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****** WEDNESDAY,SEPTEMBER 30,2020~VOL. CCLXXVI NO.77 WSJ.com HHHH $4.00

DJIA 27452.66 g 131.40 0.5% NASDAQ 11085.25 g 0.3% STOXX 600 361.49 g 0.5% 10-YR. TREAS. À 5/32 , yield 0.644% OIL $39.29 g $1.31 GOLD $1,894.30 À $21.50 EURO $1.1744 YEN 105.67 Biggest What’s News Utility In U.S. Business&Finance Pursues extEra Energy re- Ncently made a take- over approach to Duke En- Duke ergy, testing the waters for what would be a$60 bil- lion-plus combination of NextEra’s$60 billion two Southern utilities. A1 takeoverproposal was  Disney said it would lay rebuffed, but it still off about 28,000 employees at itsdomestic theme parks, has interest in deal as California signaled that Disneyland likely would NextEraEnergy Inc.recently have to remain closed for made atakeover approach to

the foreseeable future. A1 (2) DukeEnergy Corp., according  JPMorgan agreed to GES to people familiar with the pay $920 million and ad- IMA matter, testing the waters for mit misconduct tied to what would be a$60 billion- manipulation of precious- GETTY plus combination of two South- metals and Treasury mar- ON/ ern utilities. OLS

kets, regulators said. A1 T OT

 Abu Dhabi sovereign- SC By Cara Lombardo, President Trump and Democratic candidate Joe Biden face off at the first presidential debate Tuesday in Cleveland. wealth fund Mubadala is Maureen Farrell investing in Silver Lake and Dana Cimilluca and contributing $2 billion Dukerebuffed the approach to help the firm launch a Trump, Biden Trade Insults butNextEraisstill interested in new long-term strategy. B1 pursuing adeal, some of the  Boeing will set plans people said. Thereisnoguaran- this week to consolidate teeNextErawill do so and if it 787 Dreamliner assembly In Debate Full of Crosstalk does,that adeal would result. in South Carolina, ending Duke, based in Charlotte,N.C., production of that jetliner has amarket value of about $61 in Washington state. B1 billion following a14% decline in BY KEN THOMAS stantly spokeovereach other hall in Cleveland, the candi- dent criticized his militarydis- itssharepricethis year,and an  Retail storeclosings in AND CATHERINE LUCEY in anumber of contentious ex- dates during the firstofthree charge.While Mr.Trump acquisition of the companycould the U.S. reached arecordin changes in the 90-minutede- scheduled debates were vying sought to put Mr.Biden on the be the largest utility deal ever the firsthalf of 2020 and the President Trump and JoeBi- bate, morenotable forrancor foranarrow sliceofpersuad- defensive, he wasrepeatedly andthe biggest mergersofar year is on pacefor record den clashed over the Supreme than anypolicynuance. Mr. able voters in aracethat polls pushed to defend himself on ra- this year. bankruptcies and liquida- Court, the coronavirus and the Trump,who wasrepeatedly showhas been remarkably sta- cial issues,his record on the Pulling one off won’t be easy. tions amid the pandemic. B1 economyinadebatemarked by chided by moderator Chris Wal- ble during aturbulent year, pandemic and his taxpay- First, NextErawould have to  U.S. stocks pulled back af- interruptions and insultsTues- laceofFox News forinterrupt- with Mr.Biden enjoying asolid ments. overcome anyresistancefrom tertwo sessions of solid gains, day, with the Republican in- ing,questioned Mr.Biden’sac- lead nationallyand in several Mr.Wallace, who steered the Dukeand itsexecutives and hos- with the Dow and S&P 500 cumbenttelling his rival that complishments. key states. debateamong anumber of pre- tile deals in the utility industry both closing down 0.5% and for“47 yearsyou’vedone noth- Mr.Biden, who at one point Mr.Trump at one point de- announced topics,often strug- arerare. Anyagreed deal would the Nasdaq falling 0.3%. B13 ing” and the Democratic chal- told the president to “shut up,” flected aquestion about gled to control the bickering, have to passmuster with an ar- lenger calling Mr.Trump the found fault in the Republican’s whether he would denounce repeatedly calling on the candi- rayofgovernment officials in a  Goldman shuffled exec- “worst presidentthat America stewardship of the economy whitesupremacist groups.Mr. dates to stop speaking over highly regulated industry. utive ranks and units, as has ever had.” andhis coronavirus response. Biden’svoicerose as he de- each other and his questions. With amarket value of about CEO Solomon continues to Thetwo candidates con- From asocially distanced fended his son afterthe presi- PleaseturntopageA4 PleaseturntopageA9 put his mark on the firm. B12

World-Wide TheConferenceBoardConsumer ConfidenceIndex(1985=100) Signs of China Expands Its 160 RECESSION  Trump and Biden clashed Recovery over the Supreme Court, the 140 Spark coronavirus and the economy U.N. Clout, One in adebatemarked by inter- 120 March 2002 Optimism ruptions and insults, with the +15.7 points Republican incumbent telling Vo te at aTime 100 Consumer his rival that for“47 years confidence surged you’vedone nothing” and the 80 in September, its Democratic challenger calling biggest increase Trump the “worst president since April 2003 60 Largest Change from that Americahas ever had.” A1 A decadelong campaign is now helping monthly Aug. to Sept. and reversing two  Biden released 2019 tax increase +15.5points months of shield Beijing from international scrutiny 40 returns showing that he paid since2000 declines. It was nearly $300,000 in federal +19.6 the index’s highest taxes, seeking to draw a WhenChina curtailed po- and partners, to the helm of 20 points level since March, contrast with Trump in the litical freedoms in Hong U.N. institutions that set when the Covid-19 hoursbeforetheir debate. A4 Kong this summer,two rival global standards forair 0 pandemic thrust declarations circulated at the travel, telecommunications the nation’s 2001 '05'10 '15'20  Alawyer forFlynn told United Nations Human and agriculture. Gaining in- economy into a ajudgethat she had recently RightsCouncil. One,drafted fluenceatthe U.N. permits Source:The ConferenceBoard recession. A2 spoken with Trump about the by Cuba and commending China to stifle international case and asked the president Beijing’smove, wonthe scrutinyofits behavior at not to pardon the former home and abroad. In March, national security adviser. A4 By Yaroslav Trofimov, Beijing wonaseat on afive-  Pelosi and Mnuchin are Drew Hinshaw member panel that selects Disney Lays Off 28,000 Staff making alatepush to tryto and Kate O’Keeffe U.N. rapporteursonhuman- reach acoronavirus-relief rightsabuses—officials who deal beforethe election, backing of 53 nations.An- used to target Beijing forim- At Parks in Latest Virus Blow despiteskepticism on Cap- other,issued by the U.K. and prisoning morethan amil- itol Hill that an agreement expressing concern,secured lion Uighursatso-called re- is possible at this stage. A6 27 supporters. education camps in Xinjiang. BY R.T. WATSON restrictions on the way they lowDisneyland to reopen.” China’sshowofstrength Washingtonhas recently canoperate. Through the weekend, Cali-  TheTreasurysaid it has wasjust the latest diplo- attempted to counter this ef- Walt Disney Co.said it would Thelaid-off workershave fornia had detected 805,263 to- closed loans to seven airlines matic triumph in Beijing’s fort at the U.N.,cajoling and layoff about 28,000 employees been on furlough sinceApril, talcases,including 2,955 new and joined with the industry drivetosway the system of wooing countries around the at itsdomestic theme parks, thecompanysaid, collecting cases recorded on Sunday. to call on Congresstoextend international organizations world. Those efforts, ham- making the announcement health benefits but not pay. Atop statehealth official said more aid to prevent massive in itsdirection. As the strung by damaged relation- shortly afterthe stateofCali- About two-thirds of them are Tuesdaythat OrangeCounty, job cutslater this week. A2 Trump administration ships with partnersand al- fornia signaled that Disneyland part-timeemployees,Disney home to Disney’s flagship theme  Thepresident of the stepped back from many lies,havehad alimited would likely have to remain said, adding it would soon enter park,failed to meet guidelines largest U.S. firefighters partsofthe multilateral or- impact so far. closed forthe foreseeable fu- discussions with unions about that would have allowedeasing union has decided not to seek der established afterWorld China’ssuccess raises a turedue to Covid-19 concerns. “next steps” fortheir members. restrictions on businesses.The re-election amid aprobe into WarII, China has emergeda conundrum forthe U.S. and Thelayoffs arethe latest ex- In announcing the layoffs county is currently in the second pension paymentstohimself chief beneficiary, intensifying itsallies.After the Soviet ample of ongoing tension be- Tuesdayafternoon, Disney said of four tiersthat measurethe and aformer union official. A3 amethodical, decadelong Union fell, these nations ex- tween governmentstrying to the impact of the pandemic has risk of contagion, indicating the campaign. pected the U.N. to become a keep the newcoronavirus in been “exacerbated in California stateconsidersthe spread of the  Died: Sheikh Sabah al- Beijing is pushing itscivil mechanism to promotede- check and businesses strug- by the State’s unwillingnessto coronavirus “substantial.” Local Ahmad al-Sabah, 91, ruled servants, or those of clients PleaseturntopageA12 gling to makeends meet amid liftrestrictions that would al- PleaseturntopageA6 Kuwait since 2006. A8 South Korea Excuses Everyone INSIDE JOURNAL REPORT U.S. SmacksJPMorgan Women in the From Stressful Family Gatherings Workplace: ASetback iii With $920 Million Fine in the Pandemic R1-10 Residents welcome official advice to BY DAVE MICHAELS spoofing,atype of market ma- CONTENTS Personal Journal A13-14 skip holiday trips home amid pandemic nipulation,the agencysaid. Arts in Review... A15 Property Report... B6 BusinessNews..B3,5 Sports...... A16 JPMorganChase &Co. “Spoofing is illegal—pure Crossword...... A16 Technology...... B4 agreed to pay$920 million and and simple,” CFTC Chairman HeardonStreet... B14 U.S. News...... A2-4,6 BY TIMOTHY W. MARTIN That advicewas enthusias- admit misconduct tied to ma- Heath Tarbert said. “This re- Markets...... B13 Weather...... A16 AND DASL YOON tically embraced by some of nipulation of precious-metals cord-setting enforcement ac- Opinion...... A17-19 World News...... A8-9 South Korea’s52million resi- andTreasurymarkets, regula- tion demonstrates the CFTC’s SEOUL—South Korea’sver- dents. Chuseok is the country’s tors said Tuesday. commitment to being tough on > sion of Thanksgiving,where most important holiday—as FAMILY&TECH Thesettlement resolves in- those who intentionally break millions crisscrossthe country well as its most agonizing. Families pack up the vestigations by the JusticeDe- our rules.” to see their families,has got- Nearly 90% of citizens polled laptops and hit the partment, Commodity Futures Thesettlement is just the tenapandemic complication. in a2019 survey said they feel TradingCommission and the latest movefromprosecutors “Don’t visit home,” the coun- stressduring Chuseok (pro- road to escape virtual- Securities andExchangeCom- and regulatorsthat began s 2020 Dow Jones & Company, Inc. All Rights Reserved try’sprime minister recently nounced“choo-suck”), which school stress. A13 mission.The fine is the largest cracking down on spoofing in pleaded. PleaseturntopageA12 the CFTC has ever imposed for PleaseturntopageA2 P2JW274000-6-A00200-1------XA

A2 | We dnesday, September 30, 2020 ****** THE WALL STREET JOURNAL. U.S. NEWS CityTests No-StringsPayments Treasury Closes

BY DAVID HARRISON 7 Airline Loans Last year,Stockton, Calif., embarked on acivic experi- BY ALISON SIDER ment comes days after Ameri- ment. For 18 months the city can said it had secured a $5.5 would send $500 amonth to TheU.S.Treasurysaid it billion loan facility that could 125 randomly selected house- has closed loans to seven pas- be increased to $7.5 billion, holds in low-income neighbor- senger airlines and joined with the most the Treasurywill al- hoods.Researcherswould the industrytocall on Con- lowany one airline to borrow. comparethe effect on partici- gresstoextendmoreaid to TheTreasurydidn’t sayhow pants’ health and economic prevent massivejob cutslater much other airlines agreed to

situation to that of residents GES this week. borrow.

who didn’t get payments. IMA Airlines continue to grapple These airlines will be able The$3.8 million experiment with asharp drop-off in travel to receivemoremoney than

is the brainchild of Stockton’s GETTY because of the coronavirus they originally anticipated af- 30-year-old mayor, Michael SE/ pandemic and accompanying terothers, including DeltaAir Tubbs, made possible by the restrictions.The loans were Lines Inc. and Southwest Air- Economic Security Project—a one of two major sourcesof lines Co., decided to forgo ANCE-PRES

group co-founded by Facebook FR aid to airlines under the Cares their share. co-founder Chris Hughes that Act passed in March. Airlines Airlines and unions arein

funds guaranteed-income proj- GENCE also received $25 billion to the final hoursofamajor lob- /A

ects—and other donors. Stock- TO continue paying workers bying push to secure another

tonisatthe forefront of are- OT through the summer. six months worth of funds to

thinking of the American safety NICK Airlines have said they will avert the furloughs. net among some academics and Michael Tubbs, mayor of Stockton, Calif., is experimenting with giving cash to the city’s poor. furlough morethan 30,000 Treasury SecretarySteven public officials,particularly as workersThursdaywhen the Mnuchin said Tuesday: “We the coronavirus pandemic has regardlessofincome,Stock- clude some form of work Second, a national guaran- job protections that accom- call on Congresstoextendthe revealed the financial fragility ton’sexperiment targetspoor requirement. teed income would carrya panythat aid expire, with Payroll Support Program so we of manyhouseholds.They say neighborhoods. Critics point to several po- steep pricetag.Giving $10,000 American Airlines Group Inc. cancontinue to support avia- the best way to combat poverty If implemented nationwide, tential drawbacks. ayear to individuals earning and United Airlines Holdings tion industry workersasour is to givecash to poor house- guaranteed income along the First, if only people belowa less than $20,000 or married Inc.accounting forthe bulk of economyreopens and we con- holds,trusting them to make Stockton model would repre- certain income receivethe households earning less than the cuts. tinue on the path to recovery.” theirown best decisions. sent asignificant expansion of transfers, and aren’t required $40,000 with along phaseout The Treasury said Tuesday Democrats in the House of Theidea is related to uni- the safety net and one that to work, they may hesitate to period would cost roughly $1.2 it closed loans to American Representatives this week in- versal basic income, popular- isn’t conditional on working or take a job, or a higher-paying trillion, according to Univer- Airlines,United Airlines, cluded more than $25 billion ized by former Democratic lookingfor work.Food stamps, one,sincethey would then sity of Maryland economist Alaska Airlines, Frontier Air- for airlines in their latest aid presidential candidateAndrew welfare, Medicaid, the earned- forgothe payment. Theresult Melissa Kearney and Magne lines, JetBlue Airways Corp., proposal,which could come up Yang.Whereas UBI involves income taxcredit and unem- could be lesswork and less Mogstad, an economist at the Hawaiian Airlines and Sky- foravoteinthe House as regular paymentstoeveryone ployment compensation all in- economic dynamism. University of Chicago. West Airlines.The announce- soon as Wednesday. JudgeBlocksImmigration FeeIncreasesSlated forThis Week

BY MICHELLE HACKMAN creases in July and said they asylum application.Most fee changes to go ahead while the pointee,wrote. ment. were intended to help shoreup waiversfor low-income immi- lawsuit continues would irrepa- Unlesshis decision is ap- Thegovernment typically Afederal court in SanFran- the cash-strapped agencythat grantswould have been elimi- rably harm immigrantswho pealed, the feeincreases will raises immigration fees every ciscoonTuesdaytemporarily processes most immigration nated under the changes.A couldn’t affordthe newfees. remain on hold until the judge two to four yearstokeep pace blocked the Trump administra- applications. group of immigrant-advocacy “Ifittakes effect, it will pre- reaches afull ruling in the case. with inflation and rising costs. tion from raising the cost of Under the proposed feein- organizations sued to stop the vent vulnerable and low-income U.S. Citizenship and Immi- But immigrant advocates ar- citizenship and other immigra- creases,the cost of acitizen- feechanges. applicantsfromapplying for gration Services “isreviewing gued that the administration’s tion applications,whose fees ship application would have U.S. District JudgeJeffrey S. immigration benefits, block ac- theruling on the feerule and changes were structured to dis- were set to increase at the end risen to $1,160 from $640,or Whiteofthe Northern District cess to humanitarian protec- has no further comment at this couragelow-income immi- of the week. morethan 80%, and forthe of California issued anation- tions,and will expose popula- time,” the agencysaid. TheDe- grantsfrommoving to the U.S. TheDepartment of Home- firsttime the U.S. would have wide preliminaryinjunction, tions to further danger,” Judge partment of Homeland Security or from becoming American land Security issued the feein- chargedafee of $50 to file an ruling that allowing the White, aGeorge W. Bush ap- didn’t return requestsfor com- citizens. U.S. WATCH U.S. Consumers Gain LOUISVILLE Shiller National Home Price In- dex, which measures average Confidence on Economy Prosecutor to Release home prices in major metropoli- Grand Jury Recording tan areas across the nation, rose BY GWYNN GUILFORD ployment rate to 8.2%. S 4.8% in the year ended in July. Coronavirus trends arealso

The Kentucky attorney gen- PRES Prices rose 0.8 percentage point Consumersare growing alikely factor,said Pooja

eral’s office said it would release TED from June to July, after staying moreoptimistic about the Sriram, U.S. economist at Bar-

the recording of the grand jury CIA flat during the previous month. state of the U.S. economy, ac- clays.She noted the steady proceedings in the Breonna Tay- SO Sales of existing homes, mean- cording to September surveys, drop in confidenceinJuly and lor case by noon Wednesday, in AS while, have surged, rising 10.5% on as the labor market continued August accompanied an out- part to address a legal complaint an annual basis in August,accord- to gradually improveand a breakinCalifornia, Florida filed by one of the jurors who ONICLE/ ing to the National Association of summer coronavirus surge re- and other large states. CHR

said the attorney general hasn’t N Realtors. Thatincluded a44% in- ceded in parts of the country. “With the rise of Covid been transparent. TO crease in the sales of homes cost- TheConferenceBoard, a cases in the summer,worries An attorneyfor the anony- ing morethan $1 million. privateresearch group,said its aboutwhether we’reheaded /HOUS mous juror said the juror sought Home sales during the pan- indexofconsumer confidence foranother period of shutdown

the release of all recordings, OMER demic have been boostedbymore surgedto101.8inSeptember, ordersmay have been weighing transcripts and reports of the CO families deciding to buy single- from arevised86.3inAugust. on consumers’ views in Au- grand jury.The juror also asked family homes wheretheycan Theincrease wasthe biggest gust,” Ms.Sriram said. “The la- BRETT the court foradeclaration allow- RUNAGROUND: Officials investigatedalightplane crash Tuesdayoff morecomfortably work from sinceApril 2003—reversing bor market has seen steady im- ing members of the grand jury the runwayatHooksAirport in Tomball, Texas. The pilotwasn’thurt. home. Their purchases have been two months of decline and provement. There’salong way to disclose information and de- aided by historically lowmortgage bringing the indextoits high- to go but there’sbeen afairly tails about the proceedings, federal investigation. HOUSING interest rates. est level sinceMarch, when the consistent contribution to pay- which arebound by secrecy pro- Mr. Cameron has faced criti- Seattle, Phoenix and Charlotte coronavirus pandemic thrust rolls each month.” visions under the law. Astate cism for his handling of the case Prices Increased 4.8% postedthe highestpricegains of the U.S. economyintoareces- ThepreliminarySeptember judge ordered thatthe recording of Ms. Taylor, a 26-year-old In July From Year Ago all major U.S. cities. “Prices were sion. This month’spreliminary reading of the University of of the grand jury proceedings be Black woman killed in March by particularly strong in the South- reading on consumer confi- Michigan’sindexofconsumer released by noon Wednesday. police executing a search war- Home-price growth began ac- eastand West regions, and com- dencewas based on survey re- sentiment, released Sept. 18, AttorneyGeneral Daniel Cam- rant at her apartment. The celerating in July, a sign that the paratively weak in the Midwest sponses collected Sept. 1-18. registered a less dramatic in- eron said his officewould comply grand jury indicted one officer slowdown in home prices caused and Northeast,” said Craig Laz- Consumer bullishnesslikely crease,climbing to 78.9 for with the judge’sorder,though he forfiring recklessly and endan- by the coronavirus pandemic zara, amanaging director at S&P reflected in part consistent the first half of the month. It expressed concern thatdoing so gering her neighbors. may be reversing. DowJones Indices. improvements in the labor wasalso the highest level would compromise acontinuing —Arian Campo-Flores The S&P CoreLogic Case- —Will Parker market. The share of respon- sinceMarch, though it rose dentsinthe Conference only 4.8pointsoverAugust. Board’sindexreporting jobs as TheUniversity of Michigan Theunlawful trading in gold, anceand oversight programs. Five former tradersonthe “plentiful” climbed to 22.9%in will publishits final reading JPMorgan silver and other precious met- TheSEC’sinvestigation in- bank’sTreasurys desk were in- September, from 21.4% in Au- for the month on Friday. als involved atotal of 10 trad- volved spoofing in the $20 tril- volved in spoofing from 2008 gust—and compared with just Theoptimism among con- ers, according to JusticeDe- lion market forTreasurybonds to 2016, according to Justice 16.5% in May. sumersalso maydepend some- Fined for partment documents. and notes and other securities. Department documents, which TheAugust unemployment what on wherepeople live. Congressoutlawedspoofing TheDOJ settlement also cov- didn’t name the individuals. rate plummeted to 8.4%, from Consumer confidenceboomed in the 2010 Dodd-Frank finan- ered that conduct. Thetradersknowingly entered 10.2%inJuly.Economistsex- in NewEngland and the Pacific Spoofing cial overhaul law. TheJustice “The conduct of the individ- orders on electronic trading pect continued, if lessdra- in September.However, opti- Department’s Fraud Section, uals referenced in today’sreso- platforms they didn’t intend to matic,improvement in Septem- mism slipped in the West North based in Washington, has been lutions is unacceptable and fill, hoping the prices would ber,with those surveyed by Central region, which includes ContinuedfromPageOne particularly activegoing after they arenolonger with the trick others intothinking sup- TheWall Street Journal expect- states that have suffered coro- 2014. Sincethen, the Justice individual tradersaccused of firm,” said Daniel Pinto, co- ply or demand waschanging. ing apayrolls gain of 800,000 navirus flare-ups in the last Department hascharged20 spoofing. president of JPMorganand CEO Thetraderssometimes en- this month, bringing the unem- month. people with spoofing-related “Dodd-Frank made it very teredthe misleading orders crimes,and banks and other fi- clear,that this is against the on onetrading venue,hoping nancial institutions have collec- lawtodoand thereare now ‘A little razzle­ to ease the fulfillment of or- CORRECTIONS THE WALL STREET JOURNAL tively paid morethan $1 billion personal consequences—you dersonanother platform at a (USPS 664-880) (Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) (Western Edition in fines tied to civil and crimi- cangotojail if youspoof,” said dazzle to juke the betterprice. Spoofing often AMPLIFICATIONS ISSN 0193-2241) nal spoofing probes. Travis Schwab, chief executive tricks computer models that Editorial and publication headquarters: 1211 Avenue algos,’ one trader of the Americas, NewYork, N.Y. 10036 Theagreement made public of Eventus Systems Inc., atrad- tradeusing algorithms and Published daily except Sundays and general legal Tuesdayisnotable because it ing surveillanceand risk-man- wrote. maynot be able to judge The name of the Drug En- holidays.Periodicals postage paid at NewYork, N.Y., involved claims that traders agement software provider. whether orderslook genuine, forcement Administration was and other mailing offices. Postmaster:Send addresschanges to The Wall Street spoofed to manipulatethe price Theagencies’ announce- regulatorssay. given incorrectly as the Drug Journal, 200 BurnettRd., Chicopee, MA 01020. of Treasurysecurities,one of mentsconfirm news of the fine Traderssometimes bragged Enforcement AgencyinaPage AllAdvertising published in The Wall Street Journal is the largest and most liquid that was firstreported last of the Corporate&Investment about spoofing Treasury One article Mondayabout the subject to the applicable rate card, copies of which are available from the Advertising Services Department, trading marketsinthe world. week.The claims include alle- Bank.“We appreciatethat the prices, according to prosecu- nomination of JudgeAmy Co- DowJones &Co. Inc.,1211 Avenue of the Americas, NewYork, N.Y. 10036. The Journal reserves the right Spoofersenter and quickly gations that JPMorgantraders considerable resourceswe’ve tors.“Alittle razzle-dazzle to ney Barretttothe Supreme nottoaccept an advertiser’s order.Only publication of cancel large ordersinaneffort manipulated Treasurysecuri- dedicated to internal controls jukethe algos,” one trader Court. an advertisementshall constitutefinal acceptanceof the advertiser’s order. to deceiveothersabout supply ties from 2015 to 2016,the SEC wasrecognized by the DOJ.” wroteinamessagein2012. Letters to the Editor: and demand,moving prices in a said in asettlement order. Thespoofing spanned at Theconduct caused losses Noticetoreaders Fax: 212-416-2891; email: [email protected] direction the spoofer favors. TheJusticeDepartment said least eight yearsand involved of $106 million to otherstrad- Wall Street Journal staff Need assistancewith your subscription? By web: customercenter.wsj.com; Four former JPMorganpre- JPMorganagreed to adeferred- hundreds of thousands of mis- ing Treasury debt and Trea- membersare working re- By email: [email protected] cious-metals traderswere prosecution agreement through leading ordersinprecious met- sury futures, the Justice De- motely during the pandemic. By phone: 1-800-JOURNAL (1-800-568-7625) chargedlast year with crimes which the bank admitted als and U.S. Treasuryfutures partment said. Themisconduct Forthe foreseeable future, Reprints &licensing: By email: [email protected]; tied to spoofing,including rack- wrongdoing on itsprecious- contracts, the CFTC said. in the futures market forpre- please send reader comments By phone: 1-800-843-0008 eteering. Thetradershave metals and Treasurys trading Thetotal fine includes a cious-metals caused losses of only by email or phone, using WSJback issues and framed pages:wsjshop.com pleaded not guilty and are desks.The deal suspends a penalty of $437 million, restitu- $205 million, prosecutorssaid. the contactsbelow, not via Our newspapers are100% sourcedfromsustainably fighting the charges. Twoother prosecution of the bank on two tion of $311 million and dis- TheSEC said the conduct U.S. Mail. certified mills. ex-JPMorgantraderspleaded countsofwirefraud and re- gorgement of $172 million, the ended in January 2016, after guilty in 2018 and 2019 to quires JPMorgantocooperate CFTC said. Disgorgement is the “certain personnel changes” Readers can alert The Wall Street Journal to any errors in news articles GOTATIP FORUS? crimes tied to spoofing of pre- with related investigations and requirement to payback profits were made on the desk that by emailing [email protected] or SUBMIT IT AT WSJ.COM/TIPS cious-metals futures. continue improving itscompli- illegally earned. traded Treasurysecurities. by calling 888-410-2667. P2JW274000-2-A00300-1------XA

THE WALL STREET JOURNAL. ** We dnesday, September 30, 2020 | A3 U.S. NEWS Navy Chief Fell Ill, Had Heart Surgery

BY GORDON LUBOLD AND NANCY A. YOUSSEF

WASHINGTON—ThePenta- gon’schief of navaloperations fell ill recently while on a run near his home and underwent heart surgery soon after, ac- cording to Navy officials. Adm. MikeGilday, 57 years old, recuperated at home and returned to the Pentagon on Monday, officials said. Adm. Gil- day’smedical procedurehasn’t been previouslydisclosed. As the senior officer in charge of the Navy,Adm. Gil- dayisamember of the Penta- GES gon’sJoint Chiefs of Staff,serv- IMA ing at atime when the Navy is GETTY expanding itsglobal reach SE/ while also confronting aseries of operational challenges.

Adm. Gildaywas running on ANCE-PRES the Washington Navy Yard, a FR

Navy base wherehelives,on ENCE

Aug.10, when he became ill, AG according to several people fa- M/ RU

miliar with the matter. A Ma- CO rine passing by provided assis- MUEL

tance before Adm. Gilday was SA takenimmediately to see his The 42,650-acre Glass Fire in wine country was at zero containment Tuesday. Calmer winds helped, but weather conditions are expected to worsen later this week. physician, they said. About two weeks later, Adm. Gilday underwent heart surgery,those individuals said. Winds Ease, Aiding Firefighters Navy officials declined to say what his medical condition was, citing privacyconcerns, BY JENNIFER CALFAS in the Napa-Sonoma wine coun- County.OnTuesday, the 3,400 5,100 homes and killed 22 peo- entistssay the most significant but said the condition was AND JIM CARLTON try, north of SanFrancisco, residentsofnearby Angwin ple.The fire on Tuesday causes are poor forest manage- pre-existing. stood at zero containment were also ordered to evacuate. threatened 10,712 structures. ment and climatechange, TheNavydidn’t disclose Calmer winds on Tuesday Tuesday, as officials struggled About 68,000 residentswere “There’salot of country which causes higher tempera- the medical procedureuntil its gavefirefightersareprievebat- to gain afoothold against the evacuated around Sonoma out here,” said Jason Shanley, tures and longer droughts. media-relations department tling two out-of-control wild- blazes.Officials in Shasta County,including in the city of aspokesman forthe California Morethan 3.8 million acres received aqueryfromThe firesinNorthern California,but County were investigating three SantaRosa. Together,the two Department of Forestryand have been scorched in Califor- Wall Street Journal. In astate- hot and dryconditions later fatalities from the ZoggFire. fireshavedestroyed morethan Fire Protection, or Cal Fire.“A nia this year by atotal of ment Tuesday, the Navy de- this week were expected to con- “Weather is giving us a 250 structures. lot of it is unburned fuel.” morethan 8,100 fires, accord- scribed the surgery as a strain effortstorein in blazes break,” Sean Kavanaugh, inci- California Gov.Gavin Severe weather conditions ing to Cal Fire. Since mid-Au- planned procedurefor a“pre- that so farhaveclaimed three dent commander forthe Zogg Newsom declared astate of havehelped powerhistorically gust, at least 29 people have existing medical issue” but lives and driven nearly 100,000 Fire, said Tuesday. emergencyMondayinNapa, large firesinCalifornia and died. Thefires in Northern didn’t provide specifics. people from their homes. TheGlassFireprompted Sonoma and Shasta counties. acrossthe Western U.S.,with California this week are “The chief of navalopera- Both the 40,317-acreZogg mandatoryevacuation orders TheGlassFire comes nearly record-setting heat, gusty among morethan two dozen tions, Adm. MikeGilday, re- Fire in ShastaCounty,near Ore- lateMondayfor Calistoga, a three years after a pair of in- winds and dryvegetation fuel- major wildfires nowburning cently underwent amedical gon, and 42,650-acreGlassFire city of morethan 5,200 in Napa fernos in the area destroyed ing fast-spreading blazes.Sci- across the state. procedurefor apre-existing medical issue,” said his spokes- man, Cmdr.Nathan Chris- tensen. “He is in good condi- OwlProtections Questioned as Blazes Rage tion andreturned to full duty yesterdayinthe Pentagon.” BY JIM CARLTON spottedowl has been one of the AND ZUSHA ELINSON most contentious environmen- talissues in the Pacific North- Tensions TALENT,Ore.—Thewildfires west, pitting conservationists that ravagedthe West Coast in against residentsofsmall rural recent weeks have reneweda towns whose economies have Hit U.S. debateinOregonand Northern shrunk along with adecline in California over protections for logging,due in part to endan- the northern spottedowl, gered-species protections. Business which some sayprevented log- Theamount of timber har- ging that would have thinned vested from federal lands in out forests and made the Oregon plummetedfromfour Group blazes lessdestructive. billionboardfeet in 1990 to Thenorthern spottedowl 486 million in 2019,according BY BRODY MULLINS waslisted as afederally threat- to the Oregon Forest Resources ened species in 1990,which Institute, astate agency. WASHINGTON—Thetop added restrictions to tree-cut- Now, large wildfires that campaign strategist at the U.S. ting on millions of acres of the areprimarily affecting rural Chamber of Commerce left region’snational forests. Proj- communities areadding to an- theorganization Tuesdayin ects ranging from major log- ger over the issue. the latest sign of political ten- ging effortstosmall effortsto “Something needs to

sion at the nation’slargest reducethe overgrowth of trees S change. These cities arebeing

business lobby. have been delayedorblocked PRES leveled—it is really devastat-

ScottReed,alongtime Re- by lawsuitsunder the federal TED ing,” said Nicole Ruyle,areal-

publican politicalstrategist, Endangered Species Act. CIA estateagent whose family lost said he is leaving because he “Wehavecrippled the whole SO their vacation home to the AS wasn’t able to secureapproval processtodoeffectivefederal wildfire in Detroit. Ms. Ruyle, AN/

to spend millions of dollarsin land management there,” said RY who is married to afirefighter,

media advertisementsinalast- John Bailey,professor of for- DON said her in-laws lost their per- ditch effort to help the election estryand fire management at The northern spotted owl’s designation as a threatened species added restrictions to tree-cutting. manent home in the blaze. campaigns of Republicans run- Oregon State University. Lawmakersfromthe two ning forthe U.S. Senate. The West Coast’slatest est wildfires.A204,340-acre spotted-owl habitat. pact on the project area, pend- major parties have blamed AfternewsofMr. Reed’sde- wildfires are burning in Cali- fire that leveled the small town Butthe Ninth U.S. Circuit ing post-burn assessments. each other for either not eas- parturebecame public,the fornia’swine country. But they of Detroitinnorthwestern Ore- Court of Appeals put ahold on They said thethinning project ingendangered-species pro- Chambersaid Mr.Reed had have been fueled by drybrush, gonspread in asection of na- the Crystal Clear Restoration aimed to chop down toomany tection rules or underfunding been fired. “Aninternal review rather than trees deep in the tional forest whereonly about Project in May after a lawsuit of thelarge,old-growth trees thinning projects. has revealed that Reed repeat- forest where owls live. one-thirdofthe needed tree filed by environmental groups, that spottedowls depend on. Shane Jimerfield,program edly breached confidentiality, Cutting down trees in old- thinning wasbeing done,said in part because the area in- “I have supported small-di- director foranonprofit called distorted factsfor his ownben- growth forestscan threaten lo- MikeCloughesy, director of for- cludes spotted-owl habitat. On ameter tree removals,[but] the Lomakatsi Restoration Proj- efit, withheld information from calwildlifelikethe northern estryfor the Oregon Forest Re- Aug.17, alightning strikeig- what they want to take arethe ect that thins trees in thou- Chamber leadership and leaked spottedowl, but such activities sourcesInstitute, agovernment nited afirethat forest-service big trees that makethe forest sands of acres of forestsevery internal information to the arecritical to reducing combus- agencyfunded by timber taxes. officials sayripped through moreresilient,” said Brenna year,said it is possible to do so press,” the organization said. tible fuel and lowering the risk In 2016,the U.S. Forest Ser- about 1,400 acres of the proj- Bell,staff attorney and policy while respecting the spotted It said the “Chamber’s po- of wildfires growing and vice began planning a 13,271- ect area. Theblazegrewto coordinator with Bark. owl’sneeds.“We don’t clear litical program will continue spreading quickly,according to acre thinning project on Ore- more than 17,383 acres. Aspokeswoman forthe cut, we do restoration,” he said. stronger than ever” and that it forest-management experts. gon’sMount Hood to help Activists at Bark, an envi- Forest Servicedeclined to “Yeah, if youwant to go in and plans to announceanew Timber officials sayreduced reducewhat it called the high ronmental group that led the comment because of the pend- clear cut and liquidatethe for- round of spending Wednesday. logging likely contributed to fire threat in the fir and pine suit, said it is tooearly to draw ing litigation. est, you’regoing to come up Mr. Reed said he left of his the ferocity of some of the lat- foreststhere, including in a conclusions about the fire’s im- Thethree-decade sagaofthe against lotsofbarriers.” ownaccord. He said he had raised millions of dollarsto support pro-businessRepubli- can candidates in close races Union President Won’t Seek Re-Election Amid Probe in Maine,Iowa and North Car- olina but that senior Chamber officials didn’t give him final BY BRODY MULLINS of theInternational Associa- pension funds,eventhough he than $3 million in deferred Mr.Schaitbergerhas said approval to spend the money. AND TED MANN tion of Fire Fighters. “After still worked at the union. The compensation paymentshe that union rules allowedhim Several yearsago, President dedicating almost 50 years of pension paymentswereamong had received over the years. to accept the retirement funds and CEO Thomas Donohue WASHINGTON—Harold my lifetothis wonderful several unusual financial ar- TheJournal reported in because he had worked at the hired afriend, Suzanne Clark, Schaitberger, the longtime union, Ihavedecided not to rangementsthat TheWall June that Mr.Schaitberger union for more than 20 years to help him run the organiza- president of the nation’slarg- run for re-election.” Street Journal documented in and the union ranupthou- at thetime.When he was tion.Last year,she replaced est firefighters union, has de- Aunion spokesman de- June. sands of dollars in steak din- elected president, Mr. Schait- Mr. Donohue as president; he cidednot to seek re-election clined to comment on Mr. Earlier this year,the union’s ners, bar tabs and music bergermoved intoanew pen- remains CEO. amid afederal probe intopen- Schaitberger’sdecision. His elected treasurer issued a re- downloads,according to tax sion fund formanagers, and Ms.Clark has sought to sion payments to himself and successor is expected to be port that laid out aseries of filingsand current and former began to withdraw payments shed the Chamber’s reputation a former union official. elected in January. alleged problems.InJune,the union members. from his prior pension. Earlier as asteadfast supporter of the “Thisisthe most difficult Federal law-enforcement Journal reported that Mr. Mr.Schaitbergerdeclined this month, acommitteeofthe Republican Party and its can- communication that I’vehad authorities recently opened a Schaitberger had collected to comment to the Journal at union boardruled that Mr. didates,advocating forforging to deliver to all of youovermy probe intoMr. Schaitbergerto morethan $1 million in pen- the time.Inanemail to union Schaitberger wasn’t at fault morerelationships with Demo- 49 yearswith this incredible determine whether he improp- sion payments. Thearticle officials about the Journal’s foraccepting the payments, cratic lawmakerstoadvance IAFF of ours,” Mr.Schait- erly received morethan $1 also reported that Mr. Schait- reporting,Mr. Schaitberger and that the union wouldn’t the interestsofU.S.busi- bergerwrote in an email Tues- millioninretirement pay- bergerfailed to paymorethan said the storywas based on trytorecoup anyofthe nesses. daytothe 300,000 members mentsfromone of the union’s $1 million in taxesonmore “unfounded accusations.” money. P2JW274000-6-A00400-17FFFF5178F

A4 | We dnesday, September 30, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL. U.S. NEWS GOP LinesUpMoreTax-Cut Plans Biden Paid IRSNearly BY RICHARD RUBIN tax cuts slated for 2026. though the promised business- Full, immediatewrite-offs forbusinessresearch and en- Lawmakers“kind of have a investment bump wasrela- of businesses’ capital invest- couragecompanies to put intel- WASHINGTON—In a presi- built-in taxpolicyagenda…with tively small and the pandemic ments start phasing out after lectual property in the U.S. $300,000 dencyfull of unexpected all the provisions that aresun- later erased economic gains, 2022. And starting in 2022, Future tax cuts might have twists, taxpolicyunder Presi- setting and sunrising,” said they see the tax cut as a rea- companies must slowdeduc- adiminishing economic effect dent Trump happened by the RayBeeman, aformer House sonwhy middle-classwages tionsfor research costsand on long-term investment be- Last Year book: Republicans gotelected GOPaide nowataccounting rose and poverty dropped in face tighter limits on interest cause they will be seen as and Republicans cut taxes. firm EY LLP. 2018 and 2019. deductions.Those taxin- temporaryand uncertain given BY RICHARD RUBIN What happensifthey win Mr.Trump,who faced Demo- Theway Congresspassed creases could create pressure long-run budget deficits, said AND KEN THOMAS again? Probably moretax cuts. crat JoeBiden in the firstpresi- the taxcut forces lawmakers forCongresstodelayeffective Adam Michel, a senior policy Taxcutsremain acore, uni- dential debateTuesday, also has to revisit it, and those dead- dates,especially if the econ- analyst at the conservative Democratic nominee JoeBi- fying aspect of GOP ideology. said he would cut the topcapi- omy remains weak. Heritage Foundation. den released his 2019 taxre- Full Republican control of gov- tal-gains taxrateto15% from Expirations of individual-tax “Ifyou want to double down turns on Tuesday, showing that ernment—though unlikely— 20%. He backs incentives to re- TheTrump camp has cutshappen after2025,making on even largertax cuts, the he paid nearly $300,000 in fed- would yield attemptstoforgive locateproduction to the U.S., quick action lesslikely thereas pressureofthe entitlement eral taxes, seeking to draw a this year’s deferred payroll particularly formedical supplies released mostly the parties jockey forelectoral spending side of the equation contrast with President Trump taxes, lock in taxcutsset to ex- needed to fight pandemics. bullet pointsabout a advantage. Democratswant to has to come to ahead at some in the hours beforetheir first pireincoming yearsand create Beyond that, the second- extend most of those changes, point,” he said of Social Secu- debate. newbreaks.Details arescant term taxagenda is murky. second­term agenda. but the parties differ on tax rity and Medicare. Mr.Biden and his wife, Jill, as the Trump campaign has re- LarryKudlow, the topWhite cutsfor people making more A second Trump term also reported receiving $985,233 in leased mostly bullet points. House economic adviser, said than $400,000 and the $10,000 would address leftovers from adjusted grossincome in 2019,a In amorelikely divided- this month that he could speak caponthe deduction forstate the pandemic response.Mr. year in which he wasmostly government scenario,Mr. only “pre-decisionally” about lines will shape the years and local taxes. Trump is encouraging employ- running forpresident. Their tax Trump’sre-election would some second-term plans,even ahead. The corporate tax rate “In normal times,itwould be erstostopcollecting the 6.2% rate was29.5%, and their income temper Democrats’ ability to with the election weeks away. cut from 35% to 21% lacks an important to createpermanence Social Security payroll tax on means they would likely be sub- raise taxes on companies and Without anyDemocratic expiration date, but other in the taxcode,” said Rep.Kevin many workersfor the rest of ject to several of the taxin- high-income households.Law- votes, Congressin2017cut pieces lapse. Brady of Texas,the topRepubli- 2020. Manyemployers haven’t creases Mr.Biden is proposing. makersstill would facethe corporate, individual and es- Republicans limited them- canonthe House Ways and done so,but the federal gov- Mr.Trump,meanwhile,has same deadlines—temporary tate taxesand curbed some selves to $1.5trillion in net tax Means Committee. “Nowthat’s ernment has,and the presi- refused to release anyofhis tax pandemic provisions expiring taxbreaks; the lawwas pro- cuts. To keep that number moreimportant than ever.The dent is pressing Congress to returns,breaking a40-year tra- soon,business-tax increases jected to lowerrevenue by down, they set expiration uncertainty of the pandemic is turn that taxdeferral intoa dition of major-party candi- scheduled for 2022 and 2023 $1.5 trillion over a decade. dates forsome taxcutsand unprecedented.” Mr.Brady also taxcut instead of forcing dou- dates and presidents. TheNew and expiration of individual Republicans want more. Al- scheduled futuretax increases. wantstodouble the taxcredit ble withholding in early 2021. York Times reported Sunday that Mr.Trump hasn’t paid fed- eral income taxesinmanyre- cent yearsand paid just $750 Barrett for2016 and the same amount for2017. Mr.Trump has dis- Comes to missed the Times’ reporting as inaccuratebut has declined to specifyany errors. Capitol Hill TheTimes report detailed a series of questionable transac- Judge AmyConeyBarrett tionsbyMr. Trump,including made her firstappearanceon deductions forhair styling, Capitol Hill sinceshe wasnomi- claims of large losses and con- nated by PresidentTrump forthe sulting paymentstohis daugh- Supreme Court, meeting with Re- ter, Ivanka Trump. Thepresi- publican senators Tuesday, two dent has said he is still being weeksbeforeher confirmation audited by the Internal Reve- hearings arescheduled to begin. nueService. Republican leaders areona TheIRS said Tuesdaythat it fast-paced course to confirm had assessed itstaxpayer-pri- Judge Barrett, who currently sits vacy protections and special on the SeventhU.S. Circuit Court safeguards forcertain taxpay- of Appeals, by Election Day. With ersand found no issues.The thataccelerated timetable and agencyalso said, however, that the continuing coronavirus pan- it wasasking itsinspector gen- demic,meetings thathave in the eral to assessthe agency’s pastbeen done with pomp and practices “inanabundanceof ceremony—with an entourage es- caution.” corting the nominee around the Mr.Biden’scampaign said Capitol complex—have instead the latest release means he has been abbreviated. Some of the nowreleased 22 yearsoftax meetings will happen remotely. records, covering yearswhen She firstmet with Majority he served in theSenaterepre- Leader Mitch McConnell (R., Ky.), senting Delaware,asvicepresi- who told reporters, “We’re glad dent and his time afterheleft to have her hereand get the the Obama administration.

processstarted.” OL “This is ahistoric level of

Democratshave called fora PO transparencymeant to givethe delayinthe confirmation process, S American people faith once

saying thatwhoeverwins the /PRES againthat their leaderswill

presidential contestonNov.3 HAFF look out forthem and not their

should select the nominee. SC ownbottomline,” said Kate

—Natalie Andrews ERIN Bedingfield, Mr.Biden’sdeputy campaign manager. Mr.Biden’srunning mate, California Sen. Kamala Harris, also released her 2019 taxre- Flynn’s Lawyer Asked Trump Not to Pardon Him turnswith her husband, Doug Emhoff,alawyer. Mr.Biden employedasignif- BY BYRON TAU case.Tuesday’shearing was nalcase.Ms. Powell went on Trump added: “I hope that Mr.Flynnwas initially aco- icantly scaled-back version of a on the question of whether the to accuse JudgeSullivan of he’s going to be able to win operating witnessinformer tax-avoidancetechnique that he WASHINGTON—An attorney trial judge, U.S. District Judge bias and asked him to recuse it.” He hasn’t ruled out a par- special counsel Robert Muel- used in 2017and 2018 on the forformer national security Emmet Sullivan, would sign himself from the case,are- don in the future. ler’s probe intoRussian inter- income that he and his wife adviser Michael Flynn told a offonthat effort.Hesaid he quest that the judgeasked her TheWhiteHouse declined ference in the 2016 presiden- earned from books and U.S. District Court judge that would makearuling in the to put in writing. to comment on Tuesday. tial election, which concluded speeches.They set up Scorpo- she had recently spoken with near future. In the past, presidentshave Ms.Ellis confirmed that Ms. that Moscow had meddled in rations to receivethat income. President Trump about the In atesty exchangewith takensteps to avoid becoming pursuit of aTrump victory. By doing so and by taking case and briefed Jenna Ellis, JudgeSullivan, Ms.Powell at- involved directly in criminal Mr. Flynn pleaded guilty to a relatively small salaries from who serves as a legal adviser tempted to citeexecutivepriv- cases to preservethe Justice A judge will single charge of lying to the thosecompanies as ashareof to Mr.Trump’sre-election ilegetoavoid discussing the Department’s reputation for rule soon on FBIand provided key testi- profits, they avoided a3.8%tax campaign. substanceofher conversation independence. Mr.Trump has dropping the monytothe special counsel on those profits, totaling up to Theattorney,Sidney Pow- with the president, alegal departed from those norms, case against about his time as aTrump $500,000 in savingsinthose ell, said she asked the presi- principle aimed at shielding frequently making comments ex-national campaign adviser and White earlier years. dent “not to issue apardon some conversations from pub- about criminal cases.Hehas security chief House national security chief. TheBidens reported receiv- and gavehim ageneral update lic scrutinythat has generally also made decisions about who Michael Flynn. Last year,heabruptly ing income from several on the status of the litigation.” been recognized as applying to grant pardons or commuta- changed tactics,ending his co- sources, including Northern Apardon would end Mr. only to close presidential ad- tions to himself,rather than operation with the govern- Virginia Community College, Flynn’slegal jeopardy,al- viserswithin the government. rely on aprocess usually Powell had asked the presi- ment on the eveofthe trial of whereDr. Biden has worked as though he appearsonthe JudgeSullivan replied: “You driven by specialized attorneys dent nottoissue apardon, aformer businessassociate, an English professor,and the precipice of winning outright don’t work forthe govern- at theJusticeDepartment who andsaid: “Thereisnolegal firing his legal team at Wash- University of Pennsylvania, dismissalofhis case afterthe ment” and pressed Ms.Powell reviewsuch petitions. reason that JudgeSullivan ington lawfirm Covington& whereMr. Biden established a JusticeDepartment earlier to answer his question about In July,Mr. Trump said that should not dismissthis case Burling,hiring Ms.Powell, and center fordiplomacy. this year reversed course and her interactions with the Mr.Flynnwas “doing very well immediately.Heisajudge, not seeking to withdraw his guilty Mr.Biden also receives a asked the court to drop the White House about the crimi- with respect to his case.” Mr. a prosecutor.” plea. federal pension.

porterstoact as poll watchers. aNew York Times report in re- whitesupremacistsand militia decision to nominateJudgeAmy lawenforcement. “You can’t Candidates When Mr.Biden wasasked cent days that he paid $750 a groups andtell them to stand Coney Barrettfor the Supreme even saythe word lawenforce- the same question, he re- year in federal income taxesin down in violentclashes such as Court beforethe election, de- ment because if yousay the sponded: “Yes,here’sthe deal: both 2016 and 2017, and no in- those in Kenosha, Wis.,and spiteRepublicans’ successful words, you’regoing to lose all of Exchange They count the ballots…Some of come taxesin10ofthe previ- Portland, Ore. movetoblock ahigh court nom- your radical leftsupporters,” Mr. these ballots, in some states, ous15years. Thepresident, “Sure, I’m willing to do that,” ination by President Obama in Trump said. can’t even be opened until Elec- who has shielded his taxesfrom the president said, adding: “But the nine months beforethe 2016 Mr.Trump repeatedly criti- Insults tion Dayand if there’sthousands public view, insisted he had Iwould sayalmost everything I election. cized Mr.Biden’sson Hunter Bi- of ballots, it’sgonna take time.” paid “millionsofdollars” in see is from the left-wing.Not “Wewon the election and den over his international busi- With morethan 200,000 those years. from the right-wing.” thereforehavethe right to ness dealingswhen his father ContinuedfromPageOne people in the U.S. dead due to “Showusyour taxreturns,” Mr.Wallaceand Mr.Biden choose her,” Mr.Trump said in wasvicepresident. In one notable exchange, Mr. the coronavirus,the duo par- said Mr.Biden. In the hoursbe- continued to push him, with Mr. early momentsofthe debate. He also criticized Hunter Bi- Trump sidestepped aquestion ried over the nation’sresponse fore the debate, the former vice Biden encouraging him to de- Mr.Biden said the voters den as Mr.Biden spokeabout aboutwhether he would urge to the virus.Mr. Biden cited the president released his 2019 tax nounce the group the Proud should have the right to saywho his older son, Beau Biden, who his supporterstostaycalm and number of people who have returns. Boys,which has been designated the nominee is through the No- served in the Delaware Army notengageinany civil unrest if died in the health crisis and ac- Stewardship of the economy by the Southern Poverty Law vember election. National Guardand wasde- therewas aperiod afterthe cused Mr.Trump of failing to remains one of Mr.Trump’s Center as ahategroup.Mr. On whyvotersshould trust ployedtoIraqin2009.Beau Bi- Nov.3election while votes warn the public about the pan- strengths,polls show, and he Trump said, “Proud Boys,stand him to deal with race issues,Mr. den died of brain cancer in 2015 were still being tabulated. Mr. demic,which the president said playedtothat, accusing his rival back and stand by...Somebody Biden said: “Wehavenever at theage of 46. Trump has alleged, without of- he did because he didn’t want of trying to kill anyprogress has to gottodosomething walked away from trying to re- Thepresident said Hunter Bi- fering evidence, that the wide- people to panic. that hasbeen made.“People about antifa and the left.” quireequity foreveryone,equal- den wasdischargedfromthe spread use of mail-in voting “You didn’t panic,” Mr.Biden want their places open,” he said Antifa—short for“antifas- ityfor the whole of America. We militaryovercocaine use, during thepandemic would told viewers,speaking intothe of the lifting of virus-induced cist”—is aloose network of have never accomplished it. We prompting Mr.Biden to respond: lead to fraud. camera. “He panicked.” shutdowns. “They want to get groups that coordinates antira- have never walked away from it “My son, likealot of people,like “Ifit’safair election, Iam Mr.Trump defended his re- back to their lives.” cist activism on an ad hoc basis. likehehas done.” alot of people youknowat 100% on board. But if Isee tens sponse to the virus,saying it Mr.Biden, in response, Mr.Biden noted that Christo- Thepresident invokedMr. Bi- home,had adrugproblem. He’s of thousands of ballotsbeing was“China’sfault” and that his pointed to job losses and the toll pher Wray, the director of the den’ssupport forthe controver- overtaken it. He’sfixed it.” manipulated, Ican’t go along actions prevented what could on families. FBI, hadreferred to Antifa as sial crime bill in 1994, then sug- —Eliza Collins, Tarini Parti with that,” said Mr.Trump,who have been moredeaths. Mr.Trump waspressed over “anidea, not an organization.” gested the former vicepresident and Madeline Ng also said he wasurging his sup- Mr.Trump wasasked about whether he would condemn Mr.Trump also defended his wasnot supportiveenough of contributed to this article. P2JW274000-0-A00500-1------XA

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A6 | We dnesday, September 30, 2020 ** THE WALL STREET JOURNAL. U.S. NEWS NewYorkCity PositivityRate RaisesAlarm

BY MELANIE GRAYCE WEST shut several yeshivas that AND TALAL ANSARI weren’t in compliance. “This is an inflection point. Thedaily shareofpeople We have to take moreaction,” tested in NewYork City who are Mr. de Blasio said. positivefor Covid-19 hit 3.25% Some of the hot spot neigh- forthe firsttime sinceJune, borhoods,inNew York City MayorBill de Blasio said Tues- and the nearby counties,are day, just as most public schools generally home to large com- S began reopening and limited in- munities of ultra-Orthodox door dining is set to begin. Jewish families,Gov.Andrew PRES

Therise in cases wasfueled Cuomo said. He said he would UMA by hot spotsinnine ZIP Codes meet with religious leadersand /Z in southern Brooklyn and local officials this week,and LER Queens,which have seen more stressed that municipalities COT UCE

than athreefold increase in must enforcerules on crowd BR cases in the past two weeks. sizeand use of masks.Hesaid People were tested for the coronavirus Tuesday at a pop-up site in a Brooklyn neighborhood that has seen a rising number of cases. City officials warned last the stateissending rapid-test- week that they would moveto ing machines to affected areas. demic,morethan 23,800 peo- confirmed infections sincethe colder and moreactivities Matthew Dellinger, associ- shut down nonessential busi- Many studentsingrades K ple have been confirmed or beginning of the pandemic, move indoors. ateprofessor of epidemiology nesses and limit large gather- through 8returned to city presumed to have died from theU.S.accountsfor more RatesofCovid-19 have in- at theMedical CollegeofWis- ingsinthose neighborhoods if schools forin-person instruction Covid-19 in NewYork City,and than afifth of the morethan creased across Wisconsin, in- consin, believes the relaxing of thepositivity ratesdidn’t de- Tuesday. High-school and mid- more than 238,000 have con- 33.4 million cases reported cluding in ruralareas,said restrictions and sending stu- crease by Tuesday. Mr.deBla- dle-school studentswill start in- tracted the disease,according globally. LauraD.Cassidy,professor dents back to school has con- sio said the city would increase person classes Thursday. The to data from the city’s health While manypeople have re- and director of epidemiology tributed to the rise in cases in itsenforcement of facemask mayorsaid the city would close department. covered, morethan 205,000 at theMedical CollegeofWis- the state. usageand social-distancing public schoolsifthe percentage Hospitalizations in New have died in the U.S. consin. Rateswereparticularly “In ruralWisconsin, many protocols in these communities. of positivetestscitywide is 3% York City peaked in April and California and Texas re- high in the young adult popu- barsand restaurantsremained Closing businesses and schools forseven days.Hesaid the re- began to decline in late April ported morethan 2,000 new lation at the end of summer, open throughout the summer. remains apossibility,hesaid, cent rise in Covid-19 cases is a and May. A phased reopening cases each Monday, according she said. Grocery stores and hardware andadecision on that could much biggerchallengethan began in June aftermonths of to Johns Hopkins data, while “Going intothe school year stores were shoulder to shoul- come as early as Wednesday. other upticks the city has seen. lockdown. Illinois,Kansas,Michigan, Mis- with high community rates, der with visitors from down- City officials said amulti- Thecity’s health commis- The U.S. reported just over souri and Wisconsin recorded especially in the collegeage stateand Illinois,” Dr.Del- agencyteam would go into sioner,DaveChokshi, called 33,000 newcases forMonday, morethan 1,000 newinfec- group,makes the colleges and linger said, based on what he privateschools in the neigh- the uptick the most precarious slightly lower than the previ- tions. universities morevulnerable has seen through his work as a borhoods to ensurethey are moment since the city’s lock- ous day’stally,according to Risingcases in the Midwest to spread when they bring the risk-assessment and communi- abiding by guidelines.The down in March. Johns Hopkins data. have been of particular con- studentsback,” Dr.Cassidy cation researcher in ruralWis- health department already has Since the start of the pan- With morethan 7. 15 million cern, as the weather turns said. consin and Michigan. CDC Urges Colleges to Boost Virus Measures New Drug

BY SARAH TOY Given the risks,CDC offi- Brownistesting itsstu- Shows cialsrecommended stronger, dents twice a week, which he Federal and statehealth au- more comprehensivesafety said is the kind of surveillance thorities warned about the strategies,including using so- required to identifythose who threat posedwhen younger cial media to communicate to are infected but aren’t show- Progress people areinfected with the younger people the impor- ing symptoms beforethey can new coronavirus, and recom- tance of mask wearing, social spread the virus widely.

mended universities andcol- JOURNAL distancing and hand washing. Some supporters of school In Earlier leges strengthen measures to In the second study,CDC and university reopenings REET

limit transmission. ST and North Carolina health offi- point to the lowrisk of young Colleges have struggled LL cials,along with University of people who areinfected devel- Stages with Covid-19 outbreaks,in- WA North Carolina researchers, oping severe cases.

cludingcampuses in Georgia, THE also called forgreater enforce- In the newstudies,the R

Texas and Iowa.The University FO ment of mask requirements health officials and research- BY JOSEPH WALKER of North Carolina at Chapel andincreased testing,and ersraised the broader risks to Hill, which faced anumber of suggested reducing the den- contactsand community mem- Regeneron Pharmaceuti-

outbreaks in August, is among KIRKLAND sity of on-campus housing. bersthat collegestudents cals Inc.’sexperimental the schools that decided to “This does not mean that pose. Seventy-one percent of Covid-19 drug helped reduce ERIN send studentshome,alarming Masked students walk through the University of Michigan campus. colleges and universities can’t young adultsages18to22 virus levels and improve health officials who saythey open forin-person instruc- yearsreside with aparent, one symptoms in sick patientswho could spread the infection to morevulnerable to severedis- and Mortality Weekly Report. tion,” said Ashish Jha,dean of of the studies said. Around weren’t hospitalized, the com- those in their communities. ease because of ageorhealth- Young adultsare also less BrownUniversity’s School of 50%attend colleges and uni- panysaid, advancing develop- Young people tend to be at related conditions,public- likely than other agegroups to Public Health, who wasn’t in- versities,and among those, ment of amedication that lowerrisk of having asevere health officials from the U.S. adheretoCovid-19 prevention volved in either study. 33% live with a parent. could be among the firstto case of Covid-19,but they can Centersfor Disease Control measures,CDC officials said in Rather,hesaid, schools Weekly cases among people treat early-stage illness from infect older people they come andPrevention wroteintwo one study, posing a challenge need to implement measures ages 18 to 22 yearsrose 55% the new coronavirus. intocontact with in their fami- separatestudies published on to school administratorsand that research suggestscould acrossthe U.S. between Aug.2 Thepreliminaryresults lies and communities who are Tuesdayinthe CDC’sMorbidity public-health officials. keep transmission at bay. and Sept. 5, the study said. from the company’sclinical trialcould support an emer- gencyuse authorization, or EUA, from U.S. regulators, said Both Sides Make a Late Push for a New Aid Package George D. Yancopoulos,Regen- eron presidentand chief scien- tific officer,onaconference BY KRISTINA PETERSON for50minutes Tuesdaymorn- suggested the officials were Wednesday. Still, lawmakers ationswith the WhiteHouse. call with analystsonTuesday. AND NATALIE ANDREWS ing,one dayafter House Demo- making asubstantiveattempt to have been downbeat about the “The legislation that we plan That mayallowthe drug to be cratsunveiled anew,lessexpen- see whether they could agree on chancesofreaching anew bi- to send to the floor will formal- prescribed before clinical tri- WASHINGTON—House siveversion of their previous astimulus package. Mrs. Pelosi partisan accord on coronavirus izeour proffer to Republicans alsare completed showing it Speaker NancyPelosi (D., Calif.) aid package. Thenew bill shaved told reportersafter the meeting aid so close to the election. to come to negotiations to ad- is safe and effective. and TreasurySecretarySteven the pricetag to $2.2 trillion, Tuesdaythat she washopeful “The fact that both sidesare dressthe health and economic “The totality of the data Mnuchin aremaking alatepush down from $3.5 trillion, and was she could reach adeal this week. actually engaging,which wasa catastrophe in our country,” andthe way it all hangsto- to trytoreach acoronavirus- expected to come up foravote Mrs. Pelosi and Mr.Mnuchin much betterplacethan we were Mrs. Pelosi wroteinaletterto gether really suggestswe’re relief deal beforethe election, in the House potentially as soon have struck deals on coronavi- at, is abig deal,” said Rep.Josh House DemocratsTuesday impacting viral load,” Dr.Yan- despiteskepticism on Capitol as Wednesday. Mrs. Pelosi and rusaid in the past and just last Gottheimer (D., N.J.). night. Previously,some Demo- copoulos said on the call. “It’s Hill that an agreement is possi- Mr.Mnuchin were expected to week reached an agreement on Mrs. Pelosi said Tuesday cratshad expected her to wait up to regulatorsand society to ble at this stage. talk again Wednesday. aseparatespending bill that is night that the House would vote on avoteifthe negotiations decide” whether and when to Thetwo talked on the phone Thestring of conversations expected to passthe Senateon on the bill as part of her negoti- were going well. makeitavailable morewidely to patients, he said. One possi- bility is that regulatorsask the gerand wondering when [guid- Walt Disneyemployeecount hobbled in itsability to pro- been cleared to reopen. companytoconfirm the re- Disney Cuts anceontheme parks] is com- duce and distributefilms.Its “In the city of Anaheim, sultswith an analysis of pa- ing,” Mr.Ghaly said at anews 225,000 223,000 cruise ships have been idled. therehas been an increase of tientsthat it has subsequently conference. “We’reworking Andits ESPN sportsnetwork about12% forthe unemploy- enrolled in the trial, he added. 28,000 Jobs with those industries to put out 200,000 spentmonths filling program- ment rate and the city could be Regeneron’s drug,code- something that’sthoughtful.” ming hourswith old footage facing a$100 million budget named REGN-COV2, is part of Amovetothe thirdtier would 175,000 anddocumentaries,until pro- shortfall in large part because aclassofmedicines known as At ItsParks have allowedmoreindoor public fessional sportsresumed. of lost tourism dollarsthat is monoclonal antibodies that are spaces to reopen in Orange 150,000 But the pandemic might have created through Disneyland,” designed in labs to mimic the County,and some that areal- helped itsDisney+ streaming Assemblywoman Sharon Quirk- naturally occurring antibodies ContinuedfromPageOne ready open could have increased 125,000 service—afocus forinvestors Silvasaid. that the immune system pro- officials and businessleaders their maximum occupancy. because of itspotential to drive Last week Disney sent re- duces to fight off viruses and had hoped the county,south of Disneyland closed itsgates 100,000 growth. Disney said in August portersavideo in which it other foreign invaders. LosAngeles,would qualifyfor in March,along with most that the newservicehad sur- pleaded forCalifornia to allow So far,only afew drugs 75,000 the thirdtier,adesignation that other such establishments passed 60.5 million subscribers theme parks to reopen. have been shown to work the region has improved to a around the world. It remains in lessthan nine months.Disney At one point in the 25-min- against Covid-19 and only in 50,000 “moderate” spread level. theonly one of the company’s shares on Tuesdayedged down utevideo,PatrickFinnegan,a hospitalized patients. Regen- Thestate’s color-coded sys- theme parks that has not re- about 1.5% in after-hourstrad- vicepresident at Disneyland re- eron is among anumber of 25,000 temranks contagion risk into opened. Walt Disney World in ing following the layoff news. sorts, lamented the lack of state companies racing to develop four tiers, from the purple Tier Orlando,Fla., in July began al- Disney had expected Disney- guidanceontheme parks while effective treatments that can 0 1, for“widespread,” to Tier 4, lowing visitorstoreturn in lim- land to reopen in mid-July,but asserting the company’sreadi- be used beforepatients be- yellow, for“minimal.” Each tier ited numbers. Disney has also FY2009 ’11 ’13 ’15 ’17 ’19 had to reverseplans in June as nesstoresume operations.“We come severely ill. spells out restrictions forabout reopened itsparks in Japan, Source:the company California struggled to curb the areready to open and we are Shares of Regeneron rose 2% 20 industries or other public Franceand China. spread of the coronavirus. The hoping we will have guidance in after-hourstrading; the stock establishments, including play- TheDisney division that in- lion in the three months ended companysaid nearly 80,000 lo- from thestate soon,” he said. is up morethan 50% so far this grounds,family-entertainment cludes theme parks and con- June 27,its firstquarterly loss caljobs aredependent on the Anaheim’smayor and other year,largely on high expecta- centers, wineries and nail sa- sumer productsgenerated more in nearly two decades.The pre- theme park.The travel and elected officials have joined Or- tionsfor the antibody drug. lons.Thereare no guidelines revenue last year than anyother vious year the companygener- tourism industryhas been deci- angeCounty businessleadersin Thecompany’sCovid-19 specific to theme parks,a businessunit, making reopening ated aprofitof$1.43 billion mated by the pandemic as air lobbying forthe statetoprovide drug wasmost effectivein source of frustration forthe in- apriority forthe company. during the same period. travel and hotel occupancy clarity on when theme parks treating patientswho hadn’t dustryand some lawmakers. At the Disney parks that are Thepandemic has burdened have plummeted. canreopen. OrangeCounty,Ca- yetdeveloped an effectiveim- Mark Ghaly,secretaryofthe open again, customersare re- several partsofthe company, On Monday, agroup of lif., registered a2.7%Covid-19 mune response,which re- California Health and Human quired to submit to temperature whose chief executive, Bob Cha- nearly 20 California legislators positivity rate during the most searchersmeasured by testing Services Agency, said that the checks when entering and wear pek, took the reins in lateFeb- sent alettertoGov.Gavin recent 14-dayperiod, astate patientsfor antiviral antibod- stateis“getting very close” to facecoveringsexcept when eat- ruary, shortly beforelockdowns Newsom, urging him to con- websiteshowed, compared with ies beforebeginning treat- unveiling theme park-specific ing and drinking.The parks are went intoeffect in the U.S. and sider allowing theme parks to 4.3% in OrangeCounty,Fla., ment, and in patientswith guidelines.“We knowthat a operating at limited capacity. much of the world. Disney,like reopen, noting that some in- home of Walt Disney World, ac- high virus levels in their respi- number of Californians areea- Disney said it lost $4.72 bil- other movie studios,has been door public spaces have already cording to acounty website. ratory systems. P2JW274000-0-A00700-1------XA

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A8 | We dnesday, September 30, 2020 NY THE WALL STREET JOURNAL. WORLD NEWS Sheikh’sDeath to Test Kuwait Neutrality

Successor must weigh aprocess that could take year and domestic priorities weeks,orpossibly months. like fighting corruption and normalizing Israel ties Thechoiceofcrown princeis reinvigorating an economy if Palestinians remain significant, sinceSheikh Nawaf weighed down by mounting is already 83 and in poor health. debt, lowoil prices and the without own country Among the leading candidates coronavirus pandemic. areSheikh Sabah’seldest son, Sheikh Sabah had sought to BY STEPHEN KALIN 72-year-old Sheikh Nasser al- entrench his carefulapproach

AND SUMMER SAID GES Sabah; and his nephew, former to foreign policy—he tried for

IMA Prime Minister Sheikh Nasser years to mediate the Gulf rift Fordecades,Kuwait has al-Mohammed, 79. over Qatar—bycultivating a chartedaneutral course in GETTY According to a2008 cadreofdiplomatic royals and many of the Middle East’s in- SE/ WikiLeaks cable,Sheikh Sabah technocrats. But the risk that tractable conflicts. But the had entrusted his son with Sheikh Nawaf turns out to be death of itslongtime ruler “maintaining adiscreet and more pliable to the demands ANCE-PRES

leaveshis successor with adi- FR confidential liaison relation- of Saudi Arabia and the U.A.E. lemma: whether or not to nor- ship with adual national Is- could further escalatetensions ENCE

malizeties with Israel without AG raeli representativebased with Iran, London-based re- statehood forthe Palestinians. T/ elsewhere in the Gulf.” search consulting firm Capital YA

Sheikh Sabah al-Ahmad al- AY Such secretivecontactsbe- Economics wrote in a note. -Z

Jaber al-Sabah,who died on AL tween Arab states and Israel Because Kuwait is seen as

Tuesday, was a veteran diplo- ER have proliferated, but only re- the most pro-Palestinian of the mat who remained asteadfast SS cently began evolving into Arab Gulf countries,adeal with YA supporter of the Palestinians Sheikh Sabah al-Ahmad al-Jaber al-Sabah, center, visiting parliament in 2019. On Tuesday, the normalization. Israel could help cement the even as Arab backingfor their legislature endorsed Crown Prince Sheikh Nawaf al-Ahmad al-Jaber al-Sabah, left, as the new ruler. While neighborsmight poke Jewish state’sacceptanceinthe vision of an independentstate and push Kuwait to see what region, but itsdomestic politics waned. Therecent U.S.-bro- be the next countrytoforge as pro-Palestinian popular Kuwait to followtheir lead they cancome up with, “we’re and diminished status relative kerednormalization of ties be- formal relations with Israel. opinion that is amplified by a more, especially on regional notacountrythat shifts over- to the U.A.E. and Saudi Arabia tween Israel and two Arab But aweek later at the United local media and parliament issues whereSheikh Sabah night,” said Bader al-Saif, as- makeKuwait lessofapriority Gulf states—the United Arab Nations,Kuwait’sprime minis- that areboth among the re- sought to playthe middle.But sistant professor of historyat forthe Jewish state, said Yoel Emirates and Bahrain—has terreiterated the country’sin- gion’s most powerful. he said the newemir was Kuwait University.Given Guzanksy,former head of the heaped pressureonothers, in- sistencethat peacewith the On Tuesday, Kuwait’sparlia- heavily involved in his prede- strong public opinion against Gulf desk on Israel’snational cluding Kuwait, to followsuit. Palestinians precede normal- ment endorsed CrownPrince cessor’s decisions and doesn’t normalization, he added, “No security council and nowatthe AfteranOvalOfficemeet- ization with the Arab world. Sheikh Nawafal-Ahmad al-Jaber advocateunilateral normaliza- incoming ruler will shoot him- Institutefor National Security ing this month with Sheikh Sa- Unlikemost of itsneigh- al-Sabah as the newruler and tion with Israel. self in the foot by doing this.” Studies in TelAviv. bah’s eldest son, a former de- bors,Kuwait must balance announceda40-daymourning Thenew emir will soon be- Afterre-establishing the “I don’t see it coming,” he fense minister who is a pressurefromthe U.S.,its top period forhis predecessor. gin deliberations with other line of succession, Sheikh said. “It’s going to be suicide leading contender to become security guarantor,against the Asenior Kuwaiti royalsaid leading membersofthe ruling Nawaf’s agenda will likely be internally.” the next crown prince, Presi- peaceable ties it maintains he expectsSaudi Arabia and family to select senior officials, topped by parliamentaryelec- —Felicia Schwartz dent Trump said Kuwait would with neighboring Iran as well the U.A.E. to trytopressure including anew crownprince— tions slated forthe end of the contributed to this article. Longtime Ruler Guided Gulf State IntoModern AgeWith Steady Hand

BY STEPHEN KALIN had traveled to the U.S. for Prime Minister Sheikh Nasser led invasions of Afghanistan with neighborsevenwhen they Sheikh Sabah mediated nu- medical care following compli- al-Mohammed, whois79. and Iraq and later forair- were at odds with each other or merous regional disputes. Kuwaiti ruler Sheikh Sabah cations from bladder surgery As foreign minister forfour strikes against Islamic State theU.S.Sheikh Sabah cultivated Most recently, he sought to re- al-Ahmad al-Jaber al-Sabah,a in July.State news agency decades and then ruler since militants. Most recently,addi- an auraofneutrality to position solve a flare-up pitting Saudi veterandiplomat who posi- KUNA reported his death. 2006,Sheikh Sabah is the fig- tional U.S. soldiersdeployed Kuwait as areliable intermedi- Arabia, the United Arab Emir- tioned thesmall Arab Gulf He is succeeded by his half- uremost associated with mod- there following the strikethat aryinsome of the region’smost ates andBahrain against Qatar brotherCrown PrinceSheikh ern Kuwait, which gained inde- killed Iranian commander Qas- intractable conflicts. that has torn asunder the six- OBITUARY Nawafal-Ahmad al-Jaber al-Sa- pendencefromBritain in 1961. sem Soleimani in January. “Sabah al-Ahmad showed nation Gulf Cooperation Coun- SHEIKH SABAH AL-AHMAD bah, who is 83 and also in poor He helped rebuild relations with Former U.S. Secretaryof that he wasable to steer a cil he helped create in 1981. AL-JABER AL-SABAH health. Sheikh Nawafisn’t ex- neighborsafter Saddam Hus- State James A. Baker,who in- middle ground and avoid get- At home,Sheikh Sabah 1929-2020 pected to makedramatic sein’sinvasion sent the Kuwaiti teracted closely with his Kuwaiti ting sucked intoregional con- drew criticism from interna- changes to Kuwaiti policies,but royalfamily intoflight, before counterpart during the 1991 Gulf flictsbytaking sides,” said tional human-rights groups stateasaregional peacemaker the battle to succeed him as the U.S. rallied the international War, called him awise leader Kristian Coates Ulrichsen, over restrictions on freedom and forged aU.S.alliancethat crownprincecould provedivi- community to oust the Iraqis. and effectivemediator forre- Middle East fellowatRiceUni- of expression and assembly. deepened afterthe country siveand drawnout. Among the TheAmerican military gional peaceand stability. versity’s Baker Institutefor “Sabah al-Ahmad…[tried] to wasinvaded by Iraq in 1990, leading candidates areSheikh stayed on, placing Kuwait Nestled between largerpow- Public Policy. Theemir’s death ensurethat disputes were set- has died. He was91yearsold. Sabah’sson, former Defense squarely under its security ers—Saudi Arabia, Iran and robs the region of an elder tled by mediation rather than Sheikh Sabah, who suffered Minister Sheikh Nasser al-Sa- umbrella and using bases there Iraq—Kuwait has managed to statesman and Washington of through force,” Mr. Ulrichsen adebilitating strokein2019, bah,72; and his nephew, former as launching pads forthe U.S.- stay on relatively good terms a trusted partner, he added. said. THE #1 HOSPITAL FOR BACK & NECK CARE.

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CANADA East as the twolongtime rivals competefor regional supremacy. Covid-19 Cases Spike, Saudi securityforcesarrested Prompting NewRules 10 people on Sept. 23, including three the kingdom said had re- Canada is seeing asharp rise ceived military training and in- in cases of Covid-19, alarming struction in making bombs in health officials and triggering a 2017 at sites in Iran belonging to second round of lockdowns and the Guards, the Saudi national strict distancing recommendations. securityagency said late Mon- Average daily case counts have day. It didn’tidentify the sus- nearly reached the peak levels set pects, citing continuing probes. in April, according to the country’s Theagency,known as the chief public-health officer.Con- StateSecurityPresidency,said it firmed cases forthe pastseven had seized nine improvised ex- days—9,636 ended Sept. 28—rose plosivedevices and morethan 5 29% from the previous seven-day kilograms of gunpowder,along

ORI/REUTERS period, according to data from with fuses, chemicals and elec-

-FET Johns Hopkins University. Thatis tronics used in bomb making. AL roughly triple the tally from the Photographs published in Saudi AN lastseven days in August. media showedacache of arms OMR Nearly all of the growth in and military uniforms thatwere AM confirmed infections is in the confiscatedatahouse and a ES The U.A.E. is suspected of arming a Libyan militia commanded by warlord Khalifa Haftar. Members of the militia rest near Sirte. two biggest provinces, Ontario farm being used as storage sites. and Quebec, which account for Iran didn’t comment on the nearly two-thirds of the popula- arrests. U.A.E. Evaded Arms Ban, U.N. Says tion, but 80% of cases. Overall, —Stephen Kalin though, Canada’s case count has been much lower than those of BELARUS BY JARED MALSIN teeth to the embargo, this lution to the conflict. TheEmir- the U.S. and Europe. month stopped avessel loaded ates hasinrecent yearssent signinganagreement to up- The rise can be partly attri- U.K., Canada Impose TheUnited Arab Emir- with jet fuel that EU officials armed drones,air-defense sys- hold the U.N. arms embargo on buted to transmission at private Sanctions on President ates ramped up deliveries allege was meant for military tems,laser-guided bombs and Libya, but the flow of weapons social gatherings, health officials of military supplies to Libyan use in an area controlled by attack helicopterstoMr. Haf- to the countryhas sinceesca- say. Other factors include children The U.K. and Canada imposed warlordKhalifa Haftarthis Mr. Haftar. tar’sforces, according to previ- lated. returning to school, workplaces sanctions on Belarus President year, according to a confiden- Theweapons from the U.A.E. ously published U.N. reports. The influx of military sup- reopening, and cooler weather Alexander Lukashenko and se- tial United Nations report, have contributed to amassive “The U.A.E. have been the plies from the U.A.E. peaked in thatisdriving people indoors, in- nior figures in his government, a flouting an arms embargo as arms buildup in Libya. The leading spoiler in Libya since late2019 and early 2020 as fectious-disease experts say. sign of widening discontent in the Gulf state tried to salvage backing forMr. Haftarina14- 2015,” said Wolfram Lacher,a Mr.Haftar’scampaign sput- Quebec movedMondaytore- the West over repression of the leader’s militarycampaign month assault on the central Libyaexpert at the German In- teredagainst the U.N.-recog- impose restrictions. It banned peaceful protests against his and check the influenceofre- government in Tripoli has put stitutefor International and nized government. As the tide bars and restaurants from offer- purported victory in a disputed gional rival Turkey. the Emiratis on the opposite Security Studies,aBerlin turned against him, the Gulf ing outdoor and indoor servicefor election. TheU.A.E.’s militaryflights side of the U.S. Washington, like think tank. nation dispatched about 150 a28-dayperiod in Montreal and British Foreign Secretary surgedasMr. Haftarfought to the U.N.,recognizes authorities militaryflightsprimarily using the provincial capital, Quebec City, Dominic Raab accused Mr. Lu- prevent the collapse of his in Tripoli as Libya’slegitimate massiveRussian-made cargo starting Oct. 1. It has ordered li- kashenko and his allies of multi- yearlong attack on Libya’s in- government, although President The report says the planes to eastern Libyaand braries, museums and movie the- ple human-rights violations in ternationally recognized gov- Trump praised Mr.Haftarin western Egypt between Janu- aters to close forthatperiod. detaining and allegedly torturing ernment in Tripoli, according 2019,leaving U.S. policyonthe Gulf state ramped aryand April, according to the Ontario,Canada’smostpopu- protesters following the Aug. 9 to adiplomat with access to conflict muddled forseveral up deliveries to a U.N. report, which wassubmit- lous province, has resistedim- election, which Mr. Lukashenko’s an unpublished report pre- months. tedtothe U.N. Security Coun- posing widespread restrictions, opponents and Western govern- pared by aU.N.expert panel TheEmirates’ airliftof Libyan warlord. cil in late August. instead relying on people’svol- ments say was rigged in his fa- monitoring the arms embargo. weapons and other supplies to Manyofthe flights untary cooperation with distanc- vor to extend his more than a Between Januaryand April, Mr. Haftar has also made the landed at Egypt’sSidi Barrani ing and staying home when ill. quarter-century in power. the U.A.E. air forcedispatched small, wealthynation oneof air base, near the Libyan bor- Now, the cityofToronto is con- Mr. Lukashenko, his son and some 150flightsU.N.experts the power brokers of the Lib- TheU.A.E.’s minister of der. From there, vehicles and sidering reducing further seating national security adviser Viktor believecarried ammunition and yan conflict alongside Turkey statefor foreign affairs, Anwar aircraft hauled military hard- capacityinrestaurants and Lukashenko, and six other senior defense systems.Dozens of and Russia. Turkey has inter- Gargash, declined to discuss ware into Libya, according to other measures targeting social officials were banned from en- flightscontinued from the vened in the conflict in sup- the specifics of the country’s the U.N. report, which cites interaction. tering the U.K., and British-based Emirates over the summer us- port of the Tripoli govern- arms shipments to Libya and aerial images of the base and —Paul Vieira financial institutions were or- ing an American-made C-17 mil- ment, hoping to outflank rivals said the Emirates wasfighting flight records. dered to freeze any of their as- itarytransport plane even af- likeRussia and the Emirates terrorist groups in Libya Mr.Haftar’soffensiveended SAUDI ARABIA sets they may hold. terMr. Haftar’soffensive and claim commercial inter- alongside allies. in failureinJune when pro- Canada issued travel bans unraveled, the diplomat said. estssuch as natural-gas rights “In Libya, we don’t work government forces,backed by Terror Cell Destroyed, and imposed asset freezes on 11 TheU.A.E. has also been ac- in the Mediterranean. alone,” he said. “Wework in Turkey,drove Mr.Haftar’smi- GovernmentSays people, including Mr. Lukashenko cused of using ships to ferry Arms supplies from the tandem with the Egyptians, litias away from the capital. and his son. jet fuel to Libyafor military Emirates have been essential to with the French, with other An Egyptian government Saudi Arabia said it disman- Mr. Lukashenko’s office and purposes in violation of the Mr.Haftar’smilitarytakeover countries.” spokesman didn’t respond to tled aterroristcell with ties to Belarus’s Interior Ministry didn’t Libyan arms embargo. TheEu- of the eastern half of Libya, In January, U.A.E. Crown requests for comment on the Iran’sIslamic Revolutionary Guard respond to a request for com- ropean Union, which this year wherehecontinues to resist at- Prince Mohammed Bin Zayed helicoptersand arms transfers Corps, the latest indication of ment. launched navalpatrolstogive temptstobrokerapolitical so- joined other world leaders in to Libya. heightened tensions in the Middle —Jason Douglas FROM PAGE ONE NextEra Seeks Deal With Duke

ContinuedfromPageOne $139 billion afterits stock rose 22%sofar this year,Juno Beach, Fla.-based NextEra is the largest public utility companyinthe U.S. S It owns Florida Power&Light PRES

Co., which has morethan five UMA million customersinFlorida and /Z

is the biggest rate-regulated TIMES electric utility in the U.S. by re- Y tail electricity produced, accord- BA PA

ing to the company’swebsite. It AM also owns Gulf PowerCo.,which /T serves morethan 470,000 cus- ORD

tomersineight counties in CLIFF R.

northwest Florida. S Utility investorssee Florida as

aparticularly desirable market DOUGLA given the constant need forair Dukeprovides electricityto7.7 million customers. AFlorida station. conditioning and growing popu- lation. It went from being the 30th companies have recently flirted NextEraowns aclean-energy largest U.S. powercompanyin with deal making,sometimes at businessthat, along with affili- 2001 to the largest today. But it the behest of activist investors. ates,isthe world’slargest gener- has faced challenges in trying to Evergy Inc., an $11 billion electric ator of renewable wind and solar expand, including regulatory utility based in Kansas City,Mo., energy.Italso operates emis- pushback and the phasing out of wasurged by ElliottManage- sions-free electricity from plants certain taxcredits. Texas regula- ment Corp.toconsider selling it- The time of Pharaohs in Florida, NewHampshire, Iowa tors rejected itsbid in 2017to self.Evergyundertook astrate- and Wisconsin. buy alarge transmission com- gic reviewbut didn’t ultimately Egyptian sarcophagus Mask Duke provides electricityto panyand Hawaii regulatorsre- pursue asale.Its chief executive about 7.7million retail customers jected itsbid forthe state’slarg- officer announced plans to retire in six states,including the Caroli- est utility in 2016. in August. Egyptian relic.Important ritual.Ancient nas,some Midwestern states and Duke, runbyLynn Good, was CenterPoint Energy Inc., artistry. Originally part of asarcophagus Florida,according to itswebsite, founded in 1904. It grew through whereElliotthas also been in- that protectedamummy, this mask hails and distributes natural gasto aseries of deals,including a volved,inMay formed astrate- from the26thDynasty of theLate Kingdom morethan 1.6million customers roughly $5 billion deal, excluding gic reviewcommitteethat plans in Ohio,Kentucky, Tennessee and debt, to buy Piedmont Natural to makerecommendations to the of Egypt. It is carved from asinglepiece the Carolinas.Ithas acommer- GasCo. that closed in 2016. boardbyOctober.The company of cedarand remarkably still bearsthe cial businesswith power-genera- Sincethe coronavirus pan- has said it will updateinvestors original paintthatrepresentsthe kah,orthe tion assetsinNorth Americain- demic struck the U.S. in March, by early next year. immortalspiritdouble, of thedeceased. A cludingarenewables portfolio. utility companies have been Merger and acquisition vol- very importantaspectofancient Egyptian NextErahas been an active dealing with asurge in retail en- umes aredown22% globally and acquirer of smaller assetsinre- ergy use as big chunks of the 43% in the U.S. compared with burials, suchmasks are extremely rare on 1 1 cent yearsand has also eyed populationwork from home, last year,inlarge part because themarket. 11 / 2 ”w x12/2”h. #29-6005 largerdeals,benefiting from its alongwith adecrease in com- executives shiftedfocus from bulk andastock pricethat has mercial demand. deal making to respond to the outperformed those of itspeers. Duke, forexample,said in its impact of the coronavirus pan- It announced adeal Tuesdayto second quarter that commercial demic. buy an independent transmission and industrial customer electric- Recently, however, the merger companyfor $660 million, in- ity volumes fell 13% and 15%, re- and acquisition market has be- cluding debt. spectively,though most of its guntoshowsigns of lifeascom- NextEra, runbyJames Robo, larger businessclientshavere- panies begin to regain their foot- became arenewable-energy gi- sumed operations.While retail ing and look to establish ant using taxsubsidies to help fi- typically offershigher profit strategic plans forthe post-pan- 622 RoyalStreet,New Orleans,LA•877-677-2801 •[email protected] •msrau.com nancewind and solar projects margins,itisn’t clear howlong demic era. Since1912, M.S. Rauhas specialized in the world’s finest art, antiques and jewelry. around the countryand avoiding large portions of the population Thebiggest deal announced debt. It sells the output to utili- will continue itsoutsizeuse as so farthis year is Nvidia Corp.’s Backed by our unprecedented125% Guarantee, we stand behind each and everypiece. ties,manyofwhich must pro- workersare expected to gradu- $40 billion acquisition of Soft- curepowerfromgreen sources ally return to their offices. BankGroup Corp.-owned chip to meet statemandates. Ahandful of other utility designer Arm Ltd. P2JW274000-0-A01000-1------XA

A10 | We dnesday, September 30, 2020 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. We dnesday, September 30, 2020 | A11 P2JW274000-0-A01200-1------XA

A12 | We dnesday, September 30, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE

happy to skip aday of dish- double the typical travel seok special prevention pe- says.“But it’sbettertowait to Holiday washing. time—tovisit her in-laws.She riod” that ramps up social dis- see them rather than risking “This might be the first and her husband then wake up tancing.They’vemaintained ourhealth.” Chuseok Iget to rest in the at 5 the next morning to help toll fares usually waived dur- Even if they’renot seeing Takes a five years I’ve been married,” cook for more than 20 family ing Chuseok and halved the family,not everyone is staying Ms.Kim says.“Chuseok felt members. Last week, Ms. Lee ticketsavailable on high-speed in. About 300,000 visitorsare more difficult than work.” gotacall from her mother-in- trains.Buffet restaurants, ka- expected to visit South Korea’s Break The holidayfollows the lu- law telling her to stay home. raokerooms and movie the- tropical Jeju Island over the nar calendar and celebrates “I don’t knowifmy atersare closed or restricted. holidays,local officials esti- the fall harvest. Extended fam- mother-in-lawsecretly wanted “One way to practicefilial mate, with the largest hotels ContinuedfromPageOne ilies gather over elaborate me to come but didn’t sayit,” duty,” aSouth Korean official nearly full. Campgrounds,at startsWednesday. meals,often featuring rice Ms.Lee says.“In anycase,I Home alone said this month, “istonot slimmed-down capacity,are About one in five South Ko- cakesinthe shape of half- told her it wasagood idea not visit.” fully booked. So,too,are many reans plan to travel back to moons plus an assortment of to go.” tional broadcast this week. In Daejeon, aseniors’ neigh- popular coastal resorts. their ancestral home this year Korean-style pancakes,fruit Expectations forwomen South Koreahas managed borhood group echoed offi- LeeSeung-ju, 49,ofSeoul, for the three-day celebration, and seasoned vegetables.Peo- during the holidayfeature to keep itsrateofcoronavirus cials’ calls,hanging abanner feels bad about not seeing his arecent Gallup Koreapoll pleoften visit their ancestors’ into“Kim Jiyoung,Born infections relatively low, and that read: “Send your thoughts parentsorin-laws.Itwould be says.It’sthe lowest number graves and honor them in 1982,” a2016 novel that its Covid-19 response is seen instead of bringing along the worse, he says,ifarelativegot ever recorded and about half small ceremonies. helped igniteafeminist wave as aglobal model.The country, coronavirus this Chuseok.” the virus.Instead, Mr.Lee that of a typical year. Chuseok travel usually clogs in the country.Anearly scene which recently corralled an One of the organizers, Choi booked atrip to the country’s Kim Jin-seo,37, of Seoul, highways, train stations and depictsthe titular character uptick in infections that began Hyun-sik,68, says he will miss east coast, whereheplans to wasthrilled when government airports around South Korea. visiting her in-laws during in mid-August, has reported gathering with his two sons’ relax on the beach with his officials advised against Chu- About half of the population Chuseok.The young mother under 24,000 infections and families,making ricecakes to- wifeand daughter.“We know seok travel. She had quit her lives in the Seoul area, though spends all afternoon preparing just over 400 deaths.Officials gether and feasting on mari- we can wear masks thereand job early this year and was most hail from elsewhere. food afterafive-hour trip and worrythe family gatherings nated meat.Heand his wife be careful,” Mr.Lee says.“It worried her in-laws,about 220 Lee Hae-won, 42, of Seoul, later falls intoastress-in- could triggeranother eruption. plan to clean their house and will be weirdtonot see family miles away,would ask about usually treks up to six hoursto duced trance. Thefilm adapta- To dissuade holidaytravel, go on ahikeinstead this year. during Chuseok,but Ithink it’s her job search. She’salso the southern city of Daegu— tion will be shown in ana- officials have created a“Chu- “It feels empty,” Mr.Choi OK to skip one year.” Beijing Wins More U.N. Clout

ContinuedfromPageOne mocracy and human rights. Now, in adynamic increasingly reminiscent of the Cold War, Beijing’sclout at the U.N. in- steadhelps the Chinese Com- munist Party legitimizeits claim to be asuperior alterna- tivetoWestern democracies. “It’sChina’ssense that this is ‘our’moment, and we need to take control of these bod- ies,” said Ashok Malik,senior

policy adviser at India’sfor- GES

eign ministry.“If youcontrol IMA importantleversofthese in- ETTY

stitutions,you influence /G norms,you influenceways of thinking,you influenceinter- TIONS NA national policy, youinject your way of thinking.” Chinese President Xi Jin- ping,addressing the U.N. Gen- eral Assembly this month, DEBEBE/UNITED called forthe organization to playa“central role in interna- ESKINDER tional affairs,” particularly Chinese President Xi Jinping on dual screens during a video address broadcast at the U.N. General Assembly last week. amid the coronavirus pan- demic.“Theglobal governance nese effort to take over the China Expands aGlobal Influence what wassupposed to be ase- international patentsfiled system should adapt itself to leadership of afifth body,the cret ballot. In some cases,they with WIPO,largely because in- evolvingglobal political and World Intellectual Property Beijing has secured spots at the helm of U.N. institutions thatset asked representatives from ternational investors like to economic dynamics,” he Organization, known as WIPO. standards forair travel, telecommunications and agriculture. other countries to take photos file from China, where rates added, an allusion to China’s No other nation has its citi- of their ballotsasproof they arecheaper and wherelocally rising clout and its percep- zens running morethan one China heads four of had backed Mr. Qu, U.S. and issued patentsoffer morepro- tions of aU.S.decline. U.N. agency. European officials said. The tection. the 15 U.N.*and Africa TheTrump administration Earlier victories put Beijing CHINA Chinese missions in Rome and TheU.S.messageopposing U.N.-affiliated Asia/Pacific views the U.N. system as di- in position to shape interna- agencies or groups Geneva didn’t reply to com- Beijing waspointed. TheFed- Europe videdintopartsWashington tional norms and standards, thatcollectively ment requests. eral Bureau of Investigation should fight to fixand those notably with air travel under function as the N. America With the democracies di- has morethan 1,000 open in- that arebeyondrepair,U.S.of- theChinese-led International S. America vided, Mr.Quclinched alop- vestigations intoactual and at- machineryofthe U.N. U.S. ficials said. In July,the admin- Civil Aviation Organization. system. sided victory. “I’m very grate- tempted technologytheftby istration began withdrawing TheChinese secretary-general fultomymotherland,” he said individuals and entities con- from the World Health Organi- of the International Telecom- afterhis win. nected to China. “Wecouldn’t zation, saying the U.N. munication Union, who took Food and AgricultureOrganization Gérard Araud, who previ- affordtohaveaserial IP viola- agency’sdeferencetoChina at his post in 2015, has backed CHINA ouslyserved as France’sam- torrunning the world’sintel- Brazil the outset of the pandemic al- HuaweiTechnologies Co.inits Senegal bassador to Washingtonand lectual property organization,” Lebanon lowedthe virus to spread. fight with the U.S.,and pushed Neth. U.N. envoy,said China is doing said U.S. Secretary of State U.S. India ManyU.S.allies saythat for a new internet protocol U.K. what the U.S. used to do de- MikePompeo said. abandoning the field by leav- that Western governmentssay cades ago—offer countries U.S. officials focused on set- ing organizations likethe would allowmoresurveillance 1950 ’60 ’70’80 ’90 2000 ’10 ’20 gifts or twist their arms. ting rules forthe election, WHO offersChina astrategic and censorship. “China does it now. It does hoping to avoid the kind of ag- gift. Their concerns have been Some 30 U.N. agencies and International Civil Aviation Organization it brutally,but thereisnothing gressivemeasures China used CHINA heightened in recent months institutions have signed mem- Algeria abnormal about this,” Mr. in Rome.The U.S. wonsupport as Beijing chastised demo- orandums in support of Switz. Brazil Araud said. “The fault is not of to limit the number of dele- India Lebanon cratic countries forspeaking China’s Belt and Road infra- Neth. those who win. Thefault is of gatesinthe voting room and Can. out on Hong Kong and Xinji- structure project, including Swe. those who lose.” ensure voting privacy. France France France ang,and engaged in deadly the U.N. Industrial Develop- Wang Huiyao,acounselor Theracebegan with 10 con- border clashes with India. ment Organization, which has 1950 ’60 ’70’80 ’90 2000 ’10 ’20 to China’sState Council and testants. Washington, con- “The U.S. is withdrawing been under Chinese leadership head of the Center forChina vinced that only adeveloping from multilateralism to our since2013.Asaresult, China International Telecommunication Union and Globalization think tank in countrycould win, persuaded great regret, and the Chinese canpresent itsstate-run Belt Beijing,said lobbying forMr. Japan and some othersto CHINA aremoving in,” said Hans Blix, and Road projects, which Mali Qu succeeded because “China withdraw early in the cam- Finland Japan aformer Swedish diplomat mainly employChinese firms Australia agriculturally hasdone very paign and to support aSinga- Tunisia who chaired the U.N.’s andoften leave poor nations U.S. well, and the world has recog- porean candidate. Though the Arg. weapon-inspection program in in debt,asbenign U.N.-ap- France nized that.” city-stateisone of the world’s Iraq. proved assistance. Mr.Qu’swin proved awake- most prosperous nations,itis Washington didn’t have a “China has been able to 1950 ’60 ’70’80 ’90 2000 ’10 ’20 up call forthe U.S. and itsal- grouped with mostly develop- sayinthe selection of human- makethe U.N. moreChinese,” lies. In November last year, ing countries under U.N. rules. rightsrapporteursinMarch or said Moritz Rudolf,founder of United Nations Industrial Development Organization President Trump’snational se- Other withdrawals leftSinga- in the dueling statements Eurasia Bridges,aGerman curity adviser Robert O’Brien pore’sDaren Tang and China’s Sierra CHINA about Hong Kong: TheTrump consulting firm that studies Leone traveled to NewYork to meet Wang Binying as the two Arg. administration had quit the Belt and Road. Mex. permanent U.N. representa- front-runners. Algeria Philip. U.N. Human RightsCouncil in China has had itsown Egypt tives from Europe,Japan and Ahead of the March 4vote, 2018, citing one-sided criti- stumbles: Afterplacing one of other democracies,proposing China complained that the U.S. cism of Israel. It leftthe U.N. itstop law-enforcement offi- 1950 ’60 ’70’80 ’90 2000 ’10 ’20 acommon front against China. wasbullying smaller nations.

Educational, Scientific and cialsaspresident of Interpol, *The World Meteorological Organization is headed by Germanyand Finland TheEuropean response, Washingtonengaged in “im- Cultural Organization over it detained him in 2018 and Source:the agencies summarized by aperson famil- moralbehavior,” Chinese for- similar concerns in 2019. later convicted him on corrup- iar with the meeting: Where eign ministryspokesman Zhao Those decisions overlapped tion charges—underscoring real threat that China is going Cameroon put forward have youbeen? Lijian said, trying to defeat with tensions on trade,mili- howChinese officials serving to use multilateral institutions economist Médi Moungui, a European officials said they Ms.Wang through threatsand tary spending and other long- in international organizations to advance their own initia- candidatewith the potential to shared U.S. worries about blackmail. standing issues that have remain under Beijing’scontrol. tives and their ownvalues as rally support in West Africa. China but sawthe contest dif- On the dayofthe vote,the pushed awedgebetween the China’sleaderssay itsaims compared to the values of the When China canceled $78mil- ferently.Tothe U.S.,China is a U.S. sent two delegations.One U.S. and itstraditional allies in at theU.N.are altruistic and United States,” said Sen. Todd lion in overdue debt owedby rival that seeks to dethrone wasasix-person voting-room Europe and Asia. that it hasset aglobal exam- Young (R., Ind.), who last year Cameroon, Mr.Moungui America as the world’s pre- team with connections to Ge- To Beijing, such divisions ple fordealing with Covid-19. introduced abill to investigate abruptly withdrew. Neither eminent power. To the Europe- neva-based diplomats. Another and the U.S. pullback from the TheU.N.advance has cost Beijing’sinfluence. Cameroon officials nor Mr. ans,China is adanger because wasmade up of high-level am- multilateral order wasanop- relatively little.Eventhough Mounguiresponded to re- Beijing seeks to upend the bassadorsand senior officials portunity, said Lanxin Xiang, China is the world’ssecond- questsfor comment. rules-based international or- who campaigned outside.The director of the Center of One largest economy, it oftenpays Split decision TheU.S.and Europe,mean- der,which, they say, Mr. goal wastokeep the election Belt and One Road Studies in discounted ratesasaso-called Member-statesofthe Food while, were at odds. Europe Trump also threatens to do. short and not allow Beijing Shanghai: “Ifthis is your vol- developing nation. In 2018,it and AgricultureOrganization backed French agricultural en- time to apply diplomatic pres- untarywithdrawal, not us contributed $1.3billion to the gathered in Rome last year to gineer Catherine Geslain- sureoncountries overnight. driving youaway,filling in the U.N. system, afraction of the select areplacement forthe Lanéelle.The U.S. pushed for United states Thetactic worked. vacuum should not be consid- $10 billion annual commitment outgoing director-general. Davit Kirvalidze, aformer ag- At the start of the year,the As the voteswerecast, ered aprovocativeaction.” from the U.S. China nominated Qu Dongyu, riculture minister of the re- U.S.,European nations and Singapore’sMr. Tang overtook Outofthe U.N.’s15special- Instead, China has lever- itsviceminister of agriculture. public of Georgia. partners such as India put Ms. Wang in the first round ized agencies and groups,Chi- aged loans and other assis- Beijing looked forsupport Chinasent adelegation of aside rivalries and together and gained an absolutemajor- nese representatives lead four, tancetodozens of developing from the developing world. In 80 to 100 people to the Rome opposed China’s bid to lead ity in the second round. beating Western-backed candi- nations in Africa, the Pacific Uganda, Chinese diplomats gathering, compared with a WIPO,the Geneva-based Some delegatesweretaken dates last year forthe topslot and elsewheretocreatevoting met at President Yoweri Mu- typicaldelegation of adozen agencythat protectscopy- aback by the tensions.“It was of the Food and Agriculture blocs and defeat Western- seveni’sranch and pledged to or so,U.S.officials said. The rights, patentsand trademarks liketwo elephantsfighting,” Organization. Only aconcerted backed candidates and propos- build a$25 million beef abat- Chinese delegates brought acrossborders. onecandidatesaid. campaign in March by the U.S. als at the U.N. toir and atextile plant if his high-poweredtelephotolenses China leapfroggedthe U.S. —Nicholas Bariyo and partnersdefeated aChi- “Unfortunately there’sa government backed Mr.Qu. to the vote and videotaped last year as the topsource of contributed to this article. P2JW274000-2-A012A0-1------NS

THE WALL STREET JOURNAL. ** NY We dnesday, September 30, 2020 | A12A GREATER NEW YORK Grade-School Students Return to Class

Excitement mixed care worker who gotCovid-19 in March, wasmostly excited with fear, as in-person forhis son Francisco’sfirst day learning resumes of kindergarten, and believes the school is taking proper pre- amid a Covid-19 rise cautions.“He’sgoing bananas,” Mr.Valerio said. “Kids this age, NewYork City children in they need to be socialized.” elementaryschools,including “I know it’ssafeinthe those that stretch through school, but I’m nervous,” said eighth grade,returned to Cleotilde Cruz,who waited with classrooms Tuesdayfor the her son ThiagoCarcamo,age 6, firsttime sincecity schools and filled out his health form. shut down in the spring be- He wasmost excited forlunch. cause of the newcoronavirus. Principal RobertoQuintana said the daywas off to agreat By Leslie Brody, start, afterushering 130 chil- Katie Honan dren intothe building in 25 and Emma Tucker minutes,with health screenings completed. “I feel really good— As many public schools be- Ihaveagreat staff, supportive ganreopening,the daily share staff,and supportiveparents.” of people tested in NewYork Mr.Quintana then calmed

City who arepositivefor S the nerves of parentsstill Covid-19 hit 3.25% forthe first waiting at the fenceevenafter PRES time sinceJune,Mayor Bill de waving their children goodbye. Blasio said Tuesday. TED “Everybody’s inside,every- CIA

Therise in cases wasfueled SO body’s safe, and nobody’s cry- by hot spotsinnine ZIP Codes AS ing,” Mr. Quintana said. in southern Brooklyn and Schools serving kindergar- Queens that have seen amore tenthrough fifthgrade and than threefold increase in LENNIHAN/ K-8reopened classrooms

cases in the past two weeks. MARK Tuesday, after giving instruc- Mr. de Blasio said officials Students lined up to have their temperature checked before entering P.S. 179 in Brooklyn’s Kensington neighborhood on Tuesday. tion virtually last week.Pre- aren’t seeing an uptick in any schoolersand children with way in the public schools in strategy to close public facili- stafftold parentstostand in come alost generation in terms largest district chose amix of complexspecial needs started the hot spots, because thereis ties—including the morethan the street near the sidewalk as of an education gap,” she in-school and at-home instruc- in-person learning last week. “not alot of interconnection 80 public schools—in these their children lined up on sil- added. tion, according to city datare- About 300,000 students in with our public schools in hard-hit neighborhoods. very stickerstospread them Students’ return marks a leased Monday, down from all those programs areex- these particular areas.” “Wecannot put the entire apart on the way into school. newchapter in what many 70%inmid-August. Students pected to be in schools during The head of the union rep- city at risk by allowing Covid One mom, Patricia Marques, parentsand educatorshave going to school buildings will the course of this week. Mid- resenting thousands of New rates to rise,” he said. expressed mixed feelings called the most hectic and typically do so forone to three dle-school and high-school York City public-school teach- Children arriving at schools about her 9-year-old son, anxiety-ridden back-to-school days aweek to allowfor social buildings reopen Thursday. ers, Michael Mulgrew,presi- Tuesdaysmiled with excite- Luke,starting in-person learn- season in memory. Manyfami- distancing. Themayor’s reopening deal dent of the United Federation ment, parentstalked of feeling ing forfourth grade.“Theen- lies have wrestled with their At P. S. 28 in Corona, Queens, with the teachersunion called of Teachers, said Tuesday af- nervous about potential infec- tireprotocolisalittle sad, decisionsabout whether to several parentssaid they had fortesting arandom sample of ternoon that the union has ad- tions, and principals sought to with the temperaturechecks send children back to school qualms about sending children 10% to 20% of studentsand vised the city that if infection impose newsafety rules that and the social distancing,” she part-time or keep them home to school during the pandemic staffateach school monthly, ratesinthe hot-spot areas requiremasks and ban hugging. said. “But Ithink overall, it’s to study online full time. but thought in-person instruc- starting Thursday. On Tuesday, can’t quickly be contained and At drop off forP.S.6on better than staying at home.” About 52% of the roughly 1 tion wasworth the risk. the mayortold reporterssuch reduced, the city must adopt a Manhattan’s Upper East Side, “I just hope this doesn’t be- million children in the nation’s Fernando Valerio,ahealth- testing would begin next week. NYCto Subway Is LowRisk forCovid-19,Study Says

Resend BY PAUL BERGER subway carried 5.5million peo- ple on an averageweekday. Astudy of transit systems Fear of the virus is hindering Misprinted world-wide suggestsNew York theMTA’s effortstoattract City subway and bus ridersare people back to trains and at lowrisk of being infected buses.Internal surveystaken Ballots with the newcoronavirus dur- at firms acrossNew York City ing their commutes. this summer revealed that BY JIMMY VIELKIND The report, released Tues- masstransit wasamong the day by a national association topconcerns deterring workers TheNew York City Boardof of transitagencies,found no from returning to the office. Elections said Tuesdaythat it correlation between the While mass-transit ridership would resend nearly 100,000 spread of Covid-19 and mass- remains between 50% and 80% absentee ballotsfor the No- transit systems.Aslong as belowpre-pandemic levels, vember election afteraprint- trains and buses arewell-ven- trafficatthe region’smajor ing error that could invalidate tilated and riderswear masks, bridges and tunnels is almost

some votes. public transit is safe, the au- GES back to whereitwas before

BoardofElections Execu- thors of the report said. They IMA the region shut down in the tiveDirector Michael Ryan also found that infection rates spring,suggesting that some said the affected voters were aremoreclosely related to ETTY people mighthaveswitched /G

registered in Brooklyn and be- prevalenceofthe virus in a TT from masstransit to driving.

ganreceiving absentee ballots community than the size and PLA Mr.Schwartz’s team re- this week.The inner “oath en- density of its transit system. viewedstudies on Covid-19 and

velope” that must be signed by Several academic papers SPENCER masstransit around the world, voters to validatetheir ballots published during the pandemic The MTA recently imposed a $50 fine on train and bus riders who refuse to wear a face covering. conducted itsown dataanaly- wasprinted with the incorrect suggested that transit sys- sis and interviewedpublic- name,aspokeswoman said. tems,such as NewYork City’s use and the virus’sspread any- health safeguards in place.” of Covid-19 cases and location health specialists. They noted TheRochester,N.Y., printing oftenpacked subway,contrib- where in the world. Theauthority is spending datafromsmartphones were that although transit usagehas company, Phoenix Graphics, uted to the virus’s spread. “Your risksare probably hundreds of millions of dollars sufficient to showthat the remained relatively strong in has committedtosending new SamSchwartz,whose tran- greater at your placeofem- cleaning and disinfecting subway spread the virus. East Asian cities,such as Hong ballotstoevery voterinthe sit-consulting firm published ployment or if youare going trains,buses and frequently “Thereisstrong evidence Kong,Seoul and Tokyo, virus printrun, Mr.Ryansaid. A Tuesday’sreport forthe Amer- out to arestaurant,” Mr. touched surfaces in stations.It that NewYork City’s unique, transmission therehasn’t been spokeswoman forthe board ican Public Transportation As- Schwartz said in an interview. recently imposed a $50 fine on massivesubway system served linked to ridership,inpart be- said that totaled 99,477 ballots. sociation, said he and his team NewYork’sMetropolitan riders who refuse to wear a as avehicle to propagatethe vi- cause of mask compliance. Theboardurged affected found that modes of transpor- Transportation Authority, face covering. rusrapidly throughout the city’s “I think the risk is very low voters to call 1-866-VOTE-NYC tation that keep people in the which runs two commuter Jeffrey Harris,who pub- five boroughs within days of ar- and the MTAisdoing every- if they received amisprinted same spaceoveralong period, railroads, as well as the city’s lished apaper in April arguing riving from abroad,” he said. thing they can,” said William ballot. such as atour bus or airplane, subway and bus systems,is that the subway spread the vi- SteveN.Chillrud, aresearch N. Rom,aresearch scientist at “It is essential that confi- could spread the virus.But in going to great lengths to reas- rus, said those actions hadn’t scientist at Columbia Univer- New York University’s School dencebeestablished in this spaces wherepeople spend a sureridersthat transit is safe. been takenduring the early sity,said that without good of Global Public Health, who process, and we make certain short period and tend not to Abbey Collins,aspokes- days of the pandemic,which contact tracing,inwhich health wasinterviewedfor the re- that all of the voters who po- talk,risks arelow. woman forthe state-con- hit New York City in March. officials track the movement of port. He said that alonger trip tentially have a problem have Theauthors, mainly transit trolled MTA, said: “This report Dr. Harris, a physician and avirus among people,itisn’t in acrowded carorbus might a full and fair opportunity to and transportation planners, adds to the growing body of an emeritus professor at MIT’s possible to saydefinitively make him more cautious, but remedy that problem,” Mr. said they had found no corre- evidencethat masstransit is Department of Economics, wherepeople caught the virus. as long as he wore a properly Ryan said during a meeting. lation between public-transit safe with the proper public said in an email that analyses Beforethe pandemic,the fitted N95 mask he felt safe. Representatives of Phoenix Graphics didn’t return an email seeking comment. Are- corded messageonits listed The Return of Indoor Dining Isn’t Business as Usual phone number said the com- pany “isworking hardwith your board of elections to en- BY CHARLES PASSY Such is the dilemma facing cause some of their once-loyal Restaurantsare looking for Joshua Foulquier, owner of sure everyone will have what thousands of restaurants customerscould be hesitant to waystomaketheir operations Sushi Noz, a Michelin-starred they need to vote.” As chef Eric Ripert pre- throughout the five boroughs. dine inside for safety reasons as economically efficient as Japanese restaurant on the Theboardalso acknowl- pared to reopen his Michelin- While some of these establish- until aCovid-19 vaccine is de- possible. For chef and restau- Upper East Side,noted that edged this week that some bal- starred restaurant Le Bernar- mentslobbied ceaselessly in veloped. rant operator Marco Moreira, his restaurant has aseating lotswereprinted without a din with the return of indoor recent weeks forthe stateto Sally Persico, aresident of the solution is to combine capacity of 16,soreopening at punctuation mark in away that dining in NewYork City on allowfor indoor dining,they Brooklyn’sGreenpoint neigh- Tocqueville and 15 East, his this stageishighly impracti- might confuse voters.OnTwit- Wednesday, he said he is cer- know that it will hardly mean borhood, is one of those cus- two establishmentsthat sit on cal. Plus,hehas developed a ter, the boardsaid that aballot tain of two things. the return of businessasusual. tomers. Ms.Persicosaid that the same block in Manhattan’s solid takeout business for his labeled “Absentee military” Thefirst: Thereislittle That factorsinthe decision Union Squarearea, intoone. establishment during the pan- wasacceptable forboth mili- chancehis Midtownestablish- to continue outdoor dining in He is opening only the French- demic and he needs space tary and nonmilitaryvoters. ment, which has been closed thelatefall and winter,after Some restaurateurs inspired Tocqueville forindoor within the restaurant to main- Election officials around the sincemid-March because of NewYork City MayorBill de dining,but is bringing over tain that operation. stateare straining to fulfill an the coronavirus pandemic,can Blasio said last week restau- say they might not some of the team and menu Some NewYorkersare ex- unprecedented number of re- operateprofitably with aca- rantscould offer al frescoser- fill 25% capacity due items from 15 East, which spe- cited about the return of in- questsfor absentee ballotsaf- pacity restriction of 25%, as vice year-round. cializes in Japanese fare. door dining aftersomany terGov.Andrew Cuomo signed mandated by NewYork state “It was difficult enough to to Covid­19 fears. Mr.Moreiraisoptimistic months of not being able to alaw this summer that allows in this initial reopening phase. survive when restaurants had that patrons of both restau- step inside their favorite res- anyone to vote by mail due to Thesecond: He must re- 100%” indoor capacity,said rantswill return. “Wehave taurants. the pandemic.His topaide, open in anycase because he Andrew Rigie,executivedirec- reservations on the books al- LowerEast Side resident Melissa DeRosa,said the error feels he needs to bring his cu- tor of the New York City Hos- she doesn’t want to take ready,” he said. Laurie Gwen Shapirohas alist is unacceptable. linaryteam back together and pitality Alliance, anonprofit chances with indoor dining Some restaurantsare hold- of several neighborhood places NewYork City MayorBill de re-establish ties with his cus- association that represents and the potential to catchthe ing off on reopening at 25% she plans to visit in the com- Blasio said the BoardofElec- tomers. restaurantsand nightlifees- virus,especially because of her capacity and waiting until the ing days. She says she sees it tionsshould be modernized. Moreover,thereisevenless tablishments. underlying medical conditions. stateincreases the limit to as her duty as anative New “It’sappalling,” he said.“This chanceofbeing profitable when As it is,restaurateursex- “I just don’t see the point,” 50%. Gov.Andrew Cuomo said Yorker to support these estab- kind of thing really frustrates his restaurant is completely pressed concern they might Ms.Persicosaid. “I’m going to that guidelines would be reas- lishmentsduring this difficult voters,and this is the most im- closed, Mr.Ripert said. “Every not be able to fill their spaces eventually go to a restaurant. sessed by Nov. 1 based on vi- time.“If I’m not helping out, portant election in our lifetime.” daywelose money anyway.” to the 25% capacity limit be- It’s just not now.” rus data. who is?” she asked. P2JW274000-2-A012B0-1------NS

A12B | We dnesday, September 30, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK

ANNE KADET | Metro Money Council Brooklyn Man Shifts Career Gears Member FacesVote Most New Yorkerswho lost their gigs On Ouster in the pan- demic re- BY KATIE HONAN sponded by sending out résumés. Joey Van TheNew York City Council Scyoccreated himselfajob. will vote next week on whether The 33-year-old Brooklyn to removeaBronx councilman resident was furloughed in from office afterthree investi- early May from his digital gations found he committed advertising sales gig. Soon misconduct and had harassed after, a neighbor gave him a staff,city officials said. used bike she was planning During the past two years, to toss. He needed cash, so Councilman Andy King,aDem- he sold it online for $400. ocrat, has been the subject of “For her it was trash. To probes by thecouncil’sstan- me it was keeping the lights dardsand ethics committee on,” he says. concerning allegations of abuse And now it’s a business. JOURNAL and asking forthousands in

“We pull bikes from garages REET kickbacks from public funds. and barns across America ST Thecommitteesaid the LL

and restore them to new,” WA most-recent investigation sub- says Mr. Van Scyoc of his stantiated allegations that he THE

tiny startup, Bicycle Run- R abused staff and ignored amon- ners. “We’re getting them FO itor whom the council installed back on the road and cruis- in his officeafter aprevious JONES

ing down city bike lanes.” Y probe. Thefindingsprompted

Good idea!There’sbeen a GABB the committeeonTuesdayto big nationwide bikeshortage. Joey Van Scyoc outside Brooklyn’s Fort Greene Park where he has been selling refurbished bicycles since he got laid off in the spring. recommend his expulsion. Newtariffs slowedproduc- Mr.King didn’t respond to a tion in China, then demand first concerns were the logo, clean, clean. Done. Go to The day’s first sale went people on wheels,hesays, request forcomment. Last fall, went bonkersasCovid-fear- marketing strategy and bed. Wake up. Thursday get to Yvonne Romano, a 30- “and the morepeople getting when he was disciplined over ing consumersdecided cy- name. “Bikerunners.com” out of there!” he says. year-old digital designer who intobiking,the better.” the findings of a previous in- cling beatstaking the train. was selling for $30,000. “Bi- He hits the highway in a has been riding Citi Bike. Mr. Greco expects his new vestigation,hesaid he wasde- According to market-re- cyclerunners.com” was free. pickup truck loaded with 15 She didn’t flinch at paying rivals will soon return to nied due process. search company NPD Group, to 20 bikes that he stows $350 for an ancient Sears- their day jobs. Council Speaker Corey John- U.S. bicycle sales totaled aunching the businessin overnight in a parking ga- brand cruiser. “I really love Mr. Van Scyoc says abso- son, aDemocrat, said Tuesday $2.6 billion between April L lateMay,hestowedhis rage near his home in Pros- the vibe this has, the colors lutely not: He has big plans that he agreed with the com- and June, an 81% increase firstload of bikes on the pect Heights. Friday morn- are great,” she says, admir- and is in this for the long mittee’sfindingsand set avote over a year earlier. And here roof of his apartment building ing, he drives to Canarsie to ing the groovy shades of yel- haul. Plus, the model works. on his removal fornextweek. in New York City, Citi Bike until the super found out. He the home of a bike mechanic low, pumpkin and avocado. So far, he’s sold about 100 If the council votesinfavor saw 516,554 single-trip pass rented aself-storagelocker found on Craigslist. Hector bikes—twice his projection. of his expulsion, Mr.King buyers last month—a 142% for$200 amonth. Packing 20 Zhao, an immigrant from o how do local used- Given his crazy schedule, would be the first member to increase over August 2019. bikes intoan8x10x5-foot China who recently was fur- bike-shop owners view the profits work out to be removed from the chamber Mr.Van Scyocfinds most spaceisachallenge, he says. loughed from an IT job, re- S forareason that wasn’t re- the new competition? roughly $16 an hour. “We did of his inventoryinhis home- “It’slike‘Tetris’!” pairs the bikes. Mr. Van “Any half-baked entrepre- the painful math,” he sighs. lated to acriminal conviction. town of Cleveland, wherehe And he quickly transi- Scyoc works alongside. neur could make a buck on But it’s enough to pay the Mr.King has been in office canstayovernight with his tioned from online sales to On a recent Saturday, Mr. used bikes this year,” says rent and a small network of since2012. Last fall the 51- dad. Thebikes typically cost running an outdoor pop-up Van Scyoc’s stand attracted a Gerard Greco, who in 2011 fellow unemployed New member council votednearly $80 to $250.Heresells them stand every Saturday near steady crowd. Accompanied opened Brooklyn Bike Ped- Yorkers who are helping unanimously to suspend him in Brooklyn for$300 to $500. Brooklyn’s Fort Greene Park. by several friends helping dler in Williamsburg. with everything from logo for30days,and ordered him to He’s hardly the first New Mr. Van Scyoc’s week typi- with sales, the outgoing Mr. Some of the new entrepre- design to schlepping bikes. paya$15,000 fine and to have Yorker to try his hand at cally starts with the nine- Van Scyoc called out to pass- neurs reselling bikes on In the pandemic, says Mr. ataxpayer-funded monitor in used-bike arbitrage, of hour drive to Cleveland. ersby, asking them to check street corners charge outra- Van Scyoc, it has been easy hisoffice. But in Februarythe course. But pulling this off Wednesday morning, he out his Instagram feed. geous markups and make no to find great help. “It’s this standards and ethics committee requires more business rounds up bikes sourced in “I’m in sales. I’ve done repairs, he says. city that allows me to do opened another probe over al- savvy—and hard work—than advance from shops and in- trade-show floors, phone On the other hand, Mr. what I do and create as fast legations he continued to ha- one might imagine. dividuals around the Rust sales, door-to-door, the Grecohad lines out the door as I can,” he says. “I can’t do rass staffers, including the When he started, Mr. Van Belt city, then spends the af- boiler room,” he says of his all summer and not enough it alone. I know that.” monitor placed in his office. Mr. Scyoc knew little about bicy- ternoon power washing them extroverted tactics. “It’s tir- bikes to meet demand. The King also never paid a$15,000 cles. He’s a sales guy. His in his dad’s garage. “Clean, ing, but I do like it a lot.” newresellersare putting more [email protected] fine, the committeesaid.

In schoolsto encouragehealing.

As if dealingwithhis mom’sdeath wasn’t hard enough,Seanhad to adjusttoanew home andnew school. It wasalot to handle,sohestruggledemotionally andacademically. LeefromCommunitiesInSchools helped Sean develop coping skillsbyfindingpositiveoutlets forhis feelings.Ashis attitude improved, hisgrades followed—goingfromD’s to B’s. Now, he’s focusedonfootballand apromising future.There aremillionsof at-risk kids likeSeanwho need acaringadulttohelpthemstayinschooland succeed in life. Seehow we help allkidssucceed. | CommunitiesInSchools.org P2JW274000-0-A01300-1------XA

FAMILY & RELATIONSHIPS PERSONAL JOURNAL.

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Log In on the Fly

Tips forgettingyour kids to virtual classfromthe road. n Calculate your data needs. Tally your home bandwidth us- age by checking with your in- ternet service provider. See how much data your devices use by checking your wireless carrier’s app: Verizon’s My Ve- rizon, AT&T’s myAT&T and T- Mobile’s app. This will help you determine whether you need to increase your data plan. n Check coverage maps. The major wireless carriers—Veri- zon, AT&T, T-Mobile—have coverage maps showing where and what kind of service they provide. If you’re traveling to an area where your carrier doesn’t provide much cover- age, consider switching to a carrier that does. You might also want to invest in a 5G phone. n Get a hot spot device. Don’t rely on your phone’s hot (3) spot to fill your family’s inter- net needs. Dedicated hot spots

WINTERS are more stable, provide in- stant connectivity and are bet- TRICIA

PA ter at supporting multiple de- vices. Plans vary but there’s no such thing as truly unlimited data: After you use a certain ‘Roadschooling’ Is More Fun amount, your carrier drops your connection speed. n Call ahead. Check with the Families escape virtual-school stress by packing up the laptops and hitting the road in an RV RV park to makesuretheir broadband connection and Wi-Fi network meet your fam- FAMILY ily’s needs. Also check recent &TECH reviews forcomments on the JULIE Wi-Fi. JARGON n Pack extras. Several fami- lies told me it’s important to atricia Wintersand her bring extra chargers, head- family decided to take ad- phones and devices—and to vantage of her husband’s buy warranties for new de- remote work arrangement, vices, which kids tend to dam- so they bought a camper. P age on the road. Many RVs In June, they left their An- lack enough power outlets to napolis, Md., home for a trip out support multiple devices, so West, with plans to be back in extension cords are a must. time for school. “Atthe end of July,our school n Get a wireless boost. If district decided to go virtual, so I you’ll be driving for long peri- said, ‘I guesswecan keep going,’ ” ods, consider an antenna Ms.Winterssaid. Thefamily of five booster to increase the wire- has logged11,000 miles visiting 16 less signal. states and 14 national parks.But they weren’t fully prepared forthe The Winters family has logged 11,000 miles and visited 14 national parks, including Mount Rainier in Washington. realities of school on the road, or “roadschooling,” as some families they get dropped from the video I’ll home-school them,” she said. tertained their 4-year-old daughter to see the famous geyser. “It was call it. call and have to rejoin. The oldest As soon as schools closed in outside. “It was all great until Me- stressful,” she said. Many are taking the rare oppor- often texts his teachers after class March, Debbie Alexander and her morial Day, when other people Another pain: finding good cell tunity of remote work and remote to ask what he missed. “They’ve husband decided that being to- turned up and started using the coverage and decent Wi-Fi. They learning to see the country—or at been able to get on every day so gether all daywith their children in internet,” Ms. Alexander said. “As bought a Verizon MiFi hot spot least get out of the house for a far,” Ms. Winters said, speaking their small Sunnyvale,Calif., house soon as my son’s Zoom call would but had to stay a week longer than while. RVshare, which connects RV from an RV camp outside Yellow- would be miserable.They rented an drop or he couldn’t hear the planned in Coeur d’Alene, Idaho, owners with people who want to stone National Park. “It’s just slow RV,expecting to be gone forthree teacher, he’d walk away.” because Verizon couldn’t ship it to rent one, said it is seeing more and painful some days.” weeks.Their plan now? Keep on They continued on, stopping in them right away. They also knew families traveling this fall. As of She said the tech woes aren’t al- trucking until next July,when her Utah, Wyoming, Idaho and Mon- that virtual school this fall would Sept. 21, its RV bookings for Sep- ways on her end. Other students employer, the genetic-testing firm tana, and planned to return to Cal- be taken more seriously by the tember through November have who aren’t on the road struggle to 23andMe, is set to have employees ifornia at the end of the summer district than it had been in the more than doubled year over year, hear the teachers, she said, and return to the office. so their son could return to school spring, with three hours of daily and more than half are families the teachers often spend a lot of Their first stop was the Grand for second grade. But when they live instruction, so they set out to with children under 18, RVshare time during class troubleshooting Canyon, but the kids found it “bor- learned that his district would find a laptop for their son. Chief Executive Jon Gray said. tech problems. ing.” Ms. Alexander thought they continue virtual learning this fall, They parked near big-box stores As the Winters family learned, She uses an app called Cover- might prefer the cliff dwellings in they decided to stay on the road. so they could go in first thing in logging into virtual school while age? to see where major wireless Colorado’s Mesa Verde National Theadventure has had itsups the morning, but stores sold out of on the road poses tech challenges. carriers have good service, and Park, but just before they arrived and downs.When they arrived at Chromebooks right away. Four Ms. Winters brought along a checks the apps Campendium and the park closed. Then Colorado’s Yellowstone National Park in mid- weeks into the school year, they fi- Chromebook and two MacBook Pro RVParky for reviews of campsites. shelter-in-place order went into ef- July,Old Faithful waspacked. Most nally found one at a Walmart. laptops but has found campground “You still never know until you get fect. They stayed at a nearby RV people weren’t wearing masks.“It Since buying the hot spot, Ms. Wi-Fi to be spotty. Her three boys, there,” Ms. Winters said. park for three months. wasashock because we hadn’t Alexander and her son have had ages 8, 10 and 12, are each ex- Ms. Winters’s husband, who’s in They had the place, with a seen people formonths,and then better luck maintaining a stable in- pected to attend virtual school for IT sales, is working remotely the minigolf course and pool, mostly we turn up in Yellowstone and the ternet connection. six hours, including four hours of rest of the year, so their road trip to themselves. The Wi-Fi was great parking lot is likethe 49ers’ sta- Even if her son’sdistrict reopens live in-class instruction and a two- might continue until December. because few campers were around. dium,” Ms.Alexander said. forin-person learning this school hour lunch break. She has a backup plan: Yank the Ms. Alexander worked from the RV Her husband and son were ner- year,she said they won’t go back as The boys have had a hard time kids out of class. “If this gets to while her 8-year-old son logged vous about getting out of the RV. long as she canwork remotely. hearing their teachers because the the point where my kids are too into class videochats on his Ama- Ms. Alexander spent a good 15 “There’snopoint in going home,” video often freezes. Sometimes frustrated and we can’t get online, zonFire tablet. Her husband en- minutes coaxing them to walk over she said. “This is toomuch fun.”

Look for ways to to these posts, as Iget apeekinto bond that allow my lovedones’days, and I’mre- BONDS you to share mindedoftheir senseofhumor. more than the Something else that’s worked for constant stress. me lately: Connecting more often, in FUN WITH FRIENDS AGAIN briefer spurts. It’s natural to want to know how your friends are hold- thing enjoyable ing up—everything feels so serious Dear Ask Bonds, that you can do at right now—and to support each Imissmyfriends.Social dis- a safe distance other through tough times. But it’s tancing makes it hard—and not outdoors, such as emotionally exhausting when every thatfun—to gettogether.And it’s taking a walk, rid- single phone call turns into a ther- notevenanoption to see friends ing bikes or having apy session. Look for ways to bond who livefar away—no one can a picnic. What did that allow you to share more than travel becauseofthe pandemic. you enjoy doing just the constant stress. But there’sanother problem: Ev- before? Replicate Texts or video messages are per- eryone is so stressed and over- those activities as fect for day-to-day moments. Video whelmedthesedays thatwecan’t best you can. is especially nice as it’s always find time to talkonthe phone. that people report they’re happier before the pandemic.) This isn’t to If youaren’tcomfortable connect- great to see a face you love. Did Weeks go by without contact! hanging out with their friends than say that people don’t enjoy being ing in person—or if your friends live your son say something hilarious? Andwhen we talk, all we do is with their romantic partners or chil- with family members. But they faraway—come up with afun proj- Did you try a recipe or finish a book shareour worries.The lack of dren. (Sadly of friends, kids and spend a lot more time doing stuff ectyou candotogether from afar.I you know your friend would like? Is connection with the friends Ilove partners, people said they were that’s not fun with them: Chores. recently asked my friends and family there a beautiful sunset tonight? is really getting me down. What least happy hanging out with the Caretaking. Home schooling. around the countrytojoin me in the Share those moments. Often. canIdo? latter. But let’s save that for an- With this in mind, I think you Leukemia &Lymphoma Society’sRe- Finally, think again about that —Cut Off in PA other column.) need to put the fun back into your silienceChallenge—weeach pledged study showing that people report The lead researcher on the study, friendships. Start by taking the ini- to move 50 miles in September un- doing more fun things with friends Dear Cut Off, Nathan Hudson, an assistant pro- tiative: Reach out first rather than der our ownpower(Iplannedto than family. It sounds as if it’s time You’re not the only one! fessor of psychology at Southern waiting for friends to call. If they swim it)toraise moneyfor the char- to have more fun at home, right? A new study published in the Methodist University, in Dallas, says are busy, ask when you should ring ity. To foster connection, Iset up a As you are trying to add joy to your Journal of Personality and Social people often enjoy their friends’ back—and be sure you do. Make the Facebook page forour group,where relationships, don’t forget family GES Psychology sheds light on why company more because they spend connections happen. we postphotosand videos of our members. IMA many of us are missing our friends more time doing fun things with If you live nearby, plan to get to- progresseach day. Iwas surprised Now, go have fun!

GETTY so profoundly right now. It found them. (The study was conducted gether—yes, in person—to do some- howmuch I’ve come to look forward —Elizabeth Bernstein P2JW274000-0-A01400-1------NS

A14 | We dnesday, September 30, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | FAMILY & RELATIONSHIPS

How‘TheTalk’ Is Evolving Within Black Families

BY JOSHUA JAMERSON months, parents have had to have that talk and explain what’s hap- eisha Jones wasinagro- pened sooner rather than later,”

cery storeparking lot last Ms. Platt says. JOURNAL month when her phone Her group recently hosted a REET

buzzedwith news of an- back-to-school seminar meant to of- ST

other Black man shot by ferguidancetoeducatorsonhow to LL

K speak about race relations.Unex- WA police.

She opened a video on her Face- pectedly,manyparentsjoined the THE R

book feed and tilted the phone Zoom session wanting to know FO away from her daughter, Aniiah, what to do afterthat initial conver-

shielding the 13-year-old girl from sation with their kids.Her group BETHEL images of police in Kenosha, Wis., tells parentsthat manychildren E JA

shooting Jacob Blakein the back. want to stay engaged in the social N Then Ms. Jones took a deep breath and political process, and parents TO and handed her daughter the candevelop waystolet them do so. KRIS

phone. Forexample,she has encouraged Keisha Jones and her daughter, Jimaiia, top right. A protest sign at their home, bottom right. Lena Johnson rests (2); “Take a look at this video,” she Black parentstohelp younger chil- her head on her mother Kimya’s shoulder, bottom left. The Johnson family in Washington, D.C., top left. recalled saying. “Tell me how you dren stage“toyprotests” at home JOURNAL feel about it.” using action figures. For generations, Black parents Ms.Jones,a32-year-old travel sation together than her seeing it with police from escalating. When Black parents have always faced REET ST

have worked through difficult insurancecustomer-serviceagent with school friends or other people Miles began driving, he recalled, decisions about how and when to LL

coming-of-age conversations with from Richmond, Va., and her daugh- who maynot have the same feel- his parents advised him that if introduce children to the tough re- WA

their children about how to deal ters attended the Commitment ingsthat Ihave,” Ms.Jones says. pulled over by police to “just fol- alities that come with being Black THE with police, peers, school and the March on the National Mall in Several Black parentssaid in in- low what they’re saying. ‘We’ll in America. Videos of the killing of R FO workplace. The widespread pro- Washington, D.C.,last month. Ji- terviews that their family conversa- deal with it once you’re safe.’” Black men, and the protests and

tests this year over violence maiia Jones,6,held her homemade tions over the past few months are Seeing all that’s happened in 2020 social unrest driven by the images, LMER against Black Americans, including Black Lives Matterposter while be- not about accepting the status quo has motivated him to protest and has forced some parents to begin PA TE

deaths at the hands of police, have ing towedinalittle redwagon. with racism but howtoget involved vote for the first time. discussions earlier. NA prompted Black mothers and fa- andtakeaction to changeit. Mr. Johnson sought to teach his Antonio Mingo, asingle father thers to adapt these conversations “I wanted them to be a part of children about the value of nonvio- and warehouse worker from Wash- about racism on the fly, sometimes Forsome,talksnolonger changing the politics,” says Kevin lent protest, and he wanted to ington, D.C.,says news reports JOURNAL;

leading the family into action. R. Johnson, the lead pastor at show them what happens when prompted him to begin talking REET

Some families are having the center on howtocope Dare to Imagine Church, a nonde- demonstrations fall into violence. about race with his daughter,who ST talk with their children at a much nominational congregation in Phil- He and his wife took their family is only 9. “It’snot that Ididn’t want LL withracism but howto WA earlier age. Others say the talks no adelphia. Mr. Johnson and his to clean up after looting near Phil- to.It’sjust, to be honest, Ialways THE

longer center on how to cope with pushback againstit. wife, Kimya Johnson, joined their adelphia’s 52nd Street corridor, an put it on the back burner,” Mr. R

racism but how to be proactive two teenage daughters on a 5 a.m. area home to many Black-owned Mingosays.“Now, it’sapriority.” FO and push back against it. bus to the Washington march. businesses. Efforts to revitalize He continues to teach Jaidyn Christine Platt, managing direc- Their son, Miles, 19, had already 52nd Street had seemed to be pay- with a more kid-friendly approach, MMED

tor for the Antiracist Research & After Ms. Jones showed her started online classes at More- ing off in recent years. using Sony PlayStation 4 as an in- MOHA Policy Center at American Univer- older daughter footage of the Ke- house College. He had joined other Mr. Johnson says that in his centive. “Just the other day she EMAN

sity, says Black families generally nosha shooting, she asked her racial-justice protests for the first role as a pastor, he has been asked asked me for a PS4. I say I’ll get : have the talk during teenage years, whether she thought Mr. Blake time earlier this summer. for more advice than usual this you a PS4, but I need a book re- LEFT

when children start to socialize could have done anything differ- “Before, I would hear my par- summer from Black parents in the port on a famous Black woman in P more independently outside the ently. Aniiah said there was no ents talk about stuff, but I congregation regarding getting in- history,” Mr. Mingo says, adding TO OM

home. “But because of George way to know, but she felt his race wouldn’t know what was really go- volved in protests. He offers the that he’s still waiting on her to FR Floyd and Breonna Taylor and all played a role. Her mother agreed. ing on,” he says. Family talks over guidance he gave his son: Never go complete the assignment. “Kids these tragic situations that have “I would rather my child see the years were largely about ways by yourself. Don’t do anything un- are kind of forced to grow up fast WISE OCK

happened over the last several these thingsand us have aconver- Black men can keep interactions lawful. Keep your phone charged. with everything going on.” CL

MY RIDE |A.J.BAIME my first car, when Iwas 15. and the date when he and my My father wasacar fanatic.He grandmother boughtthis car. The The Chevy built akit carand restoredtwo 1927 suspension had been lowered, the in- Buicks. So he and Iput alot of time terior had been changed, and the and energy into this Chevelle.Atone wheels were different. But mostof Chevelle pointwewenttoajunkyard and the rest wasjustthe same. found apowersteering pump.We My father wassoexcited when ThatProved had to fabricateaspecial bracket to he calledme. Isaid, “You know, you mountthe powersteering in the Ch- should talk to thatguy because if he ItsWorth evelle.Ihad thatspecial relationship ever wants to sellthe car, Iwould with the vehicle thatall teenagers liketohave achancetobuy it back.” Ken McGuire, 51, a research scien- who areluckyenough to have acar Over the years, Iwould visit Okla- tist in Cincinnati, on his 1964 Chev- canunderstand, even today. homa and Igot to knowthe owner. rolet Chevelle, as told to A.J. Baime. The model year 1964 wasthe He let me drivethe car. Then, last

JOURNAL first thatChevrolet offeredthe Ch- May, he offeredtosell it to me,for IN 1964, my grandfather boughtmy evelle.Itwas the beginning of the $40,000.Iguessitappreciatedalit- REET

ST grandmother a1964Chevelle Malibu muscle-car era, as the Ford Mustang tle bit!

LL Super Sport,which wasthe top-of- and Pontiac GTO came out about These days Idriveitaround town WA the-line Chevelle.Atthe time,their the same time.The Chevelle became Ken McGuire with his 1964 Chevrolet Chevelle Malibu Super Sport. with my wife, and Ijoinedthe Vin-

THE budget was$2,000 plus the trade-in an iconic American muscle car. If you tage Chevrolet Club of America. R

FO forher old car. Theylived in Austin, had told me back when Iwas in high to aguy who lived twohoursaway. the powersteering unit thatheand I When we areinthe car, everyone’s

VEY Texas, so theygot air conditioning school thatChevelles from thatera About 10 yearsago,myfather installedalong with the special alwaysgiving us the thumbs up and but couldn’t affordpowersteering. would be going forgood moneyin wasatacar showinPoncaCity. He bracket we had to fabricateto honking their horns.Mywifesaid to GAR

MC She drove thatcar for20yearsand the future, Iwould have neverbe- sawthis Chevelle thatlooked famil- mountit. In the glove compartment, me,“Is this whyyou boughtthis in 1984, it came to the town of lievedyou. When Iwentoff to col- iar.Heasked the owner to pop the the original warranty book showed car?” Isaid, “Hell yes. It’s all about

MADDIE PoncaCity, Okla., whereIlived,tobe lege,Isold the Chevelle for$2,500, hood and sureenough, therewas my grandfather’s name,his address, having fun.” P2JW274000-0-A01500-1------XA

THE WALL STREET JOURNAL. We dnesday, September 30, 2020 | A15 ARTS IN REVIEW

MUSIC REVIEW performanceinMarch gaveher idea newmeaning and urgency. With the commission from the NewYork Philharmonic and four Scoring Central Park other artscenters, she embarked on afive-month processofwrit- ing the music,mapping it and This GPS-enabledwork of artusesanapp to create aunique sonic experienceonyour next stroll walking endlessly to test it, first in her Brooklyn neighborhood and then in the park. “Soundwalk” canbeatreasure hunt. Iwent looking for“When the World as You’veKnown It Doesn’t Exist,” which Ms.Reid wrotefor Project 19,the Philhar- monic’swomen-only commission- ing initiative; it had itspremiere on Feb. 20.Ifound asnippet of the archival recording on the ter- race overlooking Bethesda Foun- tain and the Lake,whereits tense, anxious harmonies and spiraling, descending woodwinds playedin ominous counterpoint to the for- mal, manicured landscape.(It is one of three archiveperformances embedded in “Soundwalk,” along with the “Pastoral” symphonyand

Each experience is unique, depending on where you wander and how long you stay OY MOLL

CKIE Ms.Reid’s“So Much on My Soul,” JA performed by the Young People’s

GES; Chorus of NewYork City.) “So

IMA Much on My Soul,” discovered in acrowded playground, also felt

GETTY likeacommentary: Thelyrics, writtenbychorus members, gave GALAI/ an unsettled, personal dimension AM to the children’sseemingly un- NO

P: troubled games. TO “Soundwalk” also encourages OM

FR serendipity.Venturing intothe wooded Ramble,Ifound ajoyous BY HEIDI WALESON View of the Bethesda explosion of birdsong expressed Fountain, above; in voices,woodwinds,harp and New York composer and sound string ostinatos.Awalk through fter six months without designer Ellen Reid, left the narrow ravine beside astream liveperformance, plus toward the North Woods wasac- the geographical claus- companied by apounding drum trophobia imposed by the park.Each macro solo that suddenly opened up, barrierstotravel, “El- cell has several overlap- along with the landscape,intoa A ping microcells within len Reid Soundwalk” smooth jazztune.And on a offersboth solaceand liberation. it, creating alayering ef- cloudy afternoon, overlooking the Ms.Reid, the Pulitzer Prize-win- fect; connectivematerial Reservoir,the watertheme felt ning composer and sound de- between cells creates impossibly rich and grand, its signer,has mapped the 843 acres seamlesstransitions be- open chords and brasschoir of Central Park with music,creat- tween locations.Ms. slowly rising abovethe placid wa- ingaGPS-enabled work of public Reidexplained in a ter, with the NewYork skyline art. It’seasy to use: Youinstall phone interviewlast seeming to mirror itsascent. the app, designed by Echoes.xzy, week that she used the “Soundwalk” gives beloved, famil- on your phone; download the same themes forcertain iar places anew dimension and a walk; connect your headphones; kinds of locations,such welcome chancetotravelfreely and wander—the app then uses as wateroropen fields, within them. your location to triggersound. but in different keysand Residents of Saratoga Springs, Thebeauty of the pieceisits instrumentations,so N.Y.,can experience their ownver- nonprescriptiveness. There’sno that areas arerelated, sion of “Soundwalk” at the Sara- right way to do it, no set path. but not sonic copies of toga SpaState Park, in the Vale of Each experienceisunique,de- each other.Musicians Springs/KaristaPath area,until pending on whereyou enter the from the NewYork Phil- Nov.1.Nextspring,itwill arriveat park,the routeyou travel, tinatoand achoral vocalise seemed and waited to hear some complete harmonic,the lead commissioner the Mann Center forthe Perform- whether youstopand rest or just just right forthe lateafternoon au- sections—a few minutes of Beetho- of the project, recorded individual ing ArtsinPhiladelphia, Wolf Trap keep going.You canspend 10 min- tumnal light glinting through green ven’s“Pastoral” symphony(along tracks in their homes,asdid National Park forthe Performing utes or 10 hoursexploring; the and yellowleavesabovethe Bur- with DukeEllington’s“Come Sun- membersofthe Soundwalk En- ArtsinVienna, Va., and the Britt possibilities seem infinite. nettFountain. Therewas even a day,” the only music not by Ms. semble (the harmonized choral Music and ArtsFestival in Jack- One Saturdayafternoon, Ispent poem, followedbyaharp and flute Reid) playing just oppositehis vocalises were created with the sonville,Ore.Why stop there? 90 minutes in the northern end of interlude,asIleftthrough the gar- statue near the netting-shrouded voiceofone singer,ElizaBagg); the park.During aslowsaunter den’ssouth gate;horns in ade- Bandshell at the end of the Mall; a the quartet Poole and the Gang re- Ms. Waleson writes on opera for over the Great Hill in the park’s scending glissando emergedasI nine-minutechoral sequenceslowly corded the jazztracks that are the Journal and is the author of northwest corner,asoothing drone skirted the baseball fields. unfolding in StrawberryFields. scatteredthrough the park. “Mad Scenes and Exit Arias: The soon acquired an overlayofquick Afew days later,Iwandered Remarkably, there’sjust over an Ms.Reid had been thinking Death of the New York City Opera string figures; in the Conservatory around the south end of the park. hour of music.Itisprogrammed about “Soundwalk” as afuture and the Future of Opera in Garden, bells,marimba, afluteos- This time,Ioccasionally stopped into25macrocells that blanket project, but the abrupt halt of live America” (Metropolitan).

TELEVISION REVIEW |JOHN ANDERSON ABumpyRide Through AFeministLife

AMERICAN WOMEN owe adebt York and Washington. In terms of to Gloria Steinem. Julie Taymor history, it plays hopscotch. In owesher an apology. “The Glo- terms of emotional investment, a rias,” an overlong,unfocused and viewer won’t care where the bus is distractingly stylized take on Ms. going, whether it gets there, or if Steinem’slife, commitsvarious it’s a bus. sins of self-indulgence, as is the It’s a slow ride, with overly ear- wont of film director Taymor,best nest speed bumps throughout, al- known forher Broadway staging of though when Timothy Hutton is on

“The Lion King.” Her hagiographic screen as the subject’s dad, Leo TIONS

treatment of Ms.Steinem’slife, “Steinemite” Steinem—peripatetic AC TR

which parallels the modern antiques dealer, grifter, hustler, AT

women’smovement in America, as- dreamer and loving father, not IDE

sumes itsviewers knowand care necessarily in that order—the DS OA

deeply about the historybeing re- show comes to life. Perhaps be- /R counted, tells them everything cause he’s virtually the only male

anyway,and sidesteps the inconve- in a movie about a celebrated fem- INMENT

niences of basic storytelling.The inist—and social activist, journal- TA director also makes her subject ist and the founder of Ms. maga- ENTER

something she’snever been,which zine—Mr. Hutton may not have felt LD is one big crashing bore. the responsibility so obviously Julianne Moore, above,isone of severalactresses to playthe activistinJulie Taymor’s stylized Gloria Steinem biopic Adapted from Ms. Steinem’s shouldered by the female members 2015 book, “My Life on the Road,” of the cast. In their defense, the screenplay by Ms. Taymor and they’re also saddled with dialogue periority?” Steinem is asked be- mal and otherwise—the high hourslong. playwright Sarah Ruhl adopts as so leaden that, if it were baggage, fore facing a hostile Harvard Law crimes and moreminor offenses The Glorias are all good, its recurring motif a bus ride it would burn out the transmission Review banquet. “We don‘t want against women that the now-86- though. The younger actresses are through Ms. Steinem’s life, begin- on a 1956 Greyhound. to go against the Church,” says de- year-old Ms.Steinem long fought remarkably confident and endear- ning in her childhood in ’40s Ohio. “How the hell are we going to vout Catholic Dolores Huerta, against arerecounted in impas- ing as the young Steinems; the two Those aboard include Ms. Steinem get 2,000 delegates to agree on 26 farmworker activist and mother of sioned litanies by the likes of Oscar-winners playing the public at various ages (played, from multi-issue platforms in three 10. “But all the people who have Huerta(MonicaSanchez), Native woman she became are, again, re- youngest to oldest, by Ryan Kiera days?” Steinem (Ms. Moore) asks an issue with having an abortion— American activist Wilma Mankiller quired to recite some engorged di- Armstrong, Lulu Wilson, Alicia Vi- congresswoman and compadre what are they doing for the chil- (Kimberly Guerrero) or child-wel- alogue, but their impersonations, kander and Julianne Moore). Bella Abzug (Bette Midler) at the dren once they’re born? Even the fareadvocateand author Dorothy right down to the adenoidal Ohio Sometimes a Gloria is alone; some- beginning of the National Confer- Church. What is the Church doing Pitman Hughes (the always terrific accent, are right on. Unfortunately, times she’s talking with her vari- ence on Women’s Rights in 1977. to help us raise our children? Are Janelle Monáe). It’scataloging, not they are not behind the wheel of ous selves. In terms of geography, It’s the kind of helpful exposition they providing infant centers? Are screenwriting.“TheGlorias” is this particular vehicle. it’s all over the place—the Black we find throughout. “You realize they providing resource centers also relentlessly self-congratula- Hills of South Dakota; the slums of you’re the first woman to address for our teenagers?” tory,which would be easier to The Glorias India; locales in Toledo, Ohio, New this elite white bastion of male su- At meeting aftermeeting—for- weather if themovie weren’t 21/2 Wednesday, Amazon Prime Video P2JW274000-0-A01600-1------XA

A16 | We dnesday, September 30, 2020 THE WALL STREET JOURNAL. SPORTS The Heat Were 60-to-1Long Shots

Miami would be the most improbable champion in the modern NBA. All they have to do next is beat the Lakers.

BY BEN COHEN crowds arriving early. It’s because they don’t resemble other champi- hen this NBA sea- onship teams. They’re in the Finals son began with a roster of misfits. roughly a century Jimmy Butler sought refuge in Wago, nobody in Miami after clashing with three the league could teams in three years. Goran Dragic have anticipated the year to come: was nearly traded before this sea- a geopolitical crisis in the world’s son until the deal fell apart. Herro most populous country, a pan- was a No. 13 pick in his draft, Bam demic that would kill hundreds of Adebayo went at No. 14 and Dun- thousands of Americans, a shut- can Robinson was an undrafted kid down of nearly five months, a who dreamed of playing Division playoff work stoppage and espe- III college basketball in high cially not the NBA Finals being school. played in a bubble. Or at least that’s one way to Or the Miami Heat. look at them. The Heat might very well be the Here’s another way: Butler is a biggest surprise of the league’s star, Dragic is their leading scorer most surprising season. They’re al- in the playoffs, Herro scored 37 ready the biggest long shot to points in a game last week, Ade- make the Finals in at least 35 bayo redefines his position and years. Now a team that began with Robinson is the best shooter this 60-to-1 title odds is trying to be- side of Stephen Curry. come the unlikeliest champion. The organizational identity of They’ll have to do it against the the Heat remains the same under Los Angeles Lakers and some guy Riley and Erik Spoelstra, the presi- who once played for the Heat. This dent and coach when Miami went is LeBron James’s ninth Finals ap- to four straight Finals from 2011 to pearance in 10 years, a remarkable 2014, but the rest of the roster feat, and few have been so rich couldn’t be any more different with drama. He’s facing his old from teams with James, Dwyane team in pursuit of a fourth cham- Wade and Chris Bosh that never pionship as he chases the mantle had worse than 3-to-1 preseason of Michael Jordan and honors the title odds. memory of Kobe Bryant. A win un- That team’s stars were greeted der these circumstances would get like conquering heroes on South him closer to his coveted recogni- Beach before they played a single tion as the greatest player of all The Miami Heat’s Bam Adebayo dunks the ball in front of LeBron James and Anthony Davis of the Los Angeles Lakers. game together. This team has time and restore his glitzy fran- starters who played in obscurity chise to what the Lakers feel is season with longer than 60-to-1 game series meant to suppress ing against them as if they had on a G League team in Sioux Falls, their rightful position atop the odds, according to SportsOddsHis- randomness, the NBA is not all nothing better to do with their S.D. That team was expected to NBA hierarchy. Only the Lakers tory.com data, and the Heat beat- that unpredictable. Lots of crazy time and omnipotence. This delu- win immediately by just about ev- could make a Miami team with Pat ing the Lakers would make them stuff happens over the course of a sion is part of championship DNA. eryone. This team wasn’t expected Riley as their president look un- the most surprising champion of season, but the Finals matchup It also happens to be more true to do much of anything by anyone. glamorous. the modern NBA. usually isn’t one of them. than usual for the Heat. But they’re still alive because of But the Heat aren’t just the un- The lack of historical precedent So how did the Heat beat the “I’m not the only guy on the a system of player development, derdogs in this series. They’re also for the Heat shows how rare it is odds? Every good team in every team who has been doubted,” said fierce discipline, maniacal work one of the most unexpected con- for a great team to emerge this sport feels a compulsive need to rookie guard Tyler Herro. and resilient self-determination tenders the sport has ever seen. suddenly. In a sport where tran- pretend that it was doubted along There’s a reason that Las Vegas that defined the Heat’s franchise No team since at least 1985 scendent individual talent is para- the way—that shadowy forces in decided the odds of a Heat title long before the bubble rewarded made the Finals after starting the mount, and in a league with seven- the cosmos were secretly conspir- were roughly the same as Miami those habits.

The Titans celebrateduring “Both clubs are working closely The NFL spent its summer in Titans Face avictory overthe Vikings. with the NFL and the NFLPA, in- unprecedented negotiations with cluding our infectious disease ex- the NFLPA to hammer out both the false positives. perts, to evaluate close contacts, economics of playing during the Tennessee’s outbreak perform additional testing and pandemic and policies to try to S

Coronavirus PRES came after one of the monitor developments,” the NFL pull off the season. Those in-

team’s assistant coaches, and NFL Players Association said cluded: daily testing of players and TED outside linebackers coach in a joint statement. critical staffers, overhauled facili- CIA SO

Outbreak Shane Bowen, didn’t The sudden spread of the virus ties to encourage social distancing, AS travel with the team to on the Titans, and its potential and the implementation of loca- Sunday’s game because spread to an opponent, immedi- tion-tracking devices to allow for

BY ANDREW BEATON he was placed in the ately raises questions about this contact tracing. UCKHOHN/ KL league’s virus protocols, weekend’s games. The Titans, who Until this point, those had suc- UCE

THREE PLAYERS and five staff coach Mike Vrabel said. traveled to play the Vikings in cessfully limited the virus’s spread BR members on the Tennessee Titans News that eight members Minneapolis last weekend, were inside the league. In the NFL’s tested positive for coronavirus, Titans on Sunday, did the same. of the organization had tested pos- set to host the Steelers on Sunday. testing for the period from Sept. shutting the team down as the The eight new positive test re- itive came after the team traveled The Vikings are scheduled to play 13-19, there had been no confirmed NFL faces the first major test of sults the Titans received have been to and from Minnesota. the Texans in Houston. new positives among players and its ability to cope with a Covid-19 confirmed, according to a person Now, the episode shapes up as a The situation will be the first five new confirmed among other CHELL/REUTERS; outbreak. familiar with the matter. Before test of whether the virus can be rigorous probe of the NFL’s coro- personnel. MIT The Titans suspended in-person the season began, the NFL had a transmitted by playing football it- navirus protocols and a window “Out of the abundance of cau- EVE ST

club activities after the results scare when it woke up one day to self, which by its nature involves into whether the virus’s spread tion, the organization has decided P: came in on Tuesday morning. The 77 positive results among players blocking, tackling and close con- can be stymied in a sport that’s in- to work remotely today,” the Ti- TO OM

Minnesota Vikings, who played the and staff that turned out to be tact between players. compatible with social distancing. tans said in a statement. FR

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THE WALL STREET JOURNAL. We dnesday, September 30, 2020 | A17 OPINION Yo ur Covid Crib Sheet, Updated BOOKSHELF | By Daniel Pipes

Sincewere- versally understood, even by patientsplayarole.Many specific acuterespiratorydis- An American viewed the themedia, not to be asolu- who were extremely suscepti- tress. Whereas even some keyknow- tion to the virus.Govern- ble mayalready have been people who died of gunshot ables and mentsneed strategies for takenfromus. Newevidence wounds,drugoverdoses and predictables coping while still having an hintsthat some in the popula- motorcycle accidentshave Bridge to Islam abouteconomy, so people caneat tion have natural resistance been categorized as Covid vic- BUSINESS Covid-19 in and sustain themselves and forgenetic reasons or be- tims in the U.S. WORLD April, new receiveservices.Something cause of previous exposureto Akey question perhaps The Princess and the Prophet pointshave else to getrealistic about: related coronaviruses. can’t be mentioned yetinpo- By Holman W. emerged. Large classes of people,like Donald Trump is pilloried litecompany: When will By Jacob S. Dorman Jenkins, Jr. Sewage theyoung,are at relatively forsaying it, but the observed Americansstart treating (Beacon, 311 pages, $29.95) studies and lowrisk.Bythe laws of hu- prevalenceofinfection is nec- Covid likethe flu—i.e.,go patient samples seem to show mannature,they will start essarily an artifact of testing. about their lives dimly con- hanks to Iran’sIslamic revolution, 9/11, large-scale the virus wascirculating in behaving as if thedisease is SupersensitivePCR testsmay scious of or oblivious to a T immigration and much else,Americans have learned Europe and South America not aserious threat to them be identifying widely dis- mild risk that nevertheless agreat deal aboutthe Islam of Muhammad and the beforeanoutbreak wasoffi- personally. persed viral particles in people kills some,including children, Quran over recent decades.Terms such as Ramadan, shariah cially recognized in Wuhan. Countries that apparently who were never infected or on aregular basis? and jihad, forexample,havebecome widely familiar. Lockdowns might or might suppressed Covid with strong It will likely happen willy- Fewer, however, know about an indigenous American nothavebeen important con- measures to keep people nilly,not because somebody form of Islam, the black folk religion that began about a tributorstosuppressing erup- apart noware experiencing Mysteries remain but ringsabell. Treatments, natu- century ago in cities like Newark, Chicago and Detroit, and tions that overwhelmed hos- outbreaks oncepeople no lon- ralimmunity from previous the inspiration behind Louis Farrakhan and the Million Man pitals in the Chinese city,in gerfind it tolerable or accept- one thing is known: infection, plus the gradual March. While its later evolution is generally familiar—the NewYork,inNorthern Italy. able to be kept apart. Epide- We will be living with rolling out of avaccine,plus a Moorish Science Temple of America (MSTA) emerged in These episodes arenot well miologists, to reconcile a permanentadoption by apart 1925, its successor the Nation of Islam five years later—its understood. Thehospitals desiretohaveboth minimal the virus indefinitely. of the population of new, origins have long remained murky. Who was the key figure themselves mayhavebeen a spread and an economy, morecautious waysofliv- behind this radically different form of Islam? And whence progenitor of local spikes.The pushed aggressivetesting, ing—all these mayinspirea derived his irregular ideas? mandatoryclosing of local tracing and confining as the who long sincegot over their habit among us of forgetting In “The Princessand the Prophet: TheSecret Historyof businesses is hardtodisen- magic pill. It has not been infections.Wedon’t know: aboutCovid as long it’snot Magic,Race, and Moorish Muslims in America,” JacobS. tangle from the steps people terribly successfulinmost This maymean morepeople overwhelming hospitals. Dorman of the University of Nevada reveals exciting new were already taking to protect places,maybe from alack of have been infected and ac- One last point. China is a information about those themselves. trying,maybe because elected quired immunity than we real- mystery. Itsauthoritarian origins; his work makes asignal Anybody—an individual, an officials realizevotersare not ize, or that fewerare infected crackdowns on visible out- contribution to understanding entirecountry—canavoid up forhaving their lives dis- nowthan we think because of breaks makethe news,but it’s African-American Islam. communicable disease by rupted because an app or an an oversensitivetest. hardtobelievethe disease Through 13 yearsof avoiding contact with any informant says they might Warningsabout aflu-coro- isn’t circulating among abil- detectivework in “twenty-six carrier.This wasanobvious have been exposed. navirus double whammyin lion-pluspeople,simply be- theatrical, religious,fraternal, starting point and yethas not Theprogressofthe disease the fall and winter areserious cause it’sendemic in the rest and historical archives” proved useful or practicable in countryafter country and yetmay be hardtosuss of the world. Nowthe country (including the archiveatCircus information formanypeople seems idiosyncratic and per- out even in retrospect. is reportedly giving hundreds World in Baraboo,Wis.), Mr. and most countries.Ashaps lessresponsivetopolicy There’sareason nobody you of thousands of itspeople an Dorman has discovered agreat BloombergNewsrecently ac- overtures than modelersand knowdied of flubut you untested vaccine—which is deal aboutthe key founder of knowledged in puzzling over plannershoped. knowseveral whodied of difficult to explain as are- African-American Islam, Noble whyItaly is notcurrently ex- Infection ratesare rising Covid. Most who die of either search priority or apublic- Drew Ali. As he explains,this periencing aresurgence, ex- againinmanyplaces while have multiple serious health health priority unlessthe in- self-styled prophet is ultimately pertsremain stumped by hospitalizationsand deaths conditions but on few death fection is sufficiently present whyMalcolm Little became “doubtsoverwhat exactly is less so.Unquestionably im- certificates does it sayflu. It to allowdetection of whether Malcolm Xand Cassius Clay effective.” proved methodsoftreating maysay cancer or heart dis- the vaccine is actually effec- became Muhammad Ali; whythe Lockdowns at least areuni- (and notmistreating) Covid ease,ororgan failure, or non- tive. Nation of Islam existsasitdoes today; and whyabout 700,000 American blacks arenow adherentsofIslam. Just who wasNoble Drew Ali? Mr.Dorman identifies him as John Walter Brister (1879-1929) and devotes much Make America Trust Elections Again of his book to tracing Brister’s short, eventfullife: Born in Carlisle,Ky.,heplayedthe cornet in an 1890s vaudeville Last week a their citizens.Ofthese,six some ballots is likely to be in the president, while the later show, becoming the first-ever black child star on Broadway. reporter states had moved to universal doubt forsome days after- returns will movethe balance He then worked as a“Hindoo” magician, marrying aleading asked Presi- mail-in voting during past ward.Aswelearned in Florida in the other direction. Insist- black vaudeville actressofthe 1900s,who performed as dent Trump a elections. two decades ago, similar ing that only the election- the “princess” of the title.Inthe 1910s he became aquack straightfor- Although estimates vary, doubtscan be raised about in- night resultsare legitimate, as “Egyptian Adept” physician. Finally,hepresented himself as ward ques- therecan be no doubt that a person votes, and when the the president and his press a“Moor,” the prophet Noble Drew Ali, and established the POLITICS tion: Would record share—and number—of margin in astate is thin, such secretary have done, is a pre- MSTA.This neworganization fitthe temper of itstime and & IDEAS he commit to voteswill be cast by mail in disputes candetermine the scription for disaster. Voting place, the ChicagoofAlCapone and of the Great Migration apeaceful 2020.Manystatesare well election outcome. by mail is not aDemocratic of blacks from the South. Within months he wonabout 7,000 By William transfer of prepared to deal with this new Thereisacrucial distinc- “scam,” as Mr.Trump has put followers,achieving notable economic and political success. A. Galston powerifhereality, others less so. tion,however, between the it. It is an essential part of the But in 1929,amid Chicago’sendemic violence, Drew Ali died lost the elec- Counting mail-in ballots status of specific contested democratic process, never in still-mysterious circumstances,atage 50. tion? His answer: “Well, we’re takestime.Signatures must mail-in ballots and voting by more than this year. Mr.Dorman places the MSTA firmly in itscultural milieu, going to have to see what hap- be verified, and the ballots mail generally.Mr. Trump has There are many steps that and here things get really interesting. He shows how pens.You knowthat. I’vebeen must be inserted into voting been anything but clear about canbetaken to protect the le- Americans had abenign fascination with and even arespect complaining very strongly machines.Some signatures this distinction. When he calls gitimacyofthe 2020 elec- forthe Middle East and Islam, making Asian, Islamic,Arab about the ballots. And the bal- will be queried, and their va- tions.Americans should unite and Moorish themes widespread in the golden ageofvaude- lotsare adisaster.” He then lidity must be adjudicated un- across party lines to support ville and the circus.(NoteBrister’s successiveIndian, suggested that authorities der state rules. Adding to the Voting by mail isn’t a some simple principles:The Egyptian and Moorish personae.) “get rid of the ballots.” If they delay, some statelawspro- tally of the vote should con- In 1870agroup of NewYork Freemasons founded the did, he predicted, “therewon’t hibit counting absentee bal- ‘scam’ as Trump tinue until everyvalid ballot Ancient Arabic Order of the Nobles of the Mystic Shrine— be atransfer,frankly.There lotsuntil the polls have claims. States should has been counted. Courts known as the Shriners. In 1889,Barnum &Bailey Circus will be a continuation.” closed. should resolvedisputes about advertised a“DesperateSortie by Real, Mounted Moorish On Thursday, hoursafter Thecomplexities do not push back forcefully. voting rules without delay, Warriorsupon the Besieging French Legions,anActual SenateMajority Leader Mitch endhere. Thereare doubts preferably beforethe election. Scene in the Grand Wild Moorish Caravan and Arabian McConnell and other promi- that the U.S. Postal Service Thestatus of contested ballots Entertainment.” In 1893 the rival Sells BrothersCircus nent Republicans had commit- candeliver absentee ballotsin on stateauthorities to “get rid should be resolved through featuredan“Orientally Splendid and Weirdly Romantic tedtoapeaceful transition, time to be counted, which has of the ballots,” which ballots the due processoflaw.And Spectacular PilgrimagetoMecca.” Thesame year brought Mr.Trump doubled down. led to lawsuitsinseveral does he have in mind? The slates of electorsshould be manypopular and authentic Muslim exhibitions to the “Wewant to makesurethat states.Asthese pages noted in president’slawyershavethe determined by the will of the World’sColumbian Exposition in Chicago, including a the election is honest,” he a recent editorial, this litiga- right to contest the inclusion people of each state, not the working mosque and real muezzin. said, “and I’m not surethat it tion has led judges in Pennsyl- of specific ballots in the final partisan whims of statelegis- can be.” vania, Michigan, Wisconsin count. But Mr.Trump is latures. Because of the Covid-19 and Georgia to extend the pe- wrong to reject an entirecate- To add hefttothese princi- How a Kentucky-born vaudevillian pandemic,manycitizens are riod during which mail-in bal- gory of ballots, and encourag- ples,the nation’sgovernors reinvented himself as a ‘Moorish’ prophet reluctant to stand in long lines lotsmay be counted. Officials ing his supporterstodoubt should issue astatement to enter enclosed spaces to in Minnesotaand North Caro- their legitimacyisirresponsi- through their bipartisan or- and sparked the Black Muslim movement. cast their votes. In response, lina have entered intoconsent ble. ganization, the National Gov- manystateshaveexpanded decrees to the same effect. Theconsequences forsocial ernorsAssociation,reassuring opportunities to vote by mail. These decisions arecertain to stability could be grave. Nu- the countrythat they have the Forwhites,watchingpseudo-fakirsorswearing a“Moslem’s Most states nowallowcitizens be appealed, and final judg- merous surveyshaveshown ability and the will to conduct oath” at NewYork’sMecca Temple offered araucous good to request absentee ballots mentsmay not be rendered that while most Republicans honest and accurate vote tal- time,away to,inMr. Dorman’sphrase,“release their withoutproviding areason, until after Nov. 3. intend to vote in person, a lies in theirstates. Congres- Westernized workadaywoes and enjoyacarefree,absurd while seven states restrict al- This is whythe outcome of majority of Democratswill sional leaders—including Sen. Orientalist spectacle.” But forblacks,Oriental themes took lowable reasons.Nine states the presidential contest may vote by mail. Theslowercount McConnell and House Speaker on amuch deeper meaning.Being “Hindoo,” “Egyptian” or, and the District of Columbia not be known on election of mail-in ballots means that NancyPelosi—should back especially,“Moorish” implied not being from Africa, and have sent mail-in ballotstoall night, and whythe status of the early returns mayfavor them to the hilt. offered an escape from racism, away of avoiding the stigma associated with African heritage. What beganasalark took on serious,evenreverential overtones. Mr.Dorman’saccount shows howsome of the MSTA’s U.S. Bans Me for Committing Journalism distinctivecharacteristics liveoninthe Nation of Islam and beyond, even among black American Sunnis and Shiites.These By Jonathan Spyer the European Union.That’s and civil-society activistsof rations of the Kurds. include patriarchal families,anemphasis on personal hygiene because I’vespent the past various persuasions over the Although the specific basis and clean living,the leader’s claim to prophethood, amix of Jerusalem two decades as ajournalist past decade and ahalf. of my exclusion from the U.S. Christian and Muslim elements, the idea of aparamount am an Israeli-British dual covering the Middle East. This list includes people under Section 212 hasn’t been “scientist,” distinctiveclothing,and institutions to attain I citizen, and Iambanned Ihavemet with members and organizations whose revealed to me,Isuspect it economic self-sufficiency. forlifefromentering of the Popular Front forthe views Ifind repugnant. I maybemyacquaintancewith Beyond these elements, America’sindigenous version of America. According to the Liberation of Palestine and spent time with them not to senior PKKofficials,and that Islam contains key tenetsthat deeply contradict those of document Ireceived in Au- Hamas in Ramallah and Jeru- assist their cause,but to pro- Turkish influencemay be be- normativeIslam, most prominently by adding prophetsafter gust 2019 at the U.S. Consul- salem. Itraveled with Kataib vide detailed and accuratein- hind it. This is speculation, but Muhammad, viewing whites as evil and restricting member- ateinJerusalem, the State Hezbollah intoIraq’sAnbar formation to readersabout Ankara’smistreatment of jour- ship to persons of African heritage. Noble Drew Ali’s“Holy Department made this deci- province,drank teawith the their nature, activities and nalistsand hostility to free Koranofthe Moorish ScienceTemple of America” (1927) sion based on aprovision of beliefs.Asany field reporter media arewell documented. contains no overlap with the normativeQuran but derives theImmigration and Nation- will tell you, that processalso Iamonly one reporter.But from such books of “esoteric wisdom” as “The Aquarian ality Act that “prohibits issu- Why am I accused involves relaxed, sometimes the Middle East remains an Gospel of Jesus the Christ” (1908). Forthese reasons, anceofavisa to aperson superficially pleasant and hu- arena of vital importance. Muslims generally reject the MSTA’s claims to being Islamic. who at anytime engaged in of being ‘associated’ morous,interaction with peo- Citizens and policymakers Nonetheless, as Mr. Dorman points out, “For Drew Ali, terrorist activities or wasas- with terror groups? I ple whose beliefs and activi- need information to respond and his followers,Islam became the antidotetowhite sociated with aterrorist or- ties one opposes,even to itschallenges.This re- racism.” That insightexplains the appeal and influenceof ganization. This is aperma- interviewed members. abhors. That’sthe natureof quires eyes in the field and Islam, normativeorAfrican-American, among blacks. nent ineligibility.” our business. contactsonthe ground. Cur- Names such as Kareem Abdul-Jabbar, André Carson, Dave Effortsvia privatechannels Ihavealso spent time with tailing that won’t make Chappelle, Keith Ellison, KennyGamble, IceCube,Mos Def, to have this ban rescinded group’sfounder,Abu Mahdi al and interviewedleadersand Americamoresecure. Jour- Shaquille O’Neal, Q-Tip and MikeTyson suggest the impres- have proved fruitless. The Muhandis (who waskilled by fightersofthe Kurdish Work- nalists, including those of us siverangeofAfrican-American Muslim celebrities.Others— U.S.,acountryI’veoften vis- aJanuary2020 U.S. drone ersParty,known by the Kurd- who interviewterrorists, Marion Barry, Michael Jackson, O.J. Simpson—flirted with ited forwork and to see cous- strike), and watched his or- ish abbreviation PKK.Ialso aren’t the enemy. conversion without taking the ultimatestep. ins and friends,remains ganization in action against witnessed the rescue of the African-American Islam has receded since1975, increasingly closed to me. IslamicState. Yazidi population from ISIS Mr. Spyer is director of the replaced by normativeIslam, atrend that will likely accelerate Ihavenever been charged IinterviewedISIS members by the PKK-linked YPGorgan- Middle East Center for Re- with the passing of the Nation of Islam’scurrent leader,Louis with anyoffense related to too, in an anonymous apart- ization in Syria’sSinjar area porting and Analysis and a Farrakhan, now87. But Noble Drew Ali and the MSTA have terrorism. Ihave, however, ment in Kilis, Turkey,onthe in 2014.Iamnot apartisan research fellow at the Middle earned apermanent placeinAmerican historybyserving as spent afair amount of time in Syrian border.Ispokewith of thePKK,which is on both East Forum. He is author of the original bridgefor 700,000 American blacks,and likely the companyofmembersof Syrian rebels and government theU.S.and EU listsofpro- “Days of the Fall: ARe- manymoreinthe future, to movefromChristianity to Islam. organizations on the terror- officials,Iraqi armyofficers, scribed terror organizations.I porter’s Journey in the Syria ismlistsofboth the U.S. and Kurdish Peshmerga fighters do support the national aspi- and Iraq Wars.” Mr. Pipes is president of the Middle East Forum. P2JW274000-6-A01800-1------XA

A18 | We dnesday, September 30, 2020 ****** THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Wealth Gap Shrinks California’s2035Ban on Gas-Powered Cars

merica will need time to recover eco- forAmericans without ahigh-school degree in- I suppose “California Bans Sale of sions, help eliminate organic waste nomically from the pandemic and lock- creased 11.2%. New Gas Cars by 2035” (Page One, being sent to landfills, create jobs A downs no matterwho wins the election. TheFed also reportsgrowing wealth among Sept. 24) makes perfect sense to and enhance health and public safety many folks. But nowhere do I see dis- in California. Also, renewable-energy And the Americans with the lower-income Americans.Net The three years before cussions about how the required elec- plants won’t use power from the grid most at stakeare middle- and worth (assetsminus debt) in- tricity is going to be generated emis- produced by fossil energy, so the grid low-income earnerswho have the pandemic saw big creased 32.5% among the low- sions free. Aren’t we simply in future will become smaller and less benefittedtremendously over est income quintile and 30.7% unloading the auto pollution onto the dangerous to the environment, as the last three years. gains for lower earners. among the second lowest, generating infrastructure? It’s impor- well as lower the risk of forest fires. TheFederal Reserveon while declining modestly for tant to understand that the auto bat- DENNIS F. MILLER Monday published its Survey the upper crust. Thelatter teries don’t “make” electricity. They SG H2 Energy Global LLC of Consumer Finances as it does every three may be due to older Americans with more fi- simply store electricity generated Washington years. Thereport provides asnapshot of Ameri- nancial assets shifting to bonds from equities elsewhere. canhousehold debt, income and wealth across as they near retirement. Net worth also in- RICHARD A. RUSSELL To solve the equation for zero car- demographic groups.Median real incomes grew creased among blacks (32.1%) and Hispanics Naples, Fla. bon emissions, the equation must bal- ance. Zero-emission cars are only one 5% from 2016 to 2019, the Fed reports, but it (63.6%) compared to whites (4%). So let me get this straight. I can’t factor in the calculus, ignoring the buries the lead. One explanation is that lower-income Ameri- run my air conditioner in California carbon footprint of mining lithium Lo, “families at the top of the income and cans aresaving more. Theshareoffamilies that during the summer for the lack of for batteries and the source for the wealth distributions experienced very little, if savedincreased to 59% from 55% from 2016 to power. And Gov. Gavin Newsom wants massive additional energy. California any, growth” in net worth between 2016 and 2019.Savingstook avariety of forms,but Amer- everyone to be plugging in their mil- imports substantial power from Ne- 2019 “after experiencing large gains between icans in the lowerrungsnotably invested in lions of electric cars? Cars fueled by vada and Arizona. Has the calculus 2013 and 2016,” while “families near the bottom stocks and their own businesses. running hamsters may be a more reli- included the carbon footprint from of the income and wealth distributions gener- About 14.5% of Americans in the lowest in- able option. these out-of-state sources? How else ally continued to experiencesubstantial gains.” come quintile owned corporatestocks in 2019, PAUL ROSS is California going to develop the That’s a long way of saying wealth inequality up from 11.5% in 2016 and 12.3% in 2010. Give Thousand Oaks, Calif. necessary power requirements? Wind declined. credit to competition in financial markets for and solar won’t do it. “For Electric Cars, California Needs DAVID MOYNIHAN Between 2016 and 2019,white, wealthyand aproliferation of low- and no-income brokerage a Bigger Grid” (Exchange, Sept. 26) is Lynnfield, Mass. college-educated households had relatively less accounts. partially right that the growth in income growth than other groups,the Fed Rising incomes also made home ownership electric vehicles could raise power Has anyone bothered asking the notes, adding that “more broadly, the income more affordable, even with tighter mortgage demand by 25%. However, that as- public whether it wants electric cars? gaps between families with acollegedegree and underwriting.Home ownership declined across sumes that these vehicles will have We are the ones who buy those vehi- those without one decreased.” Real median in- the socioeconomic spectrum during the Obama huge batteries, e.g., Tesla electric cles, so shouldn’t we have some say comes grew 9% forAmericans who haven’t Presidencydespitenear-zerointerest rates, but cars. The emerging hydrogen-fuel-cell in the matter? What if we don’t want completed high school and 6.3% forthose with it ticked up 1.4 percentage points overall from market will relegate such large and electric cars? What if we want to be only ahigh-school diploma while declining 2.3% 2016 to 2019, including among Hispanics (1.8 heavy batteries to certain parts of the able to take long car trips? What if among those with a college degree. points) and blacks (2.3points). TheFed reports auto market. Whereas trucks, buses, we aren’t interested in living with trains and even ships will be using constant “range anxiety?” What if we This is one result of a tighter labor market that “forfamilies that ownahome,the median electricity generated by hydrogen-fuel live in a cold climate where electric that drew morelow-skilled Americans intothe net housing value (the value of a home minus cells and will have no gaseous emis- vehicles are impractical? What if I workforce and spurred higher wages. The re- home-secured debt)rose to about $120,000 sions. In fact, the sole emission is live in a rural area, far from main turn on acollegedegree,however, hasn’t from about $106,000 in 2016.” clean water. What’s more, hydrogen highways? It makes me very angry dropped. It appears instead that older profes- As significant wasthe growth in businesseq- fuel can fill a car in less than five that my views are simply ignored in sionals with collegedegrees areretiring and be- uity,especially among blacks (138%), Hispanics minutes and allow it to travel about the headlong rush to electric and au- ingreplaced by younger workerswho makeless (63%) and Americans without ahigh-school di- 380 miles before refilling. Gov. tonomous vehicles, and I’m betting at the outset of their careers. ploma (104%). Thegig economyand online plat- Newsom’s banning of fossil-fuel-pow- I’m not alone in this sentiment. Yetthe report shows that incomes rose sig- forms like Etsy have made starting a business ered engines will dramatically reduce CAROL A. KUJAWA nificantly among younger people as they gained easier,but so have the Trump Administration’s CO2 and other greenhouse-gas emis- Everett, Wash. moreexperience—13.4%among those under age deregulation and the 2017 tax reform. 35. As a comparison, between 2010 and 2016 The Fed’s Debbie-Downers lament that “Al- Americans under age35saw a5.8%increase in though wealth concentration did not increase median incomes and those without ahigh- between 2016 and 2019,the gains that accrued The Revolution and Slavery: An Exchange school degree only 1.7%. to the rest of the distribution did little to reduce TheJournal’s review of my that her book does not suggest that Employment and wagesafter the 2008-2009 the large existing disparities.” George Washingtonbiography“You “southern colonistswho rebelled recession rebounded faster for professionals But surely it’simportant that beforethe pan- Never Forget Your First” (Books, against British tyrannyin1775were than for low-skilled and entry-level workers. demic lessaffluent Americans were sharing Sept. 19) wasfull of bad-faith analy- as concerned about preserving slavery This is normal during the early yearsofaneco- more in the country’s growing wealth. That’s sis,mischaracterizations and out- as winning their ownindependence.” nomic recovery,but what wasunusual washow the economyAmericans should want to return right falsehoods. However, on page50, Ms.Coe long it took forlow-skilled Americans to experi- to, not the slow growth and widening wealth Iwas particularly surprised to see wrotethat Somerset v. Stewart,“a enceincome gains.From2001 to 2004, incomes gap of the Obama years. the reviewer, Stephen Brumwell, make 1772decision from the Court of the the following claim, given howeasily King’sBench in London, which held it could be debunked: “Few historians that chattelslavery wasneither sup- would accept [Ms.Coe’s] contention ported in common lawnor authorized Pelosi Tries to Settle for $2.2 Trillion (also argued recently by the NewYork by statuteinEngland and Wales,” was Times’s‘1619 Project’) that southern “a clear victoryfor abolitionists, he art of the deal this isn’t. Amid the talks thelike, and $2.4billion forAmtrak.But the big colonistswho rebelled against British which terrified Southern colonists. If over another coronavirus relief bill, Re- kahuna is $436 billion forstate,local, territorial tyrannyin1775wereasconcerned slavery was outlawed in America”— T publicans in the Senatehavesupported and tribal governments. about preserving slavery as winning my italics—“their profits would plum- a$500 billion “skinny” pack- No surprise,then: “Speaker their ownindependence.” met, as would the power they derived age. TheWhiteHouse signaled This is not a deal that Pelosi’sovertureprovides an- Imakenosuch “contention” any- from bondage—including the luxury of at onepoint it might go as high other opportunity to put prog- whereinthe book.Mr. Brumwell rebellion.” President Trump should doesn’t quotemeherebecause there Thereisscant evidencethat Somer- as $1.5trillion. House Speaker ress ahead of partisanship,” consider taking. isn’t anything to quote. set v. Stewart “terrified” colonial NancyPelosi’snew counter of- singsthe head of Afscme,the It’snocoincidencethat the Journal slaveholders, Southern or otherwise. fer: $2.2 trillion. American Federation of State, ranhis reviewone dayafter the White YetMs. Coe framed it as ajustifica- Her latest plan, unveiled on County and Municipal Employ- House held aconferenceattacking the tion forbreaking with Britain. Monday, would restorethe full $600-a-week fed- ees. Theteachersunions agree,with the Na- “1619 Project,” which some conserva- From the perspectiveofanEnglish- eral supplement to unemployment benefits, tional Education Association saying: “House tives viewasaliberal plot to indoctri- man in the Netherlands,the theory which wasadisincentivetowork beforeitex- Democratshaveagain stepped up.” nateour children and undermine that my reviewwas synchronized with pired in July.The proposal would send Ameri- Let’ssee: Bail out profligatestates, go back American values.Byinvoking that presidential criticism of the “1619 cans afresh round of checks,$1,200 per person to paying privateworkersonunemployment boogeyman, even in his ham-fisted Project” is curious.Ihaveneither a and $500 per dependent. morethan they’d makeonthe job,and add $2.2 way,Mr. Brumwell wasquiteclearly political agenda nor anysway over It’sa2,154-pagebill, meaning manypolitical trillion to the nation’sdebt, on topofthis year’s trying to laymybook on the altar of publication schedules.Myconcern is the culturewars. forhistorical accuracyand debate. handouts, including moremoney forairlines,$15 projected $3.3 trillion deficit? All of which will ALEXIS COE STEPHEN BRUMWELL billion to the U.S. Postal Servicefor “revenue for- be another excuse forDemocratstoraise taxes Brooklyn, N.Y. Amsterdam gone,” $12 billion forpublic Wi-Fihot spotsand next year.Nothanks. Iammystified by Alexis Coe’s vitriolic attack,and categorically We Still Lack a Satisfactory A Depressing Debate Spectacle refute her vague, unsubstantiated Covid-19 Testing Policy allegations. o one expected a Lincoln-Douglas de- know enough to be able to rebut him. Her one specified charge claims Our leaders (federal, state and lo- bate, but did it have to be World Wres- No onewon this fiasco, but Mr.Biden did cal) are giving a lot of lip service to N tling Entertainment bout? Which may succeed in passing the test of appearing coher- the Covid-19 pandemic (“U.S. Corona- Trump Is Wise to Push the virus Death Toll Tops 200,000,” U.S. be unfair to the wrestlers, who ent for90minutes.Mr. Trump Pro wrestlers are more Barrett Court Nomination News, Sept. 23). With the mounting aremorepresidential than ei- haddone him the favorofcall- death toll, how many tax dollars have ther Donald Trump or Joe Bi- presidential than either ing his mental capacity into William Galston doesn’t seem to been applied to this problem for test- den sounded in their first de- question formonths,soexpec- understand what “thinking” conserva- ing supplies, testing machines, etc.? bate Tuesday night. man Tuesday night. tations were low. Mr.Biden tives have in mind when playing men- I was recently tested at an empty- Theevent wasaspectacle passed that bar,albeit in tal chess with all of the options of of-patients drive-through after a re- of insults, interruptions,end- highly scripted fashion. the nomination to the Supreme Court quired doctor visit to first confirm less cross-talk, exaggerations and flat-out lies Theformer Vice President kept his focus on of Amy Coney Barrett in “Republicans symptoms and was told the results even by thelying standards of current U.S. Mr.Trump’sdivisivepolitical style and manage- Play With Fire on the Court” (Politics would take five to seven days be- politics.Our guessisthat millions of Ameri- ment of the pandemic.The truth is that Mr.Bi- & Ideas, Sept. 23). I don’t agree that cause my sample will sit on a shelf, cans turned away after30minutes,and we den hasn’t offered anti-virus policies that are this is about “re-election prospects” owing to a lack of testing machines. I at all; it is all about the future of the was told the test has false negatives, would have turned away tooifwedidn’t do much different than Mr. Trump’s, except for a Supreme Court. Mr. Galston answers and the staff couldn’t answer this foraliving. mandatetowear masks,which he has since this conundrum himself: “If he [Presi- whether that is because the sample Mr.Trump no doubt wanted to project walked back.His indictment is mainly about Mr. dent Trump] loses, his nominee sits on a shelf. Therefore I must iso- strength and rattle Mr.Biden, but he did so by in- Trump’s temperament and narcissism, which would be set aside without a vote.” late for 10 days regardless of the test terrupting him so much that he wouldn’t let Mr. Mr. Trump reinforced with his interruptions That’s a bingo! results. Bidentalk long enough even to makeamistake. and“you’reworse” taunts. Mr.Trump suc- It is a very simple situation for CURTIS PANASUK ThePresident bounced from subject to subject ceeded again in making his pandemic policies conservatives; there really is no other Santa Cruz, Calif. so frequently that it washardtofigureout what sound worse than they are. choice but to proceed. Republicans, he hoped to saybeyondthat JoeBiden is con- The benign explanation for the President’s conservatives and President Trump trolled by the Democratic left. Even when moder- performance is that like other incumbents in realize that Republicans may very Pepper ... ator ChrisWallaceasked aquestion that played their firstdebates he wasoverconfident and un- well lose power in the coming elec- And Salt tions, thus possibly forever dashing to the strengths of his record—such as on the derprepared. But he wassoscattershot with his any hope of replacing a judicial activ- THE WALL STREET JOURNAL economy—Mr.Trump couldn’t stick to the theme answers that he rarely offeredasustained case ist with someone who is a constitu- without leaping to attack Mr.Biden. for his own policies. When Mr. Biden said Mr. tionalist. Dealing with the repercus- The former Vice President was little better, Trump had called veterans “suckers” and “los- sions that may or may not happen is interrupting nearly as much. And forthe candi- ers,” Mr.Trump didn’t refute it but brought up worth the risk; future tripping has datewho says he wantstobring people to- Hunter Biden. absolutely no justification for return- gether,hewas ready with his ownname-calling. Mr. Wallace had a hard task as the two men ing the winning lottery ticket to the He called Mr. Trump a “racist,” a “clown,” and brawled, but he didn’t help by injecting himself Democrats’ 7-Eleven store. told him to “shut up, man.” He spun out false- toomuch intothe debate. His verbose questions JEFFREY GIDDENS hoods as fast as the President, notably in as- often took one side of the issue, as if playing Taos, N.M. serting that 100 million people would be vulner- gotcha in his interviewprogram, when the point Lettersintended forpublication able to losing their health insurancedue to pre- should have been to solicit information to help should be emailed to [email protected]. existing conditions.The Obama Administration voters. Please include your city, stateand set up aspecial fund forpre-existing conditions We hope forbetterwhen the two vicepresi- telephone number.All letters aresub- in the transition to ObamaCare, and the takers dential candidates debate next week. Maybe ject to editing,and unpublished letters cannot be acknowledged. were only in the thousands. Mr. Trump didn’t one of them will act like a President. “Mind if I play through?” P2JW274000-0-A01900-1------XA

THE WALL STREET JOURNAL. We dnesday, September 30, 2020 | A19 OPINION Supreme Court Switcheroo? That’s Show Biz

By Barton Swaim turnabout is flagrant. Majority tion of belief,likethe question of Leader Mitch McConnell, who like whether an actor truly believes him- raham Seeks to Jus- Mr.Graham opposed hearingsin’16 self to be the character he portrays, tifyShiftonCourt and favors them in ’20,argues that is irrelevant so long as the acting is Vote,” announced a these positions areentirely consis- believable.They didn’t care if the al- ‘G NewYork Times tent because in the earlier case the legations were true.The object was headline last week: Senatewas held by adifferent party to appeal to voters’emotions,and if “Backed Delayin2016,but Now from the one holding the presidency, possible to getrid of BrettKa- Urges Haste.” Turnaboutsofthis whereas nowboth Senateand White vanaugh. Themeans wastheater. kind happen everyday in politics, House areheld by the GOP.That is Politicians who play-act at least butDemocratsare exercised about about as close to an acknowledg- have the excuse that the work of this one. ment of barepartisanship as you’re getting elected requires abit of Four yearsago Sen. Lindsey Gra- likely to hear in an arena known for humbug.Ican think of no such ex- ham, amember but not yetchair- dissimulation. cuse forthe selectively gullible GES man of the JudiciaryCommittee, ar- Which is whythat word “hypoc- membersofthe news media who IMA gued that JudgeMerrick Garland risy” doesn’t quitedescribe what feign shock at ordinarypartisan pol-

shouldn’tget ahearing because it the Republicans have done.The gen- GETTY itics when doing so suitstheir alle- wasthe last year of President uine hypocritedoes or says one S/ giances,but not when it doesn’t. Obama’sterm. “I want youtouse thing in public and another in pri- Hencethe histrionic headlines an-

my wordsagainst me,” he said then. vate.Politicians liketoaccuse each REYNOLD nouncing Mr.Graham’sabout-face

otherofhypocrisy forsaying one ANI atop stories that fail even to men- EF

thinglast week and another today, ST tion the about-faceofhis opponents. Democratic senators put but it’snot proper hypocrisy if both A Sept. 21 Washington protest Democratsclaimed the absenceof thingsweresaid openly.Itmay be hearingsin2016 wasanoutrage on a rousing performance, inconsistencyorhackery, or it may then surely the Democrats, together wrotethat he meant that rule to ap- against democracy; four yearslater, but the story will end be adefensible changeofpolicy. It is with media personalities nowpre- ply only if “Democratsdetermined in an almost identical circumstance, not hypocrisy. tending to be scandalized by the Re- that the nominee wasout of the they claim the very idea of hearings happily for Republicans. Isuspect people overuse “hypoc- publican switcheroo,are the real mainstream and trying to hide it”— is an even greater outrage—and risy” because it sounds severe—es- hypocrites here. Whereas Republi- an acknowledgment of partisanship journalistsplaying the part of pecially when youmodifyitwith cans candidly announced their posi- nearly as candid as Mr.McConnell’s. tough-minded fact-finderspretend If aRepublican wins the presidency “sheer” or “rank” or,nonsensically, tions on hearingsin2016 and 2020, Abetterterm forthe sort of in- not to notice. in 2016, he said, “and a vacancy oc- “brazen.” Manymodern dictionaries, Democratspersist in the fiction that sincerity that typically happens on Maybe SenateRepublicans’ chief cursinthe last year of the first slavishly following usage, are they would have done otherwise CapitolHill is “play-acting.” Play- failureisn’t ethical but thespian. term, youcan say, ‘Lindsey Graham against me here; they nowdefine with, to borrow Mr.Graham’sex- acting is related to hypocrisy (the They arenot great play-actors. said let’slet the next president, the word mainly as simple insincer- pression, the shoe on the other foot. latterword’sGreek root, hupokrisis, Rather than justifying their hardball whoever it might be,makethat ity: saying something without mean- In fact when the shoe was on the wasadramatic term). But unlikehy- maneuvering in amanner so obvi- nomination.’ ” ing it. But if that’sall it means,what other foot, in June 1992 and July pocrisy, the artificiality of play-act- ously favoring acertain kind of Mr.Graham, nowthe Judiciary word do we have for, say, the moral 2007 respectively,Joe Biden and ing is apparent to anymoderately judge, Mr.McConnell and his caucus Committeechairman, says he will scold caught in an adulterous affair Chuck Schumer vowedtodopre- observantperson. might have offered abit more hold confirmation hearingsfor or the Marxist revolutionarywho se- cisely what Republicans did in 2016. We speak of “political theater” Schumeritebalderdash about how JudgeAmy Coney Barrett. “I am cer- cretly owns stock in FedEx?Orfor “The Supreme Court is danger- and rarely in afavorable way.Su- the court is “dangerously out of bal- tain if the shoe were on the other Sen. Dianne Feinstein, who in June ously out of balance,” Mr.Schumer, preme Court nominations by Repub- ance” and so on. But if it’shollow foot,” he wroteinalettertohis urgedthe Federal Aviation Adminis- nowSenateminority leader,said lican presidentsbring out the worst rhetoric youwant, fret not. Sooner Democratic colleagues,“youwould tration to requirefacemasks in air- well over ayear beforethe 2008 sort of play-acting: vicious,farcical, or later the shoe will makeits way do the same.” portsand last week wasphoto- election. “Weshould not confirm unfunny, dishonest. Did Democrats to the other foot. Liberals and progressives accuse graphed masklessinaterminal at anyBush nominee to the Supreme in 2018 believeChristine Blasey Mr.Graham and his colleagues of Dulles International? Court except in extraordinarycir- Ford’s allegations against BrettKa- Mr. Swaim is aJournal editorial “hypocrisy.” They have apoint; the If hypocrisy is only insincerity, cumstances.” In 2016 Mr.Schumer vanaugh? It didn’t matter; the ques- page writer. The Left’s Unhealthy Interest in Amy Coney Barrett’s Adopted Kids

After news broke in “Weknewthat we wanted to adopt of the political leftwho areoutraged she tweeted.“Pinochet’sregime did adoptees in whitefamilies with 2010 that an earth- internationally—the wait fordomestic that the adoptions were transracial. this with indigenous kids and Nazis those in black families,thereisno quakeinHaiti had adoption wasjust very,verylong— On Saturday, Ibram X. Kendi,aBos- took Aryanlooking Poles forGerman statistical differencebetween the claimedupwardof and thereweresomanychildren in tonUniversity professor and author families. Trump takes migrant kids groups in terms of self-esteem, 250,000 lives and need,” she said. “Vivian is amazing. of the best-selling book “How to Be for adoption by Evangelicals.” self-concept and family integration, displaced 1.5million She was14months old when she an Antiracist,” questioned the It would be amistaketolaugh and “only asmall, if any, effect on UPWARD survivors, most came home and she couldn’t make judge’s motives. “Some White colo- this off as knee-jerk anti-Trumpism. objectiveoutcomes such as school MOBILITY Americans took note anysounds at that point. Nor could nizers ‘adopted’ Black children,” he Thesort of racial hype and paranoia performanceand behavioral prob- of the tragedy, she pull herself up to astanding posi- wrote on Twitter. “They ‘civilized’ coming from the progressiveleft lems,” they write. The “overwhelm- By Jason L. thought to them- tion, and she waswearing sizezero- long predates the current adminis- ing conclusion of studies of tran- Riley selves howawful it to 3-month clothing because she was tration and will continue whether or sracialadoption is that it is not was, and then re- so malnourished.” Social science finds no not Mr.Trump is re-elected next bad forchildren. This greatly sumed their daily lives.Otherswent JudgeBarrettsaid that she and month. TheNational Association of weakens the case of the opponents alittle further,generously donating her husband, Jesse, were told at the evidence that being raised Black Social Workersfirst an- of transracial and transnational money and goods to relief organiza- time that Vivian maynever speak. by white parents is harmful nounced itsopposition to transracial adoption on the grounds that it tions likethe Red Cross. And then “She’dbeen so sick [that] she hadn’t adoption in 1972. In astatement, the harms children.” therewerepeople likeAmy Coney had a lot of practice making sounds to black children. group took “a vehement stand Thereality is that thereare more Barrett, President Trump’spick to and she hadn’t been spoken to alot.” against the placementsofblack chil- black children in need of adoption, replaceRuth Bader Ginsburgonthe Today, all that has changed. “Vivian dren in whitehomes forany reason” hereand abroad, than thereare Supreme Court. is incredibly athletic now, and trust these ‘savage’ children in the ‘supe- and called such arrangementsnot black families who have expressed In the aftermath of the earth- me,the speech has not been aprob- rior’ways of Whitepeople,while us- only “unnatural” but “unnecessary” awillingnesstotakethem in. Liber- quake, the Barrettfamily adopted a lem,” she joked. “I waslooking at her ing them as props in their lifelong and harmful to the physical and psy- als who advocatefor apartheid toddler named John Peterfroma the other dayatthe gymand just pictures of denial, while cutting the chological development of black adoption policies areputting an Haitian orphanage. It wastheir sec- thinking what amiracle it is how biological parents of these children children. aestheticpreferenceahead of the ondtime adopting from Haiti. Sev- strong she’s become.” out of the picture of humanity.” But what do the empirical data needsofhomelesskids.The ques- eral yearsearlier,they had takenin Most reasonable people would Ruth Ben-Ghiat, a New York Uni- show? In their 2018 book,“Saving tion isn’t whether Vivian and John an orphaned girl named Vivian. Dur- agree that the Barretts’ decision to versity historian and CNN political International Adoption,” Mark Peter’ssituation is ideal. It’s ing an interviewlast year at the adopt one sickly orphan and then an- commentator,wonderswhether Viv- Montgomeryand Irene Powell as- whether they arebetteroff wallow- NotreDame Club of Washington, D.C., other following the worstnaturaldi- ian and John Peter weren’t adopted sessthe vast literatureoninterra- inginaHaitian orphanageorliving JudgeBarrett, who sitsonthe Sev- saster in Haiti’shistoryisn’t merely so much as kidnapped. “Manyau- cial adoptions and report that it with parentsinthe U.S. who want enth U.S. Circuit Court of Appeals, admirable but heroic.Yet JudgeBar- thoritarians seized children of color reveals no evidenceofharm to to care forthem and happen to be discussedher adopted children. rett has been attacked by luminaries foradoption by WhiteChristians,” black children. Comparing black of adifferent race. China Needs to Answer for Its North Korea Policy

By John Bolton pressure—it is clear as Nov.3ap- system is on the vergeofcollapse. that Beijing sees anuclear-capable consequenceofthe Covid-19 pan- proaches that North Koreahas Fordecades Washingtonhas ac- Pyongyang as a“wild card” useful demicisthe proof it offersofthe or weeks,North Koreaob- again outperformed an American cepted Beijing’sclaim that it op- forkeeping the West off balance. novelcoronavirus’spotential as a F servershavespeculated that administration. Afourth Trump- poses Pyongyang’sambitions be- Whether in asecond Trump term weapon. Not without reason have Pyongyang waspreparing an Kimencounter might still emerge cause anuclear North Koreawould or aBiden administration, simply these threatslong been called “the election surprise forthe U.S.,per- as an “October surprise” to aid Mr. destabilizethe region and impede pursuing variations on existing pol- poor man’snuke.” haps testing asubmarine-launched Trump’sflagging re-election cam- China’seconomic development. icythemes is almost certain to fail. Other countries should take the intercontinental ballistic missile.So paign, butparticipating in such a SuccessiveAmerican administra- same approach, as well as deepen far there’sbeen no launch, but the circus would be an act of self- tionsaccepted China as amiddle- their mutual politico-militarycoop- strangeshooting death this week- abasement forthe president. maninnegotiations.When North Beijing has long avoided eration. Not that India, Japan or end of aSouth Korean official who Keeping the world guessing Korearepeatedly brokeits commit- Australia needs much encourage- might have been looking to enter about his intentions has allowed mentstorenouncenuclear weap- paying anykind of price ment. Tokyo’sincreased willingness the North by boat nonetheless Mr.Kim to divert attention from ons,China helped enforce economic forits acquiescencetothe to invest in itsmilitarystems from highlightsthe hair triggeronwhich conditions in the North. “We’renot sanctions. itsfear of China, not North Korea. the Peninsula still rests. seeing anysign of regime instabil- Those days aregone.China Kim regime’sgames. Beijing’seconomic lifeline keeps While Donald Trump has pur- ity,” said Gen. Robert Abrams,com- should no longer be treated as part the Kim dynasty in power. China sued the bright lightsand glitterof mander of U.S. Forces Korea, on of the solution on the Korean Pen- should payapricefor itsacquies- international “summits” with Kim Sept. 10.But little is known about insula. Beijing is—and likely always Instead, the U.S. should make cence. Additional economic sanc- Jong Un,Pyongyang has relent- howNorth Koreahas been affected was—part of the problem. Rather China’scontinuing acquiescenceto tions aren’t enough. It’stime to re- lessly improved andexpanded its by the coronavirus pandemic. than helping to denuclearizeNorth Mr.Kim’snuclear and ballistic-mis- vivethe Cold Warconcept of nuclearand ballistic-missile capa- Pyongyang claims to have success- Korea, Beijing has been content to sile programs apriority of the bi- linkageand makeNorth Koreaan bilities.After almost four yearsof fully sealed off itslong border with let the U.S. and Japan focus on that lateral agenda. Biological and issue fornegotiations acrossthe U.S. showmanship—but insufficient, China, but forall anyone knows threat as adistraction from China’s chemical weapons must also be in- boardinWashington’sbilateral re- inconsistent economic and political North Korea’sprimitivemedical owngrowing menace. It’sclear now cluded, sinceanother unfortunate lationswith Beijing.China has been employing a“whole of government” approach to international affairs, and so should the U.S.,raising PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Notable & Quotable: Speech Pyongyang’snuclear threatsalong Rupert Murdoch Robert Thomson with existing issues liketrade,theft Executive Chairman, News Corp Chief Executive Officer, News Corp J. Peder Zane writing at Real- finding is that studentsmay be more of intellectual property,industrial Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher ClearPolitics.com, Sept. 29: directly responsible than administra- espionage, forced technologytrans- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: tors and professorsfor quelling fer, spying,territorial claims,arms Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; When it comes to protecting free speech. Everyschool surveyed control and militaryexpansion. A Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; speech, America’s colleges and uni- earned ahigher overall scorefor ad- linkagepolicywill requirebroad in- News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; versities areearning afailing grade. ministrativesupport forfreespeech ternational support, and it won’t Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer That’sthe upshot of acomprehen- than its final, overall tally. The top- happen through the United Nations, Andrew Dowell, Asia; AnthonyGalloway, Video & sive newstudy that asked almost rated University of Chicago, for ex- whereChina’sSecurity Council veto Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; 20,000 studentsat55schools how ample,received ascore of 91.6in would stop the most important Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; tolerant and open to controversial that category,but a64.2 overall measures. Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; ideas their campuses are. . . . score. North Koreahasn’t pursued nu- Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News TheCollegeFreeSpeech Rankings By contrast, everyschool re- clear weapons in avacuum. China Thomas SanFilippo, Customer Service; generated by the survey—which was ceived alowerscore on questions knows it, and it needs to under- GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; commissioned by RealClearEduca- measuring the freedom studentsfelt stand that the U.S. knows it too. Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; tion (RCE) in partnership with The to expresstheir point of viewthan Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International Foundation for Individual Rights in their overall total. TheUniversity of Mr. Bolton is author of “The WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: Education (FIRE)—aresignificant Chicagoearned a55.8onthis mea- Room Where It Happened: AWhite LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head because they offer the first-ever na- sure. This suggeststhat students House Memoir.” He served as the

EDITORIAL AND CORPORATEHEADQUARTERS: tional ranking of free speech based maybemoreconcerned about blow- president’snational security ad- 1211 Avenue of the Americas, New York, N.Y., 10036 on student perceptions. . . . back from their peersthan from viser, 2018-19and ambassador to Telephone 1-800-DOWJONES Themost telling and ominous their instructors. theU.N., 2005-06. P2JW274000-0-A02000-1------XA

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S&P 3335.47 g 0.48% S&P FIN g 1.15% S&P IT g 0.30% DJ TRANS g 1.22% WSJ $ IDX g 0.30% LIBOR 3M 0.225 NIKKEI (Midday) 23509.77 g 0.12% See more at WSJ.com/Markets Abu Dhabi Fund to Invest in Silver Lake

BY MIRIAM GOTTFRIED NeubergerBerman Group Lake at or how much in total deals with companies includ- build up a portfolio of invest- With headquartersinMenlo LLC’s Dyal Capital Partners the firm intends to raise for ingTwitterInc., Airbnb Inc. ments but will also be able to Park,Calif., and NewYork and Abu Dhabi sovereign-wealth purchased in 2016,the people the new strategy. and Expedia GroupInc. do itsown deals,the people morethan $60 billion in as- fund Mubadala Investment Co. said. The twin investments rep- Silver Lake is separately said. setsunder management, Silver is making an investment in Under the newstrategy, Sil- resent avoteofconfidence close to completing fundrais- The new business line will Lake has a longstanding play- Silver Lake and contributing verLakewill have 25 yearsto that will give a boost to a big ing on anew flagship fund and offer Silver Lake abroad man- book of taking large stakes in $2 billion to help the technol- deploythe capital and harvest expansion that’sunder way at had collected morethan $18 date to invest in debt and eq- technologyand media compa- ogy-focused private-equity any gains, allowing it to hold Silver Lake as the firm seeks billionfor that vehicle as of uity and across various geog- nies including computer- firm launch anew long-term assetsfor much longer than to capitalize on a surge in in- Aug.14, according to aregula- raphies and industries,the maker Dell Technologies Inc. strategy, according to people thetypical 10-year buyout terest in tech investments. It tory filing then. It is replacing people said. It maymakein- andentertainment firm En- familiar with the matter. fund time horizon. hasbeen one of the most ac- a$15 billion pool raised in vestmentsinfast-growing up- deavorGroup HoldingsInc. Mubadala will take a stake It couldn’t be learned what tive investors since the coro- 2017.The Mubadala-backed starts or do traditional lever- and working closely with their of lessthan 5% in Silver Lake, Mubadala is paying forthe navirus pandemic began, strik- strategywill initially co-invest aged buyouts of more mature foundersormanagement to buying roughly half of what stake, what it values Silver ing billions of dollarsworth of alongside the flagship fund to companies. PleaseturntopageB2 Retail Store Closures Hit Record Boeing Readies

BY AISHA AL-MUSLIM protection, mostly concen- and some of them arestill try- 29 Dreamliner Move trated in apparel and foot- ing to reorganizeand emerge,” bankruptcies Retailstore closingsinthe wear,home furnishings, gro- said David Berliner, a partner U.S. reached arecordinthe cery and department stores, in the firm’sbusinessrestruc- Out of Seattle Area firsthalf of 2020 and the year BDO said. They includede- turing and turnaround ser- is on pacefor record bankrupt- partment-storeoperators Nei- vices practice. Ascena Retail cies and liquidations as the man Marcus Group Ltd., J.C. From July through mid-Au- BY ANDREW TANGEL mained deeply depressed,Boe- closing about Covid-19 pandemic accelerates Penney Co. and Stage Stores gust, 11 moreretailersfiled, 1,500 stores AND DOUG CAMERON ing said it was weighing cuts industrychanges,particularly Inc., home-goods retailers Pier including apparel retailers beyond the 19,000 already ear- theshifttoonline shopping, 1Imports Inc.and Tuesday LuckyBrand Dungarees LLC, Boeing Co.will set plans marked. according to areport on the Morning Corp.and vitamin Brooks Brothers Inc., Ann this week to consolidate787 Consolidating Dreamliner downturn’s severity. seller GNC Holdings Inc. Taylor parent Ascena Retail Dreamliner assembly in South production in South Carolina This year’s collapse in “The trendisstill alot of Group Inc., Stein Mart Inc. Carolina, people familiar with would mark another step in American retail could overtake liquidations and asset sales, PleaseturntopageB2 the mattersaid, ending pro- the shiftofthe U.S. aerospace that of 2010,when 48 retailers duction of that jetliner in industrytoSouthern states filed forbankruptcy in the Washingtonstate as the coro- from the West Coast. Compa- wake of the 2007-09 recession, GNC navirus pandemic saps de- nies have already shed thou- according to the report by closing mand for aircraft. sands of jobs in California professional-services firm 2020 is on track to rival the 48 726stores Thedecision carries signifi- while states including the Car- BDOUSA LLP.Including fil- total bankruptcyfilings by J.C. Penney cant implications forthe Seat- olinas,Florida and Alabama ingsthrough mid-August, BDO retailersin2010, following the closing 157stores tle-area economyand Boeing’s have attractedaerospacebusi- said 29 retailers have sought 2007-09 recession. So farMay unionized workforce around nesses with less-cloggedinfra- bankruptcy protection in Neiman Marcus PugetSound. It wasn’t clear structureand cheaper,non- 2020, surpassing the 22 such and July recorded the most closing 24 stores over what period of time the unionized labor, including an filings recorded last year. retail bankruptcies. consolidation would play out, Airbus SE assembly plantin Temporarygovernment- or howmanyemployees might Mobile, Ala. mandated storeclosures and Cumulativenumber of retail be affected by the move. Boe- Boeing employs more than social-distancing measures bankruptcies in 2020* ing could announce the plans 7,000 workersinNorth have intensified challenges as soon as this week, some of Charleston, where it also has that bricks-and-mortar retail- Newbankruptcyfilings each month thepeople familiar with the an engine-research facility. ers had faced before the pan- matter said. That compares with almost demic,according to BDO.Con- Notable retailer True Religion Boeing said in July that it 70,000 staff in Washington, in- sumersstuck at home are closing was studying options to han- cluding around 30,000 at the buying moreonline than ever, Modell’s 27 stores dle aslowdownindemand for sprawling Everett plant. with rising internet sales ex- closing the 787 that has led it to re- TheEverett plant, where pected to partially offset all stores duceproduction. ABoeing Boeing also produces 767s and losses from physical stores, Pier 1 spokesman declined to com- 747s,produced around 15 the report said. closing ment lateTuesdayonthe widebody jetsamonth at its That trendhas put more all stores study’s outcome. peak,which would drop to pressureonbricks-and-mortar Papyrus† Earlier this year,Boeing around six and fall further locations, compounded by ex- closing said it would slash production with the 747program due to cessivedebt, storesaturation, all stores of passenger jets and cut its end in 2022and output of the high unemployment and workforce by about 10%. As new777Xreduced as Boeing changing shopper behaviors. the pandemic worsened in the delayedfirst deliveries until In particular,demand has cra- U.S. and air-travel demand re- 2022. teredfor businessattireand outfits forsocial occasions— weddings, graduations and JAN. FEB. MARCH APRIL MAY JUNE JULY AUG. other milestones. Palantir and Asana “This is almost certainly Announced store closings from retailbankruptcies,bytype 5,998 the worstyear in recent his- tory forretail,” said Kyle Stur- Apparel/Footwear Home furnishings Dept.stores Other Launch DirectListings geon, amanaging partner at Atlanta-based turnaround ad- 39% 24% 15% 22% BY CORRIE DRIEBUSCH buyersand sellersoftwo visory firm MeruLLC. AND MAUREEN FARRELL stocks simultaneously.Given In the firstsix months,18 the newness of direct listings *Bankruptcy filings through mid-August†Owned by SFP Franchise retailersfiled forchapter 11 Sources: BDO; staff reports Datafirm Palantir Tech- and their complicated nature, nologies Inc. and software some people close to the offer- company Asana Inc. are both ingssaid they aren’t thrilled poised to launch their direct that two arehappening on the Alerts Show Divide Over Surveillance listingsWednesdayonthe same day. NewYork Stock Exchange, the Both Palantir and Asana biggest test yetfor this still have enlisted MorganStanley BY JEFF HORWITZ selling aservicetolaw en- In recent months,the part- tiveevents,” specifically in- largely untested model forini- as their lead adviser and Cita- AND PARMY OLSON forcement and other agencies ner, Dataminr Inc., provided cluding protests and rallies. tial public offerings. del Securities LLC as their that monitorsTwitterontheir alertstopoliceand other gov- One alert wassent early on Only two companies of designated market maker to Twitter Inc.Chief Executive behalf and provides alertsthat ernment clients that included June 13 to Department of De- note—SpotifyTechnology SA help oversee their stock-mar- Jack Dorsey has pledged that include information about po- Twitterhandles of usersdis- fense staffersand said apro- and Slack Technologies Inc.— ketdebut. That is thesame Twitter’sdatawon’t be used tential demonstrations and cussing plans forprotestsor test wasplanned that afternoon hadevercompleted direct list- team that worked on the only forgovernment surveillance, a possible criminal behavior, whereactivistswereblocking at an addressnear Centennial ings before Wednesday. other two major direct list- commitment the company af- documentsand interviews streets, according to the Olympic Park in Atlantainre- Among the potential pres- ings: Spotifyin2018 and Slack firmed four yearsago in re- show. That hasthe companies emailed alerts viewed by The sponse to the policeshooting of surepointsfor trading in Pal- in 2019. sponding to allegations of po- at odds with privacyadvocates Wall Street Journal. Twitter’s aBlack man named Rayshard antir and Asana arewhen both Palantir was initially plan- lice monitoring of Black Lives over what level of social-me- rules prohibit partnersfrom Brooks thenight before. stocks will open and howtheir ning to debut the week of Matter protesters. dia monitoring qualifies as using itsdatafor “tracking, Dataminr alertssent to the shared key adviserswill man- Sept. 21, but because of apro- ATwitterdatapartner is surveillance. alerting or monitoring sensi- PleaseturntopageB4 agethe processofmatching PleaseturntopageB2 A Rarity in the Ranks of REITs Manhattan’s Empty Offices INSIDE Signal Slow Return From Virus

BY PETER GRANT Overall, about 10% of Manhat- forCovid-19 hit 3.25% forthe AND EMMA TUCKER tanofficeworkers were back as firsttime sinceJune,Mayor Bill of Sept.18, according to CBRE de Blasio said on Tuesday, just Manhattanofficeemployees Group Inc., acommercial-real- as most public schools began re- arereturning to work at amuch estate services firm. opening and indoor dining at slowerpacethan those in most That representsonly amod- 25%capacity is set to begin on othermajor U.S. cities,raising est uptick from the 6% to 8% Wednesday. Therise in cases the risk that NewYork City faces who were back in July,amonth wasfueled by hot spotsinnine BUSINESS amoreprotracted and painful after the city allowednonessen- neighborhoods in southern BP bets future

JOURNAL recovery from the coronavirus tial workerstoreturn forthe Brooklyn and Queens. on greenenergy, pandemic than much of the rest firsttime sinceoffices closed in Nationally,about 25% of of- REET of the country. March because of the pandemic. fice workershavereturned as of but investors ST

LL Wall Street bankershave Themonthslong stretch of near- this month, on average, accord- remain wary. B3

WA been trickling back to their glass empty officebuildingshas had a ing to real-estateservices firms.

THE towers,while real-estatefirms debilitating effect in Midtown Some large metropolitan areas R EDUCATION FO have tried to set an example by Manhattanand other business areconsiderably higher,such as encouraging staff to return in districts, leading manysmall Dallas at 40% and the LosAnge- Harvard’s endowment ARES force. But most of the city’s law- shopsand restaurantstoshut les metroareaat32%, industry SO notcheda7.3%return yers,media and publishing em- forgood. professionalssaid. Thereoccu-

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JA ployees,tech industryworkers Therevelationscome as the pation rate in NewYork’ssub- Leslie D. Hale, CEO of RLJ Lodging Trust, speaking of diversity, andothershavestayedaway, daily shareofpeople tested in urbs is 32%, according to CBRE, endedinJune. B5 says, ‘You have to look outside your normal channels.’ B6 real-estatebrokers said. NewYork City who arepositive PleaseturntopageB6 P2JW274000-4-B00200-17FFFF5178F

B2 | We dnesday, September 30, 2020 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A B12 Palantir Technologies.B1 Coal ProducersGiveUponVenture Abbott Laboratories.B13 H - I Peabody Energy...... B2 Affinity Health Plan...B3 Peloton Interactive...B14 Home Depot...... B14 Pfizer...... B14 Amazon.com...... B3 Inovio Pharmaceuticals Arch Resources...... B2 Pier 1 Imports...... B1 B13,B14 Pivotal Ventures...... R7 As JudgeBacksAntitrustDecision Asana...... B1 Ascena Retail Group...B1 J Porsche Ventures.....B13 AstraZeneca...... B14 j2 Global...... B3 R B J.C. Penney...... B1 Rally Rd...... B13 Johnson & Johnson..B14 Raptor Group...... B13 BY MICAH MAIDENBERG BDO USA...... B1 J.P. Morgan Chase Bed Bath & Beyond....B2 Regeneron A1,B12 Pharmaceuticals...... A6 PeabodyEnergy Corp.and Big Lots...... B3 L BioNTech...... B14 RLJ Lodging Trust...... B6 Arch Resources Inc.gaveup Royal Dutch Shell...... B3 Blackstone Group.....B12 Lucky Brand Dungarees on their bid to join forces in a Boeing...... B1 B1 S major production region for BP...... B3 LVMH Moet Hennessy Schneider Electric.....B12 Brookfield Property Louis Vuitton...... B14 Service Corp. coal used to generateelectric- Partners...... B2,B5 M International...... B14 ity afterafederal judgeruled Brooks Brothers...... B1 Macy's...... B2 Simon Property Group their proposed venturewould C McCormick...... B3 B2,B5 Slack Technologies.....B1 harm competition. CBRE Group...... B1 Micron Technology....B14 In February, the Federal Century 21 Department Microsoft...... B3,B4 Spotify Technology.....B1 Stores...... B2 Moderna...... B14 Stage Stores...... B1 TradeCommission votedto Citadel Securities...... B1 Molina Healthcare...... B3 Stein Mart...... B1 block Peabody and Arch’spro- Coca-Cola...... B3 Molson Coors Beverage T posed venture, which involved B3 Conagra Brands...... B3 Tiffany...... B14 jointly running mines in the D - E Morgan Stanley...... B1 Time's Up Now...... R7 Powder River Basin in Wyo- Dataminr...... B1 N Tuesday Morning...... B1 Twitter...... B1 Duke Energy...... A1 Neiman Marcus...... B1 ming as well as in Colorado, Equinor...... B3 Netflix...... B14 U - V andsought apreliminaryin- Exxon Mobil...... B3 Neuberger Berman Upfront Ventures...... B13 junction to halt the deal. On G Group...... B1 Utz Brands...... B3 Tuesday, SarahPitlyk,ajudge /REUTERS News Corp...... B4 Vericast...... B3 Gap...... B2 NextEra Energy...... A1 Verizon Communications in the U.S. District Court for

Girls Who Code...... R7 BARKER Novavax...... B14 A13 eastern Missouri overseeing Global Brain...... B13 Nvidia...... B14 GNC Holdings...... B1 W thecommission’scase,said TINA Goldman Sachs Group P Walt Disney...... A1 she agreed with the regula- KRIS tory agency. The Federal Trade Commission had blocked aplan forjointmining. APeabody operation in Wyoming. “The FTC has shown that thereisareasonable proba- Arch moved to integratetheir Thecompanies expected the decision, pointing to what he INDEX TO PEOPLE bility that theproposed joint operations in Wyoming and effort to generate$120 mil- called intense competition venturewill substantially im- Colorado,betting combining lion in cost savingsannually from other energy sources B Graiser, Andy...... B2 Pallotta, Jim...... B13 pair competition in the mar- seven properties thereina over adecade. used to generatepower. Berliner, David...... B1 H Petrozzo, Rob...... B13 ketfor Southern Powder River joint venturewould allowthe Arch said Tuesdayitwill “Our focus nowisoncon- Bessant, Cathy...... R8 Hale, Leslie...... B6 S Basin coal,” she said in an or- companies to realizecost sav- terminatethe deal with Pea- tinuing to be the low-cost der that granted the commis- ingsasthermal coal struggled body following JudgePitlyk’s [Powder River Basin] coal C Hutchinson, Russ...... B12 Salisbury, Julian...... B1 sion’srequest foraninjunc- with falling demand. ruling,and focus on providing provider to best compete Saujani, Reshma...... R7 Cable, Daniel...... B4 J tion blocking theventure. Theplan called forrunning metallurgical coal, which is against natural gasand subsi- Solomon, David...... B1 Clenton, Adam...... B4 Janardhan, Kamal...... B4 Shares of Peabody declined Peabody’s North Antelope Ro- used in steelmaking.The com- dized renewables,” he said. Cohen, Stephanie...... B1 Sturgeon, Kyle...... B1 K 22%, while Arch’sshares fell chelle mine and Arch’sBlack panysaid it strongly dis- “Weremain committedtoen- Cunningham, Julia...... B4 T 7.6%, extending declines in Thunder mine,two large agreed with the ruling. suring our customerscon- Kingston, Brian...... B5 D Talwar, Harit...... B12 market values forboth com- properties that abut each Peabody Chief Executive tinue to have access to areli- L Davis, Bryan...... B5 Tchen, Tina...... R7 panies so farthis year. other in Wyoming,asasingle Glenn Kellowsaid the com- able and affordable fuel Dorsey, Jack...... B1 Lane, Eric...... B1 Thorn, Bruce...... B3 In June 2019,Peabody and entity,among other changes. panywas disappointed in the source.” Duckett, Thasunda.....R4 Looney, Bernard...... B3 V F O Van Raemdonck, newstrategycould last forthe expectations of 12% to 15% resent a strategic shift for its Fenton-Willock, Alison Ohanion, Alexis...... B13 Geoffroy...... B2 Mubadala entireremaining investment versus the 20%-plus touted by technologyinvestments. B12 O'Neill, Tim...... B12 W career of Silver Lake’s newco- traditional buyout funds. Mubadala wasabacker of G P Wirth, Mike...... R9 chief executives,EgonDurban Silver Lake’s 2013 flagship SoftBank Group Corp.’sVision To Fund and Greg Mondre, both in fund—the most recent vehicle Fund, committing $15 billion their mid-40s. with meaningfulperformance to the $100 billion vehicle.But cies,which accounted for Private-equity rivals,in- data—had returns net of fees it has privately complained U.S. Store nearly 6,000 closures. Silver Lake cluding Blackstone Group Inc., of 23% as of March, according aboutthe high valuations at Retailers have said so far Carlyle Group Inc.and CVC to public pension-fund re- which SoftBank made itsin- this year that they plan to CapitalPartners, have also cords. vestmentsand subsequent Closings close morethan 130 million ContinuedfrompageB1 been developing long-term The firm isn’t lowering its losses in the fund. square feet of storespacein help spur growth. strategies,though most of return expectations forthe Mubadala hasalong rela- the U.S. Of that total, more Therehas been abroader those funds have alifespan of newstrategy, according to tionship with Silver Lake.The Hit Record than half belongstofivere- industry shift in favor of per- around 15 years. They tend to people familiar with the mat- sovereign-wealth fund in- tailers: Penney, Macy’s, Stein petual capital—pools of money payupfor businesses that are ter. vested in William Morris En- Mart, Bed Bath & Beyond and that firms don’t need to con- stable and have steady cash For Mubadala, which man- deavorEntertainment in 2012, ContinuedfrompageB1 Pier 1Imports, according to stantly refresh at great effort flows and aren’t fixer-uppers, ages $232 billion, the partner- the same year Silver Lake took and Tailored Brands Inc., the real-estatedatafirm CoStar and expense. At 25 years, the giving them annualized return ship with Silver Lake mayrep- a stake in the company. parent of Men’sWearhouse Group Inc. and Jos. A. Bank. Retailers arelikely to de- “I don’t think it’sgoing to cide to close as manyas Banker fees on IPOs of similar size, stop anytime soon,” said Andy 25,000 U.S. stores in 2020,ac- including directlistings (in yellow) Graiser, co-president of com- cording to global market-re- mercial real-estateadvisory search firm Coresight Re- Kinder Morgan $99 million firm A&G Real EstatePartners, search. who advises Tailored Brands, Manyofthe stores going JD.com 82 Ascena, Neiman Marcus and dark areanchorsand other Altice 71 Stein Mart, among others. tenantsinshopping malls. Beforethe pandemic,de- Real-estate research firm Lyft 70 partment-storechains such as Green Street AdvisorsLLC has Lord &Taylor,J.C.Penney and forecast that morethan half of Pinduoduo 52 Neiman Marcus were already all mall-based department TencentGroup 43 struggling as shoppersbought stores in the U.S. will close by moreonline,defected to start- the end of 2021. Palantir* 38 ups and shiftedtheir prefer- Landlords including mall ences to small specialty stores. owners Simon Property Spotify 36 Men’s Wearhouse and Jos. Group Inc.and Brookfield Slack 22 A. Bankparent Tailored Property Partners LP have Brands, which filed for bank- been stepping up, buying trou- *Pending ruptcy in August,partly bled tenantslikeJ.C.Penney Sources: Dealogic; the companies (Palantir,Spotify,Slack) blamed itsstruggles on mis- out of chapter 11, their third steps such as underinvesting acquisition in four years of a Palantir is expected to be in casual clothes and e-com- bankrupt tenant. Palantir, valued at nearly $22billion on merce. J.Crew also signaled Moreretailersare expected afully diluted basis,the Jour- that it was unable to overcome to seek bankruptcy protection nal firstreported last week, the shifts to fast fashion and in the second half of the year, Asana Test while Asana’s market capital- online shopping. though the pacecould slowin ization is likely to be closer to Discount home-goods re- the fourth quarter as some $5 billion to $6 billion, one of tailer TuesdayMorning,which hold off until early next year IPO Type the people familiar with the filed forbankruptcy in May, in hopes of aprofitable holi- matter said. washurt by itslack of e-com- day season. In adirect listing,thereis IBKR charges merce presenceasmoreshop- “If the holidays don’t go as ContinuedfrompageB1 no matching of buyersand ping shifted online. planned, there’sgoing to be tracted back-and-forth with sellersthe night before, as 1 Upscale retailer Neiman some real cash flow and in- theSecurities and Exchange happens in atraditional IPO. margin loan rates come hits to these retailers,” Commission,ithad to push Instead, the companysimply said Mr.Berliner,who has ad- back its listing by a week, ac- floatsits shares on the open ‘This is almost vised on the bankruptcies of cording to people familiar market, meaning finding the Tuesday Morning and Lord & with the matter. Asana had right priceatwhich to open from certainly the worst Taylor.“Forsome of these, been planning forweeks to de- the stock for trading can take year in recent still distressed retailerswith a but on Sept. 30. a long time, traders say. lot of debt, maybetheir last Thetwo listingswill land as Because the openingscan 0.75% to 1.59% history for retail.’ straw.” investorsare eagerly gobbling take so long,the plan is to be- Some companies that have up shares of newly public gin the price-discoverypro- waited toolong to file for companies.Despiteastrug- cess forboth companies at the bankruptcy might simply liqui- gling economy weighed down same time,shortly afterthe Marcus filed for chapter 11 in dateifthey keep burning cash by the coronavirus pandemic, market opens, according to May. “We had a business that and don’t have enough money U.S.-listed initial public offer- some of the people familiar wasontrack prior to to fund arestructuring ings arelikely to raise more with the matter. Theother op- Start Investing Today! Covid-19,” Chief Executive through the courts. money this year than any tion—tostagger the price-dis- Geoffroy van Raemdonck said “That’s not the norm and I other—including the tech-bub- covery process—would mean at thetime.“Everything was think we’regonna see alot ble yearsof1999 and 2000—if one company might not open going well in our transforma- moreofthose,” said Mr. the feverish paceofIPOs until lateafternoon, one of ibkr.com/margin tion,but we had massivein- Graiser,pointing to Stein Mart keeps up,bankers, lawyersand those people said. Theperson terest payments. Covid threw and off-priceretailer Century executives have told TheWall added that even if the two everything off track.This is an 21 Department Stores LLC, Street Journal. companies go through the pro- opportunity to reset our finan- which filed for bankruptcy in Going public through a di- cess simultaneously,neither is cial structure.” August and September,respec- rect listing skirtsinvestment- likely to open until at least Interactive Brokers Rated #1 High ratesofbricks-and- tively,and areliquidating banking underwritersand 11:30a.m., and one or both Best Online Broker 2020 by Barron’s* mortar store closures are ex- their assets. means the companies don’t could be delayeduntil around pected to continue, BDO said. Shakycompanies that make raise money forthemselves. 1 p.m. From Januarythrough mid- it through the holiday season Instead, employees and early Even if price discovery for August, retailershad an- might surviveonly to encoun- investorsare able to sell their both companies startsaround Trading on margin is only for sophisticated nouncedthey would close ter landlords that had agreed shares on the firstday of trad- the same time,one of the peo- investors with high risk tolerance.You may lose morethan 10,000 stores in the to rent deferrals but nowwant ing.So-called referenceprices ple close to the offerings said U.S.,including locations of sol- payment in full. Theadded forboth companies areex- the goal is to separatethe more than your initial investment. vent companies such as pressuremight forcemorere- pected to be published by the companies’ first trades by an Member -NYSE, FINRA, SIPC –*Interactive Brokers rated #1, Best Online Macy’s Inc., Bed Bath &Be- tailers to close stores and file exchangelateTuesday. Money hour or two,partly to prevent Broker according to Barron’s Best Online Brokers Survey of 2020: February yond Inc. and Gap Inc. forbankruptcy,Mr. Graiser doesn’t changehands at the stock-market volatility. 21, 2020. For more information see, ibkr.com/info -Barron’s is aregistered That hasalready topped said. reference price, but the price Thestocks will debut in a trademark of Dow Jones &Co. Inc. [1] Margin Loan rate as of 07/08/2020. IB calculates the interest charged on margin loans using the applicable rates last year’s record 9,500 store “That’s a huge bubble that actsasaplaceholder in lieu of market whereinvestorshave for each interest rate tier listed on its website. Rates shown apply to IBKR Pro closures.Manyofthe closings is going to burst foralot of aformal IPO priceand is been ravenous fornew is- clients only. Rates subject to change. For additional information on margin loan rates, see ibkr.com/interest through mid-August 2020 retailers with the inability to based on recent private-mar- sues—especially tech compa- 08-IB20-1368CH1358 were due to retail bankrupt- pay that back,” he added. ket transactions. nies. P2JW274000-0-B00300-1------XA

THE WALL STREET JOURNAL. We dnesday, September 30, 2020 | B3 BUSINESS NEWS Consumer Skepticism Greets BP’sGreen Plan SalesLift BY SARAH MCFARLANE vestmentstofocus on what it calls transition businesses by McCormick BP PLC has unveiled the 2025.That is up from about most aggressiveplans yetbya 3% last year and morethan its major oil companytopivot to- rivals. Revenue ward cleaner energy.But the Thecompanyacknowledges revamp has so far failed to ig- that itsprofitwill continue to BY MATT GROSSMAN niteenthusiasm among inves- be driven by fossil fuels in the tors despite growing interest coming years. It aims to Spiceand condiment maker in renewables. achievereturns of 8% to 10% McCormick &Co. logged TheBritish energy giant’s from itslow-carbon energy higher revenue this summer as strategy—the biggest overhaul business, compared with in- stronger sales to consumers in its111-year history—calls dustrytargets of around 15% outpaced weakened demand fora40% reduction in oil-and- for oil-and-gas. from commercial customers gas production over the com- “Oil prices arestill the during the Covid-19 pandemic. ing decade,greater investment most significant driver of BP’s With restaurantsinmany in low-carbon energy and a resultsand will be forthe areasoperating at limited ca- ramp-up in wind and solar yearstocome,” said RBC’sMr. pacity, American eating habits power. No other major oil Borkhataria. continue to shifttocooking at company has targeted such a BP’sstrategycommitsto home. Grocers such as Kroger steep decline in their main returning 60% of any surplus Co.and meal-deliveryservices source of profit. cash to investorsvia share

have reaped the benefits, “Our new strategy is going S buybacks,onceithas reduced while restaurant chains strug- to transform BP intoavery itsdebt to $35 billion from NEW

gle to weather the pandemic. differentcompany, not over- G around $41 billion at June 30. McCormick is exposed to night…but fast,” newChief Ex- The company also plans to

both sides of that equation, ecutiveBernardLooney told OOMBER sell $25 billion of assetsby but consumer sales are a big- investorsthis month at an 2025, which it is around half- gershareofits revenue.The eventdetailing the plans.He way to achieving,having re- LIFFE/BL

maker of French’smustardand acknowledged therewere“a TC cently sold itspetrochemical various spices said it has seen few concerns,some skepticism RA business to Ineos Ltd. for$5

demand pick up recently from and even a few myths” about CHRIS billion. quick-servicerestaurants, but the overhaul. The companyhas investedinsolar businessLightsource,whose panels areseen on aresidenceinthe U.K. “Getting their house in or- the health crisis continues to The50-year-old BP lifer, der through deleveraging is hamper venues such as stadi- who took the helm in Febru- BP forecast three scenariosfor futureenergy demand, all of which seerenewables taking share going to be the most ums and cafeterias. ary,said the companywould from hydrocarbons likeoil and coal. important priority ahead of Overall, revenue climbed seeits income from oil, gas executing strategy,” said 7.6% to $1.43 billion in the and refining decline after Arapid move to low-carbon energy An energy systemwith anet zero Eveninascenario whereenergy Christyan Malek,ananalyst at threemonths ended Aug.31 2025,but that the reduction sees renewables expand to 44%of carbon footprintseesrenewables use continues on its currentpath, JPMorgan. forthe Hunt Valley,Md., com- would be more than offset by the energy mix by 2050. at 59%ofthe energy mix. renewables grow to 22%. BP is one of the most in- pany, beating the expectations growth from gasstations, Shareofenergy demand debted oil major oil compa- of analysts polled by FactSet. charging pointsand retail nies,with gearing—the ratio 100% Theliftwas driven by consum- sites. of net debt to the total of net ers’ sustained preferencefor Hiscommentscame as BP Hydroelectricity/other debt andequity—just below cooking moreathome,Chair- issued a bleak outlook for oil, 38% including leases as at 80 man and Chief ExecutiveLaw- saying demand could have al- June 30,aboveits targeted renceE.Kurzius said during a ready peaked and that it Hydrocarbons 20% to 30%. call with analysts. Sales for would potentially never re- 60 Mr.Looney said BP hoped McCormick’sconsumer seg- cover to pre-pandemic levels. its revamp would appeal to a ment grew 14.7%year over Meanwhile,BPforecast boom- rangeofinvestors, who are year, rising to $910.9 million. ing growth forrenewable 40 taking a greater interest in Thecompany’sflavor-solu- power. carbon reduction.Oil stocks tionssegment, which sells in- Thenew strategyhas so far have fallen out of favor in re- gredientstocommercial oper- failed to liftBP’sshares out of 20 cent years, while companies ators, posted adropinsales of an industrywide slump exacer- focused on renewable energy 2.9% to $519.4 million amid bated by the pandemic.The have performed better. lessdemand from food-service company’sshares remain 0 Renewables This isn’t the first time BP companies and restaurants. stuck near a 25-year-low and 2018 ’25 ’30 ’35 ’40 ’45 ’50 2018 ’25 ’30 ’35 ’40 ’45 ’50 2018 ’25 ’30 ’35 ’40 ’45 ’50 hastried to pivot away from McCormick reinstated earn- have performed worseinthe oil and gas. Morethan ade- ingsguidancefor the full fiscal past three months—down Source:BPEnergy Outlook 2020 cade ago, it rebranded as “Be- year,which ends in November, 26%—than thoseofpeers yond Petroleum” and commit- projecting revenue growth of RoyalDutch Shell PLC and ing.Moreover,returns from its future could look like ear- investment in solar business tedtogenerating more 4% to 5% compared with last Exxon Mobil Corp. renewables typically aren’t as lier this month when it agreed Lightsource. renewable energy.After strug- year’s figures, when sales to- BP investorssay that while lucrative as fossil fuels. to pay $1.1 billion to Equinor BP also this month entered gling to make a profit, it sold taled $5.35billion. McCormick they are keen on renewables, BP also faces the extrabur- ASA forstakesintwo U.S. off- a partnership with Microsoft or shut some operationsand had withdrawnprevious 2020 they arealso concerned about den of aheavier debt load shorewind farms.Italso Corp.under which it will sup- temporarily stopped investing guidance in March. the company’sability to exe- than most of itspeerswhen launched apartnership with ply renewable energy to the in alternative energy. Shares of McCormick fell cuteits plans without hurting the pandemic has sapped de- theNorwegian energy com- software maker and work on “The energy transition is a 2.7% to $189.89. Shares have profit. That is partly because mand foroil, hitting profit. pany to pursue other similar initiatives to help cities reduce huge threat and opportunity risen roughly 12% year to date. of alack of detail as to how That hasprompted the com- opportunities. emissions.Ithopes to make forthe major oil companies, McCormick said Tuesdaythat newoperations will compen- panytoslash itsdividend, Thedeal is part of BP’splan money from selling such ser- but the odds areagainst them it plans a2-for-1stock split in sate for its shrinking oil busi- writedownthe value of itsas- to increase itsinvestment in vices and has already entered being successful,” said Cam- November. ness, which is expected to re- sets and cut staff. low-carbon energy 10-fold to arrangementswith Houston eron Hepburn, director of the In the latest quarter,Mc- main itsmain source of profit “Investorsare arguably tak- $5 billion ayear by 2030,tak- and Scotland’s Aberdeen. Smith School of Enterprise Cormick’sadjusted earnings for years. ing on more risk, and receiv- ing itsrenewable-energy ca- Analystssay it isn’t clear and the Environment, Univer- per sharewere$1.53,inline Analystshavealso ques- ing lessreward,” said Biraj pacity to 50 gigawatts, from howsignificant these new sity of Oxford. “Most incum- with FactSet’sanalyst consen- tioned howBPwill perform in Borkhataria, an analyst at RBC 2.5GWin2019.Analystssay businesses will be to BP’s bent businesses facing existen- sus foradjusted earningsof newfields whereitlacks expe- Capital Markets. moredeals will be needed to earnings. tial threatsdon’t manageto $1.52 a share. rience and competition is ris- BP gaveaglimpse of what hit the target, likeits BP plans for20% of itsin- successfully pivot.” BUSINESS WATCH

Formoreinformation: MOLSON COORS In Memoriam wsj.com/inmemoriam Coke Will Partner On HardSeltzer 30$/+-* "( !0'1$,4'( Molson Coors Beverage Co. 21)&1/.1' %%, %#%# said it has enteredintoanexclu- siveagreementwith Coca-Cola IN Co.tomakeand sell Topo Chico HardSeltzer in the U.S., with a launch planned in the firsthalf of MEMORIAM 2021.

The beverage is amix of spar- S

kling water, agluten-free alcohol NEW

base and natural flavors and min- G erals added fortaste.Molson

Coors said the alcoholic seltzer OOMBER

will have lemon lime, pineapple, /BL

strawberry guava and mango fla- JAS vors. Topo Chicoisthe thirdhard- RO

seltzer brand in Molson Coors’ ONIO

portfolio,itsaid. ANT IS

—Dave Sebastian LU Molson Coors said it will team up with Coca-Cola to make and sell Topo Chico Hard Seltzer in the U.S. J2 GLOBAL MG'ACB_ IQOQ;GXC[T1[Y&[6 //_ /F/F_ D(H '(6[H_&.5:X[55Y(X_ L6:1[6_][YV$6(1; can check out by hovering their vider an extramembership base mand,” Chief ExecutiveBruce :$ $(T:1(7:51_ 5TV615Y(X_ Y(51[6 6($VX1[.6_ Deal Is Reached hand above the Amazon One de- in NewYork. Thorn said. <.5&(X]_ ?(1<[6_(X] =6(X]?(1<[6_T(55[] To Buy Coupon Unit viceinstores. The purchase priceisnet of Retailers have reported stron- (L(H (1 1<[(=[ V? W0Q ,=6(].(1[ V? Amazon says the paymentop- expected tax benefits and in- ger demand forhome goods and \V7H '6V55'V77[=[ (X] \(6N(6] *.5:X[55 C$VL[65_ 1<[ ?(Y:7H Palm-Based Payment expects to earn aper-shareprofit companysaid. The deal will include 6[P.[515 Y[YV6:(7 ]VX(1:VX5 1V 1<[ D.1=[65 AX:N[65:1H !V.X](1:VX :X 5.TTV61 For$380 Million of 50 centsto70cents forits intellectual propertyrelatedtothe To learn more, visit V? 1<[ D(H '(6[H ![77VL5<:T :X %[YV$6(1:$ Amazon.com Inc.rolled out fiscal thirdquarter,with compara- peanut-butter-filled pretzel brand WSJ.com/InMemoriam '(T:1(7:5Y SEQGQ *VJUW0_ I[L *6.X5L:$8_ Amazon One, apaymentsystem Molina Healthcare Inc. agreed ble sales increasing by the mid- but notemployees, facilities or IO F@WF0;FUW0_ V6 VX7:X[ (1 =:N[Q 6.1=[65Q[].2$(6[H?[77VL5<:TRQB

B4 | We dnesday, September 30, 2020 **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech MicrosofttoBring Yo ur CommuteHome

Updated Teams tool is will let usersschedule virtual bility,togiveenterprises the months beforethe pandemic, ing beforethey start work.If develop the product after commutes at the beginning and capabilities to createthese according to Microsoft. they saythey arefeeling over- launch, Ms.Janardhan said, per- designed to help users end of each shift. Instead of re- betterdaily structures and And even though getting to whelmed, the virtual-commute haps letting usersrecommend better define start and living 8a.m. or 6p.m. packed help people be their best.” work wasn’t anotably cher- assistant will ask if they want to books and podcaststotheir vir- subway rides or highway traffic Theintroduction of virtual ishedpart of pre-lockdown block time off in their calendars tually commuting colleagues to end to their workdays jams in virtual reality,userswill commutes comes as Microsoft life,a2001 study suggested to focus on work or de-stress. makeitagroup experience be prompted by the platform to looks to makeits Teams prod- that most people would Thevirtual commutehome But it is the technology’s BY KATIE DEIGHTON set goals in the morning and re- uct moreuseful as rival ser- choose to commute even if will presentuserswith their ability to simply indicatethe flect on the dayinthe evening. vices likeZoom gain traction they were given the option to list of tasks forthe day, and ask start and end of ashiftthat will Microsoft Corp.isdevelop- Thevirtual commutefea- among companies that want to give up the journey. them to moveuncompleted help employees most, said Julia ing an updatetoits Teams ture represents Teams’ move keep their remoteworkforce “I don’t miss my commute jobs to the next day’slist. It LeeCunningham,anassistant packageofworkplace-collabo- into employeewellness, said connected. Thepast six months per se,” said Adam Clenton, a then asks userstodescribe how professor of management and ration tools to replace one of Kamal Janardhan,general have seen Microsoftannounce London-based lawyer who the daywent by selecting one organizations at the University the less-mourned losses of manager forworkplaceanalyt- multiple updates that aim to spent 80 minutes commuting of five facial expressions rang- of Michigan’sStephen M. Ross pandemic living: the commute ics and MyAnalytics at Micro- ease the pain of working from each daybeforehis office ingfromelated to frustrated. School of Business. to and from work. soft365,the parent division of home,including afunction to closed during the pandemic. Theevening experiencere- Others are skeptical about Thedaily commutemay have Teams. The company histori- reducehousehold background “But it did givemethe chance lies on one-clickoptions be- the technology’sability to help caused itsshareofheadaches, cally has focused on employee sounds on video calls. to switch off on the way home. cause anything that feels like people log off because of its butitatleast helped workers connectivity and productivity. The virtual-commute fea- It helped demarcate the dayin morecognitiveeffort would very nature: It is still technol- define astart and end to their “Enterprises across the tureisdesigned to help people away that isn’t possible now.” makepeople lesslikely to com- ogy. workdaywhile offering aset world right noware coming to mark the start and end of their Teams’ morning commute pleteit—particularly at the “The meditation idea is ex- time to think away from the de- us and saying,‘Idon’t think we working day, amoredifficult experiencehasn’t been com- end of the day, Ms.Janardhan cellent, but Iwonder if the mands and distractions of the will have organizational resil- prospect forthose working at pleted,but will involveasking said. It ends in an optional 10- ticking off of tasks would still home and office. That positive ienceifwedon’t makewell-be- home.Half of the chat volume userstowriteashortlist of minuteguided meditation pro- keep us in work mode too side of the commuteiswhat ing apriority,’” Ms.Janardhan on Teams occurred between 5 thingsthey want to accomplish duced by Headspace, the mind- much,” said Daniel Cable,apro- Microsofthopes to re-create. said. “I think we at Microsoft p.m. and midnight in the past that day, Ms.Janardhan said. It fulnessand meditation app. fessor of organizational behav- TheTeams updatenextyear have arole,almost aresponsi- sixmonths,up48% from the also will ask howusersare feel- Microsoftplans to further ior at London BusinessSchool.

monitoring of crimes.“We see AlertsShow asocietal benefit in public Twitterdatabeing used for news alerting,first responder Divide Over support, and disaster relief,” a spokesman said in an email. Twitterderived $466 mil- Surveillance lion last year,or13% of its revenue,fromthe division that licenses datatocompanies like ContinuedfrompageB1 New York-based Dataminr, in Minneapolis PoliceDepart- which it used to owna5% ment in May and June called stake. attention to protests as well, In June,Dataminrsent sev- including tweetsonthe where- eral alertsincorporating aboutsof“asmall group of tweetsabout Black Lives Mat- young protesters” chanting in terprotestsinLouisiana and “peaceful protest,” and others Atlanta, including the one providing the location of sit- about the planned protest on ins. Thealertswere reported June 13,according to alerts earlier by the Intercept. sent to Defense Department Mr.Dorsey,during 2018 usersthat were viewedbythe

congressional testimonyabout S Journal.

Twitter’s refusal to offer data PRES ADefense Department productstointelligenceagen- spokesman said itsstaff use a TED

cies,said: “Wehavearight CIA variety of alert systems to

andresponsibility to protect SO make “safety and travel deci- the privacyofthe people on AS sions,” and that those alerts Twitterfromconstant, 24-7 sometimes pointed to public

surveillance.” Twitter’swrit- TITUTION/ events.

tenpolicyforbids use of its ONS The June 13 alert included data“by anyentity forsur- -C the Twitterhandle of the veillancepurposes,orinany woman—whose Twitterpage

other way that would be in- JOURNAL clearly identifies her—who consistent with our users’ rea- A posted about plans forthe

sonable expectations of pri- TLANT protest, which was scheduled vacy. Period.” /A to happen later that day. The AY

In practice, Twitterdefines GR Dataminr alert labels her a

surveillance as the continuing BEN “local source” and “eyewit- monitoring of specific people Demonstrators in Atlanta on June 13. Dataminr sentalerts to policeand other governmentclients including postsabout protests likethis. ness.” andorganizations,aTwitter Another of those alerts de- executivetold the Journal. The ents receive alerts tailored to veillancebroadly as systematic party do it doesn’t changethe scribed video footagetaken by executivesaid it wasreason- their interests, though “pro- collection and analysis of in- natureofwhat’shappening.” aTwitteruser identified as able forDataminrtoalert law tests” isn’t atopic they can formation about people, Dataminr,which also has @woke_n_restlessshowing a enforcement to information choose, Dataminr says. groups and eventstargetedby products forbusinesses and small group of activistsblock- that might have public safety “First Alert provides apub- authorities.Advocates con- newsrooms,pays foraccessto ing a street following the po- value.“Even peaceful protests lic good. And importantly,it tacted by the Journal said the entirefirehose of public liceshooting of Mr.Brooks. cancause disruptions,” the ex- does so with maximal protec- Dataminr’s broad monitoring tweetsunder Twitter’sData Kermit Ray Thomas, the per- ecutive said. tionsfor privacyand civil lib- of Twitteronbehalf of govern- Partner program. As the part- son behind the @woke_n_rest- Dataminr says FirstAlert— erties,” Dataminr said in a ment clientsmeans Twitteris, ner serving government cli- lessTwitterhandle,told the itsproduct forpolice, military statement. Twittersaid in effect, enabling constant ents seeking real-time infor- Journal he had no idea his and other government cli- Dataminr complies with its monitoring of itsusers. mation about events, Dataminr tweet had been sent to the au- ents—provides only news surveillance rules. “Any reasonable definition ingestshundreds of millions of thorities. alertsbased on public tweets, Manylaw-enforcement offi- of surveillanceshould include tweetsdaily,analyzing them S “Alertsonanintersection and is designed to help first cials and otherssay people trolling around Twitterusing with a speed and comprehen- being blocked arenewsalerts, respondersreact quickly to who post statements and im- special access to listen to what sivenessthat would otherwise THOMA not monitoring protestsor breaking events. Thecompany ages publicly on social media people aretalking about,” said be unavailable. surveillance,” Dataminr said. UKEEM

says FirstAlert wasbuilt with should expect that police FaizaPatel,director of the Lib- Dataminr has cited the RA Civil libertarians’ concerns Twitter’shelp to preclude sur- might see those materials,and erty and National Security pro- unique value of itsfiltering in Kermit Ray Thomas had no idea aboutDataminrgoback sev- veillance by government cus- that such observation doesn’t gram at the Brennan Center fighting public recordsre- his tweet about a protest had eral years. In 2016,Twitterre- tomers, and doesn’t enable amount to surveillance. forJustice, apolicythink tank questsinIllinois and Minneap- been sent to the authorities. sponded to claims from civil them to search forortrack On the other side of the de- and advocacygroup that pro- olis by the Journal covering liberties advocates about the specific accounts, among other bate, manycivil-liberties advo- motes privacyrightsamong its First Alert emails. said in aMay contract renewal use of social media by “fusion limitations.Government cli- catesdefine social-media sur- otherissues.“Having athird “While theinformation it- document that itsofficerscan centers,” hybrid state-and-fed- self maybepublic and theo- “use Dataminrfor avariety of eral hubs fordomestic intelli- retically discoverable,the fact use cases,including the 24/7 gence, to monitor Black Lives ADVERTISEMENT that it has been identified by monitoring of crimes,” as well Matter activists. Twitter told Dataminr constitutes the most as to detect “futurecriminal theAmerican Civil Liberties Showroom highly valuable,proprietary, action,” according to acon- Union that Dataminr would To advertise: 800-366-3975orWSJ.com/classifieds and extremely sensitivedi- tracting document. stop working with the centers. mensionofDataminr’salgo- Asked forcomment, the Illi- “Dataminr will no longer rithmic platform,” aDataminr nois State Policetold the Jour- support direct access by fu- attorney said in aJuly letter nal it doesn’t use Dataminr for sion centers, and has informed PORSCHE to the Illinois State Police surveillance. us that any accounts accessi- seeking to block aFreedom of Because tweetsare already ble by fusion center email ad- Information Act request by the public and no individual is un- dresses have been notified Journal. der surveillance, there are no that their access is nowtermi- TheMinneapolis alertsalso nated,” asenior Twitterexecu- included posts on other plat- tive wrote to the ACLU then. forms,and from avariety of Twitterderived13% However, fusion center people or political groups.One staffersstill have access to included apost in lateMay on of itsrevenue last First Alert in instances when the Telegram messaging ser- year from thedivision Dataminr sells to the statepo- TRR vicefromafar-right group liceagencies that oversee 0E TRR'(PP>P( C'S/Q> ?%N *W(^X3*W(^X RY V6 ?R0;\TEE RT TRR CQ>>ZO2>P J;KF;M !B C6W.>P3*W(^X :;1 V6 ?1E:\TEE called Privacy&Security Goys that licenses data. them, according to interviews RT TRR'(PP>P( :C 'S/Q> ?%N @862>3!P(Q862>*W/> &'8(WX 4Y V6 'FH?RR;\TEE suggesting that anti-Semites and documents in Illinois and R= TRR !B1 ?''*19 *F:O-I=-;I19 ,CM- L")I L6(V6 *W/>3*W(^X=YV6'FH ?R45\TEE might find it an opportune Michigan. TheACLUsaid that 0ER=TRR!B0DC ?%N R5 TRR'(PP>P( :C 'S/Q> ?%N J6982 *W/>3*W(^XR=Y V6 'FH?TT\TEE moment to target synagogues practiceviolated Twitter’s FBCA>O/.6SL>2(WW6^3*W(^X "RYV6 R5 TRR'(PP>P( 'S/Q> ?%N !B C6W.>P3*W(^X R;Y V6 'FH?=:\TEE because policeand other first valid civil-liberties concerns pledge. ?1R:\TEE R; TRRB/P$SC'S/Q> ?%N '(PP(P( @862>3*W(^X R4YV6?R1T\TEE responders were tied up with about Dataminr’s product, the “People in fusion centers R; TRR!B1 ?%N9?''*19 ,CM- L")I D(^6U9 +>WWSM3*W(^XREY V6 ?R0T\TEE riots. agencysaid in astatement. shouldn’t be accessing RR TRR!B1 DC J;KF;M !P>I *W(^X3*W(^X :Y V6 'FH?0E:\TEE E= TRRB/P$S 'S/Q> <"3I25K":9 !;:I52B,-25O"I @862>3*>69> R0YV6?=0\TEE Dataminr says it draws “The value in this technology Dataminr,and Twitter ER TRRB/P$S'S/Q> J;KF;M ,P^26^ C6W.>P3!P>I 0TYV6?;T\TEE from more than 10,000 public is early notifications or aware- shouldn’t be in abusinessof TT TRR'(PP>P( 'S/Q> J;KF;M A>O/.6SL>2(WW6^3*W(^X 51YV6?0;\TEE sources. It doesn’t specify all nessofpublic safety situa- facilitating that,” said Matt of them or which is largest, tions,” it said. Cagle, one of the ACLU re- L,',J3',+#JJ# but itsspecial access to Twit- Several former Dataminr searcherstowhom Twitter’s 0ER5TRR'(PP>P(C?%N 0E '(I>UU> C'S/Q> @2"$"K;M J=>? 74G&9+HA '8(WX3!P>I 0Y V6 'FH?RET\TEE RT '(I>UU> [>2 *W(^X3*W(^X RRY V6 ?4T\TEE ter’sfirehose is cited in its employees said they were con- letter was addressed. Mr. Ca- #K8F2;K:->;:"K$D.?5D-2 N"I marketing materials and in cli- cerned that the line between glealso said moregenerally *W(^X3*W(^X"R4YV6 "'FH R= L(^(UC ASW^(US !P>I3,9(2> !P>I R;YV6'FH ?;;\TEE ?RR0\TEE R5 '(I>UU> FW(26U/V #Z626SU *W(^X3*W(^X 0;YV6'FH ?:T\TEE ents’ procurement documents. FirstAlert and social-media that he believed sending alerts Among Dataminr’s clientsis surveillance could be unclear to Dataminr’s law-enforcement ',+L,J3*H-CB#D Storyful, aunit of News Corp, depending on howclientslike clientswith protest-related R= '(IV(U!BC J;KF;M D(^6U9 +>WWSM3*W(^X5YV6'FH ?5T\TEE which has considered selling the military or police used it. tweetswould violateTwitter’s CF#'],NB+3#-HB]'C Storyful to Dataminr, accord- Oneformer Dataminr execu- past surveillancecommit- RT L>P^>Z>O7*>UGC;4E :L,B]'*W(^X3*W(^X0TY V6 'FH?=5\TEE ing to both sides.NewsCorp tive said Twitterexecutives ments. R= *L@ 4;E6 K%P6.> 'SU.>P26$W>CQ(^> !P>I3*W(^X01Y V6 'FH?5E\TEE also owns DowJones &Co., used theterm surveillance Dataminr and Twitter said 0ER5 L>P^>Z>O7*>UGCN:;E R5 '8>.PSW>2 'SP.>22> )E40N) D(^6U9 +>WWSM3*W(^X=YV6?4T\TEE publisher of the Journal. vaguely “toallude to creepy they don’t consider the ar- *W(^X3*W(^X"R1YV6 "'FH R: ,/Z6 DC 5FP>O269> < =;E-7/6906A @( J=>? *W(^X3*W(^X04Y V6 ?;5\TEE Government clientshave things,” and weren’t precise rangements with state police ?45\TEE *66 JE95-B -G56K/- !@G> !936-> #-C9B3E@39,1 @1/ $95-1B91C> (-69I-ED @1/ &@1/691C '--BH (-@6-E 9B 1,3 E-BJ,1B9:6- ),E JE9591C -EE,EBH described broad uses forFirst about what activity it entailed. to be violating the pledgeto +;;<08L<.;;A 7"JE91CF-6/2 %$ !%94:-"+-=-<2 -< &54)-.)8 ("56 0; *-<6 $41-:+437 Alert in procurement docu- Twittersaid it permits the ACLU because the access B@6-B=9BE91C?@KB-1H5,4 79BE91C?@KB-1H5,4 !'"0-;<,-648#;55>/*544 %1-99-<2 ments. Theintelligenceunit alertsthat flag threatstopro- isn’t direct and FirstAlert forthe Illinois State Police tect lives, but not continuing can’t be used forsurveillance. P2JW274000-0-B004A0-1------NS

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THE WALL STREET JOURNAL. ** We dnesday, September 30, 2020 | B5 BUSINESS NEWS Harvard’s Elite M.B.A. Programs See Surge Endowment Applications pour in as Logs 7.3% schools ease process and more people feel Return pinch of recession

BY JULIET CHUNG BY PATRICK THOMAS AND DAWN LIM Applications to some top- HarvardUniversity’s endow- tier M.B.A. programs aresoar- ment notched a7.3%return in ing this year after schools ex- the fiscal year ended in June,a tended application deadlines toprateamong large endow- and loosened their standard- mentsduring aturbulent ized testing requirements stretch in markets. amid the Covid-19 pandemic. In comparison, the median After several yearsoffall- return of endowmentswas ing application numbers,the 2.6% in the year ended June, University of Pennsylvania’s according to the WilshireTrust Wharton School, Columbia Universe Comparison Service. Business School, MIT’s Sloan Harvard’sroughly $3 billion School of Management and JOURNAL in gains bringsthe university’s other eliteprograms arere- endowment to $41.9billion. porting double-digit percent- REET ST

Thestrong growth mayrekin- ageapplication increases for LL

dle the debateoverwhether their fall 2020 classes.Itisan WA

Harvardisdoing enough to as- early indication that at least THE sist studentsand employees the topfew M.B.A. programs R FO during the pandemic. aremanaging to stay stable

Institutions of higher educa- through the pandemic and re- LLERD tion have been hit hard by the versing several yearsofde- CO AN

coronavirus.They arestrug- clining demand, according to RY glingwith higher demand for the nonprofit GraduateMan- The top M.B.A. programs like Wharton are managing to stay stable through the pandemic and reversing years of declining demand. financial aid and added ex- agement Admission Council, penses forhealth precautions which tracks hundreds of grams outside the topfew lines this spring—and some North Carolina’sKenan-Flagler fers during the firstand sec- and remotelearning at the M.B.A. programs. universities have fared until programs’ decisions to make Business School, which waived ondapplication rounds and same time revenue sources Studentstypically flock to GMACreleases moredata optional themain entrance itstesting requirementsfor later-round pools of applicants such as housing and athletic businessschools and graduate later this fall. exam—gaveprospectivestu- this year,and moved to Chapel tend to be fairly small, Mr. programs have been hurt. programs during economic Schoolsfeared that na- dentsachancetoapply to atop Hill, N.C., to be ready forin- Kankam said. Harvard’srevenue fell in fis- downturns, as advanced de- tional-entry restrictions from businessschool and begin person instruction when This year, schools used ex- cal2020 in the firstannual de- grees areseen as away to the pandemic and the possibil- classes just weeks later,said classes restart on campus.For tended third- or fourth-round cline sincethe last financial cri- help further careersevenas ity of a remote classroom ex- Kofi Kankam,chief executiveof now, they are all remote. deadlines to givethemselves a sis,university administrators the job market languishes. perience would dissuade inter- Admit.me,which coaches “With the effect of Covid on larger pool of applicantstofill said in amessagetofaculty, At Georgetown University’s national applicants this year. M.B.A. applicantsonadmis- the economy, it just made out their classes and makeup alumni and othersTuesday. The McDonough School of Busi- Programs such as Wharton sions. sense not to wait an extra for lower-than-usual interna- notetothe Harvardcommunity ness, applications for this fall and the Haas School of Busi- “Wehad tons of calls coming tional-student enrollment, Mr. said the school is bracing for were initially down until nessatthe University of Cali- in saying,‘Iheardthe school Kankam said. further revenue losses and bud- Covid-19 hit. fornia, Berkeley,reported isn’t requiring atest scoreand The institutions Columbia Business School getshortfalls and warned of “Starting in April through drops in their international has an extended deadline,I’m received enough newappli- “potential workforce actions.” our July deadline,our applica- student populations forthe taking my shot, I’m applying could reverse five cantsthat it wasable to over- “Harvardiswell-resourced, tions soared,” said Shelly fall as many chose to defer. right now,’” he said. straight years of enroll for this fall’s class and but that does not mean we can Heinrich, the school’sassoci- “A good portion of the ap- Maher Darwiche,30years offerdeferrals to all interna- sustain long-term deficit atedean of M.B.A. admissions. plications we received were old, who co-founded AFTCo., a declines. tional studentswho asked for spending,” HarvardPresident “Westarted receiving alot of people who were thinking small exporter of consumer one in the summer,said LarryBacow and other admin- applications from people who about applying next year and goods to several Middle East Amanda Carlson, assistant istratorswrote.“We will need had been furloughed, laid off, due to their work situation, countries, had thought about dean of admissions. to maketough decisions in the who arelooking fortheir next decided to accelerate it,” said applyingtoM.B.A. programs year,” he said. “Extended Consultantsand admissions futureifwehope to sustain and step.” Dawna Levenson,assistant in 2021 to learn moreabout fi- deadlines were kind of a god- coaches saythe broad decline advancepriorities related to ApplicationstoAmerican dean of admissions at the MIT nanceand operations.This send.” of international students is our core academic mission.” M.B.A. programs have been Sloan School of Management, year’s extended application The M.B.A. admissions cy- likely to hurt midtier schools, Thenotewarned that ape- falling forfivestraight years which added atest-optional deadlines and loosened testing cle is divided intothree which might not have seen the riod of austerity wascoming duetoahot job market and policy for the 2021 admission requirements, coupled with rounds,with deadlines spaced application spikes eliteschools and said nearly 700staffers high tuitioncosts. It can’t be cycle earlier this month. theuncertain economy, con- throughout the fall, winter and have,but that is unknown un- had takenupanoffer of early determined yethow applica- Schools’ unprecedented ex- vinced him to apply. spring.Schools typically make til GMACpublishes itsapplica- retirement. tions at most U.S. M.B.A. pro- tensions foradmission dead- Mr.Darwiche enrolled at most of their admissions of- tion survey later this year. Theuniversity has already frozensalaries and hiring and reviewedconstruction plans. Topadministratorsearlier this year pledged to take paycuts and donatetoafund to support employees struggling during

the pandemic. S Butsome low-income Har- NEW

vard studentshavecriticized G the amount of financial assis-

tancethe university has offered OOMBER

forthose not living on campus. BL At least one group with ties to O/ Our exclusive emerald earrings some Harvardalumni reached HOBR outtothose alumni this sum- mertosee if they could host ERIEL Opaque emeralds lend an organic look

undergraduates without steady MARIE to our alluring drop earrings. internet access who planned to One of the company’sproperties, in Honolulu in May. attend Harvardremotely. Set in shining sterling silver,our Thetension ties intoa deeper philosophical debate Brookfield Mall Plan teardrop-shaped pair is ready for about the purpose of endow- ments. Some viewanendow- anything from acasual day in the office ment as apool of money for Runs Into Challenges to an elegant night on the town. schools to taptocarrythe uni- versity community through BY ESTHER FUNG prior capital investmentsand tough times—an approach that redevelopment lessofaprior- canhurt the fund’sreturns for Brookfield Property Part- ity,the firm said. yearstocome.Otherssay an ners’recent movetoslash staff “The number of malls we endowment’svalue should be shows howthe firm’sbig bet will have at some pointinthe preserved, even at the expense on repurposing shopping malls futurewill be fewerthan the of current students, to serve is slamming intochallenges number of mallswehaveto- studentswell intothe future. during the pandemic. day,” said Brian Kingston,chief Morepractically,the use of Thehead of the real-estate executiveofficer of Brookfield endowment dollarsisheavily company’sretail group sent a Property Partners, at an inves- restricted. Thebulk of Har- memo last week informing staff torday presentation Thursday. vard’s endowment canbespent that about 20% or around 300 “That does not mean we are only in accordancewith donors’ employees would be laid off or running out and trying to sell wishes. Harvardhas said that offered early retirement. malls in amarket likewesee four-fifths of funds that make Thecompanyisplanning to today.” up the endowment aretied to sell some assetsmorequickly, ABrookfield representative specific schools. the memo said. It is slowing declined to provide further Endowments at U.S. schools plans to redevelop malls for comment. wrestled with sharp selloffs other uses,and in some cases Thepandemic has fueled acrossmarketsinMarch as the whereweaker properties re- moreretail bankruptcies and pandemic took hold. Therout quireadditional capital, it may impeded rent collection and the wasfollowedbyarally afterin- elect to hand over the malls to ability to lease space. That has tervention by the Federal Re- the lenders, Brookfield has said. made it tougher formall com- servethat helped some endow- While manyinvestorsand panies to keep all their employ- mentsrecoup earlier losses. property ownershavebeen ees on payroll and compelled Harvardrecently reversed a bearish on malls as shoppers them to hold off on redevelop- decision to cut howmuch it look increasingly online,Brook- ment projects. Simon Property drawsfromthe endowment for field had aplan it thought fit Group furloughed staff in university expenses in coming with evolving consumer habits. March,though the mall giant months.Asmarketsrecovered, Afteracquiring mall operator declined to sayhow many. Harvarddecided to tapabout General Growth Properties in a Brookfield’sChief Financial $2 billion forspending needs in 2018 deal valued at $15 billion, Officer BryanDavis said at the $ the coming year. Brookfield planned to wring investor presentation that the 95 TheHarvardManagement morevalue out of the proper- companyinvested $13 billion in Plus Free Shipping Co., as Harvard’sendowment is ties by scaling back or reconfig- equity in its122 retail proper- known, benefited from astrong uring stores and redeveloping ties.Value is concentrated in performancebyits public mar- land nearby forother uses such thetop 25 properties,which Emerald Drop Earrings in Sterling Silver 1 kets investments, said aperson as offices,residences or hotels. have $10 billion in equity,he 1 ⁄8"hanging length. Post/clutch backings. familiar with the matter. But the coronavirus pan- added, including malls in Hono- Liquid investmentswerea demic accelerated plans to trim lulu and in Oak Brook,Ill. Shown larger for detail. part of the portfolio that HMC its122-retail property portfolio In July,Brookfield pulled out Chief ExecutiveN.P.“Narv” to asmaller group of higher of aredevelopment project in Narvekar wasquick to restruc- quality malls,according to the Burlington, Vt., afterworking ture. Shortly afterjoining HMC staff memo.Brookfield’sman- forthree yearsonassembling Ross-Simons Item #559226 from Columbia University’s en- agement said it had to focus on the siteand getting approvals. dowment in 2016,Mr. Narvekar health and safety with en- It said that thelong-term na- To receive this special offer, use offer code: RADIANT8 scaled back internal trading hanced cleaning and upgraded tureofthe next phase of devel- 1.800.556.7376 or visit ross-simons.com/radiant and farmed money out to exter- airfiltersrather than on new opment didn’t fitwith itsfunds nal money managers. construction. That made some mandate. P2JW274000-2-B00600-1------XE

B6 | We dnesday, September 30, 2020 ** THE WALL STREET JOURNAL. THE PROPERTY REPORT Black Female CEOHelpsREIT Excel as Industry Struggles

Hotel company clusion and diversity. Shareofboarddirectors who areBlack Real-estatefirms in recent outperforms as yearshavebeen appointing Utilities pandemic cripples more women to their boards Consumer staples travel business and executiveranks,and fe- male directorsmakeupnearly Consumer discretionary aquarter of boardmembers. BY ESTHER FUNG This places real estatefifth in Communication services the number of women on Industrials Leslie D. Hale made history boards among 11 industries in

as the firstAfrican-American the Russell 3000 companies Materials JOURNAL woman to lead apublic real- tracked by Institutional Share- estate investment trust. To- holder Services’ ESGarm. Financials REET ST

day, alittle morethan two But real-estatefirms lag Real estate LL

yearslater,this industryclub behind moreinterms of racial WA

of female Black chief execu- diversity. Energy THE R

tives still has just one mem- Out of all 726executiveof- FO Health care ber. ficers acrossthe REITs, 1.5%, That hasbeen discouraging or 11 people,are Black,ac- Information technology ARES at timesfor Ms.Hale,the CEO cording to Ferguson Partners SO

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of hotel owner RLJ Lodging in areport this month. JA Trust.She hasn’t been sub- Black directorsmakeup Note:Datafromthe Russell 3000 companies Leslie D. Hale has built relationships overbreakfastorcoffee, jected to overt discrimination, 3.9% of real-estateboards, Source:Institutional Shareholder Services' ESGarm helping her star rise at companies such as GE Capital and Goldman. she said, but she has felt ex- ranking the property sector cluded in wayssome peers eighth outof11industries, thetransition, quitecandidly, Her parentsworked seven Baltimore,who co-founded Some African-American fe- never have.“Alot of deals are aheadofenergy,health care easily,” he said. days aweek running day-care the predecessor of RLJ Lodg- male real-estateexecutives made on the golf course or and information technology, During thetwo yearsMs. centers, she said. Ms.Hale ingwith Robert L. Johnson. saythat they still facemo- over beer,” she said. “I don’t according to ISSESG’s Direc- Hale has served as CEO,her and her siblingshelped out, Mr.Johnson is best known as mentsofawkwardness, in- drink beer or playgolf.” tordatabaseasofmid-Sep- company’sstock performance sweeping and picking up toys. the co-founder of Black Enter- cluding when they arethe The48-year-old has built tember. has been roughly in line with “I liketosay Istarted tainment Television. only Black woman at confer- relationships over breakfast RLJ Lodging is anotable the industryaverage.But RLJ working when Iwas 7, but Sixmonths aftermeeting encesorwhen mistaken for or coffee instead that led to exception: Five of itsnine has trounced itspeersonce only gotpaid afterIgradu- Mr.Baltimore, she joined RLJ. the assistant at business transactions,Ms. Hale said, boardmembersare Black. travel began sputtering from ated college,” she said. “Tom reinforcedthe impor- meetings. helping her star rise at firms “Ifyou believethat I’m a the pandemic. Ms.Hale attended Howard tanceofastrong work ethic. “While most people are such as General Electric Capi- unicorn or we don’t have Sincemid-March, RLJ’san- University,ahistorically Black He led by example.Hedidn’t smart enough to quickly redi- talCorp.and Goldman Sachs enough talent then youwill nualized totalreturns rose collegeinWashington, D.C., ask anyone to do what he rect, there’saburning in your Group Inc. accept the lack of diversity.I 13.3%compared with the 6.7% wouldn’t do himself,” said Ms. heart because someone has Now, she is the only Black don’t believethat,” Ms.Hale decline in the broader FTSE Hale.Mr. Baltimore later left judged youfor the color of CEO of the 10 female CEOs of said during arecent interview. Nareit Equity Lodging/Resorts A focus on suburban RLJ to head another hotel your skin,” said TammyJones, 166 U.S. publicly listed real-es- “There’splenty of talent but index, according to FactSet. REIT,which eventually be- CEO of Basis Investment tate investment trusts, ac- youhavetolook outside your RLJ’sfocus on better-per- markets and more came Park Hotels &Resorts. Group LLC,aprivately held cording to Ferguson Partners, normal channels.” forming suburban markets affordable hotels Because the industryhas commercial real-estateinvest- acorporaterecruitment and This maymean considering andmoreaffordable hotels consisted primarily of private ment manager.“But youhave consulting firm. Only two of candidates who maynot be a hashelped it outshine rivals has helped RLJ. or family-owned firms,there to pressforwardand be pro- the male CEOs areBlack,in- perfect fitbut have the apti- that had higher exposureto hasbeen lessexternalpres- fessional.” cluding Thomas J. Baltimore tude and capability,she said. luxuryproperties in big cities, surefor diversity,some real- Ms.Hale said she is grow- Jr.atPark Hotels &Resorts That approach included RLJ which have fared poorly.RLJ estateexecutives say. ing morecomfortable on the Inc., one of Ms.Hale’smen- taking achanceonher.Ms. has continued to paydivi- and HarvardBusinessSchool. “The frat brother or cousin job,eveninthe current envi- tors. Hale didn’t have awork his- dends, albeit at areduced She handled debt, equity and gets hired moreeasily,” said ronment when thingsaren’t Growing out of protests tory grounded in hospitality, level, which boosted itstotal real-estateinvestmentsduring Kenneth J. Bacon, aBlack ex- good. and conversation about racial buther strong education, fi- return. Other hotel REITshave astint at GE Capital Corp., ecutivewho co-founded real- “Whenyou look past race justiceinthe U.S. this sum- nancebackground and her suspended dividends. and then advised on corporate estatefirm RailField Partners. and gender,you allowdiverse mer,manycompanies aredis- drivehelped her getthe job, Thegranddaughter of a financeand mergers and ac- As companies getbiggerand people to bring their whole cussing disparities in their in- said Mr.Baltimore, who re- Tennessee sharecropper,Ms. quisitions at GoldmanSachs. moregopublic,Mr. Bacon selves to work,” said Ms.Hale. dustries and arepledging to cruited her in 2005 when he Hale grew up in the Compton Amentor in the real-estate said, “it’schanging,but not “That’swhat happened to me change their approach to in- wasatRLJ.“She could make neighborhood of LosAngeles. businessintroduced her to Mr. fast enough.” at RLJ.”

ADVERTISEMENT BusinessReal Estate&Auctions To advertise: email [email protected] or WSJ.com/classifieds

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has kept manypeople working Manhattan from home.Cities that have %@7/A91J4 '?AD ?A @D?)DB/45 93C4 HK=:HJ0 AK9JH95(- 1K96(- 7=KR( 3:(=5&K35H 73HJ0 'J:=1( C/;/?0/5 @4 1++/C +1C 9D/ C/@: /A9@9/8 +3C4?93C/8 +?I93C/A @45 /F3?,7/49 schools’ reopening has made 1+ 2.8EEE8EEEHEE8 @45 ?A A//1C =/99/C 1++/CAH *4G :K96( =5+ :35H=R9350 OFDFK/;(=:P&K35H R(H=E=/J0 !36(J =5+ 73HJ J(LF(JH(K(+ ;(HE((5 HP( ,H7=5H9: =5+ E=H(KE=/0#37& :7F; =+8=:(5H- ;3=H=::(JJ0 M97+ RF7& Empty parentsreluctant to return to ?49/C/A9/5 ,@C9?/A AD13:5 ;149@;9 13C 1++?;/ +1C @4 ?4A,/;9?14 1C 0?/J?4) 1+ 9D/ ,C/7?A/AH "/C?13A &4F3?C?/A $4:GH JHK(=6 :796=H( /(=K K3F5+- 1FK( =9K =5+ E=H(K0!9RP (5+ =K:P9H(:HFK( :35HK37J J95R7( the officeifitmeans leaving &=697/0,77 FH979H9(J0 C3KHP 3& P9JH3K9: >97695RH35- C0*0 B*',C%@BC? &K36 )$"4-$..- children home alone. %?31@#/<@8 "9.@34 (8>A4 #/:/?H/; Q*> 73HJ )2I4-$..- OFDFK/B0%0P36(J &K36 )20G60 ContinuedfrompageB1 While most front-line city J-+ "E@;I/ "K;//K4 !/8K ';//3F?:E #& CJ-,5 which manages 20 million employees have returned to (7 %?31@=%#"%@F*88.:?@K/8A:.6 $7 G)C,D J,0B2,C- #9-- 58%1$581.8:$ *& ",9/-4 (&/,2*629+0&*+!)73,9/-'6*, squarefeet of officeproperty in work,Mr. de Blasio,aDemocrat, the region. hasn’t outlined plans to bring MAINE AUCTIONS NEW YORK Thetech-heavy SanFrancisco back thousandsofthe city’s region is also struggling,with of- white-collar workforce,further L<:'+N<84:' 94+6!<= *@C,"% fice occupancyinthe 15% range. depressing officeturnout. F,%E 5<=)<>!=!4> .=!68 84$$%2*# ("9 Technologycompanies,which NewYorkers’ slowreturn to 0'NN!=$ A8 A= M=6!:'6K 6*0&":'($"84:' *4(6%"# aremoreused to remotework the workplaceisthe latest blow 5<>;A88 JA:?<: -!NNA$' ,1+7 #/ !5<;-5.)-3 than other businesses,havebeen to the nation’sbiggest city, ,=9= ;A?L '%H=%? "+<.-DE 60 26,/1)90*$ 791 J91731D H9IGM among the slowest to return to which has also suffered from @A?=#AJ!A ,<'=!AH %&;' "#%&#'="#%8*>(@&"# the office. Some likeFacebook homeownersfleeing Manhattan 94+6!<=OL:!BD 3+6B *(D *@*@ A6 ,,9H <= 2:'>!8'8 /#8!53+<:.4CF+.7 B00=6?9=00A, Inc. and TwitterInc.havean- forlargerspaces,rises in homi- ""(% )$&# '!"(% )$&# nouncedplans to extend work cides and homelessness, and the from home well intothe future. shutting or partial closingsof Thelow rate in NewYork has Broadway theaters, museums disappointed city officials,who and other popular attractions. PENNSYLVANIA *I06I5"M:6) ,J had been counting on morepeo- Thedearth of employees at >D027D/ ,//&G/ H:GI45CI(& ple returning to work afterLa- their desks could also have long- bor Day. Manyprivateschools term consequences forthe city’s ,D-GI45/ A-G48&0 E. KFB >*1$%= /%'>+&%& *'1%*$% "8)%/-;%8- 53351-+8"-? "8 3%88/?>)*8"* reopened this month and anum- economyand taxbase.The Met- A2&5 @D87I- !5/2&-GI45/+ @66 *'1%/ >5'*-%& "8 -#% 3* A">&/ A"-# ber of NewYork families came ropolitan Transportation Au- 44NE37 !J9&:. B)F E ;*-+1% -";(%1 back afterleaving the city over thority, which relies heavily on 2?57$ :8I5 53$6 B)F 4H1 I=8;'+6!<=O L:!BD 3+6B ,#D *@*@ &:<> ,@9HC,2HB 2$@V!A&; V!XX C* 1;361?- 1;3/-!=*)%51?3)*!3 the summer. commuter revenue,faces a$12 /*-*&!+% ,>:: *'-%+ ,+/%')*'?7*- =!%;+@ ;.$*,8X*, !A %D B!A8:* !A:*=6EX;F 9@A:E.:<8.:!@A**=L; @O.* :@ ;.$*,8X* J4-:GI45/ I5+ ,8:+:7:( !85J9&:( 2A4A::4::: )1 2A40::4::: 5*)?-% +)*3&!3# While NewYork City strug- billion shortfall by the end of EA E??@!A:B*A: :!B* (@= ;$@V!A&F 4=@?*= ,!;:EA.!A&H &=@8? ;!R*H EA, $*EX:$ Q$5JR9:( M9II9II9339( C5JFP )!5(%- =*7?% gled to contain the virus in early 2021 and is considering crippling EA, ;E(*:T ?=*.E8:!@A; V!XX C* (@XX@V*,F ':J5896: -?5DFP ':J5896: .@0 5!7%+ 1$ %8'%77%3) !3)%-3*7 spring,itnow has amuch lower servicecuts. Manhattan’slow of- -1*& +6+)%5 /':>8O < P%@D@@@ ,*?@;!: :@ C!, !A 9<2S @= 9W31QUQW7 0F2F U0M72H per capitarateofnew Covid-19 fice turnout also has contributed ?ETECX* :@ N**AEA <8.:!@A 9@FH QA.FH (@ )AK +N<8!=$FU@= E,,!:!@AEX &%=%71/5%3) /1)%3)!*7 ,$!=% <9$/ ,88 AJ53$JF9$I C:F956/9&$( AP5F5I( '13)!#?1?+ /*-'%7+ 5*9% ?/ infections than in manycities to a$9billion drop in sales tax 1*=B; EA, E4=@?*=:T QA(@=BE:!@A 4E.YE&* 6!;!: N**AEA<8.:!@AF.@B ,D)F956 %$F:98I :6& %D$ %989R$6)$ :F )"% )1)*7 >:: *'-%+ whereahigher percentageofthe and other revenue the city gov- 5EE$7$ 1>#A?"$ -"), 8$#) @= .EXX J-D#I [['G'/DD EA, /9889:7I:D-GI45L)57G,>> 5*#3!$!'%3) =!+)*+ !,,%.% 9=>$'7% =!) =*>8*;: CT E8.:!@A "-DG/#'F 71'*)%& "/-31"'% 2:9=470=666 pancyrate] to be closer to 20% About two million people ?$D"3;EE$7$7>#A?"$)#"& <8.:!@AF "0 *=;#@K? A@#MO=ML '*>> *--518%? *'!%1 ,7.4C 9B42B0.< to 25%, which is what’shappen- worked daily in Manhattan’s ing around the rest of the U.S.,” central officedistrictsbeforethe ARIZONA said MaryAnn Tighe,CBRE’s pandemic,mostly white-collar chief executiveofthe NewYork workersbut also employees of )'(* / NOTABLE COMMERCIAL PROPERTIES region. bars, restaurants, stores and ,#-& *"!!-$%.+ / But anumber of civic and other businesses.Anumber of 29;2=1 37 4, &)8A3,5-"+/(+6> EVERYWEDNESDAY businessleaderssaid NewYork’s once-thriving outletsthat de- '-0. !6-+-)0 '-0. :?@65 (800)366-3975|wsj.com/classifieds relianceonmasstransit—and pend on office workershave %563!?,, $"++6<;*# concerns that the newcoronavi- called it quits. That hashelped ©2020Dow Jones &Company,Inc. %"!2 ',108)9**&$ #8"07- (/8!; All Rights Reserved. ruscould spread through sub- push the city’s unemployment .3646..4+5:6 ways, buses or regional trains— rate during the summer to 20%. P2JW274000-0-B00700-10FF7F3178D

THE WALL STREET JOURNAL. We dnesday, September 30, 2020 | B7 BIGGEST 1,000 STOCKS

Net 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 Stock Sym Close Chg The following explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. Avalonbay AVB 147.52 -2.34 BrookfieldInfr BIP 47.41 -0.36 CheniereEnergy LNG 48.54 -0.79 CyrusOne CONE 71.47 -0.76 EncompassHealth EHC 62.98 -0.08 Fortive FTV 76.21 0.48 HenrySchein HSIC 58.57 -1.08 Market listed securities. Prices are composite dd-Indicates loss in the most recent Avangrid AGR 49.26 -0.09 BrookfieldPropREIT BPYU 11.82 -0.08 CheniereEnerPtrs CQP 34.78 1.26 EnelAmericas ENIA 6.22 -0.22 FortBrandsHome FBHS 85.25 -0.57 Herbalife HLF 46.11 -1.30 quotations that include primary market trades four quarters. Avantor AVTR 22.50 0.20 s BrookfieldRenew BEPC 56.69 1.19 Chevron CVX 71.90 -2.03 D E F EnergyTransfer ET 5.60 0.05 FoxA FOXA 27.77 -0.07 Hershey HSY 141.19 0.78 AveryDennison AVY 124.59 1.58 Brown&Brown BRO 45.17 0.30 Chewy CHWY 54.97 -1.40 s EnphaseEnergy ENPH 80.80 2.66 FoxB FOX 27.82 -0.08 Hess HES 40.69 -0.34 as well as trades reported by Nasdaq BX FD-First day of trading. DISH Network DISH 29.65 -0.23 BCE BCE 41.65 -0.24 Brown-Forman B BF.B 75.23 -0.40 ChinaEastrnAir CEA 21.28 -0.31 Entegris ENTG 73.20 1.80 Franco-Nevada FNV 139.52 0.76 HewlettPackard HPE 9.38 -0.10 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing DTE Energy DTE 114.40 -0.41 BHP Group BHP 51.60 -1.14 Brown-Forman A BF.A 68.73 0.17 ChinaLifeIns LFC 11.27 0.02 Entergy ETR 95.78 -0.90 FranklinRscs BEN 20.04 -0.16 HighwoodsProp HIW 33.58 -0.53 Cboe, NYSE National and Nasdaq ISE. standards DadaNexus DADA 28.56 1.82 BHP Group BBL 42.61 -1.00 Bruker BRKR 39.90 0.41 ChinaMobile CHL 31.83 -0.71 EnterpriseProd EPD 15.93 -0.09 FreeportMcM FCX 15.32 -0.58 Hilton HLT 86.60 -2.46 The list comprises the 1,000 largest lf-Late filing s Danaher DHR 211.01 1.22 BP BP 17.67 -0.51 Bunge BG 45.18 -1.32 ChinaPetrol SNP 40.24 -0.31 Equifax EFX 157.84 -0.27 FreseniusMed FMS 42.43 0.25 Hologic HOLX 66.12 0.35 companies based on market capitalization. q-Temporary exemption from Nasdaq Darden DRI 100.80 0.22 B2Gold BTG 6.64 0.16 BurlingtonStrs BURL 204.75 -2.20 ChinaSoAirlines ZNH 26.73 -0.47 Equinix EQIX 763.46 -1.35 HomeDepot HD 272.11 -0.22 requirements. Datadog DDOG 90.92 -1.33 Underlined quotations are those stocks with Baidu BIDU 122.58 -3.46 CBRE Group CBRE 46.77 -0.57 ChinaTelecom CHA 30.16 -0.11 Equinor EQNR 13.95 -0.51 G H I HondaMotor HMC 23.38 -0.28 t-NYSE bankruptcy DaVita DVA 84.14 -0.36 large changes in volume compared with the BakerHughes BKR 13.13 -0.34 CDW CDW 118.11 1.61 ChinaUnicom CHU 6.56 -0.09 Equitable EQH 18.34 -0.27 Honeywell HON 164.51 -0.13 v-Trading halted on primary market. DeckersOutdoor DECK 217.91 -1.36 GCI LibertyA GLIBA 82.01 -0.20 issue’s average trading volume. Ball BLL 82.36 0.12 CF Industries CF 29.86 -1.09 Chipotle CMG 1261.61 -1.74 EquityLife ELS 61.65 -1.80 HorizonTherap HZNP 78.16 -1.51 vj-In bankruptcy or receivership or Deere DE 220.18 -0.96 GDS Holdings GDS 80.16 -0.33 BancoBilbaoViz BBVA 2.70 -0.06 CGI GIB 67.00 -0.56 Chubb CB 114.34 -2.63 EquityResdntl EQR 51.09 -1.45 HormelFoods HRL 48.51 -0.45 Boldfaced quotations highlight those issues being reorganized under the DellTechC DELL 68.40 1.09 GFLEnvironmental GFL 21.04 0.41 BancoBradesco BBDO 3.11 -0.15 CH Robinson CHRW 103.70 0.45 ChunghwaTel CHT 36.94 0.17 ErieIndemnity A ERIE 210.07 1.58 DR Horton DHI 74.02 -0.47 whose price changed by 5% or more if their Bankruptcy Code, or securities DeltaAir DAL 30.61 -0.73 GSXTechedu GSX 93.98 -3.78 BancodeChile BCH 14.91 -0.22 CME Group CME 166.12 -2.81 Church&Dwight CHD 92.85 -0.61 EssentialUtil WTRG 39.78 -0.15 HostHotels HST 10.73 -0.20 previous closing price was $2 or higher. assumed by such companies. DentsplySirona XRAY 42.75 -0.56 Galapagos GLPG 141.75 -0.05 BancSanBrasil BSBR 4.77 -0.15 CMS Energy CMS 61.11 -0.29 ChurchillDowns CHDN 165.96 -8.29 EssexProp ESS 199.60 -5.84 HowmetAerospace HWM 17.30 0.11 DeutscheBank DB 8.27 -0.16 Gallagher AJG 104.77 -0.19 BcoSantChile BSAC 13.47 -0.17 CNA Fin CNA 29.83 -0.64 Ciena CIEN 39.99 0.21 EsteeLauder EL 214.78 -0.97 HuanengPower HNP 15.01 -0.36 DexCom DXCM 402.18 1.99 Gaming&Leisure GLPI 36.90 -1.12 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and BancoSantander SAN 1.84 -0.07 CNH Indl CNHI 7.85 0.08 Cigna CI 164.31 0.02 Etsy ETSY 123.23 -0.46 Huazhu HTHT 43.52 -0.74 Diageo DEO 136.10 -1.45 Gap GPS 16.71 -0.49 changes in the closing prices from 4 p.m. the previous day. BanColombia CIB 25.04 -0.66 CNOOC CEO 95.82 -1.33 CincinnatiFin CINF 77.89 -1.13 Hubbell HUBB 136.79 -0.17 DigitalRealty DLR 147.52 1.58 EverestRe RE 199.78 -1.82 Garmin GRMN 95.01 -0.37 BankofAmerica BAC 23.77 -0.32 CRH CRH 36.46 -0.40 Cintas CTAS 330.28 -5.72 HubSpot HUBS 299.59 -2.27 DiscoverFinSvcs DFS 55.64 -0.82 Evergy EVRG 50.15 -0.19 Gartner IT 125.23 -1.30 CiscoSystems CSCO 39.06 -0.07 Humana HUM 401.50 2.13 Tuesday, September 29, 2020 Net Net BankofMontreal BMO 58.38 -1.13 CRISPR Therap CRSP 84.99 1.30 DiscoveryA DISCA 21.75 -0.20 EversourceEner ES 83.01 0.36 Generac GNRC 188.14 -2.04 Citigroup C 42.42 -0.92 JBHunt JBHT 128.63 -1.92 Net Stock Sym Close Chg Stock Sym Close Chg BankNY Mellon BK 33.87 -0.42 CSX CSX 77.60 -1.73 DiscoveryC DISCK 19.47 -0.26 ExactSciences EXAS 102.01 2.31 GeneralDynamics GD 138.55 -2.37 CitizensFin CFG 24.78 -0.56 HuntingtonBcshs HBAN 9.05 -0.07 Stock Sym Close Chg BkNovaScotia BNS 41.39 -0.44 CVS Health CVS 57.54 -0.40 Disney DIS 125.40 -0.59 Exelixis EXEL 24.50 0.77 GeneralElec GE 6.12 -0.08 AlignTech ALGN 320.17 -2.69 Amgen AMGN 248.30 1.27 CitrixSystems CTXS 136.95 -1.37 HuntingIngalls HII 141.21 -1.92 Barclays BCS 4.96 -0.03 CableOne CABO 1805.00 42.32 DocuSign DOCU 212.93 -0.31 Exelon EXC 35.32 -0.42 GeneralMills GIS 59.86 -0.04 Alleghany Y 520.28 2.42 Amphenol APH 108.63 0.45 Clarivate CCC 29.54 -0.16 IAA IAA 51.81 0.06 A B C BarrickGold GOLD 28.28 0.52 CabotOil COG 17.64 -0.43 DolbyLab DLB 66.07 0.08 Expedia EXPE 91.78 -2.51 GeneralMotors GM 28.74 -0.70 Allegion ALLE 99.17 -0.04 AnalogDevices ADI 116.65 -0.41 Clorox CLX 210.41 -1.56 ICICI Bank IBN 9.85 0.03 BaxterIntl BAX 79.09 -0.45 CadenceDesign CDNS 105.78 0.53 s DollarGeneral DG 209.64 -0.16 ExpeditorsIntl EXPD 91.63 0.26 Genmab GMAB 37.33 0.38 AlliantEnergy LNT 51.08 -0.41 Anaplan PLAN 61.74 -1.06 Cloudflare NET 40.67 -0.21 IdexxLab IDXX 385.06 -1.31 ABB ABB 25.61 0.22 BectonDicknsn BDX 225.43 0.43 CaesarsEntCZR 54.49 -3.72 DollarTree DLTR 89.87 -1.07 ExtraSpaceSt EXR 107.24 -0.88 Genpact G 38.68 -0.30 Allstate ALL 93.44 0.22 AngloGoldAsh AU 26.46 0.64 Coca-Cola KO 48.92 -0.36 IHS Markit INFO 77.42 -2.64 AcadiaPharm ACAD 40.41 0.18 s BeiGene BGNE 281.46 0.81 CamdenProperty CPT 89.42 -0.72 DominionEner D 77.88 0.65 ExxonMobil XOM 34.28 -1.03 Gentex GNTX 25.62 -0.09 AllyFinancial ALLY 24.45 -0.49 AB InBev BUD 54.28 -0.10 Coca-Cola Euro CCEP 38.79 -0.97 ING Groep ING 7.07 -0.05 ADT ADT 8.36 -0.06 Berkley WRB 60.97 -0.65 CampbellSoup CPB 48.02 0.04 s Domino's DPZ 423.46 1.92 F5Networks FFIV 124.01 0.64 GenuineParts GPC 94.74 -1.00 AlnylamPharm ALNY 145.01 5.20 AnnalyCap NLY 7.12 -0.10 Cognex CGNX 64.96 1.49 IPG Photonics IPGP 168.26 1.04 AECOM ACM 41.37 0.46 BerkHathwy B BRK.B 210.44 -3.10 CIBC CM 74.55 -1.09 Donaldson DCI 46.38 -0.30 FMC FMC 105.31 -0.57 Gerdau GGB 3.52 -0.10 Alphabet A GOOGL 1466.02 7.36 Anthem ANTM 259.79 2.73 CognizantTech CTSH 69.00 -0.32 IQVIA IQV 154.78 -0.53 AES AES 18.00 0.13 BerkHathwy A BRK.A 315891-4170.00 CanNtlRlwy CNI 106.36 -0.22 Dover DOV 108.24 -0.54 Facebook FB 261.79 4.97 GileadSciences GILD 62.10 -0.75 Alphabet C GOOG 1469.33 4.81 Aon AON 205.09 1.66 ColgatePalm CL 76.22 -0.39 IcahnEnterprises IEP 49.20 0.25 Aflac AFL 36.02 -0.31 BerryGlobal BERY 47.67 -0.65 CanNaturalRes CNQ 16.05 -0.67 Dow DOW 46.57 -0.91 FactSet FDS 333.96 0.67 GSK GSK 37.43 -0.43 Alteryx AYX 113.80 0.11 ApolloGlbMgmt APO 45.35 -0.95 ColumbiaSportswr COLM 86.48 -2.71 Icon ICLR 188.71 2.67 AGNC Invt AGNC 13.92 -0.23 BestBuy BBY 110.08 1.64 CanPacRlwy CP 303.80 2.10 DrReddy'sLab RDY 68.65 -0.36 FairIsaac FICO 427.21 -0.31 GlobalPayments GPN 177.50 -1.06 AlticeUSA ATUS 26.30 -0.24 Apple AAPL 114.09 -0.87 Comcast A CMCSA 46.20 -0.56 IDEX IEX 181.75 0.43 Ansys ANSS 319.51 0.71 s BeyondMeat BYND 165.66 14.36 Canon CAJ 16.57 -0.46 s DraftKings DKNG 55.74 -1.15 Farfetch FTCH 25.33 0.08 Globant GLOB 178.77 -2.25 Altria MO 38.36 -0.59 ApplMaterials AMAT 59.65 0.29 CommerceBcshrs CBSH 55.17 -0.44 IllinoisToolWks ITW 193.47 -1.07 ASETech ASX 4.02 -0.14 AlumofChina ACH Aptargroup ATR Bilibili BILI 40.66 -1.15 CapitalOne COF 70.45 -0.88 SABESP SBS 8.26 -0.01 Dropbox DBX 19.13 -0.15 Fastenal FAST 45.33 -0.44 GlobeLife GL 79.01 -0.84 5.16 0.01 112.62 0.26 Illumina ILMN 305.50 0.04 ASML ASML 374.00 2.94 Amazon.com AMZN 3144.88-29.17 Aptiv APTV 91.92 1.89 Bill.com BILL 101.64 4.10 CardinalHealth CAH 46.89 -0.66 ConagraBrands CAG 35.48 0.02 DukeEnergy DUK 82.41 -0.46 Fastly FSLY 93.38 2.58 GoDaddy GDDY 76.14 1.21 Immunomedics IMMU 85.25 -0.27 AT&T T 28.30 -0.08 Ambev ABEV 2.19 -0.04 Aramark ARMK 26.42 -0.72 Bio-Techne TECH 246.76 3.02 Carlisle CSL 119.98 -1.24 ConchoRscs CXO 44.40 -0.54 DukeRealty DRE 36.96 0.03 FederalRealty FRT 72.99 -1.95 GoldFields GFI 12.49 0.60 ImperialOil IMO 12.05 -0.43 AbbottLabs ABT 105.19 0.75 Amcor AMCR 10.85 -0.06 ArcelorMittal MT 13.34 -0.03 Bio-RadLab A BIO 515.10 1.18 Carlyle CG 24.61 -0.13 ConocoPhillips COP 32.46 -1.25 Dun&Bradstreet DNB 25.24 -0.02 FedEx FDX 253.50 -0.94 GoldmanSachs GS 196.79 -2.28 Incyte INCY 87.43 -2.93 AbbVie ABBV 86.89 -0.39 Amdocs DOX 57.45 -0.36 ArchCapital ACGL 28.87 -0.39 Biogen BIIB 282.35 0.31 CarMax KMX 93.08 -1.97 ConEd ED 76.98 0.66 Dunkin' DNKN 80.86 -0.49 Ferrari RACE 182.35 -0.93 s Graco GGG 61.35 0.19 Infosys INFY 13.56 -0.07 Abiomed ABMD 272.46 -1.09 Amedisys AMED 232.04 -0.87 ArcherDaniels ADM 45.98 -0.52 BioMarinPharm BMRN 76.00 -1.99 Carnival CCL 15.07 -0.24 ConstBrands A STZ 187.52 2.07 DuPont DD 55.19 -1.36 FiatChrysler FCAU 12.16 -0.21 Grainger GWW 352.08 -1.59 IngersollRand IR 35.87 -0.18 s AcceleronPharma XLRN 113.11 4.12 Amerco UHAL 351.98 -5.00 AresMgmt ARES 40.20 -0.31 BioNTech BNTX 66.86 0.36 Carnival CUK 12.70 -0.09 ConstBrands B STZ.B 188.50 2.27 Dynatrace DT 41.22 0.40 FidNatlFin FNF 30.99 -0.60 Grifols GRFS 16.81 -0.09 Inphi IPHI 112.96 1.37 Accenture ACN 224.08 1.30 Ameren AEE 79.02 0.60 arGEN-X ARGX 260.20 4.83 s BlackKnight BKI 86.96 1.16 CarrierGlobal CARR 30.50 -0.24 Cooper COO 333.59 -0.53 ENI E 15.56 -0.36 FidNatlInfo FIS 148.80 0.87 Grubhub GRUB 73.14 0.84 s Insulet PODD 231.97 4.59 ActivisionBliz ATVI 80.78 -1.17 AmericaMovil A AMOV 12.14 0.10 AristaNetworks ANET 210.46 5.41 BlackRock BLK 554.80 -3.85 Carvana CVNA 226.03 8.01 Copart CPRT 105.74 -0.42 EOG Rscs EOG 36.19 -1.25 FifthThirdBncp FITB 20.99 -0.35 GpoAvalAcc AVAL 4.61 -0.03 Intel INTC 51.19 -0.24 s AdaptiveBiotech ADPT 48.04 -0.33 AmericaMovil AMX 12.28 0.02 ArrowElec ARW 78.54 -1.06 Blackstone BX 52.71 0.05 CaseysGenStores CASY 177.31 1.49 Corning GLW 31.97 -0.06 EPAM Systems EPAM 325.56 -3.40 FirstAmerFin FAF 50.71 -0.46 s GuardantHealth GH 111.24 2.25 InteractiveBrkrs IBKR 48.10 -0.27 Adobe ADBE 489.33 0.82 AmerAirlines AAL 12.25 -0.51 AscendisPharma ASND 152.26 0.32 Boeing BA 163.60 -2.48 Catalent CTLT 85.19 1.08 Corteva CTVA 28.59 -0.38 E*TRADE ETFC 48.93 -1.17 FirstRepBank FRC 107.67 -0.50 Guidewire GWRE 105.53 -0.59 ICE ICE 99.17 -2.06 AdvanceAuto AAP 151.71 -1.68 AEP AEP 80.97 0.32 AspenTech AZPN 127.21 -1.06 BookingHldgs BKNG 1672.98-27.42 Caterpillar CAT 147.41 -0.27 CoStar CSGP 856.85 -0.28 EastmanChem EMN 77.15 -1.36 FirstSolar FSLR 65.76 0.39 HCA Healthcare HCA 120.18 -1.18 InterContinentl IHG 52.57 -0.64 AdvMicroDevices AMD 81.77 2.29 AmerExpress AXP 97.75 -1.07 Assurant AIZ 120.59 0.49 BoozAllen BAH 84.24 -0.71 Celanese CE 106.88 -1.72 Costco COST 352.14 2.52 Eaton ETN 101.18 -1.16 FirstEnergy FE 28.60 0.15 HDFC Bank HDB 48.96 0.42 IBM IBM 120.94 -0.79 AgilentTechs A 100.22 0.71 AmericanFin AFG 66.15 -0.61 AstraZeneca AZN 55.11 0.36 BorgWarner BWA 38.03 0.02 Centene CNC 55.86 0.34 CoupaSoftware COUP 274.41 -2.25 eBay EBAY 52.65 -1.39 FirstService FSV 131.43 0.84 HD Supply HDS 40.45 -0.42 AgnicoEagle AEM 79.80 1.52 AmHomes4Rent AMH 28.40 -0.28 Athene ATH 34.00 -0.87 BostonBeer SAM 880.42-19.49 CenterPointEner CNP 19.00 -0.02 Credicorp BAP 123.25 -0.28 Ecolab ECL 197.45 -0.82 Fiserv FISV 103.59 -0.48 HP HPQ 18.92 0.06 IntlFlavors IFF 121.50 0.10 AirProducts APD 293.86 1.19 AIG AIG 27.29 -0.34 Atlassian TEAM 182.35 1.35 BostonProps BXP 80.28 -1.47 CentraisElBras EBR 5.43 -0.09 CreditSuisse CS 9.83 -0.07 Ecopetrol EC 9.79 -0.36 FiveBelow FIVE 124.66 -3.67 HSBC HSBC 19.40 -0.56 IntlPaper IP 40.28 -0.89 AkamaiTech AKAM 111.21 0.24 AmerTowerREIT AMT 240.12 0.12 AtmosEnergy ATO 95.10 0.06 BostonSci BSX 37.76 -0.24 CeridianHCM CDAY 82.45 0.24 Cree CREE 62.71 0.25 EdisonInt EIX 51.02 -0.23 Five9 FIVN 128.74 1.92 Halliburton HAL 12.07 -0.69 Interpublic IPG 16.62 -0.43 Albemarle ALB 86.86 2.02 AmerWaterWorks AWK 143.70 -0.85 Autodesk ADSK 232.92 0.77 BrightHorizons BFAM 149.75 1.22 Cerner CERN 71.19 -0.41 CrowdStrike CRWD 136.35 -1.08 EdwardsLife EW 78.31 0.60 FleetCorTech FLT 240.75 -0.96 HartfordFinl HIG 36.53 -0.35 Intuit INTU 323.64 -1.91 Albertsons ACI 13.75 0.14 AmericanWell AMWL 28.10 -0.21 Autohome ATHM 90.70 -0.12 BristolMyers BMY 59.90 0.19 CharlesRiverLabs CRL 222.93 -0.49 CrownCastle CCI 164.18 0.59 ElancoAnimal ELAN 26.76 -0.30 Floor&Decor FND 73.39 -0.39 Hasbro HAS 81.24 2.99 IntuitiveSurgical ISRG 692.93 -0.23 Alcon ALC 56.89 0.09 AmericoldRealty COLD 35.51 -0.38 Autoliv ALV 72.87 0.81 BritishAmTob BTI 35.64 -0.80 CharterComms CHTR 626.50 -1.73 CrownHoldings CCK 76.36 ... Elastic ESTC 108.47 -0.29 FomentoEconMex FMX 55.23 -0.47 HealthcareAmer HTA 25.91 -0.10 Invitae NVTA 44.29 0.39 AlexandriaRlEst ARE 159.93 -0.36 Ameriprise AMP 150.38 -1.10 ADP ADP 137.54 0.23 Broadcom AVGO 364.26 -3.04 CheckPoint CHKP 120.73 -0.87 CubeSmart CUBE 32.32 -0.23 ElectronicArts EA 130.02 -2.26 FordMotor F 6.60 -0.09 HealthpeakProp PEAK 27.05 -0.28 InvitatHomes INVH 28.00 -0.54 AlexionPharm ALXN 112.46 -0.84 AmerisourceBrgn ABC 96.16 -1.42 AutoZone AZO 1154.92 -0.64 BroadridgeFinl BR 131.72 -0.28 Chegg CHGG 71.69 0.90 Cummins CMI 212.90 0.11 EmersonElec EMR 65.16 -0.36 Fortinet FTNT 117.10 -0.21 Heico HEI 104.44 -1.00 IonisPharma IONS 48.48 -0.55 Alibaba BABA 276.93 0.92 Ametek AME 99.89 0.40 Avalara AVLR 131.43 -1.02 BrookfieldMgt BAM 32.91 -0.55 Chemed CHE 477.67 -2.69 CureVac CVAC 45.68 -0.08 Enbridge ENB 29.55 -0.53 Fortis FTS 40.83 0.07 Heico A HEI.A 88.70 -1.02 Continued on Page B8

Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret IntlCoreEq 12.59 +0.21 -7.9 FF2025 14.42 +0.11 3.3 Franklin A1 StkIdx 38.40 +0.61 5.1 TSM Sel r 58.68 +0.98 4.9 TotStAdml 82.68 +1.38 5.2 WellsI 27.46 -0.05 2.7 NOTICE TO READERS IntSmCo 17.45 +0.30 -7.4 FF2030 17.82 +0.17 2.9 CA TF A1 p 7.71 ... 2.5 Old Westbury Fds TIAA/CREF Funds TxMCapAdml174.01 +2.19 6.2 Welltn 43.35 +0.40 1.8 IntSmVa 16.29 +0.34-15.6 Freedom2020 K 16.26 +0.12 3.5 IncomeA1 p 2.08 +0.02 -8.5 LrgCpStr 15.38 +0.20 2.1 EqIdxInst 24.52 +0.41 5.1 TxMIn r 13.19 +0.21 -5.3 WndsrII 34.96 +0.56 -3.2 Mutual-fund statistics were delayeddue to aproduction issue at the LgCo 25.79 +0.40 5.1 Freedom2025 K 14.40 +0.11 3.3 FrankTemp/Frank Adv Parnassus Fds VANGUARD ADMIRAL USGroAdml 152.72 +2.51 37.1 VANGUARD INDEX FDS source.Prices displayedinthis table reflect Monday’sclosing values. TAUSCoreEq2 19.62 +0.36 -1.8 Freedom2030 K 17.80 +0.16 3.0 IncomeAdv 2.07 +0.02 -8.1 ParnEqFd 50.98 +0.75 8.8 500Adml 309.20 +3.62 5.2 ValAdml 40.73 +0.60-10.8 IdxIntl 16.76 +0.23 -4.9 Up-to-date mutual-fund data canbefound online at WSJMarkets.com. US CoreEq1 25.62 +0.46 -0.2 Freedom2035 K 14.93 +0.17 2.1 FrankTemp/Franklin A PGIM Funds Cl Z BalAdml 41.14 +0.41 6.7 WdsrllAdml 62.03 +1.00 -3.2 SmValAdml 47.75 +1.15-17.7 US CoreEq2 23.03 +0.43 -1.9 Freedom2040 K 10.43 +0.13 1.7 Growth A p 129.57 +2.00 15.4 TotalReturnBond 14.86 ... 5.1 CAITAdml 12.29 ... 3.0 WellsIAdml 66.51 -0.15 2.8 TotBd2 11.55 ... 6.3 US Small 30.13 +0.75-13.4 Fidelity Invest RisDv A p 71.89 +1.00 3.8 PIMCO Fds Instl CapOpAdml r164.87 +2.88 4.5 WelltnAdml 74.85 +0.68 1.8 TotIntlInstIdx r112.12 +1.55 -4.8 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. US SmCpVal 26.56 +0.79-22.5 Balanc 26.71 +0.30 9.5 FrankTemp/Franklin C AllAsset 11.23 +0.10 -3.2 DivAppIdxAdm 34.79 +0.30 4.3 WndsrAdml 62.75 +1.11-12.3 TotItlInstPlId r112.14 +1.54 -4.8 USLgVa 32.02 +0.60-16.1 BluCh 142.62 +2.60 38.0 Income C t 2.12 +0.02 -8.3 InvGrdCrBd 11.08 +0.01 3.6 EMAdmr 35.43 +0.27 -2.6 VANGUARD FDS TotSt 82.66 +1.38 5.1 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese Dodge & Cox Contra 16.55 +0.22 21.5 Guggenheim Funds Tru TotRt 10.94 ... 7.4 EqIncAdml 70.64 +0.45 -9.0 DivdGro 31.04 +0.43 2.5 VANGUARD INSTL FDS and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Balanced 93.01 +1.23 -5.5 ContraK 16.58 +0.22 21.6 TotRtnBdFdClInst 29.76 +0.04 11.4 PIMCO Funds A ExplrAdml 100.56 +1.86 3.4 INSTTRF2020 25.04 +0.20 3.9 BalInst 41.15 +0.42 6.7 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r Income 14.67 +0.02 6.9 CpInc r 9.94 +0.05 -0.5 Harbor Funds IncomeFd 11.70 +0.01 0.1 ExtndAdml 98.21 +1.75 3.6 INSTTRF2025 25.60 +0.23 3.5 DevMktsIndInst 13.21 +0.21 -5.3 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not Intl Stk 35.98 +0.72-17.5 DivIntl 43.12 +0.46 6.5 CapApInst 102.68 +1.45 35.6 PIMCO Funds I2 GNMAAdml 10.74 ... 3.1 INSTTRF2030 25.90 +0.27 3.1 DevMktsInxInst 20.65 +0.33 -5.3 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; Stock 167.03 +3.31-11.1 GroCo 30.80 +0.47 44.2 Harding Loevner Income 11.70 +0.01 0.3 GrwthAdml 116.64 +1.96 25.1 INSTTRF2035 26.19 +0.30 2.7 ExtndInst 98.20 +1.74 3.6 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. DoubleLine Funds GrowCoK 30.86 +0.47 44.3 IntlEq 24.73 +0.41 3.9 PIMCO Funds Instl HlthCareAdml r 91.00 +0.74 6.6 INSTTRF2040 26.46 +0.34 2.2 GrwthInst 116.65 +1.96 25.1 CoreFxdIncmI 11.26 ... 3.3 InvGrBd 12.25 ... 7.5 Invesco Funds Y IncomeFd 11.70 +0.01 0.4 HYCorAdml r 5.76 +0.01 -0.5 INSTTRF2045 26.66 +0.37 1.8 InPrSeIn 11.52 +0.03 9.3 TotRetBdI 10.77 ... 3.1 LowP r 43.08 +0.81 -7.6 DevMktY 44.77 +0.34 -1.8 Price Funds InfProAd 28.27 +0.07 9.3 INSTTRF2050 26.71 +0.37 1.9 InstIdx 298.85 +3.50 5.2 Monday, September 28, 2020 Edgewood Growth Instituti Magin 12.06 +0.16 18.2 JPMorgan I Class BlChip 153.34 +2.48 23.3 IntlGrAdml 133.05 +2.30 29.4 INSTTRF2055 26.82 +0.37 1.9 InstPlus 298.86 +3.49 5.2 Net YTD Net YTD Net YTD EdgewoodGrInst 48.28 +0.75 25.3 NASDAQ r 140.34 +2.58 24.6 CoreBond 12.42 -0.03 6.6 DivGro 53.63 +0.63 1.5 ITBondAdml 12.65 ... 8.6 IntlVal 33.18 +0.46-11.6 InstTStPlus 70.73 +1.18 5.1 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fidelity OTC 15.41 +0.26 28.4 EqInc 17.54 +0.22 -8.6 EqInc 26.44 +0.27-15.9 ITIGradeAdml 10.61 +0.01 7.9 LifeCon 21.71 +0.05 4.6 MidCpInst 48.16 +0.88 0.1 American Century Inv N PerA p 53.55 +0.82 13.3 StratIncOpptyIns 10.05 +0.01 2.4 500IdxInstPrem116.65 +1.85 5.2 Puritn 25.17 +0.27 11.4 JPMorgan R Class EqIndex 88.96 +1.05 5.1 LTGradeAdml 11.93 -0.02 11.8 LifeGro 36.76 +0.46 2.5 MidCpIstPl 237.50 +4.31 0.1 Ultra 68.58 +1.16 31.5 NEcoA p 52.06 +0.67 13.9 Bridge Builder Trust Contrafund K6 17.43 +0.23 20.5 SrsEmrgMkt 20.68 +0.14 0.2 CoreBond 12.44 -0.02 6.7 Growth 88.97 +1.48 21.3 MidCpAdml 218.00 +3.96 0.1 LifeMod 29.66 +0.28 3.6 SmCapInst 73.79 +1.55 -6.1 American Funds Cl A NwWrldA 73.39 +0.67 4.0 CoreBond 10.98 ... 6.9 ExtMktIdxInstPre 66.07 +1.37 3.6 SrsGlobal 12.50 +0.16 -5.1 Lord Abbett A HelSci 91.57 +0.68 12.5 MuHYAdml 11.74 +0.01 1.9 PrmcpCor 27.03 +0.49 -3.2 STIGradeInst 10.98 ... 3.8 AmcpA p 35.54 +0.50 7.7 SmCpA p 65.73 +0.86 11.7 CorePlusBond 10.67 +0.01 6.6 FidSerToMarket 11.39 +0.19 4.9 SrsGroCoRetail 25.90 +0.39 45.9 ShtDurIncmA p 4.17 ... 0.8 LgCapGow I 53.88 +0.90 22.3 MuIntAdml 14.72 ... 3.2 STAR 29.24 +0.29 7.6 STIPSIxins 25.60 +0.05 3.6 AMutlA p 41.37 +0.48 -3.4 TxExA p 13.46 ... 2.4 Intl Eq 11.59 +0.15 -3.3 IntlIdxInstPrem 40.28 +0.61 -6.2 SrsIntlGrw 18.77 +0.25 7.1 Lord Abbett F MidCap 101.04 +1.84 6.0 MuLTAdml 12.10 ... 3.4 TgtRe2015 15.83 +0.09 4.3 TotBdInst 11.63 -0.01 6.7 ShtDurIncm 4.17 +0.01 0.9 BalA p 28.86 +0.25 3.0 WshA p 45.84 +0.60 -3.4 LargeCapGrowth 18.92 +0.28 19.5 MidCpInxInstPrem 22.95 +0.43 -2.3 SrsIntlVal 8.68 +0.16-12.3 NHoriz 79.94 +0.97 34.6 MuLtdAdml 11.23 ... 2.4 TgtRe2020 33.77 +0.27 3.8 TotBdInst2 11.55 ... 6.4 SAIUSLgCpIndxFd 17.95 +0.29 5.1 TotalBond 11.49 +0.01 6.9 Metropolitan West R2020 22.78 +0.20 3.1 MuShtAdml 15.95 ... 1.5 TgtRe2025 20.54 +0.19 3.5 TotBdInstPl 11.63 -0.01 6.7 BondA p 14.08 +0.01 8.9 Baird Funds LargeCapValue 12.61 +0.22 -7.0 SeriesBondFd 10.89 ... 6.7 Fidelity SAI TotRetBd 11.62 ... 7.3 R2025 18.35 +0.19 3.2 PrmcpAdml r147.72 +2.58 2.5 TgtRe2030 37.59 +0.40 3.1 TotIntBdIdxInst 34.92 -0.01 3.4 CapIBA p 58.18 +0.58 -5.6 AggBdInst 11.84 ... 7.1 ClearBridge SeriesOverseas 11.19 +0.16 3.8 TotalBd 10.97 ... 6.2 TotRetBdI 11.62 ... 7.5 R2030 26.69 +0.31 3.1 RealEstatAdml112.42 +2.33-12.4 TgtRe2035 23.13 +0.27 2.7 TotStInst 82.69 +1.37 5.2 LargeCapGrowthI 65.35 +1.08 19.7 CapWGrA 51.88 +0.62 0.6 CorBdInst 12.15 ... 6.7 SmCpIdxInstPrem 19.20 +0.45 -8.5 Fidelity Selects TRBdPlan 10.93 ... 7.5 R2035 19.60 +0.26 3.0 SmCapAdml 73.79 +1.55 -6.1 TgtRe2040 40.01 +0.51 2.2 ValueInst 40.73 +0.60-10.8 EupacA p 57.77 +0.66 3.8 BlackRock Funds Columbia Class I TMktIdxInstPrem 94.74 +1.58 4.9 Softwr r 24.78 +0.34 28.9 MFS Funds Class I R2040 27.86 +0.39 3.0 SmGthAdml 75.39 +1.34 8.3 TgtRe2045 25.18 +0.35 1.9 WCM Focus Funds FdInvA p 61.04 +0.83 0.7 HiYBlk 7.40 +0.03 -1.7 DivIncom I 23.33 +0.33 -3.0 USBdIdxInstPrem 12.56 ... 6.9 Tech r 26.72 +0.49 39.8 Growth I 153.92 +2.21 21.0 PRIMECAP Odyssey Fds STBondAdml 10.88 ... 4.1 TgtRe2050 40.54 +0.57 1.9 WCMFocIntlGrwIns 21.32 +0.24 12.7 GwthA p 60.38 +0.88 18.1 HiYldBd Inst 7.39 +0.03 -1.8 Dimensional Fds Fidelity Advisor I First Eagle Funds ValueI 40.53 +0.69 -7.9 AggGrowth r 47.64 +0.78 6.1 STIGradeAdml 10.98 ... 3.8 TgtRet2055 44.01 +0.62 1.9 Western Asset HI TrA p 9.59 +0.04 -1.5 BlackRock Funds A 5GlbFxdInc 10.88 ... 1.4 NwInsghtI 36.94 +0.48 13.0 GlbA 56.64 +0.74 -2.3 MFS Funds Instl Schwab Funds TotBdAdml 11.63 -0.01 6.7 TgtRetInc 14.54 +0.03 4.6 CoreBondI 13.68 +0.01 6.6 ICAA p 39.98 +0.53 2.7 GlblAlloc p 20.05 +0.22 4.4 EmgMktVa 24.12 +0.29-15.5 Fidelity Freedom FPA Funds IntlEq 27.25 +0.49 -2.2 1000 Inv r 75.25 +1.23 5.8 TotIntBdIdxAdm 23.27 -0.01 3.4 TotIntBdIxInv 11.64 ... 3.4 CorePlusBdI 12.42 +0.01 5.5 IncoA p 21.91 +0.21 -3.4 BlackRock Funds Inst EmMktCorEq 20.05 +0.18 -7.0 FF2020 16.27 +0.11 3.5 FPACres 31.15 +0.44 -5.1 Northern Funds S&P Sel 51.96 +0.83 5.2 TotIntlAdmIdx r 28.04 +0.39 -4.8 USGro 58.92 +0.97 37.0 CorePlusBdIS 12.41 ... 5.5

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The Real Estate Investment Trust’sspecial advertising section takes adeep diveintothe REITindustrywith afocus on best investment bets for next year.

This section empowers investors and commercial real estate executives with information on REITcontribution to investment markets and the economy.

Publish: November18Close: October14 Section: Mansion .$*. CE),HAEF CE,% 1"6.W 1"*,W 1"*. G@FBEF CE,% *CE,%-T#+ V#TXVABW EV G#FAEC)EF)AV#)H,I#W EV Foradvertising opportunities, please contact: Lauren Swan E!!#C#% +TAV ,D@*HTBV#% E!!#C#% +TAV ,D@*HTBV#% at [email protected] •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©2020 Dow Jones &Company,Inc. All Rights Reserved. M6HH6 'F,,"B(06- ) '26B50"-- ,2(50FHA )>0(26"- *"B-6H&' ,,;#'

B8 | We dnesday, September 30, 2020 NY THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Continued From Page B7 Net Net Net Net Net Net Net Net Net Net Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg s Lennar B LEN.B 62.94 -0.69 McDonalds MCD 218.68 -1.58 Newmont NEM 62.77 0.64 PackagingCpAm PKG 108.75 -2.40 RPM RPM 82.31 -0.18 SealedAir SEE 37.83 -0.06 TruistFinl TFC 37.01 -0.44 WEX WEX 141.24 -2.54 iQIYI IQ 22.80 0.22 LennoxIntl LII 272.65 0.85 McKesson MCK 146.56 -3.53 NewsCorp A NWSA 13.89 -0.45 PagSeguroDig PAGS 37.54 -0.19 RaymondJames RJF 72.30 -0.39 s SeattleGenetics SGEN 190.96 0.45 T U V Twilio TWLO 248.80 4.28 W.P.Carey WPC 65.13 -0.43 LiAuto LI 17.03 0.95 MedicalProp MPW 17.59 -0.01 NewsCorp B NWS 13.77 -0.51 PaloAltoNtwks PANW 246.49 0.55 RaytheonTech RTX 57.60 -1.29 SempraEnergy SRE 116.18 -0.53 Twitter TWTR 44.74 0.59 WPP WPP 38.70 -0.44 iRhythmTechs IRTC 233.58 4.84 TAL Education TAL 74.73 0.45 LibertyBroadbandC LBRDK 143.08 -0.29 Medtronic MDT 102.69 -0.94 NextEraEnergy NEE 283.12 -1.02 PanAmerSilver PAAS 32.36 0.26 RealPage RP 57.88 -0.92 SensataTechs ST 42.69 -0.20 TylerTech TYL 346.52 -0.17 Wabtec WAB 62.47 -0.49 IronMountain IRM 26.76 0.16 TC Energy TRP 43.26 -0.38 LibertyBroadbandA LBRDA 142.28 -0.33 MelcoResorts MLCO 16.60 0.01 Nike NKE 126.35 2.03 ParkerHannifin PH 202.18 -0.76 RealtyIncome O 61.10 -0.57 ServiceCorp SCI 41.98 -1.09 TysonFoods TSN 58.96 -0.80 WalgreensBoots WBA 35.38 -0.69 ItauUnibanco ITUB 3.89 -0.12 TD Ameritrade AMTD 38.74 -0.43 LibertyGlobal A LBTYA 21.39 0.06 MercadoLibre MELI 1082.87-10.56 Nikola NKLA 17.88 -1.42 Paychex PAYX 79.17 -0.41 RegencyCtrs REG 37.77 -0.79 ServiceNow NOW 487.98 3.77 UBS Group UBS 11.01 -0.06 Walmart WMT 137.14 -0.11 TE Connectivity TEL 97.45 0.36 J K L LibertyGlobal C LBTYK 20.90 0.01 Merck MRK 81.90 -0.86 NiSource NI 21.96 0.11 PaycomSoftware PAYC 303.83 13.00 RegenPharm REGN 573.61 1.69 ShawComm B SJR 18.33 -0.09 UDR UDR 32.32 -0.68 WarnerMusic WMG 28.21 0.20 Telus TU 17.79 -0.14 LibertyFormOne A FWONA 32.65 -0.39 MetLife MET 36.77 -0.48 Nokia NOK 3.95 0.05 s Paylocity PCTY 162.33 3.78 RegionsFin RF 11.37 -0.14 SherwinWilliams SHW 705.67 -1.39 UGI UGI 32.49 -0.23 WasteConnections WCN 104.24 -0.76 TJX TJX 54.16 -1.44 JD.com JD 75.16 -0.94 LibertyFormOne C FWONK 35.37 -0.35 MettlerToledo MTD 968.59 0.12 NomuraHoldings NMR 4.73 -0.14 PayPal PYPL 194.50 2.48 ReinsGrp RGA 95.28 -1.94 ShinhanFin SHG 22.98 -0.53 Uber UBER 35.43 -0.13 WasteMgt WM 113.41 -0.63 Joyy YY 77.90 -0.10 MicrochipTech MCHP 102.74 -0.33 T-MobileUS TMUS 113.52 -0.72 LibertyBraves A BATRA 20.33 -0.32 Nordson NDSN 191.42 1.62 Pegasystems PEGA 121.66 1.38 RelianceSteel RS 102.13 -2.14 Shopify SHOP 1025.70 59.20 Ubiquiti UI 165.38 4.45 Waters WAT 193.39 0.10 JPMorganChase JPM 95.35 -0.81 MicronTech MU 50.71 0.99 TRowePrice TROW 127.49 -1.06 LibertyBraves C BATRK 20.38 -0.39 NorfolkSouthern NSC 215.81 -5.21 s Peloton PTON100.47 3.56 RenaissanceRe RNR 168.50 -1.54 Sibanye-Stillwater SBSW 11.14 0.39 UltaBeauty ULTA 222.88 -2.86 Watsco WSO 232.38 -1.11 JackHenry JKHY 162.13 -0.59 Microsoft MSFT 207.26 -2.18 TaiwanSemi TSM 80.51 0.74 LibertySirius C LSXMK 33.24 -0.24 NorthernTrust NTRS 77.46 -1.15 PembinaPipeline PBA 21.56 -0.22 Repligen RGEN 150.59 3.31 SimonProperty SPG 63.99 -1.80 Unilever UN 60.62 0.04 Wayfair W 294.66 -6.08 JacobsEngg J 92.98 0.51 MidAmApt MAA 115.34 -1.80 TakeTwoSoftware TTWO 164.34 -3.12 LibertySirius A LSXMA 33.11 -0.48 NorthropGrum NOC 325.28 -4.24 PennNational PENN 69.41 -3.51 RepublicSvcs RSG 93.92 -0.54 SiriusXM SIRI 5.25 -0.04 Unilever UL 61.91 0.18 Weibo WB 33.65 -1.31 JamesHardie JHX 23.42 -0.10 MiratiTherap MRTX 166.05 -0.94 Pentair PNR 45.79 -0.06 TakedaPharm TAK 18.14 -0.85 EliLilly LLY 146.26 -1.84 NortonLifeLock NLOK 20.86 -0.21 ResMed RMD 172.66 0.66 Skyworks SWKS 144.35 0.38 UnionPacific UNP 197.24 -2.21 WellsFargo WFC 23.26 -0.56 JazzPharma JAZZ 139.74 -1.75 LincolnNational LNC 30.94 -1.11 MitsubishiUFJ MUFG 4.11 -0.18 Novartis NVS 87.04 -0.01 Penumbra PEN 193.45 -1.01 TandemDiabetes TNDM 112.61 2.12 RestaurantBrands QSR 57.37 -0.54 SlackTech WORK 26.97 -0.10 UnitedAirlines UAL 34.51 -1.43 Welltower WELL 54.50 0.11 s JFrog FROG 85.47 -0.88 MizuhoFin MFG 2.58 -0.13 PepsiCo PEP 137.16 -0.81 s Target TGT 156.94 0.48 Linde LIN 236.43 -0.62 Novavax NVAX 107.95 -3.23 RexfordIndlRealty REXR UnitedMicro UMC 4.73 -0.23 WestPharmSvcs WST 273.65 1.26 J&J JNJ 147.06 -0.05 MobileTeleSys MBT 8.56 -0.23 s 45.89 -0.31 Smartsheet SMAR 50.26 0.03 TataMotors TTM 8.87 -0.11 LiveNationEnt LYV 53.29 -1.12 s NovoNordisk NVO 70.22 1.05 PerkinElmer PKI 123.26 1.37 UPS B UPS 168.50 -0.40 WesternDigital WDC 39.32 0.70 JohnsonControls JCI 40.96 -0.48 Moderna MRNA 70.52 -0.03 ReynoldsCnsmr REYN 31.32 0.10 s SmithAO AOS 53.73 0.44 TeckRscsB TECK 13.84 -0.13 LivongoHealth LVGO 138.45 1.03 Novocure NVCR 109.00 0.68 Perrigo PRGO 45.67 0.04 UnitedRentals URI 174.21 -1.52 WesternUnion WU 21.78 -0.21 JuniperNetworks JNPR 21.86 -0.12 MohawkInds MHK 96.27 -2.15 RingCentral RNG 270.76 2.96 Smith&Nephew SNN 38.34 0.18 TeladocHealth TDOC 217.34 2.25 LloydsBanking LYG 1.29 -0.02 NuanceComms NUAN 33.07 -0.20 PetroChina PTR 29.35 -0.41 US Bancorp USB 35.30 -0.38 WestlakeChem WLK 62.09 -0.50 KB Fin KB 31.78 -0.95 MolinaHealthcare MOH 171.80 8.73 PetroleoBrasil PBR 6.99 -0.21 RioTinto RIO 60.21 -0.28 Smucker SJM 113.01 -0.23 TeledyneTech TDY 311.94 -3.45 LockheedMartin LMT 388.74 -1.77 Nucor NUE 44.74 -1.13 UnitedHealth UNH 304.15 0.92 WestpacBanking WBK 12.04 -0.26 s KE Holdings BEKE 65.63 4.24 MolsonCoorsB TAP 33.53 -0.05 PetroleoBrasilA PBR.A 6.87 -0.10 RitchieBros RBA 59.14 0.95 Snap SNAP 25.99 0.25 Teleflex TFX 335.54 -6.35 Loews L 34.20 -0.53 Nutrien NTR 38.47 -0.97 s UnitySoftware U 94.92 -0.88 WestRock WRK 34.25 -0.73 KKR KKR 34.19 -0.76 s LogitechIntl LOGI 77.14 2.16 s MomentaPharm MNTA 52.49 0.03 Pfizer PFE 36.17 -0.22 RobertHalf RHI 52.57 -0.67 SnapOn SNA 145.40 -1.31 Ericsson ERIC 10.88 0.17 NVIDIA NVDA 529.03 7.63 UnivDisplay OLED 178.88 4.28 Weyerhaeuser WY 28.05 -0.26 KLA KLAC 193.33 0.08 Lowe's LOW 162.26 -0.33 Mondelez MDLZ 56.48 -0.22 PhilipMorris PM 74.34 -1.97 RocketCos. RKT 20.07 -0.60 Snowflake SNOW 259.13 8.72 t TelefonicaBras VIV 7.64 -0.04 UniversalHealthB UHS 102.53 -1.88 WheatonPrecMet WPM 49.05 0.76 KSCitySouthern KSU 182.77 -2.11 lululemon LULU 323.67 4.94 MongoDB MDB 232.09 1.14 O P Q Phillips66 PSX 52.19 -1.79 Rockwell ROK 221.23 1.24 SOQUIMICH SQM 31.35 0.45 t Telefonica TEF 3.41 -0.11 VEREIT VER 6.46 -0.04 Whirlpool WHR 180.75 -4.25 Kellogg K 63.44 0.06 LumenTech LUMN 10.22 -0.06 MonolithicPower MPWR 276.61 2.23 Pinduoduo PDD 73.70 -1.40 RogersComm B RCI 39.68 0.05 s SolarEdgeTech SEDG 231.50 13.21 TelekmIndonesia TLK 17.79 -0.41 VF VFC 69.66 -1.53 Williams WMB 20.26 -0.14 KeurigDrPepper KDP 27.11 -0.73 Lyft LYFT 27.14 -0.91 MonsterBev MNST 79.79 -0.72 OGE Energy OGE 29.67 0.01 PinnacleWest PNW 73.45 -0.44 Roku ROKU 187.87 1.58 SolarWinds SWI 20.34 0.18 10xGenomics TXG 124.97 0.15 ONEOK OKE 26.67 0.66 VICI Prop VICI 23.39 -0.47 Williams-Sonoma WSM 89.25 0.89 KeyCorp KEY 11.83 -0.30 LyondellBasell LYB 70.28 -0.93 Moody's MCO 285.73 0.57 Pinterest PINS 40.56 -0.42 Rollins ROL 54.50 -0.16 Sony SNE 77.48 0.20 Tenaris TS 9.72 -0.14 OReillyAuto ORLY 453.32 -4.02 VailResorts MTN 214.09 -8.54 WillisTowers WLTW 208.09 1.92 KeysightTechs KEYS 99.60 -0.65 MorganStanley MS 47.24 -1.14 PioneerNatRscs PXD 86.40 -1.36 RoperTech ROP 401.36 0.76 Southern SO 53.70 -0.01 TencentMusic TME 14.88 0.26 OakStreetHealth OSH 50.98 0.42 Vale VALE 10.41 -0.08 Wipro WIT 4.64 -0.03 KilroyRealty KRC 51.76 -1.16 M N Morningstar MORN 159.30 0.69 PlainsAllAmPipe PAA 5.94 0.05 RossStores ROST 91.03 -1.23 SoCopper SCCO 44.45 -0.44 Teradyne TER 79.86 0.66 OccidentalPetrol OXY 9.99 -0.35 ValeroEnergy VLO 43.41 -1.41 Wix.com WIX 255.50 0.83 KimberlyClark KMB 146.34 -1.22 Mosaic MOS 17.98 -0.49 Pool POOL 328.54 3.34 RoyalBkCanada RY 70.12 -1.33 SouthwestAir LUV 37.61 -0.63 Tesla TSLA 419.07 -2.13 M&T Bank MTB 91.13 -3.09 Okta OKTA 213.56 0.23 VarianMed VAR 172.00 0.05 Workday WDAY 220.78 0.44 KinderMorgan KMI 12.45 -0.16 MotorolaSol MSI 157.65 1.02 PostHoldings POST 83.68 -0.98 RoyalCaribbean RCL 64.40 -1.69 Splunk SPLK 187.18 -0.72 TevaPharm TEVA 8.85 0.05 MGMGrowthProp MGP 28.25 ... 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THE WALL STREET JOURNAL. We dnesday, September 30, 2020 | B9 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 27452.66 t131.40, or 0.48% Trailing P/E ratio 26.94 19.07 3335.47 t16.13, or 0.48% Trailing P/E ratio * 35.55 23.05 11085.25 t 32.28, or 0.29% Trailing P/E ratio *† 34.51 24.35 High, low, open and close for each P/E estimate * 23.37 17.52 High, low, open and close for each P/E estimate * 24.92 18.11 High, low, open and close for each P/E estimate *† 30.79 21.45 trading day of the past three months. Dividend yield 2.24 2.31 trading day of the past three months. Dividend yield * 1.82 1.91 trading day of the past three months. Dividend yield *† 0.79 1.04 All-time high 29551.42, 02/12/20 All-time high 3580.84, 09/02/20 All-time high: 12056.44, 09/02/20

Current divisor 0.15198707565833 29000 3550 12100

27500 3400 11450

26000 3250 10800

24500 3100 10150 Session high 65-day moving average 65-day moving average DOWN UP 65-day moving average Session open Close 23000 2950 9500 t

Close Open t 21500 2800 8850 Session low Bars measure the point change from session's open 20000 2650 8200 June July Aug. Sept. June July Aug. Sept. June July Aug. Sept. *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 6:30 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 700,701,458 24,058,142 Industrial Average 27605.60 27338.09 27452.66 -131.40 -0.48 29551.42 18591.93 3.3 -3.8 7.0 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 188,512,547 16,506,896 Transportation Avg 11465.76 11297.56 11301.01 -139.94 -1.22 11555.14 6703.63 11.7 3.7 4.5 Most-active issues in late trading Decl. volume* 505,524,433 7,455,109 Utility Average 817.04 805.28 808.99 -1.21 -0.15 960.89 610.89 -7.5 -8.0 3.8 Volume After Hours Issues traded 3,121 266 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 34266.45 33967.08 34044.38 -157.82 -0.46 36434.12 22462.76 13.3 3.1 9.2 Advances 1,114 147 Micron Technology MU 9,272.0 48.89 -1.82 -3.59 52.67 48.72 Barron's 400 713.89 706.32 709.70 -2.08 -0.29 752.15 455.11 6.2 -3.1 1.5 Declines 1,900 110 SPDR S&P 500 SPY 6,306.6 333.13 0.76 0.23 333.64 332.34 Unchanged 107 9 Finl Select Sector SPDR XLF Nasdaq Stock Market 4,508.7 23.81 0.06 0.25 23.83 23.74 New highs 56 2 Nasdaq Composite 11153.23 11065.63 11085.25 -32.28 -0.29 12056.44 6860.67 40.2 23.5 19.5 Jiayin Group ADR JFIN 3,046.4 4.05 1.01 33.22 4.85 3.16 New lows 11 2 Nasdaq 100 11396.22 11305.79 11322.95 -41.50 -0.37 12420.54 6994.29 47.4 29.7 23.7 VICI Properties VICI 2,856.2 23.77 0.38 1.62 23.95 23.39 Closing Arms† 1.52 0.25 Apple AAPL 2,786.3 114.09 ... unch. 114.39 113.85 S&P Block trades* 4,387 114 Immunogen IMGN 2,648.1 3.64 0.09 2.39 3.64 3.56 500 Index 3357.92 3327.54 3335.47 -16.13 -0.48 3580.84 2237.40 13.4 3.2 9.8 Nasdaq NYSE Arca iShares 20+Y Treasury Bd TLT 2,279.5 164.80 -0.04 -0.02 164.84 164.64 MidCap 400 1864.71 1838.15 1848.79 -11.48 -0.62 2106.12 1218.55 -2.7 -10.4 1.0 Total volume*3,348,133,540 189,296,974 SmallCap 600 858.74 844.89 853.35 -4.72 -0.55 1041.03 595.67 -8.2 -16.4 -1.9 Percentage gainers… Adv. volume*1,730,677,097 59,182,325 Decl. volume*1,583,702,713 129,464,947 Other Indexes Jiayin Group ADR JFIN 3,046.4 4.05 1.01 33.22 4.85 3.16 Issues traded 3,537 1,398 Russell 2000 1512.22 1492.52 1504.73 -5.62 -0.37 1705.22 991.16 0.8 -9.8 0.3 CureVac CVAC 63.5 49.52 3.84 8.41 53.90 45.68 Advances 1,669 514 NYSE Composite 12688.70 12562.53 12602.64 -74.90 -0.59 14183.20 8777.38 -1.8 -9.4 1.1 SYNNEX SNX 79.7 138.30 5.94 4.49 141.90 125.49 Declines 1,782 864 SelectQuote SLQT 153.1 21.10 0.83 4.09 21.10 20.27 Value Line 459.69 453.55 456.41 -3.28 -0.71 562.05 305.71 -10.7 -17.3 -5.4 Unchanged 86 20 BHP Group ADR BBL 78.0 44.09 1.48 3.47 44.09 42.61 NYSE Arca Biotech 5383.72 5318.17 5344.16 4.59 0.09 6142.96 3855.67 28.9 5.5 8.3 New highs 74 6 NYSE Arca Pharma 660.48 652.82 655.01 -1.69 -0.26 675.64 494.36 12.9 0.2 6.3 ...And losers New lows 30 2 KBW Bank 72.88 71.26 72.10 -1.12 -1.53 114.12 56.19 -26.0 -36.4 -10.1 Progress Software PRGS 130.8 34.10 -4.65 -12.00 39.14 33.15 Closing Arms† 0.86 1.07 § PHLX Gold/Silver 144.67 142.23 143.23 1.67 1.18 161.14 70.12 61.8 34.0 19.2 FuelCell Energy FCEL 2,255.3 2.27 -0.29 -11.33 2.55 2.15 Block trades* 14,511 993 § PHLX Oil Service 28.76 27.62 28.05 -0.82 -2.83 80.99 21.47 -55.7 -64.2 -41.8 Houston Amer Energy HUSA 986.4 2.80 -0.18 -6.04 3.06 2.32 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2261.56 2234.98 2242.52 4.88 0.22 2370.18 1286.84 45.2 21.2 24.2 Lithium Americas LAC 66.3 10.10 -0.51 -4.81 10.75 10.10 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 27.43 25.98 26.27 0.08 0.31 82.69 11.54 41.5 90.6 40.3 OMI Owens Minor 106.5 22.39 -1.13 -4.80 23.52 22.01 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg World The Global Dow 2952.89 –18.92 –0.64 –9.2 U.S. Energy USEG 6.77 2.45 56.71 18.57 2.44 47.0 Just Energy Group JE 5.75 -3.85 -40.12 93.72 5.10 -91.9 DJ Global Index 429.20 –1.08 –0.25 –1.1 Innodata INOD 3.25 0.92 39.48 3.45 0.75 148.1 Piedmont Lithium ADR PLL 25.38 -11.62 -31.41 54.50 4.00 287.0 DJ Global ex U.S. 246.65 0.04 0.02 –6.4 LogicBio Therapeutics LOGC 9.45 2.02 27.19 11.60 3.05 -14.2 SPI Energy SPI 7.46 -2.78 -27.15 46.67 0.55 102.7 Americas DJ Americas 775.90 –3.70 –0.47 2.0 Flux Power Holdings FLUX 6.85 1.45 26.85 10.09 3.80 -23.9 Oxbridge Re Holdings OXBR 2.17 -0.78 -26.44 9.62 0.70 164.6 Brazil Sao Paulo Bovespa 93580.35 –1086.02 –1.15 –19.1 Digimarc DMRC 21.90 4.45 25.50 43.31 9.92 -41.3 Myovant Sciences MYOV 15.65 -5.44 -25.79 23.04 4.14 214.9 Canada S&P/TSX Comp 16211.52 –31.29 –0.19 –5.0 Mexco Energy MXC 5.10 0.95 22.89 14.63 1.53 27.8 Peabody Energy BTU 2.44 -0.68 -21.79 16.75 2.27 -82.9 Mexico S&P/BMV IPC 37134.92 –96.58 –0.26 –14.7 Novus Capital NOVS 12.18 2.10 20.83 12.99 9.61 ... Peck Holdings PECK 6.95 -1.85 -21.02 14.30 1.49 58.9 Chile Santiago IPSA 2449.74 –27.60 –1.11 –26.6 LifeSci Acquisition LSAC 12.60 2.10 20.00 12.74 9.35 ... ProSh Ult Bloombg Nat Gas BOIL 33.91 -7.91 -18.91 156.10 22.50 -72.9 PS UlSh Bloomberg Nat Gas KOLD 38.88 6.43 19.82 87.29 23.30 28.2 Sky Solar Holdings ADR SKYS 7.08 -1.42 -16.71 12.49 1.01 564.8 EMEA Stoxx Europe 600 361.49 –1.90 –0.52 –13.1 AXT AXTI 5.94 0.97 19.52 6.36 1.85 74.7 Sunworks SUNW 2.48 -0.49 -16.50 8.50 0.29 -1.6 Eurozone Euro Stoxx 354.88 –1.31 –0.37 –12.1 Belgium Bel-20 3234.90 –25.52 –0.78 –18.2 AngioDynamics ANGO 12.74 2.07 19.40 18.70 7.48 -29.8 United Natural Foods UNFI 16.46 -2.72 -14.18 23.38 5.00 48.7 Denmark OMX Copenhagen 20 1366.96 13.33 0.98 20.4 Ambow Education ADR AMBO 4.85 0.76 18.58 6.43 1.10 190.4 Hycroft Mining Holding HYMC 9.60 -1.56 -13.98 16.17 7.35 -6.6 France CAC 40 4832.07 –11.20 –0.23 –19.2 Pacific Ethanol PEIX 7.86 1.23 18.55 8.47 0.22 1239.0 OneSpaWorld Holdings OSW 6.27 -0.85 -11.94 17.25 2.45 -59.0 Adicet Bio ACET Orphazyme ADR ORPH Germany DAX 12825.82 –45.05 –0.35 –3.2 12.53 1.96 18.54 69.16 6.02 -78.6 9.71 -1.29 -11.73 11.00 9.51 ... Oric Pharmaceuticals ORIC 23.12 3.42 17.36 40.67 18.60 ... Aquestive Therapeutics AQST 4.41 -0.56 -11.27 10.00 1.41 34.5 Israel Tel Aviv 1294.67 19.44 1.52 –23.1 Italy FTSE MIB 19061.18 –98.92 –0.52 –18.9 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 548.92 –2.75 –0.50 –9.2 Russia RTS Index 1155.67 –11.19 –0.96 –25.4 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 South Africa FTSE/JSE All-Share 54506.88 –211.92 –0.39 –4.5 Spain IBEX 35 6713.60 –77.90 –1.15 –29.7 NIO ADR NIO 162,494 23.5 20.85 10.85 21.12 1.19 Novus Capital NOVS 7,727 22278 12.18 20.83 12.99 9.61 Sweden OMX Stockholm 730.14 1.49 0.20 7.2 Houston Amer Energy HUSA 145,540 29788.4 2.98 172.94 6.36 0.86 SPDR Portfolio Mtg Bkd Bd SPMB 13,891 4160 26.62 0.04 27.18 22.52 Apple AAPL First Tr BuyWrite Incm FTHI Switzerland Swiss Market 10229.30 –79.37 –0.77 –3.7 98,751 -42.7 114.09 -0.76 137.98 53.15 428 3123 19.12 0.18 23.15 10.63 ADial Pharmaceuticals ADIL 93,080 11368.0 3.03 114.89 4.00 1.00 John Hancock Multi Energy JHME 182 2888 11.44 -2.42 24.85 7.71 Turkey BIST 100 1123.25 2.08 0.19 –1.8 Sorrento Therapeutics SRNE 75,439 78.9 11.60 14.29 19.39 1.39 ProShares Sh 7-10 Yr Tr TBX 319 2337 23.63 -0.06 28.00 23.01 U.K. FTSE 100 5897.50 –30.43 –0.51 –21.8 U.K. FTSE 250 17173.66 –196.61 –1.13 –21.5 General Electric GE 73,498 -17.6 6.12 -1.29 13.26 5.48 Franklin Lib Int TxFr Opp FLMI 201 2310 25.66 0.08 26.29 22.62 Aptorum Group APM 61,824 32441.5 4.76 290.16 18.25 1.16 First Trust L/S Equity FTLS 520 1551 42.38 -0.07 45.03 34.82 Asia-Pacific Advanced Micro Devices AMD 61,411 -0.1 81.77 2.88 94.28 27.43 Azure Power Global AZRE 1,259 1532 31.59 5.16 33.02 11.55 Australia S&P/ASX 200 5952.10 –0.22 –0.004 –11.0 LM Funding America LMFA 61,137 2861.4 0.87 14.52 4.89 0.30 Invsc DWA Energy Mom PXI 279 1428 12.92 -3.08 28.64 9.00 China Shanghai Composite 3224.36 6.82 0.21 5.7 Finl Select Sector SPDR XLF 53,192 -7.5 23.75 -1.25 31.38 17.49 Invsc S&P SC Industrials PSCI 92 1334 62.80 -0.59 74.24 40.03 Hong Kong Hang Seng 23275.53 –200.52 –0.85 –17.4 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least India S&P BSE Sensex 37973.22 –8.40 –0.02 –8.0 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 23539.10 27.48 0.12 –0.5 Singapore Straits Times 2471.61 –11.40 –0.46 –23.3 Track the Markets South Korea Kospi 2327.89 19.81 0.86 5.9 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 12467.73 0.04 3.9 global stock indexes, bond ETFs, 4.97 currencies and commodities at Currencies Thailand SET 1257.34 –5.68 –0.45 –20.4 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Tues YTD chg Tues YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004312 23191 0.1 Argentina peso .0131 76.1085 27.1 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1775 5.6339 40.2 Czech Rep. koruna .04318 23.157 2.1 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7468 1.3391 3.1 Denmark krone .1577 6.3408 –4.8 notes and bonds major U.S. trading partners Chile peso .001275 784.60 6.1 Euro area euro 1.1744 .8515 –4.5 A consumer rate against its Five-year ARM, Rate Colombiapeso .000257 3886.95 18.5 Hungary forint .003215 311.03 5.3 Ecuador US dollar 11unch Iceland krona .007245 138.03 14.0 benchmark over the past year 2.50% Bankrate.com avg†: 2.86% 10% Mexico peso .0445 22.4533 18.6 Norway krone .1062 9.4199 7.3 Uruguay peso .02353 42.4950 14.4 Poland zloty .2593 3.8571 1.7 5-year Credit Union of New Jersey 2.50% One year ago 2.00

Euro Asia-Pacific Russia ruble .01264 79.086 27.4 adjustable-rate s t 4.00% Ewing, NJ 609-538-4061 t 5 Sweden krona .1115 8.9696 –4.2 mortgage (ARM) 1.50 Australian dollar .7131 1.4023 –1.6 Switzerland franc 1.0875 .9195 –5.0 Haven Savings Bank 2.50% China yuan .1467 6.8165 –2.1 3.00 0 Turkey lira .1279 7.8195 31.4 Hoboken, NJ 201-659-3600 1.00 Hong Kong dollar .1290 7.7502 –0.5 Ukraine hryvnia .0353 28.3500 19.7 Tradeweb ICE India rupee .01356 73.760 3.4 American Airlines Federal Credit Union 2.63% UK pound 1.2858 .7777 3.1 2.00 Tuesday Close 0.50 –5 s s Indonesia rupiah 5-year Treasury .0000671 14895 7.3 Ft Worth, TX 800-533-0035 t Yen WSJ Dollar index Japan yen .009464 105.67 –2.7 Middle East/Africa note yield 1.00 0.00 Kazakhstan tenge .002325 430.14 12.7 Bahrain dinar 2.6515 .3772 0.03 t Citadel Federal Credit Union 2.63% –10 Macau pataca .1252 7.9885 –0.4 Egypt pound .0635 15.7583 –1.8 Exton, PA 800-666-0191 1 3 6 1 2 3 5 7 10 20 30 2019 2020 0.00 month(s) years Malaysia ringgit .2405 4.1575 1.6 Israel shekel .2902 3.4462 –0.2 O N D J F M A M J J A S STAR Financial Bank 2.88% New Zealand dollar .6593 1.5168 2.1 Kuwait dinar 3.2639 .3064 1.1 maturity 2019 2020 Fort Wayne, IN 765-622-4185 Pakistan rupee .00604 165.550 6.8 Oman sul rial 2.5976 .3850 –0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0207 48.411 –4.5 Qatar rial .2747 3.641 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7305 1.3689 1.7 Saudi Arabia riyal .2666 3.7508 –0.01 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008555 1168.84 1.2 South Africa rand .0590 16.9533 21.1 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.00 Sri Lanka rupee .0054034 185.07 2.1 Yield (%) 52-Week Total Return (%) Taiwan dollar .03447 29.008 –3.0 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.00 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03164 31.610 6.2 WSJ Dollar Index 88.99 –0.27–0.30 –0.64 Libor, 3-month 0.23 0.22 0.22 l 2.09 -1.11 U.S. Treasury, Barclays 2486.750 0.460 0.480 1.870 0.400 8.32 5.58 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.22 0.22 0.22 l 0.78 -0.05 Five-year CD, annual yield 0.63 0.64 0.63 l 1.56 -0.81 U.S. Treasury Long, Barclays 4914.830 1.280 1.300 2.370 0.980 17.38 12.18 Commodities 30-year mortgage, fixed† 3.01 2.96 2.93 l 4.22 -0.89 Aggregate, Barclays 2279.630 1.170 1.170 2.410 1.020 7.19 5.29 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.57 2.53 2.48 l 3.57 -0.59 Fixed-Rate MBS, Barclays 2225.620 1.300 1.330 2.690 0.930 4.43 3.68 Jumbo mortgages, $510,400-plus† 3.03 2.95 2.93 l 4.43 -1.38 DJ Commodity 618.62 -7.50 -1.20 647.86 433.70 2.18 -3.69 High Yield 100, ICE BofA 3132.337 4.943 4.839 10.740 4.235 0.933 3.113 Five-year adj mortgage (ARM)† 2.86 2.85 2.85 l 4.61 -0.55 TR/CC CRB Index 146.76 -1.97 -1.32 187.39 106.29 -15.70 -21.01 Muni Master, ICE BofA 587.265 1.036 1.017 3.441 0.838 4.454 4.093 New-car loan, 48-month 4.14 4.15 4.14 l 4.65 1.09 Crude oil, $ per barrel 39.29 -1.31 -3.23 63.27 -37.63 -26.73 -35.65 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 883.493 4.875 4.815 7.480 4.523 2.339 3.210 Natural gas, $/MMBtu 2.561 -0.234 -8.37 2.862 1.482 12.18 16.99 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Gold, $ per troy oz. 1894.30 21.50 1.15 2051.50 1452.10 27.82 24.67 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com P2JW274000-0-B01000-1------XA

B10 | We dnesday, September 30, 2020 THE WALL STREET JOURNAL.

ONLINE EVENT OCTOBER 5, 2020

Explorethe challenges and opportunities thatlie ahead.

The Wall Street Journal’sfifth annual Global Food Forum will gather online leadersin agribusiness, food production, consumer products, economics and governmenttofocus on howthe food industryhas been disruptedbythe global pandemic and whatthe future holds as companies,markets, consumersand the industryadapt.

We’replanning anew online experiencefor our senior and influential audience. Our program includes dynamic,unscriptedinterviews with leadersofsome of the the world’smostinfluential companies and organizations.Participate in highly interactive, deep-divediscussions.Gain newperspectiveoncritical issues in real conversations with peersfromacrossthe food industryand agricultural economy.

SpeakersInclude

Steven A. Cahillane HannekeFaber Mark A. Clouse Chairman and CEO President, Foods and Presidentand CEO Kellogg Company Refreshment Campbell Soup UnileverN.V. Company

Ann M. Veneman AndreNogueira TomVilsack ExecutiveDirector, Presidentand CEO Presidentand CEO, UNICEF (2005–10) JBSUSA U.S. Dairy Export Council U.S. Secretary of U.S. Secretary of Agriculture Agriculture(2001–05) (2009-17); Governor of Iowa (1999-2007)

Jacqueline Pieters Patrick O. Brown, Jean-Christophe Global Head Banking M.D.,Ph.D. Flatin forFood CEOand Founder President, Innovation, Rabobank Impossible Foods Science, Technology and MarsEdge Mars, Incorporated

Arif Husain, Ph.D. KarenShort Claire Chief Economistand Managing Director, Babineaux-Fontenot Director, Food Security Equity Research CEO Analysis and Trends Barclays Feeding America Service UN World Food Programme

VictorE.Friedberg Katie Fitzgerald Bart Fischer,Ph.D. Founder and Chairman, ExecutiveVice ResearchAssistant FoodShotGlobal Presidentand COO Professorand Co-Director, Founder and Feeding America Agricultural &Food Policy Managing Partner, Center NewEpoch Capital TexasA&M University

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THE WALL STREET JOURNAL. We dnesday, September 30, 2020 | B11

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 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Oct 99.9175 99.9175 99.9150 99.9175 .0025 225,598 Euro (CME)-€125,000; $ per € Nov 12.47 12.57 12.42 12.51 .05 9,125 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Oct 1.1680 1.1750 1.1670 1.1742 .0073 3,055 Contract Open Jan'21 12.68 12.75 12.63 12.71 .06 439 Dec 102-220 102-260 102-210 102-250 5.0 127,522 Dec 1.1681 1.1765 1.1681 1.1756 .0073 640,413 Open High hi lo Low Settle Chg interest Wheat (CBT)-5,000 bu.; cents per bu. Eurodollar (CME)-$1,000,000; pts of 100% Copper-High (CMX)-25,000 lbs.; $ per lb. Dec 551.00 553.25 546.00 549.50 –.75 208,599 Oct 99.7850 99.7850 99.7800 99.7850 .0025 284,394 Index Futures Oct 2.9960 2.9960 2.9580 2.9835 –0.0010 2,741 March'21 557.00 559.75 553.00 556.50 –.50 69,914 Dec 99.7450 99.7550 99.7400 99.7500 .0050 1,055,777 Dec 3.0000 3.0060 2.9550 2.9900 …139,835 Wheat (KC)-5,000 bu.; cents per bu. March'21 99.8000 99.8000 99.7900 99.8000 .0050 1,026,400 Mini DJ Industrial Average (CBT)-$5 x index Gold (CMX)-100 troy oz.; $ per troy oz. Dec 481.00 484.00 474.75 476.00 –6.75 125,099 June 99.8000 99.8100 99.8000 99.8050 .0050 867,659 Dec 27498 27619 27213 27408 –74 74,110 Oct 1876.50 1895.10 1872.40 1894.30 21.50 34,567 March'21 491.75 494.00 484.75 486.00 –6.75 54,432 March'21 27441 27510 27124 27307 –76 246 Dec 1886.40 1904.80 1880.80 1903.20 20.90 437,282 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Currency Futures S&P 500 Index (CME)-$250 x index Feb'21 1893.40 1911.80 1889.40 1910.40 20.80 43,316 Oct 141.250 143.650 140.975 142.925 2.000 6,664 Dec 3292.60 3362.20 3330.30 3333.70 –12.30 7,173 April 1896.00 1916.00 1894.80 1915.50 20.90 20,869 Nov 141.350 144.550 141.350 143.775 2.675 18,672 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Mini S&P 500 (CME)-$50 x index June 1899.60 1920.00 1899.00 1919.40 21.10 9,966 Cattle-Live (CME)-40,000 lbs.; cents per lb. Oct .9484 .9494 .9461 .9465 –.0015 533 Dec 3348.75 3363.00 3316.50 3333.75 –12.25 2,462,903 Dec 1911.30 1928.40 1908.00 1927.30 21.00 7,293 Oct 108.325 109.225 108.300 108.900 .950 27,802 Dec .9483 .9501 .9466 .9471 –.0015 156,163 March'21 3340.00 3353.75 3308.50 3325.25 –12.25 9,957 Palladium (NYM) - 50 troy oz.; $ per troy oz. Dec 112.075 113.550 111.975 113.125 1.475 123,276 Canadian Dollar (CME)-CAD 100,000; $ per CAD Mini S&P Midcap 400 (CME)-$100 x index Oct …… …2320.10 57.80 ... Hogs-Lean (CME)-40,000 lbs.; cents per lb. Oct .7459 .7490 t .7454 .7472 –.0008 213 Dec 1860.00 1864.50 1831.30 1843.60 –10.00 57,016 Dec 2283.80 2336.60 2261.30 2329.30 57.80 8,788 Dec .7479 .7492 .7454 .7473 –.0008 110,980 March'21 …1851.60 1833.20 1841.60 –10.00 ... Oct 73.275 73.450 72.125 72.375 –.325 26,625 March'21 2291.10 2320.00 2291.10 2334.90 58.10 204 British Pound (CME)-£62,500; $ per £ Mini Nasdaq 100 (CME)-$20 x index Dec 64.275 64.300 61.575 61.975 –2.050 95,541 Platinum (NYM)-50 troy oz.; $ per troy oz. Oct 1.2845 1.2903 1.2825 1.2863 .0028 835 Dec 11388.00 11448.75 11289.50 11337.75 –57.00 282,083 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Oct 880.10 889.20 871.50 887.50 4.90 6,581 Dec 1.2838 1.2908 1.2827 1.2866 .0027 157,588 March'21 11398.75 11437.00 11281.00 11328.00 –57.75 1,052 Nov 568.80 603.50 557.60 602.20 23.60 2,177 Jan'21 891.50 899.50 880.70 897.70 6.30 48,490 Swiss Franc (CME)-CHF 125,000; $ per CHF Mini Russell 2000 (CME)-$50 x index Jan'21 485.60 520.20 482.30 518.30 7.00 917 Silver (CMX)-5,000 troy oz.; $ per troy oz. Dec 1.0832 1.0903 1.0832 1.0899 .0061 48,758 Dec 1507.10 1513.90 1486.20 1507.00 .50 498,088 Milk (CME)-200,000 lbs., cents per lb. Oct 23.745 24.425 23.650 24.380 0.848 1,837 March'21 1.0906 1.0935 1.0869 1.0932 .0061 133 Mini Russell 1000 (CME)-$50 x index Sept 16.35 16.36 16.34 16.35 …3,945 Dec 23.805 24.545 23.510 24.445 0.841 131,334 Australian Dollar (CME)-AUD 100,000; $ per AUD Dec 1862.50 1866.10 1848.60 1852.80 –5.90 8,704 Oct 18.90 19.28 18.78 19.27 .42 4,354 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Oct .7086 .7137 .7070 .7129 .0060 443 U.S. Dollar Index (ICE-US)-$1,000 x index Cocoa (ICE-US)-10 metric tons; $ per ton. Nov 40.58 40.70 38.41 39.29 –1.31 355,663 Dec .7072 .7140 .7071 .7130 .0060 130,217 Dec 94.21 94.35 93.86 93.93 –.38 28,258 Dec 2,581 2,599 2,542 2,588 197,895 Dec 40.84 40.95 38.70 39.56 –1.31 299,539 Mexican Peso (CME)-MXN 500,000; $ per MXN March'21 94.24 94.28 93.87 93.90 –.37 561 Jan'21 41.14 41.25 39.06 39.88 –1.30 135,417 March'21 2,561 2,575 2,520 2,562 –3 64,569 Oct .04492 .04494 .04432 .04449 .00017 164 Coffee (ICE-US)-37,500 lbs.; cents per lb. March 41.77 41.88 39.81 40.57 –1.25 151,418 Dec .04417 .04469 .04398 .04421 .00018 122,898 Source: FactSet June 42.53 42.60 40.64 41.38 –1.19 187,926 Dec 109.10 110.40 108.30 109.55 …105,297 Dec 43.25 43.37 41.60 42.22 –1.14 226,861 March'21 111.15 112.25 110.20 111.40 .15 67,465 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. | Oct 1.1427 1.1439 1.1002 1.1090 –.0305 12,198 Oct 12.62 13.07 12.49 12.99 .40 61,523 Bonds wsj.com/market-data/bonds/benchmarks Nov 1.1478 1.1505 1.1066 1.1157 –.0303 123,313 March'21 13.06 13.53 12.93 13.42 .37 405,119 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Oct 1.2510 1.2518 1.1847 1.2017 –.0449 12,394 Nov 26.40 26.40 26.40 26.40 –.01 2,003 Tracking Bond Benchmarks Nov 1.2154 1.2180 1.1548 1.1711 –.0421 126,333 March'21 27.00 27.00 27.00 27.00 .08 2,193 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Cotton (ICE-US)-50,000 lbs.; cents per lb. Nov 2.769 2.789 2.490 2.561 –.234 286,187 Oct 64.00 64.00 64.00 64.00 –.40 70 highs and lows for different types of bonds Dec 3.247 3.267 3.070 3.118 –.153 137,085 Dec 65.67 65.68 64.70 65.29 –.40 125,050 Total Total Jan'21 3.373 3.391 3.213 3.259 –.140 139,481 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. return YTD total Yield (%) return YTD total Yield (%) March 3.196 3.199 3.053 3.096 –.116 117,285 Nov 108.00 111.40 107.25 110.80 3.70 7,704 close return (%) Index Latest Low High close return (%) Index Latest Low High Jan'21 111.15 114.30 110.25 113.70 3.60 1,841 April 2.846 2.856 2.767 2.796 –.066 85,531 Mortgage-Backed Bloomberg Barclays Oct 2.862 2.879 2.812 2.835 –.048 78,188 Broad Market Bloomberg Barclays Interest Rate Futures 2225.62 3.6 Mortgage-Backed 1.300 0.930 2.690 Agriculture Futures 2279.63 6.9 U.S. Aggregate 1.170 1.020 2.410 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% U.S. Corporate Indexes Bloomberg Barclays 2169.63 3.3 Ginnie Mae (GNMA) 0.790 0.290 2.660 Corn (CBT)-5,000 bu.; cents per bu. Dec 223-110 224-010 222-280 223-260 28.0 990,087 Dec 366.75 367.75 361.00 364.75 –2.00 790,929 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 3362.61 6.9 U.S. Corporate 2.000 1.820 4.580 1315.08 3.8 Fannie mae (FNMA) 1.470 1.110 2.690 March'21 375.25 376.25 370.50 374.00 –1.50 257,573 Dec 177-020 177-120 176-270 177-070 12.0 1,169,996 Oats (CBT)-5,000 bu.; cents per bu. March'21 178-100 178-290 178-150 178-260 13.0 7,043 3059.74 5.7 Intermediate 1.360 1.230 4.400 2018.26 3.7 Freddie Mac (FHLMC) 1.460 1.080 2.710 Dec 273.50 279.00 273.50 277.50 2.50 4,809 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 3.8 Muni Master March'21 278.25 279.75 277.00 279.00 2.50 506 Dec 139-225 139-260 139-200 139-250 5.0 3,272,898 4959.24 8.9 Long term 3.030 2.730 4.930 587.27 1.036 0.838 3.441 Soybeans (CBT)-5,000 bu.; cents per bu. March'21 139-315 139-155 139-130 139-160 3.0 576 691.89 7.4 Double-A-rated 1.480 1.300 3.360 414.88 4.0 7-12 year 1.035 0.771 3.447 Nov 994.00 997.75 985.75 993.00 –3.25 400,106 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March'21 994.00 997.50 986.75 993.75 –2.50 181,976 Sept 125-315 126-020 125-307 126-002 2.0 31,985 885.73 5.9 Triple-B-rated 2.370 2.210 5.350 472.04 4.2 12-22 year 1.507 1.224 3.690 Soybean Meal (CBT)-100 tons; $ per ton. Dec 126-032 126-045 126-022 126-042 2.2 3,291,975 Oct 333.20 334.30 327.10 327.30 –5.30 6,820 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% High Yield Bonds ICE BofA 455.24 3.3 22-plus year 2.240 1.765 4.123 Sept 110-144 110-144 110-139 110-142 .1 36,822 Dec 333.80 334.60 329.70 331.90 –2.00 189,006 -0.7 High Yield Constrained Global Government J.P. Morgan† Soybean Oil (CBT)-60,000 lbs.; cents per lb. Dec 110-155 110-155 110-150 110-155 .3 1,994,308 463.80 5.877 5.151 11.400 Oct 33.23 33.34 32.50 32.87 –.42 4,433 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 406.22 -7.2 Triple-C-rated 11.965 10.735 19.071 616.64 5.8 Global Government 0.510 0.390 1.060 Dec 33.04 33.26 32.32 32.69 –.42 193,520 Sept 99.9100 99.9100 99.9100 99.9075 –.0025 151,755 3132.34 -1.9 High Yield 100 4.943 4.235 10.740 868.56 8.1 Canada 0.720 0.590 1.740 419.10 -0.6 Global High Yield Constrained 5.851 4.893 11.310 416.16 4.0 EMU§ 0.151 0.143 0.794 Cash Prices | wsj.com/market-data/commodities Tuesday, September 29, 2020 320.04 -2.6 Europe High Yield Constrained 4.178 2.464 8.183 789.72 4.1 France -0.070 -0.160 0.430 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— U.S Agency Bloomberg Barclays 550.91 2.8 Germany -0.430 -0.740 -0.050 separate from the futures price on an exchange, which reflects what the commodity might be worth in future 1868.59 5.5 U.S Agency 0.470 0.470 1.950 295.18 -1.0 Japan 0.290 0.040 0.320 months. 1626.21 4.0 10-20 years 0.350 0.340 1.850 614.32 3.1 Netherlands -0.330 -0.540 0.080 Tuesday Tuesday Tuesday 20-plus years Energy Palladium,Engelhard industrial 2290.0 Wheat,No.2 soft red,St.Louis-u 5.5750 4324.42 13.3 1.430 1.170 2.480 1096.55 9.1 U.K. 0.530 0.390 1.180 Aluminum, LME, $ per metric ton *1737.0 Wheat - Hard - KC (USDA) $ per bu-u 4.8600 2874.29 5.1 Yankee 1.530 1.430 3.500 883.49 0.2 Emerging Markets ** 4.875 4.523 7.480 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.500 Copper,Comex spot 2.9835 Wheat,No.1soft white,Portld,OR-u 5.6750 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.700 Iron Ore, 62% Fe CFR China-s 119.0 Food *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Shredded Scrap, US Midwest-s,m 283 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Beef,carcass equiv. index Metals Steel, HRC USA, FOB Midwest Mill-s 601 choice 1-3,600-900 lbs.-u 180.93 Gold, per troy oz Fibers and Textiles select 1-3,600-900 lbs.-u 170.44 Global Government Bonds: Mapping Yields Engelhard industrial 1885.00 Broilers, National comp wtd. avg.-u,w 0.6327 Butter,AA Chicago 1.5100 Handy & Harman base 1883.95 Burlap,10-oz,40-inch NY yd-n,w 0.6100 Cheddar cheese,bbl,Chicago 173.00 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Handy & Harman fabricated 2091.19 Cotton,1 1/16 std lw-mdMphs-u 0.6129 Cotlook 'A' Index-t *71.35 Cheddar cheese,blk,Chicago 256.50 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session LBMA Gold Price AM *1850.95 Milk,Nonfat dry,Chicago lb. 113.00 LBMA Gold Price PM *1864.30 Hides,hvy native steers piece fob-u n.a. Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.0266 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Krugerrand,wholesale-e 1975.17 Coffee,Colombian, NY 1.5633 Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Maple Leaf-e 1994.16 Grains and Feeds Eggs,large white,Chicago-u 0.8550 0.125 U.S. 2 0.121 t l 0.125 0.156 1.640 American Eagle-e 1994.16 Flour,hard winter KC 14.25 Mexican peso-e 2297.87 Barley,top-quality Mnpls-u n.a. Hams,17-20 lbs,Mid-US fob-u n.a. 0.625 10 0.646 t l 0.661 0.720 1.683 Austria crown-e Bran,wheat middlings, KC-u 115 Hogs,Iowa-So. Minnesota-u 71.64 1864.60 5.750 Australia 2 0.166 s l 0.158 0.265 0.743 4.5 3.3 -89.7 Austria phil-e 1994.16 Corn,No. 2 yellow,Cent IL-bp,u 3.4550 Pork bellies,12-14 lb MidUS-u n.a. Silver, troy oz. Corn gluten feed,Midwest-u,w 117.0 Pork loins,13-19 lb MidUS-u 1.0282 2.500 10 0.790 s l 0.783 1.033 0.957 14.3 12.2 -72.6 Corn gluten meal,Midwest-u,w Steers,Tex.-Okla. Choice-u Engelhard industrial 23.8500 415.4 n.a. Cottonseed meal-u,w 268 Steers,feeder,Okla. City-u,w 153.50 0.000 France 2 -0.656 t l -0.646 -0.586 -0.688 -77.1 -232.7 Handy & Harman base 23.9930 -77.7 Hominy feed,Cent IL-u,w 100 Handy & Harman fabricated 29.9910 Fats and Oils 0.000 10 -0.265 t l -0.250 -0.105 -0.278 -91.1 -196.1 Meat-bonemeal,50% pro Mnpls-u,w 210 -91.2 LBMA spot price *£17.7400 Oats,No.2 milling,Mnpls-u 2.9750 Corn oil,crude wet/dry mill wtd. avg.-u,w 43.0000 0.000 Germany 2 -0.700 t l -0.694 -0.663 -0.766 -82.1 -81.9 -240.6 (U.S.$ equivalent) *22.8900 Rice, Long Grain Milled, No. 2 AR-u,w 29.25 Grease,choice white,Chicago-h 0.2850 Coins,wholesale $1,000 face-a 18698 Sorghum,(Milo) No.2 Gulf-u 5.6475 Lard,Chicago-u n.a. 0.000 10 -0.542 t l -0.525 -0.409 -0.570 -118.9 -118.6 -225.3 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 325.90 Soybean oil,crude;Centl IL-u 0.3332 LBMA Platinum Price PM *862.0 Soybeans,No.1 yllw IL-bp,u 9.6200 Tallow,bleach;Chicago-h 0.3200 1.000 Italy 2 -0.230 t l -0.221 -0.097 -0.251 -35.1 -34.6 -189.0 Platinum,Engelhard industrial 883.0 Wheat,Spring14%-pro Mnpls-u 6.4700 Tallow,edible,Chicago-u n.a. 1.650 10 0.848 t l 0.883 1.044 0.828 20.2 22.2 -85.5

t l KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co; 0.100 Japan 2 -0.148 -0.145 -0.113 -0.320 -27.0 -27.0 -195.9 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 9/28 0.100 10 0.020 t l 0.026 0.059 -0.234 -62.6 -63.6 -191.7 Source: Dow Jones Market Data 0.400 Spain 2 -0.516 t l -0.505 -0.457 -0.513 -63.7 -63.0 -215.2 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks 1.250 10 0.225 t l 0.244 0.378 0.153 -42.2 -41.7 -153.0 0.500 U.K. 2 -0.053 s l -0.057 -0.053 0.396 -17.4 -18.2 -124.4 Money Rates September 29, 2020 4.750 10 0.185 t l 0.205 0.317 0.500 -46.2 -45.6 -118.3 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Source: Tullett Prebon guide to general levels but don’t always represent actual transactions. Corporate Debt

Week —52-WEEK— Week —52-WEEK— Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Inflation Latest ago High Low Latest ago High Low expectations Aug. index Chg From (%) level July '20 Aug. '19 High 0.1500 0.1000 2.0000 0.1000 Commercial paper (AA financial) Investment-grade spreads that tightened the most… Low 0.0500 0.0500 1.7700 0.0100 90 days n.a. n.a. 2.53 0.04 Spread*, in basis points U.S. consumer price index Bid 0.0800 0.0800 1.7800 0.0100 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Offer 0.1100 0.1100 1.8500 0.0500 All items 259.918 0.32 1.3 Libor CF Industries CF 4.500 1.62 Dec. 1, ’26 137 –24 n.a. Core 268.756 0.39 1.7 Treasury bill auction One month 0.14900 0.15113 2.01088 0.14475 Reynolds American BATSLN 7.250 4.30 June 15, ’37 290 –14 n.a. Three month 0.22513 0.22250 2.08863 0.21788 4 weeks HSBC Holdings HSBC 4.250 2.34 Aug. 18, ’25 209 –14 197 International rates 0.075 0.080 1.880 0.000 Six month 0.26513 0.27475 2.05650 0.26513 13 weeks 0.100 0.100 1.840 0.000 One year 0.35925 0.37650 2.03550 0.35925 International Paper IP 7.300 3.73 Nov. 15, ’39 232 –13 n.a. Week 52-Week 26 weeks 0.105 0.105 1.795 0.080 Apple AAPL 3.200 0.57 May 13, ’25 32 –11 37 Latest ago High Low Euro Libor John Deere Capital … –11 7 Secondary market One month -0.568 -0.360 -0.621 3.650 0.32 Oct. 12, ’23 17 Prime rates -0.568 Fannie Mae Three month -0.512 -0.519 -0.142 -0.539 BNP Paribas BNP 3.375 1.25 Jan. 9, ’25 100 –10 98 U.S. 3.25 3.25 5.00 3.25 Six month International Business Machines IBM 3.000 May 15, ’24 –9 36 30-year mortgage yields -0.504 -0.496 -0.052 -0.504 0.61 36 Canada 2.45 2.45 3.95 2.45 One year -0.437 -0.432 0.008 -0.441 Japan 1.475 1.475 1.475 1.475 30 days 1.945 1.970 3.388 1.751 …And spreads that widened the most 60 days 1.982 2.025 3.403 1.804 Secured Overnight Financing Rate 21 Policy Rates 0.08 0.08 2.35 0.01 Morgan Stanley MS 3.125 0.64 Jan. 23, ’23 49 42 Euro zone 0.00 0.00 0.00 0.00 Other short-term rates State Street STT 3.300 0.81 Dec. 16, ’24 55 17 27 Switzerland 0.00 0.00 0.50 0.00 Value 52-Week Latest Traded High Low Delta Airlines, Inc. Retirement Plan … 4.500 3.98 Oct. 20, ’25 373 12 371 Britain 0.10 0.10 0.75 0.10 Week 52-Week Latest high low Vodafone VOD 4.375 1.77 May 30, ’28 113 9 91 Australia 0.25 0.25 1.00 0.25 ago DTCC GCF Repo Index Volkswagen Group of America Finance VW 3.750 2.24 May 13, ’30 160 9 n.a. Call money Treasury 0.103 30.950 2.170 0.002 Overnight repurchase 8 2.00 2.00 3.75 2.00 MBS 0.121 60.800 2.093 0.011 Credit Suisse … 1.000 0.67 May 5, ’23 52 37 U.S. 0.06 0.06 2.01 -0.07 Sumitomo Mitsui Financial SUMIBK 2.778 0.68 Oct. 18, ’22 56 8 n.a. U.S. government rates Notes on data: Orange ORAFP 5.375 2.78 Jan. 13, ’42 137 7 130 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary High-yield issues with the biggest price increases… widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is 0.25 0.25 2.50 0.25 Bond Price as % of face value as of September 28, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- Federal funds funds rates are Tullett Prebon rates as of 5:30 p.m. ET. American Airlines AAL 4.950 13.27 Jan. 15, ’23 84.000 4.01 80.040 Effective rate 0.0900 0.0900 1.9200 0.0600 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Tullett Prebon Information, Ltd. Cleveland–Cliffs CLF 6.250 8.70 Oct. 1, ’40 77.007 2.01 74.760 Ford Motor F 8.500 4.43 April 21, ’23 109.725 1.30 108.970 Edgewell Personal Care EPC 4.700 2.52 May 24, ’22 103.500 0.75 103.320 Exchange-Traded Portfolios | WSJ.com/ETFresearch United Airlines Holdings UAL 4.875 8.87 Jan. 15, ’25 86.000 0.75 87.000 Closing Chg YTD Royal Caribbean Cruises RCL 5.250 10.79 Nov. 15, ’22 89.733 0.73 90.750 Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Occidental Petroleum OXY 6.200 7.85 March 15, ’40 83.691 0.69 88.580 SPDR DJIA Tr DIA 274.42 –0.54 –3.7 Tuesday, September 29, 2020 Closing Chg YTD CF Industries CF 5.375 4.01 March 15, ’44 120.658 0.68 122.462 ETF Symbol Price (%) (%) SPDR S&PMdCpTr MDY 336.66 –0.60 –10.3 Closing Chg YTD SPDR S&P 500 SPY 332.37 –0.54 3.3 …And with the biggest price decreases ETF Symbol Price (%) (%) iShMSCI ACWI ACWI 79.56 –0.35 0.4 SPDR S&P Div SDY 91.81 –0.89 –14.7 CommSvsSPDR XLC 59.36 0.10 10.7 iShMSCI EAFE EFA 63.96 –0.11 –7.9 TechSelectSector XLK 115.73 –0.34 26.2 L Brands LB 6.694 6.69 Jan. 15, ’27 100.000 –1.50 100.500 CnsmrDiscSelSector XLY 145.79 –0.78 16.2 iShMSCIEmgMarkets EEM 43.39 –0.07 –3.3 UtilitiesSelSector XLU 58.85 –0.03 –8.9 American Airlines AAL –1.00 68.875 CnsStapleSelSector XLP 63.33 –0.66 0.6 iShNatlMuniBd MUB 116.11 0.03 1.9 VanEckGoldMiner GDX 39.37 1.29 34.5 5.000 30.97 June 1, ’22 68.000 iShPfd&Incm PFF FinSelSectorSPDR XLF 23.75 –1.25 –22.8 36.51 –0.11 –2.9 VangdInfoTech VGT 309.15 –0.27 26.3 Tenet Healthcare THC 6.750 4.71 June 15, ’23 105.101 –0.90 104.750 iShRussell1000Gwth IWF 215.13 –0.26 22.3 FT DJ Internet FDN 187.95 –0.13 35.1 VangdSC Val VBR 110.03 –1.06 –19.7 iShRussell1000 IWB 185.77 –0.52 4.1 Dish DBS … 7.750 5.77 July 1, ’26 109.565 –0.55 110.040 GSActiveBetaUSLC GSLC 67.50 –0.46 4.4 VangdSC Grwth VBK 214.40 0.02 7.9 iShRussell1000Val IWD 117.27 –0.77 –14.1 VangdExtMkt VXF HealthCareSelSect XLV 103.82 –0.13 1.9 128.94 –0.44 2.3 CIT CIT 5.000 3.50 Aug. 1, ’23 104.000 –0.50 104.875 iShRussell2000 IWM 149.34 –0.45 –9.9 VangdDivApp VIG 127.70 –0.45 2.4 IndSelSectorSPDR XLI 77.18 –0.89 –5.3 iShRussellMid-Cap IWR 57.14 –0.50 –4.2 VangdFTSEDevMk VEA 41.00 –0.15 –6.9 Sprint Capital S 6.875 3.46 Nov. 15, ’28 124.003 –0.50 125.530 InvscQQQI QQQ 275.95 –0.45 29.8 iShRussellMCValue IWS 80.47 –0.87 –15.1 VangdFTSE EM VWO 42.55 –0.05 –4.3 InvscS&P500EW RSP 107.57 –0.80 –7.0 Telecom Italia Capital TITIM 7.200 4.85 July 18, ’36 125.722 –0.43 n.a. iShS&P500Growth IVW 229.65 –0.36 18.6 VangdFTSE Europe VGK 52.60 –0.09 –10.2 iSh3-7YTreasuryBd IEI 133.73 0.04 6.3 iShS&P500Value IVE 111.53 –0.77 –14.3 VangdFTSEAWxUS VEU 50.42 –0.08 –6.2 iShCoreDivGrowth DGRO 39.46 –0.70 –6.2 *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. iShShortCpBd IGSB 54.90 0.05 2.4 VangdGrowth VUG 226.16 –0.21 24.1 iShCoreMSCIEAFE IEFA 60.53 –0.16 –7.2 iShShortTreaBd SHV 110.71 0.01 0.2 VangdHlthCr VHT 200.92 –0.03 4.8 Note: Data are for the most active issue of bonds with maturities of two years or more iShCoreMSCIEM IEMG 51.99 0.04 –3.3 iShSilver SLV 22.50 2.18 34.9 VangdHiDiv VYM 80.31 –0.78 –14.3 Source: MarketAxess iShCoreMSCITotInt IXUS 58.25 –0.15 –5.9 iShTIPSBondETF TIP 126.88 0.17 8.8 VangdIntermBd BIV 93.60 0.10 7.3 iShCoreS&P500 IVV 333.51 –0.55 3.2 iSh1-3YTreasuryBd SHY 86.50 –0.01 2.2 VangdIntrCorpBd VCIT 95.87 –0.03 5.0 iShCoreS&P MC IJH 184.14 –0.61 –10.5 iSh7-10YTreasuryBd IEF 122.15 0.07 10.8 VangdLC VV 155.24 –0.44 5.0 iShCoreS&P SC IJR 70.03 –0.57 –16.5 iSh20+YTreasuryBd TLT 164.84 0.12 21.7 VangdMegaGrwth MGK 184.24 –0.21 26.5 Dividend Changes iShS&PTotlUSStkMkt ITOT 74.93 –0.49 3.1 iShRussellMCGrowth IWP 171.88 0.05 12.6 VangdMC VO 175.22 –0.57 –1.7 iShCoreUSAggBd AGG 118.25 0.02 5.2 iShUSTreasuryBdETF GOVT 28.00 0.04 7.9 VangdMBS VMBS 54.25 0.06 2.0 Dividend announcements from September 29. iShSelectDividend DVY 81.14 –0.96 –23.2 JPM UltShtIncm JPST 50.79 0.04 0.7 VangdRealEst VNQ 78.72 –0.72 –15.2 iShEdgeMSCIMinEAFE EFAV 68.43 –0.09 –8.2 PIMCOEnhShMaturity MINT 101.96 –0.01 0.4 VangdS&P500ETF VOO 305.30 –0.57 3.2 Amount Payable / Amount Payable / iShEdgeMSCIMinUSA USMV 63.36 –0.44 –3.4 SPDR BlmBarcHYBd JNK 103.89 0.08 –5.2 VangdST Bond BSV 83.05 0.01 3.0 Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record iShEdgeMSCIUSAMom MTUM 145.95 –0.06 16.2 SPDRBloomBar1-3MTB BIL 91.53 ... 0.1 VangdSTCpBd VCSH 82.84 0.04 2.2 iShEdgeMSCIUSAQual QUAL 103.06 –0.29 2.0 SPDR Gold GLD 178.19 0.84 24.7 VangdSC VB 153.20 –0.53 –7.5 Increased Foreign iShGoldTr IAU 18.11 0.95 24.9 SchwabIntEquity SCHF 31.53 –0.19 –6.2 VangdTotalBd BND 88.36 0.07 5.4 ARTNA Marvell Tech Group MRVL 0.6 .06 Q Oct28 /Oct12 iShiBoxx$InvGrCpBd LQD 134.73 –0.13 5.3 SchwabUS BrdMkt SCHB 79.11 –0.52 2.9 VangdTotIntlBd BNDX 58.26 0.07 3.0 Artesian Resources Cl A 3.0 .2571 /.2496 Q Nov20 /Nov09 Telefonica Brasil ADR VIV 7.2 .06318 SA Sep29 / iShiBoxx$HYCpBd HYG 83.56 0.08 –5.0 SchwabUS Div SCHD 54.92 –0.97 –5.2 VangdTotIntlStk VXUS 52.12 –0.13 –6.4 Lockheed Martin LMT 2.7 2.60 /2.40 Q Dec24 /Dec01 iShIntermCorpBd IGIB 60.88 0.02 5.0 SchwabUS LC SCHX 80.03 –0.45 4.2 VangdTotalStk VTI 169.04 –0.56 3.3 OGE Energy OGE 5.4 .4025 /.3875 Q Oct30 /Oct13 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; iShJPMUSDEmgBd EMB 110.35 –0.23 –3.7 SchwabUS LC Grw SCHG 114.19 –0.18 22.9 VangdTotlWrld VT 80.26 –0.36 –0.9 iShMBSETF MBB 110.42 0.05 2.2 Schwab US TIPs SCHP 61.78 0.18 9.1 VangdValue VTV 103.57 –0.84 –13.6 TTEC Holdings TTEC 1.3 .40 /.34 SA Oct29 /Oct14 S2:1: stock split and ratio; SO: spin-off. P2JW274000-2-B01200-1------XA

B12 | We dnesday, September 30, 2020 ** THE WALL STREET JOURNAL. BANKING & FINANCE Blackstone Aims to CutCarbon Emissions Real-estate giantplans 15% reductions within three years following an asset acquisition

BY MIRIAM GOTTFRIED

Blackstone Group Inc., one of the world’s largest owners of real estate, is making anew commitment to cut itscarbon footprint. Theinvestment firm has set agoal of reducing carbon emissionsby15% within the firstthree yearsofbuying anyasset or companyacross itsportfolio.The initiative will begin in 2021 and will ap- ply to newinvestmentswhere Blackstone controls the en- ergy systems. Thefirm is joining with French energy and digital-au- tomation company Schneider Electric SE to track its prog- ress.Schneider will tabulate WN usage, cost and associated TO emissions databased on ANT monthly energy bills from VES TUY

each newpieceofBlackstone’s /S

portfolio.Emissions reduc- HS VO

tionswill be reported in ag- Y

gregateagainst the firm’s KELL overall target. Blackstone has generated significant energy savings by installing solar panels on the rooftops at Stuyvesant Town, a residential development on Manhattan’s East Side. Private-equity firms have become increasingly focused liowide benchmark. classified as “high-touch.” own its own office building. to 2018,cut carbon emissions on environmental, social and “Wesaid: Nowthat we These companies maycon- Emissions reductions could by 30%, wasteby32% and en- governance-related issues, have the experience, the team, sume alot of energy or have come through replacing light ergy and waterusageby22%, driven in part by pressure the capabilities and the tech- complexmachineryand could fixtures, recalibrating heating saving morethan $1 billion from the public pension funds nology, whydon’t we set a present the greatest opportu- and cooling systems,introduc- over the course of its owner- and other institutions that in- real goal?” said Blackstone nity for emissions reduction. ing low-flowfaucetsand ship.The firm reduced energy vest in them. Like many of its President Jonathan Gray. For example, power-trans- showerheads or replacing consumption by 18% at the competitors, Blackstone has “We’renumbers-oriented peo- mission-belt manufacturer windows to trap hot or cool Cosmopolitan Hotel in LasVe- been monitoring energy con- ple,sobyputting atargeton Gates Corp., which Blackstone air. gas, yielding $1.8million in sumption andimplementing it, we givethe companies bought in 2014, has achieved “Some of the fixesare savingsoverthe past six strategies at various proper- something they’rereally going 30%utility-cost savingsover quick,but some also require years. ties and portfolio companies to go after.” three yearsand 10% sustained culturechanges,” said Alison Blackstone has also gener- foryears, but it is the first Under the newinitiative, boiler gas-cost savings Fenton-Willock,Blackstone’s ated significantenergy sav- among itspeerstopublicly set Blackstone will ask astandard- through energy-efficiency NE global head of ESG. Thefirm is ingsbyinstalling solar panels TO an overall target. ized setofquestions related to measures. giving itself athree-year win- on therooftops of itsmassive CKS

With $564 billion in assets energy consumption when it is “Medium-touch” companies BLA dowbecause that’s“not some- portfolio of U.S. logistics under management acrossar- evaluating prospective deals. will be those that canuse Alison Fenton-Willock thing that happens overnight.” warehouses and on Manhat- eas including privateequity, Companies that requirehands- tools such as automated build- Efficiencymeasures often tan residential development real estateand infrastructure, on support, including regular ing-management systems to will requirefewerfirm re- come with upfront costsbut Stuyvesant Town.Those de- the firm believes it has the site visits by Blackstone’s op- monitor energy use,while oc- sourcesand maynot have as canalso result in significant velopmentscover 9million abilitytomakeasignificant erations team or the hiring of casionally calling on Black- much opportunity for energy cost savingsdownthe line. squarefeet and nearly 1mil- impact on the environment by additional staff membersto stone for advice and support. reduction, such as afinancial- Hilton Hotels Corp., which lion square feet of rooftops, formally establishing aportfo- manage energy usage, will be Finally,“low-touch” companies services companythat doesn’t Blackstone owned from 2008 respectively. Officials Seek Money-Market-Fund Fix BANKRATE.COM® MMA, Savings and CDs Average Yields of Major Banks Tuesday, September 29, 2020

Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR BY PAUL KIERNAN So-called prime money-mar- to bail out. All told, money- equivalentsormature within National average ketfunds areanimportant market funds hold $4.4trillion, five businessdays falls below Savings 0.10 0.06 0.06 0.10 0.14 0.21 0.25 0.21 0.36 WASHINGTON—Twotop source of short-term financing according to the Investment 30% of their overall portfolio.It Jumbos 0.20 0.07 0.07 0.11 0.16 0.23 0.27 0.22 0.38 U.S. policymakerssaid Tuesday formanyU.S.companies,in- CompanyInstitute. also allowedthem to suspend Weekly change that rules to makemoney-mar- cluding banks.But while the Themost recent interven- redemptions by investorswhile Savings 0.00 0.00 0.00 0.00 -0.01 -0.01 0.00 -0.01 0.00 ketmutual funds lesssuscepti- funds areconsidered nearly as tion, in which the Fedbegan belowthat threshold. Jumbos 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 ble to runs likely need to be im- safeascash, they aresubject to providingliquidity to money- Theresult wasthat in March, proved afterabout of turmoil investment risk and—at least in market funds during the market as in 2008,those who were Consumer Savings Rates in March that prompted the theory—aren’t federally insured panic of March, raised ques- quick to redeem shares could ex- Below are the top federally insured offers available nationwide according to Bankrate.com's Federal Reservetointervene. likebank accounts. tions about whether the SEC’s pect to avoid losses,while those weeklysurveyofhighestyields.Forlatestoffersandreviewsofthesefinancialinstitutions,please “There’snodoubt that we Money-market mutual funds 2014reforms went far enough. who waited could suffer. visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. need to re-examine the reforms areimportant enough to the TheSEC declined to adopt a “Weneed to remember that High yield savings of the last time,” Securities and plumbing of the financial sys- proposal that would have re- bright lineshavethe potential Bank Yield Bank Yield ExchangeCommission Chairman temthat the federal govern- quired money-market funds to to cause investorstoredeem be- Phone number Minimum (%) Phone number Minimum (%) JayClayton said on avirtual ment hasstepped in to back- hold acapital buffer to absorb fore the line is crossed,” Deputy Money market and savings account Six-month CD panel. He was referring to a2014 stop them twiceinthe past 12 day-to-dayfluctuations in the TreasurySecretaryJustin Muz- TAB Bank $0 0.90 State Bank of India California $1,000 0.65 attempt by the SEC to address years. That, some say, risks cre- value of their assets. Instead, it inich said in aspeech Tuesday, (800) 355-3063 (877) 707-1995 thecauses of an exodus from ating an implicit guarantee for allowedthem to charge asmall noting that adestabilizing wave Vio Bank $100 0.83 NBKC Bank $1,000 0.65 money marketsthat contributed aclassofinvestment products redemption feeifthe shareof of withdrawals from money- (888) 999-9170 (913) 341-1144 NBKC Bank $5 0.80 Live Oak Bank $2,500 0.60 to the last financial crisis. that taxpayers shouldn’t have their assetsthat areeither cash market funds could ensue. (913) 341-1144 (866) 518-0286 One-month CD One-year CD Lone Star Bank $1,000 0.20 Marcus by Goldman Sachs $500 0.85 (713) 358-9400 (855) 730-7283 Goldman Sachs Shuffles Executives, Units State Bank of India California $1,000 0.15 CFG Community Bank $500 0.75 (877) 707-1995 (888) 205-8388 BY LIZ HOFFMAN which investscash forclients siglieretoastring of Goldman arm that offersbank accounts, Washington Savings Bank $500 0.10 BankDirect $10,000 0.75 likepension funds and govern- CEOs dating back decades,will credit cardsand investment (978) 458-7999 (877) 839-2737 Goldman Sachs Group Inc. ments, with itsprivate-equity giveuphis job co-running as- products. Two-month CD Two-year CD shook up itsexecutiveranks on business, which has historically set-management with Mr.Lane Thehope is that simpler Lone Star Bank $1,000 0.20 BankDirect $10,000 1.00 TuesdayasChief ExecutiveDa- invested Goldman’sown money to become asenior counselor. businesses will be easier to run (713) 358-9400 (877) 839-2737 vid Solomon continues to put in real estateand buyouts. It Goldman wasfor yearsrun and betterunderstood by in- State Bank of India California $1,000 0.15 Marcus by Goldman Sachs $500 0.85 hismark on the firm. will be runbyEric Lane, aco- as aloose collection of fiefs, vestors, helping to juiceastock (877) 707-1995 (855) 730-7283 Stephanie Cohen,who has head of the former,and Julian with parallel powercenters pricethat hasn’t budged in VirtualBank $10,000 0.15 Goldwater Bank $5,000 0.80 (877) 998-2265 (480) 281-8200 been Goldman’s chiefstrategy Salisbury, aco-head of the lat- that ranupexpenses and finan- four years. Acleaner organiza- officer since2017,was pro- ter. cial disclosures to shareholders tion might presagearound of Three-month CD Five-year CD moted to co-run the bank’s Ms.Cohen, afavoriteofMr. that confused morethan they cost-cutting that is astrong BrioDirect $500 0.50 TAB Bank $1,000 1.10 (877) 369-2746 (800) 355-3063 consumer banking and wealth Solomon, gets adivision to explained. suit of Mr.Solomon. NBKC Bank $1,000 0.35 First Internet Bank of Indiana $1,000 1.01 management division as part of run—a must-have forexecu- In two yearsonthe job,Mr. Asset management is apri- (913) 341-1144 (888) 873-3424 abroader reshuffling two years tiveswith their eyeonthe C- Solomon has collapsed those ority forthe firm because it Goldwater Bank $5,000 0.35 Ally Bank $0 1.00 intoMr. Solomon’stenure. Her suite. Mr.Salisburycaps a provinces intofour relatively throwsoff steady fees,entails (480) 281-8200 (877) 247-2559 co-head will be Tucker York, a quick rise from running aniche straightforwardbusinesses little risk and sucks up little High yield jumbos - Minimum is $100,000 longtime executiveinGold- proprietaryinvesting arm to that mirror peerslike JPMor- capital, which means it has man’sprivatebank,which ca- managing the bank’ssecond- ganChase &Co.:aninvest- higher returns to shareholders. Money market and savings account Six-month CD ters to billionaires.The change largest businessbyrevenue. ment bank that brokerscorpo- Goldman has managed to be CFG Community Bank 0.90 State Bank of India California 0.65 marks the firsttime in years Both areamong agroup of rate deals; atrading arm that largeinthe space—with $2 (888) 205-8388 (877) 707-1995 that awoman will runamajor younger executives who might buysand sells securities; a trillion under supervision, it is BankDirect 0.75 Live Oak Bank 0.60 division at the firm. one daybeinline forthe CEO money manager that investson among the world’s20biggest (877) 839-2737 (866) 518-0286 Thefirm is also combining job. behalf of pension funds and fund managers—but not espe- First Internet Bank of Indiana 0.71 Merrick Bank 0.55 (888) 873-3424 (866) 638-6851 itsmoney-managing arm, Meanwhile,Tim O’Neill,con- other clients; and aconsumer cially profitable. One-month CD One-year CD Lone Star Bank 0.20 Marcus by Goldman Sachs 0.85 New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % (713) 358-9400 (855) 730-7283 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg State Bank of India California 0.15 CFG Community Bank 0.75 LiveOakAcqnUn LOAK.U 10.67 0.3 SocialCapHedIII IPOB.U 21.06 9.4 Express EXPR 0.61 -8.3 (877) 707-1995 (888) 205-8388 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American LogitechIntl LOGI 77.51 2.9 SocialCapHedWt IPOC.WS 4.26 1.8 FedNat FNHC 6.47 -3.6 VirtualBank 0.10 BankDirect 0.75 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest Luby's LUB 2.94 4.7 Sogou SOGO 8.90 2.3 GoAcqnA GOAC 9.75 0.3 session. %CHG-Daily percentage change from the previous trading session. MeritageHomes MTH 109.10 -1.2 SolarEdgeTech SEDG 231.83 6.1 GraybugVision GRAY 14.05 -11.0 (877) 998-2265 (877) 839-2737 MomentaPharm MNTA 52.50 0.1 SouthernNts2020C SOJE 25.10 0.6 GreenwichLife GLSI 4.07 -6.3 Tuesday, September 29, 2020 NIO NIO 21.12 10.8 StableRoadWt SRACW 1.01 8.7 HappinessBiotech HAPP 1.67 0.6 Two-month CD Two-year CD StifelFinNts47 27.10 0.9 Natera NTRA 73.99 3.7 SFB HighPeakEner HPK 6.43 2.2 Lone Star Bank 0.20 BankDirect 1.00 52-Wk % 52-Wk % 52-Wk % Nautilus NLS 18.25 3.7 SunPower SPWR 12.91 2.2 IndependentBank INDB 49.25 0.6 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg NewFortressEner NFE 44.04 6.3 SunRun RUN 75.27 1.1 JustEnergy JE 5.10 -40.1 (713) 358-9400 (877) 839-2737 NextEra6.219%Un NEEpQ 50.41 0.1 SwitchbackEner SBE.U 26.00 -0.1 LexinFintech LX 6.04 -2.4 CelldexTherap 16.19 1.4 State Bank of India California 0.15 Marcus by Goldman Sachs 0.85 CLDX GuardantHealth GH 113.74 2.1 NovoNordisk NVO 70.46 1.5 TailwindAcqn TWND.U 10.35 0.6 Lizhi LIZI 2.17 -7.7 CorsairGaming CRSR 20.09 1.7 Highs HorizonAcqn HZAC.U 10.45 0.8 NovusCapital NOVSU 17.50 23.0 Target TGT 158.43 0.3 Momo MOMO 13.52 -2.1 (877) 707-1995 (855) 730-7283 Covetrus CVET 25.52 0.9 HoustonAmEner HUSA 6.36 172.9 TopBuild BLD 171.82 -0.2 A-MarkPrecMet AMRK 35.05 -2.9 NovusCapital NOVS 12.99 20.8 NeosTherap NEOS 0.55 1.1 VirtualBank 0.15 Goldwater Bank 0.80 CymaBayTherap CBAY 7.38 8.6 IndlTechAcqns ITACU 10.07 0.1 TortoiseAcqnWt SHLL.WS 27.95 16.5 AXT AXTI 6.36 19.5 NovusCapitalWt NOVSW 4.20 110.3 OrchardTherap ORTX 4.13 -0.7 Danaher DHR 212.24 0.6 Infr&EnerAltern IEA 7.10 2.3 TravelCtrsNt28 TANNI 26.08 -0.1 (877) 998-2265 (480) 281-8200 AcceleronPharma XLRN 113.71 3.8 OaktreeAcqnWt OAC.WS 3.49 9.8 Orphazyme ORPH 9.51 -11.7 Deswell DSWL 3.25 12.7 Innodata INOD 3.45 39.5 Trupanion TRUP 79.26 8.5 AdaptiveBiotech ADPT 50.70 -0.7 OaktreeAcqn OAC 12.49 3.1 OutsetMedical OM 48.10 -3.8 DollarGeneral DG 211.98 -0.1 Inovalon INOV 26.96 -0.7 TwistBiosci TWST 79.72 5.0 Three-month CD Five-year CD ADialPharm ADIL 4.00 114.9 OaktreeAcqn OAC.U 13.65 6.2 PainReform PRFX 4.50 ... Domino's DPZ 428.54 0.5 InspireMedical INSP 132.69 -0.7 US Energy USEG 18.57 56.7 AmerSupercond AMSC 16.47 7.1 OmegaFlex OFLX 158.12 9.3 RenalytixAI RNLX 9.91 -9.3 DonnelleyFin DFIN 13.59 -1.2 InstalledBldg IBP 101.92 -0.3 UnitySoftware U 102.63 -0.9 BrioDirect 0.50 TAB Bank 1.10 Appian APPN 66.68 5.9 DormanProducts 89.81 -0.5 OpenLending LPRO 25.54 1.5 RockyMtnChoc RMCF 2.65 -1.1 DORM Insulet PODD 237.00 2.0 VivintSolar VSLR 41.21 1.3 (877) 369-2746 (800) 355-3063 ArenaPharm ARNA 76.49 -0.3 DraftKings DKNG 59.45 -2.0 Owens&Minor OMI 23.95 8.4 SatsumaPharm STSA 3.81 -4.5 IssuerDirect ISDR 20.19 0.8 WRBerkleyDeb60 WRBpG 26.18 0.7 AssdBancPfdF ASBpF 27.17 0.1 DuckCreekTech DCT 45.32 -1.3 OxfordSquareNt26 OXSQZ 27.16 1.1 TargetHosp TH 1.15 -1.6 Goldwater Bank 0.35 First Internet Bank of Indiana 1.01 JFrog FROG 90.80 -1.0 YucaipaAcqnWt YAC.WS 1.09 1.1 AviatNetworks AVNW 23.50 9.5 Endava DAVA 61.07 1.1 PacBiosciCA PACB 10.01 2.1 TaroPharm TARO 53.950.2 JinkoSolar JKS 39.41 3.9 (480) 281-8200 (888) 873-3424 AxonicsModul AXNX 51.25 7.4 EnphaseEnergy ENPH 83.37 3.4 Paylocity PCTY 163.35 2.4 TelecomArgentina TEO 6.41 -2.7 JuniperIndlWt JIH.WS 1.98 27.3 Lows Bandwidth BAND 179.11 2.4 FateTherap FATE 41.36 -2.7 Peloton PTON 102.83 3.7 TelefonicaBras VIV 7.60 -0.5 Discover Bank 0.25 Ally Bank 1.00 JuniperIndustrial JIH.U 11.62 3.5 BankofAmPfdE BACpE 25.14 0.6 FedAgricMtgPfdF AGMpF 26.32 0.3 PerkinElmer PKI 124.66 1.1 Alector ALEC 10.70 -1.8 Telefonica TEF 3.40 -3.1 (800) 347-7000 (877) 247-2559 BankofAmPfdL BMLpL 25.18 0.7 FedRealtyInvPfdC FRTpC 26.82 0.3 JuniperIndlA JIH 10.86 2.5 RenewableEnergy REGI 50.32 6.8 AmerantBancorpA AMTB 9.64 -2.8 Teligent TLGT 0.70 0.8 KE Holdings BEKE 67.51 6.9 BeiGene BGNE 284.46 0.3 FirstCitizensPfdA FCNCP 26.96 0.1 SeattleGenetics SGEN 192.30 0.2 AuroraCannabis ACB 4.56 -2.1 TheravanceBio TBPH 14.95 -3.1 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of BeyondMeat BYND 170.45 9.5 FiverrIntl FVRR 145.95 -0.9 KaleidoBiosci KLDO 10.50 13.0 ShockwaveMed SWAV 75.29 1.2 BP Prudhoe BPT 1.44 -5.2 Tricida TCDA 8.54 -3.5 BioLifeSols BLFS 29.43 6.0 ForumMergerIII FIIIU 10.51 ... KuraOncology KURA 30.71 1.6 SimulationsPlus SLP 76.00 2.8 BlueCity BLCT 8.86 -5.1 uniQure QURE 35.76 -1.2 compounding and rate stated for the lowest required opening deposit to earn interest. CD BlackKnight BKI 87.46 1.4 Franchise7.5%PfdA FRGAP 24.90 0.4 LanternPharma LTRN 21.99 -4.0 SiTime SITM 86.67 4.6 CapitalaFinance CPTA 9.30 -2.0 US Antimony UAMY 0.23 -15.9 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of BlueprintMed BPMC 92.61 3.0 FusionAcqnWt FUSE.WS 1.00 25.0 Lennar B LEN.B 64.15 -1.1 SiyataMobileWt SYTAW 1.50 9.1 CondorHospitality CDOR 2.69 -3.0 UnivInsurance UVE 13.65 -5.0 which may be checks. Rates are subject to change. BrookfieldRenew BEPC 56.82 2.1 GRAVITY GRVY 150.00 -2.5 Lennar A LEN 80.34 -0.8 SmithAO AOS 54.46 0.8 ConsldWater CWCO 10.50 -1.5 Vaccinex VCNX 1.63 3.4 BrookfieldRenew BEP 50.82 2.2 GoodRx GDRX 64.22 -1.4 LifeSciAcqnUn LSACU 13.85 24.3 SocialCapHedII IPOC.U 14.53 5.8 DyneTherapeutics DYN 19.27 -7.0 Vontier VNTw 30.50 -7.6 Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 CardiffOncology CRDF 15.24 15.0 Graco GGG 61.99 0.3 LifeSciAcqn LSAC 12.74 20.0 SocCapHedII A IPOB 19.40 12.1 E.MergeTechWt ETACW 0.90 -0.5 YoungevityIntl YGYI 0.45 -3.6 Internet: www.bankrate.com P2JW274000-5-B01300-1------XA

THE WALL STREET JOURNAL. ***** We dnesday, September 30, 2020 | B13 MARKETS StocksSlip Ahead of Presidential Debate

BY ANNA HIRTENSTEIN ager at Howard Capital Man- S&P500 and sectorsperformance, Tuesday rose 75 cents, or 0.7%, to AND KAREN LANGLEY agement. “It’skind of likea $105.19 afterMr. Trump said Communications marathon runner.Amarathon 150million rapid coronavirus Health Care U.S. stocks pulled back Tues- runner canonly runsofar and tests from the companywould dayafter two sessions of solid so fast without having to sit Utilities be shipped acrossthe U.S. gains as investorslooked ahead down and take abreak.That Technology Inovio Pharmaceuticals to the firstdebate between doesn’t mean anything is wrong S&P500 shares dropped83cents, or PresidentTrump and former with them.” Real Estate 6.8%, to $11.31 afteraplanned Vice President JoeBiden. Market volatility is on the Consumer Staples later-stagetrial foraCovid-19 TheS&P 500 rise as the November U.S. elec- Materials vaccine wasput on hold, follow- TUESDAY’S fell 16.13 points, tion gets closer.Mr. Trump and ing questions from U.S. health Consumer Discretionary MARKETS or 0.5%, to Mr.Biden were scheduled to regulators. Theshares tumbled 3335.47, while the faceoff Tuesdaynight in Cleve- Industrials 28% Monday. DowJones Industrial Average land, Ohio,todiscusstheir re- Financials In bond markets, the yield on dropped 131.40 points, or 0.5%, spectiverecords, the coronavi- Energy the 10-year U.S. Treasuryfell to to 27452.66.The tech-heavy ruspandemic,the economy, 0.644%, from 0.661% on Mon- -2.5% -2 -1.5 -1 -0.5 00.5 Nasdaq Compositelost 32.28 race and violence. Other issues day. Yields fall as bond prices points,or0.3%, to 11085.25. were likely to be their views on Source:FactSet rise. Heading intothe end of a mail-in voting,interferenceby Overseas,the pan-continen- turbulent September,major in- overseas interestsand potential prospectsfor newadditional alystssaid. Tuesday, with the financials talStoxxEurope 600 declined dexesedged up Thursdayand election fraud. spending to support the econ- “A combination of the situa- groupdropping 1.2% and the 0.5% as coronavirus cases con- then notched big gains Friday “People will read intothis omy. House Democratsreleased tion with the Supreme Court, energy group falling 2.7%. U.S. tinued to rise,raising the risk of andMonday. TheS&P 500 is debatefor answers to questions a $2.2 trillion coronavirus relief and Democratsbeing unwilling crude lost 3.2%, to $39.29 abar- morestringent measures being up 3.2% in 2020 but down 4.7% about whether the resultsofthe package on Mondayevening. to hand Trump amajor fiscal rel, and is down 36% this year. introduced by governmentsin forthe month. election will be accepted by ei- HouseSpeaker NancyPelosi stimulus just beforethe elec- Investorsare continuing to the region. Afterstocks rocketed higher ther side,” said Tony Dalwood, spokewith TreasurySecretary tion, makes it quiteunlikely monitor the spread of coronavi- At middayWednesdayinTo- from their March lows,many chief executiveofGresham Steven MnuchinonTuesday that we’ll see something rus. Newcases in the U.S. edged kyo, Japan’sNikkei 225Stock investorspredicted they could House Asset Management. “If morning,aiming to revive passed,” said Sebastian Mackay, down,while the global death Averagewas down 0.1%, but be due forapullback. there’sany uncertainty around stalled negotiations. amultiasset fund manager at toll from the pandemic sur- Hong Kong’sHang Seng Index “It’sjust the way markets this,that will lead to volatility.” But the focus in Congress Invesco. passed one million. wasup1.7%. and South Korea’s work,” said VanceHoward,chief Investorsare also continuing has turned to the selection of a Sectorsthat led the S&P 500 Among individual stocks, Kospi wasup0.8%. S&P 500 fu- executiveand portfolio man- to assessthe now-dimming newSupreme Court justice,an- higher Mondayreversedcourse shares of AbbottLaboratories tures were flat. Bond Yields Signal Ebbing Dollar RevivesCarryTrade

Jitters Over Growth BY CAITLIN OSTROFF

BY PAUL J. DAVIES local currency, ratesand FX at This year’s decline in the U.S. fund manager PGIM’s U.S. dollar is drawing inves- InvestorsinTreasurys fixed-income unit, said who- tors back into a practice that showednervousnessahead of ever wins theU.S.election,he they hadeschewedfor some the firstdebatebetween the expectslong-term weakness years: Borrowing the green- candidates in this year’s presi- forthe U.S. economy. back to buy riskier assetsin dential election. “I think investorswill focus what is known as acarry Yields fell on both 10-year on the fiscal deficit, and the trade. U.S. government bonds and medium-to-long-termgrowth Anumber of investorsare Treasury inflation-protected outlook is pretty poor,” Mr.Ba- pursuing higher returns by securities,known as TIPS. nasiak said. buying overseas assets. Invest- Thedifferencebetween the Real yields have risen from ment firm AshmoreGroup,for two yields,called the break- theirclosing lowoflessthan instance, sold the dollar to add even rate,shrank,indicating a minus1.1% at the end of Au- local-currencygovernment fall in inflation expectations in gust, according to Tradeweb, bonds from Mexico, Indonesia markets. while yields on ordinaryTrea- and Brazil to itsportfolios,ac- That rate has been the most suryshavebarely moved. cording to JanDehn,head of reliable predictor of equity- Investorshavefocused more research. market moves this on break-evens and real yields, Thedollar is being used to CREDIT year,according to because yields on normal Trea- fund such analysts and inves- surys have fallen so lowthat trades aftera

MARKETS CURRENCIES LSH/REUTERS

tors.When the thereislittle room forthem to drop in U.S. DA rate falls,stocks tend to also drop further. interest ratesthis year made

fall. “It is hardtomakeanargu- it lessattractivefor investors ALLAH

Yields on ordinaryTrea- ment that nominal yields move to hold dollar-denominated ABD R

surys slipped to 0.644% from much lowerfromhere,” said assets. With the Fedpledging AM 0.661% on Monday. Maya Bhandari,multiasset to keep U.S. ratesnear zero Falling U.S. interest rates have made it less attractive to hold dollar-denominated assets. Yields on TIPS,called real portfolio manager at Columbia forthe foreseeable future, it yields,slid to minus 0.982% Threadneedle Investments. maystaythat way forawhile. 4% to weaken, particularly given from minus 0.961%. She has built up largerhold- TheFed’spurchases of cor- Performanceofthe the Fed’srecent guidanceon That left the break-even rate ingsofinflation-protected porate and government bonds U.S. dollar againstother rates. “It’sverydifficult to slightly down at 1.638%, ac- Treasurys in recent years, she has also sent yields tumbling. 2 currencies this year bet against the central cording to Tradeweb. said, but recently sold some to Treasuryslost much of their banks,” he said. Thedecline in the break- lock in profitsbecause there allureasastore of value when Mr.Edwards has used the even rate sinceits peak of 1.8% hadbeen such arun-up in the real yields dropped intonega- 0 dollar to buy Mexican peso-de- at theend of August and the break-even rate over the sum- tiveterritorywith the ex- nominated government bonds. stock market’sstumble in that mer. pected rate of inflation climb- –2 Thepeso has gained 13.1% same period have highlighted Sincethe start of June,the ing.That has leftinvestors from itsMarch lows,and of- investors’ concerns about the 10-year break-even rate rallied facing the prospect of losing Yen fers areturn of about 2.25% economic-growth outlook as a from about 1.2% to apeak of money if they hold govern- –4 Euro over the next year, according result of rising Covid-19 infec- 1.8% at the end of August, ment bonds until maturity. to Goldman Sachs. tions and worries about a helping to drivethe rally in eq- Investorsare nowturning Swiss But not all investorsare –6 slowdowninstimulus efforts uities. to bonds outside the U.S. that franc convinced that the dollar will from governmentsand central Thepresidential debatebe- offer positiveyields when ad- continue weakening.Some are banks. tween President Trump and justed for inflation. –8 betting that it will strengthen, Thefalls Tuesdayended the JoeBiden is seen by some ana- Mr.Dehn expectsthe dollar Jan. Feb. March April MayJune July Aug. Sept. given the possibility of aclose morepositivedirection of the lystsascritical to the level of to weaken in the coming years presidential election and past couple of days. uncertainty in the growth and because the economic recov- Source:TullettPrebon higher Covid-19 infection rates MariuszBanasiak,head of inflation outlook. eryislikely to be faster out- during the winter. side theU.S.Heisn’t alone. goods and helping offset the For carry trades, investors If the dollar strengthens, U.S. real versus nominal 10-yearyields and inflation expectations Speculative bets that the cur- pain of ahigher import bill, look forcurrencies that aren’t that could cause investorsto rencies of the Group of 10 she said. just backed by lowinterest close their positions and buy 2% leading industrial countries Thegrowing use of the dol- rates, but are also likely to be back the dollar, adding to the will appreciateagainst the lar in funding carrytrades stable or to weaken. This can greenback’sstrength. Just last Breakeven dollar are at a two-year high, marks ashiftinattitude among increase theirprofitwhen the week,the ICE U.S. Dollar Index according to datacompiled by investors, who forsome years trade is closed. rose 1.9% amid concerns about RBC Capital Markets. have favoredthe Japanese yen Vasileios Gkionakis,head of the economy’suneven paceof 1 TheICE U.S. Dollar Index, over most other currencies. foreign-exchangestrategyat recovery. which tracks the greenback Theeuroalso grew popular Swissprivatebank Lombard Another stock market rout against abasket of currencies, over thelast couple of years Odier,thinks the dollar is still this year could help the dollar Treasury has already fallen 2.3% this with the European Central overvalued by 10%-15% and is strengthen, said Zach Pandl, year,putting it on track forits Banktaking itspolicyrates betting on afurther decline co-head of global foreign ex- worstperformanceinthree intosubzero territory. Negative over the coming year.Heplans change, interest ratesand 0 years. interest ratesmean investors to use the dollar as a funding emerging marketsstrategyre- Aweaker dollar would help getpaid to borrow money. currencytobet on the search at Goldman Sachs. the U.S. economic recovery, In contrast, the dollar grew strengthening of emerging- “Ifthe global economywere said Jane Foley, head of for- lessattractiveasafunding market currencies in Asia, in- back in recession, that would eign-exchangestrategyatRa- currencybetween 2015 and cluding the Chinese yuan, the tend to be positivefor the dol- –1 TIPS bobank, even though the U.S. 2017, when the Fed increased South Korean wonand the lar,” said Mr. Pandl. “The dol- 2019 ’20 imports more than it exports. interest rates. This year,the New Taiwan dollar. lar is still a safe haven asset, It would makeU.S.exports difference between interest Stuart Edwards,aU.K.- and when we see large equity Note:TIPS is inflation-protected Treasury.Breakeven is the gap between TIPS and Treasury yields. Yields arebid yields cheaper forbuyers, increasing rates in the eurozone and the basedfund manager at In- drawdowns,the dollar tends Source:TradeWeb the competitivenessofU.S. U.S. has shrunk. vesco, also expectsthe dollar to appreciate.” App for Trading Collectibles Raises $17 Million in Fresh Funding

BY LOGAN MOORE Global Brain. real estateorprivateequity, platform outright, which would hassle of maintaining the item. Rally’s assetsunder manage- have been harder to trade.Rare then distributemoney to the Thereare risks forinvestors An app on which userscan ment have doubled sincelast items,likeexpensiveart, are investors. trading lessliquid assets. Unlike trade against vintagecars, fall to $15 million, according to even more difficult. “Returns from some of these stocks,which trade everysec- fancywine and baseball cards the NewYork-based firm. Unique asset classes arein- collectibles areveryreal re- ond on platforms with millions just received acash injection Trading on apps has become creasing in value,said Mr. turns forsome of these folks,” of investors, trading venues from ahandful of investors, in- abooming business. Individual Ohanian. Mr.Ohanian said. “Weare at such as Rally don’t have nearly cluding Reddit’sco-founder investors, including younger Mr.Ohanian is activeinthe this point whereIcheck my thesame amount of users, and Alexis Ohanian. traders, have been using plat- venturecommunity,recently bank account on my phone, thereisnoguarantee that trad- Launched in 2017, the Rally forms such as Robinhood to take leaving the early-stageventure whyshouldn’t Ibeable to erswho want their money can Rd. platform gives almost amuch biggerrole in the mar- fund Initialized Capital that he check my alternativeassets?” liquidateshares quickly. 200,000 usersaccesstoalter- ket. They have been buying up co-founded and raising $150 mil- Mr.Ohanian had been look- An investment based on a nativeasset investmentsincol- technologycompanies including lion foranew venturefund ing at the alternative-assets physical item also is only as

lectibles. Tesla Inc. and Apple Inc. called 776, according to adocu- Y market forawhile,and said he good as the safety of that item. LL

In Tuesday’sdisclosure, the Theadded investment could ment filed to the Securities and RA initially sawthe investment po- Forinstance, alternative-In- firm said it secured nearly $17 position Rally to capitalizeon ExchangeCommission last week. Rally Rd. offers shares of items. tential of Rally when he bought vestment platform YieldStreet million in newfunding. the newly reinvigorated Ameri- UsersofRally areable to his father a1966 Mustang.The Inc. is under investigation by Other investorsinthis round canobsession with trading.For trade vintageitems foraslittle then have one daytotrade cost of upkeep wasmorethan federal agencies afteradozen include Upfront Ventures,bil- years, therehas been easy ac- as $1 ashare. Afteran“initial their shares or buy morebefore he imagined. He said Rally ships used as collateral for lionaireJim Pallotta’s Raptor cess to stocks formost investors public offering” is set foran the next 90-daywaiting period. gives usersthe satisfaction of loans disappeared in interna- Group, Porsche Ventures and but alternativeassets, such as item, userswait 90 days and Userscan also buy items off the owning something without the tional waters. P2JW274000-0-B01400-1------XA

B14 | We dnesday, September 30, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Green Push Can Benefit Investors Micron Expects Europe’s carbon price is widely expected to rise—a useful opportunity for long-term investments Flashing It won’t be cheap forindustrial companies to wean themselves off fossil fuels.Luckily,investorshavea Pain way to sit on the oppositeside of this trend: European carbon credits. Whether from California, China or Europe,pledges from politicians Chip maker sees NAND to decarbonizetheir economies have sales pressing on profit come thick and fast in recent months.One cornerstone of the Eu- ropean Union’sstrategyisacap- Micron wasinthe odd position and-trade system of emission allow- of facing both high and lowexpec- ances that putsapriceoncarbon. tations forits fiscal fourth quar- Futures that anticipatethis price terreported Tuesdayafternoon. giveinvestorsdirect exposuretothe Unfortunately forthe memory regulatoryfight against climate chip maker,the high side ruled change. the day. Launched in 2005,the bloc’sin- Revenue for the quarter came in ternational Emissions Trading Sys- at nearly $6.1 billion, beating Wall temwas the firstofits kind globally. Street’s $5.9 billion forecast and Onceayear,pollutersfromahost of GES up more than 24% year over year. industrial sectors—including power, IMA Adjusted earnings of $1.08 per

cement, steel, chemicals and refiner- ETTY share also exceeded analysts pro-

ies—hand over allowances fortheir /G jections. The gain mainly came carbon-dioxide emissions or paya UP from DRAM memory, where reve- fine.While some free allowances are GALL nue surged 29% year over year.

given, an increasing sharemust be SEAN DRAM makes up more than two- bought from regular primaryauc- One cornerstone of the EU’sstrategyisacap-and-trade systemofemission allowances thatputsapriceoncarbon. thirds of Micron’s total business. tions or on the secondarymarkets. But the company said in its earn- Therehavebeen growing pains: few quick or easy waystodecarbon- from 2030.Insurer SwissRere- requirethe approval of aqualified ings call Tuesday that it sees a Thepricedeclined foryearsfollow- izetheir operations. cently set a$100-a-ton internal car- majority of the 27 member states “mix shift” toward NAND flash ing the 2008 financial crisis.Yet TheEUhas no official target car- bon levyfrom2021, rising to $200 and, if approved, could take months sales in the first half of its new therehavealso been reforms.Next bon price, which is considered a by 2030. or even yearstocome intoforce. fiscal year. That will weigh some- year,new rules kick in that tighten matterfor the market. But this logic Such projections assume Europe ETSreforms could also createmar- what on profit due to pricing the supply of allowances. only applies up to apoint. If the is serious about decarbonizing its ketdislocations.Somight adisor- pressure and higher costs associ- So far,the ETShas been “a wash” carbon priceistoo lowtoprompt economy. This seems reasonable: derly Brexit if it promptsU.K.pol- ated with a new manufacturing foreveryone except the powersec- investment in green technologies, Thebloc announced agreen deal in luterstosell off their credits en process. The company expects torasother industries coveredby officials will likely adjust the rules, Januaryand this month European masse. both issues to ease in the second the program were given sufficient as they have in the past. Commission President Ursula von Yetemissions allowances are half of the year. free allowances,says PerLekander Europe’scarbon priceiswidely der Leyensaid she wantstoacceler- likely to become moreexpensive Micron has been among the of hedgefund Lansdowne Partners. expected to rise.Royal Dutch Shell ateemissions cuts, will consider a even without further reforms.Any weakest performing chip stocks From next year,though, companies estimated that it needs to be over carbon border taxand suggested ex- dislocations might be auseful op- this year, falling nearly 6% com- outside the powersector will need $200 aton by 2050,compared with panding the ETStocover newsec- portunity forlong-term investorsto pared with the 21% run by the to buy creditstoo.The additional around $30 today, forthe EU to de- tors such as transport, buildingsand buy intothe market. Even if the PHLX Semiconductor Index in that demand helped push prices up this liver on itsnet-zeropromise.BP’s agriculture. Otherswant aminimum timing isn’t completely clear,the time. But the stock also has shot summer and is likely to persist as latest long-term priceforecast as- carbon price. general direction of travel is: Eu- up more than 11% this month—the most of the affected industries have sumes carbon will cost $100 aton Regulatorychanges to the ETS rope’scarbon priceisgoing up. biggest run in the group—based on market data showing some im- provements in memory pricing. Given the fact that results that weren’t quite enough to justify the Danger Approaches Covid Va ccine Stocks recent hype, the stock slipped more than 3% in Tuesday’s after- hours trading. But Micron continues to see The Covid-19 vaccine race ap- evaluate, it is impossible to say strong memory chip demand pears to be entering the home who is winning or losing the race. driven by cloud computing ser- stretch. For biotech investors, the A drug that is sufficiently safe vices. Growing sales of 5G phones trouble could be just beginning. GES and effective to receive emergency that use more memory also should Despite a recent pullback, inves- IMA authorization from the Food and help demand in the year ahead.

tors are pricing in several coming GETTY Drug Administration won’t neces- The company might even be able

Covid-19 vaccine breakthroughs. SE/ sarily be widely distributed if a to surf in Nvidia’s strong wake as Pfizer and its partner BioNTech competitor has superior data. the latter’s new gaming and artifi- could have late-stage clinical data Then there are important drug de- cial intelligence chips also require

as soon as the end of October, ANCE-PRES livery issues to consider: Both the more memory. while data from Moderna is ex- FR Moderna and the Pfizer and BioN- Tuesday’s market reaction

pected soon after. Johnson & ENCE Tech vaccines require a booster shows what happens when expec- Johnson and Novavax recently be- AG shot, but the Johnson & Johnson tations run hot. S/ gan late-stage trials and could treatment doesn’t. —Dan Gallagher have data within a few months. The risks don’t vanish for the Shareprice forMicron Technology Optimism abounds: Moderna’s O-REYNOLD winner of the race, should one shares have more than tripled so emerge. While the government will $60 far this year, while Novavax stock control any vaccine-distribution

has surged more than 20-fold. The CABALLER effort at first, it is unclear how so-called vaccine trade has become many people will take the vaccine. 55

very popular with individual inves- ANDREW It will be incumbent on any manu- tors. After all, the federal govern- A vial with a potential coronavirus vaccine at a Novavax lab. facturer to persuade the public 50 ment opened its checkbook to that the shot is worth getting. companies trying to develop vac- Forthe vaccine trade,this isn’t of their value in three months. Spreading bets around could cines. What’s more, the total ad- just atheoretical risk: Inovio The risks to investors don’t nec- help, but that strategy has limits. 45 dressable market includes all of Pharmaceuticals on Mondaysaid essarily evaporate with successful Some smaller developers have no humanity, at least in theory. aplanned vaccine trial would be results. The vaccine funding effort, product sales and would benefit 40 That euphoria belies the volatile delayed due to questions from reg- which is a boon for the sector, greatly from a blockbuster sales nature of drug development: The ulators. Earlier this month, Astra- could become less advantageous opportunity. But for larger compa- majority of drug candidates never Zeneca paused itsvaccine trials for individual stocks as competi- nies, that benefit is more modest. 35 reach the market. Those that do afterapatientbecame ill, though tion comes into focus. Differentia- Even a true blockbuster candidate often suffer unpredictable bumps it has resumed some of them. Such tion among vaccine candidates has will have a muted impact on total 30 in the road. Potential safety or ef- snagsare commonplace, but canbe yet to harm stock prices, but in- profits. Don’t be surprised if this Jan.2020Sept. ficacy issues can emerge at any painful: Inovio shares fell 28% on vestors should look for that to shot ends up stinging. point in the process. Mondayand lost about two-thirds change. Without late-stage data to —Charley Grant Source:FactSet LVMH-Tiffany Fight Raises Deal Stakes OVERHEARD

LVMH has come up with a fresh Sharepricefor Tiffany&Co. lier this year as it tried to wriggle The business phrase “pulled seen 12,000 customers courtesy reason to derail the luxury indus- out of an agreement to buy the forward” is seeing a lot of use of Covid, manyelderly,and Chief try’s biggest deal on record. If Victoria’s Secret brand. LVMH’s LVMH offer price during the Covid-19 pandemic. It ExecutiveTom Ryan said they there is any escape hatch from its $135 third hope is a now-infamous let- refers to when a company sells were trying to figureout how $16 billion purchase of Tiffany & ter from a French government extra goods or services, but at manywould have used their ser- Co., the French company seems minister asking the company to the cost of future sales. vices anyway in 2020 or 2021, af- determined to find it. 130 delay the deal’s closure. Pulled forwardwas used with fecting near-term earnings. Tragi- Late on Monday, LVMH Moët The Delaware court hearing the “demand” in 465 businessarticles cally,though notfor the company’s Hennessy Louis Vuitton filed its case has a reputation for holding collected by Factivainthe pastsix bottom line, “some of the later countersuit against Tiffany as the 125 companies to what they signed up months compared with 414 in all states or call them the Sun Belt two businesses prepare to go to for. If the judge forces LVMH to of 2019. Compa- states [are] ... trial in January. It showed a new press ahead with the transaction, nies most-often seeing alot more line of attack. LVMH will try to 120 it will have to integrate Tiffany mentioned are Pulled forward was people thatyou convince the judge that the pan- with a lot of bad blood on both Netflix, Home De- neverwould have demic has caused a “material ad- sides. The U.S. jeweler’s current pot, Pelotonand used with ‘demand’ expectedtohave verse effect” (MAE), an event that 115 management team would very sellers of con- in 465 articles in the adeath that’soc- allows it to break the deal. likely have to be replaced. Admit- sumer staples. curring,” said Mr. Tiffany’s legal team didn’t spell tedly, hiring top talent has never Exercise bikes past six months. Ryan. out clearly in the merger agree- 110 been an issue for the French lux- might see more SCI’s third ment that LVMH is barred from ury giant. Jan. 2020 Sept. sales overall than quarter ends to- using a pandemic as a reason to It also will be hard to convince if there hadn’t day. While man- walk away, although the jeweler Source:FactSet LVMH’s minority shareholders that been a pandemic. Toilet paper agement wouldn’t be so indelicate says it is protected under more completing the deal at the current won’t. Very much on the toilet as to credit “reopening” as a fac- general terms. dend in the first and second quar- price would be anything but a di- paper end of things are the offer- tor, analysts might. After slashing Louis Vuitton’s owner is now ters when most other luxury saster—particularly now that the ings of Service Corp., America’s sales forecasts for the quarter trying three potential exit routes. brands slashed theirs. It also French company has publicly aired biggest “death-care” company. early this year, FactSet shows As well as an MAE, LVMH says Tif- closed its U.S. stores in the early why it thinks Tiffany’s future pros- In the quarter thatended in their estimates have rebounded fany has been so badly run since days of the Covid-19 crisis, before pects are “dismal.” As LVMH digs June, the companysaid it had by 8% since June. the crisis began that it failed to it legally needed to do so—one of deeper for reasons to walk away, it keep up its side of the bargain. the arguments that private-equity is simultaneously raising the The jeweler paid a generous divi- firm Sycamore Partners used ear- stakes. —Carol Ryan P2JW274000-4-R00100-1------XA

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R2 | We dnesday, September 30, 2020 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. We dnesday, September 30, 2020 | R3 JOURNAL REPORT | WOMEN IN THE WORKPLACE JOURNAL REPORT | WOMEN IN THE WORKPLACE

‘Wewerejuststarting to have our name recognized and getting an influx of students, ‘I reallystrugglewith the gratefulnessofbeing in abetterposition than a and all of asudden we were shutting our doors.’ —DEBBIE MALEWICKI on her startup lot of people but acknowledging it’s still very difficult.’ —KEESAMCKOY

Clockwise from above left: Debbie Continuedfromtheprior demic-erasurveys of working tal-health counseling, while 28% Percentage of employees who say remain at leastpartially shut— ently,” says Susan St.Ledger,presi- nesses and investorswho want to home maypersistafter the pan- Malewicki and her son, Tristan, in Covid‑19 page women and men, in which re- have increased the emergency theyhaveconsidered leaving the though fathers, too, have been dentofworld-wide field operations support them, says manyofthe demic is contained, says Titan Alon, ranksand in attaining leader- searchersatMcKinseyand Lean loans or grants theyoffer to work- workforce sincethe startofthe strappedwith morehome duties. forSplunk,adata-platform pro- female entrepreneursinher net- an economistatthe Universityof their backyard; Keesa McKoy and ship positions. In polledmorethan 40,000 North ers, according to the McKinsey/ Covid-19 crisis Among working mothersindual- vider basedinSan Francisco. To work have full-time corporatejobs, California, SanDiego and co-author her daughter, Azara; Sheoashie Jeopardizes Women have already lost American employees.Ifemployers Lean In data. career couples,40% saytheyspend hiretechand other talentwith and she has seen amarked split of a paper examining the impact of Palmer, a traveling nurse on the adisproportionate number don’t takemoreaction to shore Yetemployers,byand large,ha- Men Women an additional three or morehoursa morediverse backgrounds,the in the experiences of those who Covid-19 on gender roles.Manyem- road in Laredo, Texas; and Kate of jobs.Thatispartly be- up mothersintheir jobs,McKin- ven’tdialedback their productivity dayonchild care and home respon- companyislooking at setting up have children—about 60%—and ployers have signaledtheyplan to Deisseroth, an orthopedic surgeon. 25% Women’s cause of a segregated work- seyand Lean In warn, theycould expectations of employees,the sibilities than pre-Covid, while 27%of hubs in parts of the countrywith those who don’t. retain some of the flexibilityand forceinmanyfields in which see the percentage gains women data suggest. Half of the 317ma- fatherssaid the same,according to bigger populations of underrepre- “The 40% who don’t arefinding work-from-home policies necessi- women makeupmoreofthe have made overthe pastseveral jor companies surveyedbyMcKin- 20 McKinseyand Lean In. Morethan sented people,lettingrecruits work it exponentially easier to get their tatedthis year oncethe pandemic Recent lower-income serviceand re- yearsupand down the manage- seyand Lean In haven’tchanged half of motherssay theyare respon- is over, which could help women tail jobs thatvanishedas mentladder dissipate. anything about their performance 15 sible foreither all or mostofthe betterbalancework and home life. Covid-19 grippedthe econ- reviews,and only 8% have in- work at home. Percentage of employees who say Gains omy. While women are47% structed managerstoreducetheir In January, KeesaMcKoy,31, ‘They’relikesuperheroes. They come in theyhaveconsidered downshift- 10 of the U.S. labor force, they teams’workloads.While more started anew job at BostonUniver- and theyjustknowexactlywhat to do. ing their careerssincethe startof accountedfor 54%ofinitial ‘Dig deep’ than two-thirds of companies say sityasacommunications director. Without the option the Covid-19 crisis coronavirus-relatedjob losses and still makeup49% of them, The message to companies:“You theyhave asked managersto 5 When she broughther 4-year-old Iwant to knowmore.’ —SHEOASHIE PALMER But the benefits of enhanced flex- Men Women according to McKinsey&Co. maybestruggling now, but if you check in weekly on workers’ men- daughter, Azara, to daycareone on the ICU nurses she worked with in New York ibilitydon’t apply to millions of Morewomen—particularly mothers—saytheymay have to step don’t dig deep,ifyou don’t make tal health and to assesswhether 0 dayinMarch, she discoveredithad women whose jobs requirethem 25% back or away from jobs theystill have,anew major study shows. major investments in supporting their work is manageable,less Without With With kid(s) JOURNAL shut down overnight. to be on site, including retail, Though the pandemic has forced fathersand motherstojuggle working parents in differentways, than 40% of employees saythat children children under 10 “I figured it out,” she says.“But it health-careand serviceworkers. REET

careerswith child care and remote schooling,women oftenshoul- youwill have lostyearsofhard- is happening. ST wasasetupfor the rest of the businesses funded Nearly four in 10 female workers 20

Source:McKinsey&Co. and LeanIn.OrgWomen in LL der the bruntofthose responsibilities. earnedprogress,” says Rachel At Bayer, women have made time—pivoting and being flexible as and offthe ground. If in the U.S.,or38%, sayitisn’t pos-

the Workplace2020survey of morethan 40,000 WA Thatoutsizeburden has long-term consequences:About one Thomas, CEOofLean In,the non- major advances in the manage- employees, June-August much as youcan.” theyare working sible forthem to do their job by 15 THE

in fiveworking motherssurveyedthis summer forthe sixth an- profit foundedbyFacebook Inc.’s mentranksinrecentyears. In R Ms.McKoy,who is separated, from home,they working from home,according to nual Women in the Workplacestudy by McKinseyand LeanIn.org Sheryl Sandbergtosupport theU.S., theymakeup40% of FO had her daughtermostweekdays, have alot moretime a Wall Street Journal/SurveyMon- ON 10

saytheyare considering dropping out of the workforce,atleast women in their career ambitions. upper managementpositions, young children. So the good news is YO but says thatcustody schedule and flexibility,” says keypoll conducted earlier this temporarily—compared with 11% of fathers. An additional 15% of The good news,she and other compared with 28% in 2010. theyare figuring it out,hopefully soon became unsustainable.She Ms.Cahn, who has year,compared with 37%ofmen. mothersreport theymay dial back their careers, either by cutting executives say, is thatwhite-collar Sincethe start of the pandemic, with our help,” says Ms.Safarian, and her ex agreed their daughter been juggling a Three yearsago,insearch of 5 HANNAH their hoursorswitching to aless-demanding role.Among women women especially maybenefit Ms.Safarian says,she and other who says she has been able to would spend TuesdaytoThursday Covid-driven surge in betterwork-lifebalance, Breanna with young children, the struggle is especially acute: Nearly a long term from some of the senior leadershave kept aclose manage her job (nowfromaspare with him, and Fridayand Monday businesswith raising DelToroleftacareerasafuneral 0 quarter saytheymay takealeave of absenceorquit altogether. changes wroughtbyCovid-19, eyeonwhether women continue bedroom in her basement)with be- JOURNAL, with Ms.McKoy.Theyswitch off twoteens with her directorand embalmer and is now Without With With kid(s)

Nor is the parental load the only factor.Among childlessmen such as moreflexible schedules to consistently be in the running ing amother of three because her REET weekends.She negotiatedwith her ex-husband. “Remote acourtesy-center manager at a children children under 10 and women, 10% also saytheyare considering leaving the work- and the normalization of working forpromotions.Inaddition to ex- husband is astay-at-home father. ST bosstominimizemeetings on the work is great. It’s the Schnucksgrocery store in Peoria, LL Source:McKinsey&Co. and LeanIn.OrgWomen in

force, and acrossthe board, employees aremorelikely to citeburn- from home forthose who can. panding employeebenefits for “But my worryisthe cumulativeef- WA days she has her daughter, but that home-schooling and Ill. She works5a.m. to 1p.m. five the Workplace2020survey of morethan 40,000 employees, June-August

out and anxietyoverjob securityastheir biggestwork challenge Shorter term, however, many child care and home-schooling fect of toomuch everyday.At THE has been tough as her responsibili- child care thatruins days aweek, preparing the store than child care.Black women areevenmorelikely than women working mothershave reacheda help,the companyhas encour- whatpointdoes someone saythis R ties have multiplied. Rightnow,Ms. anychances of hav- to open, checking inventoryand FO overall to consider downshifting or taking aleave from work and breaking pointaswork and life agedbosses to help employees is toomuch?” S McKoy is leading twolarge projects ing asane,normal handling bank deposits. citehealth concerns as areason, thereport says. bleed together into aboundary- juggle work and home lifeindif- What’sclear is thatthe “double and advising on twoothers. workday.” As an essential worker,the 33- tions to servegrades Kto12. She

The findings come from one of the mostcomprehensivepan- lesshome life—ared flag forthe ferent ways, such as notschedul- shift” manywomen already work in CÁRDENA Azaraiscurrently in remote pre- at home but gather in an officeas Afteradecade working in hospi- year-old loggednearly 60 hoursa has spoken with around 75 parents, economyand the businessworld. ing super-early meetings and re- taking care of home and family G. kindergarten, and when she starts a needed. tals and jails in her home stateof week during the first months of mostofthem representing “pods” Across the corporatelandscape, minding people to takebreaks. alongside their paying jobs has bal- hybrid schedule in mid-October,Ms. Forsome women, especially Mississippi, Sheoashie Palmer,44, the pandemic.The overtime pay, on of multiple families,but manyare

“I’mveryconcernedthatthere’sa “I still seewomen getting that loonedasschools and day-care op- VERÓNICA McKoy says she maytap some of those with older or no children, signedontobeatravelnurse last topofher $17.80-per-hour wage, waiting to seehow distancelearn- leveloftalentwe’re going to start next big job,and some have tions in manyparts of the country the university’s10daysofleave of- the pandemic has createdoppor- fall through an agency calledKru- mitigatedthe lossofincome from inggoes beforehiring aprofes- Women’s gains since 2015 2020 losing thatwe’ve worked very hard feredtomanage personal needs. tunities.Karen Cahn, founder an cial Staffing. Ms.Palmer,whose her husband, who wasfurloughed sional teacher.Meanwhile, Ms. 2015 in the career pipeline 47% to develop,” says LisaSafarian, JOURNAL, “No scenario feels optimal even CEOofIFundWomen, amarket- twodaughters arenow in their from his job managing aware- Malewicki has spentdownher sav- Entry level 45

at U.S. corporations head of BayerAG’sNorth Ameri- REET if Iget thetime offbecause Ihave placefor women-ownedbusi- 20s,movedtoNew York Citywhen house.During thattime,hewas ings and liquidatedmostofher re- ST

have been generally cancrop-science business, who LL so much work,” she says.Still, she it emergedasavirus hotspotto able to stay home with the couple’s tirementfund to stay afloat.

38 WA modest, but bigger Manager 37 adds thatworking mothersof counts herself among the fortu- work in Covid-19 intensive-care three children, ages 9to12. At home,she is dealing with

young children areacritical part of THE nate.“As aBlack woman, there’sa units fortwo months.She’s now Because Ms.Del Toro’s job ex- manyofthe same challenges as the

at moresenior levels. R Senior manager 32 33 the next generation of potential FO lotgoing on in the context of privi- caring forCovid-19 patients in La- posedher to the public,and the vi- families she hopes to serve, caring 29 Shareofworking parents who Women's representation businessleaders. At the German ‘Asa AK lege,but I’mstill able to work.I redo,Texas. rus,she thoughtabout taking an forher 9-year-old son, Tristan, and

28 CZ at each levelin Vicepresident 27 company’sU.S.operations,the have ahome whereIcan be in a reportbeing responsible formost The 60-hour weekstending to unpaid leave of absence. But “I just helping her mother and elderly step- surgeon, you YM or all housework and/or child care the pipeline Senior V.P. 23 number of women in senior man- SZ differentspacethan my daughter. I patients grippedbythe illness financially couldn’t do it,” she says. father,who has Parkinson’s disease.

21 NA agementhas risen morethan 40% can’t take a really struggle with the grateful- 60% took an emotional toll, but the The pandemic has been Because Tristan has some learning YA MothersduringCovid-19

C-suite 17 overthe pastdecade. KA nessofbeing in abetter position 51% premium payhelpedher payoff uniquely challenging forwomen in difficulties,hewas invited to attend In addition to hurting women’s year or two than alot of people but acknowl- debts and plan vacations she the middle of launching anew school four days aweekinperson, 50 Before In recent months,women in senior leadership have also been morelikely to careersand livelihoods,she says, offand go edging it’s still very difficult.” 41% mightnot otherwise have taken. venture. When Debbie Malewicki which has eased someofthe strain JOURNAL, report feeling the stresses of the Covid-19 crisis than women overall and “this would set our businessback.” Manyemployers remain optimis- 40 The experiencealso sparked a started an education businessin on Ms.Malewicki. their male counterparts. Agrowing body of research back in, so REET tic thattheycan continue to im- desiretoskill up in intensive-care 2018 near NewHaven, Conn., she She hopes to offerthatkind of ST

linksgreater gender diversityon LL prove gender and racial diversity nursing. “They’re likesuperheroes,” expected to servemostly college relief to other families with her new Shareofemployees who reportfeeling the Senior men Senior women it would 30 teams and in corporatemanage- WA within their ranks, and saythe pan- Fathersduring Covid-19 she says of the ICU nurses she students who needed test proc- businessmodel. following consistentlyinrecent months Men Women menttomoreinnovation and bet- kind of be THE demic mayevenprove anew path 16% worked with in NewYork City. tors and tutors. In early 2020,col- “I’dliketogivethatopportunity R 20

terfinancial performance.That FO to achieving those targets: About “Theycome in and theyjustknow leges went remote,and her cus- to other parents,” she says.“I’mtry-

50% the end of S businesscase is abig reason a 70%ofcompanies surveyedby 8% exactly whattodo. Iwantto tomer base,inanarearich with ing to makesome lemonade out of RIO 10 majorityofcompanies sayworking that career.’ McKinseyand Lean In said the dis- knowmore.” universities,dispersed. lemons here.” toward equalityfor women and covery thatsomanypeople could The long-term effects of the “Wewerejuststarting to have 25 DESIREE

— KATE : 0 minorities in the workplacere- work productively while out of the pandemic mayultimately help ad- our name recognized and getting Ms.Weber,aWall Street Journal

DEISSEROTH LEFT mains apriority, and manyare pro- officewill allowthem to recruit new, 2017 ’20 vancesome women’s careersin an influx of students, and all of a reporterinNew York,can be P

0 viding moresupport to employees TO remote employees from locations PREPANDEMIC other ways. Though women have sudden we were shutting our [email protected]. in balancing work and lifesincethe OM previously offthe table. taken on agreater shareofthe ex- doors,” she says. Ms.Fuhrmans,deputychiefofThe Pressured to work more Burnedout Exhausted FR Note:Figures encompassheterosexual and pandemic began. Nearly half have “Wehad an HQ-centric mentality nonheterosexual dual-career parents tradomestic labor,men arelogging She and her businesspartner Wall Street Journal’smanagement WISE Source:McKinsey&Co. and LeanIn.OrgWomen in the Workplace2015study of 118 companies and 2020 study of addedorexpandedparenting and formanyofthe jobs before. This Source:McKinsey&Co. and LeanIn.OrgWomen in the morehoursonthose tasksnow, arenow trying to reinvent Integ- bureau, canbereachedat 317 companies providing data foryear-end 2019 and morethan 40,000 employees surveyed June-August2020 home-schooling benefits and men- OCK has really forced us to think differ- Workplace2020survey of morethan 40,000 too. Their greaterinvolvementat rity1st Learning Support Solu- [email protected]. CL employees, June-August P2JW274000-2-R00400-1------XA

R4 | We dnesday, September 30, 2020 ** THE WALL STREET JOURNAL. JOURNAL REPORT | WOMEN IN THE WORKPLACE

‘In the midst of the pandemic and all of the protests and everything, I found myself not being able to concentrate on work.’ — LAKIESHA TOMLIN

Many say one of their LaKiesha Tomlin (left) ‘had to take TheHigh Toll of Covid‑19 biggest work stresses a week off.’ Lanaya Irvin (above) says ‘there’s been a call to action has been dealing with for companies.’ Raelin Fontenot OnWorking Black Women the loss of a loved one (below) says she ‘was distraught.’

BY AMBER BURTON Another survey, the Power of Be- she was in lockdown due to Covid care, flexibility with her schedule AND FRANCESCA FONTANA longing, by Coqual, a nonprofit re- and struggling to process the kill- and time off has been the form of search organization focused on di- ings. support from her company that she OSTWOMEN ARE versity and inclusion, issued its Dr. Baynham says she has started values most. She says the encour- FACING challenges findings in June. In that survey, to allow herself to slow her pace agement to take time for herself during Covid-19, from while 73% of white women said they while she works from home in was hard to accept at first, and it navigating their ca- felt their managers extended satis- Nashville, leaving some tasks unfin- took her time to trust that the offer reers to balancing work factory help and support when they ished at the end of the day. was genuine. and home responsibili- had personal issues, only 57% of “I started to give myself the In the past few weeks, Ms. Wells ties. Black women did. same grace and mercy that I give says, she has taken more breaks But Black women are For many Black women, grieving other people,” she says, adding that throughout the day to be there for more likely than others over lives lost to Covid-19 has been the killings of George Floyd and her family. to consider stepping compounded by more grief over Breonna Taylor forced her to prac- She is currently dealing with the away from their ca- deaths of people of color at the tice managing her grief in daily life. stress of not being able to attend a reers due to the pan- hands of police—and the nationwide “As Black women, we have to com- family member’s funeral, while also M demic, according to the protests that have followed. supporting her children who are Women in the Work- LaKiesha Tomlin, an aerospaceen- also at home grieving. place 2020 study conducted by McKinsey & Co. and gineering manager in Maryland, says For others, support may be found LeanIn.org. thatinher role as ateam leader she outside of one’s company. Raelin The disease has hit Black Americans hard. They initiallyfelt overwhelmed as the pan- Fontenot, a marketing coordinator are twice as likely to die from Covid-19 as white, demic began. Afterkeeping calm for at a commercial real-estate firm in non-Hispanic people, according to the Centers for her employees and implementing Houston, says she has used online Disease Control. Through early August, 22% of those newpolicies to keep her in-person forums to express her grief related who died were Black, though only 13% of the U.S. workerssafe, the added grief of po- to the shooting of Breonna Taylor population is. liceshootingsand rising racial ten- by police in Louisville. Black women in the survey of more than 40,000 sions prompted her to take time to She recently posted on the online workers were about three times as likely as men or step back and regroup. women’s network FairyGodBoss for women overall to say their biggest workplace stress “In the midst of the pandemic the first time, following news that during the pandemic has been grieving the loss of a and all of the protests and every- some Louisville police officers pres- loved one. They cited concerns about work including thing, I found myself not being able ent at the shooting wouldn’t be health and safety as well. to concentrate on work,” Ms. Tom- charged in relation to Ms. Taylor’s At the same time, they were less likely to say they lin says. “I had to take a week off.” death. Ms. Fontenot says she was felt included in the workplace, and more likely to be New discussions about race upset that no one else in her office uncomfortable sharing their grief with colleagues, across the country have led more appeared to have been affected by the survey shows. “We have a lot weighing on us,” corporate leaders to speak out the news. says Keena Wells, a senior recruiter with United- against racism, and new conversa- “I was distraught,” Ms. Fontenot Healthcare who is based in Atlanta and has lost mul- tions have been sparked about race says. She quickly got many re- tiple family members to Covid-19. and equality at work. Many employ- partmentalize. We have to put that sponses from other black profes- Nearly one in four Black women said they feel they ers have reacted by fostering open aside, because we still have to work sional women facing similar frustra- can’t bring their whole selves to work, compared dialogues, committing to internal and fulfill our obligations.” tions navigating American with one in 10 white women. They also are less likely diversity reviews and issuing corpo- As organizations, meanwhile, corporations as Black women. to say they feel supported by their managers. rate statements. look for more ways to be support- “Ididn’t knowwho wasgoing to CABE MC Ms. Wells says that, despite the losses she and her “There’s been a call to action for ive, Coqual’s Ms. Irvin suggests that see it and who wasgoing to reply SEAN

family have had, she was hesitant to open up to col- companies to create equitable work- if senior leadership and managers to it, but Iknownow thatI’m not : leagues about her challenges. While she has worked places,” says Lanaya Irvin, the pres- could demonstrate that they under- the onlyone thatfeels this way,”

from home for six years, she says this moment feels ident of Coqual. “We are seeing stand the disparity of how Covid-19 she says. DUCKETT different. Since the spring, her five children have leaders wanting to step up and is affecting the Black community, T; been at home attending school online. meet the call.” that would go a long way toward Ms. Burton and Ms. Fontana are NTENO

“We also don’t want to be viewed as abusive of Tamara Baynham, director of establishing more trust in the lead- Wall Street Journal reporters based FO

the system of working from home,” says Ms. Wells, clinical research at EBT Medical, ership by Black employees, particu- in New York. They can be reached ELIN who took some time off earlier this year but says she says her boss has been supportive larly women. at [email protected] and RA worried that it could jeopardize her job. of her this year during times when For Ms. Wells at UnitedHealth- [email protected]. EMMANUELLE, A CC REBE

What Is Equal Thasunda Duckett have 20 years of experience in that sector, but JOURNAL, CEO, Chase Consumer Banking you know that women aren’t represented in that REET

Opportunity? sector, then you have to ask yourself, “Why that ST requirement?” In our industry, we have to hold LL WA E WILL KNOW when our workplaces people accountable, not to their effort, but to

The Wall Street Journaltalked with THE

reflect the rich diversity of our country. their outcomes. What are the outcomes, and how R

executives in banking, energy and FO Every business has to look at their does that factor into your compensation and your

technology and asked them one question: YER current baseline and say, “What do we ability to be promoted? We want leaders that DW When will youknowwe’ve reached W want to achieve over the next three know how to attract and retain talent. We also DEE aplaceoftruly equal opportunity years?” Fifty percent representation is a great need to ensure that a child’s ZIP Code does not :

forworking people? start. You have to look at how an organization predetermine his or her future. Talent is every- LEFT

currently identifies talent and what that outcome where. Opportunity is not. OM FR • Their responses appear hereand in yields. If you typically bring in people who must —Michelle Ma

the following pages,condensedand edited: WISE OCK CL P2JW274000-0-R00500-17FFFF5178F

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R6 | We dnesday, September 30, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | WOMEN IN THE WORKPLACE

luctant to do so. But Ms. Heath en- banking giant USAA,embraced adif- courages female clients to be influ- ferent approach to enhanceher visi- ential players during Zoom bility onceher employermandated sessions by simply preparing most employees work from home. strong viewpoints and making au- She says she boosted her confidence thoritative statements, like “Here’s by wearing formal businessattire my plan.’’ and standing throughout important Winning bigger jobs and pay by videoconferences while working from influencing others while working her home in SanAntonio. remotely can also be particularly Ms. Nash also texted and phoned tricky for women because the colleagues to enlist their support home setup often magnifies work- before conferring virtually about life conflicts, studies show. high-stake decisions affecting her Just 29% of women say working area. Her politicking paid off. This from home during the coronavirus spring, Ms. Nash gained wider oper- era has positively affected their ational duties at USAA’s bank, in- career, compared with 57% of men, cluding oversight of risk-manage- according to a July poll of 1,051 ment programs. She more than adults in the U.S. The study, con- doubled the number of staffers un- ducted by Qualtrics for Boardlist, a der her command. marketplace for female and minor- The promoted executive also ity corporate board talent, also forged a mutually beneficial alliance found a sizable gender gap in pro- with Ron Fox, the bank’s chief com- motions among remote-employed pliance officer. parents. Only 9% of women with Ms. Nash called Mr. Fox 10 days children at home had been pro- after her duties increased in April, moted in this new remote-work and suggested “we work together to era, but 34% of men with children ensure we were both successful’’ at at home reported getting pro- reducing risk. Gaining his support moted during the same period. allowed her to generate results Another gender gap emerged in faster, she adds. the proportion of mothers as- “Ourwork partnership enhances signed responsibility for important the bank’scomplianceand opera- projects while working remotely tions,and should also benefit our compared with fathers—10% ver- careers,’’ Mr.Fox says of working sus 28%, the Qualtrics report says. with Ms.Nash. This month, USAA In certain respects, remotework elevatedher to senior vicepresident. could levelthe political playing Women working remotely could field. Online meetingslimit men’s excel at office politics in another chances “to engageinMachiavel- way: “Do more than their boss ex- lian tactics of manipulation” such pects,” says Joelle K. Jay, an execu- as staying late when the bossdoes tive coach. That’s why she coun- or using ingratiating bodylanguage seled Tasha Matharu, corporate during physical meetings, says secretary of S&P Global Inc.to solve Tomas Chamorro-Premuzic,chief problems fast and flexibly following talent scientist at ManpowerGroup. its office shutdown. Women working remotely often Ms.Matharuhad to organize struggle to demonstrate their con- S&P’s firstfullyvirtual annual meet- tributions because they lack face- ing in just over aweek.She coped to-face encounters with career well because she knewhow “to Navigating Office gatekeepers, says Andrea Kramer, adapt quicklytodifferent or evolv- a partner at law firm McDermott ing working conditions,’’she says. Will & EmeryLLP and a gender- S&P’s first fully virtual meeting Politics, Remotely bias specialist. She recommends of its board ended the same May that women devise techniques to day. And Ms. Matharu made sure it be seen and heard virtually. Doing ran smoothly, too, such as by care- so sometimes requires extra effort. fully orchestrating when manage- In some ways, working strengthen bonds with work allies The steps Caitlin Brodie, a managing di- ment presenters “entered” and “ex- and impress their higher-ups by ex- rector of Carlyle Group Inc., ited” the online boardroom. from home could level that lead to the political playing ceeding expectations, according to helped a low-key female colleague Ms. Matharu’s boss, S&P General executive coaches and leadership career gains at the private-equity firm stand Counsel Steve Kemps, says he was field for women advisers. out by extolling her work prowess especially impressed by how she Campaigning fairly for career ad- can be harder during a March videoconference handled “a highly complex and un- vancement requires “managing rela- for women with an institutional client that precedented situation for share- BY JOANN S. LUBLIN tionships, advocating for ideas, and without in- was considering an additional Car- holders and the board.” He soon accepting and asking for favors,” lyle fund investment. persuaded the top brass to promote FFICE POLITICS hasn’t says Kathryn Heath, a managing di- person Citing training she received at his lieutenant and boost her salary. gone away just be- rector of FlynnHeathHolt Leader- interaction. Carlyle about the strategic use of Her promotion to senior vice cause a pandemic ship, a leadership-development unit language to help counter uncon- president took effect Sept. 1. forces millions to work of consulting firm BPI group. “That scious gender bias, Ms. Brodie away from the office. becomes even more crucial for says she introduced that upper- Ms. Lublin, former management O Even in a radically middle manager as a driver of re- news editor at The Wall Street women—and harder—when they altered work environ- don’t interact face to face.’’ sults with outstanding analytical Journal, is the author of the ment of endless Zoom calls with One FlynnHeathHolt studyshows abilities. “I helped her get her own forthcoming “Power Moms: How children underfoot at home, women that women get judged more seat at the table,” Ms. Brodie says. Executive Mothers Navigate Work need to raise their visibility during harshly than men for politicking at Stacey Nash, avicepresident at and Life.’’ She can be reached at virtual meetings, find ways to work—and that can make them re- insurance, investment and online [email protected].

Sheryl Sandberg: We’re at a Crossroads also reflect on performance re- views: Is it fair to hold employees to criteria set before Covid-19? Should performance ratings be Companies canriseto hours a week on housework adjusted to reflect this year’s real- and child care during Covid-19. ity? Nothing about work right the moment—or risk And on top of this, mothers are now is typical, so expectations of losing lots of women twice as likely to worry that employees shouldn’t be either. their work performance is being Working from home has blurred judged negatively because of the line between work and home, their caregiving responsibilities. and manyemployees nowfeel“al- BY SHERYL SANDBERG This concern is so pervasive wayson”—available to their em- AND RACHEL THOMAS that many mothers don’t feel ployer24/7. Companies could set comfortable sharing work-life newnorms to help reducethat A crisis is looming in corporate challenges with co-workers—or feeling—likeestablishing set hours America: More than one in four even letting them know they formeetings and making sure women are considering downshift- have children at all. managersare evaluating employ- ing their careers or leaving the Second, senior-level women Sheryl eesbasedonwhatthey’ve accom- workforce. are under intense pressure at Sandberg and plished, nothoursworked.They This is a central finding of the work and home. Women are Rachel Thomas should also makeitOKfor employ- 2020 Women in the Workplace re- typically held to higher perfor- (below) eestoset theirown boundaries, port by LeanIn.Org and McKinsey& mance standards and blamed and leadersshould model this. Co., the largest study of its kind. more for failure, so when Some companies may think For the past six years, our study stakes are high—as they are just 35% of men. The result: Se- address this head-on with train- that worrying about employee has revealed slow but measurable now—senior-level women are nior-level women are 1.5 times ing in antiracism and how to burnout is a luxury they can’t af- progress for women at all levels of more likely to be judged as likely as men at the same show up as allies for Black col- ford right now. In fact, it’s mis- management. Now all those gains harshly. And among senior-level level to think about downshift- leagues. sion-critical. If companies rise to could be wiped out in a single year. leaders with partners, 63% of ing or leaving, and the top rea- Corporateleadersmay read the moment, they can head off Up to two million women could women have one who also son they cite is burnout. this and think,“We knowour the disaster of losing millions of leave their jobs. If we had a panic works full time, compared with Third, Black women are deal- employees arestruggling right women and setting gender diver- button, we’d be hitting it. ing with all these challenges, as now. We’redoing whatwecan.” sity back years. They can also lay During Covid-19, no one is experi- well as burdens only they bear: And manycompanies areindeed the groundwork for a better fu- encing business as usual. But They’re shouldering both the taking action: They’re being more ture beyond Covid-19. Cracking the women have been affected the emotional tolls of the dispropor- upfrontwith employees about code of making “work from home” most—three groups in particular. tionate impact of the pandemic their financial situations,expand- work for employees will yield ma- First, working mothers were al- on the Black community and in- ing mental-health services,and jor rewards in the future. If we ready working a “double shift”—a cidents of racist violence across providing emergency loans and can make work truly fit into peo- full day of work, followed by hours the country. For many, work grants. It’s all commendable,but ple’s lives, it will be a more sup- of work at home—before the pan- isn’t a supportive place: Black these steps don’t addressthe portive workplace for everyone. CABE(2) demic. With many schools and women are more likely than crux of the issue,which is that MC SEAN

child-care options closed, that dou- other employees to feel ex- women areburning out. Ms. Sandberg is Facebook Inc.’s ; ble shift has doubled again: Moth- cluded and like they can’t bring To solve that problem, com- chief operating officer and the GLEY

ers are more likely than fathers their whole selves to work. panies should consider resetting founder of LeanIn.Org. Ms. NE to be spending an extra 20 These feelings can accelerate goals and extending deadlines Thomas is the chief executive KEITH

burnout. Companies need to wherever possible. They should officer of Lean In. P: TO OM FR P2JW274000-0-R00700-1------XE

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 Sexual home when they are sick harassment can themselves, but to be able happen even when to care for a sick child, everyone is parent or spouse. working remotely, Ms. Tchen says.

WSJ: Is there any youdidn’t see hope of getting this complete any of this done? crumbling of the other supports in our system MS. TCHEN: I’m cautiously thathelped optimistic. We’re nonparti- working women san and we don’t endorse succeed. candidates, but these is- sues, I will tell you, are on the ballot. WSJ: So And not just in the na- how do tional race, but in state you start to and local races. We’ve ac- address this? tually seen a lot of action in the last 2½ years at the state and local level on MS. TCHEN: A anti-sexual-harassment lot of times, policies, paid-leave poli- businesses and cies, equal-pay policies, be- companies can cause of the inaction from act more quickly Washington. than public pol- icy makers. You WSJ: What is Time’s don’t have to Up doing around wait for a na- helping working tional paid-leave women during the policy to put one Covid era? in place in your MS. TCHEN: We cer- tionately on women, so company. A #MeToo Voice tainly saw it 10 years now they’re having to The most vulnerable MS. TCHEN: We have seed ago in the financial cri- make the choice: How do I workers—workers who on funding from Pivotal Ven- sis, so that’s a worry. balance teaching my kid to a good day are hanging on tures, a project of Melinda Ta lks About the Don’t be complacent read with working? by their fingernails at an Gates, to gather data, tell and assume sinceevery- hourly-wage job as a sin- the stories and translate body’sworking remotely, WSJ: Are the gains gle, working mom. There those into public policy Impact of Covid sexual harassment can’t women have made are thousands of workers and private-sector action. occur.Harassment isn’t at work in recent who, on a good day, that’s We’re calling it Time’s Up, just aphysical act. It can years at risk? what they’re dealing with. Measure Up. also be bullying.Racist That’s the crisis we’re in The opportunity here is The CEO of Times don’t know exists. There’s and sexist commentscan the middle of, and it’s only to take a horrible crisis Up Now says her job still this belief that I can be conveyed online or in MS.TCHEN: Absolutely. going to get worse if we do and fundamentally reshape has gotten harder control my employee costs privatechatrooms dur- Women arereturning to not take major action on a things. People have likened by keeping everybody’s pay ing aZoom meeting,and the labor force[afterlos- national scale. what could be done to the secret from one another. youdon’t evensee it as ing their jobs because of New Deal, where you come amanager. the pandemic] at slower out with new policies that BY CHIP CUTTER It is harder as a man- ratesthan men. Women of WSJ: What can be restructure how we invest WSJ: Because of ager, actually, to catch it color,inparticular,are done, particularly for in our human capital. all the economic un- now, because you’re not lagging men re-entering low-wage workers? t’s been three certainty, do you get in the office. And it’s the workforce.Thatis Mr. Cutter is a Wall Street years since the the sense that more difficult for work- partofthe same phenom- MS. TCHEN: We need paid Journal reporter in New #MeToo movement women are more ers to report it, because enon we saw10yearsago. family leave that will allow York. He can be reached at ignited a global afraid to speak these are sensitive mat- But, in the financial crisis, workers to not just stay [email protected]. reckoning with sex- up about these ters. It’s hard to do ual harassment and issues? over Zoom. This is a I discrimination moment where em- against women. ployers need to double Now, Covid-19 is compli- down on paying atten- cating efforts to create tion. more-equitable workplaces,

WSJ: It feels BOSS TALK like we’ve seen some progress in women as- says Tina Tchen, president cending to CEO and chief executive of roles. What are Time’s Up Now, the advo- the biggest cacy organization founded impediments? by women in Hollywood to combat harassment and discrimination, and its re- What Is MS. TCHEN: The struc- lated foundation. tural barriers to Women areshouldering Equal women staying in Visionaries moreofthe burden forchild these jobs long enough care as manyschools and Opportunity? to rise through the day-care facilities remain ranks is still pretty closed, Ms.Tchen says,and tough. Dealing with the strain is forcing manyto Reshma Saujani microaggressions. Get- belong drop out of the workforce. CEO and Founder, Girls ting mistaken for the Ms. Tchen recently spoke Who Code person who’s supposed with The Wall Street Jour- to bring in the coffee. nal by phone from Chicago. Getting excluded from Here are edited excerpts of E KNOW what meetings. Being talked the conversation. equal opportu- over. Not being invited here. nity looks like: to dinner with a key equal pay, re- client. The hard part W cruiting, hiring Increasingly, women and promotion practices, I talk to who go out on Home to vaccine-makers and code- WSJ: What’s the and equality in education, their own—who start state of the health care, leadership and their own law firms, breakers, Maryland is anational #MeToo movement? representation. We have start their own busi- leader in innovation. Thriving no idea whether that’s ness—say, ‘It was the possible because we’ve daily battle that I just communities of entrepreneurs MS. TCHEN: BeforeCovid never achieved it. You are got tired of having to benefit from the steady flowof hit, yousaw areckoning seeing young women be do.’ Companies can’t from companies.And it was almost 30% to 35% of afford to lose that tal- technically skilled workers from our not, “This is agood thing computer-science degrees ent. You want to create universities. Maryland is agreat to do” but, “It is an enter- at some schools. I want to a culture where that’s placetogrowyour business. prise risk if we do not.” get a pathway to gender not happening. Top leadership took sex- parity in computer science ual harassment, gender eq- and technology by 2027. Open.Maryland.gov uity, overall diversity and However, I think Covid has Covid’s effects inclusion more seriously. accelerated inequity. About Now, between the pan- 40% of our Girls Who demic and this whole reck- Code alumni got their in- WSJ: How is

CABE oning on racial injustice, ternships reneged. We Covid-19 affect- MC you see companies have saw tech companies pull ing equality?

SEAN increased their desire for back their commitments change. But now is also to them. You can’t look at MS. TCHEN: What the hard part. our education system and Covid-19 has done is JOURNAL; After the statements, say that Black and brown reveal, in graphic de-

REET what do you actually do? girls are not going to be tail, the challenges ST

LL Some things are kind of grossly affected by this working women have

WA obvious, like counting and crisis. As a CEO you have faced for decades. It is

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P: transparency. You can’t going to see? of working from home TO solve a pay-gap problem —Michelle Ma and schooling kids is OM that you and your workers also falling dispropor- FR P2JW274000-0-R00800-1------XA

R8 | We dnesday, September 30, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | WOMEN IN THE WORKPLACE

Work&Life

Rachel Feintzeig Every Day IsTa ke Yo ur Daughter To Work Day

Girls get lessons about leadership and a dose of reality while watching parents work from home

T STARTED WITH a faintscratching noise on the french doorsthat close offBradCharron’s home office. Sometimes he would seealittle nose poking in. Mr.Charron’s three daughters,stuck at like, ‘He does what he does,’ ” says Naomi Josepher‘s daughters, home due to school Ella, Mr. Charron’s oldest daughter. Mae Payson, age 10 (above), and shutdownsand canceled Now, her dad says, “they really Clare Payson, 13 (middle right), I ice-hockey practices get to see how I spend my day.” have helped out at the family’s early in the pandemic, With this new daily window two Chocolate Room shops in would pop into his work sanctuary, into the working world, girls are Brooklyn, N.Y. Below left, the wanting to seewhathewas doing. gleaning insights on work ethic three of them make milkshakes. So the CEOofAloha, amaker of and ambition. For some, it has in- protein drinksand powders, started spired entrepreneurial projects of inviting them in to check out what their own. Others are watching he wasworking on. their parents struggle to do it all, university registrar’s office with Proppedonthe windowseatora juggling home schooling with full- logging her 8-year-old, Lila, into nestofpillows on the floor,the girls, time hours or fighting to save virtual school. 12,11and 8, have spentthe past businesses. “She had a Zoom meeting with severalmonths weighing in on pack- Some parents saythey’re talk- her class one day and told them, aging foranew protein bar,giving ing to their daughters about gen- ‘Yeah, Mommy’s crying at her feedback on the company’ssocial- der and racial equity, leveling with computer.’ So I know she noticed,” media strategy,and learning about their girls about some of the head- Ms. Drennen says. collaboration and leadership. winds theycould face in the fu- She remembered how her own “It’s not force-fed. It’s not like, ture. But overall, mostemphasize mother had made it clear that ‘Eat your vegetables,’ or ‘I’m going thattheywantthis time to inspire work was a toil to be dreaded, and to give you a lesson like school,’ ” futurecareergoals and foster posi- she resolved to change the mes- Mr. Charron says. “Here it just hap- tivemessages about work. sage that she was sending to her pens by osmosis.” Chandra Drennen, a 50-year-old daughter. Forthousands of parents now single mom in Moscow, Idaho, “I’m trying not to color her working from home alongside their says she was overwhelmed at the world so it seems like working is families,every dayhas become Take start of the lockdown as she tried awful. It’s not,” Ms. Drennen says. Your DaughtertoWork Day. Many, to balance working remotely for a “I want her to get that message: likethe 42-year-old Mr.Charron, who You can do this.” is working from home in Darien, Ms. Drennen started talking to Conn., usedtoswing by the office Lila about her wins, and started with their kids acouple of times a taking deep breaths before getting year,lettingthem spin in achair and visibly upset about job-related wave “Hi” to colleagues beforehead- ‘They really get to snafus. When asked what she has Brooklyn afloat. She says her work as a recruiter and diversity ingback out to the world of play see how I spend my learned about work, Lila says it’s daughters,10-year-old Mae Payson consultant: His voice boomed from dates, soccergames and math sometimes cool and sometimes and 13-year-old ClarePayson,have the room next to hers on calls classes.For adults, the line between day,’ says one boring. (She also notes that her asked if the Chocolate Room stores from 8 a.m. to 11 p.m. work and lifehas been blurring father of three mom has said a few bad words would have to close (possibly)and Acting as a fly on the wall in steadily foryears, butitturns out girls. The learning while logged on to her computer.) whether the family had enough her South Dartmouth, Mass., fam- manykids hadn’t really noticed. Children arealwayssopping up moneycoming in (notasmuch as ily home helped Ms. Alexander, 18, “The thought never crossed my ‘just happens by conversations around them, says before, but they’dfigureitout). gather tips for her own career. She mind about my dad’s job. I was just osmosis.’ MarisaPorges,author of “What “Clarestarted saving her also overheard her dad leading Girls Need:How to Raise Bold, moneybecause she wanted to training sessions about racism in Courageous,and ResilientWomen.” makesurewehad enough food,” the wake of George Floyd’s death These days,thatoften includes Ms.Josepher says.“Theyabso- and got his take on topics like di- whatwould have been water- lutely felt the stress.” versity in broadcast media, the cooler talk at the office. Saving the business brought field she hopes to pursue. Teenage girls, especially, might the girls a sense of purpose, too. “It made me feel empowered,” notice the strain their mothers are After weeks of being hunkered she says of their time together be- under from the disproportionate down in their apartment during fore she moved last month to shares of chores and child care the initial coronavirus surge, they Winston-Salem, N.C., to begin col- they are taking on, Ms. Porges started going into the shop to help lege at Wake Forest University. says. In a few years, young people their parents wash dishes, make Her dad, LawrenceAlexander, who have felt that tension in the brownie sundaes and work the calledtheir conversations “the best family might be prompted to de- cash register. giftwenever knewwewould need.” mand more flexibility and paid “You cannotnot learn work For Ella Charron, whose father leave from their employers when ethic,” Ms.Josepher says.“Theysee runs Aloha, the past few months they enter the workforce, she says. us rolling up our sleeves everyday.” have inspired confidence. “These are going to be the sub- Mae usedher downtime during the “If my dad canrun awhole busi- tle lessons of moments of strug- pandemic to start adog-biscuit nessjustfromsitting in his chair,” gle,” Ms. Porges says. “How do I business; she bakes the treats and she says,“Ithink Ican do it,too.” want to do it differently?” sells them outside the shop. Naomi Josepher,50yearsold, When Jaylynn Alexander was Ms. Feintzeig is the Work & Life has been upfrontwith her children home from boarding school this columnist for The Wall Street about howtough it is to keep the spring, it was hard for her to ig- Journal in New York. Email her family’s twodessertshops in nore her dad’s dedication to his at [email protected].

Cathy Bessant tions. It can’t rest on one single decision. In financial CABE MC Chief Operations and Technology Officer, services, when Beth Mooneyretires, her successor is a Bank of America Corp. man, and that is not wrong. The sea change that’s SEAN needed can’t rise and fall on one individual position. E WILL KNOW [we’ve reached equal opportu- Also, there’s a big difference between traditional and What Is nity] when we have equal representation in entrepreneurial business structures. The world could JOURNAL(3);

the CEO position. In a company like ours, point to [Vista Equity’s] Robert Smith and say, “He’s REET Equal 50% of our workforce is women, and we’re made it. We have Black CEOs.” But the structure of ST Wone of the few companies with six women LL Robert’s company is a much more entrepreneurial, eq- WA Opportunity? on our board. But if you look at the composition of of- uity-based environment than a bank. The challenge is in THE

fices in various disciplines, women are woefully under- the places where you have to start like I did: on the R FO represented in the highest ranks. It’s time to make credit trading floor with 100 credit analysts.

some aggressive, appropriate but unexpected promo- —Michelle Ma JONES Y GABB P2JW274000-0-R00900-1------XA

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Female Founders companysaid it hadn’t found evi- mains low: In 2019,for example, offering generous fertility benefits denceofracial or gender bias in women accounted for24% of tech- earlyonand speaking franklywith previous testing. nical U.S. roles at Google,upfrom co-workersabout her experience Of Startups Take Given thatAIrequires people to 17%in2014. freezing her eggs. grapple with issues of fairnessand As afemale CEO, AliceZhang,co- As a woman, Ms. Fatemi says representation in data,Kieran Sny- founder of VergeGenomics,which certain things, like pitching to all- der,CEO and co-founder of Textio, uses AI to help identifynew drugs, male rooms of investors, were Aim at AI Bias which uses artificial intelligenceto says she setsadifferent tone forthe harder. But others came more eas- analyze languageinjob descriptions, company. “There’salot of leadership ily. “We always had diversity from says thatitisn’t surprising female styles whereit’sall about pounding day one—being a female founder, foundersand thought leadershave your fistsonthe table—‘We’re doing you attract that,” says Ms. Fatemi They see gender diversity in been especiallyvisible in the field. so well, we’recrushing it, we’rekill- of her company, which has a their companies as crucial in “Ithink people who’vebeen out- ing it,’ ” she says. “Mine is much roughly 40% female workforce, in- making sure the technology numbered aremorelikelytohavea morebased around emotional vul- cluding product development and doesn’t penalize the sense of whyanaccurate, equitable nerability and honesty.” the leadership team. underrepresented data set is important, and to want to do thatwork,” she says,adding Ms.Chen is aWall StreetJournal thatwomen maybemoredrawn to Afriendlier workplace reporterinPhiladelphia. She canbe BY TE-PING CHEN the field as aconsequence. Beforefounding her company, Node, [email protected]. Thepresenceofwomen in tech Falon Fatemi wasone of Google’s HEN RANA EL KALIOUBY waspitching inves- has declined in recent years. In earlyemployees,where, she says, tors in 2009 on her artificial-intelligence 1995,for example,women ac- she wasluckytobementored by startup,Affectiva, she and her co-founder counted for29% of all undergradu- women such as StacyBrown-Phil- tried to steer clear of whatshe calls the “e- ates studying computer sciences in pot, her firstmanager and until re- word”—emotion. the U.S. By two decades later, that centlyCEO of TaskRabbit. Onceshe They were both women, and though their figure had dropped to 18%, accord- founded Node—whose software startup wasdesigned to detect emotion in ing to the National ScienceFounda- platform helps businesses build and W technology, theyweresensitivetohow they tion. Across Silicon Valley, while the deployAImodels—Ms.Fatemi says would be perceived. They feared theymight percentageofwomen in technical she wasdeliberateabout trying to not be takenseriouslybecause “emotion” wasn’t in the traditional roles has in some cases risen, it re- create afemale-friendlyworkplace, lexicon of manycompanies and funders—and because it carried fe- male connotations in alargely male industry. “We danced around it,” she says,adding thattheycalled them- selvesa“sentiment” companyin- What Is stead. “Investorsinvest in what Equal theyknow, and we were so differ- ent from whattheywereused to.” Opportunity? Adecade later, thatischanging. Though the field of artificial intelli- genceremains heavilymale-domi- Mike Wirth nated, female leadershavemade no- CEO and Chairman, ticeable inroads.Some saytheywant Chevron Corp. to build workplaces thatare morein- viting to diverse workforces, and help promotewomen in tech more HEN employeesfeel broadly. Otherssay theywant to try comfortable bringing to addressconcerns with the tech- their full selves to nology, rooting out whattheysee as work and feel valued itspotential biases against marginal- W fortheir unique ex- ized communities. periences and contributions, “Technologywon’t function well theydotheir bestwork.It’sal- unlessitisbuilt by adiverse waysawork in progress. team,” says Dr.elKaliouby, adding There’snever afinish line. thatthe lack of gender diversity in That’sadangerous conclusion Silicon Valleycame as acontrast to reach. As our workforce to whatshe had seen as acom- evolves,it’simportant to contin- puter-sciencestudent in collegein uously rethink,research and re- Egypt, wherethe gender break- tool whatwe’re doing. Our in- down wasalmost even. “My big- dustryhas historically been gest concern in AI todayisn’t that populatedbypeople with tech- robotsare going to take over,it’s nical backgrounds,often with thatwe’re unintentionallybuilding engineering or hard-sciencede- bias intothese systems.” grees, so we have to work espe- Dr.elKalioubynow embraces cially hardtomakeprogress, the word emotion in her descrip- and we have to work back up- tion of her company, and in 2016 stream in the education system. became the company’sCEO,after Ipersonally sponsor scholar- yearsofserving as chief technol- ships at my alma materwhere ogyofficer. the moneycan only go to a woman or minority, with apref- erencefor first-generation col- Some progress? lege students. We work as a Theneed to addressbiases in AI companytotry to improve has lately been on stark display, things at the college levelas with Twittersaying it needed to well as back down through K-12, do moreanalysis of itspicture- so thatgirls don’t get signals cropping algorithm, afterusers thatthey’re notgood at math found it occasionallyseemed to fa- and science. vordisplaying whitefaces in tweet —Michelle Ma previews over Black ones.The When Falon Fatemi foundedher AI-focused startup,Node,she setout to create afemale-friendly workplace.

As Women Fight to Maintain Progress, stayedproductive. Imagine what tual settings? Diverse companies could happen if we really embraced have more-engaged employees and Companies Must Reimagine Themselves flexibility, which involves morethan better results. Black women are es- justchoosing wheretowork.Instead pecially skeptical about their em- Employers can help women of losing ground, we mightexperi- ployers’ commitment to diversity. member’s death from Covid-19. Among working encearevolution of moreproduc- That should be a warning bell to the deal with the pandemic by mothers, 40% now spend at least three extra tive—and happier—workersfromall nearly 30% of companies that have making a new commitment hours a day on child care and housework. To- differentbackgrounds. put diversity and inclusion programs to flexibility and inclusion gether, these issues could prompt up to two mil- To do that, companies need to on hold. Clear communication is a lion women to quit over the next year. adapttohelp employees thrive, re- start, but the issues that isolate and It doesn’t have to be this way.While the sud- gardlessofwhen or wheretheywork. alienate people at the office can be- den shifttoworking from home is challenging, it Hereare three questions to ask: come more pronounced when work- BY KEVIN SNEADER AND LAREINA YEE also illustrates the opportunity.Despitethe chaos ing from home. of the sudden shifttoremote work, people have 1. How can we design roles that For years, U.S. corporations tried to increase enable employees to achieve 3. How do we demonstrate em- job flexibility with scant success. The pan- professional and personal goals? pathy and commitment to val- demic ushered in more flexibility, along with McKinsey’s Flexibility and productivity are not ues? Leadersneed to embody the added responsibilities and few boundaries. For Kevin mutually exclusive. The laptop in values theypromote.Only 26%ofem- women, who typically shoulder more duties at Sneader your living room, once a symbol ployees feel theycan use flexible home regardless of their breadwinning status, and of freedom, too often is now work options without feeling push- that has felt less like freedom than pressure to Lareina a symbol that the office back or stigma. To lead remote teams, Yee be always on. never goes away. Instead of managersneed everything from new We’reseeing the consequences in our sixth measuring clicks on a key- waystocommunicatetomoreadapt- annual Women in the Workplacestudy,ajoint board, we need to focus able job structures and reviews. effort by McKinsey&Co. and LeanIn.Orgthatis on outcomes and en- iii the largestannual benchmark of women’s prog- gagement. In a world None of this will be easy. Covid-19 CABE(2) MC ress in corporateAmerica. Morethan one in without commutes and has devastated families and commu-

four women saytheymay nowquit or scale cubicles, people need nities in lasting ways. Businesses that SEAN back their jobs—afigurethatrises to 30% at the time to pause, de- knowwomen’s leadership matters managerial leveland above,30% want to step velop and connect need to reimagine howtoachieve it JOURNAL; down or out.Thatcould reversemorethan five with colleagues— in this newworld of work.Justas REET

yearsofgains acrossthe career pipeline. then turn off to leadershave taken steps to reshape ST

This is not simply a pause on the road to a be with their their businesses,theynow have an LL more equitable workplace. Women are feeling families and opportunity to reshape howwework WA THE

pushed to a point that is unsustainable, and friends. in waysthatbenefit everyone. R

not just due to home schooling and child care. FO V LGBTQ+ women report mental-health chal- 2. How do Mr. Sneader is the managing partner

lenges at almost twice the rate of other we deliver of McKinsey & Co., based in New LESHNO

women. Latinas are most likely to worry about on equity York, and Ms. Yee is a senior partner SA layoffs, while Black women are three times as and inclu- and chief diversity and inclusion MARIS

likely as others to be dealing with a family sion in vir- officer, based in San Francisco. P: TO OM FR P2JW274000-0-R01000-1------XA

R10 | We dnesday, September 30, 2020 THE WALL STREET JOURNAL.

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