM FR eradicatepolio around the tracted the disease. A child in Peshawar, Pakistan, received a polio vaccine last month. Vaccines were prepared, above left. The country is dealing with a world is one of the most ambi- Officials saythat, as with po- resurgence of the disease, in part because of delays in vaccines caused by the pandemic, after coming close to eliminating it recently. tious and expensivepublic- lio, Covid-19 won’t be tamed un- health campaigns in history. The tilvaccines aredistributed glob- NewStumbling Block children had died in Peshawar spect our faith, whywould they mass-vaccination driveand its ally with near universal that day. Still, some cling to that do this forus?” said LalZada,a progresstoward arresting a coverage,especially with the Aglobal campaign to eradicatepolio wasnearing its goal, but myth. small-time businessman, while malady that has disabled or rise of newviral variantsthat casesresurgedamid resistanceinunvaccinatedareas and the “India eradicated polio when visited by vaccinatorsathis killed millions of people point to arespreading quickly around newstrength of avaccine-derived form. Vaccination delays therewas no WhatsApp,Twit- home on the outskirtsofPesha- the success possible in the ef- the world. during the coronavirus pandemic causedmoreproblems, ter, Facebook,and no Taliban,” war. “Thereare ahundred other fortstoinoculatepeople around TheMarch of Dimes— especially in Pakistan. said Aziz Memon, head of Ro- diseases.What makes us suspi- the world against Covid-19. founded by President Franklin Wild cases, the main form Vaccine-derived cases*, tary in Pakistan, referring to the cious is this focus on just one But even with an established Delano Roosevelt,who himself of the virus amutatedform of the virus added challengepresented by illness.” vaccine, billions of dollarsin- wasdiagnosed with polio— themisinformation. Theneigh- Especially resistant areeth- vested and international sup- funded development of the first Global polio cases boring country, which shares nic Pashtuns on both sides of port, the polio effort has strug- vaccines,which were created in 2,000 similar levels of poverty and has the Pakistan-Afghanistan border, gled. And in acruel twist, the the 1950s.Polio numbersinthe morethan six times the popula- including in Peshawar. The coronavirus pandemic has U.S. fell off dramatically,with tion, eliminated the polio virus largely poor communities have pushed thepolio fight off the last recorded case in 1979, 1,500 in 2011. Last year,the wild virus been caught in America’swar on course. although it remains standardfor wasalso declared eliminated terror,sandwiched between U.S. “The pandemic hasbeen at children to be inoculated. from the continent of Africa. airstrikes from aboveand Tali- least aone-year setback” to the Around the world, infections 1,000 Facebook announced this ban militantsonthe ground. polio eradication goal, said Bill were still widespread. Rotary week that it will nowremove Their situation has bred an- Gates,whose charitable founda- International and the United Na- certain false claims about vac- gerand suspicion at the U.S. 500 tion helps fund the effort. tions established the Global Po- cines,including postssaying and their owngovernment for lio Eradication Initiativein1988. vaccines aren’t effectiveordan- not protecting them from vio- That year,350,000 people 0 gerous.Itwas already deleting lenceorproviding basic public Economic impact across125 countries were para- content that could lead to off- services likesewers. 2000 ’05 ’10 ’15 ’20 Vaccination teams resumed lyzedbythe infection. The line harm,such as poststhat Farsouth of their homeland, polio inoculations in Pakistan in group aimed to makepolio the Polio casesinPakistan called polio vaccinatorsCIA in the multicultural city of Kara- September.They confronted second human disease after agents. chi, it is the migrant Pashtun both areinvigorated polio virus smallpoxtobevanquished. The 400 Pakistan’spolio program has community that most oftenre- and psychological resistanceto alliancewas joined later by ateam countering digital false- fuses the inoculation. vaccinations worsened by griev- morepartnersincluding the Bill hoods in real-time and pushing “One has to really communi- ances over the economic dam- &Melinda Gates Foundation, 300 positivemessages about the cate very carefully,” said Susan ageofCovid-19 lockdowns. and it has poured morethan vaccine on . Goldstein,ahealth-communica- Those problems added to the $17. 3billion intothe cause,in- 200 Suspicions about vaccines in- tion expert at the University of oldhurdles of misinformation cluding $1.2 billion foreffortsin tensified afteritwas revealed a the Witwatersrand in Johannes- and concerns the polio drops vi- Pakistan since2016. Pakistani doctor,under the burg, South Africa, and amem- olateIslamic dietarylaws or By the start of 2020,the vi- 100 guise of ahouse-to-house inocu- ber of the panel of global-health were aconspiracytoharm Mus- rushad been largely eliminated. lation campaign against hepati- expertswho monitor polio erad- lims. Vaccination teams were pushing tis B, helped the CIA track down ication efforts. Sitting on the steps of a through final areas that weren’t 0 Osama bin Laden.U.S.Special “You can’t keep coming 10 kitchenware shop in apolio hot protected, especially because in- 2000 ’05 ’10 ’15 ’20 Forces killed bin Laden in 2011 times to the door and saying spot in the northwest city of Pe- completecoveragecan lead to at thehouse in northern Paki- youhavetohavepolio drops, *resulting in paralysis shawar, WatanDost spoketoa both aresurgenceofthe main Source:World Health Organization stan wherehewas hiding. andthey don’t have soap and vaccination team accompanied and most dangerous form of the Militantsand hard-line Is- water,” she said. “They would by an Islamic cleric foranhour virus,which is called the “wild” foranew oral vaccine that uses women, fanned out acrossthe lamic clerics had said foryears liketohavesome other ser- as they tried to persuade him to virus,and also amutated virus aform of the livevirus less country. They navigatedslums that vaccinatorswerespies.In vices.” allowhis four children to get that canbefostered by the type likely to mutateand become a and trekked through ruralareas, the yearsfollowing,dozens of Some poor communities have the free inoculation. of vaccine used outside the U.S. danger. waded through monsoon flood- membersofpolio vaccination found they have newleverage They failed.“It is fate, God’s and other developed countries. In Pakistan, wild cases waters and climbed to remote teams were killed. ThePakistani when vaccinatorscome calling. will. If my child gets paralyzed, That vaccine uses aweak- surgedin2019 amid misinfor- mountain villages to reach the Taliban banned vaccinations Teams in Pakistan have received so be it,” said Mr.Dost. “Why ened, livevirus,and is given by mationthat stopped inocula- nation’s40million children un- around thenorthwest border, demands forelectricity,roads would Igivemychild medicine drops intothe patient’smouth tions.In2020,after vaccination der 5yearsold. which they controlled at the andschools,aswell as other if he isn’t sick?” and requires multiple doses.(In campaigns were postponed or One of their biggest prob- time. health services,beforeresidents Around him, inner city Pe- the U.S.,the vaccine uses a teams temporarily shiftedtofo- lems wasonline misinformation, Though the danger is re- would agree to vaccinations. shawar’swinding alleysprovide killed virus that is injected, also cus on the Covid-19 pandemic, especially on Facebook and duced nowbecause of Pakistani One common demand: the $70 the conditions in which the vi- with several doses.) Theoral thewild cases spread to new WhatsApp.Pakistani officials counterterrorism operations, lockdown relief Pakistan’sgov- rusthrives: rows of rickety vaccine is easier to administer partsofthe countryand vac- said elements of the misinfor- some 100,000 policeand mili- ernment promised as part of the homes packed with large fami- and doesn’t requireneedles,and cine-derived cases showedan mation appear organized, and tary personnel provide security country’sfight against the coro- lies,and open sewers running provides betterimmunity pro- alarming increase. that it soarswhen scheduled forpolio vaccination campaigns. navirus,which wasdisbursed to alongside footpaths wherechil- tection forthe community in ar- An independent panel of vaccination campaigns areon. Acrossthe border in Afghani- morethan 15 million families. dren, some barefoot, play. eas wherethe virus is widely global-health expertswho moni- Antivaccine material from stan, the virus is lesspervasive Pakistan has morethan 556,000 Thevirus is carried in feces circulating. torpolio eradication effortsis- overseas,including from the because the countryissorural. infections and morethan 12,000 and primarily infectsyoung chil- sued areport in July warning U.S.,subtitled in the local lan- But the Afghan Taliban have deaths from Covid-19. dren afterthey touch contami- the program in Pakistan needed guageofUrdu, is also passed banned house-to-house vaccina- Inside awooden hut on the nated waterordirt and then put Mutatedvirus to broaden itsapproach, such as around. tion campaigns,fearing they edgeofPeshawarwhereheruns their fingersintheir mouths. But the oral vaccine putsthe by offering services in addition originating in Pesha- could be coverfor espionage. atinygrocery store, Babar Na- From there, the virus caninvade weakened livevirus back into to distributing the polio drops. warinApril 2019 showedchil- deem brushed off vaccinators the brain and spinal cord,lead- sewage—emittedbythe inocu- “Ifthose changes do not get dren fainting,vomiting and and alocal cleric who teaches ing to paralysis and, in some lated person—that under rare rolling,the wheels will come off holding their stomachs in pain Religious qualms the Quran to the shopkeeper’s cases,death. Adultsare lessat circumstances canmutateand the Pakistan bus,” the panel afterreceiving polio drops.The Islamic clerics also accom- two children under 5. One of the risk of infection, because of less cause harm to children who wrote. fakevideos boomeranged panythe vaccination teams,be- children, Mr.Nadeem said, re- exposuretothe sewage and a aren’t immunized. Late last year,officials with around the countryonFacebook cause some parentsbelievethe quires treatment foraurinary greaterlikelihood of being vac- While the wild form of the the Global Polio Eradication Ini- and WhatsApp. vaccine contains ingredients problem. cinated. virusremains only in Pakistan tiativewarned that resources Parentsofchildren who had prohibited in Islam, or that the “Moreimportant than polio Historical polio outbreaks and Afghanistan, the vaccine-de- diverted to fight Covid-19 had received the inoculation that vaccine is aWestern ployto is theoperation my kid needs, sharesimilarities with the cur- rived, mutated form has been a leftthe global polio effort’sbud- daypanicked, rushing 45,000 sterilizeMuslims.Distrust of but the hospital won’t do it. rent coronavirus pandemic.In growing danger thereand in getin2020 and 2021 short by children to hospitals in Pesha- theU.S.and of Mr.Gates’s in- Moreimportant areclothes for the late1940s,polio wavesin othercountries,mostly in Af- up to $400 million. war, overwhelming the facilities. volvementisrampant. my children,” said Mr.Nadeem. the U.S. disabled an averageof rica. In November,the World When effortsrestarted in Pakistan had to suspend its “The Quran is burned in the “Even if they kill my children in morethan 35,000 people each Health Organization issued an Pakistan, morethan aquarter of campaign foreight months West, but yetthey’regiving us front of me,Iwon’t let them year,according to the Centers emergencyuse recommendation amillion vaccinators, mostly while it assured parentsthat no polio drops? If they don’t re- have the vaccine.” P2JW041000-2-A012A0-1------NS

THE WALL STREET JOURNAL. ** NY We dnesday, February 10, 2021 | A12A GREATER NEW YORK About 10% of New Yorkers Get Shot Condé Nast Withholds The state is expected addition to what it sets aside for the state, he said. to receive a 5% Mr.Cuomo said therewill $2 Million increase in vaccines in be no significant increase in vaccine supplies until the fed- the next few weeks eral government approves the In Rent newinoculation developed by BY JOSEPH DE AVILA Johnson &Johnson,which BY PAUL BERGER requires only one shot, and About one out of 10 New the companybegins wide- Condé Nast is withholding York stateresidentshas now spread distribution. $2.4 million in rent at One received at least one dose of TheBiden administration World Trade Center forJanu- the Covid-19 inoculation, but opposesreallocating second ary2021 and could hold back officials said they expect only doses of the Pfizer and Mod- further sums in the coming small increases in vaccine sup- erna vaccines to be used as months as part of adispute

ply over the next few weeks. CK firstdoses,Mr. Cuomo said. with itslandlords,according to

Thestate has administered TO But in cases in which aperson arecent bond document filing. 2.5million doses of the vac- doesn’t show up for a second Thepublisher of Vogue, cines developed by Moderna shot, the statewill be allowed Vanity Fair and the New SHUTTERS

Inc. and the partnership be- A/ to use that dose as afirst Yorker wantstoreduceits tween Pfizer Inc.and BioN- shot, under certain circum- squarefootageand itsrent per Tech SE, said NewYork Gov. stances, he said. squarefoot at the landmark LANE/EP Andrew Cuomo.Hesaid it was NewYork will also begin re- office tower, according to the TIN

asignificant milestone forthe JUS allocating doses of the vaccine document published Feb. 3by statethat comes as Covid-19 A patient recently received a Covid-19 vaccination at the Abyssinian Baptist Church in Harlem. that were set aside forafeder- the building’sco-owner,the infection ratescontinue to fall ally runprogram wherephar- Port Authority of NewYork following apost-holidaysurge. for Covid-19 continues to fall, is declining,Mr. Cuomo said. ble for the vaccine, while the macies arevaccinating staff and New Jersey. “That is abig deal. This the latest indication that New Thereare 7,875people hospi- statereceives about 300,000 and residentsatlong-term “The Port Authority be- vaccine is the weapon that will York is recovering from a talized, down from morethan weekly doses, he said. care facilities.That realloca- lieves it has strong contractual win the war,” Mr. Cuomo said spikeincases in the statefol- 9,000 in mid-January. There In the coming weeks,the tion could total about tens of rightstoenforce full payment in a call with reporters Tues- lowing the Thanksgiving and were 138 Covid-19 deaths in the federal government will in- thousands of doses,the gover- by Advancewhich it intends to day. “We know the vaccine is winter holidayseasons,the stateonMonday, he said. crease the state’sallocation of nor said. assert,” the agencysaid in the successful, and it’snow a governor said. While NewYork continues Pfizer and Moderna vaccines “That program has been filing,referring to Condé question of production and Theseven-day average to make progress vaccinating by 5%, Mr.Cuomo said. Both slowerthan anticipated and Nast’s owner, Advance Publi- supply.Sothereisreason to dropped to 4.38%, the lowest residents, Mr.Cuomo noted versions of the vaccine require we believeitwas overallo- cations Inc. be optimistic and hopeful. The it has been sincethe begin- that demand forthe vaccine two shots. cated,” Mr.Cuomo said. “So Aspokesman forclosely numbersare coming down, the ning of December, he said. continues to exceed the sup- Thefederal government we will be reallocating doses held Advancesaid Tuesday: vaccines are going up.” Thenumber of people hospi- ply.Thereare currently about also will begin allocating vac- from that program intothe “Advance continues to be in Thestate’s positivity rate talized because of Covid-19 also 10 million stateresidentseligi- cine doses to health clinics in general state allocation.” discussions about bringing the lease in 1WTC intoline with current market conditions and METROMONEY | By Anne Kadet itsongoing needs at that loca- tion. We are also considering alternativesolutions to ad- dress these requirements.” NYC Investors Turbocharge Local Startups Condé Nast relocated from TimesSquare in 2014tobe- come the anchor tenant at One Last year, World Trade Center.The firm after the pan- leased 1.2 million squarefeet of demic hit, officespaceinamovethat was New York seen as alurefor other compa- City’s startup nies to movetothe building. scene went However, the Port Author- quiet—for about a month. ity, which also operates many Then it went into overdrive. of the region’smajor airports, In 2020, local startup fund- bridges and tunnels, struggled ing broke records. Depending to fill the 3.1million-square- on which report you read, in- foot tower. vestors injected between $12 billion and $20 billion into area startup companies. The publisher wants So what’s getting funded in New York these days? Bet- to cut its 1.2 million ter to ask what isn’t getting square feet at One funded. Among the rounds that closed in 2020: $47 mil- World Trade Center. lion for a hair-loss-preven- tion service, $9 million for a company making human- grade cat food, $6.25 million It wasn’t until February for a podcast company fo- 2020, shortly before the pan- cusing on romantic comedies demic forced the closureofof- and $150,000 for a maker of JOURNAL ficesand businesses across

bathroom-cleaning robots. REET the NewYork metropolitan re- And thanks to a big wave ST gion, that the agencycele- LL

of IPOs and acquisitions, lo- WA brated finally reaching a goal cal venture capitalists and of leasing 93% of the tower. By THE

angel investors are swim- R then, Condé Nast already had ming in cash and likely to FO begun trying to reduceits

continue the funding frenzy TEIN footprint in the building,hav- this year. So here’s what I’m ing sublet 150,000 squarefeet wondering: How can I get me WEINS of space to other firms.

some of that loot? ELLEN Condé Nast, likemanypub- I asked industry insiders lishers, has suffered from de- for tips. The good news: You and that means investors are But in general, the con- exclusively on area startups. stagefunding recently were clining print advertising reve- don’t need to be a tech type, relying more on referrals sensus is that while Bay “New York is great at fi- sporting one-wordnames,of- nue because of the pandemic. it seems, to impress a New and reference checks to Area investors prefer “moon nancial services, biotech, me- tenseemingly unrelated to Last year,the company laid off York City VC. While the San make up for the fact that shot” ideas that could alter dia and entertainment, con- their industry. There’s“Teal” about 100 workers and tempo- Francisco Bay Area startup they can’t meet the founder society—think Facebook— sumer-focused brands—and forcareer planning,“Real” rarily furloughed asimilar scene is dominated by nerds, in person. “I definitely feel New York favors startups it’s the center of the universe formental wellnessand number. startup founders in New there’s more of a premium looking to solve a specific for retail,” says Mr. Sun. “Branch” forofficefurniture. Thepublisher also started York look a lot like, well, the on those connections,” Mr. problem faced by a particu- Twowords smooshed into looking for400,000 squarefeet rest of us. The people who Abecassis says. lar industry—and get profit- ndeed, of thenearly one also is still popular— of alternativeofficespacefor get funding here often are able fast. A good example 1,200 local startups that think MedArrive, ClassTag at leastsome of itsoperations, escapees from industries iven these uncertain was Flatiron Health, which I gotfunded sincethe and TradeMonday. including acrossthe Hudson such as finance, real estate, G times, investors also uses data and analytics for start of the pandemic last So here’s what I envision: RiverinJersey City,N.J. health care and retail. are looking for found- the treatment of cancer, says spring,according to busi- a woman-founded (that’s Representatives forthe Port The bad news: The pan- ers who can adapt fast when Reza Chowdhury, CEO and ness-information platform me!) startup offering a sub- Authority and the Durst Or- demic likely made it harder things get crazy. founder of industry informa- Crunchbase, 242focused on scription-based, AI-assisted ganization,afamily-run real- for founders who lack con- “Investorswill ask and tion provider AlleyWatch. financial services,232 on writing app for media and estate firm that co-owns One nections to get funding. should ask howyou responded “It’s a cash-flow-driven health care,157 on commerce entertainment companies World Trade Center, noted in Arie Abecassis, an angel to what occurred in the past town because of its roots in and shopping and 128 on me- that also aids Covid-19 vac- statements Tuesdaythat Ad- investor and co-founder and year,” says Jordan Gaspar, Wall Street and real estate,” dia and entertainment. Real cine distribution. It would be vancehas billions of dollarsin partner in VC firm ICONYC managing partner with AF he says. “Everyone in New estate, AI,education, food called WryterVax. assetsand has profited from labs, says that in May, he Ventures, which investsincon- York is a little more con- and beveragealso gotalot I pitched the idea to Mr. investments in companies met the founder of a Pelo- sumer brands,including food, cerned about profitability of money love. Sorry, mineral Abecassis, the VC and angel such as social-media company ton-for-rowing startup in the health and beauty companies. than changing the world.” mongers—only one mining- investor. He gave it two Reddit Inc. parking lot of a White Plains, So assuming you’ve got a And for the most part, industrystartup gotfunded thumbs-up. “Love both the “These companies areen- N.Y., Dunkin’ for a socially strong founding team in successful in NewYork City last year. description and name of tirely capable of satisfying distanced business meeting place, what sort of company startups prefer industries And if all else fails,itcan’t your startup,” he said. “You their legal obligations,and the and product overview. “It should one start? that already have a strong hurt to pick atrendy name to can combine it with a SPAC Port Authority has strong was surreal,” he says. Several investorssaid local presence, says Ben Sun, demonstrateyou’renot to- and be trading on Robinhood rightstoenforce full pay- But that was an exception. they’d lovetofund astartup co-founder and general part- tally clueless. What’sin within a week!” ment,” said Ben Branham, a In most cases, everyone is that speeds Covid-19 vaccina- ner at Primary Ventures vogue? Manyofthe NewYork spokesman forthe Port Au- meeting on Zoom these days, tions or ends racial injustice. Partners, a VC firm focusing City startups that gotearly- [email protected] thority.

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A12B | We dnesday, February 10, 2021 NY ** THE WALL STREET JOURNAL.

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kids committing criminal actsas aresult of playing violent video- IS IT OK TO PLAY? Talking With Your Kids games,but rather about the more subtle impactstotheir psyches. TIPS FOR PARENTS. He pointed to studies that have shown people being lessempa- thetic and helpful to othersafter ere’s what to consider About ViolentVideogames playing violent games or watch- Hwhen deciding whether to ing violent films.“Thereare let your kids play violent vid- small-to-moderateeffectsonag- eogames. A study examines how shooter-style videogames affect mental health gressivethoughtsand actions, but violent videogames arenot  Consider the risk factors. the single determinativething,” Rather than making achoice long-term outcomes as opposed to “Fortnite” earned a“T”rating from he said. basedsolely on agame’s FAMILY high violent game play that fluctu- the Entertainment Software Rating Douglas Gentile, a psychology graphics or rating, look at your &TECH ates dramatically over time.” How- Board, meaning it is considered ap- professor at Iowa State University child’srisk factorsfor aggres- JULIE ever, they acknowledge limitations propriatefor teens,rather than an and co-author of a book, “Violent sivebe- JARGON to the study, including the fact “M,” formature players.That has Video Game Effects on Children havior.Ex- that the players’ aggression was given some parentscomfort in al- and Adolescents: Theory, Research, posureto self-reported. lowing even pre-teens to playit. and Public Policy,” said he is con- violence hat’s the first “The videogame research is very Numerous studies have found cerned about the aggressive be- at home question parents hotly contested and debated and that cartoon violence is no differ- havior that is rewarded in video- and peer ask when their most of the research is very short- ent for children than realistic-look- games, and the impact it has on delin- kid comes beg- term, so it’shardfor parentsto ing violence, and some studies shaping players’ worldview. In one quency W ging to play a vi- knowwhat to do,” said specifically com- of his studies, kids who played are olent shooter- SarahCoyne,the paring cartoon- both cartoonish and realistic vio- greater type game? “Is there blood?” study’s lead author. ish and lent videogames were more likely risk fac- Kids are often good at making She suggestsparents graphic vio- to want to blast an opponent with tors,according to Dr.Kowert. strong arguments for why they consider several fac- lence in vid- a loud noise. “The way you think Protective factors, such as should be allowed to play shifts the odds of the way you’ll having good friends and lov- non-gory but murderous act,” he said. ing parents, are just as im- games like “Fortnite” But what about the social, co- portant to consider, Dr. Gen- and “Among Us.” Even $19 operativenature of manygames? tile said. in “Minecraft,” there BILLION “The human brain is capable of are skeletons, zom- learning alot of thingsatonce,”  Study the nuances. U.S. consumers spent bies and pillagers to Notall violentgames arethe kill. Kids will say nearly that amount on same,and even within games they understand the videogames in the thereare differentwaysto difference between fourth quarter of play. In “Minecraft,” forexam- games and real life. And 2020. ple,kids canchoose the besides, they’ll argue, “peaceful” levelofdifficulty, these popular games are wheretheycan playwithout cartoonish—cute, even. encountering hostile mobs. Do the children know best Some games canbeplayed here? If so, why do parents still alone or with others, and in have a nagging suspicion that some multiplayergames peo- these games are harmful in some ple canchoose to playwith or insidious way? againsteach other. Decades of research haven’t es- tablished a firm link between vio-  Emphasize critical lence committed in games and vio- thinking. Don’t underesti- lence committed in real life. Yet mate the value of asking questions persist about the subtle questions while you watch effects that violent games have on your kids play—or while play- developing minds. The questions ing with them. “Ask, ‘Why did have become more pressing as the this character do that?’ ‘Why pandemic drags on. U.S. consum- is it shown like this?’ ‘At ers spent nearly $19 billion on vid- school if someone acted like eogames in the fourth quarter of that, what would really hap- 2020, a 26% increase from the pen?’ ” Dr. Gentile said. prior-year period, according to the NPD Group. “Fortnite” and “Mine- craft” were among the best-selling games in the quarter. On the one hand, videogames She pointsout that while some have been asaving grace during a kids displayfrustration and anger time of little other social interac- afterplaying videogames, juvenile tion. Yetwestill worryabout how delinquencyhas declined over the all of this time spent shooting, same period in which violent video- stabbing and bludgeoning friends, game consumption has increased. strangersand botsalikewill af- Images from the videogames, ‘Fortnite: Survive the Storm,’ above, and ‘Minecraft,’ top right. “The takeaway is that the kids will fect kids. probably be all right no matter A study published last month what they’replaying,aslong as it’s has raised fresh questions about tors when determining what kind of eogames have found the impact on Dr.Gentile said. “Ifthe game has age-appropriate,” she said. aggression and violent video- games to let their children play. “I’d aggression is similar. aggressiveelements, you’ll learn Dr.Coyne wassurprised by games. Unlike past studies, this look at their personality,how So does that mean violenceof those,and if you’repracticing co- one major finding in her study, one followed adolescent gamers they’redoing in life, who their anykind in videogames is bad for operation, you’ll learn that, too.” which mayprovide comfort to for a decade. Researchers at friends are,” she said. Thestudy kids,orneutral at best? Thecon- Also, frustration can be mis- worried parents. “Wepredicted Brigham Young University found didn’t distinguish between cartoon- sensus appearstobethat neither taken for aggression, said Rachel that violent-videogame playing players with consistently moderate ish violenceand graphic violence. cartoonish nor realistic violence Kowert, a psychologist and re- would have along-term negative levels of violent videogame play Most violent games that existed in games translates to real- search director for Take This, a effect on empathyand pro-social were more linked to higher aggres- when the study began were of a world violence. nonprofit mental-health organiza- behavior,and we didn’t find that,” NINTENDO sion levels than those who started more-graphic nature, such as “Call But that doesn’t mean there’s tion for gamers and game develop- she said.

MES; out playing a lot but tapered off, of Duty,” “Grand TheftAuto” and no risk at all. Dimitri Christakis, ers. “You might see your child

GA or who played at low levels with “GearsofWar.” In recent years, director of the Center for Child slam their mouse when they lose For more Family & Tech columns,

EPIC slight increases over time. games such as “Fortnite” have fea- Health, Behavior and Develop- in ‘Fortnite’ and that looks like ag- advice and answers to your most : The authors concluded that turedamore-sanitized version of ment at Seattle Children’sRe- gression but it’s more likely the pressing family-related technology LEFT “sustained violent game play over violence, providing an alternativeto search Institute, said parents frustration from the competitive questions, sign up for my weekly OM

FR time may be more predictive of bloody first-person shooter games. shouldn’t be worried about their nature of the game,” she said. newsletter.

will go to arestaurant or bar; 1% are Spending going out to an event; 25% say they will do something special, but at home, and 60% say they don’t have Valentine’s any plans. Insteadofthe usual Valentine’s weekend ski trip,Kelly Pace Hayes, a Day at Home 32-year-old vicepresident at amar- keting firm in Washington, D.C., plans on staying home and cooking. ContinuedfromPageOne She will put on ared-sequin dress “Romanceused to mean putting (“but with slippers, let’sbehonest”) on lipstick and feeling sexy,” says while her husband, Andrew Hayes, a Ms.Weissman, a33-year-old non- 34-year-old banker,will wear ablue profit communications director,who suit, she says. The couple will light postponed last year’s planned wed- candles and eat prawnsalads and ding to Mr.Kruse,a35-year-old en- -velvet lava cake.“It will be a gineer,due to the pandemic.“Now brief respitefromwhat’sgoing on in it’s just showing consideration.” the world,” says Ms. Hayes. Couples aredigging deep this Kiki Mikkelsen, 32, says she and year to find Valentine’sdate-night her wife, Lauren Brown, 31, both ideas with restaurants and cinemas child-careworkersinBrooklyn, N.Y., closed—and arelikely to working hardto spend the day summon roman- Feb. 14 ‘will probably look relaxing after tic feelings about their second people they have thesame as everyother dose of the Mod- slurped soup and day. Sitting inside with erna vaccine, folded laundry scheduledfor next to forthe each other and our cat.’ Feb. 13.They will last 11 months. likely watcha officeand card exchanges in the out on this year—from birthdaypar- Andrew Beattie,a43-year-old ac- According to a movie,says Ms. classroom, not to mention declining ties to family visits—it seems only count manager in Cincinnati, who recent Civic- Mikkelsen. Ms. options fordinner-and-a-movie. right to include the first-grader,says has become something of an expert Sciencesurvey of 2,490 adults, 22% Brownsays she is abig SandraBull- About 17%ofover600,000 restau- Ms.Shook,a47-year-old administra- at remaking holiday traditions into of people said they arehaving less ock fan, and the couple is consider- rants in the U.S. are closed, accord- torfor the PascoCounty School Dis- Covid-friendly activities forchildren sexduring the pandemic.“Maybe ing watching either “While YouWere ing to an estimatefromthe National trict in Florida. “It will be her Valen- sinceavideo of his Halloween candy beinginsweatpants forthe better Sleeping” or “Speed.” “Valentine’s Restaurant Association. Nearly half tine’s Day too.” chute went viral in October. part of ayear doesn’t makeyou feel Day will probably look the same as of 40,000 movie-theater screens Six-year-old Lila Beattie deco- Theclassic flower-delivery-to-the- U

AT sexy,” says John Dick, chief executive every other day. Sitting inside with acrossthe U.S. arecurrently dark, rated a shoebox and cut out Valen- office play is likely off the table for

LEER of the Pittsburgh consumer-research each otherand our cat. But vacci- says the National Association of tines forher mom and dad. Thefam- many. In fact, figuring out any kind company. nated,” says Ms. Brown. Theatre Owners. ily will tape homemade cardstoeach of surprise can be difficult, couples LARS AseparateCivicSciencepoll of Valentine’sDay spending is ex- Tonia Shook and her husband, other’s bedroom door on the days say. “Nick and Ihavebeen in this BY over 2,000 adults conducted in late pected to decrease 20% this year to William, will bring along their 7- leading up to Feb. 14, and make ex- house together 23.5 hoursaday for ION

AT Januaryshowedpeople areplanning $21.8billion, according to the Na- year-old daughter,Taylor,todinner tras to open from Lila’sbox on the the last year,” says Ms.Weissman in

TR awhole lot of not-much forValen- tional Retail Federation—a record at a steakhouse on Valentine’s Day. big day. “I have visions of grandeur Silver Spring.“Mysteries don’t exist US

ILL tine’s Day2021: Only 6% saythey drop,amid fewercandy bowls at the With everything Taylor has missed with tissue-paper carnations,” says in this relationship anymore.” P2JW041000-0-A01400-1------NS

A14 | We dnesday, February 10, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL.

MY RIDE | A.J. BAIME This ‘Huntress’ Stalksthe Racetrack (3) JOURNAL REET ST

LL Karen Salvaggio in her

WA Factory Five Daytona Coupe

THE tribute at the Thermal Club R in Thermal, Calif. FO TED7

Karen Salvaggio Ed.D., 64, a the track one day to help him and Factory Five Daytona Coupe trib- health and wellness coach and re- while I was there, he let me take ute—specifically, a Gen 3 R model. tired school superintendent living the car out. I didn’t know what I The Daytona Coupe is a histori- in Hemet, Calif., on her Factory was doing. All I knew was that I cally significant car. In the 1960s, Five Daytona Coupe tribute, as was in heaven. The very next Mon- Carroll Shelby built this car to told to A.J. Baime. day I bought my first race car, a beat the Ferrari GTOs in interna- stripped down 1970 Oldsmobile tional racing, and it was amazingly yentirelifeIhaveloved Cutlass 442 that came from a successful, becoming the first M speed. When Iwas akid, I chicken ranch. American-manufactured car to win would makeroad courses in The car you see here I named the GT class at Le Mans in 1964. A the street using paint cans so I “The Huntress,” and it is my fifth very small number were built [six, could ride my Huffybike actually], and the survi- around it, trying to go vors today are all faster and faster.I worth millions. Factory watched racing on ABC Five is a Massachu- “Wide World of Sports” setts-based company and Iwould say, “Some- that makes tribute cars the ’60s, with Guardsman Blue work done by a guy in Alabama. I dayIamgoing to do at a relatively afford- paint and Wimbledon White am good with mechanical stuff, that!” able price. stripes. Open the hood and it is but paint is out of my wheelhouse. I joined the Air Mine is old school new school, with a 2017 Ford Coy- The Huntress is a full-on race Force and became a married to new school, ote 5.0-liter V-8 engine and a mod- car with a roll cage. But it is also B-52 mechanic, and and I gave it number 28 ern Ford Mustang transmission. I street legal. I compete in this car through that I met a because that was my built this car up myself from the in vintage races. It is the culmina- guy who ran stock cars age when I started rac- bare chassis. I had help, but there tion of all my passion for speed, in central California. He ing. Outside, it looks is not a single part that I did not going back to when I was a kid on asked me to come to like it would have in have a hand in. But I had the paint my Huffy bike.

refresh your spirit. prepared) successor to be- 5. Seek out opportunities to come the first ever female learn from (and mentor) peo- CFO at SunTrust. ple who don’t look like you, Sinceretirement, we have don’t sound like you and movedfromAtlanta to a don’t think like you. lakehome,enjoytraveland I 6. Set aside time for relax- am able to devote my ef- Readers’ ation, exercise and healthful fortstoserving on boards meals. foranumber of charityor- Liz DiMarco Weinmann ganizations as well as acting Views On Woodland Park, N.J. as the audit committeechair at Freddie Mac. The article made me re- Planning forretirement, and Retiring flect on my own retirement then executing well on that journey. Many years ago, in plan, is nowallowing us to en- IN THE ARTICLE “Career Co- the midst of a career in fi- joyafulfilling and happylife. nundrum: Knowing When It’s nance and banking (which Aleem Gillani Time to Quit,” Jan. 25, Betsy was a quickly consolidating Lake Martin, Ala. Morris wrote about baby space) I decided that I would boomers and retirement. retire at 55 and began to I’m a longtime Journal Many baby boomers—espe- plan for that goal. reader, wanting to share a cially those at the top of Upon being recruited by point that occurred to me their game—struggle with SunTrust Banksin 2007, I in- while reading your thoughtful the decision to step down. formed my boss that I would article about retirement. If And when they leave, the be retiring in 2017. To the you were to follow up on it, I transition can be painful and bank’s credit, they decided to think a complementary focus messy. Readers weighed in. continue with the hiring pro- could be on settings which, Here are edited excerpts of their comments. —Brandon Sanchez

Iforwarded the article on babyboomersneeding to knowwhen to call it quits to all my boomer associateswho aremoreworriedthan ever as their Gen X, millennial, and Gen Zcolleagues rightly prog- ress up the ladder. As an educator of college business students—ages 18-50—and a consultant on ’

nonprofit strategic planning, VO

I’m often asked for career ad- DEL

vice, now more than ever. BIO Whether jolted by a world- FA wide crisis or a crisis of the BY ION

heart, many careerists, espe- AT

cially Type-A drivers, come to TR US

their pivot when they are ILL forced to by circumstances out of their control. cess and SunTrust never hes- for generations, have encour- Following are just a few itated to invest in my career aged or required retirement activities that have helped development, even promoting for employees at relatively me—and other boomers— me into the C-Suite in 2011. young ages. move forward in pre- and Starting in 2014, we identi- It doesn’t come as asur- post-retirement: fied five potential successors prise,and it’s part of the or- for my role and worked to ganizational models.For in- 1. Write a life plan by the prepare them to take over. stance: union pension time you’re 35, and update it Over the next few years, we arrangements thatprecipi- every year, especially as you removed one person from tate departures,orvery near 50. that list every year, concen- large professional-service 2. Focus on work experiences trating our preparation pro- firms thathave mandatory that use your strengths— cess on an ever-smaller pool retirementages forpart- skills you also enjoy. of candidates. When 2017 ar- ners. 3. Engage in a cause you’re rived, my boss asked me to While naturally those af- passionate about. stay on for one more year fected may not all love the 4. Enrich your strengths and really focus on our cho- arrangements, it seems that through online courses in sen successor. by-and-large it’s struck a fa- public speaking, improv, cre- I did retire in 2018 and am vorable overall balance. ative writing, social media proud that I was able to pro- Ed Abahoonie and right-brain activities that mote my chosen (and well- Sparkill, N.Y. P2JW041000-0-A01500-1------XA

THE WALL STREET JOURNAL. We dnesday, February 10, 2021 | A15 ARTS IN REVIEW

Kyle Allen and Kathryn Newton, left; and Jermaine Harris and Mr. Allen, below

skirt of awoman whose slip is showing.Every day. Theinescapable distraction with afilm like“TheMap of Tiny Perfect Things” is the search for the logical holes in the fabric of the story. If acertain thing hap- pens today, one asks oneself,can it happen again…today? We don’t knowhow long Mark’sbeen stuck, but he’sgot everything rehearsed to such aTthat it might be years. Is he getting older? Is anyone else? Thelargerhiccup in one’sdi- gestion of Mr.Grossman’ssto- ryline is Mark’sdiscoveryofMar- garet(Kathryn Newton, “Big Little Lies”), who is also trapped in time but wantslittle to do with Mark—she won’t even discuss howthey gotintotheir time bub- ble,orhow to getout. Margaret knows morethan she’stelling. Mark is intrigued by the ripple Margarethas caused in his time- space-romancecontinuum. Ms.Newtonisthe kind of per- former who seizes one’sattention immediately; Mr.Allen is,byna- ture of the story, relegated to moreofasupporting role as the (2)

S narrativeprogresses,but he’san

UDIO amiable presence. Themap that

ST their two charactersdecide to ON make—of the perfect thingsthey AZ

AM find in the daythey liveoverand over again—is asweet conceit, TELEVISION REVIEW | JOHN ANDERSON and through it they attempt to discover patterns in the four-di- mensional riddle they find them- selves in. (The dimension of time Rom‑Com Merry‑Go‑Round is examined by the pair in ways that owe moretoRod Serling than Albert Einstein.) Mark,who wantstowin Mar- roundhog Day” was question, but knowing,too,that garetover, decides that through released in theaters Henrywon’t remember their con- trial and error—and aseemingly 28 yearsago (Feb.12, versation tomorrow—or whenever endlessnumber of days in which 1993) and has only it is.And that the video aliens to refine his approach—he’ll be ‘G growninstatureover Henryisfacing off against will, able to inveigle his way intoher the years; it ranks forthe umpteenth time,blowhis heart. alongside “Rashomon” as a20th- avatar’s head off. And this,aviewerwill find, is century-born archetype of cine- Based on ashort storyand the big wrinkle in Mr.Grossman’s matic storytelling.Imitations,nat- screenplaybyLev Grossman and map of time: Margaretisn’t Andie urally,abound: Last year’s “Palm directed by Ian Samuels,“The MacDowell, unaware of Bill Mur- Springs” wasyet another varia- Map of TinyPerfect Things” in- ray’sdesigns on her.She’sfully tion on the theme.But when a troduces Mark likehe’sthe smil- aware of everything Mark is do- movie comes right out and ac- ing steel ball in aRube Goldberg ing,and when. “This is acontinu- knowledges itsdebt—as does “The contraption, rolling by and ity nightmare,” Henryexclaims at Map of TinyPerfect Things”—it through eventsand people in such one point, seeming to step does alot to win youover. aseamless, choreographed man- through the fourth wall and con- “Wasn’t thereamovie…?” asks ner it suggestshe’sprescient, or a firm our mounting suspicions that Henry(Jermaine Harris), as his completewise guy, or some kind we’reinanillogical construct. But friend Mark (Kyle Allen) tries to of delinquent. Then one realizes it’salso rather hilarious.And it explain the “temporal anomaly” that he’sdone and seen the same makes us viewers complicit with a he’sfound himself in—the same thing so manytimes that he has storyline that makes something dayonanendlessloop,the same everything timed to the split sec- lessthan totalsense,but does so lottery number winning,Henry ond. And he knows everymove. in such agood-natured way that regularly losing the same video- By everyone.Heevencarries a we don’t really care. game everytime they hang out. pair of tongsinhis back pocket Yeah, yeah, Mark answers,ac- on his way to school to The Map of TinyPerfect Things knowledging the “Groundhog” straighten, surreptitiously,the Friday, Amazon Prime

BY MARTIN JOHNSON MUSIC REVIEW of Black AmericainMigration,” with his wifeAlicia Hall Moran, AXOPHONIST Archie Shepp toured major concert halls across Sand pianist Jason Moran are WayDowninJazz Land the countryin2019 and is slated both jazztitans: Mr.Shepp, forperformances this summer. age83, is an NEA Jazz Master and Messrs. Shepp and Moran’s94- wasanimportant protégé of John minute“LetMyPeople Go” begins Coltrane; Mr.Moran, 46,isaMac- with awistful, slowrendition of Arthur Fellowand artistic director “Sometimes IFeel LikeaMotherless forjazzatthe Kennedy Center.The Child,” and each man’sinstrumental two men met backstageataBelgian solo heightens the sense of melan- jazzfestival in 2015 and, despitethe choly.Then Mr.Shepp singsfor the nearly four-decade differencein final few minutes in afragile tenor their ages,amusical relationship that further deepens the mood and began. They played together when- effect. Thenexttrack,bycontrast, is ever the opportunity allowed, and a “Isfahan,” aDukeEllington/Billy common interest emerged—recast- Strayhorn classic best known forits ing the blues within the classic jazz solo by the great saxophonist and gospel repertoires.“LetMyPeo- JohnnyHodges.Intheir elegant ver- ple Go” (Archieball, out now), acol- sion, both Mr.Shepp and Mr.Moran lection of duets, is their firstprog- echo aspectsofHodges. ress report. “He Cares,” aMoran composi- Themusic wasrecorded at two tion, waspresented as asolo piece concert halls—in Paris in 2017and with electronic samples in Mr.Mo- in Mannheim, Germany, the follow- ran’sexhibit at the 2015 VeniceBi- ing year—but much of it has a ennale; hereheand Mr.Shepp per- gritty,unvarnished quality,asif form it as an up-tempo piece playedinanout-of-the-way road- redolent of open roads.Coltrane’s house.And the intimateduet for- “Wise One” is playedreverently— mat feels very of the moment, the an optimalchoice, as it allows Mr. Covid-19 pandemic having put a Moran to displayhis passion for hold on manymidsizeand large en- McCoyTyner,anessential member semble recordingsand having led of the saxophone great’siconic to an abundanceofsolo,duo and quartet. Theduo returns to Stray- trio performances. horn for“Lush Life,” which is given Beforetheir collaboration, two contrasting treatments. It is Messrs. Shepp and Moran were on firstplayedatamidtempo bustle, convergent paths; each had moved with Mr.Shepp jovially quoting beyond jazztoestablish avoicein Thelonious Monk’s“Epistrophy” in other genres and disciplines.Mr. his solo,asifthe Strayhorn mas- Shepp remains best known as afire- terwork were exuberant jam ses- brand whose work,both as aleader sion material and not awistfulev- and with the NewYork Contempo- ergreen; then it quietstothe rary 5, wasacornerstone of the ’60s original’sworld-wearysensibility avant garde, but he also recorded with Mr.Shepp singing at the end. three remarkable duet settingsin Theprogram closes with “Round the late’70sand ’80s with pianist Midnight,” the Monk classic that HoraceParlan that focused on simi- sparked Mr.Moran’sinterest in lar repertoiretothat heardin“Let jazzwhen he wasgrowing up. My People Go.” Those albums Archie Shepp and JasonMoran’s newalbum features duetversions of standards by Coltrane,Ellington and more Even casual jazzfans will helped rebrand Mr.Shepp as asavvy quickly recognizemost of these veteran. Sincewinning his MacArthur in ternationallyknown venues.All of he recently released asolo disc, numbers, yetthe versions hereare Agehas not robbed the saxo- 2010,Mr. Moran has been excep- his recent recordingshavebeen of “The Sound Will Tell You” (Band- not overshadowedbypast record- phonist of his ambition. Last year he tionally activeboth in jazzand in solos,duos or trios,and when not camp). Made in conjunction with ings. With Mr.Moran’sunique released “Ocean Bridges” (Redefini- the visual art world. His artistic ac- working as aleader he has collabo- his showofthe same name at New rhythmic conceptions and Mr. tion), acollaboration with his rap- tivities,which rangefrompaintings ratedwith elderslikebassist Dave York’sLuhring Augustine gallery, Shepp’sconcise playing on tenor per nephewRaw Poetic and the and drawingstoinstallations that Holland and saxophonist Charles which runs through Feb. 27,itwas and soprano saxophone,this music multi-instrumentalist Damu the focus on the spaces in which music Lloyd in small configurations. recorded in the firstweek of Janu- feels effortlessly distinctive. Fudgemunk that found common is heard, have landed him asolo ex- Thepandemic seems to have aryand released on the 15th of that SHEPP

A ground between jazz, hip-hop and hibit at the Whitney Museum in done little to slowMr. Moran down. month. His larger, multidisciplinary Mr. Johnson writes about jazz for CR

AC newmillennium funk. 2019 and shows at manyother in- In addition to “Let My People Go,” production “TwoWings: TheMusic the Journal. P2JW041000-0-A01600-1------XA

A16 | We dnesday, February 10, 2021 THE WALL STREET JOURNAL. SPORTS CanGirls Save Football? S PRES

TED As tackle participation declines, the NFL and Nike push to expand girls flag football CIA SO AS

N/ BY RACHEL BACHMAN TO

OLS ast year NikeInc.reached WO

N out to two high school YA

BR football powerhouses in The extrainnings rule is back for2021. LTampa, Fla., and sent personalized bagsfor each athletestuffed with free jer- MLB Sets seys, cleats, socks and gloves.The shipment to MattHernandez, coach of the Alonso High Ravens,was so Rules for large that “the FedEx guyasked if it wasafraud-type situation because so manyboxeswerecoming to a 2021 Season residential house.” Outfitting winnersisalongtime BY JARED DIAMOND strategyatNike. But the giftbags held something outside the typical WITH BARELYAWEEK TO SPARE team-issued gear: sportsbras. until spring training starts, Major Alonso and Robinson High League has decided what Schools together have wonseven the rules of the sport aregoing to Florida statechampionships—in be this season. girls flag football. Theteams are MLB and itsplayers’union the faces of a$5million campaign reached an agreement on updated by Nikeand the NFL,launched in a health and safety protocols that will commercial last week,tobring the govern baseball’ssecond pandemic sport to everyhigh school in Amer- season. Thedeal bringsback acou- ica. As of Mondaymorning it had ple of experimental featuresfrom 3.5million views on YouTube. the truncated 2020 campaign: “Big corporations want to recog- Above, Robinson’s Sydney Stout throws a pass. Below, Hillgrove’s Jasmine Tophigh school sports by gender seven-inning doubleheadersand be- nizewomen’ssports,” said Katie Blackmon during the 2020 GHSA 6A-7A Flag Football Championship game. ginning all extrainningswith arun- Kemp,asenior and 5 million particpants ner on second base. safety on the five-time champion tions.That wasin2018-19,beforea and the District of Columbia already But, at least as of now, the Na- Robinson High girls flag team. pandemic-altered season that many have teams forgirls,and the Ala- Tackle football tional League will not use the desig- There’sanevenmorecompelling coaches worrywill cause some bama High School Athletic Associa- 4 1,006,013boys* nated hitterin2021 as it did last reason, however, that the nation’s players to never come back. tion is considering adding the year.The expanded playoff format topsportsapparel companyand its Yettackle football remains the sport. from 2020 will not return, either. dominant professional league might nation’smost popular high school Individual NFL teams have joined Track and field 3 (outdoor) Both ideas could well be part of want to boost arelatively small sport with morethan 1million ath- the push to leverageexisting inter- baseball’snextcollectivebargaining sport that barely existed two de- letes.And in part because of foot- est in girls flag football. Basketball agreement, however. cades ago. As interest in tackle foot- ball’slarge squads,1million more Thenew Super Bowl champion Baseball/Softball 2 Thenew rules that aresticking ball fades,girls represent amam- boys than girls playhigh school Tampa BayBuccaneershavehosted Soccer around were implemented to keep moth opportunity to increase the sportsoverall. While co-ed flag girls players at theirfacilities.In Volleyball games short and accommodatethe number of players and viewers of football forchildren has grownwith 2018 the AtlantaFalcons funded a anticipated spateofpostponements the nation’smost popular sport. abig push from the NFL,girls high 19-team girls high school flag foot- 1 Other caused by positivecoronavirus TheNFL remains the topbroad- school flag has laggedbehind. As of ball pilot program, and by 2020,91 tests. cast draw in sports. But average 2018-19,about 11,200 girls nation- schools acrossthe statefielded Therevampedextra-inningsfor- NFL viewership fell 7% during the wide playedit. teams.InDecember,Georgia joined 0 mat is designed to prevent the mar- 2020 regular season, and the TheNFL and Nikeaim to narrow Alaska, Florida and Nevada in hold- Boys Girls athons that ravage bullpens and of- league’scoreaudienceofmen aged the football gap. They’redangling ing official girls flag football state tenrequireupwardoffour hoursto 18 to 49 has at times shown signs donations of up to $100,000 in championships. *2,404 girls thatplayedonboystackle teams were notincluded finish. This rule had the intended of wavering.Sunday’sSuper Bowl product to stateathletic associa- TheNew York Jets recently an- Source:National Federation of StateHigh School effect during last year’s 60-game had the fewest viewers since2007. tions that offer girls flag as asport nounced they’repairing with Nike Associations, 2018-19 school year slate: About 71% of all extra-inning At U.S. high schools,rising con- or initiatepilot programs this year. to createaneight-team girls high games last year ended afterjust cern over the effectsofconcussions ANikespokesperson said the ini- school flag league to start playin “was developed, in part, because of one additional frame and only 2.6% has contributed to a9%dropin tiativewas geared at giving girls NewJersey this spring. the NAIA’s ability to onboardanew needed morethan three.In2019, football participation in adecade,a moreopportunities,noting that Thenumber of girls playing on varsity sport quickly,” the NFL 18% of extra-inning games went on lossofmorethan 100,000 athletes, girls start playing sportslater than boys tackle high school football spokesperson said. TheNFL gave13 beyond the 12th. according to the National Federa- boys and drop out sooner. teams has roughly doubled in ade- schools $15,000 stipends to launch Doubleheaderswill again consist tion of State High School Associa- Schools in California, Michigan cade,but is still relatively small at teams this year,according to the of two seven-inning affairs, as they about 2,400. NAIA. did in 2020.Positivetests—particu- Nikeand the NFL’s interest in High school girls flag football in larly stemming from outbreaks on girls flag acknowledges the declin- Florida has growntoabout 300 the Miami Marlins and St.Louis ing societal acceptanceoftackle teams from Tallahassee to Pem- Cardinals—forcedteams to play55 football, said T. Bettina Cornwell, brokePines.AtTampa’sAlonso doubleheaderslast season. These who heads the Department of Mar- High, not only do moregirls play abridged seven-inning games took keting at the University of Oregon’s flag football than almost anyother an averageofjust over 2½ hours, Lundquist CollegeofBusiness, in an girls sport—about 40 totalonjunior about 30 minutes shorter than the email. Cornwell added that the pop- varsity and varsity—but the flag typical nine-inning game. ularity among younger audiences of team is adrawfor spectators, too, A HS

Thetwo sides decided to keep UFCand e-sportsadds “pressureto Hernandezsaid. During the team’s /G these rules because they believe imagine howthingswill playout if statetitle-winning seasons,2018

they givebaseball the best chance changes arenot made today.” and 2019,itranked only behind PELAND of successfully playing afull 162- An NFL spokesperson didn’t re- Alonso’s tackle football team in tick- CO CIL

game schedule.Off the field, the spond to aquestion about eroding etssold to home games. CE protocols aresimilar to those from viewership.Increasing female par- “One thing that we’vekind of ,

last season, with players tested for ticipation in football is apriority, said in our small coaching group is, DUFFY Covid-19 everyother day. Thesys- the spokesperson said. TheNFL’s it would take abig backer to getbe- temworked reasonably well after partnership with the small-college hind the sport, and oncethat hap- TRICK PA

the two early outbreaks,with no National Association of Intercolle- pened, it would explode,” Hernan- P: MLB players testing positivefor giateAthletics,meant to encourage dezsaid. “And Ithink that’swhat TO nearly two months at one point. the growth in women’sflag teams, we’reseeing.” OM FR

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THE WALL STREET JOURNAL. We dnesday, February 10, 2021 | A17 OPINION EVsAre the Lowest ClimatePriority BOOKSHELF | By Gerard Helferich

TheJoe Bi- their personal vehicles. General Motorsisalive.” self is aniceman and politi- Vigilantes den adminis- TheInternational Energy GM expectstodowell un- cian of the type who seldom tration will Agencyin2016 estimated that der revamped Obama fuel- sees that what is popular and be piling a if 50% of all newcarswere economyrules that, yes, have sounds good isn’t necessarily lot of chips electric,petroleum use would put moreEVs on the road. By good. He spent the ’70s and In the Dock on electric continue to grow because of the EPA’sown calculation, any ’80s pushinglegislation to BUSINESS cars,the “trucks,aviation and the pet- emissions gains have also worsen America’senergy cri- WORLD most popu- rochemical industryand we been offset five times over by sis and, incidentally,promote A Shot in the Moonlight lar and least don’t have major alternatives the pickup truck and SUV coal globally though scientists By Holman W. useful way to oil productsthere.” boom that Team Obama facili- even then warned about acid By Ben Montgomery Jenkins, Jr. of fighting Exxon Mobil estimated tatedtoensureasuccessful rain and climateeffects. (Little, Brown, 285 pages, $28) climate morerecently that if all new autobailout. Let’send with alook at change. Howmuch do the cars were electric by 2025, GM’sSuper Bowl ad, featur- round 12 o’clock on the cold, moonlit night of Jan. 21, cars youand Idriveactually and the world’sentirefleet ing the comedic actor Will A 1897,a42-year-old black farmer named George contributetoemissions? were electric by 2040,liquid- No matter how you Ferrell envying Norway’s love Dinning,his wife, Mollie,and seven of their children Don’t ask the Union of Con- fuel demand in 2040 would affair with electric vehicles. were sleeping in their cabin near Price’sMill, Ky., when they cerned Scientists, an EV pro- be the same as 2013’s. slice the data, the car What theadlacked in wit it were awakened by two dozenwhitemen surrounding the moter habituated to quickly Fewtalk about it, but min- in your driveway is an also lacked in informational house.Wielding pistols and shotguns,the mob accused changing the subject to “trans- ing battery-related minerals value. Dinning of some recent thefts and ordered him to vacate his portation” emissions.Manyin- generates emissions too. An emissions asterisk. Norwegians areindeed 125-acrefarm, which he had purchased 20 yearsbeforefrom ventories also ignorethe full electric carthat’ssitting in keen EV buyersbecause their the family that had enslavedhim. rangeofgreenhouse emis- your garage,not displacing a politicians ladle on taxhand- When Dinning called out that he wasn’t guilty,and could sions,focusing on CO2tofos- significantamount of gaso- Lesson: When government outs, free parking,half-price proveit, the men firedintothe cabin, grazing him in the teranevertheless-untenable line-poweredtransportation seeks to do complicated tolls and even free charge- head and arm. Still in his underclothes,hegrabbed his shot- illusion that passenger cars but still sucking powerout of thingswhile appeasing multi- ups in some jurisdictions. gun, rantoanupstairswindowand gotoff asingle round of provide leverageoveraglobal awall socket, canbeanet ple constituencies,itusually These indulgences arefi- birdshot, killing 32-year-old Jodie Conn, the son of awealthy climateproblem. No matter emissions contributor when produces absurdresults. Even nanced how? TinyNorway, planter.The mob firedanother volley and then retreated. howyou fiddle the data, per- allissaid and done. lesstalked about is the 57- with 0.07% of the planet’s Thenextmorning Dinning surrendered to the Simpson sonal EVsare asingle-digit Which bringsustoanother year-old U.S. pickup truck tar- population, exports3%ofthe County sheriff,Bud Clark.That same day, several men factor and belong lowonany wrinkle.Tesla could likely iff that further entrenches world’soil and 14%ofits nat- returned to the farm, evicted Mollie,and torched the fields, sane list of priorities. makeits electric cars profit- this Detroit businessmodel. ural gas. Itssovereign-wealth house and outbuildings. She and the children fled to If the Environmental Pro- ably but instead scales its EVsare wonderfulfor fund, wherethese riches ac- relatives in Tennessee. tection Agencyisright, the businesstobreak even on fuel- manyreasons but not forthe cumulate, tops $1.3trillion, Kentucky(birthplaceof averagelight vehicle racks up economycreditssold to con- reasons that climate-sancti- or $245,000 per citizen. both Abraham Lincoln and 11,500 miles ayear and sits ventional carmakers. Follow monious politicians promote. Norway is an unrepresen- Jefferson Davis) had declared idle 96% of the time.The themoney.Tesla is dipping Iwon’t repeat an earlier col- tativeEVhothouse in every neutrality in the Civil War, but World ResourcesInstitute into the same pickup-truck umn on climatepolicies that way except one.Likethe rest racist violencewas common says passenger vehicles ac- revenue stream that Ford and might actually be worth pur- of the world, it’sbeen unwill- thereinthe 1890s,with 10 count for7.5%ofall emis- GM use to subsidizetheir own suing. Notice that the one in- ing to let EV companies de- lynchingsrecorded in the 13 sions,but this includes buses, electric vehicles. novation that greens opposed, velop free of distorting subsi- months beforethe attack on taxis,etc.Rental cars average When GM recently waved fracking,has done moretore- dies from fossil-fuel users George Dinning.AsBen Mont- 31,000 miles.Other fleet vehi- apress release saying it duceemissions than all gov- that will be difficult ever to gomeryrelates in “A Shot in cles average23,000 or more. might producenothing but ernment effortscombined. remove. Here’sthe tragic the Moonlight,” his deeply felt, Heavy trucks average63,000 electric cars in 2035 given Everybody’sbehavior here part:The politics of these copiously researched chronicle miles.One finding that ap- the right government poli- is explicable except the handouts is almost guaran- of this episode and itsrepercus- palled fleet operatorsisthat cies,itwas essentially boast- greens,who have sold out to teed to suck the air out of the sions,what made Dinning’scase their vehicles spend up to ing of itsrelationship with the EV distraction forrewards room forthingsthat might extraordinary, even more than 33% of their time idling, Mr.Biden, whose favoriteline unrelated to progressoncli- actually makeadifference, his forceful self-defense,was his which is not howpeople treat wasonce“bin Laden is dead, matechange. Mr.Biden him- likeacarbon tax. unprecedented search forjustice. Dinning wasaided by asurprising number of whites, starting with Sheriff Clark,who spirited his prisoner to distant Louisville forsafekeeping.Later,when Dinning was Successes and Setbacks in Covid Va ccination conveyed back to Simpson County to be tried formurder, manydoubted that he would livetosee the verdict. But Donald would probably have to wait ObamaCaredebacle,the soft- country—arebelow65%. Republican Gov. William Bradley, who had recently signed Trump’s sec- until March to getvaccinated. ware turned out to be so un- Early evidence—much of it an anti-lynching law, dispatched two companies of soldiers ond impeach- Then, according to aWash- reliable that manystateswere anecdotal, admittedly—sug- to guardthe accused, along with apair of cannon. ment trial ington Post report,Robert forced to start over right as geststhat centralizing vacci- When the trial began, in June,the prosecution witnesses will attract Redfield,who wasdirector of the tidal wave of requestsfor nation policyatthe state admittedtobeing in the crowd that night but claimed that most of the the Centersfor Disease Con- vaccinations hit. level works betterthan de- they had gone with friendly intent and were leaving when POLITICS attention this trol and Prevention,went to Thefederal government’s volving it to localities.Uni- Dinning fired. Thedefense attorney,alocal man known for & IDEAS week,but Annapolis and urgedMr. Ho- decision to sign contracts form standards canreduce fairness, seized on the implausibilities and inconsistencies in perhaps the gantostart vaccinating se- with national pharmacy competition among subordi- their testimony. Whywould Dinning shoot if the men were By William more impor- niorsimmediately.President chains to inoculatepatients natejurisdictions and confu- dispersing? When the whitejuryreturned, they found the A. Galston tant event for Biden’sincoming coronavirus and staff of nursing homes sion among residents. States defendant not guilty of murder but guilty of manslaughter, thecountryis czar,Jeffrey Zients, rein- and long-term-carefacilities that made early use of the sentencing him to seven yearsathardlabor. the sagaofCovid-19 vaccina- forced this suggestion. seemed plausible but turned National Guardperformed Though relatively lenient, the verdict sparked an outcry. tions.The federal distribution In response,Mr. Hogan an- out badly.The chains pro- well, as did those that moved From acrossthe state, public officials,newspaper editors, of doses to the states hasn’t nounced that Marylanders75 ceeded so slowly that many most quickly to simplifyon- clergymen, professors, housewives—whiteand black,ex- been an outright disaster,and and older could start getting line sign-upsystems. Yankee and ex-Confederate—implored the governor to neither have stateeffortsto vaccinated immediately,fol- In most places,doses flow exercise clemency. Manycommentatorspraised Dinning for put these doses intoarms.Af- lowedaweek later by those Setting policy at the through three streams—hos- his heroism in defending his home and argued that if he teraslowstart, therehave 65 to 74.This quadrupled the pitals and medical centers, were whitehenever would have been charged. Others been signs of progressinre- state’seligible pool to more state level seems to pharmacies,and stateand lo- warned that the state’sveryhonor wasatstake.“If Dinning cent weeks.Still, govern- than two million, about 25 work better than calhealth departments. When is pardoned,” one editor wrote, “itwill showpeople in the mentscould be doing better, times the state’sweekly allot- delays happen in one or more North and East that in Kentuckythereisachief executive and fixing what’swrong can ment of doses.The result, letting cities jockey. of these streams,doses pile who has the couragetosee that afriendlessnegroobtains save manylives. predictably,was apublic-rela- up that otherscould use more justice...that in Kentuckyall citizens aretreated alike.” Gov. At the federal level, the tions nightmare, as seniors efficiently—if strong leaders Bradley issued the pardon, the firstinthe South forablack main problems have been tried to register forvaccina- personnel in manyresidences intervene to redeploythem. man who killed amember of the mob that assaulted him. shifting information and poor tions that they had no realis- went without vaccinations for Other commonly cited ex- TheDinning family never returned to their farm, settling advicetothe states.OnJan. tic prospect of receiving. weeks afterthe program be- planations fordifferences in Jeffersonville,Ind. Then in September 1897,Dinning was 12, forexample,governors As residentsofMaryland gan, despitesufficient supply. among states turn out to be assaulted on adark street in nearby Louisville and leftfor were told by then-VicePresi- and other states know, trying Because the federal govern- false. Forexample,ananaly- dead, his skull fractured and his right eyegouged out. dent MikePenceand Health to sign up to getvaccinated ment allocated doses to phar- sismyBrookingsInstitution According to awitness, he had been chased by agang of andHuman Services Secre- takesresidentstoabewilder- macies based on the number research assistant Johanna whites,but the assailantswerenever identified. tary AlexAzarthat the ingmultiplicity of online por- of beds in facilities rather Bandler andIrecently com- Trump administration would tals ranging from stateand than the number of patients, pleted found no correlation be releasing itsstockpile of local public websites to hospi- manyended up with sur- between states’ household in- It was the first time that a black man in the reserved doses.Relying on tals and medical centers, pluses that they failed to re- come and the performanceof South had dared to sue a white mob for this assurance, manygover- pharmacies,and even super- port to stateauthorities in a their vaccination programs. norsannounced that their marketswith clinics.Much of timely manner,forcing others This study shows that de- damages, and it caused a sensation. states would begin inoculat- this confusion is the result of to wait longer forshots. mographyisn’t destiny, either. ing residents65and older. afederal failurethat went un- Some states have per- Stateswith high shares of Butitturned out that there reported until recently. formed far betterthan oth- non-Hispanic whites rank The following year, Dinning took a step that must have wasnostockpile to release, According to the MIT Tech- ers. While 72% of the vaccine among the best in vaccine de- required even more courage than firing back at the night andgovernorshad to change nologyReview,the federal doses distributed nationally livery—and among the worst riderssurrounding his house—he filed civil suitsagainst the course. government gavethe manage- to the states have been used, as well. Thesame is true for men who had burned it. As Mr. Montgomery points out, it Such shifts undermine pub- ment firm Deloitte acontract some states—West Virginia, states whereracial and ethnic was the first time that a black man in the South had dared lic confidenceand canlead to to develop software all states NorthDakotaand NewMex- minorities predominate. In to sue a white mob for damages, and, like the criminal trial, bad policy. In early January, could use to managetheir ico—have exceeded 90% the end, howleadersplay it caused a sensation. In one of the cases, a jury deliberated Maryland Gov.LarryHogan vaccine distribution pro- while others—nine states, their hands maymattermore for an hour before awarding Dinning $50,000 (though he said that residents65to74 grams.Inanecho of the from everyregion of the than thecards they aredealt. never collected close to that amount). In another, six defendants settled for a total of $3,500. Representing Dinning wasaprominent Louisville attorney named BennettHenderson Young.The son of abusinessman Biden’s Commitment to Ye men and slaveholder,Young had enlisted in the Confederatearmy, escaped from aYankee prison and led an audacious raid on By Ahmed Awad ian targets, including ple U.N. resolutions. aforeign terrorist organiza- St.Albans,Vt., the northernmost land action of the war. BinMubarak schools,mosques,airports We welcome President Bi- tion. It is difficult to see how But afterward, back in Kentucky, he devoted himself to good and parades.They have den’sdesiretoacceleratea that will encouragethem to works on behalf of the former slaves, representing freedmen ice President Joe Biden launched drones and ballistic negotiated solution, even after choose talks over terrorism, probono and co-founding an orphanageand acommunity V welcomed the newly missiles at neighboring coun- announcing the end of U.S. as- or Iran to stop transferring center forblack youngsters. elected president of Ye- tries,and have coordinated sistancefor the coalition’s“of- advanced weaponry or train- YetYoung wasequally dedicated to celebrating the Lost men to the WhiteHouse in with U.S.-designated terrorist fensive” operations. ing Houthi militias. Cause.Hepublished abook,“ConfederateWizards of the 2012 as the U.S. hailed my groups such as the Islamic Yemen is suffering,and the We need arealistic and ro- Saddle,” that glorified his former comrades,and as the homeland forits “historic and RevolutionaryGuardCorps images of despair—exacer- bust peaceplan forYemen, leader of aConfederateveterans group,hehelped to erect peaceful transfer of power.” and Hezbollah.Last week we bated by floods,acholeraepi- backed by thefull forceof memorials to fallen rebels throughout the South. It’sa Yemenis endorsed a roadmap demic and Covid-19—are gut- American diplomacy. We wel- remarkable paradox, and one wishes that Mr.Montgomery toward inclusive, accountable wrenching.It’sunderstandable come the newU.S.special en- had examined it in greater depth. Whatever hismotivations, democracy. Eight years ago, he that Mr.Biden and many voy to Yemen, Timothy Lend- Young pursued his dual passions until his death in 1919— It wasambitious,but we Americans want to extricate erking,and we commit to long beforehis monumentsstarted being toppled as symbols were determined, and we stood with us. Times themselves.Noone prays and working forapolitical solu- of ashameful past. knew we had a partner in the are harder, and we struggles foranend to this tion. George Dinning worked as a teamster and laborer until U.S. President Abdrabuh Man- warmorethan we do.But that We share Mr. Biden’s view his death in 1930.But his fearlesspursuit of justiceinspired sour Hadi led anational dia- still need the U.S. doesn’t mean we will submit that this war has gone on far other black victims to sue their whiteattackers, in Kentucky loguethat included political to fanatics who send Yemeni toolong.But we also recall his and beyond. Decades later,Mr. Montgomerysuggests, parties,tribal envoys,regional children to “indoctrination commitments. During his vice Dinning’sinfluenceisfelt still. CouragelikeDinning’s, he representatives,labor leaders, learned they arestill ob- camps” and whose motto pro- presidency, the U.S. vowed to writes,“inspired the men and women who fought forthe women and youth. We drafted structing international ef- claims “Death to America” and “stand with the people of Ye- right to vote,who fought forequal treatment, who fought aconstitution and planned for fortstosalvagethe FSO “Curse on the Jews.” men as they continue their ef- against Black Codes and Jim Crow,who fought the Second new elections. Saferoil tanker and avert an We seek arole in gover- fortstoforge abrighter future Klan, ...who fought against government persecution and We Yemenis have learned environmental catastrophe. nancefor all Yemenis.But get- fortheir country.” We see that policeprosecution, who fought forliberty,who arestill thehardway the priceofa Unfortunately,much of ting therewill requiresus- brighter futureasademo- fighting,chanting ‘Black Lives Matter.’ ” George Dinning’s collapsed democratic transi- Congress’sattention—notably tained U.S. pressureonthe cratic one.Wehope the presi- memorials maybelessconcretethan BennettYoung’s, but tion.In2014Houthi armed among Democrats—has fo- Houthis and their enablers. dent shares our views. they areproving moredurable. factions,backed by Iran, cused not on the Houthis but We worryabout that commit- seized powerand plunged on the Arab countries striving ment given the administra- Mr. BinMubarak is Yemen’s Mr. Helferich’s most recent book is “An Unlikely Trust: Yemen intocivil war. The to restore Yemen’s legitimate tion’sdecision to revoke its minister of foreignaffairs and Theodore Roosevelt, J.P. Morgan, and the Improbable Houthis have attacked civil- government in line with multi- designation of the Houthis as expatriates. Partnership That Remade American Business.” P2JW041000-0-A01800-1------XA

A18 | We dnesday, February 10, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Great Student Loan Scam Fining Nonvoters Is a Terrifically Good Idea

he Biden Presidencyis quickly turning lower-income collegegrads owe much lessbe- Regarding your editorial “Didn’t it’stoo hardfor students, working into BarackObama’s thirdterm, only cause they receivePell grantsthat covermuch Vote?Here’sYour $20 Fine” (Feb.5): parentsand otherstoparticipatein T more liberal. Consider the Democrats of their tuition at public colleges and often in- In January, Isuggested that voting elections.Ilook forwardtoworking should be considered acivic duty. with Republicans and Democrats calling on President Biden to stitutionalgrantsatprivate Democrats lobby Biden Theresponse has been abit surpris- alikeonmaking our democracymore use the pandemic to cancel ones. ing.The editorial boardquestions accessible. $50,000 in student debt per Themain beneficiaries of to write off debt for whether therewas an inherent bene- STATE SEN. WILL HASKELL borrower. What they want ev- the Warren-Schumer write- fittohigh voterturnout. One of my Westport, Conn. eryone to forget is that in affluent borrowers. down would be higher-income colleagues told atalk radio host that 2010 they used the last reces- studentswho borrow morefor Iwas looking to establish “voting Connecticut stateSen. Will Has- sion to justify a federal take- expensive graduate degrees. police.” With fervor,conservatives kell’sproposed $20 nonvoterfine over of student loans that have sincemorethan Colleges have expanded graduateprograms be- have risen to the defense of every mayhaveanunintended conse- doubled to $1.6 trillion. Now they’re using the cause they canemploythe studentsatlow cost citizen’sright to disengagefrom quence. My two adult children re- pandemic to justify loan write-offs they said as teaching assistants. Amaster’s degree on av- civic life. ceived mail-in ballotsatmyhome would never happen. eragecosts$66,000 and adoctoral degree Our government expectsall citi- despitethe fact that they have lived zens to engageinavariety of activi- outside Connecticut foradecade.My The great student loan scam began in 2010 $108,400. ties forthe national benefit: selec- dead father received amail-in ballot when Democrats used budget “savings” from Undergraduatedebt is capped at $57,500 for tiveservice, juryduty,the census at his home,wheremybed-ridden, ending the federal guaranteed-loan program to studentswho aren’t supported by parentsand and taxesall come to mind. Liberals stroke-victim mother lies in bed payfor ObamaCare. “By cutting out the middle- $31,000 forthose who are, but the government and conservatives alikerecognize 24/7.She also received aballot. man, we’ll save American taxpayers $68 billion doesn’t limit borrowing by graduatestudents. that those institutions aresovital to Given the reality of having one’s in the coming years,” Mr.Obama declared. Some upper-tier colleges fund tuition for doc- our national livelihood that they can- credit report hit or astate of Con- Where were the media fact-checkers then? toral students, but many don’t and graduates not be built on avoluntarybasis.But necticut collection agent chasing to An analysis for the Education Department often struggle to find jobs. The average salary no activity is morecoretothe Amer- collect $20,plus penalties and inter- last year estimated that $435 billion in student forahumanities doctoraterecipient in 2019 ican project than voting.Thereisno est, attention will be directed to loans (excluding private originated loans that was $53,000. No wonder this academic prole- benefit to lowturnout. An uncast nonvoters.These nonvoters,dead arefederally guaranteed) will eventually be tariat doesn’t believe in capitalism. ballot is not an ideological triumph— residents, nonresidents, illegal aliens it is merely an indication that our and collegestudentswith morethan writtenoff.One reason: Democratsin2010 cre- A University of Chicagostudy in December democratic government is not as one residencewill be putting effort ated “income-based repayment plans” that lim- estimated that the top10% of households by in- representativeasitought to be.Per- intogetting the fine reversed by ited borrowermonthly paymentsto10% of dis- come would receiveseven timesasmuch bene- haps that’swhy 26 successfulde- proving their ineligibility to vote. cretionaryincome and dischargedthe fitfroma$50,000 loan write-down as the bot- mocracies,e.g., Australia, already Gov.Ned Lamont thought nothing remaining balance after 20 years. tom 10%. Doctors and lawyers with six-figure have enacted civic-duty voting. of threatening a$1,000 fine forvio- These plans nowcomprise athirdofnew un- salaries should be able to repaytheir loans and Still, Iknewthat such abold re- lating the Covid curfew.Raising the dergraduateand nearly 60% of graduateloans. don’t need the $50,000 write-off. form would not become lawanytime nonvoterfine to $1,000 would guar- Sincemanyborrowers aremaking only de mini- iii soon. Sadly,our countryisn’t ready antee that our voterrolls would be mis payments, their balances continue to grow As for whether Mr. Biden even has the au- forit. cleaned up in one election cycle.The and accrue interest, although most will be for- thority to forgive$50,000 in debt, liberals cite In Connecticut, I’m fighting for $20 fine is amethod forforcing the early voting,no-excuse absentee bal- uninformed, unconcerned, ignorant given. In other words, the feds are already set the Higher Education Act that lets the Educa- lotsand other reforms to makede- population of voters out to vote to write down a large chunk of debt. tion Secretary“enforce,pay,compromise, mocracymoreaccessible.Inpushing blindly forDemocrats. Amoresub- But unwilling to let the pandemic go to waive, or release anyright, title,claim, lien, or forthese changes,Democratsoften stantial fine would clear noneligible waste, Sens. and Chuck demand, however acquired, including any eq- mention the very people whom you voters from our voterrolls. Schumer and House Democratsare demanding uity or any right of redemption.” identifyaslesslikely to vote—“busy JOE BOCCUZZI that Mr. Biden go further and cancel as much But this authority pertained specifically to single moms,apolitical 19-year-olds, Stamford, Conn. as $50,000 in debt per person. Ms.Warren says the federally guaranteed program, which Demo- the homeless”—as areason to mod- this would cost taxpayers a wee $650 billion cratsshut down in 2010.Liberal lawyersatHar- ernizeour laws.Frustratingly, my Iwould suggest that as long as and “boost our economy right now.” vard LawSchool argueinalettertoMs. Warren colleagues on the other side of the “none of the above” is aselection in But economist Jason Furman says student that government-originated loans “are under- aisle roll their eyes and claim that all elections in Connecticut, fines loan forgiveness “likely has a multiplier close stood to have the same terms and conditions” anycitizen canfigureout away to fornonvoting would be amajor step cast aballot. forward. Beforeyou knowit, the to zero.” Mr.Biden has already waived pay- as federally guaranteed loans and “Congress So Icalled their bluff.Iproposed stateHouse would be empty and mentsand interest accrual through September. has acquiesced in this interpretation.” civic-duty voting,and people on the people could go about their busi- Delinquencies and defaults have fallen. Due to Not so. Congress has often treated the two right became newly concerned with nessrelatively unmolested by politi- record low interest rates and Mr. Obama’s in- differently. When Democrats nationalized the voteraccess. They actually admitted cians who knowwhat’sbest for come-based repayment plans,young people are student loan market in 2010, they didn’t grant that some citizens maynot have con- their electorate. able to borrow moretospend more. Newmort- the President sweeping authority to writedown venient access to the ballot. JOHN TRICKETT gage originations by 18- to 39-year-olds hit the debt. If they had, they would never have been Nowitseems we both agree that Charleston, Ark. highest level since at least 2003 in the third able to use the budget “savings” to payfor quarter of 2020. ObamaCare. The$50,000 debt absolution won’t help the Why doesn’t Mr. Schumer put his student majority of Americans who didn’t go to college loan write-down to aSenatevote? Our guessis Equity, Equality, Fairness and Good Sense or worked hard to pay off their debt. The me- even he understands this is only popular with Jason Riley’s “Progressives Putthe whole approach to the issue of racial dian student loan balanceis$22,000,and most progressive elites. Racial ‘Equity’Squeeze on Biden” equity.” But listen to the audio.The (UpwardMobility,Feb.3)touches on president startstosay “racial equal- the importanceofcontrolling the ity” but catches himself in midword. Junk Has Never Been So Va lued narrative. The“E-word” used to He says:“racial equali ...equity.” stand forequality.But over the last Theold dog hasn’t fully learned the fyou’reanover-leveraged companyatrisk nis fortheir “diversification benefits” and “high few yearsdiversity,equality and in- newtrick.His trainerswill make of default, now’s your moment to load up levels of income” and saw “significant value” clusion initiatives nowspeak to eq- surehedoes. I on more debt. Theaverage yield on U.S. in Puerto Rican bonds. uity.Why the difference? As Mr. FRED VAN BENNEKOM junk bonds dropped below4% Investors are on the prowl Riley states,equality canbeinter- Bolton, Mass. preted as equal opportunity,while for the first time on Monday The average yield on forhigh-yield corporates,and equity canassume an equal outcome, It is remarkable (though, unfortu- amid amarket scavenger hunt low-rated bonds falls money managersare cold-call- that asociety’s wealth is owned in nately,predictable) howmanypro- for higher returns. ing non-investment grade common and not primarily by those gressives accept the languageper- TheFederal Reservehas below 4% for first time. companies to pitch deals.Jan- who createit. Equity means everyone version that equality should mean pushed down long-term in- uary was a record month for has an equal shareofthe pie regard- equal outcomes.“Equal JusticeUn- terest ratesbybuying bonds junk-bond sales.Companies lessofthe contribution. der Law” isn’t cut in stone abovethe and committedtokeep short-term interest ratedinthe three lowest non-investment tiers Thewordequality has nowbeen Supreme Court fornoreason. As we ratesatnear zero through 2023.While the beforedefault have set recordsfor weekly bor- tacitly banned; it will soon be labeled enjoyedthe Super Bowl, we realized central bank’sinterventions were needed in rowing twice this year, says Bank of America. aconstruct of whiteprivilegein- it wasonly enjoyable because the March, it continued to buy corporatebonds Investorsare even snapping up junk bondsthat tended to coerce people to hard goal postsdidn’t move, the refs well intothe summer when marketsdidn’t fund dividends and those that allowborrowers work.But it’shardtounlearn the old called afair game and the result was narrative. Mr.Riley quotes the presi- “unequal.” need thesupport. to pay interest with more debt. dent as saying: “this nation and this GRADY HAUSER Chairman Jerome Powell last month reas- Asset prices are booming across the entire government need to changetheir South Elgin, Ill. sured investors that the Fed won’t take away economy—from stocks,tohouses,tocommodi- its market support until the economy makes ties and emerging markets. But while the credit “substantial further progress” toward inflation quality of home buyers has remained strong Biden Is Right on Start Treaty With Russia above2%and maximum employment. Therush during thepandemic,the same isn’t true of into high-yield corporate and municipal debt junk-rated companies. Your editorial “JoeBiden’sOld Rus- tiating newconditions troubles you. has sinceaccelerated with yields dropping due Manywerehighly leveraged beforethe pan- sia Start” (Feb.2)notes that Presi- Yetone of your complaintsagainst to great demand. demic and are now coming to market to avoid dent Biden criticized Vladimir Putin the Iran nuclear accord in 2015 was Junk-rated Chicago Public Schools and the default. Thejunk-bond rally should also worry forarresting Russian dissident Alexei that itslimitsonTehran had expira- city of Detroit recently floated bonds yielding the Fedmorethan the surge in stock prices Navalnybut then offered Russia a tion dates. “gift” by extending the expiring New Youargue that Russia violates lessthan 2%. Spreads with the AAA muni-bond sincelosses aremorelikely to bleed intothe fi- Start nuclear arms treaty.Dissidents arms accords. YetweAmericans benchmark have collapsed. Thesages at Black- nancial system. The Fed’s monetary stimulus should never be linked to diplomacy pulled out of the 1972missile-de- Rocklast month recommended high-yield mu- has a cost, even if for now it’s party on, mate. over something as existential as nu- fense treaty and the 1987 intermedi- clear war. If U.S. PresidentsNixon and ate-rangemissile treaty with Mos- Reagan had refused to negotiatenu- cow.Treaties cannot be made with Biden Sacks a Corruption Prober clear-arms reductions with Russian enemies willing to cheat, according leadersbecause of the way Moscow to you. Afavoritemotto quoted on newPresident abruptly firesaprosecu- Mr.Lausch’scorruption probes have impli- mistreated itsdissidents, America’s “The Sopranos” was: “Keep your toroverseeing high-level political cor- catedaChicagoalderman and Springfield poli- most enduring nuclear treaties with friends close,but your enemies A ruption cases.That’sbig news,right? ticians.InJuly 2020 his office announced a Russia would never have helped both closer.” In the ageof“trust but ver- sides avoid nuclear war. ify,” nuclear treaties affordboth Well, it wasin2017when Pres- $200 million settlement with Mr.Biden’sdecision to accept the sides that opportunity. ident Trump axed Preet Bhar- Even Senate Democrats the state’sprimaryelectric longest possible extension (fiveyears) FRANK RICHTER ara, the U.S. Attorney forthe wonder why he ousted utility companyfor itsefforts of the NewStart treaty without nego- Clawson, Mich. Southern District of NewYork to buy off “associates of a at thetime and amedia favor- an U.S. Attorney. high-level elected official for ite. Youcan tell powerin the stateofIllinois.” Europe Trades Long-Term Pepper ... Washingtonhas changed That official is reported to For Short-Term Interests And Salt hands because of the muted response as the Bi- be Michael Madigan, who until last month had den WhiteHouse oustsU.S.Attorney John been Speaker of the Illinois House forall but Theprimacyoftheir commercial THE WALL STREET JOURNAL Lausch of the Northern District of Illinois. two yearssince1983.The investigation is con- interestsiscited by Walter Russell JoeBiden is swiftly pushing out almost all tinuing,and there’snoreason outside of poli- Mead as the reason Germanyand Europe decline to support the U.S. U.S. attorneyswho served under his predeces- tics that Mr.Lausch shouldn’t be kept on the to counter Russia and China (“Euro- sor,which is increasingly the norm fornew job until the Senateconfirms asuccessor.Mr. cratsAre From Pluto,” Global View, Presidents. But even Illinois Sens. Lausch’sfour-year term ends in November Feb. 2). Lenin maynot have said the and TammyDuckworth, staunch allies of Mr. 2021,and getting areplacement could take exact words“the capitalistswill sell Biden, objected to his firing of Mr.Lausch, who that long. us the rope to hang them with,” has been ascourge of corruption in Demo- Mr.Madigan says he’sdone nothing wrong, though he expressed similar senti- cratic-dominated Springfield. but the unsavory bargains that grease the Illi- ments. Nothing has changed in Eu- “While we agree with the Biden Administra- nois political machine need federal scrutinyas rope in 100 years. tion’scriminal justiceagenda, we aredisap- the state’sgovernancedeteriorates.We’vede- L.C. BOHRER pointed with the decision to terminateU.S.At- fended the right of Administrations to use po- Lakewood, Wash. torney Lausch without consulting us,” the litical discretion in JusticeDepartment deci- Lettersintended forpublication should Senators said in a statement Tuesday. They sions because they canbeheld accountable.But be emailed to [email protected]. Please cited the need to “conclude sensitiveinvestiga- the Biden WhiteHouse decision to removeMr. include your city, state and tions” and added that “Mr.Lausch should be Lausch during ahigh-profile corruption probe number.All letters aresubject to “We’re looking for an executive with permittedtocontinue in his position until his is inexplicable.Voterswill knowwho to blame editing,and unpublished letters cannot the guts to make six belt-tightening be acknowledged. successor is confirmed by the Senate.” if the federal probe petersout. decisions and then resign.” P2JW041000-0-A01900-1------XA

THE WALL STREET JOURNAL. We dnesday, February 10, 2021 | A19 OPINION The NYSE Isn’t Moving—Ye t

By Stacey Cunningham Most of the original NYSE list- achieved without the tax. ings were NewYork-based compa- Financial transaction taxesforce New York nies,their shares traded by New trading activity to migratetomore he NewYork Stock Ex- York-based brokers. Now, the com- efficient markets. This is neither an changebelongsinNew panies and the brokersare global, empty threat nor mereconjecture. GES York.IfAlbanylawmakers connected electronically through When Franceimposed such taxesin IMA gettheir way,however, out-of-stateservers, transacting 2012, athirdofthe trading volume

T GETTY the center of the global theirbusinessinstantaneously. in French public companies moved

financial industrymay need to find These global companies want the VIA to London and elsewhere, according anew home. NYSE to servethem in the most ef- to the Securities Industryand Fi-

On Wednesday, with morethan ficient, least expensiveway possi- OCKET nancial MarketsAssociation. Italy 25 otherrepresentatives of New ble.We’veproved, by pandemic- introduced one in 2013,resulting in

York’ssecurities industry, Isent a driven necessity,that we canclose /LIGHTR arise in volatility.When Sweden

lettertostate legislativeleaders the physical trading floor on amo- GES imposed afinancial transactions tax

cautioning against the unintended ment’snoticeand maintain service IMA in 1984, volume migrated to London

consequences of imposing atransfer withoutmissing abeat. Similarly, PA until the taxwas rescinded. taxonstock sales.History’slesson the broader financial-services in- SO Proponentsthink reinstating New

is clear: If youtry to squeeze more dustryshutteredoffices and shifted CION/ York’sstock-transfer taxwill fill the revenue from financial firms,the workforces, without hiccups,tore- NA state’scoffersand ease itsbudget

business goes elsewhere. motelocations. JOHN challenges.But the nonpartisan Cit- While NewYork has remained a The New York Stock Exchange in its reopening day, May 27, 2020. izens Budget Commission said that center of gravity forthe financial if it had been collected this past fis- Arevived stock-transfer industry,manyemployees of “Wall to emerge from the pandemic stron- for 60% of all private-sector wages. calyear,the stock-transfer tax Street” firms aremigrating to Flor- gerthan ever.That’swhy we oppose Common-sense taxpolicyhelped would have yielded only athirdof taxthat is moving ida, Texas and other states with the return of the stock-transfer tax. createthis benefit. Astock-transfer the revenue itsadvocates estimate: in Albanycould force hospitable taxpolicies.New York’s Thelast thing we want to do is taxcould destroy it. “In fact, the State would likely leadersdid the right thing in 1981 leave aplacewelove, especially be- Thestock exchangeand Wall amassevenless, sincefirms might us to find anew home. when they made thestate’s stock- cause of aflawedpolicy. Street generally won’t bear the bur- avoid the taxbyusing newtechnol- transfer taxdormant through a Financial transaction taxeshave den of the tax. Theend investor will ogyorrelocating the trading por- 100% rebate. If lawmakersopt to re- adismal track record.They never ultimately pick up the tab. Thelevy tion of their businesses outside New Themodern NYSE traces itsori- instatethat tax, the NYSE mayneed live up to the promises about how would be explicitly passed back on York.” gins to the time when NewYork to followthe lead of those relocat- much revenue they’ll raise.They customer orders.Thereisalso an It doesn’t have to be this way. City wasthe nation’scapital but not ingfirms.Some of our customers damagecapital marketsand destroy implicit cost as market participants Thesecurities industryshould stay yetthe financial capital of the arealready asking about our will- high-paying jobs.Anunderstanding forced to paythe taxincorporateit in the Big Apple whereitbelongs. world. Amsterdam held that title ingnesstorelocate. of these realities recently sunk a intotheir prices,raising the prices But if NewYork is to remain the fi- before surrendering the torchto TheNYSEunderstands what similar proposal in NewJersey. paid by individual investors. Van- nancial capital of the world, it London in the early 1800s.New Covid-19 has done to NewYork.Our In NewYork,the securities in- guard estimates that afinancial needs to avoid the folly of this tax York,and the U.S. morebroadly,has headquartersare in Manhattan. dustry generates an estimated 18% transactiontax of 10 basis points and showthat it truly understands been the center of global financial Most of our employees liveinthe of statetax collections.InNew York would forceretirement-account in- howmarket forces work. powersincethe end of World War region. We ownhomes,eat at res- City, according to the U.S. Bureau of vestorstowork roughly 2½ years II, but it shouldn’t take itsposition taurants, and payour taxesinNew Labor Statistics, the financeand in- longer before retiring to reach the Ms. Cunningham is president of forgranted. York.Weall want the city and state suranceindustries areresponsible same savingsgoals they might have the New York Stock Exchange. Have Teachers Unions Finally Overplayed Their Hand?

Perhaps it doesn’t poverty,segregation and “sys- shown that charter studentsoutper- parably educating the remaining verage to demand betterpay and receivemuch atten- temic” racism. We’retold that formed similarly motivated peersin majority of children from those mo- benefits for the employees she rep- tion anymorebe- blaming traditional public schools traditional public schools who ap- tivated families?” resents. In recent weeks,elected of- cause it’sbecome so forsubstandardstudent outcomes pliedtoacharter but weren’t ad- It’sagood question, and one that ficials in SanFrancisco, Chicagoand commonplace. The isn’t fair given the rawmaterial mitted. But there’sanevenmore moreAmericans aresuretobeask- elsewherehavestarted to complain best schools in New that teachershavetowork with. fundamental problem with the “mo- ing in the wake of the pandemic. publicly about the strong-arming, UPWARD York stateare again But if astudent’seconomic back- tivation” explanation of charter suc- Covid-19 has exposed just how but it won’t shock youtoknowthat MOBILITY public charter ground is so decisive, or if black cess,asThomas Sowell explains in much control teachersunions have this is being done out of expedi- schools.Ho-hum. studentsneed to be seated next to his most recent book,“Charter over K-12 education and, by exten- ency, not principle.For decades,the By Jason L. According to the whites to understand Shakespeare Schools and Their Enemies.” sion, over so much else that affects big-city Democratswho oversee our Riley most recent data and geometry, howcan it be that so our everyday lives.Randi Wein- largest school systems have enabled from School Digger, manyofthe most successfulpublic garten,head of the 1.7-million-mem- the teachersunions in return for awebsitethat aggregates test score schools aredominated by low-in- Their rigid opposition to ber American Federation of Teach- generous political support. In effect, results, 23 of the top30schools in come minorities? ers, wakesupevery morning in they’reonMs. Weingarten’spayroll NewYork in 2019 were charters. Some will arguethat charter charterschools and in- search of waystokeep children as well. Thefeat is all the moreimpressive schools obtain these resultsby person learning has parents confined to traditional public We’ll find out in time if the because those schools sported stu- picking the best students, which schools,regardlessoftheir quality. unions have finally overplayedtheir dent bodies that were morethan isn’ttrue. Of the 43 states that and even politicians fedup. She and her thousands of stateand hand. TheNew York Times reported 80% black and Hispanic,and some have charters, all but three—Ari- local affiliateunions do this be- this week on the recent “shiftinat- two-thirds of the kids qualified for zona, Colorado and Wyoming— cause it is good fortheir dues-pay- titudes toward the unions in afflu- free or discount lunches.The Em- mandatethat lotteries be used to “While those parentswho enter ing members, and those interests entsuburbs and urban neighbor- pireState’s resultswerereflected choose studentsrandomly.Wash- their children’snames in the lotter- come beforethe studentsand their hoods.” Some parents “have moved nationally.InaU.S. News &World ingtonPost education writer Jay ies foradmission to charter schools families. their children intoprivateschools, Report ranking released the same Matthews reportsthat even states maywell be moremotivated to pro- Afailing school maybeadisas- which aremorelikely to be open, or year,three of the top10public high that don’t officially requirethe use motetheir children’seducation, and terfor students, but it still means charter schools,which arejust as schools in the countrywerechar- of lotteries use them anyway or to cooperatewith schools in doing lotsofmiddle-classjobs forMs. likely to be closed, but in some ters,aswere23ofthe top100— employ“other impartial waysofad- so,those who win in these lotteries Weingarten’smembers. Remote cases pivoted faster to live, online even though charters made up only mitting students.” aregreatly outnumberedbythose learning maydefythe recommenda- teaching.” If this is areal trend, it’s 10% of the nation’s24,000 public Asecond popular argument who do not win,” Mr.Sowell writes. tions of just about everypublic overdue.Liberals liketocomplain high schools. against charter schools is that they “When charter schools take afrac- health expert and frustrateparents about persistent racial inequality, We aretold constantly by de- benefit from having motivated stu- tion of the children from motivated who struggle with home schooling butadecent education is the first fendersofthe education status quo dents, which is true but misleading. families,why does that prevent the and need to getback to work,but it step in addressing it, and teachers that the learning gapisrooted in Numerous empirical studies have traditional public schools from com- gives Ms.Weingarten enormous le- unions arestanding in the way. What Taught Us About Making Policy

By John F. Cogan Club of Chicago. “Those of youfamil- dents—eagerly accepted his invita- regulations to impose standards of think tank—the StanfordInstitutefor And John B. Taylor iar with sailing knowwhat atelltale tions and will missthem nowthat he conduct proliferate...bringing more Economic PolicyResearch—togive is—a strip of cloth tied to amast to is gone. and morelitigation, which only keeps them aplacetomeet and shareideas. othe world, George P. Shultz showwhich way the wind is blow- These get-togetherswere, in part, diverse people apart and obstructs It thrives today. T wasone of the 20th century’s ing,” he explained. “A captain has the social. But they also had amoreim- thegoal of Epluribus unum.” Shultz recognized that true wisdom most consequential people—a choiceofsteering his ship by the tell- portant purpose: to develop big poli- TheShultz way recognized the im- comes from alifetime of learning.In giantofeconomics and diplomacy. tale,following the prevailing winds, cies and figure out howtoturn ideas portanceofpublic and privateinsti- the Marines during World WarII, a Theman we knewhad aunique abil- or to steer by the compass. In ade- to action. tutions. As dean of the University of drillsergeant handed him aweapon, ity to translateideas intopolicies. mocracy, youmust keep your eyeon Shultz’s meetingsproduced many Chicago’sbusinessschool, leader of saying,“Never point this rifle at any- Call it “the Shultz way.” the telltale,but youmust set your policypapersand op-eds.Hewould body unlessyou arewilling to pull the It always began with agoal. He course by the compass.” suggest atopic and drafts would cir- trigger.” He carried that lesson with wanted to expand liberty and pros- His policyapproach focused on the culate. In the Shultz way,itdidn’t Begin with a goal, focus himthrough life, and it informed his perity and knewfreemarketswere long term. He sought to identifychal- matterwhether the policyideas came approach to diplomacy. “No empty the best way to do it. At Princeton lenges as they emergedand develop from liberals or conservatives.Ideas on the long term, talk threats,” he would oftensay. he’dbeen avarsity football player, policies to ensurethat they didn’t be- were judged on their merits. He was to the other side, and We liveinpartisan times.Alittle and he oftenused sportsanalogies. come problems.Heloved bringing aRepublican, but his approach to bitofthe Shultz way could help us The“accountability factor is unavoid- people together to hash out policy policydevelopment wasnonpartisan. never make empty threats. meet our biggerchallenges.Some- able in all sports,” he’dsay.“Thefree solutions.Shultz wasthe “great con- TheShultz way focused on steering times the other side has agood idea. market system is one of accountabil- vener.” He regularly gavedinnersand the discussion to managerial or ad- If younever sitdownand talk,you ity,which will work relentlessly lunches at his house on the Stanford ministrativeactions that didn’t vio- four government cabinet agencies, might never hear about it. Trust is against bad performanceand reward campus or in SanFrancisco. He held lateprinciples. and aHoover and Stanfordfellow, he thecoin of the realm. the good.” seminarsinhis conferencerooms at “Trust is the coin of the realm” devoted himself to institutional im- In developing policies,the Shultz the Hoover Institution,bringing to- washis famous phrase.InShultz’s provements.Healso built newinsti- Mr. Cogan is author of “The High way took account of the politics sur- gether diverse groups of academics. view, mutual trust wasnecessaryto tutions.Heoncethrew aparty for Cost of Good Intentions.” Mr. Taylor rounding an issue but never lost sight He hosted Nobel Laureates likeMil- achieving progressinall walks of life. the famous economist Robert Solow, is aprofessor of economics at Stan- of the goal. In 1971, as director of the tonFriedman and GaryBecker at an Between agovernment and itsdi- who wasvisiting from MIT. Shultz ford andco-author, with George P. OfficeofManagement and Budget, he annual economistsweekend in Mon- versecitizens,itwas essential: noticed that his Stanford friends Shultz, of “Choose Economic Free- explained his approach to policy terey, Calif.Policymakersofboth “Aboveall, governing diversity re- didn’t seem to knoweach other very dom.” Both aresenior fellows at the making in aspeech to the Economic parties—includingformer presi- quires trust among all.Without trust, well, so he started anew campus Hoover Institution.

PUBLISHED SINCE 1889 BY DOWJONES&COMPANY America Is Back. Where Were Yo u? Rupert Murdoch Robert Thomson Executive Chairman, News Corp Chief Executive Officer, News Corp By Rondi Adamson election night, Prime Minister Justin store. First, virtue signaling: Messrs. Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher Trudeau said, “On behalf of 35 million Biden and Trudeau both made a Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: Toronto Canadians,we’reback.” He wasre- showofselecting diverse cabinets. Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; anada and the U.S. have much electedin2019,and though his par- Mr.Biden rejoined the powerless Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; in common—history, geogra- liamentarymajority wasreduced to a Paris Agreement and Mr.Trudeau News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; C phy, cultureand cherished val- minority,heand we remain back. triedtowin Canada aU.N.Security Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer ues of free speech and assembly. WherewereCanada and the U.S. Council seat. He failed, but we’re Andrew Dowell, Asia; AnthonyGalloway, Video & Sincethe U.S. election in November, beforecoming back? Away,appar- still back.You mayget to knowthe Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; we have something moreincommon: ently. Gone baby,gone.The U.S. and feeling. Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; We areboth “back.” President Biden Canada suffered through modern Second, though youhaveelected Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; tweeted as much acouple of weeks Dark Ages,dictatorial enemyoccupa- agreed-on good people,you will still Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News afterthe election: “Americaisback.” tions from which therewas no re- have problems.You might even have Thomas SanFilippo, Customer Service; Themayor of Paris,Anne Hidalgo, spiteand in which therewas no worseproblems,but therewill be GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; also tweeted a“Welcome back” to hope.That is,until citizens voting in lessdiscussion of them, lessparsing Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Americathat month. Acouple of free elections,following yearsof and hysteria. That in itself canbea Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International weeks ago, the TorontoStarfeatured open debateand criticism, ousted relief.What did Shakespearewrite? WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: an article with the headline “Joe Bi- President Trump and Prime Minister “Thereisnothing either good or bad, LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head den’s inauguration wasamessageto Stephen Harper. but thinking makes it so.”

EDITORIAL AND CORPORATEHEADQUARTERS: the world: Americaisback.” Canada has been back forlonger 1211 Avenue of the Americas, New York, N.Y., 10036 Canada has been back sinceOcto- than the U.S.,but Americans have al- Ms. Adamson is aCanadian Telephone 1-800-DOWJONES ber 2015,when, on his victorious ready gotten atasteofwhat’sin writer. P2JW041000-0-A02000-1------BP

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BY MAUREEN FARRELL of convertible debt, is designed months that wassparked in nies.The PacBio investment record-breaking quarter forthe Disputes to help acceleratethe commer- part by anew joint venture will be made through Soft- $100 billion Vision Fund and a SoftBank Group Corp.plans cialization of the company’s with Invitae Corp., amedical- Bank’srecently established as- net profit overall equivalent to to put $900 million intored- technology, SoftBank and genetics company. set-management arm, SB about $11 billion. Security hotgene-sequencing company PacBio plan to announce PacBio,whose shares areup Northstar,which investsin SB Northstarposted an in- Pacific Biosciences of Califor- Wednesday. 11-fold sinceJuly,has also listed tech companies. vestment lossofalmost $1.6 nia Inc., as the Japanese tech- It comes on topofaroughly brought in newmanagement, Theunit has recently made billion, but SoftBank Chief Ex- nologyconglomerateramps up 6% stakeinPacBio that Soft- includingachief executive. betsoncompanies including ecutiveMasayoshi Son said on Threat in anew public-equity investing Bankhad already accumulated SoftBank,best known lately Kahoot, aNorwegian online-ed- an investor call that it was effort. and will givethe Japanese in- formaking big investmentsin ucational-game platform, and notching gains now. PacBio,asitisknown, pro- vestor significant sway over privatetechnologycompanies Sinch, aSwedish firm that Theunit, in which Mr.Son Lawsuit duces next-generation DNA-se- the Menlo Park,Calif., com- out of a$100 billion fund, has helps companies communicate has aone-thirdstake,made quencing systems used to re- pany. been retooling,selling off large with customersusing cloud- waveslast year when it placed search diseases and develop PacBio has amarket value of holdingsand buying back stock. based tools.Both areupsince abig bet that the stock prices BY DAN STRUMPF treatments. $7.4 billion afteradramatic It has also increased itsfo- SoftBank invested. of some largetech companies Theinvestment, in the form jump in itsshares in recent cus on publicly traded compa- SoftBankjust announced a PleaseturntopageB5 HONG KONG—China’s Hua- weiTechnologies Co.filed a lawsuit in the U.S. disputing its designation as anational secu- Hacker Wall Street BreedsaNew ClassofTechGiants rity threat by the Federal Com- munications Commission, step- Investorsflocked to recent tech IPOs likeAirbnb and DoorDash, Market caps of the Top20 ping up legal challenges in the tech IPOs in 2020 countrydespiteachangeofad- Breaches believing the companies will transform their sectors. Through Jan. 2021 ministration in Washington. Thatexcitementhas given younger firms,typically with Affirm Thelawsuit filed Mondayin elusiveprofits, market valuations severaltimes higher Snowflake the U.S. Court of Appeals for Game Unity the FifthCircuit asked forare- than their establishedcounterparts—even as thoseolder viewofanFCC ruling last year that found the companyposes companies have farmorerevenue and profits. DoorDash Maker Lufax anational security threat and By Stephanie Stamm, YanWuand EliotBrown blocked American telecommu- BY DAVE SEBASTIAN nications operatorsfromac- AND SARAH E. NEEDLEMAN Current market value ...and value compared Revenue compared cessing amultibillion-dollar compared with revenue with othersinthe sector 2019 revenue, beforethe global fund to buy Huawei-made tele- Thecompanybehind “Cy- Airbnb pandemic affectedsales. comgear. berpunk 2077” said its inter- Having sincegrown to $120.4B Thecomplaint is Huawei’s nal systems were breached in $120.4 billion, Airbnb’s latest challengetothe U.S.’s nu- acyberattack and the pur- market capitalization merous actions targeting it over ported hacker threatened to makes it more Hilton the past several years. The Airbnb release the software code un- valuable than many 2019 Trump administration blocked Marriott derpinning the blockbuster tophotel chains REVENUE the companyfromaccessing videogame and other works in combined. Marriott, American technologyand progress, adisclosurethat Hyatt and Hilton’s $4.8B PleaseturntopageB2 sent itsstock tumbling and combinedmarket Hilton Marriott presented afresh challengefor capitalization is the embattled developer. roughly $41billion VALUEATIPO CD Projekt SA on Tuesday shyofAirbnb’s, Hyatt PepsiCo said an unidentified hacker ac- despitetheir Hyatt Wyndham cessed itsinternal network higher revenue. andcollected corporatedata Renames in what the companyde- scribed as atargetedattack. Thecompanysaid it has begun Pancake restoring the dataand that its DoorDash $59.6B The food-deliveryleader DoorDash Domino’s backups remain intact, though Pizza some network devices re- is growing revenue even Wendy’s Favorite mained encrypted. Thecom- faster than Airbnb— Yum! Brands Yum! Wendy’s promised systems didn’t con- morethan 200% in 2019, Includes KFC, Pizza Brands BY JENNIFER MALONEY tain personal dataofits beforethe pandemic. Hut, Taco Bell and The Habit Burger players or usersofits services, The eight-year-old Grill Aunt Jemima is nowPearl company—which makes $885M Domino’s the Polish company said. Pizza DoorDash’s market capitalization Milling Co. Thehacker leftaransom moneybytaking acut of nowexceedsthatofjustabout The PepsiCo Inc.unit that note in CD Projekt’ssystem, everydelivery—has yet everylarge restaurantchain in sells Aunt Jemima pancake the companysaid. In the un- to turn afull year profit. the country, save forMcDonalds products unveiled the new dated note, acopy of which CD and Starbucks. Its valuation is name on Tuesday, officially Projekt posted on Twitter,the also eighttimes thatofGrubhub, retiring abrand that had hacker threatened to sell or an older online-deliverycompany come under criticism forits Snowflake thathas grownataslowerrate. leak videogamesource codes $88.9B origins in racist imageryof and internal documents if the Newcloud computing and Black people. companydidn’t come to an software companies have Dropbox Pearl Milling Co.was the agreement with the hacker. seen theirstockssoar in creator of the original self-ris- Thehacker gavethe company the pastyear.Stock VMware ing pancakemix,first mar- 48 hours to contact them, ac- market investorshave Snowflake ketedas“Self-Rising Pancake cording to the note. valuedSnowflakeas Hewlett Flour” before it wastrade- Packard “Wehavedumped FULL farlarger than Enterprise VMware marked in 1890 under the copies of the source codes HewlettPackard $265M* Dropbox Aunt Jemima brand. from your Perforce server for Enterprise,despite HewlettPackard Thenew packaging,which Cyberpunk 2077, Witcher 3, having afraction of Enterprise will appear in June,will retain Gwentand the unreleased ver- the revenue. much of the current colors sion of Witcher 3!!!” the note and design. Thecompanyhad said.“We have also dumped already dropped the imageof all of your documentsrelating aBlack woman from itsbot- to accounting,administration, *Snowflakerevenue data is forfiscal year running from February 2019 through January 2020 tles andboxes. legal, HR,investor relations Sources: Dealogic (top tech IPOs); FactSet Contributions by Todd Lindeman and Erik Brynildsen/THE WALL STREET JOURNAL “Our changes areinline and more!” with PepsiCo’s journey toward CD Projektshares fell about PleaseturntopageB12 5% in trading.ACD Projektrepresentativede- clined to comment on what PleaseturntopageB2 TwitterAdds Users, Expects Growth to Slow

BY SARAH E. NEEDLEMAN people started to spend more forthe current quarter but outside the U.S. “Weare also ently and consistently,wefind INSIDE time online and on social me- said it made an exception due notdependent upon just news that advertisersfeel better, not Twitter Inc.added users dia—and that Apple Inc.’s to unusual circumstances,re- and politics being on Twitter.” worse, about partnering adver- through the holidayquarter pending privacychanges could ferring to Mr.Trump’ssuspen- Thecompanydidn’t discuss tising on Twitter,” he said. and said it continued to add have amodest impact on its sion from the platform and the the specific impact of Mr. Shares in Twitterrose 3% in moreinJanuary, amonth advertising business. Jan. 6attack on the U.S. Capi- Trump’sabsenceonadvertising, extended trading,asthe com- when it booted one of itsmost Twittersaid it gained more tolbyamob of his supporters. itsmain source of revenue.But panyreported stronger-than-ex- prominent users:former Presi- daily usersinJanuarythan the “Weare aplatform that is in an interview, Ned Segal, pected revenue and profit in the dent Donald Trump. averagenumber it has added obviously much largerthan any Twitter’sfinancechief,indicated latest period. Itsstock priceis Thecompanysaid Tuesday in that monthoverthe past one topic or anyone account,” that the company’sdecision was up 62%overthe past 12 months. that user growth might slow four years, but the company TwitterChief ExecutiveJack well-received by advertisers. Twitterbanned Mr.Trump this year compared with the declined to sharemoredetails. Dorsey said on an earningscall “When we layout our prin- shortly afterthe assault on the TELEVISION earlymonths of the coronavi- Twitterdoesn’t normally pro- with analysts, adding that 80% ciples and our policies,and Capitol, citing arisk of further Super Bowl broadcast ruspandemic—when many vide guidanceonuser growth of the company’saudienceis we’veenforcedthem transpar- PleaseturntopageB2 drawsthe lowest audiencesince 2007. B4 Vo rnado Realty Examines Ties to Trump Organization JOURNAL BY CRAIG KARMIN Thepartnership includes in debt due in the next few

AND BRIAN SPEGELE two of the Trump Organiza- years. REET tion’s most valuable assets. Vornado Realty Trust exec- ST LL

One of the nation’s biggest Losing them would shrink the utives have recently had inter- WA real-estateinvestors, which is Trump Organization’sbusi- nal discussions about buying THE

COMMODITIES runbyalongtime friend of ness,just as it has struggled out the Trump Organization’s R Pent-up demand helps Donald Trump,isexploring with the decline in travel and 30% stakes in an office tower FO waystoend alucrativepart- leisurespending due to the in MidtownManhattanand in diamond prices regain JONES nership with the former presi- coronavirus pandemic. a property in San Francisco’s Y their sparkle aftera

dent’sreal-estatecompany, Asale could benefit Mr. financial district that the com- GABB slump. B13 people familiar with the mat- Trump’sbusinesses,which panies jointly own, people fa- The office building at 1290 Avenue of the Americas in Midtown ter said. have more than $400 million PleaseturntopageB7 Manhattan is one of the Vornado-Trump partnership properties. P2JW041000-4-B00200-17FFFF5178F

B2 | We dnesday, February 10, 2021 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes citenotablereferences to mostparent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes. Cyberpunk A GPB Capital...... B13 News Corp...... B4 AEG Presents...... B6 H Nissan Motor...... B14 Alphabet...... B14 NorthPoint Development Hewlett Packard Maker Is GES Alrosa-Nyurba OAO..B13 ...... B6 Enterprise...... A2 IMA Nvidia...... B14 Amazon.com...... A2 Holt Lunsford NXP SemiconductorsB14 American Express.....B14 Commercial Hacked GETTY

Amma...... B13 Investments...... B6 O SE/ Ancora...... B12 Hong Kong Exchanges Oracle...... A2 Anglo American...... B13 and Clearing...... B12 P ContinuedfrompageB1 Ant...... A1 Huawei Technologies means the hacker used to gain ANCE-PRES PepsiCo...... B1 FR Apple...... B1,B14 ...... A2,B1 Potbelly...... B12 access to systems and data. It

Hunt Southwest...... B6 ENCE B Prologis...... B6 isn’t clear whether the hack Hyatt Regency...... B6 actually obtained code for CD AG Barclays...... B7 R Bed Bath & Beyond..B12 HyperConnect...... B3 Projekt’s games. Hyundai Motor...... B14 Renesas Electronics.B14 Security analystshavesaid ANSKI/ Big Lots...... B12 DW

Black Knight...... A3 I S ransomware attacks,inwhich RA BPCE...... B12 Salesforce...... A1 hackers cripple software sys- Infineon-Cypress...... B14 JTEK Shopify...... B5

tems until they receivea WO C J Smartmatic USA...... B4 bounty, have been on the rise The maker of the videogame said the compromised systems didn’tcontain personal data of its players. Capital One Financial JPMorgan Chase...... B12 Sun Venture...... B6 in recent yearsalong with the ...... B14 CD Projekt...... B1 L T financial demands. demandsnor negotiatewith ferrefunds.SonyCorp.pulled as measured by sales of physi- Compagnie Financière LVMH Moët Hennessy Taiwan CD Projektcould suffer sig- theactor,being aware that the game in December from its calcopies of the game,accord- Richemont...... B13 Louis Vuitton...... B13 Manufacturing...... B14 nificant financial losses should this mayeventually lead to the PlayStation Storeamid the ing to NPD Group. D Lyft...... B3 Tesla...... B5 code for any of its unreleased release of the compromised complaints.CDProjektexecu- Other videogame companies Total...... B14 games getout because con- data,” CD Projektsaid. “We tives apologized to players have dealt with hacks of their Derwent London...... B6 M T. Rowe Price Group...A1 sumers could then become are taking necessary steps to andpledged improvementsto systems or leaks of customer ...... B7 Match Group...... B3 Trump Organization....B1 lessinterested in buying the mitigate the consequences of the product. data. UbisoftEntertainment Deutsche Finance Microchip Technology Twitter...... A2,B1 official work from the com- such arelease,inparticular by Despitethe challenges,“Cy- SA,known forits Assassin’s International...... B6 ...... B14 V panyoraretailer,said Ray approaching any parties that berpunk 2077” wasone of the Creed series,suffered one in F Mission Advancement Volkswagen...... B14 Walsh, who works at ProPri- maybeaffected due to the top-selling videogame titles 2013.Atthe time the company Facebook...... A2,B5 ...... B13 vacy.com, adigital-privacyad- breach.” world-wide last year, accord- said one of itswebsites was W Ford Motor...... B14 N vocacy group in the U.K. Thecyberattack is the lat- ing to industryanalysts. CD hacked, leading to unauthor- Forward Air...... B12 Warburg Pincus...... A1 National Football CD Projektcountsonly two est issue facing the videogame Projekt sold 10.2 million digi- ized access of account user- G League...... B4 Y major franchises in itsportfo- developer whose reputation tal copies of the game world- names,encrypted passwords General Motors...... B14 Natixis...... B12 Yoo Capital...... B6 lio—Cyberpunk and the has been dented by the rocky wide in itsdebut month of De- and email addresses,though Witcher— and has indicated rollout of itsmost ambitious cember,making it the most no financial information was that it is in the midst of devel- project, “Cyberpunk 2077.” successful game launch of all obtained. Roughly adecade oping newcontent forboth. Thecompanyisoverhauling time by that metric,according ago, ahacker stole names, INDEX TO PEOPLE Thecompanysaid it has ap- the game,which afterits re- to estimates from Nielsen’s birth dates and other sensitive proached authorities including lease in December experienced SuperData. In the U.S. it was information fortens of mil- A I Niswonger, Scott...... B12 lawenforcement and Poland’s glitches that resulted in adel- also the second bestselling lionsofpeople who played Aguzin, Nicolas...... B12 Ismail, Daniel...... B6 R national data-protection office. uge of player complaints and game of December,and the games online through Sony’s B J Reilly, Eugene...... B6 “We will not give in to the prompted the company to of- 19th bestselling game of 2020, PlayStation console. Beauchamp, Katie.....B13 Johnson, Omar...... B13 Ren, Zhengfei...... B1 Bryar, Marcel...... A3 K S Twitter’s daily activeusers, C Segal, Ned...... B1 Kaepernick, Colin...... B13 quarterly Cha, Laura...... B12 Kato, Mio...... B14 Silber, Shlomo...... B6 Skinner, Kevin...... A3 4Q 2020 Chadwick, James...... B12 Knott, Michael...... B6 200 million Son, Masayoshi...... B1 192M Clarke, Andrew...... B12 L T D Lai, Jimmy...... A11 Daikeler, Carl...... B3 Li, Charles...... B12 Tai, Calvin...... B12 Dorsey, Jack...... B1 M - N U 150 DuVernay, Ava...... B13 Uchida, Makoto...... B14 Ma, Jack...... A12 G - H Mayer, Kevin...... B3 Z Garibaldi, Dawn...... B12 McLaughlin, Ralph...... A3 Zimmer, John...... B3 Hodari, Jamie...... B6 Meng, Wanzhou...... B2 Zuckerberg, Mark...... B2 100

partsand machinerysothat Huawei U.S. companies canalso de- 50 velop with the Chinese econ- omy,” Mr.Ren said Tuesday. Files Suit TheBiden administration hasn’t clearly spelled out its 0 approach to Huawei. During a In the U.S. hearinglast month, President 2016 ’17 ’18 ’19 ’20 Biden’snominee forcommerce Source:the company secretary, Gina Raimondo, ContinuedfrompageB1 vowedtoprotect the U.S. sought to persuade allies that against Chinese technology Twitter Huawei’stelecom gear pre- threatsbut declined to promise sented national security risks. to maintain the Commerce De- Huawei’slawsuit said the partment’sblacklisting of Hua- Users FCC’sruling in December wei, pending areview. exceeded itsauthority and was Huaweipursued acombative “arbitrary, capricious,and an legal response to the Trump ad- Increase abuseofdiscretion, and not ministration’sactions,challeng- supported by substantial ing both the FCCand aU.S.law evidence.” that barred the companyfrom ContinuedfrompageB1 An FCCspokeswoman said, doing businesswith American violence and repeated viola- Earn Extra Income “Last year the FCCissued afinal contractors. Afederal judgein tions of itsrules.Several other designation identifying Huawei Texas threw out the lattersuit social-media companies,includ- as anational security threat last year. ing Facebook Inc.and Alphabet basedonasubstantial body of Aseparatechallengeagainst Inc.’sYouTube, also removed evidencedeveloped by theFCC the FCCfiled in 2019,which the former president from their Lending Your Fully and numerous U.S. national se- also disputes the designation of platforms forsimilar reasons. curity agencies.Wewill continue Huaweiasasecurity threat, is Themoves drew criticism continuing. from some prominent conserva- Thelegal effortsreflect Hua- tives.Rep.Madison Cawthorn Paid Shares Thelegal efforts wei’spush to exhaust all of its (R., N.C.), radio personality options as it faces the prospect , attorney Madison reflect thecompany’s of losing what remains of its Gesiotto and FoxNewsanchor pushtoexhaustall of foothold in the U.S. telecommu- indicated they nications market. Huaweiexec- would leave the platforms. itsoptions. utives have long voiced frustra- Forthe December-ended Starting at $0 Commissions tion with Western suspicions— quarter,Twittersaid daily us- never publicly proven—that the ersclimbed to 192 million from 1 companyposes security risks 187 million in the thirdquarter on US listed stocksand ETFs to defend that decision.” and have challenged U.S. offi- and from 152 million ayear U.S. officials have long said cials to present evidenceofany earlier.Its U.S. user base grew that Beijing could exploit Hua- espionage. by one million in the fourth weitelecom gear to spy or dis- Despiteworries in Washing- quarter from the thirdquarter. rupt net- ton, Huaweihas long partnered Meanwhile,Facebook re- works,though they haven’t with ruraltelecom carriers ported itsuser count in the publicly shown evidenceofany acrossthe U.S. that have U.S. and Canada fell forasec- such behavior.Huawei’s praisedits prices and the de- ond consecutivequarter,with founder,Ren Zhengfei, has said pendability of itsservice. Com- Chief ExecutiveMark Zucker- the companywould never spy panyexecutives had hoped berg noting that increasingly on behalf of anycountry. Huaweicould build on that re- politicized conversations on Huaweifiled itslawsuit cord to work with largeropera- have hurt users’ hoursbeforeMr. Ren told a tors and pitch itssmartphones experience.Mr. Zuckerberg groupofjournalistsinChina to U.S. consumers. said that Facebook planned to that he hoped the Biden admin- Mr.Ren said in his remarks no longer recommend political istration would be moreopen Tuesdaythat the companystill and civic groups for users to policies “that areinthe in- managed to increase both profit world-wide and that the com- terestsofU.S.companies,” add- and revenue last year despite panywas studying waystore- ing that he would welcome a thechallenges,although it has ducethe amount of political phone call from the newpresi- yettoreport its2020 earnings. content in users’ news feeds. dent. In 2019,Huaweimade about Similar to other advertising- ibkr.com/lendit “Westill hope to be able to $9.7 billion in profit on more reliant social-media platforms, buy alot of U.S. components, than $130 billion in revenue. Twitterposted record fourth- quarter revenue,typically the strongest period forthe com- pany. Revenue rose 28% from a year earlier to $1.29 billion, in asign Twitterisrecovering from asudden steep decline in advertising sales at the start of Interactive Brokers Rated #1 the pandemic. Twitter’snet income nearly Best Online Broker 2020 by Barron’s* doubled from ayear agoto

S $222 million, or 27 centsa share. Forthe full year,the PRES companyposted alossof$1.14

ZUMA billion, or $1.44 ashare, though A/ itsresultswereaffected by tax- Member -NYSE, FINRA, SIPC –*Interactive Brokers rated #1, Best Online Broker according to related adjustments.

XINHU Barron’s Best Online Brokers Survey of 2020: February 21, 2020.For more information see,ibkr.com/ Forthe firstquarter,Twit- info -Barron’s is aregistered trademark of Dow Jones &Co. Inc. [1] IBKR Lite provides commission- free trades in US exchange-listed stocksand ETFs routed to select market makers. IBKR may charge SIWEI/ terguided revenue between

N non-commission related fees. For more information, see ibkr.com/liteinfo 10-IB20-1398CH1303

PA $940 million and $1.04 billion, The tightercontrols have had the greatest impact on the company’s as analystspolled by FactSet business. AHuaweiexhibit in Beijing lastyear. expected $965 million. P2JW041000-2-B00300-1------XA

THE WALL STREET JOURNAL. ** We dnesday, February 10, 2021 | B3 BUSINESS NEWS Beachbody Lyft LimitsLossesWithCostCuts To Form Ride-hailing company Lyft's quarterly revenue and Fitness posts35% revenue fall netlosses foryear; sees quarterly $1.0 billion Revenue Net loss SPAC profit by end of 2021 0.8 0.6 BY LAURA COOPER BY PREETIKA RANA 0.4 Fitness-and-nutrition busi- Lyft Inc.posted anarrower nessthe BeachbodyCompany annual lossevenasthe corona- 0.2 Group LLC plans to merge viruspandemic hammered its

with a blank-check company business, signaling that the ride- CK 0 affiliated with former TikTok hailing companyispivoting to- TO Chief ExecutiveKevinMayer, ward profitability despitethe –0.2

in adeal that values the com- crisis. SHUTTERS

panyatnearly $3 billion. TheSan Francisco-based A/ –0.4 /EP Beachbody,which is known companysaid itsrevenue in –0.6 forits streaming fitnesscon- 2020 declined 35%to$2.4bil- URENT

tent and nutritional meal lion. Itsnet lossfor the year was LA –0.8 plans, will combine with $1.8billion, compared with a 2019 ’20

blank-check company Forest year-earlier $2.6billion. Lyft’s ETIENNE RoadAcquisition Corp.and bottomline wasbuoyedbyag- The app saved $360 million through cost cuts in 2020 even as the pandemic devastated business. Sources: S&P Capital IQ;the company trade on the New York Stock gressivecost cutsthat included Exchangeoncethe deal closes, furloughing workers, trimming stateinthat month. Shares wasbroadly in line with Wall lysts, Chief Financial Officer companyseparately benefited according to the executives in- salaries andother operational jumped over 10% in after-hours Street’sexpectations,though the Brian Robertssaid the company from phasingout rider incen- volved in thedeal. changes,resulting in cost sav- trading Tuesday, boosted by the net losswas biggerthan ana- could achievethat target as tivesand discounts. Stateslike As part of the deal, Myx ingsof$360 million last year, company’sfull-year results. lystshad forecast. Analystssur- early as the thirdquarter. Texas and Florida were showing FitnessHoldings LLC,anat- PresidentJohn Zimmer said in Lyft posted fourth-quarter veyedbyFactSet had predicted While Lyft’s activeridersfell signs of recovery,executives told home connected cycling pro- an interviewTuesday. revenue of $570million, slightly on averageafourth-quarter net to 12.5million in the fourth analysts, while the West Coast vider, would become part of “Weused an incredibly tough higher than in the preceding loss at $391 million. quarter from 23 million in the waslagging. Beachbody. year to set us up forlong-term threemonths,but down 44% Lyft’s adjusted lossbeforein- year-earlier period, averagerev- Rival Uber Technologies Inc., Beachbody will ownand op- growth,” he said in the inter- from ayear earlier.The com- terest, taxes, depreciation and enue per rider jumped to $45.40 which reportsfourth-quarter re- eratethree online fitnessbusi- view, reiterating that the money- panysaid asurge in Covid-19 amortization also widened in the from $44.40 over the three sultsWednesday, has offset the nesses, including Beachbody losing companyisontrack to cases in key marketsand new fourth quarter to $150 million months.That marked arecord decline in itsrides businesswith on Demand.Beachbody has post aprofitable quarter on an lockdowns weighed on rides de- from $130.7 million in the year- high forLyft, according to Mr. amassiveuptick in itsfood-de- more than 2.6million paid adjusted basis by the end of this mand in the latterhalf of the earlier period. But that wasbet- Zimmer.Average revenue per livery business. Lyft’s Mr.Zim- digital subscribers, according year. quarter.The net lossfor the pe- terthan analysts’ averagefore- rider stood at $40 in the previ- mer said late last year that the to Carl Daikeler,its chief exec- Lyft’s stock has morethan riod was$458.2 million, com- cast of $184 million. Lyft hopes ous three months,for example. companywas exploring partner- utive. doubledsinceNov.2,liftedby paredwith $356 million ayear to become profitable by this Mr.Zimmer said ridersopted ing with restaurantsand other Thecombined companies Covid-19 vaccine distribution and earlier. measureatthe end of this year. forlonger and morepremium businesses to deliver food and areexpected to generatemore abig regulatorywin in itshome Thelatestquarter’s revenue On aconferencecall with ana- ridesinthe fourth quarter.The nonperishableitems. than $1.1 billion of revenue this year, according to a spokeswoman. Beachbody tal- lied around $880 million in SEC Seeks Court Monitor Over GPB Capital revenue for2020,she added. Thefitnesscompanies join agrowing list of businesses BY TED BUNKER agencymade the request Mon- potential investor recovery is CEO of GPB Capital on Friday, Thefirm and the three men going public through mergers dayinU.S.District Court for revenue generated by the sev- the dayafter the chargeswere areaccused of deceiving inves- with special-purpose acquisi- TheSecurities and Exchange the Eastern District of New eral dozenautomobile dealer- brought against him in federal tors with phonyfinancial state- Commission said it wantsto York in Brooklyn. shipsowned by GPB Capital,” court, but the firm indicated mentsand promises of 8% re- put GPB Capital Holdings LLC GPB Capital’sfounder and the SEC said in acourt filing to the movewas temporaryand turns from investments, luring The companies are underacourt-appointed moni- former chief executive, David support itsrequest foraninde- named Rob Chmiel,its chief fi- thousands of older people to tortoprevent further miscon- Gentile,aswell as associates pendent monitor.“These deal- nancial officer,asinterim CEO. put aminimum of $50,000 to expected to generate duct by the firm, which is at JeffrySchneider and Jeffrey erships have contractual rela- Mr.Gentile owns GPB Capital. $100,000 intoits illiquid funds. over $1.1 billion of the center of an alleged $1.7 Lash, were arrested on criminal tionships with lendersand Mr.Gentile pleaded not TheJusticeDepartment has billion Ponzi-likescheme. fraud and conspiracycharges manufacturersthat arenow at guilty to the criminal charges said that the firm stopped pay- revenue this year. In acourt filing,the agency last week in connection with risk of termination because of, on Tuesday, aJusticeDepart- ing distributions by December said amonitor is needed to what the authorities said wasa among other things, Gentile’s ment spokesman said. Mr.Lash 2018 and that investorshaven’t protect investor assetsand pre- scheme to deceivesome 17,000 arrest.” will plead not guilty on been able to retrievetheir vent the NewYork private-eq- investorsinfour GPB funds,in- Arepresentativefor the firm Wednesday, according to his cash. tion vehicles,which raise uity firm from disposing of as- cluding two that invested in declined to comment Tuesday lawyer.Alawyer forMr. GPB said last week that it money in the public markets setsthat could be used to autodealerships. on the SEC’smonitor request. Schneider declined to com- denies theallegations and in- with the sole purpose of mak- recoverinvestors’ capital. The “The principal source for Mr.Gentile stepped down as ment. tends to defend itself in court. ing an acquisition. Often SPACsmust find an acquisi- tion target within aset period, typically two years. They offer an alternativepath to the pub- lic marketsand tend to be faster and easier than atradi- tional initial public offering. SPACshavebeen aparticu- larly popular option for pri- vate equity-owned companies such as Beachbody,which has

been backed by Raine Group S

sincelate2018.Raine will re- NEW main an investor in the com- G binedentity,according to Mr.

Daikeler. OOMBER Myx,astartup backed by /BL family office investor Palm

Ventures,was founded in 2016. HARRER Mr.Daikeler said has sold over

27,000 of their at-home bikes ANDREW sincethe company’slaunch of The Match.comsite. The companyislooking beyond dating sites. the product a year ago. Myx recorded alittle over $30 mil- lion in revenue during itsfirst MatchGroup Acquires year, the Beachbody chief ex- ecutivesaid. Unlikeconnected cycling HyperconnectofKorea competitor Peloton Interactive Inc., which centers around a BY GEORGIA WELLS vices.The company, in aletter user’s position on aleader- to shareholdersthis month, board, Myx focuses on track- Online-dating company said it planned to add to its ing an individual user’s heart MatchGroup Inc.has reached portfolio to capturenondating rate,Mr. Daikeler said. an agreement to acquireSouth uses forsocial apps.Italready Forest Road Acquisition Korean social-media company provides some of that broader Corp.raised $300 million in an Hyperconnect for$1.73 bil- functionality,including through initial public offering last No- lion,broadening itsservices itsAblo live-video chat app vember.After launching,itre- beyond connecting people in that allows userstomake ceived interest from 50 com- their love lives. friends around the world. panies seeking mergers, said Thecash-and-stock deal Hyperconnect’sfeatures in- Mr.Mayer,who is also astra- marks Match Group’slargest clude and watch- tegic adviser at Forest Road. acquisition to date. ing messages on low-quality Mr.Mayer spent nearly 25 Hyperconnect, based in mobile phones without a lag. yearsatWalt Disney Co.and Seoul, hasdeveloped two Match Group expectstoapply worked on projects, including video apps that focus on help- some of this technologytoits the launch of Disney+, he said. ing people interact one-on-one ownsuiteofapps that have in- Most recently,heserved as and with newcommunities. troduced morevideo-dating Adifferent kindof CEO of social media app Tik- Hyperconnect’sfirst app,Azar, options sincethe pandemic Tokbeforeresigning last year. offerslivevideo and audio startedmaking it morechal- palm reading. In addition to Mr.Mayer,For- chat and caninstantly trans- lenging to meet people in per- est Road’s advisory team in- latevoiceand text forusers son, aspokeswoman said. cludes Tom Staggs, Disney’s that speak different languages. In anotetoemployees, Be the first to know the latest business news, former chief financial officer Hyperconnect’sother app, Match Group Chief Executive live market updates, and real-time insights andchief operating officer. Hakuna Live, is asocial live- Shar Dubey said sheexpects and analyses with the Deloitte Insights app, Forest Road’steam wasat- streaming app that provides the market of helping people powered by Dow Jones. tracted to Beachbody because group video and audio broad- connect, or what she calls “so- of thecompany’sfocus on the casts. cial discovery,” to be twicethe Get all that and more in the palm of your increasingly popular areas of Theapps broaden Dallas- sizeofdating.Augmented-re- consumer-focused health and based Match Group’ssoftware ality and virtual-reality tech- hand, and you just might be able to predict wellness, digital content and offeringstoinclude linking ca- nology that Hyperconnect is what the future holds. connected businesses such as sual friends.Match operates developing,she added, “will at-home online cycling,Mr. several dating apps,including fundamentally changethe way Mayersaid. He will join the Tinder,Hingeand OkCupid, as humans connect online.” Scan the QR code to boardofBeachbody as aresult well as its namesake brand. Match Group said Hyper- download the apptoday. of the merger. Thepandemic has fueled de- connect is profitable and gen- As aresult of the deal, the mand forapps that help people erated morethan $200 million newlymergedBeachbody will connect. Rival dating-app com- in revenue in 2020, a 50% in- have some $425 million of panyBumble Inc.ispreparing crease from a year earlier. Its cash on itsbalancesheet to apublic listing with avaluation biggest market is Asia. Hyper- fund growth. expected in the rangeof$6bil- connect has about 400 em- Beachbody said it plans to lion to $8 billion. ployees, Match Group said. Copyright ©2020 Deloitte Development LLC. All rights reserved. use the capital to expand its Match Group has been look- Hyperconnect’sAzarapp is sales and digital marketing ef- ing to expand beyond itscore the ninth-highest-grossing forts. market of online datingser- nongaming app on . P2JW041000-0-B00400-1------XA

B4 | We dnesday, February 10, 2021 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Fox Moves to Dismiss Voting-Machine Suit

BY BENJAMIN MULLIN that coveredtheir allegations and allowedthem to trytosub- FoxNewsMedia moved to stantiatethem.” dismissa$2.7billion defama- FoxNewsparent FoxCorp. tion suit by voting-machine andWall Street Journal parent company Smartmatic USA News Corp sharecommon Corp., arguing that claims of ownership.Fox’s motion argued election fraud by President that Smartmatic is a“public fig- Donald Trumpand his legal ure” under the lawand that the team were newsworthyand companyfailed to makeacase that the network’scoverageof that the cable network acted them wasprotected by the First with knowing or recklessdisre- Amendment. gard forthe truth. “Atmost, TheSmartmatic suit, filed Smartmatic alleges that Fox last week in aNew York court, negligently failed to investigate focuses on statementsmade itsguests’ statementsinad- about Smartmatic on FoxNews vance,” Fox’smotion said. Fox GES and FoxBusinessbylawyers also said that multiple hostson IMA who supported the former pres- the network carried Smart- ETTY ident’sclaims as well as by cer- matic’sdenials that itstechnol- /G

AS tain FoxNewsMedia hosts. ogywas used to manipulate

RIV Smartmatic’scomplaint elections. LE

KY claims that the segmentsonthe London-based Smartmatic Covid-19 meant far fewer mass gatherings to watch the game, which was a blowout for Tampa Bay and quarterback Tom Brady. Foxchannels contained numer- hasalimited footprint in the ous errorsinvolving the reliabil- U.S. Only one county,Los Ange- ity of itstechnology, and that les County,Calif., used Smart- Foxknewthat the statements matic’stechnologyinthe 2020 Super Bowl RatingsAre Lowest were untruthful. Agroup of fed- general election, the company eral and stateofficials have said has said. Thecompany’slawsuit thereisnoevidencethat any accused the defendants, which voting system changed or de- include FoxNewsMedia hosts Since’07,WithPartiesMuted leted votesinthe 2020 general and lawyersfor Mr.Trump,of election. “inventing astory” that the TheFox filing gives the first election wasstolen from Mr. indications of itslegal strategy. Trump. Thecompanysaid the BY JOE FLINT Coltsand ChicagoBears, Super Bowl TV audience Although the pandemic has “When asitting President commentsdamaged itsreputa- which averaged 93.2 million wreaked havoconsports, the andhis surrogates claim an tion irreparably.Itpointed to TheTampa BayBuccaneers’ viewers. 2021 man- election wasrigged, the public several exchanges in which it lopsided win over the Kansas TheaudienceonCBS was 120 million 96.4M aged to getthrough the season has aright to knowwhat they said hostsendorsed or encour- City Chiefs combined with a just over 91.6million, down with relatively few disruptions. areclaiming,full stop,” Foxar- aged claims of the lawyers. pandemic that prevented from the 99.9 million viewers 100 No games were canceled, al- gued in itsmotion to dismiss Foxsaid, “Smartmatic simply manyfromattending big view- that watched last year’s Super though severalwereresched- thesuit. “Ifthose surrogates pointstoinstances in which ing parties in homes and bars Bowl on Fox, according to 80 uled to unusual time slotssuch fabricated evidenceortold lies hostsoffered the kind of color- and led to the smallest audi- Nielsen. as Wednesdayafternoon. with actual malice, then adefa- fulcommentarythey canbeex- ence foraSuper Bowl since Thestreaming audiencefor Theregular-season average mation action maylie against pected to provide when con- 60 2007. the game was5.7 million view- audiencefor NFL games was them, but not against the media ducting an interview.” About96.4million people ers a minute, a record and an 15.6 million, a7%decline, watched ageless wonder Tom increase of 65% compared 40 which the league attributed to Brady lead the Buccaneerstoa with last year’s game.That in- interest in election news. 31-9 Super Bowl victory over dicates the growing popularity 20 Postseason ratingsalso the defending champion Chiefs of streaming as adistribution were down, except forthe AFC on CBS, a 5.5% decrease from platform. 0 and NFCchampionship games. the102 million that sawlast Although manyanticipated Afterthe Super Bowl, CBS 2011 ’15 ’20 year’s much closer and coro- atight game between two of premiered itsnew drama “The navirus-free match between the league’sbiggest stars—the Source:Nielsen Equalizer” starring Queen Lat- theChiefs and SanFrancisco quarterbacks Brady and Pat- ifah. The show attracted 20.4 49erson Fox. The total audi- rick Mahomes—it wasn’t to be. Because of Covid-19,there million viewers,hugefor ence for both games includes Tampa Bay’sdominating were far fewermassgather- broadcast television but low both traditional television and defense shut down the high- ings in homes and bars to forashowinthe post-Super

streaming platforms. poweredKansas City offense watchthe game.That likely re- Bowl time slot. Last year, Fox GRI/REUTERS Thelast time the Super andMr. Brady playederror- sulted in fewerpassiveviewers ranaspecial episode of its ALLE

Bowl had such asmall number free ball. Tampa Bayhad a15- who gather annually forthe game show“TheMasked O

of viewers was the 2007 con- point lead at halftime and spectacle and commercials but Singer” that averaged nearly CARL test between the Indianapolis never looked back. aren’t hard-corefootball fans. 24 million viewers. The Fox filing gives the first indications of its legal strategy.

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THE WALL STREET JOURNAL. **** We dnesday, February 10, 2021 | B5 TECHNOLOGY

their arrangement, if PacBio SoftBank raised morethan $100 million Bitcoin Users Face Hurdles subsequently,itwould owe Illu- mina $52 million. PacBio will Bets on nowhavetopay that sum. Transaction fees, Despitemaking inroads it varies wildly, depending on recent surge in value—bitcoin “Webelievethat PacBio’s volatility confront with investors, bitcoin has network traffic.(Thefee rises has nearly quadrupled since [technology] will be the de been slowtotakeoff as aform when traffic is heavier.) Over September—it still swings Biotech factostandardtool forpopula- buyers even as Tesla of payment. It wasoriginally the past three months,the wildly.Itcan rise or fall 20% tion genomics,fundamentally move sets off boom created in 2008 to operatelike dailyaverage feehas varied in asingle day, sometimes for altering the practiceofhealth an electronic version of cash, between $2.18 and $17. 20. no apparent reason. ContinuedfrompageB1 care,” said AkshayNaheta, CEO BY PAUL VIGNA allowing two people anywhere Luxurypurchases,onthe Tesla hasn’t revealed any would go up. of SB Management, which runs in the world to digitally ex- other hand, are where bitcoin details about howits bitcoin The PacBio investment is the Northstar portfolio. Want to buy your next car changevalue as if they were has found its niche. Concerns paymentssystemwould work, part of SoftBank’splan to with bitcoin? What aboutyour physically exchanging cash. about such fees areunlikely to and arepresentativefor the build up itsportfolio of bio- next cup of coffee? In practice, it hasn’t worked be an issue forlarge-scale companydidn’t respond to a tech and life-sciences compa- The Japanese firm Elon Musk, alongtime ad- that way.The cost of using items,likean$80,000 Tesla request forcomment. But in- nies,people familiar with the vocate forbitcoin, will soon bitcoin, and itsvolatility,have Model S. dustrywatcherssuggest Tesla strategysaid. has increased its give Tesla Inc.’scustomersthe made normal, day-to-day Bitcoin buyerstend to be would likely use a third-party SoftBank has recently in- focus on publicly chancetobuy the company’s transactions impractical. That loyaland spend more, said processor to mitigate the risk vested in the initial public of- electric vehicles using the dig- isn’t likely to changewith Jeff Klee,chief executiveof of pricevolatility in the pe- feringsofsix U.S. life-sciences traded companies. ital currency. Thenews—along Tesla’s acceptance of the cur- CheapAir.com, which has been riod between the parties companies,these people said. with Tesla’smovetoacquire rency. accepting bitcoin since2013. agreeing to adeal and the Roughly ayear ago, PacBio’s $1.5billion of the cryptocur- Foruserswho might want “Sincewestarted accepting funds clearing the bank. largercompetitor,Illumina Inc., rency forits corporatetrea- to buy something small, saya bitcoin, we have consistently Companies likeBitPay au- called off plans to acquirethe It will also enable PacBio to sury—sent the priceofbitcoin $4 cup of coffee at Starbucks, seen a‘wealth effect’ where tomatethe process, handling companyina$1.2 billion deal lowerthe pricetag forits sys- up 25% from Sundaytoanew bitcoin is an unattractivepay- saleshaveincreased as the the back-end logistics fordig- that wasannounced in Novem- tems,which is expected to lead intradayrecordof$48,226 on ment option because of the as- valuation has gotten higher,” ital-currencypayments. Un- ber 2018. to morerapid deployment, Tuesday. sociated fees.The median he said. likecash wirings, which can Illumina said it wasbacking PacBio’s recently named CEO, Forbitcoin bulls,the an- transaction feeiscurrently Among the other stumbling take days to process, bitcoin away following challenges from ChristianHenry, said in an in- nouncement wasthe latest around $5.40, according to the blocks bitcoin faces in becom- transactions close quickly, the Federal Trade Commission. terview. He called the SoftBank sign of validation forthe bur- websiteBitInfoCharts, but the ing moreubiquitous is itsin- usuallyinamatterofmin- Illumina paid PacBio a$98 investment a“transformational geoning digital currency. average is more than $11, and herent volatility.Despiteits utes. millionbreakup fee. But under transaction.” S NEW G OOMBER /BL HARRER ANDREW The Shop Pay option will be on Instagram and Facebook Shops. Shopify Puts Payment System on Social Media

BY ANN-MARIE ALCÁNTARA Facebook and Instagram have been working to become Shopify Inc., acommerce venues forpeople to discover platform forbusinesses,is productsand easily buy them— bringing itscheckout and pay- part of agrowing area known ment processing system, Shop as social commerce. Pay, to some Facebook Inc. Social commerce spending is platforms. expected to rise 34.8% in the TheShop Payoption will U.S. this year to $36.09billion, firstbeavailable to Instagram counting purchases made on a usersonTuesdayand will roll social platform or by clicking out on Facebook Shops,the so- directly on an advertisement or cial-media company’splatform other content in social media, forsmall businesses,inthe according to areport from next few weeks. eMarketer, aresearch firm. Consumerswill be able to But only 9% of consum- use Shop Paytocompletepur- ersbuying through social plat- chases,expanding on existing forms did so on aregular basis, options to use PayPal Holdings according to an eMarketer sur- Inc.’sPayPalormanually enter veyconducted last August. And credit or debit card informa- only 18.7%ofconsumerswho tion.All these methods areof- purchased items via social com- feredvia the Facebook Paypay- merce used the available check- ment system. out features, while 57.8% Shop Pay, which stores clicked away and bought di- credit card and shipping infor- rectly on aretailer’s website, mationtospeed online check- according to adifferent eMar- out, hasn’t previouslybeen ketersurvey in June.Social- available outside the e-com- media companies would rather merce stores of Shopifyclients. keep usersontheir platforms.

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B6 | We dnesday, February 10, 2021 THE WALL STREET JOURNAL. THE PROPERTY REPORT Pandemic Disrupts Co-Work Business Models

BY KONRAD PUTZIER

Thepandemic is compelling anumber of co-working firms to discardoriginal business models,oracceleratethe adoption of anew one,with the broader office market un- der threat. Theoriginal strategy, popu- larized by WeWork and many of itspeers, involved leasingas much officespaceincity cen- ters as possible,and then ef- fectively subletting it to com- panies foraprofit. This approach led to spectacular IVE

AT growth and sent WeWork’sval- uation soaring to $47billion. With the majority of office

WEARENARR employees still working from Yoo Capital and Deutsche Finance are revamping the Olympia Exhibition Centre in west London. A rendering of how it will look after its £1.3 billion makeover. home during the Covid-19 pan- demic,demand has plummeted. But co-working firms remain on thehook forthe expensive U.K. Market Is Setfor aComeback long-termleases they signed during the boom years, and many arestruggling to meet With Britain’s EU exit TheU.K.’s“settled newrela- of London, the capital’shis- going to be fractional,” Mr. change of scenery.” theseobligations.Knotel Inc. tionship” with Europe,plus toric financial district. Cliftonsaid. “Maybe it will be In one of London’s biggest became the industry’sbiggest completed, vaccines lowinterest rates, will drive Paul Williams, chief execu- five or 10%.” commercial real-estateproj- victim yetofthis mismatch rolling ahead, analysts an uptick in commercial real- tiveofproperty developer Analystsexpect the logis- ects, British investment firm when it filed forchapter-11 estate investment, said Miles Derwent London,suggested tics and multifamily sectorsto YooCapital and Germany’s bankruptcy last month. see strong ’21 rebound Gibson, executivedirector of that atwo-tier officemarket be topperformersthis year, Deutsche FinanceInterna- Now, some analystssuggest U.K. research for CBRE. will emerge afterthe pan- boosted by rising online shop- tional are revamping the his- the pandemic is accelerating BY RUTH BLOOMFIELD Thereal-estate-services demic. Some form of working ping and housing demand. toric Olympia Exhibition Cen- the end of the industry’slease- firm forecasts £48 billion, from home will continue, but Some even foresee acomeback trein west London. and-sublet model. “The busi- Britain is trapped in its equivalent to about $66 bil- companies will still invest in forthe beleaguered hospitality The £1.3billion overhaul of nessmodel wassimilar to pick- third national lockdown as it lion, worth of investment this what Mr.Williams describes sector,which sawinvestments this 1886 property will include ing up pennies in front of a battles amorecontagious year, up 30% from £37 billion as “long lifeloose fit” office fall by 70%in2020 to just a 4,400-person capacity live- strain of the coronavirus.The in 2020. space—flexible, net-zero car- over £1.8 billion, according to musicvenue that will be run country’seconomyislikely to Colliers International is a bon, andwith plenty of staff Knight Frank. by LosAngeles-based AEG shrink again in the first quar- bitmorebullish, predicting amenities from on-sitegyms Once the current lockdown Presents,which promotes Cal- ter. But analysts are forecast- commercial property invest- to coffee shops and roof ter- is lifted, it will be leisure ho- ifornia’s Coachella music and $47B ing astrong real estatere- ment in the U.K. will acceler- races. tels in popular coastal and arts festival. bound this year. ate by 36%. “Our vacancyrates arevery scenic countryside locations Olympia will also feature At one point, WeWork’s Thebiggest factor is that Even last year,therewere low,” he said. “People want to that will lead the recovery, hotels managed by Hyatt Re- valuation grew to this amount the U.K.’s deal to leave the Eu- signs that demand forLondon congregate if they can.” said HenryJackson,apartner gency and the Dutch boutique ropean Union is finally com- offices was bouncing back. Even if companies have in Knight Frank’s hotel team. brand citizenM. pleted,removing apolitical Investorsspent £5billion in fewerpeople in the office, Businesstravelisstill slug- “History tells us that post- and economic uncertainty that the second half of 2020,ac- each employeewill require gish, Mr.Jackson said, but ho- wars and [post]-pandemics, steamroller,which historyhas has shadowed the market for cording to Daryl Perry, head of more spaceafter the pan- tels “will benefit from the people are social animals and shown isn’t asustainable strat- years. U.K. research at Avison Young. demic,said Stephen Clifton, pent-updemand from the quickly return to all the activi- egy,” said Daniel Ismail,asenior Britain’s vaccination pro- TheSingaporeinvestment head of commercial at real-es- staycation market.” ties that support human soci- analyst at commercial real-es- gram is moving forward and company SunVenture made tate agent Knight Frank. TheU.K.has apopulation ety,” said John Hitchcox, tate analytics firm Green Street. economistsexpect growth to the biggest transaction with “I think as aresult most or- of 66.65million and only chairman of YooCapital. “Peo- Instead, he expectsrevenue- accelerateinthe second half its £552 millionpurchase of ganizations will makesome around 15,000 hotels,heple are longing to get back to agreementstobecome of the year. 1&2New Ludgateinthe City degree of spacesaving,but it’s added, and “everyone wantsa normal.” morecommon. They aresimi- lar to the relationship between hotel ownersand operators, whereoperatorsget fees and a Warehouse Construction shareofprofits but don’t have to payrent. Revenue-sharing deals areconsidered lessrisky

S because they leave operators with lowerfixed costs. RisksCreating HoustonGlut PRES “You will be making more

ZUMA money on the space, if you’re BY PETER GRANT from 6.6%during the past uctsbeforethey areshipped P/ doing alease deal, when times year,Collierssaid in afourth- out to customers. Online shop- AS aregood,” said Shlomo Silber, Warehouses and distribu- quarter 2020 report. Asking ping volume had been growing chief executiveofNew York- MEDIA/ tion centersfor online retail rents for Houston warehouse at 15%annually up until the basedco-working company ONE

have been the recent stars of and distribution spacewas Covid-19 pandemic,according ST Bond Collective. “However, the commercial property mar- $7.36asquarefoot in the to the dataanalytics firm when times arebad, you’ll re- ket. Then there’s Houston. fourth quarter,downfrom Green Street. Last year it in- GRIND ally get hurt.”

Abuilding surge forsuch $7.43 in the previous quarter, creased by about 35%, Green SR./ Bond Collectiverecently facilities in the Texas city over according to the report. Street said. CE signed its first-ever revenue- AR

the past three yearsisdriving Newfirms such as North- Now, in Houston at least G. sharing agreement fora

vacancies up and rents down. Point Development in the the fear is that the industrial ER 88,000-square-foot office LT

About 8.5 million square feet Kansas City,Mo.,areaand Dal- market is becoming too WA building in Brooklyn, Mr. Sil- of new space for warehouses, las’s Holt LunsfordCommer- crowded. Rush to build in an e-commerce boom is leading to oversupply. ber said, and is in talks to con- distribution hubs andfulfill- cial Investments have been “In the U.S.,Houston would vert some of itsolder leases ment centerswas delivered in rushing intothe Houston mar- be the concern on supply at as well as in the Houston re- exceptional growth to strato- into management deals. the fourth quarter of last year, ket, armed with cash that has this point,” Eugene Reilly,the gion. spheric growth in 2020 be- Those still beholden to the about double the amount in been flooding into the indus- chief investment officer of In some ways, Houston is cause of the pandemic,” said subleasing businessmodel the same quarter of 2019, ac- trial sector. Prologis Inc., said on an earn- anomalous.Its business- Michael Knott, Green Street’s have suffered. Occupancyin cording to ColliersInterna- Theboom in e-commerce ingscall latelast year.His friendly regulation putsvery head of U.S. research. co-working spaces fell to 51% tional. has generated tremendous de- firm is the largest industrial few restrictions on building. TheHouston market has in the fall, down from 78%in Vacancies jumped to 8.8% mand forplaces to storeprod- real-estate owner in the U.S., “There’snozoning,” said Ryan been hurt partly by the re- February, according to asurvey Byrd, aprincipal of ColliersIn- gion’s dependence on the en- by datacompanyCoworkIntel. ternational Houston. “If ergy sector,which has been Knotel wasoncevalued at ADVERTISEMENT there’s land that doesn’t have slumping. But even with that morethan $1 billion. TheNew a pipeline, wetlands or is in a slowdown, annual demand for York-based firm managed more BusinessReal Estate&Auctions flood plain, youcan build a industrial spacehas stayed than 4million squarefeet of of- To advertise: email [email protected] or WSJ.com/classifieds building in lessthan one year.” above10million squarefeet in fice spaceinearly 2020,racking Still, it isn’t the only mar- the region since2018,accord- up hugerent bills to landlords ketwith supply worries.De- ing to areport by CBRE Group that it couldn’t affordanymore. velopment pipelines forware- Inc. Some co-working companies AUCTIONS AUCTIONS INVESTMENT PROPERTIES houses aregrowing fast in Now supply is catching up. have been operating under such places as Phoenix and Morethan 20 industrial-space revenue-sharing arrangements *0//,3':#;:" Pennsylvania’s Lehigh Valley, developersare activeinthe foryears. Industrious,for ex- %!"& !$#"#! %!"& !$#"#! &1".:;4(-"0;4<1#/ %<+):<4, raising the prospect of over- region, Mr. Byrd said, adding ample,runs most of itsloca- *+<$#/: #4 !9= %$* supply. that is at least double the tions under these agreements, 0(KE?5E9->8 1/38;CC "'81CC, 4::K.E25 "#!$'%& "#!$'%& JE6+ /)FA @*%!I#2-E49=? :A25E6 629=96>I Theindustrial market has a number from five years ago. and it has closed just one loca- $=AB26 A296>8 -445 :495E6E498 0CDG :?2=A +2E-+68 long historyofsupply gluts Developerssay the market tion, out of acurrent 107,ac- 2H.=9>E49 >.=:28 &)7C .A4HE<=62 ?4:=6E49I turning booms intobusts. canabsorb the surplus space cording to Chief ExecutiveJa- 7=832=5369== Warehouses and distribution thanks partly to Texas’spopu- mie Hodari. centersare easy to develop lation growth. “Thereare alot compared with property types of companies moving here, es- WeWork's earnings in 2020 such as hotels and office pecially from California, fleeing Revenue NOTABLE buildings. high regulations and high 6.+ /(%%! !),&;?, >A <7 (338 ! ,>P#@=Q 9& PROPERTIES from abalanced market into of the real-estatedevelopment IV"; H3)=?( Y;QV"(6?9;Q , A7:A !(!, +:56;;8 EVERYWEDNESDAY problem territory,” said Tom arms of the Hunt family,own- 88-<@4V< !R? !") 84 +8: -*Q*)7E,3 B6 J6 J662!M BH$!M J. 0.5 *F7*E,3 $!F #$B. $!!MBB +J @JJH Catherwood,areal-estateana- ersofthe . [,G*IG *#,'[& LY *K-Q IF5 4J(CB :J(+4 J6 ,"20M.MF lyst at thesecurities firm Analystssay the boom-and- 0 48($ 3?.%)*"$!8(*,);$!) II3)H/ LISTYOUR 9011 $;4B- '?4;@ *=3@?3 PROPERTY TODAY BTIG. bust history of industrial de- 1Q 2Q 3Q '";6R-==1 =9(-6"$ 9; W->" [3R9;& 4 ?$C!4 I) #IK Most regions haven’t seen velopment might not repeat it- A93RQ J# 9Z %"6R9?6T *?*,);$!) II$/Q 9(MBO$. ?$C!4 Free cash flow *?7B);@25 84V< !R? L-R X9;Q?6" 9R *K J. B2+M JC "2O J.02.M $+ an oversupply of warehouses self this time because e- )?$ 9;=?;" -6 T(9< 0?*,);$.M+/JC1F!J/ or distribution facilities for commerce has changed the $0.5 billion (800)366-3975 yearsasthe shopping shift market so much. [email protected] from bricks-and-mortar stores “Thereare some markets 0 Placeanadat: to online boosted demand for that on ahistoric basis look wsj.com/classifieds space. TheCovid-19 pandemic likethey would have chal- –0.5 \00T\08T\005 7KKF7KIF7KK* amplified the trend by giving lenges when it comes to new 2?==?-

THE WALL STREET JOURNAL. We dnesday, February 10, 2021 | B7 THE PROPERTY REPORT

continue.” He declined to com- the two office buildings. Vor- Vornado ment on whether Vornado had nado then bought the Hong offered to buy out the Trump Kongers’ stakeinthe build- Organization’sstakesinthe ings. Mr.Roth also sought to Examines two properties and described buy Mr.Trump’sshare, but them as “two of the best Mr. Trump declined. buildings in this country.” Vornado,one of NewYork Trump Ties He added that he believed City’s biggest officelandlords, the Trump Organization has last summer startedaprocess low debt levels as a company to sell the buildings. Therami- ContinuedfrompageB1 relativetoits high-quality as- fications of such alarge deal miliar with the mattersaid. sets. involving asitting president Vornado tried unsuccessfully Vornado sought to cash out were evident to some analysts to sell the properties last year. of the properties—top-quality who followVornado.Alexan- A plan to refinance them was officebuildingslocated at der Goldfarb of Piper,Sandler shelved. 1290 Avenue of the Americas &Co. questioned Mr.Roth When no buyersorlenders in MidtownManhattanand about them in an August ana-

stepped up,the firm grew con- 555California Street in San S lyst call.

cerned that they were staying Francisco’sfinancial district— NEW “Oh, boy,” Mr.Roth replied. away because of the Trump by marketing them with a G “I pay zero attention to what Organization’sstake,said peo- combined asking priceof youcall the political risk.” Mr.

ple familiar with the matter. about $5 billion last year. OOMBER Rothsaid Mr.Trump was Vornado has weighed find- Mr.Roth, Vornado’s founder merely aminority stakeholder ing areason to withhold in- and chief executive, came to and didn’t have anysay about come generated by the proper- believethe Trump Organiza- whether Vornado would do a FRIEDMAN/BL ties from the Trump tion’s stakeinthe buildings deal.

Organization, amovethat wasareason forthe lack of MISHA Behind the scenes,potential could forceaconfrontation buyers, say people briefed on Steven Roth, chief executive officer of Vornado Realty Trust, is one of the country’s foremost real- buyers saw things differently. that sends both parties to the matter. The few investors estate investors and a longtime friend of former President Donald Trump. Thesteep pricetag meant that court and accelerates a sepa- that could affordthat high a only a couple dozen investors ration, these people said. pricetag—mainly government- likely to refinance the Trump York City and the Trump In- Mr.Trump didn’t set out to could be counted as potential Thefateofthe partnership linked investment and pension Organization’s debt. ternational Hotel in Washing- buy the NewYork and San buyers. Manyweredeep-pock- shows the uncertainty facing funds—stayed away, and near Vornado has full control ton, D.C. Under the partner- Franciscotowers as much as eted foreign sovereign-wealth the Trump Organization as theend of last year Vornado over the properties,and if it ship,Vornado decides how he stumbled into them. funds who told Vornado to partsofcorporateAmerica shelved the process. eventually succeeds in selling much profit to distributeto In the 1980s,Mr. Trump ac- count them out of anything in- have sought to distancethem- Vornado then tried to refi- them, it could help the Trump the ownersorreinvest in quired aswath of land on volving Mr.Trump,people fa- selves from Mr. Trump. If Mr. nancethe buildingsand take Organization raise cash to things like building upgrades, Manhattan’sfar West Side, miliar with the sale effort Trump’sbusinesses runinto advantage of rock-bottom in- coverdebts. Because office saypeople familiar with the with plans forone of the most said. financial trouble,orifhe terest rates. But lenders were buildingshavelong-term matter. ambitious projectsinNew Vornado’s sharepricehas needs to sell prized assets to wary of Mr.Trump afterthe leases,they have been a Theperformanceofthe York City history: amorethan fallen by morethan 30% since pay off his debt, it could also attack on the U.S. Capitol by source of financial stability for Vornado buildingshas 15 million-square-foot devel- March, as the pandemic and a weigh on his political future. his supportersand didn’t pur- the Trump Organization. strengthened in recent years opment of residences,office, possible work-from-home fu- Vornado is runbySteven sue the business. Mr.Roth, 79 Overall, last year and in the as other Trump properties retail and television studio tureraises concerns about the Roth, one of the country’s yearsold, who has established firstfew weeks of 2021, the laggedbehind. In NewYork, space. The centerpiece would value of its office buildings. foremost real-estateinvestors deep relations with major minimum revenues generated Trump Tower’s net operating have been a150-storysky- Afterthe Capitol attack, and alongtime friend of Mr. banks over the decades,put by Mr.Trump’sbusinesses fell income fell 6% from 2016 to scraper. business leadersand banks Trump. Mr.Roth has played the effort on hold. to $278million, compared 2019,according to Trepp, During the early 1990s,Mr. publicly disavoweddoing busi- golf with Mr.Trump and at- Vornado and aCanadian with $446 million in 2019,ac- while net operating income Trump defaulted on loans tied nesswith the Trump Organi- tended his wedding to Melania pension fund, meanwhile,refi- cording to Mr.Trump’sgov- grew 27% at 1290 Avenue of to the project. Agroup of zation. Trump.The Vornado chief ac- nanced aNew York City office ernment disclosure forms. the Americas. Hong Kong investorsthen Mr.Roth again felt his refi- tively supported the former towerthe two firms own AWall Street Journal anal- That building is occupied threw him a lifeline, agreeing nancing effortswould be ex- presidentduring his time in jointly with debt from ysis of the Trump Organiza- by large corporatetenants to buy the development. They empt from political blowback theWhiteHouse,evenafter Deutsche Bank AG and Bar- tion’sfinancial position, based with leases including the in- kept Mr.Trump as a30% part- because the buildingswere some othercorporateexecu- clays PLC,according to aper- on information from loan-data vestment firm NeubergerBer- ner, but they insisted his lim- controlled by Vornado and the tives backed away. son familiar with the matter. provider Trepp,Vornado’s se- man Group and real-estate ited partnership blocked him Trumps were only passive Aperson close to Mr.Roth Sincethe Capitol attack, curities filingsand other services firm Cushman & from participating in major stakeholders. Banks hadal- said no formal offer forthe manyofMr. Trump’spartners, sources, shows the critical im- Wakefield PLC. decisions, including a sale. ways understood that. Trumps’ stakewas ever clientsand allies have refused portance of the partnership. NeubergerBerman didn’t Mr.Trump oversawcon- People who know Mr. Roth made.AVornado spokes- to do businesswith his com- Thebuildingsare each esti- respond to arequest forcom- struction of several condo and said it wassobering forhim to woman said the firm declined pany,including three banks mated to generatecombined ment. Cushman &Wakefield rental residential buildings learn that perception had to comment on the sale or re- with millions of dollars of his yearly cash flowsofmorethan said afterthe Capitol riot it knownasTrump Place, plas- changed. His effort to refi- financing efforts. money.Longtime lender $20 million forthe Trump Or- would no longer do business tering the Trump name in big nance never really got going. In abrief interviewMon- Deutsche Bank also wantsto ganization afterexpenses and with the Trump Organization. block letters on the properties. For now, these people said, it day, Mr.Trump said, “Vornado distanceitself from Mr. debt service, morethan It says it has no plans to relo- His partnerssold the project is on pause while Mr.Roth fig- has been an excellent partner Trump,says aperson familiar Trump-branded properties cate its office from 1290 Ave- in 2005 foraround $1.8billion ures out what to do about the so farand we expect that to with the matter, and is un- such as Trump Tower in New nue of the Americas. and reinvested the proceeds in Trump partnership.

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B8 | We dnesday, February 10, 2021 NY THE WALL STREET JOURNAL.

NEW HIGHS AND LOWS WSJ.com/newhighs

52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest session. %CHG-Daily percentage change from the previous trading session. Fathom FTHM 49.91 0.9 ICL Group ICL 5.65 4.1 MagnaChipSem MX 19.95 -0.9 OxfordIndustries OXM 74.94 1.0 Senseonics SENS 4.25 4.8 TurmericAcqn TMPMU 11.10 1.0 FinVolution FINV 4.59 2.1 IDEAYA Bio IDYA 21.32 -0.3 Magnite MGNI 64.39 5.2 PCConnection CNXN 53.88 1.2 SesenBio SESN 2.88 5.3 TurningPoint TPB 57.44 1.7 Tuesday, February 9, 2021 FirstBancorpNC FBNC 38.33 2.1 IDT IDT 19.57 1.7 MaidenHldgsPfdC MHpC 12.49 0.3 PDC Energy PDCE 27.83 0.8 Shift4Paymts FOUR 83.57 0.5 TurtleBeach HEAR 31.95 1.2 52-Wk % 52-Wk % 52-Wk % FirstBank FRBA 13.08 -3.7 IG Acqn IGACU 13.64 -1.3 MaidenHldgsPfdA MHpA 12.78 5.7 PDS Biotech PDSB 6.95 53.4 Shopify SHOP 1453.49 6.5 21 Vianet VNET 44.24 1.5 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg FirstCitizBcshA FCNCA 706.21 2.3 II-VI IIVI 96.66 6.0 ManhattanAssoc MANH 139.45 3.5 PTC PTC 144.90 0.8 ShotSpotter SSTI 53.39 -0.1 22ndCentury XXII 3.34 4.2 FirstFinBkshs FFIN 42.72 2.3 II-VI 6% Pfd IIVIP 394.18 6.6 Manning&Napier MN 6.75 -2.3 PagerDuty PD 57.56 -1.2 Sigmatron SGMA 5.98 3.6 Twilio TWLO 411.92 1.8 Baozun BZUN 53.70 2.2 ColliersIntl CIGI 99.63 -0.7 FirstMerchants FRME 42.72 1.7 INSU Acqn II A INAQ 19.75 -5.5 MarathonPatent MARA 39.74 17.2 PagSeguroDig PAGS 60.00 3.9 SignatureBank SBNY 211.72 7.8 Twitter TWTR 60.73 2.9 Highs BauschHealth BHC 29.55 1.2 ColonyCapital CLNY 5.65 -0.2 FirsthandTechVal SVVC 7.37 8.7 InsuAcqnII INAQU 21.48 -4.4 MarkerTherap MRKR 3.77 -4.7 PaloAltoNtwks PANW 391.96 1.4 SiliconLab SLAB 146.63 -0.3 UMB Fin UMBF 78.28 1.3 BeaconRoof BECN 48.48 5.2 ColumbiaBanking COLB 43.28 0.1 AAON AAON 81.19 0.4 FirstService FSV 152.89 4.5 Invesco IVZ 22.89 1.8 MasoniteIntl DOOR 113.57 ... ParTechnology PAR 81.58 1.9 SilverSpikeUn SSPKU 31.95 5.6 USA Truck USAK 13.24 4.9 Belden BDC 54.80 -1.3 A CMCSA 52.99 1.7 ACI Worldwide ACIW 41.64 1.1 FiverrIntl FVRR 293.46 2.6 icad ICAD 18.25 -1.2 MatadorRscs MTDR 20.20 -2.0 ParatekPharma PRTK 8.75 -4.1 SilverSpikeAcqnWt SSPKW 10.57 12.6 US Lime&Min USLM 138.90 1.6 BenessereCapWt BENEW 1.04 9.6 ComfortSystems FIX 66.25 1.0 AEA-BridgesA IMPX 11.42 -0.1 Flanigans BDL 26.48 8.7 Ichor ICHR 43.61 -0.7 Materialise MTLS 85.00 5.5 ParkCity PCYG 7.60 1.2 SilvergateCapital SI 161.13 11.2 US PhysTherapy USPH 141.47 1.5 BerkHathwy A BRK.A 362394 1.4 CommerceBcshrs CBSH 73.99 1.9 Ansys ANSS 387.92 1.2 FlexSolInt FSI 5.65 15.8 iClickInteract ICLK 18.76 -1.6 MaxeonSolar MAXN 56.79 9.0 ParkNational PRK 119.12 1.8 SiTime SITM 147.67 2.8 USWellServicesA USWS 1.79 27.4 BerkHathwy B BRK.B 240.78 1.0 CommBkSys CBU 71.00 2.0 ARC Document ARC 2.40 -3.9 FocusFinPtrs FOCS 53.94 ... Identiv INVE 10.80 8.8 Maximus MMS 84.62 1.9 PatrickIndustries PATK 79.25 1.3 SiyataMobile SYTA 15.20 17.1 USWellServicesWt USWSW 0.22 21.2 BerryGlobal BERY 61.00 0.9 CommVaultSys CVLT 69.85 1.4 ArkoWt ARKOW 2.25 10.0 ForesightAuto FRSX 11.50 5.7 Illumina ILMN 453.80 0.4 Medifast MED 266.33 1.3 PayPal PYPL 286.89 0.7 SiyataMobileWt SYTAW 7.69 22.8 Uber UBER 61.06 0.5 BetterWorldAcqn BWACU 13.75 9.1 ComputerPrograms CPSI 36.37 0.4 ASETech ASX 8.45 0.7 FortistarSust FSSIU 11.25 0.7 Immersion IMMR 15.95 1.3 Medpace MEDP 157.73 2.8 Perficient PRFT 63.01 -0.2 SkylineChamp SKY 42.64 -1.2 Ubiquiti UI 362.68 3.0 BetterWorldWt BWACW 2.35 29.0 Comstock CHCI 15.72 98.6 ASGN ASGN 93.18 0.3 FortressTransport FTAI 24.30 0.4 Immunocore IMCR 61.99 -9.3 MercerIntl MERC 13.44 2.2 PerionNetwork PERI 25.75 13.6 SleepNumber SNBR 124.77 4.0 UltaBeauty ULTA 320.68 1.0 BetterWorld BWAC 11.20 3.9 Conduent CNDT 5.56 3.6 A10Networks ATEN 11.86 3.3 FortressValueII FAII.U 13.10 0.7 Impinj PI 65.60 -1.0 MetaFinancial CASH 44.16 -0.6 Phreesia PHR 80.69 4.3 SmartSand SND 3.12 17.9 UltraClean UCTT 47.67 1.0 BigCypress BCYPU 10.81 1.9 ConversionLabs CVLB 31.01 5.6 AcaciaResearch ACTG 7.94 4.3 FortressValueII FAII 12.44 2.1 InariMedical NARI 116.94 ... MetLife MET 54.90 0.4 PinnacleFinPtrs PNFP 75.75 1.3 SmithAO AOS 61.96 -0.1 UnderArmour A UAA 21.20 -0.2 BiotechAcqn BIOTU 10.73 2.5 CorceptTherap CORT 31.18 -3.1 Accuray ARAY 6.01 2.6 ForwardAir FWRD 83.72 5.2 IndependentBank INDB 82.00 3.0 MetropolitanBk MCB 52.50 8.2 PivotalInvIII PICC.U 10.84 6.2 Snap SNAP 65.32 -1.5 Unifi UFI 26.13 2.9 Birks BGI 2.33 20.3 Crawford B CRD.B 8.51 4.8 Adagene ADAG 31.00 57.8 ForwardIndustries FORD 4.51 -2.3 InglesMarkets IMKTA 52.24 1.0 MicroStrategy MSTR 1315.00 22.3 PorchGroupWt PRCHW 11.64 10.5 SolitarioZinc XPL 0.99 14.0 Unifirst UNF 236.48 2.1 Blackstone BX 71.64 0.5 CreatdWt CRTDW 3.20 11.1 AdaraAcqn ADRA.U 10.37 3.1 FoxFactory FOXF 142.74 -0.1 InMode INMD 69.91 -1.3 MicroVision MVIS 16.19 1.2 PorchGroup PRCH 23.22 4.7 Sonos SONO 32.35 2.8 Unisys UIS 26.38 3.6 BlueWaterAcqn BLUWU 11.20 3.0 Crocs CROX 81.07 2.7 AdvanSix ASIX 25.51 2.8 FranklinElec FELE 76.00 -0.1 Innodata INOD 7.31 ... MilestoneSci MLSS 3.82 8.3 PPlus GSC-2 PYT 25.22 1.0 SouthernFirstBcsh SFST 42.76 0.3 UnitedRentals URI 278.86 1.9 BlueRiverAcqn BLUA.U 10.99 0.3 Cronos CRON 14.08 6.0 Aegon AEG 4.43 1.6 FreedomHolding FRHC 57.89 -4.0 Inovalon INOV 28.75 1.7 MiMedx MDXG 10.95 0.2 PreludeTherap PRLD 91.79 5.0 SouthwesternEner SWN 4.61 1.8 USComdtyIndxFd USCI 35.12 0.8 BostonPrivFin BPFH 13.63 0.7 CrownPropTech CPTK.U 10.32 2.5 PremierFinl 30.34 1.8 AffiliatedMgrs AMG 143.24 7.6 FreightCarAmer RAIL 4.56 -3.8 Insmed INSM 45.44 -0.1 Mind CTI MNDO 2.80 2.6 PFC SparkEnergy SPKE 12.26 1.7 Uniti UNIT 13.29 2.6 BoydGaming BYD 55.50 -2.1 CubeSmart CUBE 36.60 2.1 PriceSmart PSMT 103.09 0.6 AffirmHldgs AFRM 144.90 6.7 Freshpet FRPT 167.38 0.1 InspiredEnt INSE 8.60 7.2 MissionProduce AVO 21.31 0.4 SpartanAcqnIII SPAQ.U 10.99 7.7 UpFintech TIGR 30.01 8.5 BridgeBioPharma BBIO 73.50 -2.1 CuentasWt CUENW 1.49 27.4 Primerica PRI 150.13 -0.6 Agilysys AGYS 53.86 12.1 FriedmanInds FRD 7.43 0.3 InspireMDWtB NSPR.WS.B 0.15 8.9 ModivCare MODV 181.94 -2.5 SpecialOppFdPfB SPEpB 27.35 ... Upstart UPST 82.75 5.6 BridgewaterBcshs BWB 15.15 6.1 Cullen/Frost CFR 99.67 1.1 PriveterraAcqn PMGMU 10.43 3.6 AgiosPharm AGIO 57.22 -1.5 FuelCell FCEL 28.89 5.9 InsteelInds IIIN 29.40 1.7 Mogo MOGO 11.86 44.8 SpringValleyAcqn SVSVU 13.24 -2.7 Upwork UPWK 55.11 3.3 BrightLights BLTSU 10.90 1.2 CustomersBancorp CUBI 26.45 0.5 ProgressAcqn PGRWU 10.30 2.8 Agrify AGFY 21.43 -3.1 FulgentGenetics FLGT 189.89 13.5 IntelligentSys INS 54.58 -2.3 MohawkGroup MWK 43.27 3.9 SpringWorks SWTX 96.48 -0.4 UraniumEner UEC 2.26 8.0 BrilliantAcqn BRLIU 11.66 0.4 Cutera CUTR 32.29 2.6 Progyny PGNY 51.10 -0.4 AirIndustries AIRI 1.97 7.8 FullHouse FLL 8.58 15.6 InteractiveBrkrs IBKR 73.87 1.1 MohawkInds MHK 157.84 1.9 SproutSocial SPT 75.79 4.4 UtzBrands UTZ 26.25 -1.5 BrilliantAcqnWt BRLIW 1.05 9.5 CycloTherapWt CYTHW 11.94 31.5 ProtagonistTherap PTGX 26.37 3.7 AirNetTech ANTE 4.38 25.6 Futu FUTU 161.00 20.6 IntlGameTech IGT 19.40 6.6 MoneyGram MGI 9.93 6.1 St.Joe JOE 55.49 -1.4 ValleyNatlBncp VLY 11.71 1.9 BrilliantAcqnRt BRLIR 0.59 -7.1 Dana DAN 23.60 -0.4 ProtalixBio PLX 6.62 10.8 AkernaWt KERNW 2.64 13.0 FutureFuel FF 16.35 1.4 InterPrivate IPV.U 25.74 6.2 Morphic MORF 41.00 -1.6 StaarSurgical STAA 125.26 1.0 ValmontInds VMI 221.21 -0.4 BrinkerIntl EAT 68.14 2.2 Danaos DAC 35.06 5.4 Prothena PRTA 15.76 -0.9 AllianceBernstein AB 39.65 -2.0 GAMCO Investors GBL 20.41 1.1 InterPrivateWt IPV.WS 7.00 10.1 MoSys MOSY 5.08 27.5 StableRoadUn SRACU 35.00 3.0 VandaPharm VNDA 16.29 -0.7 BrooklineCap BCACU 10.73 -0.5 DaqoNewEnergy DQ 127.64 8.8 PublicStoragePfdO PSApO 25.91 0.6 Allot ALLT 17.08 16.6 GATX GATX 99.18 -0.2 InterPrivate IPV 21.83 6.4 MountainCrestRt MCACR 1.45 0.4 StableRoadWt SRACW 11.09 6.1 VaronisSystems VRNS 203.99 10.1 Bsquare BSQR 11.45 47.6 DarioHealth DRIO 31.48 3.3 PzenaInvtMgmt PZN 9.91 2.5 AllscriptsHlthcr MDRX 17.96 1.5 GCPAppliedTechs GCP 27.75 0.2 inTEST INTT 8.10 -0.3 MusicAcqn TMAC.U 10.92 0.5 StandexInt SXI 90.83 4.0 VenusAcqn VENAU 10.61 5.7 BuildersFirstSrc BLDR 43.99 0.2 DarlingIngred DAR 72.85 ... QAD B QADB 51.50 0.5 AlphaMetal AMR 14.48 4.8 GOAcquisitionUn GOAC.U 11.40 -1.1 Intra-Cellular ITCI 38.77 -1.5 NXP Semi NXPI 188.40 ... StarGroup SGU 10.00 0.2 Veracyte VCYT 83.53 5.3 Bunge BG 75.62 1.8 DataIO DAIO 5.82 3.3 QAD A QADA 75.37 0.9 Ambarella AMBA 119.69 -1.3 G Willi-Food WILC 25.28 0.1 IntrepidPotash IPI 31.99 15.7 NantKwest NK 28.63 4.7 StarPeakEner STPK.U 48.85 17.5 Vericel VCEL 49.93 -1.9 BurgundyTechWt BTAQW 2.66 0.8 Datadog DDOG 119.43 1.2 Q2Holdings QTWO 144.86 0.4 Amdocs DOX 77.46 0.8 GalileoAcqnWt GLEO.WS 1.29 17.3 Intricon IIN 21.50 1.7 NatlPrestoInds NPK 100.00 -1.0 StrPeakEnerWt STPK.WS 20.07 24.4 VerifyMeWt VRMEW 1.94 16.0 CAI Intl CAI 36.68 2.2 Deere DE 318.27 -0.5 QuakerChemical KWR 291.45 0.3 Ameresco AMRC 69.732.1 Gaming&Hosp GHACU 10.56 -0.1 Intrusion INTZ 27.70 6.7 NaturalAlt NAII 15.99 2.4 StrPeakEnerA STPK 42.80 6.6 Veritone VERI 49.51 3.7 CBRE Acqn CBAH.U 11.31 1.3 DelcathSystems DCTH 23.99 7.0 Quantum QMCO 9.10 3.0 AmericanAxle AXL 11.06 -2.8 GRMN 127.15 1.6 iTeosTherap ITOS 42.39 -0.1 Nautilus NLS 30.99 14.8 StarboardValWt SVACW 3.19 -2.8 VerricaPharm VRCA 16.61 6.6 CBRE Acqn A CBAH 10.96 0.3 DeltaApparel DLA 26.45 11.9 QuestResource QRHC 2.98 0.3 AmericanRscs AREC 8.02 2.4 Gartner IT 191.66 9.3 JMP JMP 4.50 3.8 NaviosMaritime NMCI 7.02 2.8 StifelFinancial SF 56.26 0.3 Veru VERU 24.57 38.4 CBRE Group CBRE 69.22 -0.7 Denbury DEN 34.20 0.9 Qumu QUMU 10.50 0.2 AmerVanguard AVD 19.32 4.1 Genesco GCO 44.95 1.6 j2Global JCOM 109.09 2.9 NaviosMaritimPf NMpG 7.49 13.6 STMicroelec STM 42.13 -0.7 VillageFarms VFF 18.36 6.5 CF Bankshares CFBK 18.87 -0.9 DenisonMines DNN 0.95 7.7 RENN Fund RCG 2.25 2.3 AmerCarMart CRMT 132.36 1.0 GenieEnergyPfd GNEpA 9.24 1.5 JamesHardie JHX 32.24 2.0 NaviosMaritime NM 6.93 22.5 StoneCo STNE 89.51 0.6 ViomiTech VIOT 8.85 2.0 CIIG MergerWt CIICW 10.98 3.9 Descartes DSGX 64.37 1.0 R1RCM RCM 29.66 3.9 Ameriprise AMP 215.45 0.6 GigCapital4 GIGGU 10.35 3.5 JazzPharma JAZZ 172.67 0.9 NaviosMariPfdH NMpH 7.55 22.6 StreamlineHlth STRM 2.35 4.0 VircoMfg VIRC 4.61 14.7 CKX Lands CKX 11.40 2.7 Diageo DEO 166.53 1.4 RadaElectronic RADA 13.75 0.7 AmerisBancorp ABCB 45.73 1.0 GIIIApparel GIII 30.11 -0.9 Joint JYNT 38.96 0.9 NaviosMaritime NMM 18.55 3.8 SundialGrowers SNDL 1.75 28.9 VirnetX VHC 8.11 6.9 CMLifeSciA CMLF 15.70 8.8 DianaShipping DSX 3.09 15.4 RadiantLogistics RLGT 6.76 1.5 AmkorTech AMKR 19.62 0.7 GilatSatellite GILT 19.82 3.8 JuniperIndlA JIH 13.88 ... NebulaCaravelWt NEBCW 4.00 0.3 support.com SPRT 2.57 -2.4 VirtusInvtPtrs VRTS 252.24 1.7 CNH Indl CNHI 14.51 -0.1 DigiIntl DGII 25.61 1.0 RadiusHealth RDUS 23.84 -5.1 AmnealPharm AMRX 6.18 -0.8 GlacierBancorp GBCI 52.16 2.3 JuniperIndustrial JIH.U 15.20 -0.7 Neogen NEOG 88.98 -1.3 Surmodics SRDX 54.28 14.0 VistaOutdoor VSTO 34.50 4.0 CONSOL Energy CEIX 10.15 -1.3 Diginex EQOS 22.95 16.8 Radware RDWR 30.29 2.5 Ampco-Pitt AP 8.81 -2.2 GladstoneLand LAND 17.64 -0.9 KCAPFinNts22 KCAPL 25.48 -0.2 NeoGenomics NEO 58.35 2.3 SustDevtAcqnI SDACU 11.45 -0.4 VolitionRX VNRX 6.67 -3.5 CSW Industrials CSWI 129.36 1.5 DigitalMediaWt DMS.WS 3.67 -5.3 Rafael RFL 29.96 -0.1 AmtechSystems ASYS 8.65 1.7 Glaukos GKOS 97.45 ... KinsTechWt KINZW 2.00 1.1 NetEase NTES 133.75 6.7 SwitchbackEnerWt SBE.WS 24.60 6.9 VG 14.43 2.4 Caesarstone CSTE 14.46 3.1 DigitalTurbine APPS 97.70 1.1 RaymondJames RJF 111.85 0.6 Amyris AMRS 15.76 14.9 GlobalIntPpl SDH 9.98 33.0 KinsTech KINZU 11.23 0.1 NetScout NTCT 31.66 -0.7 Synlogic SYBX 5.00 1.0 voxeljet VJET 40.00 -5.4 CalavoGrowers CVGW 79.64 2.4 DixieGroup DXYN 4.95 13.3 RayonierAdvMatls RYAM 9.10 -1.7 Andersons ANDE 27.65 1.3 GSAT 2.25 69.1 KKR KKR 47.32 2.8 NeuBaseTherap NBSE 12.73 6.0 SynovusFin SNV 41.31 0.5 Weibo WB 56.00 4.4 CalWtrSvc CWT 59.49 2.8 Donaldson DCI 62.25 -1.6 Rayonier RYN 34.30 -0.8 AndinaAcqnIIIWt ANDAW 1.73 -14.5 GluMobile GLUU 12.74 34.9 KKR Pfd C KKRpC 66.88 2.2 NewBeginnings NBA.U 11.80 1.6 TAL Education TAL 85.00 6.3 Welbilt WBT 15.15 -1.0 Calyxt CLXT 12.35 3.9 DonnelleyFin DFIN 21.79 2.8 RealNetworks RNWK 3.23 6.7 AngioDynamics ANGO 21.58 0.3 Goodyear GT 13.89 6.0 KL Acqn KLAQU 10.74 0.4 NewFrontierWt NFH.WS 2.62 -1.6 TU 21.62 0.3 WestAllianceBcp WAL 76.78 0.7 CambiumNtwks CMBM 43.35 -1.7 DrivenBrands DRVN 33.46 1.9 Realogy RLGY 17.37 -0.1 AnteroResources AR 8.24 -0.1 GooseheadIns GSHD 157.32 2.9 Kaleyra KLR 17.10 8.0 NewFrontierHlth NFH 10.10 3.5 TFI Intl TFII 78.77 7.4 Weyerhaeuser WY 35.23 -1.7 Cameco CCJ 15.49 2.6 DuckCreekTech DCT 58.57 3.8 RedRockResorts RRR 28.24 -0.5 AptIncmREIT AIRC 42.36 -0.2 GoresVI A GHVI 17.57 23.8 KalVistaPharm KALV 45.00 114.6 NewOrientalEduc EDU 190.98 ... TLG Acqn One TLGA.U 10.50 0.9 WheelerREITPfdD WHLRD 18.66 3.4 Camtek CAMT 29.90 -4.8 DuddellStreetWt DSACW 2.84 -7.7 Redfin RDFN 92.25 2.8 Aphria APHA 24.14 25.1 GoresVI Wt GHVIW 4.86 ... KarunaTherap KRTX 146.97 -8.0 NewProvidenceAcqn NPAUU 28.86 28.6 TPGPaceBenWt TPGY.WS 12.00 -1.9 WholeEarthBrds FREE 14.00 3.8 CanopyGrowth CGC 50.92 11.9 DynagasLNG PfdB DLNGpB 22.58 1.1 RegionsFin RF 19.56 0.1 ApolloEnd APEN 6.12 14.3 GoresVI GHVIU 18.44 24.0 KelsoTechs KIQ 1.48 5.0 NewProvidenceA NPA 24.94 20.9 TPGPaceBenA TPGY 34.28 -2.6 WideOpenWest WOW 11.72 3.9 CapitalOne COF 117.40 -0.1 Dynatrace DT 56.77 -1.7 RegulusTherap RGLS 1.94 6.1 ApolloMedical AMEH 24.50 2.6 GrafTechIntl EAF 12.51 6.4 Kforce KFRC 47.43 -0.1 NewProvidenceWt NPAWW 9.43 28.0 TPIComposites TPIC 75.55 2.3 Wiley A JW.A 51.38 0.9 Capstar CPSR.U 11.79 1.1 ECPEnvlGrwOpps ENNVU 11.80 12.8 ReinventTechWt RTP.WS 4.56 0.7 AppliedMolecular AMTI 49.00 6.9 GreatElm GEG 3.45 8.2 KimballElec KE 25.41 -1.0 NewAge NBEV 4.22 3.7 TTEC TTEC 89.36 -0.3 WillametteValley WVVI 7.45 2.1 Cardlytics CDLX 155.07 0.8 EDAP TMS EDAP 9.72 7.4 RekorSystems REKR 17.64 -1.0 AppliedUV AUVI 35.78 280.5 GreatLakesDredge GLDD 15.45 1.7 KingsoftCloud KC 71.26 2.8 NewellBrands NWL 26.89 -0.1 TZP Strategies TZPSU 10.65 ... Willdan WLDN 54.97 -0.5 CarGurus CARG 35.98 0.9 EPAM Systems EPAM 397.34 1.1 Rent-A-Center RCII 53.160.4 Aptargroup ATR 142.89 0.1 GreenPlains GPRE 23.74 8.1 KintaraTherap KTRA 2.80 27.1 NewsCorp A NWSA 22.38 2.2 Taitron TAIT 4.69 6.7 WillisTowers WLTW 229.84 1.2 Carlyle CG 37.61 1.9 EVI Industries EVI 42.00 0.8 ResideoTech REZI 26.51 0.5 ArcBest ARCB 53.94 5.2 Greenlane GNLN 7.15 18.6 Kopin KOPN 8.95 7.2 NewsCorp B NWS 22.13 2.7 Talend TLND 52.66 1.9 Winnebago WGO 74.66 0.5 CarParts.com PRTS 22.09 6.0 EagleBancorp EGBN 47.58 2.4 Resonant RESN 8.33 0.5 ArcherDaniels ADM 54.70 1.5 GreenVisionAcqn GRNV 11.55 4.3 KornFerry KFY 55.42 3.2 NexGenEnergy NXE 4.09 2.3 Tapestry 38.85 ... WirelessTel WTT 2.72 6.5 CasaSystems CASA 9.06 1.5 EagleMaterials EXP 119.94 -1.1 RibbonComms RBBN 11.11 1.3 TPR ArcusBiosci RCUS 42.36 -3.5 GreenVisionAcqnRt GRNVR 0.80 -3.8 KratosDefense KTOS 32.87 7.9 9MetersBiopharma NMTR 2.09 11.6 WolverineWwide WWW 34.37 2.6 CathayGenBncp CATY 37.81 1.0 Eargo EAR 76.75 3.7 RiceAcqnWt RICE.WS 3.48 -0.2 TasekoMines TGB 1.53 2.8 AresAcqn AAC.U 10.79 2.0 GreenVisionAcqnWt GRNVW 2.00 54.9 LMFAcqnOpps LMAOU 10.60 -0.2 908Devices MASS 79.60 4.6 Workday WDAY 275.87 0.9 cbdMD YCBD 6.10 8.1 EarthstoneEner ESTE 6.98 4.5 RichardsonElec RELL 8.39 8.6 TechTarget TTGT 97.41 3.8 AresMgmt ARES 50.00 0.5 GreenVisionAcqn GRNVU 15.48 29.0 LakeShoreBancorp LSBK 16.00 4.4 NoahHoldings NOAH 52.09 2.4 WorthingtonInds WOR 59.45 0.1 cbdMD PfdA YCBDpA 9.81 5.3 EastWestBncp EWBC 66.75 1.0 RigNet RNET 10.65 1.9 TejonRanch TRC 17.90 -1.0 arGEN-X ARGX 379.41 2.6 15.20 1.8 65.74 2.1 6.13 3.4 Xencor XNCR 54.40 -1.1 Celcuity CELC 16.64 2.0 EdocAcqnWt ADOCW 0.88 1.9 GridDynamics GDYN LakelandFin LKFN NomuraHoldings NMR RiminiStreet RMNI 8.78 2.6 TeladocHealth TDOC 299.42 -2.1 ArkGlobal ARKIU 11.49 1.1 XNET 7.45 -1.5 CellularBiomed CBMG 19.74 ... eMagin EMAN 3.75 24.1 Gridsum GSUM 1.91 0.2 LakelandInd LAKE 47.95 7.4 Noodles NDLS 9.43 3.3 RingEnergy REI 2.40 -7.0 Teradata TDC 59.58 11.4 Asana 41.34 -2.8 Yelp YELP 39.58 2.2 ASAN ChannelAdvisor ECOM 26.01 5.5 EncoreWire WIRE 65.22 0.1 GrowGeneration GRWG 66.19 2.6 LandosBio LABP 15.35 25.8 Novan NOVN 2.24 10.0 RingCentral RNG 428.40 4.4 TernsPharm TERN 23.68 5.2 Yield10Bio YTEN 20.53 -3.0 AslanPharm ASLN 3.57 9.2 Charles&Colvard CTHR 2.70 6.4 EnergyFuels UUUU 5.75 -4.6 GuardionHlth GHSI 1.13 7.4 Lennar A LEN 95.72 -2.3 Novanta NOVT 141.73 1.1 RiotBlockchain RIOT 41.88 21.6 TetraTech TTI 2.65 0.4 YumChina YUMC 62.48 2.3 AspenAerogels ASPN 26.64 -1.6 ChartIndustries GTLS 152.51 2.2 EnergyFuelsWt UUUU.WS 3.60 -9.1 HEXO HEXO 9.96 9.9 Lennar B LEN.B 76.70 -1.8 Novavax NVAX 331.68 -1.3 Roku ROKU 484.85 7.5 TexasPacLand TPL 1024.94 -0.8 YunhongIntlA ZGYH 10.77 1.7 AspenTech AZPN 160.80 0.9 Chegg CHGG 111.95 0.3 EnerSys ENS 94.68 1.4 HP HPQ 27.55 -0.8 LibertyBraves A BATRA 30.27 -0.8 Novocure NVCR 191.34 1.7 RubiconTech RBCN 11.38 3.3 TexasRoadhouse TXRH 90.00 -0.8 ZimIntShipping ZIM 15.99 4.8 Assertio ASRT 1.45 14.6 ChemoCentryx CCXI 70.29 -4.6 EnovaIntl ENVA 29.35 1.5 Haemonetic HAE 142.11 -1.5 LibertyBraves C BATRK 29.41 -0.6 NuSkinEnts NUS 62.25 ... RumbleON RMBL 53.50 -7.2 Textainer TGH 22.10 6.7 ZK Intl ZKIN 4.80 -3.2 Atento ATTO 23.85 13.0 CherryHillPfdA CHMIpA 26.82 0.6 Entercom ETM 5.70 -0.7 HalozymeTherap HALO 51.30 -0.5 LifeStorage LSI 86.33 2.2 Nutrien NTR 55.36 -0.3 SCE III Pfd SCEpH 25.25 1.6 The9 NCTY 34.66 38.1 ZebraTech ZBRA 425.40 1.2 Atlas ATCO 12.86 0.6 Children'sPlace PLCE 78.60 -0.1 Entravision EVC 3.56 3.3 HamiltonLane HLNE 86.81 1.6 LigandPharm LGND 218.73 3.6 Nxt-ID NXTD 2.37 18.6 SCE V Pfd SCEpK 26.37 2.0 TherapeuticsMD TXMD 2.75 14.9 Zedge ZDGE 14.61 20.7 AtlasCrestInvtWt ACIC.WS 2.70 1.3 Chimerix CMRX 10.96 2.5 EnvivaPartners EVA 53.96 0.8 Hanesbrands HBI 20.00 24.9 LightInTheBox LITB 4.11 14.9 O-I Glass OI 14.20 1.1 SC Health Wt SCPE.WS 2.27 15.8 3D Systems DDD 55.96 5.7 Zillow A ZG 175.60 2.3 AtriCure ATRC 62.412.7 Chipotle CMG 1564.91 3.1 EquitablePfdC EQHpC 26.04 1.8 HavertyFurn A HVT.A 35.82 5.4 Lindsay LNN 160.02 0.3 Okta OKTA 287.95 -0.4 SMART Global SGH 43.81 1.7 360DigiTech QFIN 24.30 16.2 Zillow C Z 171.62 3.3 AuthenticEquity AEACU 10.65 1.7 ChromaDex CDXC 6.63 9.0 EquityDistrWt EQD.WS 2.25 -1.9 Hawkins HWKN 63.99 2.9 LionheartAcqnII LCAPU 11.45 1.8 OldDomFreight ODFL 216.31 1.5 SM Energy SM 12.10 -3.1 TigaAcquisitionUn TINV.U 12.88 -0.8 Zix ZIXI 10.20 1.3 AutoNation AN 79.63 -0.5 Chubb CB 166.29 -1.0 EquityDistribution EQD.U 11.66 0.6 HealthAssurance HAACU 14.57 3.5 LithiaMotors LAD 392.60 3.4 Olin OLN 28.33 0.7 SVB Fin SIVB 509.70 0.2 Tilray TLRY 45.49 40.7 ZosanoPharma ZSAN 3.06 3.1 Avaya AVYA 31.03 12.9 CimarexEnergy XEC 51.12 -0.7 EsportsEnt GMBL 17.76 16.7 HealthCatalyst HCAT 55.05 1.3 LiveNationEnt LYV 78.33 1.5 ON Semi ON 40.88 2.0 SachemCapital SACH 4.65 2.9 TItanIntl TWI 8.80 3.7 Zumiez ZUMZ 48.16 -1.7 AvidTechnology AVID 24.07 2.3 CitiTrends CTRN 66.17 -1.1 EsportsEntWt GMBLW 12.66 15.9 HeliosTechnologies HLIO 62.63 ... LogitechIntl LOGI 116.87 2.0 OneEquityPtrsI OEPWU 10.68 -0.4 Safehold SAFE 80.97 0.2 TivityHealth TVTY 25.29 1.8 Zynga ZNGA 11.49 2.8 Aware AWRE 6.52 11.3 CleanEnerFuels CLNE 18.78 4.3 EstablishLabs ESTA 65.47 14.3 Herbalife HLF 56.66 1.5 LongviewAcqnWt LGVW.WS 9.85 4.4 1LifeHealthcare ONEM 57.77 -0.5 Saia SAIA 204.53 2.6 TopBuild BLD 224.89 -0.1 AxonEnterprise AXON 184.89 0.4 ClearOne CLRO 3.68 2.0 EtonPharm ETON 10.30 -1.7 Heska HSKA 206.85 -1.4 LoralSpace LORL 38.47 11.4 111 YI 18.98 30.7 SalariusPharm SLRX 2.98 28.3 TowerSemi TSEM 32.48 -1.0 Lows AxosFinancial AX 45.63 2.3 ClearPtNeuro CLPT 27.80 1.0 EvoAcqn EVOJU 10.40 3.0 HimaxTechs HIMX 17.88 1.2 LouisianaPacific LPX 42.63 -1.0 OneStopSystems OSS 6.60 1.2 SalemMedia SALM 3.17 55.5 Transalta TAC 9.23 1.2 BJsRestaurants BJRI 55.09 2.9 ClearwaterPaper CLW 45.81 1.4 Evogene EVGN 9.55 1.1 HomeBancShares HOMB 23.47 4.1 LunaInnov LUNA 12.53 2.0 OneMain OMF 59.00 -0.1 SanchezMidstrm SNMP 1.77 10.1 TransEnterix TRXC 4.80 8.8 AckrellSpacI Wt ACKIW 1.19 -0.4 BK Tech BKTI 4.08 3.1 CleverLeavesWt CLVRW 3.61 21.1 EvolentHealth EVH 20.20 0.4 HomeStreet HMST 41.78 1.5 Lyft LYFT 54.79 0.4 OpenLending LPRO 42.56 -2.6 SandersonFarms SAFM 151.39 1.2 TransGlobeEner TGA 1.38 3.0 BaoshengMedia BAOS 7.55 -14.3 BOK Fin BOKF 83.66 2.2 CloopenGroup RAAS 59.00 200.0 EvolvingSystems EVOL 3.25 7.4 HorizonAcqnA HZAC 11.34 0.6 MDH Acqn MDH.U 10.44 0.3 OpendoorTechWt OPENW 18.40 22.4 SandRidgeEnergy SD 5.60 1.1 TransMedics TMDX 35.70 23.7 CarLotz LOTZ 8.66 7.6 BRP DOOO 76.24 -0.4 Cloudera CLDR 18.50 5.3 ExOne XONE 66.48 18.3 HorizonBancorp HBNC 17.53 0.2 MGM Resorts MGM 36.20 0.6 OpiantPharm OPNT 14.71 5.1 Schrodinger SDGR 108.17 0.9 TrecoraResources TREC 7.47 -1.7 FifthWall I FWAA 10.93 -0.4 BTRS Wt BTRSW 6.44 2.9 Cloudflare NET 94.82 2.6 eXpWorld EXPI 166.47 7.2 HorizonTechFin HRZN 14.42 -1.1 MGP Ingredients MGPI 67.88 3.2 OptimizeRx OPRX 56.38 8.3 SciPlay SCPL 20.98 14.8 Trex TREX 104.66 1.0 GlobisAcqn GLAQ 10.10 0.1 Baidu BIDU 304.24 6.7 CodaOctopus CODA 8.74 1.6 ExtremeNetworks EXTR 10.52 3.5 DR Horton DHI 83.33 -1.4 MI Homes MHO 56.45 -0.1 OrganiGram OGI 4.97 32.4 Sea SE 278.35 4.3 TriPointe TPH 22.17 -3.4 MarqueeRaineA MRAC 10.50 1.1 BallardPower BLDP 42.28 -0.2 CodeChainNew CCNC 4.82 4.7 Eyenovia EYEN 7.44 11.7 HovnanianPfdA HOVNP 13.40 0.4 MinisoGroup MNSO 35.21 -1.9 Organogenesis ORGO 14.64 5.0 SelectInterior SIC 10.60 7.7 Trimble TRMB 74.79 1.0 RMGAcqnIII RMGCU 10.76 -0.8 Bally's BALY 60.53 5.7 Codexis CDXS 29.56 -1.3 FARO Tech FARO 82.180.4 HudsonGlobal HSON 16.56 4.4 MP Matls Wt MP.WS 22.63 14.1 OrionGroup ORN 6.10 2.0 SemiLEDS LEDS 7.78 36.8 TripAdvisor TRIP 37.36 0.4 US BancorpPfdM USBpR 24.50 0.6 BancCalifornia BANC 19.49 2.8 Cognex CGNX 89.49 0.5 FB Financial FBK 39.31 -0.1 IAC/InterActive IAC 254.46 -1.2 MSA Safety MSA 171.48 0.6 OutlookTherap OTLK 4.26 -6.3 SenecaFoods B SENEB 51.99 11.1 TriumphBancorp TBK 68.94 3.6 UWM UWMC 9.15 -2.4 BankofSC BKSC 19.15 5.7 CollegiumPharm COLL 26.68 9.7 FNCB Bancorp FNCB 7.98 -1.6 ICICI Bank IBN 17.74 0.4 MagicSoftware MGIC 18.11 2.9 Ovintiv OVV 20.44 -0.6 SenecaFoods A SENEA 51.86 10.5 Trupanion TRUP 126.53 -3.3 ViveonHealth VHAQ 10.05 -0.1

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THE WALL STREET JOURNAL. We dnesday, February 10, 2021 | B9 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 31375.83 t9.93, or 0.03% Trailing P/E ratio 31.36 22.80 3911.23 t4.36, or 0.11% Trailing P/E ratio * 43.92 26.10 14007.70 s 20.06, or 0.14% Trailing P/E ratio *† 39.55 28.43 High, low, open and close for each P/E estimate * 20.61 18.48 High, low, open and close for each P/E estimate * 22.71 19.11 High, low, open and close for each P/E estimate *† 30.06 24.13 trading day of the past three months. Dividend yield 1.89 2.13 trading day of the past three months. Dividend yield * 1.50 1.81 trading day of the past three months. Dividend yield *† 0.73 0.92 All-time high 31385.76, 02/08/21 All-time high 3915.59, 02/08/21 All-time high: 14007.70, 02/09/21

Current divisor 0.15198707565833 32200 4050 14100

31000 3925 13550

29800 3800 13000

28600 3675 12450 Session high DOWN UP Session open Close t 27400 3550 65-day moving average 11900 65-day moving average Close Open

t 65-day moving average 26200 3425 11350 Session low Bars measure the point change from session's open 25000 3300 10800 Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 891,763,065 80,979,085 Industrial Average 31439.47 31245.86 31375.83 -9.93 -0.03 31385.76 18591.93 7.2 2.5 9.1 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 422,005,980 51,199,151 Transportation Avg 12993.62 12780.13 12959.90 84.98 0.66 13126.00 6703.63 18.9 3.6 8.5 Most-active issues in late trading Decl. volume* 459,565,467 28,881,478 Utility Average 868.23 858.73 866.03 0.62 0.07 960.89 610.89 -7.7 0.2 9.4 Volume After Hours Issues traded 3,316 281 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 41545.49 41326.97 41459.99 0.17 0.0004 41459.99 22462.76 20.9 5.7 15.3 Advances 1,854 177 Investors Bancorp ISBC 11,981.7 12.50 -0.23 -1.81 12.73 12.36 Barron's 400 936.30 927.79 934.61 4.84 0.52 934.61 455.11 27.7 9.7 10.5 Declines 1,373 95 Twitter TWTR 8,528.3 61.81 1.94 3.24 62.79 55.80 Unchanged 89 9 First Horizon FHN Nasdaq Stock Market 8,038.9 15.70 -0.03 -0.19 15.75 15.60 New highs 332 46 Nasdaq Composite 14044.95 13966.55 14007.70 20.06 0.14 14007.70 6860.67 45.3 8.7 26.8 Marathon Oil MRO 6,651.6 8.90 0.01 0.11 8.94 8.87 New lows 21 Nasdaq-100 13741.79 13664.70 13687.08 -7.94 -0.06 13695.02 6994.29 43.8 6.2 28.8 Kinross Gold KGC 5,627.0 7.36 0.02 0.27 7.36 7.32 Closing Arms† 1.51 1.08 AMC Entertainment Hldgs AMC 4,014.5 5.58 0.08 1.45 5.91 5.44 S&P Block trades* 5,396 447 Zomedica ZOM 3,960.7 2.34 0.02 0.86 2.36 2.28 500 Index 3918.35 3902.64 3911.23 -4.36 -0.11 3915.59 2237.40 16.5 4.1 14.3 Nasdaq NYSE Arca Zynga ZNGA 3,896.5 11.47 0.14 1.24 11.53 11.30 MidCap 400 2531.20 2509.16 2523.14 6.12 0.24 2523.14 1218.55 21.5 9.4 11.5 Total volume*8,586,058,697 170,599,828 SmallCap 600 1300.67 1279.69 1295.39 8.12 0.63 1295.39 595.67 27.9 15.8 12.8 Percentage gainers… Adv. volume*6,466,296,551 93,471,015 Decl. volume*1,950,096,715 74,644,324 Other Indexes Genfit ADR GNFT 1,140.0 10.20 4.91 92.82 13.70 5.98 Issues traded 4,048 1,487 Russell 2000 2309.43 2281.93 2299.00 9.24 0.40 2299.00 991.16 37.0 16.4 15.9 Gamida Cell GMDA 1,356.3 17.70 7.81 78.97 18.20 9.89 Advances 2,338 1,001 NYSE Composite 15266.83 15168.67 15244.40 17.79 0.12 15244.40 8777.38 8.5 5.0 7.1 Aurora Mobile ADR JG 541.1 8.00 1.00 14.29 8.00 6.85 Declines 1,616 442 Lyft LYFT 2,996.9 58.95 5.31 9.90 59.35 52.00 Value Line 627.69 622.37 626.04 1.09 0.17 626.04 305.71 14.6 10.1 5.2 Unchanged 94 44 Aphria APHA 1,161.5 26.00 2.25 9.47 26.55 23.20 NYSE Arca Biotech 6335.43 6265.58 6278.99 -40.77 -0.65 6319.77 3855.67 20.8 9.4 12.4 New highs 655 565 NYSE Arca Pharma 703.60 700.58 703.07 1.12 0.16 725.03 494.36 4.9 2.0 10.0 ...And losers New lows 10 43 KBW Bank 108.30 106.92 108.03 -0.05 -0.04 110.43 56.19 -1.2 10.3 -0.05 Salem Media Group SALM 194.1 2.44 -0.39 -13.78 2.84 2.31 Closing Arms† 0.44 1.85 § PHLX Gold/Silver 144.98 142.69 143.92 -0.65 -0.45 161.14 70.12 39.9 -0.2 22.5 VolitionRX VNRX 58.5 5.50 -0.77 -12.28 6.27 5.50 Block trades* 66,728 847 § PHLX Oil Service 52.20 50.73 51.60 -0.98 -1.86 65.40 21.47 -19.4 16.4 -27.4 ExOne Co. XONE 90.3 58.11 -6.39 -9.91 64.50 55.00 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3089.39 3053.57 3064.95 -13.53 -0.44 3132.17 1286.84 58.7 9.6 34.6 A10 Networks ATEN 55.3 10.80 -0.90 -7.69 11.83 10.50 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 22.26 20.65 21.63 0.39 1.84 82.69 13.68 42.5 -4.9 -9.4 AYX Alteryx Cl A 326.0 128.00 -10.66 -7.69 140.27 126.00 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 0.17 World MSCI ACWI 676.70 1.17 4.7 Applied UV AUVI 19.71 14.53 280.50 35.78 4.52 ... Reliance Global Group RELI 5.82 -27.65 -82.61 77.14 4.29 -90.6 0.49 MSCI ACWI ex-USA 342.82 1.69 5.0 Cloopen Group Holding ADR RAAS 48.00 32.00 200.00 59.00 16.00 ... AEterna Zentaris AEZS 2.20 -1.14 -34.13 3.62 0.29 89.7 MSCI World 2798.55 2.66 0.10 4.0 KalVista Pharmaceuticals KALV 33.50 17.89 114.61 45.00 5.61 120.0 Big Rock Ptrs Acqn BRPA 39.35 -19.89 -33.58 76.99 9.80 270.0 MSCI Emerging Markets 1409.14 9.33 0.67 9.1 Comstock Hldg Cl A CHCI 8.38 4.16 98.58 15.72 1.06 264.1 Ekso Bionics Holdings EKSO 10.18 -2.89 -22.11 14.98 2.25 85.3 Americas MSCI AC Americas 1532.37 –0.65 –0.04 4.4 Adagene ADR ADAG 29.99 10.99 57.84 31.00 19.00 ... Infinity Pharmaceuticals INFI 4.19 -1.17 -21.83 5.49 0.60 210.4 Canada S&P/TSX Comp 18408.62 78.36 0.43 5.6 PDS Biotechnology PDSB 6.81 2.37 53.38 6.95 0.62 282.6 Hennessy Advisors HNNA 8.78 -2.31 -20.83 12.50 5.69 -16.0 Latin Amer. MSCI EM Latin America 2399.07 –14.74 –0.61 –2.1 Heat Biologics HTBX 12.54 4.17 49.82 30.10 1.37 634.2 Ocugen OCGN 12.61 -3.20 -20.24 18.77 0.17 1977.1 Brazil Sao Paulo Bovespa 119471.62 –224.74 –0.19 0.4 BSQUARE BSQR 8.40 2.71 47.63 11.45 0.83 522.2 Capital Senior CSU 29.25 -7.31 -19.99 46.50 6.75 -31.6 Chile Santiago IPSA 3105.01 38.02 1.24 8.7 Mogo MOGO 10.50 3.25 44.83 11.86 0.55 291.8 Sino-Global Shipping Amer SINO 9.10 -1.90 -17.27 11.30 1.37 322.4 Mexico S&P/BMV IPC 45020.96 823.45 1.86 2.2 Tilray TLRY 42.35 12.26 40.74 45.49 2.43 151.2 Summit Therapeutics SMMT 9.35 -1.84 -16.44 12.30 1.28 491.8 EMEA Stoxx Europe 600 410.42 –0.364 –0.09 2.9 500.com ADR WBAI 20.85 5.95 39.93 22.98 2.51 220.8 GameStop Cl A GME 50.31 -9.69 -16.15 483.00 2.57 1151.5 Eurozone Euro Stoxx 410.28 –1.01 –0.25 3.2 Energy Focus EFOI 7.07 1.98 38.90 11.60 0.81 133.7 Coty Cl A COTY 6.74 -1.20 -15.11 12.08 2.65 -43.6 Belgium Bel-20 3835.33 2.83 0.07 5.9 Veru VERU 19.27 5.35 38.43 24.57 2.30 352.3 Translate Bio TBIO 29.27 -5.06 -14.74 34.64 6.80 268.2 The9 ADR NCTY Baosheng Media BAOS Denmark OMX Copenhagen 20 1458.88 –8.74 –0.60 –0.4 34.24 9.45 38.12 34.66 2.04 253.0 7.59 -1.27 -14.33 10.20 7.55 ... Evoke Pharma EVOK 4.41 1.21 37.81 6.06 0.79 210.6 Wesco International WCC 76.62 -12.71 -14.23 89.53 13.52 61.8 France CAC 40 5691.54 5.51 0.10 2.5 Germany DAX 14011.80 –48.11 –0.34 2.1 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1621.20 8.37 0.52 8.1 Italy FTSE MIB 23300.49 –125.43 –0.54 4.8 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low Netherlands AEX 657.07 0.68 0.10 5.2 Russia RTS Index 1457.87 –4.35 –0.30 5.1 Sundial Growers SNDL 1,111,170 143.2 1.65 28.91 1.75 0.14 Applied UV AUVI 117,692 38132 19.71 280.50 35.78 4.52 South Africa FTSE/JSE All-Share 65162.69 103.53 0.16 9.7 Zomedica ZOM 343,930 111.7 2.32 -14.07 2.91 0.06 KalVista Pharmaceuticals KALV 34,962 27934 33.50 114.61 45.00 5.61 Castor Maritime CTRM Bespoke Cap Acquisition BSPE Spain IBEX 35 8101.00 –118.00 –1.44 0.3 287,278 120.3 1.06 7.18 2.60 0.11 3,716 23156 10.36 2.27 11.75 9.25 Globalstar GSAT 283,189 1222.5 2.08 69.11 2.25 0.23 Energy Focus EFOI 13,807 11715 7.07 38.90 11.60 0.81 Sweden OMX Stockholm 809.82 –3.58 –0.44 5.4 Iterum Therapeutics ITRM 227,260 1905.0 2.27 47.40 6.02 0.45 iShares Global Industrial EXI 2,426 7510 109.52 0.47 110.09 59.59 Switzerland Swiss Market 10803.67 24.84 0.23 0.9 Turkey BIST 100 1544.05 9.14 0.60 4.6 Zosano Pharma ZSAN 153,627 1780.4 1.99 3.11 3.06 0.33 Heat Biologics HTBX 70,302 5334 12.54 49.82 30.10 1.37 U.K. FTSE 100 6531.56 8.03 0.12 1.1 Ocugen OCGN 151,502 105.3 12.61 -20.24 18.77 0.17 GreenVision Acquisition GRNV 1,545 4318 10.85 4.33 11.55 9.45 U.K. FTSE 250 21112.94 26.39 0.13 3.0 Tonix Pharmaceuticals TNXP 132,446 339.3 1.61 3.87 2.46 0.39 SPDR S&P Software Svcs XSW 747 3609 174.48 2.42 175.01 67.56 Tilray TLRY 129,215 319.8 42.35 40.74 45.49 2.43 Richardson Electronics RELL 1,663 3023 6.92 8.63 8.39 3.10 Asia-Pacific MSCI AC Asia Pacific 216.07 1.32 0.61 8.1 Naked Brand Group NAKD 127,395 -42.1 1.14 0.00 3.40 0.07 iSh Core 5-10 Year USD Bd IMTB 178 2728 52.11 -0.13 52.85 47.30 Australia S&P/ASX 200 6821.20 –59.48 –0.86 3.6 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3603.49 71.04 2.01 3.8 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 29476.19 156.72 0.53 8.2 Track the Markets India S&P BSE Sensex 51329.08 –19.69 –0.04 7.5 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 29505.93 117.43 0.40 7.5 global stock indexes, bond ETFs, Singapore Straits Times 2935.27 3.86 0.13 3.2 currencies and commodities at Currencies South Korea Kospi 3084.67 –6.57 –0.21 7.3 wsj.com/graphics/track-the-markets Taiwan TAIEX 15802.40 … Closed 7.3 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1518.27 1.84 0.12 4.8 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Tues YTD chg Tues YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004345 23015 –0.3 CREDIT MARKETS Argentina peso .0113 88.2724 5.0 Europe Brazil real .1859 5.3785 3.6 Czech Rep. koruna .04709 21.235 –1.1 Canada dollar .7877 1.2695 –0.3 Denmark krone .1630 6.1366 0.7 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001361 734.70 3.4 Euro area euro 1.2121 .8250 0.8 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000280 3576.30 4.5 Hungary forint .003385 295.46 –0.5 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007844 127.48 –0.2 A consumer rate against its Five-year ARM, Rate Mexico peso .0498 20.0933 1.1 Norway krone .1184 8.4469 –1.5 benchmark over the past year 2.50% Uruguay peso .02347 42.6050 0.6 Poland zloty .2708 3.6926 –1.1 Bankrate.com avg†: 3.16% 10% Asia-Pacific Russia ruble .01353 73.921 –0.1

s Sweden krona .1201 8.3231 1.2 5-year American Airlines Federal Credit Union 2.38% One year ago 2.00 Euro Australian dollar .7740 1.2920 –0.6 Switzerland franc 1.1207 .8923 0.8 adjustable-rate 4.00% Ft Worth, TX 800-533-0035 t 5 China yuan .1554 6.4353 –1.5 mortgage (ARM) 1.50 Turkey lira .1416 7.0637 –5.0 t s Hong Kong dollar .1290 7.7519 –0.01 Citadel Federal Credit Union 2.50% Ukraine hryvnia .0360 27.7500 –2.1 3.00 0 Yen India rupee .01373 72.854 –0.3 Exton, PA 800-666-0191 1.00 UK pound 1.3818 .7237 –1.1 Tradeweb ICE Indonesia rupiah .0000715 13995 –0.4 2.00 Credit Union of New Jersey 2.50% Japan yen .009564 104.56 1.2 Middle East/Africa Tuesday Close 0.50 –5 s Ewing, NJ 609-538-4061 t WSJ Dollar Index Kazakhstan tenge .002389 418.65 –0.6 Bahrain dinar 2.6523 .3770 ... 5-year Treasury 1.00 Hanscom Federal Credit Union 2.50% 0.00 –10 Macau pataca .1252 7.9900 –0.01 Egypt pound .0639 15.6591 –0.5 t note yield Malaysia ringgit .2470 4.0490 0.7 Israel shekel .3075 3.2516 1.2 Hanscom AFB, MA 800-656-4328 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .7240 1.3812 –0.8 Kuwait dinar 3.3053 .3025 –0.5 0.00 month(s) years M A M J J A S O N D J F Star One Credit Union 2.63% Pakistan rupee .00625 159.875 –0.3 Oman sul rial 2.5974 .3850 unch maturity 2020 2021 Sunnyvale, CA 408-742-2801 Philippines peso .0208 48.090 0.2 Qatar rial .2746 3.641 ... Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7541 1.3260 0.4 Saudi Arabia riyal .2666 3.7511 –0.02 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0009001 1111.01 2.3 South Africa rand .0679 14.7269 0.2 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0051073 195.80 5.7 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.25 Taiwan dollar .03573 27.989 –0.4 Yield (%) 52-Week Total Return (%) Thailand baht .03342 29.920 –0.4 WSJ Dollar Index 85.27 –0.41–0.48 0.31 Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.20 0.19 0.19 l 1.71 -1.62 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2421.580 0.700 0.670 1.590 0.400 4.157 5.345 Money market, annual yield 0.10 0.10 0.10 l 0.50 -0.19 Five-year CD, annual yield 0.48 0.47 0.47 l 1.38 -1.07 U.S. Treasury Long, Barclays 4458.250 1.820 1.750 2.050 0.980 4.537 10.211 Commodities 30-year mortgage, fixed† 2.88 2.86 2.83 l 4.22 -1.51 Aggregate, Barclays 2268.470 1.200 1.190 2.310 1.020 4.509 5.672 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.38 2.34 2.32 l 3.43 -1.43 Fixed-Rate MBS, Barclays 2234.010 1.220 1.200 2.690 0.930 3.125 4.365 DJ Commodity Jumbo mortgages, $548,250-plus† 2.91 2.90 2.85 l 4.36 -2.05 795.68 3.14 0.40 795.68 433.70 34.77 8.76 High Yield 100, ICE BofA 3357.569 3.352 3.689 10.740 3.352 4.328 6.022 Refinitiv/CC CRB Index 0.67 184.22 106.29 9.79 Five-year adj mortgage (ARM)† 3.16 3.22 2.85 l 3.69 -1.12 184.22 0.37 8.61 Muni Master, ICE BofA 599.666 0.744 0.767 3.441 0.744 4.300 5.139 Crude oil, $ per barrel 0.39 58.36 -37.63 20.28 New-car loan, 48-month 4.02 4.02 4.02 l 4.50 0.43 58.36 0.67 16.86 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 924.961 4.459 4.458 7.480 4.295 2.865 5.562 Natural gas, $/MMBtu 2.835 -0.047 -1.63 3.354 1.482 58.56 11.66 banks.† Excludes closing costs. Gold, $ per troy oz. 1835.30 3.40 0.19 2051.50 1477.30 17.23 -3.05 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW041000-0-B01000-1------XA

B10 | We dnesday, February 10, 2021 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures May 126.15 126.35 124.60 125.00 –1.25 83,159 Canadian Dollar (CME)-CAD 100,000; $ per CAD Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Feb .7859 .7879 .7834 .7877 .0028 629 Contract Open Agriculture Futures March 16.35 16.58 16.21 16.44 .17 282,237 March .7850 .7881 .7834 .7878 .0028 150,864 Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. May 15.64 15.84 15.55 15.76 .15 302,084 British Pound (CME)-£62,500; $ per £ March 565.00 574.25 s 545.00 556.25 –7.50 516,003 Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Feb 1.3786 1.3820 s 1.3740 1.3812 .0067 685 May 562.50 572.00 s 543.25 554.25 –7.75 527,365 Feb 3.7080 3.7355 s 3.6930 3.7335 0.0545 2,063 May 29.55 29.75 s 29.55 29.70 .15 2,303 March 1.3744 1.3822 s 1.3740 1.3814 .0068 160,977 Oats (CBT)-5,000 bu.; cents per bu. March 3.6785 3.7255 3.6670 3.7200 0.0540 130,811 July 29.60 29.60 s 29.60 29.60 .17 2,564 Swiss Franc (CME)-CHF 125,000; $ per CHF March 356.25 357.00 351.00 354.00 –1.00 2,722 Gold (CMX)-100 troy oz.; $ per troy oz. Cotton (ICE-US)-50,000 lbs.; cents per lb. May 354.75 356.25 352.00 355.25 1.00 1,424 March 1.1136 1.1222 1.1133 1.1220 .0082 49,573 Feb 1841.90 1847.00 1830.70 1835.30 3.40 8,238 Soybeans (CBT)-5,000 bu.; cents per bu. March 84.40 87.13 s 84.40 86.93 2.65 57,866 June 1.1167 1.1248 1.1162 1.1248 .0082 768 March 1831.10 1848.10 1829.60 1836.20 3.20 2,247 March 1391.00 1409.50 1377.50 1401.75 14.00 255,638 May 86.00 88.32 s 85.73 88.13 2.53 93,032 Australian Dollar (CME)-AUD 100,000; $ per AUD April 1832.40 1849.50 1830.30 1837.50 3.30 393,961 May 1387.75 1406.75 1375.50 1398.75 12.75 213,979 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Feb .7716 .7740 .7703 .7738 .0034 209 June 1835.00 1852.00 1833.00 1840.20 3.40 62,473 Soybean Meal (CBT)-100 tons; $ per ton. March 112.60 113.05 110.10 112.25 –.95 7,317 March .7706 .7742 .7703 .7739 .0034 138,115 Aug 1836.70 1853.00 1836.70 1842.40 3.50 17,185 March 437.70 443.70 432.30 438.70 2.10 107,686 May 115.20 115.20 112.30 114.25 –1.10 4,086 Mexican Peso (CME)-MXN 500,000; $ per MXN Oct 1844.80 1855.00 1843.60 1844.00 3.50 7,584 May 436.60 442.10 430.80 437.60 2.00 117,650 Feb .04952 .04988 .04964 .04974 .00006 32 Palladium (NYM) - 50 troy oz.; $ per troy oz. Soybean Oil (CBT)-60,000 lbs.; cents per lb. Interest Rate Futures March .04951 .04978 .04944 .04958 .00006 153,243 March 45.67 46.67 s 45.60 46.52 .89 126,891 Euro (CME)-€125,000; $ per € Feb …… …2319.30 –16.10 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% May 45.00 45.92 s 44.89 45.77 .84 134,472 Feb 1.2059 1.2123 1.2050 1.2120 .0062 915 March 2334.50 2351.50 2303.50 2320.60 –16.10 6,383 March 200-300 202-070 200-270 201-060 –5.0 Rough Rice (CBT)-2,000 cwt.; $ per cwt. 1,098,513 Platinum (NYM)-50 troy oz.; $ per troy oz. June 199-160 –5.0 408 March 1.2060 1.2130 1.2056 1.2126 .0061 661,864 March 13.05 13.05 12.84 12.92 –.06 7,513 Feb 1191.40 19.00 1 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% May 13.22 13.24 13.11 13.20 –.04 2,222 March 166-290 167-190 166-280 167-040 1,168,881 Index Futures April 1174.60 1206.40 s 1170.60 1194.40 19.20 65,807 Wheat (CBT)-5,000 bu.; cents per bu. June 165-180 11,470 Silver (CMX)-5,000 troy oz.; $ per troy oz. March 657.75 660.50 639.75 649.50 –6.25 128,336 Mini DJ Industrial Average (CBT)-$5 x index Treasury Notes (CBT)-$100,000; pts 32nds of 100% Feb 27.425 27.445 27.315 27.396 –0.174 536 July 643.00 646.50 631.50 641.00 –2.00 107,666 March 31294 31340 s 31144 31278 10 98,118 March 136-200 136-260 136-195 136-230 1.0 3,547,367 March 27.370 27.875 27.130 27.402 –0.174 108,380 Wheat (KC)-5,000 bu.; cents per bu. June 31150 31212 s 31040 31163 9333 June 135-180 135-240 135-175 135-210 1.0 84,426 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March 642.00 644.00 625.50 633.50 –6.00 68,435 S&P 500 Index (CME)-$250 x index 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% May 646.00 648.25 630.50 638.50 –5.75 76,153 March 3882.60 3911.40 s 3898.80 3905.50 –2.60 23,036 March 58.11 58.62 s 57.27 58.36 0.39 322,624 March 125-235 125-252 125-225 125-240 .2 3,445,454 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June …… …3895.20 –2.60 22 April 57.99 58.49 s 57.17 58.25 0.42 285,101 June 125-132 125-152 125-132 125-142 50,084 March 137.300 140.875 137.300 138.650 1.200 16,308 Mini S&P 500 (CME)-$50 x index May 57.68 58.20 s 56.93 57.97 0.42 225,749 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% April 141.100 145.150 141.100 143.175 1.700 8,283 March 3910.50 3913.25 s 3895.00 3905.50 –2.50 2,607,386 June 57.28 57.80 s 56.58 57.56 0.41 253,423 March 110-157 110-158 110-152 110-155 –.2 2,204,790 Cattle-Live (CME)-40,000 lbs.; cents per lb. June 3898.25 3902.25 s 3885.00 3895.25 –2.50 43,601 June 110-148 110-148 110-145 110-145 –.5 18,081 July 56.74 57.23 s 56.16 57.06 0.38 145,094 Feb 116.350 118.400 s 116.350 117.450 .875 16,015 Mini S&P Midcap 400 (CME)-$100 x index 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Dec 54.23 54.78 s 53.90 54.52 0.29 297,451 April 123.550 125.675 s 123.500 123.825 –.125 146,031 March 2513.50 2529.30 s 2505.10 2520.00 6.00 51,648 Feb 99.9325 99.9325 99.9300 99.9300 –.0050 188,481 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Hogs-Lean (CME)-40,000 lbs.; cents per lb. June 2434.40 2523.20 s 2522.40 2529.20 6.00 1 April 99.9300 99.9300 99.9250 99.9250 –.0050 141,453 March 1.7501 1.7663 s 1.7341 1.7567 .0089 104,785 Feb 72.125 72.675 71.650 72.600 .425 10,242 Mini Nasdaq 100 (CME)-$20 x index 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% April 1.7406 1.7569 s 1.7249 1.7482 .0096 68,999 April 80.150 80.850 79.400 80.375 –.275 100,321 March 13683.50 13735.25 s 13634.00 13680.25 –2.75 229,400 March 95-025 3.5 136,445 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 13678.25 13722.00 s 13622.50 13667.50 –2.50 3,508 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Eurodollar (CME)-$1,000,000; pts of 100% March 926.90 950.90 920.00 947.00 7.00 1,535 Mini Russell 2000 (CME)-$50 x index March 1.6791 1.6924 s 1.6494 1.6736 –.0012 103,178 Feb 99.8175 99.8175 99.8075 99.8125 –.0050 222,990 May 789.00 789.20 763.00 778.80 –9.60 772 March 2291.30 2309.80 s 2276.40 2297.10 11.30 568,140 April 1.7858 1.8001 s 1.7619 1.7894 .0059 85,424 March 99.8400 99.8400 99.8300 99.8400 … 1,189,674 Milk (CME)-200,000 lbs., cents per lb. June 2284.60 2303.60 s 2272.00 2291.90 11.20 563 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. June 99.8450 99.8450 99.8350 99.8400 … 1,073,444 Feb 15.52 15.59 15.44 15.48 –.13 3,328 Mini Russell 1000 (CME)-$50 x index March 2.883 2.927 2.788 2.835 –.047 211,022 March'23 99.6800 99.6950 99.6800 99.6950 .0100 1,007,897 March 16.43 16.61 16.25 16.31 –.23 3,499 March 2217.30 2221.80 s 2212.40 2217.80 –.20 10,381 April 2.860 2.896 2.777 2.823 –.039 113,782 Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index May 2.887 2.924 2.810 2.860 –.032 129,322 March 2,590 2,629 2,575 2,581 422,142 Currency Futures March 90.88 90.90 90.41 90.43 –.49 35,612 June 2.933 2.966 2.859 2.912 –.029 58,417 May 2,462 2,472 2,428 2,430 –15 102,303 Japanese Yen (CME)-¥12,500,000; $ per 100¥ June 90.88 90.88 90.39 90.40 –.50 971 Sept 3.005 3.018 2.913 2.970 –.022 66,338 Coffee (ICE-US)-37,500 lbs.; cents per lb. Feb .9537 .9570 .9501 .9566 .0061 565 Oct 3.012 3.029 2.933 2.989 –.021 132,895 March 124.05 124.30 122.50 122.95 –1.15 61,425 March .9506 .9572 .9503 .9568 .0061 184,800 Source: FactSet

| Cash Prices | wsj.com/market-data/commodities Tuesday, February 9, 2021 Bonds wsj.com/market-data/bonds/benchmarks These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— separate from the futures price on an exchange, which reflects what the commodity might be worth in future Tracking Bond Benchmarks months. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Tuesday Tuesday Tuesday highs and lows for different types of bonds Energy Aluminum, LME, $ per metric ton *2025.5 Wheat - Hard - KC (USDA) $ per bu-u 6.5850 Total Total Copper,Comex spot 3.7335 Wheat,No.1soft white,Portld,OR-u 7.2500 return YTD total Yield (%) return YTD total Yield (%) Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.650 Iron Ore, 62% Fe CFR China-s 163.5 Food close return (%) Index Latest Low High close return (%) Index Latest Low High Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.300 Shredded Scrap, US Midwest-s,m 460 Mortgage-Backed Bloomberg Barclays Steel, HRC USA, FOB Midwest Mill-s 1190 Beef,carcass equiv. index Broad Market Bloomberg Barclays Metals Mortgage-Backed Fibers and Textiles choice 1-3,600-900 lbs.-u 195.61 2268.47 -1.0 U.S. Aggregate 1.200 1.020 2.310 2234.01 0.1 1.220 0.930 2.690 Gold, per troy oz select 1-3,600-900 lbs.-u 181.97 U.S. Corporate Indexes Bloomberg Barclays 2174.53 -0.2 Ginnie Mae (GNMA) 1.110 0.290 2.660 Engelhard industrial 1843.00 Burlap,10-oz,40-inch NY yd-n,w 0.6700 Broilers, National comp wtd. avg.-u,w 0.8222 Butter,AA Chicago 1.2875 Handy & Harman base 1839.60 Cotton,1 1/16 std lw-mdMphs-u 0.8493 3407.21 -1.5 U.S. Corporate 1.880 1.740 4.580 1320.87 0.2 Fannie mae (FNMA) 1.260 1.110 2.690 Handy & Harman fabricated 2041.96 Cotlook 'A' Index-t *89.50 Cheddar cheese,bbl,Chicago 150.00 Cheddar cheese,blk,Chicago Freddie Mac LBMA Gold Price AM *1811.65 Hides,hvy native steers piece fob-u n.a. 162.75 3103.47 -0.3 Intermediate 1.170 1.080 4.400 2026.67 0.2 (FHLMC) 1.250 1.080 2.710 Milk,Nonfat dry,Chicago lb. 113.00 LBMA Gold Price PM *1835.25 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 5017.09 -3.3 Long term 3.030 2.730 4.930 599.67 0.7 Muni Master 0.744 0.744 3.441 Krugerrand,wholesale-e 1911.00 1.1698 Grains and Feeds Coffee,Colombian, NY 1.7389 Maple Leaf-e 1929.38 685.85 -2.2 Double-A-rated 1.600 1.300 3.360 425.14 0.8 7-12 year 0.731 0.731 3.447 Eggs,large white,Chicago-u 1.2650 American Eagle-e 1929.38 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 16.50 12-22 year Mexican peso-e 2223.47 911.17 -1.2 Triple-B-rated 2.120 2.010 5.350 486.62 0.9 1.115 1.115 3.690 Bran,wheat middlings, KC-u 185 Hams,17-20 lbs,Mid-US fob-u n.a. Austria crown-e 1804.12 Corn,No. 2 yellow,Cent IL-bp,u 5.4550 Hogs,Iowa-So. Minnesota-u 71.10 High Yield Bonds ICE BofA 475.23 1.4 22-plus year 1.710 1.710 4.123 Austria phil-e 1929.38 Corn gluten feed,Midwest-u,w 181.5 Pork bellies,12-14 lb MidUS-u 1.4431 501.72 1.3 High Yield Constrained 3.995 3.995 11.400 Global Government J.P. Morgan† Silver, troy oz. Corn gluten meal,Midwest-u,w 636.1 Pork loins,13-19 lb MidUS-u 0.9624 Engelhard industrial 27.6000 Cottonseed meal-u,w 460 Steers,Tex.-Okla. Choice-u n.a. 473.17 3.6 Triple-C-rated 7.058 7.058 19.071 607.10 -1.3 Global Government 0.700 0.390 0.930 Handy & Harman base 27.3300 Hominy feed,Cent IL-u,w 155 Steers,feeder,Okla. City-u,w 150.38 Handy & Harman fabricated 34.1630 Meat-bonemeal,50% pro Mnpls-u,w 333 3357.57 0.8 High Yield 100 3.352 3.352 10.740 849.22 -1.7 Canada 1.070 0.590 1.470 LBMA spot price *£19.8700 Oats,No.2 milling,Mnpls-u 3.6650 Fats and Oils 452.12 1.1 Global High Yield Constrained 4.088 4.088 11.310 416.89 -0.9 EMU§ 0.155 0.010 0.794 (U.S.$ equivalent) *27.1800 Rice, Long Grain Milled, No. 2 AR-u,w 27.38 Corn oil,crude wet/dry mill wtd. avg.-u,w 43.2500 Coins,wholesale $1,000 face-a 21001 Sorghum,(Milo) No.2 Gulf-u 7.6625 Grease,choice white,Chicago-h 0.4000 342.00 1.3 Europe High Yield Constrained 2.619 2.464 8.183 782.59 -1.4 France 0.040 -0.160 0.430 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 437.20 Lard,Chicago-u n.a. U.S Agency Bloomberg Barclays 545.76 -1.2 Germany -0.340 -0.740 -0.120 LBMA Platinum Price PM *1161.0 Soybeans,No.1 yllw IL-bp,u 13.9050 Soybean oil,crude;Centl IL-u 0.4777 Platinum,Engelhard industrial 1189.0 Wheat,Spring14%-pro Mnpls-u 7.3400 Tallow,bleach;Chicago-h 0.4300 1861.25 -0.3 U.S Agency 0.550 0.460 1.700 293.90 -0.4 Japan 0.340 0.040 0.340 Palladium,Engelhard industrial 2348.0 Wheat,No.2 soft red,St.Louis-u 6.8700 Tallow,edible,Chicago-u 0.5300 1624.99 -0.2 10-20 years 0.420 0.340 1.610 609.47 -1.4 Netherlands -0.240 -0.540 0.080 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; 4188.32 -2.1 20-plus years 1.840 1.170 2.180 1057.66 -3.5 U.K. 0.820 0.390 1.130 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 2/8 -1.0 Yankee Emerging Markets ** Source: Dow Jones Market Data 2905.84 1.480 1.370 3.500 924.96 -0.9 4.459 4.295 7.480 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Exchange-Traded BANKRATE.COM® MMA, Savings and CDs Portfolios Global Government Bonds: Mapping Yields Average Yields of Major Banks Tuesday, February 9, 2021 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Largest 100 exchange-traded funds, Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR latest session National average selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Savings 0.08 0.05 0.05 0.07 0.10 0.15 0.19 0.15 0.28 Tuesday, February 9, 2021 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Jumbos 0.16 0.06 0.06 0.08 0.12 0.17 0.21 0.16 0.29 Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Closing Chg YTD ETF Symbol Price (%) (%) Weekly change 0.125 U.S. 2 0.117 s l 0.111 0.135 1.399 ARKInnovationETF ARKK 154.93 1.06 24.5 Savings 0.00 -0.01 -0.01 -0.01 0.00 0.00 0.00 -0.01 0.00 0.875 10 1.156 t l 1.159 1.105 1.578 CnsmrDiscSelSector XLY 172.25 –0.55 7.1 Jumbos 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 CnsStapleSelSector XLP 65.95 –0.09 –2.2 5.500 Australia 2 0.114 t l 0.116 0.079 0.762 -0.7 0.6 -64.1 EnSelectSectorSPDR XLE 43.87 –1.06 15.8 1.500 10 1.243 t l 1.281 1.100 1.056 8.7 11.3 -52.8 FinSelSectorSPDR XLF 31.30 0.03 6.2 Consumer Savings Rates HealthCareSelSect XLV 115.98 0.15 2.2 0.000 France 2 -0.641 s l -0.650 -0.669 -0.588 -76.2 -75.9 -199.1 IndSelSectorSPDR XLI 89.98 0.26 1.6 Below are the top federally insured offers available nationwide according to Bankrate.com's InvscQQQI QQQ 333.51 –0.02 6.3 0.000 10 -0.223 t l -0.222 -0.316 -0.130 -137.8 -139.0 -171.4 InvscS&P500EW RSP 134.05 –0.04 5.1 weeklysurveyofhighestyields.Forlatestoffersandreviewsofthesefinancialinstitutions,please iShCoreDivGrowth DGRO 46.03 0.02 2.7 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. 0.000 Germany 2 -0.704 s l -0.710 -0.697 -0.636 -82.5 -81.9 -203.9 iShCoreMSCIEAFE IEFA 71.81 0.53 3.9 l iShCoreMSCIEM IEMG 68.24 0.98 10.0 High yield savings 0.000 10 -0.444 t -0.440 -0.518 -0.382 -159.9 -160.8 -196.6 iShCoreMSCITotInt IXUS 71.18 0.72 5.9 Bank Yield Bank Yield t l iShCoreS&P500 IVV 0.050 Italy 2 -0.423 -0.420 -0.405 -0.206 -54.4 -52.9 -160.9 391.72 –0.08 4.4 Phone number Minimum (%) Phone number Minimum (%) iShCoreS&P MC IJH 251.86 0.30 9.6 0.900 10 0.514 t l 0.515 0.529 0.947 -64.1 -65.3 -63.7 iShCoreS&P SC IJR 106.54 0.72 15.9 Money market and savings account Six-month CD iShS&PTotlUSStkMkt ITOT 91.33 0.11 5.9 0.100 Japan 2 -0.127 t l -0.125 -0.121 -0.144 -24.8 -23.4 -154.7 iShCoreUSAggBd AGG 116.88 0.04 –1.1 TAB Bank $0 0.65 Presidential Bank, FSB $1,000 0.50 iShSelectDividend DVY 102.97 0.34 7.1 (800) 355-3063 (800) 799-1424 0.100 10 0.070 l 0.070 0.039 -0.036 -108.5 -109.8 -161.9 iShESGAwareUSA ESGU 90.30 –0.09 5.0 Live Oak Bank $1 0.60 Goldwater Bank $5,000 0.50 0.000 Spain 2 -0.527 t l -0.522 -0.575 -0.401 -63.2 -180.4 iShEdgeMSCIMinUSA USMV 68.07 0.06 0.3 (866) 518-0286 (480) 281-8200 -64.8 iShEdgeMSCIUSAMom MTUM 175.70 –0.06 8.9 Comenity Direct $100 0.60 BankDirect $10,000 0.50 1.250 10 0.132 t l 0.133 0.035 0.288 -103.5 -129.6 iShEdgeMSCIUSAQual QUAL 118.76 –0.07 2.2 -102.3 (833) 755-4354 (877) 839-2737 iShGoldTr IAU 17.49 0.23 –3.5 0.125 U.K. 2 -0.038 s l -0.040 -0.137 0.496 -15.9 -14.9 -90.7 iShiBoxx$InvGrCpBd LQD 135.16 –0.16 –2.2 One-month CD One-year CD iShiBoxx$HYCpBd HYG 87.62 –0.18 0.4 4.750 10 0.464 t l 0.479 0.288 0.596 -69.1 -68.9 -98.8 iShJPMUSDEmgBd EMB 113.81 –0.36 –1.8 Lone Star Bank $1,000 0.20 Connexus Credit Union $5,000 0.71 iShMBSETF MBB 110.23 0.06 0.1 (713) 358-9400 (800) 845-5025 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close iShMSCI ACWI ACWI 95.39 0.20 5.1 State Bank of India California $1,000 0.15 CFG Community Bank $500 0.67 iShMSCI EAFE EFA 75.64 0.54 3.7 iShMSCI EAFE SC SCZ 71.91 0.49 5.2 (877) 707-1995 (888) 205-8388 Corporate Debt iShMSCIEmgMarkets EEM 56.94 1.06 10.2 Washington Savings Bank $500 0.10 Live Oak Bank $2,500 0.65 iShMSCIJapan EWJ 70.87 0.54 4.9 (978) 458-7999 (866) 518-0286 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific iShNatlMuniBd MUB 117.72 0.08 0.4 expectations iSh1-5YIGCorpBd IGSB 55.08 ... –0.2 Two-month CD Two-year CD iShPfd&Incm PFF 38.17 0.08 –0.9 Lone Star Bank $1,000 0.20 Connexus Credit Union $5,000 0.81 Investment-grade spreads that tightened the most… iShRussell1000Gwth IWF 252.80 –0.06 4.8 (713) 358-9400 (800) 845-5025 Spread*, in basis points iShRussell1000 IWB 222.36 0.04 5.0 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week iShRussell1000Val IWD 143.52 0.02 5.0 State Bank of India California $1,000 0.15 Goldwater Bank $5,000 0.80 iShRussell2000Gwth IWO 336.63 0.66 17.4 (877) 707-1995 (480) 281-8200 BNP Paribas BNP 4.250 0.74 Oct. 15, ’24 56 –8 66 iShRussell2000 IWM 228.38 0.47 16.5 VirtualBank $10,000 0.15 Comenity Direct $1,500 0.75 Royal Bank of Canada RY 2.550 0.50 July 16, ’24 31 –7 n.a. iShRussell2000Val IWN 152.07 0.22 15.4 (877) 998-2265 (833) 755-4354 iShRussellMid-Cap IWR 73.23 0.33 6.8 Citigroup C 4.400 1.10 June 10, ’25 n.a. –6 75 iShS&P500Growth IVW 66.78 –0.13 4.6 Three-month CD Five-year CD Enel Finance International ENELIM 4.250 0.62 Sept. 14, ’23 50 –6 n.a. iShS&P500Value IVE 133.07 –0.06 3.9 Goldwater Bank $5,000 0.35 Connexus Credit Union $5,000 1.01 iShShortTreaBd SHV 110.53 0.01 ... Banque Federative du Credit Mutuel BFCM 3.750 0.41 July 20, ’23 29 –5 n.a. iShSilver SLV 25.28 –0.43 2.9 (480) 281-8200 (800) 845-5025 iShTIPSBondETF TIP 127.90 0.05 0.2 BrioDirect $500 0.25 First Internet Bank of Indiana $1,000 0.96 Coca–Cola KO 2.500 2.45 June 1, ’40 50 –5 53 iSh1-3YTreasuryBd SHY 86.35 –0.02 –0.0 (877) 369-2746 (888) 873-3424 New York Life Global Funding NYLIFE 1.100 0.23 May 5, ’23 12 –5 n.a. iSh7-10YTreasuryBd IEF 117.97 0.08 –1.7 iSh20+YTreasuryBd TLT 148.79 0.07 –5.7 Lone Star Bank $1,000 0.25 Goldwater Bank $5,000 0.95 Apple AAPL 2.400 0.21 May 3, ’23 9 –4 13 iShRussellMCGrowth IWP 110.10 0.50 7.3 (713) 358-9400 (480) 281-8200 iShUSTreasuryBdETF GOVT 26.95 0.06 –1.0 …And spreads that widened the most JPM UltShtIncm JPST 50.80 0.02 0.0 High yield jumbos - Minimum is $100,000 PIMCOEnhShMaturity MINT 102.10 ... 0.1 International Business Machines IBM 3.500 1.71 May 15, ’29 55 12 63 SPDR BlmBarcHYBd JNK 109.34 –0.20 0.4 Money market and savings account Six-month CD SPDRBloomBar1-3MTB BIL 91.52 ...... AIG Global Funding … 0.450 0.39 Dec. 8, ’23 27 9 n.a. SPDR Gold GLD 172.08 0.33 –3.5 CFG Community Bank 0.66 BankDirect 0.50 Pacific Life Global Funding II PACLIF 0.500 0.35 Sept. 23, ’23 23 8 n.a. SchwabIntEquity SCHF 37.47 0.51 4.1 (888) 205-8388 (877) 839-2737 SchwabUS BrdMkt SCHB 96.29 0.07 5.8 CF Industries CF 4.500 1.19 Dec. 1, ’26 72 7 n.a. SchwabUS Div SCHD BankDirect 0.60 Goldwater Bank 0.50 66.89 0.10 4.3 Stellantis FCAIM 6 92 SchwabUS LC SCHX 95.49 –0.03 5.0 (877) 839-2737 (480) 281-8200 5.250 0.95 April 15, ’23 83 SchwabUS LC Grw SCHG 135.55 –0.04 5.6 BrioDirect 0.60 Presidential Bank, FSB 0.50 Merck MRK 2.800 0.27 May 18, ’23 15 6 n.a. SchwabUS SC SCHA 101.94 0.42 14.5 (877) 369-2746 (800) 799-1424 … 5 n.a. Schwab US TIPs SCHP 62.24 0.05 0.3 John Deere Capital 2.650 0.47 June 24, ’24 29 SPDR DJIA Tr DIA 313.92 0.01 2.7 One-month CD One-year CD Eni ENIIM 4.000 0.61 Sept. 12, ’23 50 5 n.a. SPDR S&PMdCpTr MDY 459.75 0.30 9.5 Lone Star Bank 0.20 Connexus Credit Union 0.71 SPDR S&P 500 SPY 390.25 –0.07 4.4 High-yield issues with the biggest price increases… SPDR S&P Div SDY 110.58 0.19 4.4 (713) 358-9400 (800) 845-5025 TechSelectSector XLK 136.58 –0.12 5.0 State Bank of India California 0.15 CFG Community Bank 0.67 Bond Price as % of face value UtilitiesSelSector XLU 63.19 0.14 0.8 (877) 707-1995 (888) 205-8388 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week VanEckGoldMiner GDX 35.18 –0.11 –2.3 VirtualBank 0.10 Live Oak Bank 0.65 VangdInfoTech VGT 375.07 0.03 6.0 ADT Security ADT 4.875 3.74 July 15, ’32 110.500 1.00 108.250 (877) 998-2265 (866) 518-0286 VangdSC Val VBR 157.08 0.15 10.5 Ligado Networks NEWLSQ 15.500 14.78 Nov. 1, ’23 101.500 0.75 101.000 VangdSC Grwth VBK 299.62 0.60 11.9 Two-month CD Two-year CD VangdExtMkt VXF 185.97 0.41 12.9 Transocean RIG 6.800 16.97 March 15, ’38 43.750 0.75 38.250 VangdDivApp VIG 142.95 0.08 1.3 Lone Star Bank 0.20 Connexus Credit Union 0.81 Teva Pharmaceutical Finance Netherlands … 4.100 4.64 Oct. 1, ’46 92.000 0.70 88.500 VangdFTSEDevMk VEA 49.16 0.57 4.1 (713) 358-9400 (800) 845-5025 VangdFTSE EM VWO 55.39 1.11 10.5 State Bank of India California 0.15 Goldwater Bank 0.80 Telecom Italia Capital TITIM 6.000 4.18 Sept. 30, ’34 118.780 0.53 119.500 VangdFTSE Europe VGK 62.16 0.58 3.2 (877) 707-1995 (480) 281-8200 … 0.50 VangdFTSEAWxUS VEU 61.74 0.72 5.8 GrafTech Finance 4.625 4.17 Dec. 15, ’28 103.000 101.362 VangdGrowth VUG 266.43 –0.03 5.2 VirtualBank 0.15 Comenity Direct 0.75 VangdHlthCr VHT 234.58 0.07 4.8 (877) 998-2265 (833) 755-4354 …And with the biggest price decreases VangdHiDiv VYM 95.36 –0.05 4.2 VangdIntermBd BIV 91.87 0.04 –1.1 Three-month CD Five-year CD Dell DELL 7.100 2.89 April 15, ’28 127.100 –0.72 128.125 VangdIntrCorpBd VCIT 96.21 –0.06 –1.0 Goldwater Bank 0.35 Connexus Credit Union 1.01 Navient NAVI 6.125 3.73 March 25, ’24 107.000 –0.63 106.845 VangdLC VV 184.09 –0.03 4.8 (480) 281-8200 (800) 845-5025 VangdMC VO 220.37 0.33 6.6 Cleveland–Cliffs CLF 6.250 6.62 Oct. 1, ’40 96.012 –0.52 96.030 Lone Star Bank 0.25 First Internet Bank of Indiana 0.96 VangdMBS VMBS 54.05 –0.06 –0.0 Delta Air Lines DAL 7.000 2.77 May 1, ’25 116.750 –0.25 116.500 VangdRealEst VNQ 88.90 0.35 4.7 (713) 358-9400 (888) 873-3424 VangdS&P500ETF VOO 358.78 –0.08 4.4 State Bank of India California 0.25 Goldwater Bank 0.95 Occidental Petroleum OXY 6.200 5.50 March 15, ’40 108.250 –0.25 106.000 VangdST Bond BSV 82.75 0.01 –0.2 (877) 707-1995 (480) 281-8200 VangdSTCpBd VCSH 83.12 –0.01 –0.2 Sprint Capital … 6.875 2.63 Nov. 15, ’28 129.625 –0.25 129.252 VangdSC VB 216.29 0.25 11.1 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of Netflix NFLX 5.875 1.49 Feb. 15, ’25 117.010 –0.24 117.005 VangdTotalBd BND 87.02 –0.05 –1.3 compounding and rate stated for the lowest required opening deposit to earn interest. CD VangdTotIntlBd BNDX Dish DBS DISH 5.875 2.47 July 15, ’22 104.750 –0.22 104.250 58.02 0.04 –0.9 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of VangdTotIntlStk VXUS 63.68 0.68 5.9 VangdTotalStk VTI 206.02 0.04 5.8 which may be checks. Rates are subject to change. *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. VangdTotlWrld VT 97.62 0.31 5.4 Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 Note: Data are for the most active issue of bonds with maturities of two years or more VangdValue VTV 123.87 –0.04 4.1 Internet: www.bankrate.com Source: MarketAxess P2JW041000-1-B01100-1------XA

THE WALL STREET JOURNAL. * We dnesday, February 10, 2021 | B11 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, NYSE s-New 52-week high. Fortinet FTNT 159.96 0.53 LasVegasSands LVS 54.40 -0.90 OtisWorldwide OTIS 64.36 0.63 SunRun RUN 77.57 2.17 s Twilio TWLO 406.57 7.06 WEX WEX 208.31 0.62 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. listed securities. Prices are composite quotations dd-Indicates loss in the most recent four Fortis FTS 40.68 0.20 Lear LEA 162.00 1.94 OwensCorning OC 85.61 1.03 Suzano SUZ 12.40 0.09 TwistBiosci TWST 179.46 4.08 W.P.Carey WPC 68.68 0.43 that include primary market trades as well as quarters. Fortive FTV 68.24 0.56 Leidos LDOS 109.74 1.65 OzonHoldings OZON 62.99 -3.65 SynchronyFin SYF 37.12 -0.55 s Twitter TWTR 59.87 1.67 WPP WPP 56.56 0.55 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. FortBrandsHome FBHS 91.77 0.20 Lemonade LMND 155.58 13.79 PG&E PCG 11.76 -0.13 Synopsys SNPS 278.16 1.68 TylerTech TYL 423.12 -4.30 Wabtec WAB 81.99 -0.55 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing FoxA FOXA 30.73 -1.96 s Lennar A LEN 92.99 -2.23 PNC Fin PNC 158.14 -0.65 Sysco SYY 76.21 -0.71 TysonFoods TSN 69.50 1.55 WalgreensBoots WBA 50.00 0.07 Nasdaq ISE. standards s Lennar B LEN.B 74.95 -1.40 POSCO PKX 61.14 0.61 UBS Group UBS 15.34 ... Walmart WMT 145.83 0.80 The list comprises the 1,000 largest companies lf-Late filing FoxB FOX 29.69 -1.86 T U V based on market capitalization. q-Temporary exemption from Nasdaq Franco-Nevada FNV 123.60 1.10 LennoxIntl LII 284.82 1.04 PPD PPD 35.34 -0.23 UDR UDR 41.17 0.21 WarnerMusic WMG 38.54 0.06 LiAuto LI 31.87 1.51 PPG Ind PPG 137.29 -2.93 US Foods USFD WasteConnections WCN 98.72 -0.23 Underlined quotations are those stocks with requirements. FranklinRscs BEN 26.62 0.03 s TAL Education TAL 84.98 5.06 36.46 -0.50 large changes in volume compared with the t-NYSE bankruptcy LibertyBroadbandA LBRDA 149.13 1.23 PPL PPL 27.95 0.08 t WasteMgt WM 113.55 -0.83 FreeportMcM FCX 32.02 -0.10 TC Energy TRP 42.68 -0.48 UWM UWMC 9.28 -0.23 issue’s average trading volume. v-Trading halted on primary market. FreseniusMed FMS 34.42 0.32 LibertyBroadbandC LBRDK 151.77 1.74 s PTC PTC 144.05 1.13 s Uber UBER 59.61 0.32 Waters WAT 282.71 -1.79 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being TE Connectivity TEL 128.79 -1.20 LibertyGlobal A LBTYA 24.81 -0.17 Paccar PCAR 99.41 2.64 s Ubiquiti UI WSO 253.25 -1.10 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, s FuelCell FCEL 27.96 1.57 s Telus TU 21.45 0.06 357.07 10.43 LibertyGlobal B LBTYB 24.85 -0.07 PackagingCpAm PKG 131.94 -1.09 s Watsco B WSOB 251.85 -11.04 previous closing price was $2 or higher. or securities assumed by such companies. s Futu FUTU 154.41 26.41 TJX TJX 69.00 -0.97 UltaBeauty ULTA 319.08 3.13 LibertyGlobal C LBTYK 24.71 -0.07 s PagSeguroDig PAGS 59.44 2.21 Wayfair W 286.78 -2.70 T-MobileUS TMUS 124.45 -1.65 UltragenyxPharm RARE 167.73 1.89 G H I LibertyFormOne A FWONA 40.94 0.34 s s Weibo WB 54.96 2.30 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and PalantirTech PLTR 38.17 2.12 TRowePrice TROW 165.14 1.75 UnderArmour A UAA 20.72 -0.05 changes in the closing prices from 4 p.m. the previous day. LibertyFormOne C FWONK 45.26 0.12 s PaloAltoNtwks PANW 390.97 5.57 UnderArmour C UA 17.54 -0.16 WellsFargo WFC 33.26 -0.14 GDS Holdings GDS 108.25 -0.25 TaiwanSemi TSM 132.68 0.13 s LibertyBraves A BATRA 29.84 -0.23 ParkerHannifin PH 275.66 -2.10 Unilever UL 54.48 -0.54 Welltower WELL 63.23 0.02 GFLEnvironmental GFL 29.38 -0.62 TakeTwoSoftware TTWO 200.31 -13.03 Tuesday, February 9, 2021 s LibertyBraves C BATRK 29.13 -0.19 Paychex PAYX 90.89 -0.82 UnionPacific UNP 204.65 0.53 WestFraserTimber WFG 69.79 -0.73 Net Net GSXTechedu GSX 91.33 -0.07 TakedaPharm TAK 17.71 0.29 Stock Sym Close Chg Stock Sym Close Chg LibertySirius C LSXMK 43.18 0.24 PaycomSoftware PAYC 433.02 3.54 UnitedAirlines UAL 43.32 -1.03 WestPharmSvcs WST 289.89 -4.57 Net Gallagher AJG 116.91 -0.77 s Tapestry TPR 38.35 ... Stock Sym Close Chg LibertySirius A LSXMA 43.94 0.25 Paylocity PCTY 213.49 5.85 UnitedMicro UMC 10.35 0.29 WesternDigital WDC 61.69 -0.43 s BauschHealth BHC 29.20 0.34 Cooper COO 380.73 -4.19 Gaming&Leisure GLPI 42.77 -0.33 Target TGT 194.29 0.34 LightspeedPos LSPD 72.80 0.79 s PayPal PYPL 284.20 2.03 UPS B UPS 166.92 3.47 WesternUnion WU 23.37 0.12 BaxterIntl BAX 76.99 -0.61 Copart CPRT 121.08 0.30 Gap GPS 21.91 -0.36 TataMotors TTM 22.40 -0.97 A B C EliLilly LLY 201.71 -4.06 Pegasystems PEGA 144.00 1.21 s UnitedRentals URI 277.28 5.05 WestlakeChem WLK 85.86 0.04 BectonDicknsn BDX 254.17 -2.65 Corning GLW 36.33 -1.35 s Garmin GRMN 126.12 1.98 TeckRscsB TECK 19.02 -0.40 LincolnNational LNC 51.39 -1.16 Peloton PTON 147.76 2.77 US Bancorp USB 47.61 0.21 WestpacBanking WBK 17.11 -0.05 ABB ABB 29.34 0.26 BeiGene BGNE 370.87 1.82 Corteva CTVA 43.43 -0.18 s Gartner IT 183.72 15.61 s TeladocHealth TDOC 288.50 -6.04 Linde LIN 255.62 -1.72 PembinaPipeline PBA 27.76 -0.50 UnitedHealth UNH 329.63 5.29 WestRock WRK 43.75 1.03 AcadiaPharm ACAD 50.45 -0.83 BentleySystems BSY 46.80 0.46 CoStar CSGP 905.88 5.54 Generac GNRC 275.56 -3.44 TeledyneTech TDY 389.65 2.59 s LithiaMotors LAD 390.85 12.80 PennNational PENN 116.82 -4.41 UnitySoftware U 128.00 3.11 s Weyerhaeuser WY 34.57 -0.59 AECOM ACM 53.51 -1.71 Berkley WRB 67.25 1.14 Costco COST 359.56 -0.27 GeneralDynamics GD 162.14 2.50 Teleflex TFX 400.28 1.65 s LiveNationEnt LYV 77.52 1.13 Pentair PNR 54.81 -1.23 UnivDisplay OLED 234.65 -1.18 WheatonPrecMet WPM 41.46 -0.17 AES AES 27.91 0.23 s BerkHathwy B BRK.B 239.91 2.49 CoupaSoftware COUP 352.65 -7.00 GeneralElec GE 11.54 -0.07 Ericsson ERIC 13.52 0.19 LloydsBanking LYG 2.05 0.03 Penumbra PEN 277.86 9.09 UniversalHealthB UHS 130.51 -0.94 Whirlpool WHR 199.30 -1.13 Aflac AFL 46.25 -0.03 s BerkHathwy A BRK.A 3621995099.99 Credicorp BAP 165.89 6.83 GeneralMills GIS 57.67 -0.03 TelefonicaBras VIV 8.89 -0.01 LockheedMartin LMT 342.34 4.50 PepsiCo PEP 139.60 -0.80 VEREIT VER 37.23 -0.06 Williams WMB 22.26 -0.24 AGCO AGCO 121.63 -0.21 BestBuy BBY 118.46 0.56 CreditSuisse CS 13.84 0.06 GeneralMotors GM 56.06 -0.82 Telefonica TEF 4.57 -0.07 Williams-Sonoma WSM 129.08 0.44 Loews L 48.10 -0.32 PerkinElmer PKI 145.62 1.07 VF VFC 81.05 -0.65 AGNC Invt AGNC 16.29 0.01 BeyondMeat BYND 166.66 -2.43 Cree CREE 122.27 -0.75 Genmab GMAB 40.98 0.42 TelekmIndonesia TLK 23.19 -0.38 s WillisTowers WLTW 228.49 2.79 s LogitechIntl LOGI 116.13 2.31 PetroChina PTR 31.88 0.47 VICI Prop VICI 26.64 -0.09 ANGI Homesvcs ANGI 16.46 -1.61 BILI 140.12 -3.92 CrowdStrike CRWD 223.72 1.36 Gentex GNTX 34.90 -0.38 10xGenomics TXG 182.78 1.08 Wipro WIT 6.64 0.05 Lowe's LOW 177.78 -1.39 PetroleoBrasil PBR 10.28 -0.33 VailResorts MTN 283.05 -3.23 s Ansys ANSS 386.39 4.42 Bill.com BILL 173.75 -5.26 CrownCastle CCI 163.99 3.09 GenuineParts GPC 103.66 0.08 Tenaris TS 16.97 -0.24 Wix.com WIX 283.51 1.30 LufaxHolding LU 16.76 -0.49 PetroleoBrasilA PBR.A 10.22 -0.26 Vale VALE 17.64 -0.01 s ASETech ASX 8.25 0.06 Bio-Techne TECH 389.95 -0.62 CrownHoldings CCK 92.73 -0.96 GileadSciences GILD 67.30 -0.67 TencentMusic TME 26.43 0.21 s Workday WDAY 275.37 2.58 lululemon LULU 340.69 0.98 Pfizer PFE 34.97 0.15 ValeroEnergy VLO 64.59 -0.20 ASML ASML 565.50 1.50 Bio-RadLab A BIO 636.46 7.78 Cummins CMI 244.98 6.37 GSK GSK 35.75 0.29 Teradyne TER 128.27 -0.82 WynnResorts WYNN 113.38 -4.03 LumenTech LUMN 12.56 0.19 PhilipMorris PM 85.63 -0.36 VarianMed VAR 176.21 -0.15 AT&T T 28.62 -0.15 Biogen BIIB 269.31 0.38 CureVac CVAC 114.33 -11.96 GlobalPayments GPN 203.28 2.95 Tesla TSLA 849.46 -13.96 XP XP 47.91 -0.82 s Lyft LYFT 53.64 0.23 Phillips66 PSX 74.53 -1.26 Vedanta VEDL 10.13 0.12 AbbottLabs ABT 125.15 0.65 BioMarinPharm BMRN 85.61 -0.68 CyrusOne CONE 74.87 -0.22 Globant GLOB 222.66 4.32 TevaPharm TEVA 12.81 0.10 XPO Logistics XPO 121.66 1.19 LyondellBasell LYB 94.71 -0.81 Pinduoduo PDD 189.76 1.50 VeevaSystems VEEV 304.44 6.87 AbbVie ABBV 105.40 -1.44 BioNTech BNTX 117.53 -1.97 GlobeLife GL 92.75 -1.35 TexasInstruments TXN 173.69 -1.43 XcelEnergy XEL 62.12 -0.13 PinnacleWest PNW 76.66 -0.28 Ventas VTR 48.24 0.09 AbCelleraBio ABCL 47.00 1.97 BlackKnight BKI 86.07 -0.66 D E F GoDaddy GDDY 91.20 1.88 M N Textron TXT 49.28 -0.46 Xilinx XLNX 140.85 -0.58 Pinterest PINS 79.41 -0.40 VeriSign VRSN 200.29 -0.23 Abiomed ABMD 324.48 -1.38 BlackLine BL 148.57 0.47 GoldFields GFI 9.39 -0.05 ThermoFisherSci TMO 489.30 -6.46 XPeng XPEV 48.75 1.14 DISH 32.28 0.76 M&T Bank MTB 143.06 0.16 PioneerNatRscs PXD 129.04 -4.01 VeriskAnalytics VRSK 190.51 1.65 Accenture ACN 257.68 0.37 BlackRock BLK 728.80 2.35 GoldmanSachs GS 300.46 0.31 ThomsonReuters TRI 83.34 -0.16 Xylem XYL 101.19 0.23 DTE Energy DTE 121.33 0.33 MGMGrowthProp MGP 32.72 -0.10 PlainsAllAmPipe PAA 9.28 0.01 Verizon VZ 55.00 -0.05 ActivisionBliz ATVI 102.73 1.54 s Blackstone BX 70.89 0.34 GoodRx GDRX 56.68 1.09 3M MMM 180.94 0.18 YNDX 69.81 1.43 DadaNexus DADA 44.67 -1.69 s MGM Resorts MGM 35.82 0.22 PlaytikaPLTK 34.28 1.98 VertxPharm VRTX 213.82 -0.55 AdaptiveBiotech ADPT 62.15 0.79 Boeing BA 215.12 3.17 Graco GGG 72.15 -0.06 Toro TTC 100.02 0.03 YatsenHolding YSG 23.87 0.67 Danaher DHR 237.00 1.35 s MinisoGroup MNSO 34.10 -0.67 PlugPower PLUG 67.48 1.29 ViacomCBS A VIACA 55.03 0.46 Adobe ADBE 496.05 2.29 BookingHldgs BKNG 2085.28 -14.28 Grainger GWW 374.69 -4.12 TorontoDomBk TD 59.11 0.14 YumBrands YUM 103.12 -0.24 Darden DRI 129.36 -0.91 MKS Instrum MKSI147.92 -1.32 Pool POOL 360.29 0.89 ViacomCBS B VIAC 55.03 0.53 AdvanceAuto AAP 160.67 2.23 BoozAllen BAH 83.16 1.21 Grifols GRFS 17.18 -0.23 Total TOT 42.19 -1.32 s YumChina YUMC 61.06 1.40 s DarlingIngred DAR 71.78 -0.02 MPLX MPLX 23.60 -0.34 PrincipalFin PFG 54.40 0.34 Viatris VTRS 18.47 0.47 AdvMicroDevices AMD 90.91 -0.56 BorgWarner BWA 42.91 -0.53 GuardantHealth GH 163.34 1.26 ToyotaMotor TM 154.00 1.07 ZTO Express ZTO 36.85 0.24 s Datadog DDOG 117.85 1.43 MSCI MSCI 417.97 -4.76 Procter&Gamble PG 128.67 -0.50 Vipshop VIPS 33.80 0.10 s Aegon AEG 4.39 0.07 BostonBeer SAM 1146.98 -4.40 Guidewire GWRE 126.33 2.63 TractorSupply TSCO 158.50 1.25 ZaiLab ZLAB 183.83 0.23 DaVita DVA 111.00 0.80 MagellanMid MMP 41.17 0.57 Progressive PGR 86.27 0.10 VirBiotech VIR 77.17 1.97 s AffirmHldgs AFRM 131.00 8.24 BostonProps BXP 95.98 0.63 HCA Healthcare HCA 175.42 -3.52 TradeDesk TTD 864.61 12.30 s ZebraTech ZBRA 425.27 4.96 DeckersOutdoor DECK 325.50 5.30 MagnaIntl MGA 76.84 -0.33 Prologis PLD 107.42 0.34 VirginGalactic SPCE 56.72 0.47 AgilentTechs A 123.24 -0.17 BostonSci BSX 39.25 -0.32 HDFC Bank HDB 81.47 -1.03 Tradeweb TW 67.69 1.41 Zendesk ZEN 155.05 -0.92 s Deere DE 315.33 -1.71 s ManhattanAssoc MANH 139.23 4.74 PrudentialFin PRU 81.43 0.52 Visa V 206.52 -0.37 AgnicoEagle AEM 72.40 -0.16 s BridgeBioPharma BBIO 70.85 -1.50 s HP HPQ 27.09 -0.21 TraneTech TT 145.71 -3.27 s Zillow C Z 168.72 5.45 DellTechC DELL 79.59 -0.35 ManulifeFin MFC 19.44 0.24 Prudential PUK 35.37 1.31 Vistra VST 21.33 0.29 Agora API 98.49 -0.23 BrightHorizons BFAM 173.45 0.85 HSBC HSBC 27.30 0.47 TransDigm TDG 596.64 -3.53 s Zillow A ZG 172.93 3.85 DeltaAir DAL 42.51 -0.73 MarathonPetrol MPC 48.87 -0.61 PublicServiceEnt PEG 58.73 -0.08 VMware VMW 147.66 0.86 AirProducts APD 254.44 0.80 BristolMyers BMY 59.76 -0.47 Halliburton HAL 19.79 -0.25 TransUnion TRU 93.51 -0.13 ZimmerBiomet ZBH 159.15 -0.66 DenaliTherap DNLI 72.94 -4.02 MaravaiLifeSci MRVI 35.38 0.40 PublicStorage PSA 236.37 3.86 VOD 18.47 0.02 Airbnb ABNB 199.88 -0.55 BritishAmTob BTI 38.22 0.79 HartfordFinl HIG 50.24 -0.07 Travelers TRV 147.16 0.96 Zoetis ZTS 159.83 -0.19 DentsplySirona XRAY 56.10 0.22 Markel MKL 1099.06 8.93 PulteGroup PHM 49.20 -0.06 VulcanMatls VMC 155.65 1.47 AkamaiTech AKAM 117.97 0.69 Broadcom AVGO 474.63 1.93 Hasbro HAS 90.74 -2.41 s Trex TREX 104.44 1.00 ZoomVideo ZM 430.03 19.22 DeutscheBank DB 10.47 -0.09 MarketAxess MKTX 557.76 -11.30 Qiagen QGEN 54.06 -1.72 Albemarle ALB 158.69 -2.87 BroadridgeFinl BR 141.67 -1.42 HealthcareAmer HTA 28.81 0.20 s Trimble TRMB 74.72 0.73 ZoomInfoTech ZI 56.37 -1.04 DevonEnergy DVN 18.87 0.12 Marriott MAR 127.05 -2.04 Qorvo QRVO 168.85 -1.91 W X Y Z Alcon ALC 74.52 -0.26 BrookfieldMgt BAM 41.41 0.19 HealthpeakProp PEAK 29.92 -0.34 Trip.com TCOM 35.50 0.10 Zscaler ZS 220.00 4.13 DexCom DXCM 401.03 -2.27 Marsh&McLen MMC 113.85 -0.02 Qualcomm QCOM 146.11 -1.27 AlexandriaRlEst ARE 171.34 0.92 BrookfieldInfr BIP 53.17 -0.52 Heico HEI 131.54 -0.30 TruistFinl TFC 53.37 0.40 WEC Energy WEC 85.46 0.29 s Zynga ZNGA 11.33 0.31 s Diageo DEO 166.21 2.29 MartinMarietta MLM 305.92 5.01 QuantaServices PWR 77.17 0.59 AlexionPharm ALXN 155.27 0.77 BrookfieldPropREIT BPYU 18.06 0.06 Heico A HEI.A 117.75 1.34 DiamondbkEner FANG 66.97 -1.96 MarvellTech MRVL 51.25 -0.35 QuestDiag DGX 121.79 0.15 Alibaba BABA 266.49 3.90 BrookfieldRenew BEPC 53.71 -3.23 HenrySchein HSIC 70.61 -0.17 DigitalRealty DLR 148.24 1.87 Masco MAS 56.29 -1.04 Quidel QDEL 236.38 3.50 AlignTech ALGN 615.00 12.56 Brown&Brown BRO 45.33 -0.17 Hershey HSY 149.62 0.29 s DigitalTurbine APPS 92.03 1.04 Masimo MASI 266.32 4.50 Alleghany Y 604.91 0.22 Brown-Forman B BF.B 76.59 0.70 Hess HES 58.45 -1.93 R S Dividend Changes DiscoverFinSvcs DFS 92.66 -1.68 Mastercard MA 333.44 -3.59 Allegion ALLE 116.72 -0.31 Brown-Forman A BF.A 70.84 0.65 HewlettPackard HPE 13.60 0.10 DiscoveryB DISCB 44.00 0.76 MatchGroup MTCH 158.87 -0.13 AlliantEnergy LNT 48.84 -0.22 Bruker BRKR 57.81 -0.10 HighwoodsProp HIW 40.54 -0.55 RELX RELX 24.96 -0.30 Dividend announcements from February 9. DiscoveryA DISCA 43.50 0.25 MaximIntProducts MXIM 91.22 -0.36 Allstate ALL 107.88 0.50 s BuildersFirstSrc BLDR 43.49 0.08 Hilton HLT 110.35 -1.97 RH RH 498.45 -1.56 DiscoveryC DISCK 37.20 0.20 McAfee MCFE 20.29 0.02 Amount Payable / AllyFinancial ALLY 40.91 -0.86 s Bunge BG 75.43 1.32 Hologic HOLX 81.15 -1.13 RLX Tech RLX 22.52 0.48 Disney DIS 188.21 -1.79 McCormick MKC 90.77 -0.06 Company Symbol Yld %New/Old Frq Record AlnylamPharm ALNY 167.65 2.50 BurlingtonStrs BURL 263.99 0.14 HomeDepot HD 276.77 -3.26 RPM RPM 85.46 -1.84 DocuSign DOCU 255.82 6.92 McCormickVtg MKC.V 91.19 1.61 s Alphabet A GOOGL 2075.39 -9.13 s CBRE Group CBRE 67.44 -0.49 HondaMotor HMC 29.64 0.88 RaymondJames RJF 110.84 0.62 DolbyLab DLB 92.00 -0.03 McDonalds MCD 215.98 4.40 Increased Alphabet C GOOG 2083.51 -9.40 CDW CDW 151.56 1.17 Honeywell HON 202.02 -1.84 RaytheonTech RTX 73.04 0.55 DollarGeneral DG 203.49 5.11 McKesson MCK 184.98 1.18 CNA Financial CNA 3.4 .38 /.37 Q Mar11 /Feb22 Alteryx AYX 138.66 2.67 CF Industries CF 43.99 0.02 HorizonTherap HZNP 86.98 -1.48 RealPage RP 86.96 0.22 DollarTree DLTR 109.82 2.75 MedicalProp MPW 22.21 -0.02 Commerce Bancshares CBSH 1.5 .2625 /.25714 Q Mar24 /Mar09 AlticeUSA ATUS 37.24 0.29 CGI GIB 79.34 -0.11 HormelFoods HRL 49.48 -0.32 RealtyIncome O 61.74 0.84 DominionEner D 73.11 -0.72 Medtronic MDT 117.88 -0.19 s Altria MO 43.36 0.39 CH Robinson CHRW 91.87 1.90 s DR Horton DHI 81.80 -1.16 Redfin RDFN 91.16 2.49 Reduced Domino's DPZ 382.96 2.90 MelcoResorts MLCO 17.42 -0.11 AlumofChina ACH 8.82 0.24 CME Group CME 191.97 0.23 HostHotels HST 13.87 -0.43 RegencyCtrs REG 49.54 0.58 Zions Bancorp Pfd. A ZIONP 4.0 .25 /.25278 Q Mar15 /Mar01 DoorDash DASH 187.75 10.32 MercadoLibre MELI 1878.00 -22.89 Amazon.com AMZN 3305.00 -17.94 CMS Energy CMS 56.58 0.14 HowmetAerospace HWM 27.76 0.02 RegenPharm REGN 490.68 -4.22 Dover DOV 120.35 -0.54 Merck MRK 75.04 ... s Stocks Ambev ABEV 2.81 -0.02 CNA Fin CNA 43.13 0.44 Huazhu HTHT 57.30 -1.02 RegionsFin RF 19.55 0.01 Dow DOW 56.60 -0.75 s MetLife MET 54.42 0.24 Amcor AMCR 11.24 -0.23 s CNH Indl CNHI 14.38 -0.01 Hubbell HUBB 162.55 -1.68 RenaissanceRe RNR 159.44 -1.69 National Beverage FIZZ 2:1 /Feb22 DrReddy'sLab RDY 65.94 0.02 MettlerToledo MTD 1206.50 -2.77 RELI s Amdocs DOX 77.14 0.61 CNOOC CEO 114.63 3.50 HubSpot HUBS 422.61 3.62 Repligen RGEN 216.18 -2.96 Reliance Global Group 1:85.71 /Feb09 DraftKings DKNG 62.13 0.16 MicrochipTech MCHP 152.05 -0.42 Amedisys AMED 309.39 4.37 CRH CRH 43.81 0.63 Humana HUM 382.59 4.25 RepublicSvcs RSG 91.54 -0.24 Dropbox DBX 24.15 -0.67 MicronTech MU 83.32 -0.69 ResMed RMD 199.86 -1.69 Foreign Amerco UHAL 503.00 9.57 CRISPR Therap CRSP 167.55 -1.68 JBHunt JBHT 148.35 2.33 DukeEnergy DUK 93.32 -0.28 Microsoft MSFT 243.77 1.30 Allegion ALLE 1.1 .36 Q Mar31 /Mar17 Ameren AEE 73.26 0.67 CSX CSX 88.47 1.21 HuntingtonBcshs HBAN 14.28 0.06 RestaurantBrands QSR 60.09 0.19 DukeRealty DRE 41.78 0.17 s MicroStrategy MSTR 1272.94231.94 s BrightSphere Invt Group BSIG 0.2 .01 Q Mar26 /Mar12 AmericaMovil AMX 13.69 0.18 C3.ai AI 168.92 18.12 IAA IAA 64.41 -0.70 RingCentral RNG 427.28 18.04 Dun&Bradstreet DNB 24.35 -0.43 MidAmApt MAA 135.55 0.06 RioTinto RIO FirstService FSV 0.4 .1825 Q Apr07 /Mar31 AmericaMovil A AMOV 13.99 0.26 CVS Health CVS 73.49 0.51 s IAC/InterActive IAC 248.44 -3.10 81.40 1.11 DuPont DD 73.47 -2.29 MiratiTherap MRTX 212.10 1.95 RobertHalf RHI 72.19 0.09 Itau Unibanco Holding ADR ITUB 2.6 .02613 M Mar22 /Mar01 AmerAirlines AAL 17.44 -0.33 CableOne CABO 2086.06 21.82 s ICICI Bank IBN 17.72 0.07 s Dynatrace DT 55.16 -0.95 MitsubishiUFJ MUFG 4.99 -0.01 RocketCos. RKT 21.25 -0.37 AEP AEP 79.84 -0.40 CadenceDesign CDNS 139.49 1.91 IdexxLab IDXX 505.05 9.29 Special ENI E 21.36 0.16 MizuhoFin MFG 2.93 -0.03 Rockwell ROK 246.52 -0.74 AmerExpress AXP 126.68 -1.31 CaesarsEnt CZR 81.57 -1.28 IHS Markit INFO 91.20 1.78 CNA Financial CNA 3.4 .75 Mar11 /Feb22 EOG Rscs EOG 58.22 -1.19 MobileTeleSys MBT 9.18 0.04 RogersComm B RCI 45.92 -0.82 AmericanFin AFG 104.34 1.30 CamdenProperty CPT 101.14 -0.82 s II-VI IIVI 94.03 5.30 s EPAM Systems EPAM 394.46 4.13 Moderna MRNA 179.52 -6.46 s Roku ROKU 467.30 32.67 AmHomes4Rent AMH 31.74 0.36 CampbellSoup CPB 47.00 -0.12 ING Groep ING 9.41 -0.04 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: s EastWestBncp EWBC 66.57 0.69 s MohawkInds MHK 156.08 2.98 Rollins ROL 37.92 0.77 AIG AIG 42.14 -0.15 CIBC CM 89.01 0.11 s Invesco IVZ 22.67 0.39 EastmanChem EMN 106.07 -1.39 MolinaHealthcare MOH 206.01 3.47 RoperTech ROP 403.73 -3.43 spin-off. AmerTowerREIT AMT 231.66 -1.13 CanNtlRlwy CNI 107.21 0.84 IPG Photonics IPGP 242.92 -0.20 Eaton ETN 119.83 -0.39 MolsonCoorsB TAP 48.66 -0.06 RossStores ROST 120.05 -0.61 AmerWaterWorks AWK 163.44 1.22 CanNaturalRes CNQ 25.51 -0.18 IQVIA IQV 183.82 -3.09 EatonVance EV 71.28 -0.04 Mondelez MDLZ 55.50 -0.52 RoyalBkCanada RY 84.26 0.17 AmericanWell AMWL 35.15 -0.09 CanPacRlwy CP 355.03 -0.40 IcahnEnterprises IEP 60.35 -0.23 eBay EBAY 62.23 -1.61 MongoDB MDB 405.46 -5.32 RoyalCaribbean RCL 68.89 -1.81 AmericoldRealty COLD 36.49 0.30 Canon CAJ 22.66 -0.07 Icon ICLR 201.46 -0.73 Borrowing Benchmarks Ecolab ECL 215.56 -1.49 MonolithicPower MPWR379.16 10.54 RoyalDutchA RDS.A 38.23 -0.30 s Ameriprise AMP 214.66 1.35 s CanopyGrowth CGC 49.09 5.22 IDEX IEX 197.56 -0.87 wsj.com/market-data/bonds/benchmarks Ecopetrol EC 12.28 -0.09 MonsterBev MNST 90.51 -0.37 RoyalDutchB RDS.B 36.20 -0.06 AmerisourceBrgn ABC 107.43 -1.06 s CapitalOne COF 115.93 -0.07 IllinoisToolWks ITW 203.30 -0.94 EdisonInt EIX 57.78 0.05 Moody's MCO 282.32 3.93 RoyaltyPharma RPRX 48.74 0.38 Ametek AME 120.91 1.02 CardinalHealth CAH 52.95 0.04 s Illumina ILMN 453.00 1.94 EdwardsLife EW 85.80 -0.28 MorganStanley MS 74.24 0.01 Ryanair RYAAY 104.05 -2.16 Amgen AMGN 236.65 -0.92 s Carlyle CG 37.30 0.69 ImperialOil IMO 20.18 -0.20 Money Rates February 9, 2021 ElancoAnimal ELAN 29.09 0.64 Morningstar MORN 238.78 -0.03 SAP SAP 131.54 0.04 Amphenol APH 132.21 -0.09 CarMax KMX 125.42 -1.43 Incyte INCY 89.46 -4.16 Elastic ESTC 166.43 1.43 Mosaic MOS 27.98 -1.11 S&P Global SPGI 332.39 6.95 AnalogDevices ADI 152.85 -0.35 Carnival CCL 21.05 -0.56 Infosys INFY 17.64 -0.32 Key annual interest rates paid to borrow or lend money in U.S. and ElectronicArts EA 146.11 3.65 MotorolaSol MSI 183.12 0.58 SBA Comm SBAC 266.66 -0.35 Anaplan PLAN 79.82 -3.17 Carnival CUK 18.47 -0.39 IngersollRand IR 44.07 0.02 EmersonElec EMR 85.90 -0.62 NICE NICE 276.85 -2.53 SEI Investments SEIC 56.22 -0.18 international markets. Rates below are a guide to general levels but AngloGoldAsh AU 23.47 0.12 CarrierGlobal CARR 37.25 -2.45 Inphi IPHI 167.71 -1.62 Enbridge ENB 35.73 -0.08 NIO NIO 62.84 3.77 SK Telecom SKM 24.81 -0.18 don’t always represent actual transactions. AB InBev BUD 64.70 -0.37 Carvana CVNA 292.91 4.75 Insulet PODD 282.03 1.14 EncompassHealth EHC 82.07 0.01 NRG Energy NRG 42.69 0.62 SS&C Tech SSNC 68.76 -0.16 AnnalyCap NLY 8.56 -0.07 Catalent CTLT 114.17 0.67 Intel INTC 58.78 -0.38 EnelAmericas ENIA 7.82 0.09 NVR NVR 4699.74 -41.19 StoreCapital STOR 32.46 0.07 Week —52-WEEK— Anthem ANTM 298.70 11.00 Caterpillar CAT 197.28 -0.17 s InteractiveBrkrs IBKR 72.80 0.82 EnergyTransfer ET 6.78 -0.28 s NXP Semi NXPI 188.04 -0.08 s SVB Fin SIVB 504.95 0.79 Inflation Latest ago High Low Aon AON 228.45 2.81 Celanese CE 129.38 -0.66 ICE ICE 113.26 -0.20 ApolloGlbMgmt APO EnphaseEnergy ENPH 200.10 2.23 Nasdaq NDAQ 143.13 0.68 Salesforce.com CRM 236.70 -2.23 50.60 -0.34 Cemex CX 6.39 -0.04 InterContinentl IHG 68.92 -0.10 Dec. index Chg From (%) 60 days 2.016 2.022 3.081 1.804 Entegris ENTG 96.11 -0.59 Natera NTRA 119.04 0.48 Sanofi SNY 48.86 0.23 Appian APPN 219.68 12.31 CenovusEnergy CVE 6.21 -0.25 IBM IBM 122.10 0.12 level Nov. '20 Dec. '19 Entergy ETR 95.00 0.53 NationalGrid NGG 59.28 1.04 Sasol SSL 13.57 -0.05 Apple AAPL 136.01 -0.90 Centene CNC 60.27 2.03 IntlFlavors IFF 127.95 0.70 Other short-term rates EnterpriseProd EPD 21.22 -0.16 Natura&Co NTCO 18.93 0.04 Schlumberger SLB 26.00 0.01 ApplMaterials AMAT 105.38 -0.81 CenterPointEner CNP 21.28 0.25 IntlPaper IP 48.10 0.26 U.S. consumer price index Equifax EFX 183.21 3.80 NatWest NWG 4.78 0.06 s Aptargroup ATR 142.17 0.19 CentraisElBras EBR 5.72 0.04 SchwabC SCHW 56.27 0.42 Week 52-Week Equinix EQIX Interpublic IPG 26.29 -0.32 NetApp NTAP 69.87 0.14 All items 260.474 0.09 1.4 Aptiv APTV 148.28 -0.49 CeridianHCM CDAY 104.73 2.73 750.47 3.06 ScottsMiracleGro SMG 240.54 1.02 Latest high low Intuit INTU 391.55 1.81 s NetEase NTES 132.42 8.29 ago Aramark ARMK 36.02 -0.98 Cerner CERN 79.02 0.52 Equinor EQNR 18.45 -0.02 s Sea SE 274.66 11.20 Core 269.226 –0.09 1.6 IntuitiveSurgical ISRG 779.35 9.36 Netflix NFLX 559.07 11.15 ArcelorMittal MT 23.27 0.22 CharlesRiverLabs CRL 277.85 1.20 Equitable EQH 27.58 0.40 Seagate STX 72.36 0.95 Call money Invitae NVTA 52.60 1.79 Neurocrine NBIX 115.61 -2.02 International rates ArchCapital ACGL 35.10 0.95 CharterComms CHTR 619.51 3.98 EquityLife ELS 63.78 0.71 Seagen SGEN 175.73 -1.42 InvitatHomes INVH 30.48 0.56 NewFortressEner NFE 51.69 -0.04 2.00 2.00 3.50 2.00 s ArcherDaniels ADM 54.48 0.83 CheckPoint CHKP 118.09 0.44 EquityResdntl EQR 65.94 -0.14 SempraEnergy SRE 125.34 0.49 IonisPharma IONS 59.33 -0.40 s NewOrientalEduc EDU 186.91 -0.02 Week 52-Week s AresMgmt ARES 49.36 0.25 s Chegg CHGG102.35 0.35 ErieIndemnity A ERIE 260.54 1.83 SensataTechs ST 54.53 -0.24 iQIYI IQ 25.00 1.45 NYTimes A NYT 49.74 -0.85 Latest ago High Low Commercial paper (AA financial) s arGEN-X ARGX 376.75 9.65 Chemed CHE 508.16 -2.30 EssentialUtil WTRG 47.97 0.11 ServiceCorp SCI 52.85 0.32 IronMountain IRM 33.38 0.29 s NewellBrands NWL 26.53 -0.03 AristaNetworks ANET 319.99 -0.10 CheniereEnergy LNG 66.79 -0.34 EssexProp ESS 259.33 -1.24 ServiceNow NOW 581.78 -6.13 90 days 0.10 0.10 2.53 0.04 ItauUnibanco ITUB 5.17 0.04 Newmont NEM 60.01 -0.41 Prime rates ArrowheadPharm ARWR 89.80 1.39 CheniereEnerPtrs CQP 38.82 -0.52 EsteeLauder EL 279.35 -1.19 ShawComm B SJR 17.81 0.06 s NewsCorp B NWS 21.97 0.57 Libor AscendisPharma ASND 154.08 0.15 Chevron CVX 90.96 -0.52 Etsy ETSY 229.87 -1.82 J K L SherwinWilliams SHW 713.01 -11.00 U.S. 3.25 3.25 4.75 3.25 s NewsCorp A NWSA 22.18 0.48 s AspenTech AZPN 158.48 1.45 Chewy CHWY 109.75 1.99 EverestRe RE 233.04 7.85 ShinhanFin SHG 29.31 0.01 Canada 2.45 2.45 3.95 2.45 One month 0.11588 0.11525 1.65850 0.11300 Evergy EVRG 54.70 0.48 JD.com JD 97.07 2.50 NextEraEnergy NEE 83.83 0.43 Three month AstraZeneca AZN 50.41 0.35 ChinaEastrnAir CEA 22.22 0.39 s Shopify SHOP 1432.99 87.90 Japan 1.475 1.475 1.475 1.475 0.20250 0.19225 1.70725 0.19088 NielsenHoldings NLSN 23.32 0.50 Athene ATH 44.74 -0.53 ChinaLifeIns LFC 10.51 -0.03 EversourceEner ES 85.74 0.23 Joyy YY 124.69 5.40 Sibanye-Stillwater SBSW 17.16 -0.11 Six month 0.20800 0.21713 1.72538 0.20700 Nike NKE 141.79 -1.62 Atlassian TEAM 248.05 3.67 ChinaPetrol SNP 49.44 0.41 ExactSciences EXAS 151.79 3.31 JPMorganChase JPM 139.58 -0.56 s SignatureBank SBNY 210.60 15.17 Policy Rates One year 0.30563 0.30413 1.81275 0.30413 Nikola NKLA 22.90 -0.60 AtmosEnergy ATO 89.60 0.52 ChinaSoAirlines ZNH 32.19 1.03 Exelon EXC 43.57 -0.17 JackHenry JKHY 149.51 -8.70 SimonProperty SPG 102.55 3.61 NiSource NI 22.36 0.04 Euro zone 0.00 0.00 0.00 0.00 Autodesk ADSK 304.50 1.69 s Chipotle CMG 1550.49 46.49 s eXpWorld EXPI 161.05 10.86 JacobsEngg J 112.04 2.91 SiriusXM SIRI 6.06 0.02 Euro Libor Nokia NOK 4.19 -0.07 Switzerland 0.00 0.00 0.50 0.00 Autohome ATHM 129.81 0.34 s Chubb CB 164.53 -1.65 Expedia EXPE 144.48 -0.94 s JamesHardie JHX 32.00 0.64 Skyworks SWKS 182.91 1.34 One month -0.579 -0.581 -0.360 -0.621 s NomuraHoldings NMR 6.10 0.20 Autoliv ALV 93.05 -1.93 ChunghwaTel CHT 39.23 0.25 ExpeditorsIntl EXPD 96.92 2.28 s JazzPharma JAZZ 167.54 1.53 SlackTech WORK 42.93 -0.31 Britain 0.10 0.10 0.75 0.10 Three month -0.544 -0.546 -0.142 -0.574 Nordson NDSN 188.34 -1.66 ADP ADP 167.38 -0.54 Church&Dwight CHD 82.95 0.62 ExtraSpaceSt EXR 119.65 2.47 J&J JNJ 166.27 1.35 Smartsheet SMAR 78.28 1.79 Australia 0.10 0.10 0.75 0.10 Six month -0.541 -0.537 -0.052 -0.541 NorfolkSouthern NSC 245.82 2.02 AutoZone AZO 1224.32 -0.63 ChurchillDowns CHDN 212.90 -3.17 ExxonMobil XOM 50.63 -0.60 JohnsonControls JCI 51.60 -0.11 s SmithAO AOS 61.32 -0.06 One year -0.499 -0.510 0.008 -0.511 NorthernTrust NTRS 97.75 0.10 Avalara AVLR 179.14 2.54 Ciena CIEN 55.80 -0.46 F5Networks FFIV 205.34 -0.45 JuniperNetworks JNPR 25.50 0.35 Smith&Nephew SNN 43.14 0.03 Overnight repurchase NorthropGrum NOC 303.78 3.65 Avalonbay AVB 173.83 0.50 Cigna CI 210.99 4.94 FMC FMC 116.36 -0.29 KB Fin KB 40.19 0.40 Smucker SJM 115.35 0.23 U.S. 0.03 0.09 1.65 -0.07 Secured Overnight Financing Rate NortonLifeLock NLOK 22.04 1.48 Avangrid AGR 47.41 0.01 CincinnatiFin CINF 87.18 -0.48 Facebook FB 269.45 2.87 KE Holdings BEKE 66.22 4.02 s Snap SNAP 62.80 -0.98 0.02 0.07 1.64 0.01 Novartis NVS Avantor AVTR 29.68 -0.06 Cintas CTAS 349.34 0.19 FactSet FDS 313.60 -7.35 s KKR KKR 46.55 1.28 91.58 0.58 SnapOn SNA 189.43 3.95 U.S. government rates s AveryDennison AVY 172.54 -2.35 CiscoSystems CSCO 48.50 -0.44 FairIsaac FICO 476.98 -0.70 KLA KLAC 298.31 -3.95 Novavax NVAX 315.87 -4.06 Snowflake SNOW 314.29 9.79 Value 52-Week s AxonEnterprise AXON 183.16 0.77 Citigroup C 63.12 -0.53 Farfetch FTCH 66.77 3.45 KSCitySouthern KSU 202.98 -0.97 NovoNordisk NVO 71.27 0.38 SOQUIMICH SQM 53.57 -1.47 Discount Latest Traded High Low s Novocure NVCR 187.03 3.07 BCE BCE 43.63 -0.02 CitizensFin CFG 40.59 0.11 Fastenal FAST 47.31 -0.16 Kellogg K 57.64 -0.10 SolarEdgeTech SEDG 325.92 7.09 0.25 0.25 2.25 0.25 DTCC GCF Repo Index BHP Group BHP 69.68 0.03 CitrixSystems CTXS 136.09 2.02 Fastly FSLY 117.86 6.21 KeurigDrPepper KDP 32.40 0.30 NuanceComms NUAN 49.10 -1.41 Sony SNE 112.64 -2.98 BHP Group BBL 58.14 0.01 Clarivate CLVT 29.91 0.16 FateTherap FATE 105.32 -3.18 KeyCorp KEY 18.94 0.02 Nucor NUE 54.68 0.98 Southern SO 60.64 -0.09 Federal funds Treasury 0.097 53.920 1.720 0.002 s Nutrien NTR 54.61 -0.16 BP BP 21.73 -0.30 Clorox CLX 187.35 -2.65 FedEx FDX 259.13 1.68 KeysightTechs KEYS 146.40 1.70 SoCopper SCCO 71.06 0.43 Effective rate 0.0700 0.0800 1.6100 0.0600 MBS 0.113 66.000 1.703 0.011 s s Ferrari RACE 209.18 0.50 KimberlyClark KMB 132.43 0.24 NVIDIA NVDA 570.53 -7.02 Baidu BIDU 295.04 18.44 Cloudflare NET 93.46 2.33 SouthwestAir LUV 51.18 -1.06 High 0.0900 0.1200 1.6500 0.0900 BakerHughes BKR 22.27 -0.28 Coca-Cola KO 49.70 -0.22 FidNatlFin FNF 38.90 -0.17 KinderMorgan KMI 14.57 -0.16 Splunk SPLK 172.78 3.22 O P Q Low 0.0200 0.0100 1.5800 0.0100 Notes on data: Ball BLL 88.79 -0.93 Coca-Cola Euro CCEP 51.13 0.32 FidNatlInfo FIS 132.87 -0.56 s KingsoftCloud KC 69.30 1.86 Spotify SPOT 334.00 10.21 s BallardPower BLDP 40.90 -0.09 s Cognex CGNX 88.98 0.40 FifthThirdBncp FITB 32.53 -0.04 KinrossGold KGC 7.34 -0.05 ONEOK OKE 43.36 -0.07 Square SQ 258.12 -1.85 Bid 0.0700 0.0800 1.6000 0.0100 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest BancoBilbaoViz BBVA 5.28 -0.14 CognizantTech CTSH 76.16 0.31 FirstHorizon FHN 15.73 0.20 KirklandLakeGold KL 39.06 -0.23 OReillyAuto ORLY 453.27 0.77 StanleyBlackDck SWK 175.58 -0.10 Offer 0.1000 0.1100 1.6300 0.0500 U.S. banks, and is effective March 16, 2020. BancoBradesco BBDO 4.21 -0.03 ColgatePalm CL 78.70 -1.00 FirstRepBank FRC 155.30 -1.04 KoninklijkePhil PHG 57.10 0.71 OakStreetHealth OSH 57.95 4.33 Starbucks SBUX 106.22 -0.04 Other prime rates aren’t directly comparable; BancodeChile BCH 21.00 0.22 s Comcast A CMCSA 52.72 0.87 FirstSolar FSLR 101.85 1.52 KoreaElcPwr KEP 11.02 0.22 OccidentalPetrol OXY 24.65 -0.80 StateStreet STT 75.84 -0.23 Treasury bill auction lending practices vary widely by location; BancSanBrasil BSBR 7.55 0.03 Comerica CMA 62.86 -0.34 FirstEnergy FE 32.53 0.40 KraftHeinz KHC 33.71 -0.20 s Okta OKTA 279.89 -1.26 Stellantis STLA 16.35 -0.14 4 weeks 0.030 0.055 1.575 0.000 Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is as of BcoSantChile BSAC 21.25 0.25 s CommerceBcshrs CBSH 73.83 1.41 Fiserv FISV 113.45 0.05 Kroger KR 33.59 0.31 s OldDomFreight ODFL 215.52 3.27 Steris STE 182.77 -1.08 13 weeks 0.035 0.065 1.550 0.000 BancoSantander SAN 3.45 0.01 CiaSiderurgica SID 6.56 0.10 FiveBelow FIVE 191.83 -0.37 L Brands LB 48.97 -1.81 OmegaHealthcare OHI 36.64 0.30 StitchFix SFIX 84.32 3.59 February 8, 2021. DTCC GCF Repo Index is 26 weeks 0.050 0.070 1.510 0.050 BanColombia CIB 36.48 -0.28 ConagraBrands CAG 34.78 -0.02 Five9 FIVN 177.01 2.29 LKQ LKQ 37.40 -0.84 Omnicom OMC 66.74 -0.01 s STMicroelec STM 41.64 -0.29 Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable s s s BankofAmerica BAC 32.95 -0.14 ConocoPhillips COP 46.88 0.10 FiverrIntl FVRR 286.87 7.37 LPL Financial LPLA 126.18 2.33 ON Semi ON 40.61 0.80 StoneCo STNE 89.14 0.56 Secondary market CUSIPs. Value traded is in billions of U.S. dollars. BankofMontreal BMO 76.86 0.07 ConEd ED 71.35 0.07 FleetCorTech FLT 257.60 -0.63 L3HarrisTech LHX 186.17 -0.10 OpenText OTEX 49.19 -0.07 Stryker SYK 242.15 -0.30 Federal-funds rates are Tullett Prebon rates as BankNY Mellon BK 41.96 0.01 ConstBrands A STZ 233.80 5.17 Flex FLEX 19.14-0.41 LabCpAm LH 226.78 0.81 OpendoorTech OPEN 31.10 3.80 SumitomoMits SMFG 6.75 -0.05 Fannie Mae of 5:30 p.m. ET. BkNovaScotia BNS 55.82 0.23 ConstBrands B STZ.B234.51 9.71 Floor&Decor FND 103.43 -1.86 LamResearch LRCX 528.08 -4.70 Oracle ORCL 63.67 0.56 SunComms SUI 149.83 2.54 30-year mortgage yields Sources: Federal Reserve; Bureau of Labor Barclays BCS 8.14 0.05 ContextLogic WISH 29.53 1.32 FomentoEconMex FMX 69.98 0.98 LamarAdv LAMR 86.86 -1.42 Orange ORAN 11.87 ... SunLifeFinancial SLF 48.49 0.47 Statistics; DTCC; FactSet; BarrickGold GOLD 22.43 -0.03 ContinentalRscs CLR 22.04 -1.03 FordMotor F 11.93 0.37 LambWeston LW 78.77 -0.94 Orix IX 83.96 -2.86 SuncorEnergy SU 17.83 0.17 30 days 1.984 1.990 3.017 1.751 Tullett Prebon Information, Ltd.

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret EdgewoodGrInst 55.15 +0.21 6.5 GroCo 36.21 +0.04 10.2 IntlEq 29.45 +0.14 3.6 PIMCO Funds I2 ExplrAdml 132.40 +0.85 10.6 WndsrAdml 75.66 +0.10 6.0 IdxIntl 20.42 +0.11 5.3 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Fidelity GrowCoK 36.30 +0.03 10.1 Invesco Funds Y Income NA ... NA ExtndAdml 141.13 +0.68 13.1 VANGUARD FDS MdCpGrAdml 97.31 +0.47 6.6 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese 500IdxInstPrem135.75 -0.13 4.3 InvGrBd 11.82 ... -0.6 DevMktY 58.02 +0.49 8.5 PIMCO Funds Instl GNMAAdml 10.73 +0.01 ... DivdGro 33.14 +0.03 -0.3 SmValAdml 67.45 +0.04 10.4 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Contrafund K6 19.67 +0.03 4.1 LowP r 52.03 +0.16 7.0 JPMorgan I Class IncomeFd NA ... NA GrwthAdml 137.15 -0.06 5.1 INSTTRF2020 26.86 +0.04 2.3 TotBd2 11.31 +0.01 -1.1 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r ExtMktIdxInstPre 94.40 +0.46 13.1 Magin 13.34 +0.01 2.2 CoreBond 12.17 +0.01 NA Price Funds HlthCareAdml r 93.88 +0.27 3.2 INSTTRF2025 28.24 +0.04 2.9 TotIntlInstIdx r136.56 +0.70 5.2 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not FidSerToMarket 13.66 ... 5.8 NASDAQ r 175.84 +0.23 8.7 EqInc 20.20 -0.02 NA BlChip 174.38 +0.67 5.4 HYCorAdml r 6.00 +0.01 0.8 INSTTRF2030 29.08 +0.05 3.4 TotItlInstPlId r136.60 +0.71 5.2 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; IntlIdxInstPrem 47.08 +0.22 3.2 OTC 18.89 -0.01 7.8 JPMorgan R Class DivGro 60.94 -0.05 1.5 InfProAd 28.43 +0.02 0.4 INSTTRF2035 29.84 +0.05 3.9 TotSt 100.22 +0.02 5.8 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. MidCpInxInstPrem 28.83 +0.06 6.7 Puritn 27.10 -0.03 4.2 CoreBond 12.19 +0.01 NA EqInc 32.92 -0.04 5.4 IntlGrAdml 177.64 +1.68 10.8 INSTTRF2040 30.63 +0.06 4.4 VANGUARD INSTL FDS SAIUSLgCpIndxFd 20.47 -0.02 4.3 SrsEmrgMkt 27.61 +0.18 10.6 Lord Abbett A Growth 103.61 +0.31 6.9 ITBondAdml 12.45 +0.01 -0.9 INSTTRF2045 31.34 +0.06 4.9 BalInst 45.70 +0.01 3.0 SeriesBondFd 10.65 ... -1.0 SrsGlobal 15.11 +0.10 5.4 ShtDurIncmA p 4.22 ... 0.5 HelSci 105.86 -0.09 7.1 ITIGradeAdml 10.39 +0.01 -0.5 INSTTRF2050 31.44 +0.06 4.9 DevMktsIndInst 15.80 +0.06 3.6 Tuesday, February 9, 2021 SeriesOverseas 12.71 +0.10 2.5 SrsGroCoRetail 25.10 +0.01 10.2 Lord Abbett F LgCapGow I 65.89 +0.24 7.6 LTGradeAdml 11.30 +0.02 -3.8 INSTTRF2055 31.52 +0.06 4.9 DevMktsInxInst 24.69 +0.09 3.6 YTD YTD YTD Net Net Net SrsIntlGrw 18.30 +0.12 2.9 ShtDurIncm 4.22 ... 0.5 MidCap 118.79 +0.27 5.0 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SmCpIdxInstPrem 29.10 +0.12 16.5 MidCpAdml 272.73 +0.54 6.4 IntlVal 41.75 +0.07 3.7 ExtndInst 141.12 +0.68 13.1 TMktIdxInstPrem114.01 +0.02 5.8 SrsIntlVal 10.45 +0.03 3.6 Metropolitan West NHoriz 87.29 +0.29 6.1 MuHYAdml 12.10 ... 1.5 LifeCon 23.03 +0.02 1.6 GrwthInst 137.16 -0.06 5.1 American Century Inv Baird Funds EmMktCorEq 26.13 +0.17 7.7 USBdIdxInstPrem 12.30 +0.01 -1.0 TotalBond 11.24 ... -0.5 TotRetBdI 11.09 ... -0.7 R2020 23.48 +0.04 3.2 MuIntAdml 14.93 ... 0.7 LifeGro 41.97 +0.08 4.3 InPrSeIn 11.58 +0.01 0.3 Ultra 79.89 +0.09 5.2 AggBdInst 11.65 ... -0.9 IntlCoreEq 15.18 +0.04 4.2 Fidelity Advisor I Fidelity SAI TRBdPlan 10.40 ... -0.7 R2025 20.08 +0.03 3.7 MuLTAdml 12.32 +0.02 1.0 LifeMod 32.58 +0.05 2.9 InstIdx 345.68 -0.33 4.3 American Funds Cl A CorBdInst 12.04 +0.01 -0.7 IntSmCo 21.29 +0.05 5.0 NwInsghtI 39.55 +0.05 4.9 TotalBd 10.69 +0.01 -0.4 MFS Funds Class I R2030 29.67 +0.06 4.3 MuLtdAdml 11.29 ... 0.4 PrmcpCor 31.28 -0.15 7.9 InstPlus 345.70 -0.33 4.3 AmcpA p 41.19 +0.08 5.3 BlackRock Funds IntSmVa 20.08 +0.06 5.0 Fidelity Freedom Fidelity Selects Growth I 168.77 +0.12 4.3 R2035 22.26 +0.04 4.8 MuShtAdml 15.96 ... 0.2 STAR 32.38 +0.07 4.2 InstTStPlus 78.27 +0.01 5.8 AMutlA p 45.86 +0.02 2.8 HiYBlk 7.85 ... 1.2 LgCo 29.36 -0.02 4.3 FF2020 17.74 +0.04 3.4 Softwr r 28.58 +0.15 5.4 ValueI 46.33 +0.01 2.7 R2040 32.05 +0.07 5.3 PrmcpAdml r166.49 -0.49 8.2 TgtRe2015 15.97 +0.02 1.5 MidCpInst 60.25 +0.12 6.4 BalA p 30.91 +0.05 2.4 HiYldBd Inst 7.85 +0.01 1.3 TAUSCoreEq2 24.49 +0.02 6.5 FF2025 16.03 +0.03 3.8 Tech r 29.32 +0.10 9.1 MFS Funds Instl PRIMECAP Odyssey Fds RealEstatAdml126.03 +0.51 4.7 TgtRe2020 35.08 +0.04 2.3 MidCpIstPl 297.13 +0.59 6.4 BondA p 13.67 ... -0.7 BlackRock Funds A US CoreEq1 31.53 +0.01 6.2 FF2030 20.11 +0.04 4.3 First Eagle Funds IntlEq 31.32 +0.18 2.2 AggGrowth r 61.04 -0.15 13.7 SmCapAdml103.67 +0.30 11.2 TgtRe2025 22.16 +0.03 2.9 SmCapInst 103.67 +0.30 11.2 CapIBA p 64.48 +0.05 2.3 GlblAlloc p 22.24 ... 3.3 US CoreEq2 28.87 +0.02 7.0 FF2035 17.46 +0.04 5.4 GlbA 62.96 +0.23 2.8 Northern Funds Schwab Funds SmGthAdml105.36 +0.56 12.1 TgtRe2030 41.92 +0.07 3.4 STIGradeInst 11.02 ... 0.1 CapWGrA 62.28 +0.16 4.9 BlackRock Funds Inst US Small 43.98 +0.21 14.5 FF2040 12.47 +0.04 6.1 Franklin A1 StkIdx 43.79 -0.04 4.3 1000 Inv r 87.70 -0.01 5.0 STBondAdml 10.85 ...... TgtRe2035 26.20 +0.05 3.9 STIPSIxins 25.81 ... 0.7 EupacA p 73.09 +0.48 5.4 StratIncOpptyIns 10.42 ... 0.7 US SmCpVal 40.15 +0.03 16.6 Freedom2020 K 17.72 +0.03 3.4 CA TF A1 p 7.88 +0.01 1.1 Old Westbury Fds S&P Sel 59.88 -0.05 4.3 STIGradeAdml 11.02 ... 0.1 TgtRe2040 46.21 +0.09 4.4 TotBdInst 11.47 +0.01 -1.1 FdInvA p 72.34 +0.20 4.6 Bridge Builder Trust US TgdVal 27.20 +0.05 15.3 Freedom2025 K 16.01 +0.04 3.8 IncomeA1 p 2.35 ... 3.0 LrgCpStr 18.11 +0.06 5.7 TSM Sel r 70.35 +0.01 5.9 TotBdAdml 11.47 +0.01 -1.1 TgtRe2045 29.57 +0.06 4.9 TotBdInst2 11.31 +0.01 -1.1 GwthA p 71.87 +0.07 6.4 CoreBond 10.68 +0.01 -0.8 USLgVa 39.89 -0.01 6.3 Freedom2030 K 20.09 +0.04 4.3 FrankTemp/Frank Adv Parnassus Fds TIAA/CREF Funds TotIntBdIdxAdm 23.18 ... -0.8 TgtRe2050 47.69 +0.10 4.9 TotBdInstPl 11.47 +0.01 -1.1 HI TrA p 10.34 +0.01 2.5 CorePlusBond 10.53 ... -0.5 Dodge & Cox Freedom2035 K 17.44 +0.05 5.4 IncomeAdv 2.33 +0.01 3.1 ParnEqFd 55.32 -0.09 3.1 EqIdxInst 29.36 +0.01 5.6 TotIntlAdmIdx r 34.15 +0.18 5.2 TgtRet2055 51.77 +0.11 4.9 TotIntBdIdxInst 34.79 ... -0.8 PGIM Funds Cl Z ICAA p 46.22 ... 4.1 Intl Eq 14.07 +0.08 5.3 Balanced 106.56 -0.07 4.7 Freedom2040 K 12.46 +0.03 6.0 FrankTemp/Franklin A VANGUARD ADMIRAL TotStAdml 100.26 +0.02 5.8 TgtRetInc 15.12 +0.01 1.3 TotStInst 100.27 +0.01 5.8 TotalReturnBond NA ... NA IncoA p 24.28 +0.02 3.1 LargeCapGrowth 21.53 +0.02 4.7 Income 14.60 ... -0.3 Fidelity Invest Growth A p 141.34 +0.09 4.4 500Adml 361.44 -0.34 4.3 TxMCapAdml207.19 -0.07 4.8 TotIntBdIxInv 11.59 -0.01 -0.9 ValueInst 48.31 -0.02 4.1 PIMCO Fds Instl N PerA p 64.17 +0.08 6.1 LargeCapValue 15.30 ... 3.9 Intl Stk 45.96 +0.32 5.2 Balanc 29.46 ... 4.2 RisDv A p 81.32 -0.16 1.4 BalAdml 45.69 +0.01 3.0 TxMIn r 15.77 +0.05 3.5 USGro 71.41 +0.38 8.8 WCM Focus Funds AllAsset NA ... NA NEcoA p 63.34 +0.27 6.4 Columbia Class I Stock 206.38 -0.23 7.2 BluCh 179.38 +0.13 10.0 Guggenheim Funds Tru CAITAdml 12.40 ... 0.6 USGroAdml 184.96 +0.99 8.8 WellsI 28.39 +0.01 0.2 WCMFocIntlGrwIns 26.07 +0.11 5.3 InvGrdCrBd 11.13 ... -1.1 NwWrldA 94.59 +0.49 7.5 DivIncom I 26.62 -0.03 3.1 DoubleLine Funds Contra 17.52 +0.03 4.5 TotRtnBdFdClInst 29.43 -0.02 -0.6 CapOpAdml r194.11 -0.68 9.3 ValAdml 48.31 -0.02 4.1 Welltn 45.25 +0.04 2.0 Western Asset TotRt 10.51 ... -0.6 SmCpA p 87.08 +0.43 9.5 Dimensional Fds CoreFxdIncmI 11.29 +0.01 -0.1 ContraK 17.56 +0.03 4.5 Harbor Funds DivAppIdxAdm 38.79 +0.03 1.2 WdsrllAdml 72.85 -0.03 6.1 WndsrII 41.06 -0.02 6.0 CoreBondI NA ... NA PIMCO Funds A TxExA p 13.74 +0.01 1.1 5GlbFxdInc 10.90 ... 0.1 TotRetBdI NA ... NA CpInc r 11.03 +0.01 3.2 CapApInst NA ... NA EMAdmr 45.77 +0.43 9.8 WellsIAdml 68.78 +0.02 0.2 VANGUARD INDEX FDS CorePlusBdI NA ... NA IncomeFd NA ... NA WshA p 51.96 +0.09 3.6 EmgMktVa 30.28 +0.19 5.7 Edgewood Growth Instituti DivIntl 49.31 +0.33 3.4 Harding Loevner EqIncAdml 82.03 -0.06 3.4 WelltnAdml 78.13 +0.06 2.0 ExtndIstPl 348.27 +1.67 13.1 CorePlusBdIS NA ... NA P2JW041000-4-B01200-1------XA

B12 | We dnesday, February 10, 2021 **** THE WALL STREET JOURNAL. BANKING & FINANCE

STREETWISE | By James Mackintosh Exchange Stimulus Inflation Isn’t Market Fear Poaches JPMorgan Atrillion Tradersaren’tanticipating 80% right number,but even lowfor so long,the evidence here, atrillion much danger of inflation rounding to the nearest tril- from Japan is that it is hard there, and taking off and staying high. Inflation above 3% lion is spurious accuracy. to shiftexpectations up For New pretty soon Inflation below1% again, and aone-off jump Option-impliedprobability you’retalking 60  TheSummers/Blanchard might not do it. real money.A of U.S. inflation rate for case is based on the theory If the marketsare right to Chief fierce argument has erupted the next fiveyears thatahot economyfeeds trust in these four reasons, between well-known left-lean- through intopricerises. the Fedcan stick to itsprom- BY JOANNE CHIU ing economistsabout Presi- Thereisalink between the ise to keep rateslow fora 40% dent Biden’s$1.9trillion stim- two,asprices tend to rise long time.But even if all this Theoperator of Hong ulus package, with warnings faster as the output gap— turns out to be wrong,there’s Kong’s stock exchange named that it is so large it risks run- howevermeasured—narrows. afifth case forwhy we won’t JPMorganChase &Co. vet- away inflation and the crowd- But the link is very far from getinflation: faith in the Fed. eran Nicolas Aguzin as itsnext ing out of other,morepro- 20 perfect, and depends on an- Iverymuch hope such faith chief executive, appointing an ductive, spending plans. other unknown: howfar un- isn’t misplaced, but the Fed international banker to the top Theconcerns being voiced employment canfall before knows howtostopinflation, job as the city’s status as a by LawrenceSummers, for- wage pressures build. Policy so long as it is willing.The global financehub is at a mer Treasurysecretaryto 0 makersacrossthe developed 1970s showthe danger,asthe crossroads. Bill Clinton and director of 2010 '15'20 world repeatedly reduced other part of the era’spersis- Thehirecomes as Hong Barack Obama’sNational Eco- their guesses forthe sustain- tent inflation wasthat the Kong Exchanges and Clearing 3% Break-even inflation forfive years, nomicCouncil, and Olivier on average,starting fiveyears out able level of unemployment Fedfailed to tighten enough Ltd. enjoys aChina-fueled Blanchard, former IMF chief over the past decade,and as inflation took hold. boom in trading and newlist- economist,are perfectly rea- there’snoparticular reason TheFed, along with the ings. Mr.Aguzin, 52 yearsold, 2 sonable arguments. Afterall, to think that the pre-pan- European Central Bank,has will take the helm of what is it comes just weeks aftera demic figure—3.5%—is the been calling formorefiscal nowthe world’smost valuable $900 billion stimulus by the 1 minimum, or even that it is action foryearstoreducethe exchange group, according to departing president. the right way to measurejob- relianceonextrememonetary S&P Global Market Intelligence Yet, marketsshownosign lessness. measures.IfMessrs. Sum- data, with arally in itsown of concern, either in the aver- 0 According to the CBO,the mersand Blanchardare right, shares lifting its market capi- ageexpectation of inflation 2010 '15'20 economywas running hot for and the stimulus proves infla- talization to around $85 bil- implied by the bond market Sources: Federal ReserveBank of Minneapolis (probability); two yearsbeforethe pandemic, tionary, the Fedwill finally lion. or the likelihood of very high Federal ReserveBank of St.Louis (break-eveninflation) yetthe Federal Reserve’spre- have itschancetowithdraw Mr. Aguzin is an Argentine inflation in the options mar- ferred inflation gaugewas be- from experimental monetary national who also holds aCro- ket, both of which aremerely might not makeitthrough $480 billion by this summer. lowits 2% target. policy, stop supporting the atian passport and has perma- back to wherethey stood in Congressinfull, especially Either would be instantly marketsand raise rates. nent residence in Hong Kong. 2018. with heavyweight Democrats filled, and more, by the hand-  Even if we getabout of in- This would push up bond He doesn’t speak Mandarin— Investorsare predicting weighing in against it. outsinthe Biden stimulus. flation, it might not persist. yields fast, hurt stocks,espe- unlikehis Beijing-born prede- the sort of inflation they like, But economistscan’t agree Inflation that wassparked cially the big technology cessor Charles Li,who led slightly higher in the next  Theeconomic case is on howtocalculatepotential by lowrates andhigh govern- companies that have led the HKEX from 2010 to the end of few yearsbut moderating based on deep uncertainty GDP.Astraight-line extrapo- ment spending in the 1960s market, and be painful for last year. back down afterthat, and it’s about howmuch stimulus lation sincethe start of 2016, (sound familiar?) persisted in those who have borrowedtoo Theappointment of afor- helping stocks and commodi- the economycan absorb forexample,and it’scur- the 1970s in large part be- much. Investorswho have eigner underscores the ex- ties while limiting the pain to without pushing up prices. rently $1.2 trillion belowpo- cause powerful unions were grownaccustomed to central change’sglobal ambitions and bondholdersfromrising Mr.Blanchardrelies on the tential, and thereare plenty able to demand wagesrise banks always coming to the itsindependence, amid con- yields. output gap, the differencebe- of other waystodoit. As- with prices,inturn pushing rescue could find themselves cerns about Beijing’s growing Investorshavefour rea- tween grossdomestic product sume we would eventually companies to raise prices,in in serious pain. influenceonthe city,said Paul sons to take comfort that are and the economy’spotential, makeback most of the losses anasty spiral. But the unions It would hurt. But raising Pong,managing director at at least as good as Messrs. as estimated either by the from the global financial cri- have long sincelost their ratesisatried and tested Pegasus Fund Managers Ltd. Summersand Blanchard’s Congressional Budget Officeor sis,and the U.S. is morethan power. In amorediverse job way to hold down inflation. It “It helps strengthen the im- reasons forconcern. by extrapolating pre-pandemic $2.5trillion belowpotential. market, inflation expectations is betterthan the risk of do- ageofHong Kong as an inter- growth. Themost he could TheIMF,OECD,World Bank playabiggerrole,both for ing toolittle and spending national financial center,” said  Megastimulus isn’t a come up with wasagap of and Eurostat producewildly workersasking foraraise another decade struggling to Mr. Pong. done deal. $900 billion, while the CBO different figuresfor the U.S. and CEOs deciding on prices. escape the shadowofadeep He said Mr.Aguzin’s The$1.9trillion plan estimates asmaller gapof output gap. Idon’t knowthe With inflation having been so recession. strengths would be comple- mented by those of HKEX Chairman LauraCha, who has policecustody last summer. worth. They settled on pan- strong connections in main- Pancake MarsInc.said it would cakesand perfected their mix land Chinaasaformer vice changethe name of Uncle in 1889.The brand name was chairman of China’ssecurities Ben’sricetoBen’sOriginal inspired by apopular song, watchdog. Brand and drop the imageofabow- “Old Aunt Jemima,” typically HKEX said Mr. Aguzin was tied Black man from itspack- performed in minstrel shows appointed to athree-year aging. by awhiteman in blackface. term, effectiveMay 24.He Renamed Themaker of Cream of Thebrand’screatorshired takesoverfromCalvin Tai, Wheat said the imageofa aformerly enslavedwoman, who had been interim CEO af- Black chef would be removed NancyGreen, to be itsspokes- terMr. Li, also aformer JP- ContinuedfrompageB1 from Cream of Wheat’spack- woman. She made her debut Morganbanker,stepped down. racial equality,and the evolu- aging,and the name of Es- as Aunt Jemima at the Chi- HKEX has benefited from a tion will help carrythe 130- kimo Piewas changed to Edy’s cago World’sColumbian Expo- rush of capital-raising by Chi- year-old brand intothe fu- Pie. sition of 1893,singing,telling S nese technologystartups and

ture,” PepsiCo said. Aunt Jemima’sfounders stories and making pancakes PRES U.S.-listed Chinese companies

PepsiCo was one of several bought Missouri-based Pearl outside abooth resembling a TED seeking asecondarylisting in

brand ownersthat said they MillingCo. in 1888,then be- giantflour barrel, according CIA the city.Trading turnover has would rethink their products ganasearch foranovel prod- to the book “Black Hunger” by SO also surged, thanks in part to AS

and marketing as the U.S. was uct all Americans would eat, Doris Witt. O/ growing inflows from mainland confronting systemic racism according to the book “Aunt PepsiCo acquired the busi- Chinese investors.HKEX shares afterthe killing of George Jemima, Uncle Ben and Ras- ness when it bought Quaker PEPSIC have risen 92% in the past 12 Floyd,anAfrican-American, in tus,” by Marilyn Kern-Fox- Oats in 2001. What was Aunt Jemima will now be called Pearl Milling Co. months,according to S&P. Activist to Launch Forward Air Fight French Bank Natixis

BY CARA LOMBARDO volumes dropped sharply in leadership consultant Dawn plefamiliar with the matter Plans to Go Private 2020 as thepandemic took Garibaldi, the people said. said. An activist investor is pre- hold, though they have since Thegroup firstdisclosed a Capacity constraints, stron- BY NOEMIE BISSERBE expected ways. paring to launch aproxyfight been recovering. stakeinForwardAir in alate- gershipping demand and ris- Natixis said in November at trucking and logistics com- Theactivist group believes December filing,noting at the ing costshaveprompted sev- PARIS—French financial co- that it wasreviewing itsequi- pany ForwardAir Corp. the companyhas other prob- time itsintentions to push the eral trucking companies to operative BPCE said it plans to ties derivatives businessand AncoraHoldings Inc.plans lems. It argues that Forward increase their prices,and For- buy out minority shareholders had decided to pull out of the to nominatefour directorsto Air’sperformancehas lagged ward Air earlier this month in- of itslisted investment bank, riskiest products.,following a ForwardAir’s 10-person board, behind that of peerslike XPO Ancora is known for stituted ageneral rate in- Natixis SA,taking privatethe similarmovebyFrench rival including the company’s Logistics Inc.and Old Domin- crease of 6%. On Tuesday, its unit that has been plagued by Société Générale SA.InDecem- founder and its former chief ion Freight Line Inc.because taking activist shares closed up 5.2% afterthe badbetsand trading losses. ber 2018,Natixissaid it lost financial officer,according to it diversified instead of stay- positions in small company disclosed select re- BPCE,closely held and one €260 million on Asian stock de- people familiar with the mat- ing focused on its core expe- sultsshowing arebound in its of France’slargest banking rivativeoperations. ter. Thegroup holds acom- dited business, the people cap companies. expedited freight unit ahead of groups,said it made aformal Last month, Natixis agreed bined 6.3% stakeinthe Green- said. Thegroup blames this on aconferenceappearance. offer forthe nearly 30% stakeit to sell itsmajority stakeinits eville, Tenn., company, the acquisitions andcapital expen- Ancoraisknown fortaking doesn’t already owninNatixis asset-management unit H2O people said. ditures over the past decade activist positions in small-cap forabout €3.7 billion, equiva- back to itsmanagement. The ForwardAir,which has a or so that hurt thecompany’s companytoimprovemanage- companies and has previously lent to around $4.5billion. It Britishinvestment firm, oncea market value of around $2.3 return on invested capital. ment and governance, alter teamed up with Mr.Clarke,in- planstodelist the Paris-based jewelinNatixis’scrown, has billion, specializesinexpe- Theactivist’sgoal is to get capital allocation and divest cluding last year at Big Lots investment bank. come under intense scrutinyby dited less-than-truckload ser- itsfour director candidates noncoreassets. Inc.The discount retailer set- Thebuyout is part of areset investorsand regulatorsfor its vices,including airport-to-air- votedinatthe annual meeting Thetwo sides have been in tled with Ancoraand another strategytorein in risk,cut relationship with German fi- port shipments of high-value so they canaffect changes in- regular discussions and the ac- fund fortwo boardseats. An- costs, and restoreconfidencein nancier Lars Windhorst. products such as automotive cluding strengthening manage- tivist group recently rejected a cora was also part of a trio of the investment bank,analysts In June 2019,H2O investors parts and electronics equip- ment and improving margins. settlement proposal by For- activiststhat gotfour nomi- said. pulled about €8 billion,equiva- ment. It also has smaller inter- Itscandidates areForward ward Air that involved adding nees added to Bed Bath &Be- Thetakeover would be the lent to $9 billion, within days modal and pool-distribution Air’s founder ScottNiswonger, three newdirectorstoits yond Inc.’s board in 2019 and end of the road as apublic afterresearch firm Morningstar segments. Like other trucking former CFOAndrew Clarke, boardincluding two chosen by previously targeted sandwich companyfor Natixis,which was Inc.expressed concerns about and logistics companies,its Ancora’sJames Chadwick and the activists, some of the peo- chain Potbelly Corp. born through amergerin2006 H2O’sextensive bond invest- with aspirations to become an mentsincompanies part- investment banking playerona owned or financed by Mr. global scale. Windhorst. In August last year, Thebank repeatedly raninto the French market regulator or- trouble.Itsuffered badly dur- dered H2O to suspend aseries ing the 2008-09 financial crisis. of itsfunds because of their Thegovernment mergedits significant exposuretoilliquid parents, the retail-lending co- debt. operatives Banque Fédérale des Natixis,France’sfourth-larg- Banques Populaires and Caisse est listed bank by assets, was Nationale des Caisses formed in 2006 from the d’Epargne,creating BPCE,and mergerofthe asset-manage- rescued Natixis.Natixislater ment and investment-banking setaside nearly half abillion operationsofNatexis Banque euros forits role directing in- Populaireand Groupe Caisse vestor cash to funds managed d’Epargne’sIXIS. by disgraced financier Bernard Natixis shares never recov-

MY Madoff. ered from their pre-financial

ALA Likeother French banks, crisis highs,and at the start of Natixis specializes in selling the year traded forlessthan

SMITH/ complexderivatives transac- half their value from the start A tions that garner high fees,but of 2018.They rebounded re- KOT

DA have atendencytoincrease cently on speculation about a The company specializes in expedited less-than-truckload services, including airport-to-airport shipments of high-value products. risk when marketsmoveinun- deal. P2JW041000-4-B01300-1------XA

THE WALL STREET JOURNAL. **** We dnesday, February 10, 2021 | B13 MARKETS S&P, Dow Post First Declines in a Week

BY AMBER BURTON Cboe Volatility Indexdownthis Indexperformance, week-to-date Stocks that have been at the said shethinks growth will ac- AND JOE WALLACE week to lessthan 22 afterthe center of asocial-media frenzy, celerateassoon as the second 4% gaugesurgedtoover37atthe including GameStop and AMC quarter,boosting shares of oil TheS&P 500 edged down end of January. Entertainment Holdings,con- producers, mining companies, 4.36 points, or 0.1%, to 3911.23, “Verysmall downsized tinued to tumble.GameStopfell banks and industrial companies. afterthe benchmark posted its moves areasymptom of low $9.69, or 16%, to $50.31. AMC Oil prices paused aftertheir eighth closinghigh of 2021 on volatility,” said Trevor 3 fell 68 cents, or 11%, to $5.50. recent advance, which had been Monday. TheDow Jones Indus- Greetham,head of multiasset at Russell 2000 Money managersare also poweredbyshrinking supplies trial Averagefell 9.93 points, or U.K. investment firm RoyalLon- tracking the flurryofearnings of crude and wagers by inves- lessthan 0.1%, to 31375.83. don Asset Management. “Low releases from big American tors that vaccines and fiscal Thetechnology-focused Nas- and falling volatility is abull 2 companies. stimulus will boost demand. daq CompositeIndexrose 20.06 market phenomenon. Youdo Ride-hailingfirm Lyft rose Brentcrude rose 53 cents, or points, or 0.1%, to 14007.70, a getquiet days.” about 9% in after-hourstrading. 0.9%, to $61.09 abarrel. record. Expectations that the econ- Thecompanyposted anar- In the bond market, the yield Forthe S&P 500 and the omywill revivethis year have Nasdaq Composite rowerlossfor 2020,buoyedby on 10-year Treasurynotes 1 Dow, Tuesdaymarked their prompted money managersto DowJones aggressivecost cutsthat in- ticked down to 1.156% from firstdownday in morethan a bet stocks will continue to Industrial Average cluded furloughing workersand 1.159% Monday. week. movehigher,driven by sectors trimming salaries. Stocks also paused in Eu- S&P500 On Tuesdaymorning,it such as energy,banks and con- Twitter rose 3% afterhours. rope,wherethe pan-continental looked likethe sumer companies that aresen- 0 Thesocial-media platform StoxxEurope 500 slipped 0.1%. marketswere sitivetogrowth. added usersthrough the holi- In Asia, the Shanghai Compos- TUESDAY’S Feb. 8Feb.9 MARKETS trying to absorb “Thereisabig reflation dayquarter and said it contin- iteIndexended the day2% gains,said Quincy trade on,” Mr.Greetham added, Source:FactSet ued to add moreinJanuary. higher and Japan’sNikkei 225 Krosby,chief market strategist saying stocks stand to benefit Carrier Global dropped rose 0.4%bythe close.Early at Prudential Financial. from thedistribution of vac- combined with pieces advanc- that we have heading intothe $2.45,or6.2%, to $37.25 after Wednesday, the Nikkei wasup Throughout the daythe market cines and the prospect of $1.9 ing through other House com- rest of this year that is some- the air-conditioning firm an- 0.1%, Hong Kong’sHang Seng remained essentially flat. trillion in additional stimulus. mittees to getthrough the full what related is howmuch pol- nounced an earningsmiss. Indexwas up 1.7% and South “I think the market is enjoy- He sees two main risks: new House later this month. icyroom does the Biden admin- Take-TwoInteractiveSoft- Korea’sKospi wasup0.2%. U.S. ing the potential of apackage variantsofcoronavirus that Thesecond impeachment istration have.” ware,publisher of “Grand Theft stock futures were up 0.4%. from theBiden administration push back thereopening of trial of former President Donald Mr.Freedman said he is Auto” and “Mafia: Definitive regardlessofhow it’sactually beaten-down sectors; and a Trump began Tuesdaywith keeping an eyeonwhether the Edition,” tumbled $13.03, or delivered,” Ms.Krosby said. burst of inflation that prompts House Democratic impeach- proceedingswill lead to en- 6.1%, to $200.31despitefore- AUCTION RESULTS Here are the results of Tuesday's Treasury auction. Investorssaid marketsare abig rise in government-bond ment managersalleging Mr. trenched positions from Demo- cast-busting earningsMonday. All bids are awarded at a single price at the market- clearing yield. Rates are determined by the difference taking abreather following a yields. Trump incited an insurrection cratsand Republicans and what Even afterabanner start to between that price and the face value. broadadvance in stocks and HouseDemocratsreleased at the Capitol. Investorssaid that would mean forfuturepol- 2021 forstocks and signs of THREE-YEAR NOTES commodities.The recent rally thebiggest pieceoftheir coro- the trial doesn’t weigh heavily icy. froth in cornersofthe market, Applications $159,726,290,600 has been fueled by expectations navirus relief bill lateMonday, on their outlook. Despitethe market’supward manyinvestorsremain bullish. Accepted bids $79,041,210,600 " noncompetitively $32,120,400 of anew dose of stimulus offering ameasurethat would “Itdoesn’t really playinto trajectoryofrecent days,heis “I think what the market " foreign noncompetitively $110,000,000 spending in the U.S.,which extend a$400-a-week unem- our thinking that much,” said keeping in mind potential risks hasn’t reflected yetisthe po- Auction price (rate) 99.787923 (0.196%) could add impetus to the eco- ployment insurancepayment Eric Freedman,chief invest- such as an unexpected increase tential upside or strength for Interest rate 0.125% nomicrevival. That hashelped through Aug.29and send ment officer at U.S. Bank in interest ratesand anychal- the economyherein2021,” said Bids at clearing yield accepted 11.36% Cusip number 91282CBM2 pareexpectations forturbu- $1,400-a-person paymentsto Wealth Management. “I do lenges to producing or distrib- CandiceBangsund,aportfolio The notes, dated Feb. 16, 2021, mature on Feb. 15, lenceinU.S.stocks,sending the most households.Itwill be think one of the big questions uting the Covid-19 vaccines. manageratFieraCapital. She 2024. Exchanges Diamonds Regain Their Sparkle AfterSlump

Sue SEC BY WILL HORNER Polisheddiamond-priceindex Diamond prices have re- 124 Over Data bounded from a coronavirus- driven slump as aresult of the 122 reopening of some economies Feed Plan in Asia and strong jewelry 120 sales around the world over BY ALEXANDER OSIPOVICH the holiday period. Polished diamond prices are 118 Nasdaq Inc., the New York up 5.1% from their lowest Stock Exchangeand Cboe point in March, putting them 116 Global Markets Inc. sued the at theirhighest level in nearly Securities and ExchangeCom- ayear and ahalf,according to 114 mission to block the regula- agaugecompiled by the Inter- ’splan to overhaul the pub- national Diamond Exchange. 2020 ’21 lic datafeeds that broadcast Thepandemic dealt abig Google searches for‘diamond stock prices to investors. blow to the diamond industry ring’ in the U.S.,byyear, 2018-20 Theplan, which the SEC ap- last year,with everylink in proved in December,threatens thesupply chain—from Rus- 100 the exchangeoperators’ data sian minerstoIndia’sdiamond 2020 revenue,amajor part of their cutters to luxuryboutiques in 2019 ON/REUTERS businesses. NewYork—being closed or 2018 In parallel court filings, seeing activity curtailed. 75 GER Nasdaq,the NYSE and ex- But de-

changeoperator Cboe Global COMMODITIES mand for di- JOHANNA MarketsInc.asked the U.S. amond jew- Prices of polished stones have climbed to their highest level in nearly a year and a half. Court of Appeals for the Dis- elryhas been steadily 50 trict of Columbia Circuit to re- recovering since retailers be- Thediamond market has year,pools investors’ money companydoesn’t publicly dis- viewthe SEC’splan. Thefil- ganreopening last summer in fewergauges of global demand to buy some of the rarest col- close itsprices. ingsweredated Fridaybut Asia, tentatively followedby Values reflect search interest than other,morewidely traded ored diamonds at auctions or Despitethe incentive, the 25 relativetothe peak of 100 only released on the court’s elsewhereinthe world, ana- commodities,presenting spe- from individuals and miners. diamond-mining giantsare websiteTuesday. Both the lysts said. With international Week 1525 0cial challenges foranalysts. It then holds or sells the dia- likely to keep supply tightly NYSE and Nasdaq had earlier vacations on iceand restau- Sources: IDEX, FactSet (priceindex); Google searches for“dia- monds forahigher price, us- controlled to maintain higher said that the plan wasan rantsinmanypartsofthe Google Trends (searches) mond ring” in theU.S., the ingthe profitstobuy other prices, Mr. Chuyko said. overreach by the regulator, world still closed, wealthy in- countrythat accountsfor stones that it predictswill go Thestrength of diamond andNasdaq had also argued dividuals are buying diamonds said Edahn Golan,who runs an around 50% of the world’sdia- up in value.After aset pe- demand wasararetailwind that it would amount to an un- with surprising voracity. Israel-based diamond-market mond consumption, canbea riod, the fund sells itsdia- forluxurybrands during adif- constitutional seizureofits “This is the most bullish research firm. This year they good proxy, said Kirill Chuyko, monds and returns the money ficult 2020. LVMH MoëtHen- property. market fordiamonds Ihave jumped 160%, he said. head of research and mining to investors. nessy Louis VuittonSE, “The SECexceeded itsau- seen in probably adecade,” said Still, the pandemic’simpact analyst at Russian brokerage which last month completed thority with this ill-conceived Paul Zimnisky, founder of re- on jewelrysales hasn’t been BCSGlobal Markets. Searches its acquisition of jeweler Tif- remake of market structure,” search firm Diamond Analytics. uniform. Sales of diamond forthe term slumped in March Prices popped in fany & Co., said recently that said JoeChristinat,head of Because diamonds come in stud earrings saw the largest but have sincerecovered to jewelrysales were abright communications at Nasdaq. avariety of shapes,sizes,col- year-over-year growth of all prior levels. December,thanksto spot in the fourth quarter. Cie. “This will makemarketsmore orsand qualities,the industry jewelrycategoriesin2020,Mr. With central banks slashing strong holidaysales FinancièreRichemont SA, complex and costly.” lacks abenchmark price. But Golan said, as the desireto interest ratestostimulate which houses jewelrybrands TheSEC didn’t respond to a market watcherssay rough, look good in video calls economies—and some taking and pent­up demand. Cartier,Van Cleef &Arpels request forcomment. Repre- mined diamonds and polished boosted demand foradorn- ratesintonegativeterritory— andBuccellati, said jewelry sentatives of the NYSE and stones bought by consumers mentsworn from the shoul- diamonds arealso getting a sales were itsbest performing Cboe declined to comment. have seen their prices ap- ders up. liftaswealthyindividuals opt sector in the final three Under the agency’splan, proach pre-pandemic levels. Thepandemic pushed the to put their money intoreal “Thereare not morethan months of 2020. detailed data showing supply Aone-carat polished dia- industrytoembracenew tech- assets rather than pay a bank 100 reddiamonds in the Some analystsare skeptical, and demand for stocks would mond of slightly above-aver- nologyatafaster rate.Before to hold it. world,” Mr.Makhzani said. however, that diamond prices be addedtothe public feeds, age quality currently sells for lockdowns,retailerswere Amma Group,aninvest- “It’slikeowning aPicasso: You cankeep rising.Aseconomies which arecalled securities in- $5,900,Mr. Zimniskysaid. skepticalthat consumers ment house specializing in col- knowheisn’t going to be mak- reopen and international formation processors, or SIPs. That is up 14%fromalow would be prepared to buy ex- ored diamonds,has seen an ing any more.” travel resumes,the diamond Banks andelectronic-trading point in April, while an equiv- pensive diamonds online. But increase in the number of its Risingdemand has allowed industrywill facerenewed firms use such “depth-of- alent rough diamond rose 18% strong take-up forinternet of- clientswho would rather take diamond minerstoraise competition, particularly book” datatoguide their trad- in that time, he said. feringshas helped diamond their earningsinthe form of prices on the rough diamonds among the younger consumers ing algorithms.Market opera- Prices popped in December, sales recoverwhile moderniz- physical diamonds than in they sell to manufacturers. it has been seeking to attract, tors such as NewYork Stock thanks to strong holidaysales ing some businesses. cash, to protect their wealth Russia’s Alrosa raised prices Mr. Chuyko said. Exchangeparent Interconti- and pent-up demand that built “It has forced our industry from negativeinterest rates, in Januarywhile Anglo Amer- “A diamond ring will get nental Exchange Inc.and Nas- during lockdowns.December to go to a place that we have said MahyarMakhzani,the ican’s De Beersiswidely be- youone or two pictures on In- daq sell this type of data is typically astrong time,with been slow to get to,” said Da- group’s co-founder. lieved to have raised itsprices stagram,” he said. “But if you through moreexpensivepri- jewelrysales normally rising vid Kellie, CEO of the Natural Thegroup,which is set to forthe firsttime sincethe go on holidaytoSpain you vate feeds,which could lose around 120% from November, Diamond Council. launch itsfifth fund later this pandemic,analystssaid. The might get10pictures per day.” customersifthe SIPsare en- hanced. Aseparatepart of the SEC’s plan would allow upstart ver- Kaepernick Connects With Socially Driven SPAC sions of the SIPstocompete with the existing datafeeds, injecting newplayers into BY ANDREW BEATON Mission Advancement says it boardthat is made up of mem- ning director AvaDuVernay, ardBranson and former House what has long been aslow-to- will emphasizethe racial and berswho aremajority female who is leading aNetflix series Speaker Paul Ryan. changebusinessdominated by Colin Kaepernick is leading a diversity issues Mr.Kaepernick and 100% Black,indigenous and on Mr.Kaepernick’syouth, and Mr.Kaepernick,33yearsold, a handful of exchange opera- group taking ablank-check has championed on and off the people of color.Other board Ben Horowitz,co-founder of last playedinthe NFL in 2016, tors. companypublic,asthe former field through itsinvestment in membersinclude Katie Beau- the venture-capital firm An- the season he launched player TheNYSEoperates one of SanFrancisco49ersquarter- the growing environmental, so- champ,chief executiveand co- dreessen Horowitz. protestsduring the national an- thetwo existing SIPs, while back turned activist triesto cial and governanceinvestment founder of Birchbox, and Omar Mr.Kaepernick joins the them to draw attention to po- Nasdaq operates the other bring his social-justicecauses field. It aims to target con- Johnson, aformer executiveat flood of people creating blank- licebrutality and systemic rac- one. to the booming SPAC industry. sumer businesses with an en- Apple Inc.and BeatsbyDre. checkcompanies that arealso ism. Themovement kicked off TheSIPscollect hundreds Mr.Kaepernick will serveas terprise value of morethan $1 Thesponsorship money is known as special-purpose acqui- yearsofpolitical controversy of millions of dollarsinfees the co-chairman of Mission Ad- billion. coming from NajafiCos.and sition companies.The model is forthe league,especially as Mr. each year,revenue that is dis- vancement Corp., which will Mission Advancement will Mr.Kaepernick,and they in- based on going public and rais- Kaepernick went unsigned after tributed among U.S. ex- seek to raise as much as $287.5 be co-chaired by Jahm Najafi, tend to invest in abusiness ing large sums beforeacquiring that season. Later, Mr.Kaeper- changes. million in an initial public of- who runs the private-equity that “deliversasignificant im- abusinessthat has grownin nick settled amultimillion-dol- Datafromthe SIPsare used fering,according to documents firm NajafiCos.and is aminor- pact financially,culturally and popularity,especially during the lar grievancewith the NFL that by online brokerages such as filed with the Securities and ity owner in the National Bas- socially,” the filing says. Covid-19 pandemic.Notable alleged the league and its32 TD Ameritrade Inc.and web- ExchangeCommission on ketballAssociation’sPhoenix Other listed adviserstothe SPAC formations recently have teams colluded to keep him un- sites including Yahoo Finance. Tuesday. Suns.Together,they lead a companyinclude award-win- involved BritishbillionaireRich- signed over his political views. P2JW041000-0-B01400-1------XA

B14 | We dnesday, February 10, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Total Gets Head Start On New Energy Shift

Prudent management set it up well for crisis

French oil giant Total may be the best of a bad bunch. The company weathered a trau- matic year for the oil-and-gas in- dustry better than European peers, annual results released on Tuesday confirmed. The sector isn’t for the faint of heart as the world transi- tions to cleaner forms of energy,

OL but Total seems well set up for a PO

S range of scenarios. Thecompanyisthe second-larg- /PRES est producer of liquefied natural gas

TNER and added significant finds to itsoil

OER and gasreserves last year.Yet it is PF developing anew-energy business. EN

SW It converted some refineries to The microcontrollers used in automobiles can fetch a dollar or less but, an analyst noted, ‘a $1 part can prevent a $40,000 car from shipping.’ biodiesel, is investing in renewable assetsand dabbling in batteries, electric-vehicle charging,hydrogen and carbon-capturetechnologies. There Is No Quick Auto-Chip Fix So much activity could raise the risk of poor delivery, but Total’s results have been steady so far. It has the advantages of low produc- Overreliance on TSMC and soaring cost of old gear limits capacity expansion needed to fight shortage tion costs and a solid balance sheet. The company resisted over- extending itself as Shell did with The production shortage plagu- Shareofautomobile that improving production for auto controller units used in the world’s the 2016 purchase of BG Group, ing the market for automotive microcontroller market chips is a “top priority.” But the automobiles, estimates Phil Am- and hasn’t had to digest the vast chips is a combination of new and harsh reality is that chips for cars srud of IHS Markit. cost of large oil spills like BP. 0 10 20 30% old problems, none of which can have to compete for manufactur- Other parts of the auto chip Investorsused to prizeoil com- be easily solved. Renesas ing space with other products that market rely on older manufactur- panies fortheir dividends.Shell Ford Motor last week was the generate a much higher return. ing processes and equipment to be and BP cut their payoutsasthe latest auto maker to show the fall- Nvidia, a major TSMC customer, economically viable due to their pandemic hit oil demand, but Total NXP out. The company said Thursday sells some of its latest gaming pro- low prices. Mr. Amsrud notes that didn’t and nowoffersasector-lead- that it is cutting production by up cessors for several hundred dollars many car chips are still made on ing 7. 5% dividend yield. Thepay- to 20% in the first quarter due to Infineon-Cypress* apiece, whereas many of the mi- 200-millimeter wafers, which were mentsare sustainable at a$40 a its inability to procure enough crocontrollers used in the world’s phased out of the most advanced barrel oil price, management said. chips. General Motors said a day TexasInstruments automobiles can fetch a dollar or chip-making processes more than Oil stocks were pummeled last earlier that it planned to trim pro- less. Even cheap chips can have ex- a decade ago. year, but have started to recover duction at North American facto- Microchip pensive consequences, though. Ste- As such, the necessary tools are as optimism about Covid-19 vac- ries due to the shortage. Volks- phen Sanghi, chief executive of hard to come by, and the price of cines builds. Total’s shares remain wagen sounded an early warning auto chip supplier Microchip old gear on the secondary market below long-run average earnings in December about the issue, STMicroelectronics Technology, noted in his own call “has gone through the roof,” ac- multiples, though history may be which is affecting auto makers last week that “a $1 part can pre- cording to Robert Maireof Semi- less relevant now that eight of the

across the board that need chips *Merger finalized April of 2020 vent a $40,000 car from shipping.” conductor Advisors. world’s 10 largest economies have to control everything from info- Source:IHS Markit Chip fabrication plants gener- The shortage will eventually re- promised to cut net carbon emis- tainment systems to power man- ally take more than two years to solve itself, but Mr. Amsrud pre- sions to zero by 2050 or 2060. agement to systems monitoring. eration of iPhones and artificial set up and the soaring cost of dicts the situation won’t start to Total proposed a name change The problem stems from actions intelligence chips for data centers. building and equipping them has improve until the third quarter of to “TotalEnergies.” Living up to both recent and distant. A sudden Industry giant Taiwan Semicon- led more semiconductor compa- this year or later. Over the longer that multi-energy promise by drop-off in sales caused auto man- ductor Manufacturing, or TSMC, nies to outsource more of their term, the shortage might cause shifting a company with more than ufacturers to cut component or- said in its earnings call last month production needs. Renesas, NXP some chip companies to rethink 100,000 employees across 130 ders early in the pandemic. Then that the automarket accounted for and Infineon-Cypress, which to- their outsourcing practices. For countries is a massive undertak- demand rebounded at an unfortu- 3% of its revenue in the fourth gether account for nearly 80% of now, though, car companies will ing. Yet the company’s record of- nate time as chip manufacturers quarter compared with 51% for the automotive chip market, all need to make do with what they fers some reassurance, and its big were operating at capacity to pro- and 31% for high-per- use TSMC for some of their manu- can get. Semiconductor manufac- dividends some compensation for duce components for hot, high- formance computing chips. facturing. The Taiwanese firm now turing doesn’t have a lot of higher the risk. price items such as the latest gen- The firm said on the same call produces about 70% of the micro- gears. —Dan Gallagher —Rochelle Toplensky Credit-Card Companies Should Open Their Wallets

Banks and credit-card lenders S&P500 vs.bank sector need consumers to get spending. 5%

S But they might need to do some spending of their own, too. NEW G As credit measures continue to S&P500 perform much betterthan feared, 0

OOMBER with still-lowdelinquencyrates and rising loan-lossprovision releases, A/BL

OT investorsseem to have found an-

HI other reason to be worried about –5 OS

KIY banks: their noninterest expenses. Nissan has signaled its opennesstoadeal to work with Apple. Above,one of its electric vehicles on displayinJapan. Fourth-quarter expenses at the very largest banks as apercentageofrev- enue rose by 3pointsyear over year –10 Apple Has Likely Co-Driversfor Its CarProject on amedian basis,according to ana- lystsatGoldman Sachs Group.Out S&P500 Banks of 24 large banks’ earningstracked –15 Many questions hang over Ap- facturers, according to a report in Apple halo alone are setting them- by Autonomous Research, analysts’ ple’s car project, but one thing is the Nikkei newspaper last week. selves up fordisappointment. consensus forecastsfor 2021 ex- Jan.14 Feb. increasingly clear: The project Nissan stock has rallied in re- Still, the readinessofbig-brand penses have risen for22. Higher Source:FactSet won’t fail for lack of credible pro- cent days. There was little in its carmakerstopitch themselves to costseat away at preprovision net duction partners. quarterly results to justify the ex- Apple is worth watching forwhat it revenue,which is depressed by low smaller offset wasanincreased use Nissan is the latest car maker citement: The company’s turn- says about the industry’smellowing interest ratesand tepid loan growth. of cardholder benefits—a sign that to signal its openness to a deal. As around is moving forward, but it attitude toward Silicon Valley.Not It is true that banks have their even as manyspendersmay not be technology transforms the auto in- nonetheless downgraded its reve- so long ago, carmakerswerereluc- cost issues,highlighted recently by doing the kind of shopping on travel dustry, “we need to take new ini- nue expectations for its fiscal year tant to work with the tech sector, the recent focus on financial-crime and entertainment they oncewere, tiatives” and “work with compa- through March, noting the global let alone become contract manufac- monitoring,plus acontinuing surge they still getvalue out of their nies that are knowledgeable, with semiconductor shortage. Yet Nis- turersfor tech brands.Nissan may of fintech competition that forces cards. That is apossible sign of good experience, through partner- san, among the Japanese auto need afresh start, but Hyundai banks to continually beef up technol- pent-up demand and alonger-term ship and collaboration,” said Chief makers, is “the most likely candi- doesn’t: It wasone of the fastest- ogy. But investorsmay not be best return to normal card behavior. Executive Officer Makoto Uchida date to be in serious discussions growing brands in the U.S. last year. served over the longer term by being Likewise, Capital One Financial on Tuesday. This was in response with Apple,” according to Mio Car makers are also warming up toofocused on margins, especially might look much moreefficient at to a question about his willingness Kato, an equity analyst who pub- to Alphabet: Last week Ford amid the earningsnoise of the pan- higher consumer-activity levels.The to join with Apple at a press con- lishes on the Smartkarma research signed a partnership with Google demic and itseffects. Certain spend- companysaid in Januarythat some ference to discuss the Japanese platform. Having overexpanded in that will involve integrating its ing might be the key to outperfor- of itstech investment wasaimed at car maker’s quarterly results. the U.S. in recent years, Nissan has apps more deeply into vehicles and manceinthe post-pandemic future. moreeffectivecustomer marketing, Speculation about the estab- spare capacity to fill. leaning on its strength in data Cardcompanies,inparticular, and it outlined astrategyofgenerat- lished automotive industry’s role It is far tooearly forinvestorsto analysis. Through their big info- ought to be viewedoveralonger ing morenew accountsnow.Credit in an Apple car project has spread be betting on car-manufacturing tainment screens, web-connected time horizon, given depressed cus- cardsare ararekind of lending in since Hyundai dropped the big contractsfromApple.Unlikesmart- electric vehicles will bring new tomer spending in key categories which margins canstaystrong even news that it was in talks with the phones,vehicles aresafety-critical business opportunities and chal- such as travel. Take American Ex- amid lowrates,sobanks will need iPhone maker last month. On Mon- devices.Self-driving technology—a lenges likely to have as much do press:Falling expenses that vary to do alot of it as demand returns. day, those discussions seemed to common feature in reportsonAp- with running a smartphone empire with customer activity offset As hard as it may be to imagine have broken down, but Hyundai’s ple’scar project—is still in itsin- as selling cars. To varying degrees around 40% of the decline in the as pandemic life lingers into a sec- stock is still up 23% this year. Ap- fancy. Returns from companies in- in Asia and Detroit alike, car mak- company’sfourth-quarter revenue, ond year, the best bank stocks in ple might not rely on just one sup- volved in thesmartphone supply ers are getting more comfortable down from about 50% earlier in 2022 may be placing their bets plier, though, and has also held chain have also been very volatile. with sharing the road. 2020,the companysaid in January. now on what the future looks like. discussions with Japanese manu- Those who buy autostocks forthe —Stephen Wilmot But part of what wasbehind that —Telis Demos