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****** WEDNESDAY,APRIL 22, 2020 ~VOL. CCLXXV NO.94 WSJ.com HHHH $4.00

DJIA 23018.88 g 631.56 2.7% NASDAQ 8263.23 g 3.5% STOXX 600 324.31 g 3.4% 10-YR. TREAS. À 17/32 , yield 0.571% OIL $10.01 À $47.64 GOLD $1,678.20 g $23.40 EURO $1.0860 YEN 107.77 It’s ‘Keep Me Home From the Ballgame’ in Seoul Senate What’s News Approves Aid Deal Business&Finance ForSmall fresh plunge in oil prices Adragged down invest- mentsfromstocks to curren- Business cies,stinging investorsanew and deepening the energy industry’scrisis. A1,B1, B13 BY KRISTINA PETERSON  The Dow industrials AND ANDREW DUEHREN dropped 631.56 points, or 2.7%, while the S&P 500 WASHINGTON—Congressio- and Nasdaq slid 3.1% and nal leadersstruck adeal with 3.5%, respectively. B13 theWhiteHouse to send hun-  Theadministration is dredsofbillions of dollarsin considering offering stimu- fresh aid to small businesses lus funds to oil-and-gas pro- andhospitals,the federal gov- ducersinexchangefor gov- ernment’slatesteffort to keep ernment stakes in the firms pacewith the twin economic or their crude reserves. A8 and public-health crises created GES by the pandemic.

 Netflix ended the first IMA TheSenatepassed the quarter with nearly 16 mil- $484 billion bill by avoicevote lion newsubscribersaround GETTY on Tuesday, sending it to the the world, morethan dou- House foranapproval expected ble the number forecast. A1 Thursday. President Trump  WarnerMedia’s HBO SUNG-JUN/ wroteonTwitterthat he sup- Max will be launched on

CHUNG ported the legislation, whose fi- May 27, joining a crowded GOING DEEP: The Korean Baseball Organization opened its preseason Tuesday, after a delay because of the coronavirus. nal componentswereham- video-streaming market. B7 The league said its regular season will begin May 5, with games also initially played without fans in attendance. mered out between topWhite  RichardBranson is fight- House officials and congressio- ing to save his travel and nal leadersinthe early-morn- tourism empireamid the in- ing hoursTuesday. dustrymeltdown caused by Thepackage, which lawmak- the coronavirus pandemic. A1 Collapse in Oil Prices Deepens, ersdescribed as an interim emergencybill, also includes  Expedia is in advanced funding to ramp up the nation’s talks to sell astake to pri- testing forthe newcoronavi- vate-equity firms Silver rus, but it doesn’t include fund- Lake and Apollo aftertravel Dragging Down MarketsGlobally PleaseturntopageA4 bans ravagedits business. B1  Snap reported asurge in growth in subscriber num- Afurther plungeinoil prices overseas.Tuesday’sdropcame cus on the energy sector could bersand revenue forthe first pulled down investmentsfrom By Joe Wallace, aday afterone contract forU.S. contributetomoredeclines. THE quarter,ashomebound peo- stocks to currencies on Tues- David Hodari crude fell below$0for the first “The looming question is CORONAVIRUS ple turned to itschat app. B1 day, stinging investorsanew and Amrith Ramkumar time,forcing sellerstopay buy- nowhow some of these big en- and adding even moreurgency erstotakebarrels off their ergy companies aregoing to PANDEMIC  Facebook will pay $5.7 to the crisis sweeping the en- commodity market is beginning hands. stay afloat,” said Mohit Bajaj,di- billion forjust under a10% ergy industry. to compound worries about the Anxiety about the crash’sim- rector of exchange-traded fund stakeinJio Platforms,the U.S. stock indexeshave coronavirus. pact on large energy producers trading solutions at WallachBeth Joblessclaims vary greatly holding companyfor the mo- largely shrugged off concerns Themost heavily traded U.S. from the U.S. to Saudi Arabia Capital. “People arepointing statebystate,A2 bile operator that upended about bankruptcies and job crude-oil futures contract de- helped drag the S&P 500 down PleaseturntopageA8 India’stelecom industry. B2 Colleges map out fall losses in the energy sector clined 43% to $11.57 abarrel, 3.1%, bringing the broad equity semesterscenarios, A3  Coca-Cola said itsglobal while rebounding from aMarch itslowest close in 21 years. Its gauge’sfall forthe week to  White House weighs rescue sales volume has fallen 25% 23 multiyear low. But this record lowis$10.42indatago- nearly 5%. It is still up more for oil-and-gas producers... A8 ‘Bat Woman’ of China sincethe beginning of April week’sdrops showthat recent ing back to 1983.During the than 20% from itsMarch low  Wagers on crude burn some drawsscrutiny, A11 amid pandemic lockdowns. B2 chaos in the world’sbusiest evening, it wastrading at $13 point, but traderssaid anew fo- individual investors...... B1 World-Wide Shutdowns Can’t Sleep? Trading Is Open BordersClosed by  TheSenate passed abill Trading in overnight stock futures has soared this year, to send hundreds of billions adding to a nearly nonstop stretch of market activity and of dollarsinfresh aid to small Send More luring more investors to join in the action. B1 businesses and hospitals,in Virus Imperil the federal government’slat- 500,000 contracts Annual average daily volumes esteffort to keep pacewith Customers in overnight trading the crises created by the cor- European Farming onavirus pandemic. A1, A4 To Netflix 400,000 E-mini E-mini E-mini  Trump said his adminis- S&P500 Nasdaq 100 Dow tration would temporarily bar futures futures futures Agriculture in the EU depends on easy newimmigrants, including 300,000 BY JOE FLINT some family membersofU.S. migration and an interconnected market AND MICAH MAIDENBERG citizens and foreign work- erslooking to movetothe 200,000 Netflix Inc. ended the first Caroline Goursat had re- nomic system built on border- U.S.,inthe next 60 days. A3 quarter with nearly 16 million cently finished training as a lessmigration and asingle  Governors around the newsubscribersaspeople 100,000 flight attendant when France market that matches labor nation are pursuing differ- stuck at home due to the coro- went intoastrict coronavirus supply with demand. Nowhere ent routes in their efforts navirus pandemic areincreas- lockdown, sealing itsborders is that moreapparent than in to restart local economies ingly turning to streaming ser- 0 and grounding planes.Days the sudden reordering of its that have been hit by the vices to entertain themselves. later,the 19-year-old was agricultural industry. 2017 ’20* coronavirus pandemic. A5 The15.8million net cus- waking up at dawn to pick Normally,workersfrom tomer additions were more *Figures for2020are through March Source:CME whiteasparagus at afarm in poorer partsofthe EU,par-  TheU.S.intelligence than double what the stream- southern France. ticularly Central and Eastern community’s conclusion that Russia interferedinthe ing giant had forecast—a Europe,would take manyof 2016 election wasaccurate breakneck pace of growth the By Nick Kostov, these jobs.Each spring they and based on strong sources company said was unlikely to Stacy Meichtry hopscotch the continent on continue.Netflix nowhas buses,moving from farm to and sound analysis,abipar- Branson Fights to Save and Bojan Pancevski 182.9million subscribers farm to plant and pick crops. tisan Senatereport said. A3 world-wide. “It’squitetaxing,” said Ms. Now, with manyborders  TheState Department “Likeother home entertain- Travel, Tourism Empire Goursat, who spends half her closed because of the corona- has assessed that Russia, ment services,we’reseeing daybending over to carefully virus pandemic,manyin China and Iran aremounting temporarily higher viewing pick the asparagus without Western Europe arerethink- disinformation campaigns andincreased membership BY BENJAMIN KATZ trans-Atlantic shuttle,isasking snapping off their slender ing the dependenceondistant against the U.S. relating to growth,” Netflix said in itslet- AND ALISTAIR MACDONALD forfinancial assistancefromthe shoots. pools of labor—and aretrying the coronavirus outbreak. A3 tertoshareholders, noting U.K. government. Ms.Goursat is asoldier in to spur an interest in farm  The White House is that much of that growth LONDON—Twomonths ago, Mr.Branson, 69 yearsold, France’s“great agricultural work among people closer to came in March when shelter- Richard Branson launched the became one of Britain’sbest- army,” thousands of locally home. closely monitoring devel- at-home orders began. “Weex- ScarletLady,the firstcruise known billionaires by putting recruited workerswho are Thecrisis is putting other opments regarding the status of North Korean pect viewing to decline and ship in aglobe-spanning travel hisVirgin brand on an array of deploying to the country’s agricultural practices under dictator Kim amid specula- membership growth to decel- and tourism empirebearing his businesses,including planes fields afterthe coronavirus scrutiny, including the use of PleaseturntopageA7 Virgin Group brand. and trains,cola and bridal pandemic disrupted the flow long-haul trucks to movelive- tion about his health. A11 Today, the cruise ship busi- gowns,often taking an equity of seasonal laborers. stock and produce, and farms’  Amajority of voters sup-  Heard on the Street: Netflix nessisonhold. One of his air- stakeand licensing fees in ex- Covid-19 is tearing at the growing specialization on portschanging election law rides the tiger...... B14 lines,Virgin Australia, filed for change. Several of his biggest European Union’sbinding niche,luxuryproductssuch as so that everyone canvote  Social distancing gives Snap bankruptcy Tuesday. Another, forays arefocused on travel and principles,raising questions whiteasparagus. by mail,aWall Street Jour- a boost...... B1 Virgin Atlantic, the high-profile PleaseturntopageA9 about the viability of an eco- PleaseturntopageA10 nal/NBC News poll found. A3  Canadian police said they nowbelieve23people Lysol Job Becomes a Calling. ‘Hey, I Make That!’ died in a two-day shooting INSIDE rampageinNovaScotia. A11 iii Workers at plant producing disinfectant feel a sense of mission CONTENTS Property Report... B6 BusinessNewsB3,5,7 Sports...... A18 Crossword...... A18 Streetwise...... B12 BY MICHAEL M. PHILLIPS spray,hewas “literally helping Somerset County,N.J., owned Heard on Street.B14 Technology...... B4 to save the entire world right by U.K.-based ReckittBenck- Life & Arts...... A14-17 U.S. News...... A2-3 For 24 years, Gabe Scuderi now.” iser GroupPLC. GES Markets...... B13 Weather...... A18 had a job, not a purpose. Mr.Scuderi, a54-year-old “Everybody used to say, IMA Opinion...... A19-21 World News...... A11

That changedone afternoon Italian immigrant, remembers ‘Oh, it’sjust adisinfectant GETTY last month when he returned the moment in sharp defini- spray,’ ” said Omar Ortiz,who > home from theLysol factory tion: “It‘s the first time I felt keeps production-line machin- BUSINESS&FINANCE LIFE &ARTS whereheworks to find his this isn’t only a job. We’re on eryworking.“Nowit’slikewe With restaurants, Naomi Campbell on daughter waiting forhim. She the front lines now.” need it to trytofight back theatersand sports changes in the fashion had been watching news cov- Theexplosivespread of the against this virus.” erage of the coronavirus pan- coronavirus has transformed Acenturyago, Lysol mar- stadiums closed, industryasitstrives s 2020 Dow Jones & Company, Inc. All Rights Reserved demic and told him that by the way employees see them- keteditself as aweapon Coke sales dryup. B2 to stay relevant. A14 manufacturingdisinfectant selves at theLysol factoryin PleaseturntopageA10 P2JW113000-0-A00200-1------XA

A2 | We dnesday, April 22, 2020 THE WALL STREET JOURNAL. U.S. NEWS Historic Jobless Claims Vary Greatly by State

BY KIM MACKRAEL ScatteredResponse slowing the processing of job- AND DOUG CAMERON Headway Made on from the federal government. lessclaims and leaving laid-off Joblessclaims and caseload, by state Backlog, Scalia Says “States are making headway workersfacing overloaded Thecoronavirus pandemic 25% now against the backlog of websites and long phone is hitting statelabor markets With nearly 22%ofits workforce applying forunem- claims…though there are still waits. to very different degrees,with ploymentbenefits, Hawaii has been especially hardhit challenges.” The1.19 million NewYork some seeing as manyasone in States are catching up on a Morethan 10 states have claims handled in recent weeks five workersfile forunemploy- S backlog of unemployment-ben- reached out to the White don’t include 275,000 still in Michigan ment benefitsand othersfar 20 NewYork,with efit claims triggered by corona- House’sU.S. Digital Service, thesystemasofApril 11, said

fewer. ENEFIT the mostcases in virus-related shutdowns and which provides technical sup- thestate’s labor department.

Thevariation appearsto RB the U.S.,has been are delivering bigger payments port to federal agencies, he said. Florida hasseen fewerjob- partly reflect when officials FO in the middle of to laid-off workers, Labor Sec- The unemployment rate is lessclaims as aproportion of mandated businessclosures to 15 the pack in jobless retary Eugene Scalia said. expected to reach 13% in the the labor forcethan most YING California stem the spread of the virus applications More than 40 states are coming months, according to otherstates, though Sean PPL during the four weeks through now paying an additional $600 economists surveyed by The Snaith,director of the Univer- EA

April 11, as well as the state RC a week in enhanced unemploy- Wall Street Journal. Mr. Scalia sity of Central Florida’sInsti- Florida has struggledtokeepupwith economies’ dependenceonthe FO 10 ment benefits on top of usual said he expects a rapid recov- tutefor Economic Forecasting, online applications and has the third- industries most affected. An- OR state payments, Mr. Scalia said ery, rather than the prolonged said it is likely moreare com- lowest rate fornew joblessclaims

other factor that boosted new LAB in an interview. In addition, hiring slumps the country ex- ing.Florida workersfiled

claims forunemployment in- OF states have tapped about perienced coming out of the 654,000 claims during the four suranceisthat some states— 5 $600 million of $1 billion in last two recessions. weeks ended April 11, repre- such as Pennsylvania—encour- federal funds allocated to hire “These numbers don’t re- senting about 6.2% of the

SHARE South Dakota is theonlystate aged laid-off workerstofile. thathas seen lessthan 5% of staff at unemployment offices sult from an underlying weak- state’soverall labor force, or Other states,including hard- workersapply forbenefits and upgrade jobless-benefits ness in the economy—we had about half the national aver- hit NewYork,havestruggled 0 systems, he said. an extremely strong economy age. with technical glitches and 020406080100 States now have larger just weeks ago,” he said. “I’m Thestate’s economic shut- overwhelmed filing systems, VIRUS CASES PER 10,000 PEOPLE staffs and a greater ability to optimistic that we can see a down started later than some, whichheld down the number get claims and payments pro- much quicker return to a on April 3, perhaps delaying of claims during the period. Note:Labor sizeisfromFebruary.Population is estimate forJune 2019.Joblessapplications and cessed, Mr. Scalia said, adding strong economy.” layoffs, and there are wide- virus cases areasofApril 11. Rates of illness, however, Source:WSJ analysis of Labor Department(labor force,joblessclaims), Census Bureau they have done so with aid —Eric Morath spread complaintsabout de- don’t appear to be a factor. (population) and Johns Hopkins Center forSystems Scienceand Engineering (cases)data lays in processing jobless SouthDakota, the statewith claims. the smallest shareofthe labor ganization. Leisureand hospi- employment in manufacturing unemployment during annual and restaurant industries ac- South Dakota, meanwhile,is force filing claims, at 4.9%, tality,including food service, arefactorsinthe statehaving summer factory shutdowns, count formanyofthe job one of five states without hadabout double the rate of account for19% of all employ- the second-highest share of and some reported that having losses,and the number of blanket stay-at-home orders, reported cases of Covid-19 per ment on the islands. joblessclaims at 21%. previously registered in the claims filed so far likely under- partly because authorities 1,000 residentsthrough April Business began to slowin Beforethe pandemic punc- state’ssystemsped up the ap- states the extent of the dam- thought itslow population 11 as Hawaii, wherethe high- February, afterPresident tured national demand, rising plication process. age, because of a backlog in density puts it at relatively est share of workers sought Trump restricted travel to the consumer spending on autos, Morethan 2.8million peo- the system and alag in work- lowerrisk of infection. In- assistance, according to aWall U.S. from China. By lateMarch, appliances and other big-ticket ple in California have filed for ersfiling forbenefits. stead, policymakerslimited Street Journal analysis of La- Hawaii had ordered nonessen- manufactured goods had unemployment benefitsinre- California has averydiver- restrictions to seniorsand bor Department claims figures tial businesses to close,fueling fueled robust job growth in cent weeks, the most in the sified economy. Thescientific those with chronic medical and Johns Hopkins University morejob losses at hotels,res- Michigan.Now economists and technical sector,responsi- conditions in the two largest dataonthe disease. taurantsand tourist sites. forecast annualized U.S. auto ble formuch of itsjob growth counties, reducing the spill- Nationwide,about 22 mil- Tina Tolentino,52years production to fall to as lowas ‘I’m pretty positive over the past decade,should over intoserviceindustries. lion workers, or 13% of the U.S. old, applied forunemployment 12 million vehicles this year have protection because tech- Claims stood at just 4.9% of labor force, sought unemploy- benefitsafter being put on fur- from a prior expectation of this will pass,’ said nologyworkersare largely the state’sworkforce,though ment benefitsinthe four lough from her front-desk job around 17 million, and facto- one furloughed able to work from home,and they have climbed 40-fold in weeks ended April 11, the most at the1,310-room Waikiki ries have curtailed production. some of their services,such as absolute terms sincethe final in four weeks sincethe records Beach MarriottResort &Spa Detroit-based automakers worker in Hawaii. videoconferencing,are nowin week of February. began in 1967. in Honolulu when it closed in have continued to extend fur- greater demand. Covid-19 hot spotshave In Hawaii, nearly 22%ofthe lateMarch. She is optimistic loughs,forcing some suppliers NewYork state’sbelow-av- emergedinthe largest coun- labor force, some 145,000 the tourism industrywill get to movefromtemporarystop- erageshareofworkersseeking ties,notably including those workers, filed forunemploy- back on its feet. “I’m pretty pages to permanent closures. country. But that is just about jobless benefits may under- with big meatpacking plants, ment benefitsinthe four-week positive this will pass,” she VitroAutomotiveGlass,for 14.5%ofthe state’slabor force, statethe pandemic’seconomic but claims have also been lim- period. Morethan half of said. Theresort told workersit example,islaying off 125 staff- roughly in line with the na- impact, including the closure ited by the state’slarge pool of those job losses arelikely due hopes to reopen in June,she ers after shutting a plant in tional average. of Broadway theaters March financial and health-caresec- to asharp drop in tourism, said. Evart, Mich., which was ini- Sung WonSohn, abusiness 12. Manygovernment workers torworkers, concentrated in said Carl Bonham,executive Strict lockdown rules intro- tially earmarked forathree- economist at Loyola Mary- in the state, which has by far SiouxFalls,who have felt less director of the University of duced March 23 in Michigan week closure. mount University in LosAnge- the most Covid-19 cases in the impact than workersinservice Hawaii Economic Research Or- and aheavy concentration of Manyautoworkersfile for les, said the state’s tourism nation, have become sick, industries. U.S. WATCH Regulator Will Aid Mortgage Lenders

BY ANDREW ACKERMAN forbearance, up from 3.74%on April 5, according to data re- WASHINGTON—Atop U.S. leased by the MortgageBank- regulator took asteptohelp ers Association on Monday. struggling mortgagelenders Separately,the FHFAis contend with acash crunch as weighing whether to allow Fan- millions of Americans suspend nie Mae and Freddie Mac,the monthly payments on their government-controlled mort- home loans. gage-financegiants, to buy TheFederal Housing Fi- home loans that recently en-

S nanceAgencysaid Tuesdayit teredforbearance, TheWall

PRES would capatfour months the Street Journal reported Monday. period of time mortgagecom- Theagency, which oversees TED

CIA panies areonthe hook to make Fannie and Freddie,has so far

SO monthly paymentsonbehalf of resisted pressurefrommembers AS borrowers who areinarrears. of Congresstohelp the mort- Themoveprovides some re- gage companies.Ithas said it

JOURNAL/ lief to the mortgagecompa- wantstofirst see moredataon nies,such as Quicken Loans the number of borrowers who SUN

M/ Inc.and Freedom Mortgage areskipping their payments. Corp., that collect payments Any move to relax Fannie from homeownersand pass and Freddie’s ability to buy DILLINGHA them on to investorsinsecuri- loansinforbearancewould SS

RU ties backed by the loans.The help the mortgagecompanies FRIENDLY COMPETITION: David Johnson, left, and Ernie Langlois cast for trout on Tuesday in the Little River in Lisbon, Maine. companies, which both origi- whose businessmodel depends nateand servicehome loans, on their ability to lend to ECONOMY pansion. By the end of the change, retroactively, the statute Mr.Spell laterwalked out to must payinvestorsevenifbor- home buyersand then quickly month, millions had applied for now authorizes a reduction in applause from his supporters. rowers stop making payments. sell the loans to the govern- Existing-Home Sales unemployment benefits and sentence,” Mr. Klugh said. “He “My rights to have church and to “Mortgageservicerscan now ment-owned mortgagegiants. Fell 8.5% Last Month icons of American commerce wants to go back to Colombia. preach the gospel of Jesus plan forexactly howlong they Thestrategywas upended were shutting down, seeking That’s where his family is.” Christare endowedtomebymy will need to advanceprincipal recently when Fannie and Americans pulled back from government aid and shedding The U.S. attorney’s office in creator, notmydistrict attorney, and interest paymentsonloans Freddie announced they would purchases of previously owned staff. Miami didn’t respond to an notmychief of policeand not forwhich borrowers have not no longer buy loans in forbear- homes in March as the coronavi- The sales data suggest re- email seeking comment. U.S. my governor,” Mr.Spell said. made their monthly payment,” ance, leaving the debt piling up rus pandemic shut down much gions hit with early coronavirus District Judge K. Michael Moore The arresthappened on the FHFAchief Mark Calabria said. on the books of the lightly reg- of the U.S. economy. outbreaks struggled, such as directed prosecutors to file a re- same daythe East BatonRouge As part of the $2 trillion ulated nonbank companies that Sales of previously owned California, Washington and New sponse by May 1 regarding Mr. Parish coroner reported thatcon- coronavirus stimulus package, both originateand servicethe homes fell 8.5% in March—the York. Ochoa’s request. firmed coronavirus-related the federal government al- bulk of home loans in the U.S. biggest month-over-month de- At the current sales pace, Mr. Ochoa is the youngest of deaths in the parish, which en- lowedhomeownersharmed by Tuesday’s move to cap the cline since November 2015— there was a 3.4-month supply of three brothers who U.S. authori- compasses the statecapital of the outbreak to suspend pay- number of months the compa- from the prior month at a sea- homes on the market at the end ties say in the 1980s ran the Mi- BatonRouge and Central, sur- mentsfor as long as ayear nies must advancepaymentsis sonally adjusted annual rate of of March. Existing-home sales ami distribution center of the passed 100. without penalty.AsofApril 12, designed to ensureFannie and 5.27 million, the National Associ- were up 0.8% in March from a cocaine cartel once headed by —Associated Press 5.95% of home loanswerein Freddie’s policies match up. ation of Realtors said Tuesday. year earlier. Pablo Escobar. Previously owned homes make —Harriet Torry —Associated Press up most of the housing market. CORRECTIONS  THE WALL STREET JOURNAL Economists surveyed by The FLORIDA LOUISIANA (USPS 664-880) (Eastern Edition ISSN 0099-9660) Wall Street Journal expected a AMPLIFICATIONS (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) 7.5% decline last month. Cocaine-Cartel Figure PastorAdmits Driving Editorial and publication headquarters: The NAR data suggest the Seeks Early Release Bus Toward Protester 1211 Avenue of the Americas, New York, N.Y. 10036 coronavirus is hitting the nor- Southwest Airlines Co.will Published daily except Sundays and general legal holidays. mally active spring home-selling One of three Colombian Louisiana authorities arrested report earningsonTuesday, Periodicals postage paid at New York, N.Y., and other mailing offices. season hard. About 40% of the brothers who authorities say apastoronanassault charge on April 28.ABusiness&Finance Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. year’s sales typically take place once were key operators of the Tuesdayafter he admittedthat articleMondayabout earnings All Advertising published in The Wall Street Journal is subject to the applicable rate from March through June. notorious Medellin cartel’s multi- he drove his church bus toward reportsincorrectly said the card, copies of which are available from the Advertising Services Department, Dow Jones “The latter part of March is billion-dollar cocaine smuggling aman who has been protesting companywill report on Thurs- & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the clearly indicating that sales ac- enterprise in Florida is seeking his decision to hold massgather- day, April 23. right not to accept an advertiser’s order. Only publication of an advertisement shall tivity will be markedly lower in early release from U.S. prison ings in defianceofpublic-health constitute final acceptance of the advertiser’s order. coming months,” said Lawrence because of changes in federal orders during the pandemic. United States Steel Corp. Letters to the Editor: Fax: 212-416-2891; email: [email protected] Yun, the trade group’s chief sentencing guidelines. The policedepartmentinCen- hasdelayed$200 million in Need assistance with your subscription? economist. The attorney for Fabio Ochoa tral, asuburb of BatonRouge, upgrades to acoal-coking By web: customercenter.wsj.com; By email: [email protected] Homes typically go under Vásquez, 62 years old, wants a said in aposting on its Facebook plant near Pittsburgh. ABusi- By phone: 1-800-JOURNAL (1-800-568-7625) contract a month or two before federal judge to cut his 30-year page thatTonySpell, the pastor nessNewsarticle Monday Reprints &licensing: By email: [email protected] the contract closes, so the prison sentence by about five of Life Tabernacle Church, turned about steelmakersincorrectly By phone: 1-800-843-0008 March data largely reflect pur- years. That would effectively re- himself in and wasarrestedon said $200,000. WSJback issues and framed pages: wsjshop.com chase decisions made in January sult in his release from prison charges of aggravated assault or February. and deportation to Colombia, and improper backing. Officials Readers can alert The Wall Street Our newspapers are100% sourcedfromsustainably certified mills. Journal to any errors in news articles The U.S. entered March still said lawyer Richard Klugh. said Mr.Spell also had outstand- by emailing [email protected] or GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS riding an 11-year economic ex- “Now that there has been a ing traffic tickets. by calling 888-410-2667. P2JW113000-5-A00300-1------XA

THE WALL STREET JOURNAL. ***** We dnesday, April 22, 2020 | A3 U.S. NEWS Trump to Colleges Ponder Fall Semesters Bar New BY DOUGLAS BELKIN Immigrants AND MELISSA KORN Colleges acrossthe country are trying to decide whether For60Days they canreopen campus for the fall, and howlong they can BY MICHELLE HACKMAN put off afinal decision. AND REBECCA BALLHAUS Schools aremapping out different scenarios,depending WASHINGTON—President on the seriousnessofthe coro- Trump said Tuesdaythat his navirus pandemic in the fall. administration would tempo- Boston University has said rarily bar newimmigrants, in- that if the virus is still raging, cluding some family members it may not return to face-to- of U.S. citizens and foreign face instruction until January workerslooking to moveto 2021. Another scenario proj- the U.S.,inthe next 60 days ectssome studentsoncampus under a new executive order. in the fall, and others taking Mr.Trump said the move, classesremotely. which he announced in atweet “Weneed to do the plan- Monday night but hasn’t for- ning so whatever comes we’re mally signed, is designed to ready,soparentshavealevel reduce immigration at a time of confidencestudentswill be when tens of millions of Amer- safe,” said BU President Rob- icans have lost jobs as aresult ert Brown. JOURNAL

of the coronavirus crisis. Collegecampuses almost REET “Wemust firsttakecareof couldn’t be set up much worse ST the American worker,” Mr. forthe coronavirus.They are LL WA Trump said, adding that sus- built on the idea of lotsof THE

pending immigration would also people living and learning in R help “conservevital medical re- close quarters and gathering FO sourcesfor American citizens.” in largegroups—all measures YO MA

Theexecutiveorder that work against any social TA wouldn’t impact immigrants distancing needed to fight the VELLE

already living in the U.S. or spread of the pandemic. JO foreignerscoming on tempo- “Opening isn’t going to be Colleges urged students to return home in March. Above, the University of Washington campus in Seattle last month. rary visas forwork or travel. an event, it will be aprocess, That category includes H-1B vi- it will take acouple of yearsto the size of gatherings, which 500 other students—4% of the Berkeley is still trying to fig- lion in lost revenue and addi- sas,which allowmorethan find a new normal,” said Ted would dictate maximums for studentbody.But 87% of stu- ure out how to proceed with tional costs. Dr.Paxson antici- 85,000 high-skilled foreigners Mitchell, president of the howmanystudentscan be in a dentsare connected through classes for the fall, a spokes- pates that will rise to between to come to the U.S. foratleast American Council on Educa- lecturehall or dining room. two steps,and 98% arethree woman said. So far,the school $80 million and $90 million threeyearstowork.Italso in- tion, ahigher-education advo- Studentscould sit in class- steps removed via shared class- has had a$200 million hit next fall. cludes seasonal migrant work- cacy group that estimates the rooms separated by three or mates.Keeping classes smaller from lost revenue and addi- Beloit CollegeinWisconsin erswho come to the U.S. annu- number of studentsoncampus four seats. Older professors, slows the spread, they found, tional expenses. The univer- revamped itsfall semester, ally to work on farms,where will decline by 15%, leading to morevulnerable to the corona- butonly slightly. sity’s annual operating budget breaking the term up intotwo they makeupabout one-tenth $23 billion in lost revenue. virus,may teach remotely. is $3 billion. seven-and-a-half-week mod- of the agricultural workforce, Thepandemic sent colleges Whatever colleges decide BrownUniversity President ules,tosalvageasmuch of the and at other businesses such scrambling. They urged stu- has big financial conse- Schools map out Christina Paxson says she fore- campus experienceaspossible. as resortsorcounty fairs. dentstoreturn home in arush quences.Some incoming fresh- sees morecustodians on cam- Studentswill take two classes Theexecutiveorder is less in March, with some never men, forexample,could defer scenarios depending pus to disinfect the environ- during each of those periods, restrictivethan advocates on even coming back from spring enrollment forayear if a on how serious the ment and greater expectations which would allowthem to both sides of the immigration break and leaving belongings school is offering remote forstudentstoclean up after start online but still poten- debatehad earlier expected, in their dorm rooms. learning only.That resultsina pandemic still is. themselves.And while she sees tially makeitback to campus anddoesn’t impact most em- Thetransition to remote big tuition loss and makes it no reason whyclasses wouldn’t in mid-fall if conditions allow. ployment-based immigration, learning hasbeen jarring. hardtogaugeclasssizes. start in September,she believes “Wewanted to maximize the order’s stated purpose. Schools moved hundreds of Schools could also lose room some studentswill opt to take flexibility and minimizethe About 90% of employment- thousands of courses online in andboardfees if some stu- Purdue President Mitch classes from home. destruction,” said Provost Eric based green cardsgotopeo- amatterofweeks.The results dentsare remote. Daniels created atask force One consideration: Rhode Boynton. ple already living in the U.S., areuneven. Studentshave Aworking paper by two and gaveitthree weeks to in- Island has ordered anyone He said the school is plan- on temporaryvisas that the filed class-action suitsagainst Cornell University sociology vestigatepossible problems who enters from out of state ning forboth options—starting orderdoesn’t touch. at leasttwo schools forfailing professors shows howclosely and come up with strategies. to self-quarantine for14days. online and starting on cam- “It’saPRstunt morethan to reimburse them fortuition, intertwined studentsare and He said in amessageTuesday Dr.Paxson said Browndoesn’t pus—and will makeafinal deci- anything else,” said Mark fees,and room and board. how easy it would be for the that optionsinclude minimiz- have the spacefor so many sion by lateJuly or early Au- Krikorian,president of the When and if studentsarrive virustospread on acampus. ing contact between those studentstoremain so isolated, gust. Sinceannouncing the plan Center forImmigration Stud- at school this fall,classrooms, Using course enrollment over and under age35and us- should that order remain in in early April, Dr.Boynton said ies,anonprofit that advocates quads and cafeterias arelikely data, they found that during a ing moreonline courses for placeintothe fall. he has heardfromcounterparts eliminating most temporary to look and feel different. given week the averagestudent campus-based students. So far,the pandemic has at about20other schools seek- work-based visas,which the States may continue to limit shares aclasswith morethan TheUniversity of California, cost the school about $22mil- ing details on the shift. organization believes under- cutAmerican workers. Mr.Trump said the order wasstill being writtenand Majority Favors Letting Everyone Vote by Mail that he would likely sign it Wednesday. He said it would include certain exemptions. BY ALEXA CORSE Democratsgenerally prefer Thepresident said he is expanding voting options and

weighing asecond, morere- As states exploreways to S believethat mail-in voting strictiveexecutiveorder on expand voting options in light would makevoting morecon- PRES immigration butdeclined to of thecoronavirus outbreak,a venient, while several Repub- offer additional details or say newWall Street Journal/NBC TED lican-led statelegislatures CIA

when he might sign it. He said News poll finds that amajority SO have tightened voting regula- migrant farmworkerswouldn’t of voters supportschanging AS tions in recent years. be affected. election lawsothat everyone Poll participant Jennifer

Thescope of atemporary canvotebymail. JOURNAL/ Jeffery, 56 yearsold, of Harri- immigration moratorium was Some 58%ofvotersinthe E son, Ohio,said she doesn’t AT

the subject of debateinside survey said they favorchang- ST trust the mail system to pro- the Trump administration ing election laws permanently tect ballotsfromtampering. NSIN

Tuesday, according people fa- to allowvoting by mail. While CO Mrs. Jeffery, aRepublican,

miliar with the matter. They 39% oppose apermanent WIS said voters could wear masks said the disagreement cen- change, one-quarter of that T/ at pollingplaces. teredonwhether to curb ac- group says mail-in voting HAR “They’restarting to open

cess to employment-based vi- should be allowedthis Novem- JOHN up states,” shesaid. “There’s sas, which immigration hard- ber due to the virus. Poll workers, seatedbehind abarrier,waited forvoters at their station in Wisconsin’sApril 7primary. no reason whywecan’t go to linersincluding senior adviser When those findingsare the polls.” Stephen Miller and DHS offi- combined, 67% of voters in the In Congress, Democratsare election, according to federal Among 18- to 34-year-old re- SueCrowley,a65-year-old cials have said areused to un- survey saythey would favora pushing forfunding in corona- data. spondents, 74%favored allow- museum worker from Arling- dercut American workers. mail-in voting option forthis virus legislation to expand Some states,including Re- ing all voters to cast ballotsby ton, Texas,who usually votes Other membersofthe ad- November. mail-in voting nationwide,but publican-led West Virginia and mail. By contrast, 46% of those Democratic,said she thinks ministration including senior Viewsdivide sharply by President Trump opposes the Indiana, said they would allow 65 or older supported the idea. voting by mail is “a fairly se- adviser JaredKushner,the party,with 82% of Democrats idea, saying it allows forfraud. anyvoter to cast an absentee Some 67% of African-Ameri- cureway to do it.” president’sson-in-law, believe backingapermanent change, Five states already vote al- ballot in partyprimaries this cans and 73%ofLatinosfa- TheJournal/NBC News poll the visas are crucial for busi- compared with 31% of Republi- most entirely by mail. Nearly year because of the pandemic. voredapermanent changeto surveyed 900 registered vot- nesses already struggling un- cans.Among independents, aquarter of Americans from Viewsonthe matteralso broaden mail-in voting.That ersfromApril 13-15.The mar- derthe economic downturn, 61% favorexpanding the mail- all states cast mail or absen- differ by ageand race,the compared with 54% of white gin of error wasplus or minus the people said. in option. teeballotsinthe 2016 general Journal/NBC News poll found. voters. 3.3percentagepoints. Finding of Kremlin’s Interference Is Affirmed in Senate Report

BY DUSTIN VOLZ Republicanchairman of the ept use of social media to panel, said. He warned that Russia, China Cited accounts, the StateDepartment makemoneyfromtreatment. spread divisivedisinformation WASHINGTON—TheU.S.in- Russia’soperations had con- report says. The claim has been linked to about the election, and the telligencecommunity’s conclu- tinued over the last three ForLies About Virus The messages then are areport on aRussian state- Obama administration’s strug- sion that Russia interfered in years and have been imitated picked up and amplified by each, owned TV network. Mark Suz- gles to respond in real time to the 2016 election to help elect by other adversaries to “in- repeating the other’s claims, cre- man, CEOofthe foundation, said the cyber aggression in the Donald Trump wasaccurate creasingly useinformation WASHINGTON—The State ating an echo acrosstraditional earlier this month thatfalsehoods waning months of 2016. and based on strongly sourced warfare to sow societal chaos Departmenthas assessed that and social media. mayspread fasterthan the dis- The next, and final, install- information and sound analyt- and discord” in the U.S. Russia, China and Iran aremount- One of the aims behind the ease and cause real harm. ment is also themost antici- ical judgment, abipartisan The158-pagereport, ap- ing increasingly intense and coor- accelerating effort has been to Another example wasthe re- pated: an examination into Senate report has concluded. proved unanimouslybythe dinateddisinformation campaigns distract domestic audiences from peatedclaim by Russian and Ira- whether there was any collu- The report, released Tues- Senate panel, is based in part againstthe U.S. relating to the poor public-health responses at nian stateinformation sources sion between the Trump cam- daybythe SenateIntelligence on sensitiveintelligence outbreak of the newcoronavirus, home, according to the report, thatthe virus is aU.S. bioweapon. paign and Russia. Committee, said that the Janu- sourcesand, as aresult, is according to an internal report. which wasreviewedbyThe Wall Chinese and Russian embassy Former special counsel ary2017assessment made heavily redacted. It largely Allthree countries areusing Street Journal. officials didn’trespond to re- Robert Muellerlast year con- public by U.S. intelligence serves as corroboration forthe state-controlled media, social me- Among the false claims circu- quests forcomment. Aspokes- cluded hisinvestigation with- agencies at the direction of 2017assessment, noting for dia and governmentagencies and lating in Russian and Chinese in- man forIran’smission to the out finding evidence that the former President Obama cor- example that the committee officials to disseminate informa- formation channels is thatthe Bill United Nations said the U.S. was campaign conspired or coordi- rectly described Moscow’s in- found specific intelligenceto tion to domestic audiences and and Melinda GatesFoundation to blame forany propaganda nated with Moscow to inter- terferenceoperations and was support the conclusion made global audiences alikethatdeni- createdthe newcoronavirus with about the outbreak. fere in the 2016 election, but delivered without political morethan three yearsago grates the U.S. and spreads false pharmaceutical companies to —Jessica Donati that it welcomed the help. considerations.Italso af- that Russian President Vladi- TheSenateIntelligence firmed a classified version of mirPutin “approved and di- Committee is still working to the assessment. rected” aspectsofthe influ- Trump has vacillated on ment on the Senate report. vestigation intoRussian inter- completethe final volume, “The committeefound no ence operation. whether he believes the intel- The report is the fourth of ferenceinthe 2016 election. which will runatleast 950 reason to disputethe intelli- Russiarepeatedly has de- ligencecommunity’s findings. five volumes to be released by Previouschaptersinvestigated pages not including appendi- gencecommunity’s conclu- nied interfering in the 2016 TheWhiteHouse didn’t re- the SenateIntelligenceCom- Russia’s widespread targeting ces, aperson familiar with the sions,” Sen. Richard Burr, the election contest, and President spond to arequest forcom- mitteefromits yearslong in- of statevoting systems,its ad- matter said. P2JW113000-6-A00400-17FFFF5178F

A4 | We dnesday, April 22, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC Hospitals to Get$75 Billion More in Aid

Funds to help offset “not only the hospitals that have been impacted by the MoneyFromFirst cost of virus cases coronavirus, but more impor- and revenue loss due tantly manyhospitals that MeasureIsAwaited have been shut down, and to delays in surgeries making sure that the doctors and nurses get money.” Health-care facilities have BY STEPHANIE ARMOUR Hospitals and providers yet to receive $70 billion of have been pressing forthe the emergency support allo- WASHINGTON—Hospitals funding because an earlier cated to them almost a and health providers stand to $100 billiontranche forthe month ago in the prior stimu- get$75 billion under the coro- health system, passed as part lus package. navirus packagepassed by the of a coronavirus package last The delayindisbursing a Senate on Tuesday, funds month, won’t stretch far big chunk of March’spackage aimed to help offset the costs enough. Moreover,only $30 is frustrating lawmakers from of asurge in coronavirus cases billionofthat funding has both parties, who arepressur- and lost revenue due to the been distributedsofar,and ing HHS to makegood on delaying of elective proce- criticism over the delay promises to aid the industry. dures. mounted on Capitol Hill from Adding to the frustration: HHS In hard-hit areas such as lawmakers who say hospitals had told health systems that NewYork City,hospitals have need help now. much of the remaining funds been deluged with patients Funding from the remaining S would be awarded lastweek.

and had to spend above-mar- $70billion isn’t expected to go PRES Hospitalsare straining un-

ketprices forpersonal protec- out this week,according to UMA der the influx of patients with

tiveequipment. Hospitals in people familiar with discus- /Z Covid-19 and the financial de- some other partsofthe coun- sions at the Department of mands of emergency procure-

try have escaped the surge in Health and Human Services. HERRICK mentofsupplies such as per- N

cases but have still had to put HHS officials will handle dis- DA sonal protectiveequipment. off nonemergencycarethat tribution of the latest funding Hospitals have pressed forthe funding because an earlier $100 billion won’tstretch farenough. drives much of their revenue. legislation, as they have with “The need is really there,” the March package. health-caresystems forcover- as confusion as to howthe John Barrasso (R., Wyo.), who Mr.Azarisensuring the ap- said TomNickels,executive The $100 billion from that ing the costsoftreating unin- money would be divided up. said he has also spoken with proach to distribution repre- vicepresident of the American packagewas designated for sured coronavirus patients. Hospitals saythe formula used HHS SecretaryAlexAzar sentsthe best thinking across Hospital Association. the health system, so doctors, Hospitals have yet to see any forthe first$30 billion in allo- about the need to move more the government, various agen- In commentsatthe daily dentists, nursing homes and of that, even as many Ameri- cations from HHS didn’t take quickly in dispersing funds. cies and the WhiteHouse cor- WhiteHouse coronavirus other groups arealso lobbying cans have lost their jobs and intoaccount whether afacility Mr.Barrasso said he had onavirus task force. HHS is briefing,TreasurySecretary forsome of the remaining their employer-provided wasinanareahardhit by the expected the remaining $70 committedtodistributing the Steven Mnuchinhighlighted funds. health coverage. virus, for example. billion to have already gone relief funds in away that is thedifferent needs.Hesaid Theadministration on April The rollout of the funds has And it excluded manyrural out by now. fast, fair,simple and transpar- the newfunding would help 3promised it would reimburse been dogged by waits as well county hospitals,said Sen. An HHS spokeswoman said ent, she said. After Deal, SBA Loan Bill Passes Recipients The Senate Won’t Be

ContinuedfromPageOne Public Ye t ing sought by Democratsfor hard-hit stateand local bud- BY ROLFE WINKLER gets.Top Republicans signaled AND CEZARY PODKUL that concerns over debt would playabiggerrole in talks about TheSmall BusinessAdmin- futurestimulus aid, setting up a istration rejected multiple re- divide with Democratsworried quests on Mondayfor detailed that Congresshas done far information about borrowers from enough. in the newPaycheck Protec-

Congresshas operated in GES tion Program, saying it needed

emergencymode during the IMA to prioritizeits effort to assist outbreak,passing a$2.2 trillion businesses. packagewith minimal debate GETTY That decision meansthat last month. Amid growing pres- SE/ fornow the public won’t geta surefrommembers, House comprehensivelook at the leadersagreed Tuesdaytohold $350 billionrescue package ANCE-PRES

avotelater this week on allow- FR intended forMain Street, amid ing proxyvoting,which would debate over which companies ENCE

allowmemberstocast votes AG should be getting the money. without meeting in person. “Atthis time,the agencyis Theagreement caps abrief focusing its efforts on assist- but bitterfight over funding for KHANNA/ ing small businesses during the Paycheck Protection Pro- AN this unprecedented disruption

gram,asmall-business-loan CHAND to the economy,” William fund that depleted itsinitial Volunteers helped distribute groceries at an event organized by Farm Share Inc. in Miami on Tuesday. Briggs, deputy associatead- $350 billionallocation last ministrator in the SBA’sOffice week.Lawmakerssparred over not only provided support, but Breakdownofadditional stimulus funding ple with coronavirus. of Capital Access, wroteinre- what else should be funded in made it moreeffective, more Democratssaid they would sponse to various Freedom of the relief package, with the inclusiveand addressed other Paycheck Protection Program Economic pressfor stateand local funding Information Act requestssub- GOPpushing to pour more urgent national priorities as $310 billion authorized* Injury in the next relief bill. mittedbyThe Wall Street funds intothe small-business well,” said Sen. Chuck Schumer Disaster In anewsconference, Mr. Journal. “In the future, we will program quickly and Democrats of NewYork,the chamber’s Loans and Schumerand House Speaker be able to turn our efforts to holding out formoney forhos- Democratic leader. Grants NancyPelosi (D., Calif.) laid out providing loan specific datato $60 billion pitals,testing,food stamps and In addition to the small- several additional priorities for the public but hope that all stateand local governments. businessaid, the bill includes the next bill, including funding understand the need forthe “Atthe core of our agreement $75billion forhospitals and forthe U.S. Postal Serviceand agencytofocus itseffortsful- is $320 billion morefor the Pay- $25 billion fortesting. Small, midsizeand expanded housing assistance. filling the needs of the small communitylenders check Protection Program, In the final hoursofnegotia- $60 billion “For anyone who thinks this businesses.” which is already saving millions tions,WhiteHouse officials had is thelast train out of the sta- The business-loan program, of small-businessjobs and help- resisted Democratic effortsto tion, that is not even close to passed last month to mitigate ing Americans getpaychecks in- createanational framework for Hospitals COVID-19testing the case,” Mr.Schumer said. the economic devastation stead of pink slips,” SenateMa- expanding testing forthe virus. $75billion $25billion Mr.McConnell said that the wrought by the coronavirus jority Leader Mitch McConnell Widespread testing is seen by next round of legislation should pandemic,ran out of money (R., Ky.) said Tuesday. expertsasanimportant step to- wait until lawmakerscan safely last week.Congressisexpected Democratspressed for ward reopening the economy. *A total of $322 billion wasappropriated, to include fees. come back to Washingtonand to expand the historic effort changes to the program to Thebill tasks the Trump ad- Source:Preliminary Senate reports signaled the accumulated cost under the stimulus package. widen access to itsloans.Ofthe ministration with outlining how of coronavirus relief would in- Theprogram has already money that will be available for the U.S. canfurther expand its tertestsand conduct contact providerswill receive$75 bil- fluencehis position. faced controversy afterpublic loans,$60 billion will be set testing capacity and assist state tracing. Up to $1 billion canbe lion in aid to help them cover “Wehaveracked up $2.7 companies including Ruth’s aside forsmall, midsizeand effortsinaplan that will be up- used to covercostsfor testing revenue shortfalls and fund re- trillion in national debt without Hospitality Group Inc., owner community lenders. Aseparate dated every90days.Statesand people without health insur- sponse to the pandemic.That much consideration of the im- of Ruth’sChris Steak House, program, the Economic Injury localities will also be required ance, while $1 billion will go to- fundingbuilds on $100 billion pact of that on the futureof and ShakeShack Inc.dis- Disaster Loan fund, aimed at to submit testing plans. ward the federal Centersfor in the March relief bill. this country,” Mr.McConnell closed that they had received quickly delivering amix of The$25 billion in funds for Disease Control and Prevention TheHealth and Human Ser- said in an interviewTuesday. PPP loans,which canbefor- grantsand loans,gets$60 bil- manufacturing and purchasing forsurveillancemeasures,in- vices secretarywill disburse —Lindsay Wise given if recipientsuse the lion in the legislation. testswill provide $11 billion to cludingcontact tracing. funds to eligible health care and Amara Omeokwe funds to meet payroll and “Wenegotiated abill that states and localities to adminis- Hospitals and health-care providersthat aretreating peo- contributed to this article. other approved expenses. ShakeShack said it would re- turn the $10 million it received afterapublic outcry. Overall, ADeeper Look at What’sinthe Stimulus Funding dozens of public companies re- ceived PPP loans totaling more than $340 million, according to BY ANDREW DUEHREN lion moretoward the PPP,which additional $60 billion to re- the original appropriation for and Human Services has faced a Wall Street Journal analysis. AND AMARA OMEOKWE Congressinitially gave$350 bil- start that program. PPP wasexhausted in lessthan criticism forthe delayand for The Journal requested PPP lion when it wascreated last two weeks,and independent not providing moreinforma- datafor individual loan recipi- The$484 billion interim month. Funding forthe PPP Howwill the PPP set-aside funds contractors, sole proprietors tion about howthe money will ents, including their name, emergencybill passed by the loans,which canbeforgiven if forcertain lenders work? and self-employedworkers be divided up. howmuch they borrowedand SenateonTuesdayincludes ex- the firms keep employees on Democratssuccessfully were just beginning to apply through which bank. The SBA panded funding forsmall busi- payroll, quickly ranout, and re- pushed forthe $60 billion in when the initial funding lapsed. How does the bill address coro- says on its website such data nessand hospitals,aswell as filling the fund wasseen as a earmarked funds forsmall, navirus testing? is “generally disclosed” and money forcoronavirus testing. priority by both parties. The midsize and community lend- What’sinthe bill forhealth-care The bill both provides new has historically provided that TheHouse is expected to pass newbill also tweaks the fund, ers. Theset-asides could cause providers and hospitals? funds to ramp up testing datafor borrowers in itstradi- the bill this week,and Presi- amid complaintsthat some delays in the application pro- Thelegislation provides an acrossthe countryand calls tional 7(a) loan program, dent Trump has said he would mom-and-pop businesses were cessing portal because it isn’t additional $75billion to hospi- for the Trump administration through which PPP loans are sign it intolaw.Here’salook crowded out of the fund in fa- set up to demarcate lendersby tals and health-careproviders, to createanational plan on being awarded. at what is in thelegislation. voroflargerbusinesses with size, according to abanking whose budgetshavebeen testing.Inthe bill, $25 billion In lieu of providing detailed existing relationships with industryrepresentative. How- squeezedbythe costsofre- will fund manufacturing and information, the SBAdirects Whatisinthe bill forsmall busi- banks.Ofthe newfunds,$60 ever,the TreasuryDepartment sponding to the pandemic and purchasing tests. Of those those making requests to sta- nesses?And howdid it change billion will be set aside forlend- is working with the Small the collapse of other revenues. funds,$11 billion is allocated tistical information about the from last time? erswith lessthan $50 billion in BusinessAdministration to That funding builds on the to states and localities to ad- program. Thebill refills two ex- assets, with $30 billion of that code which banks fall under $100 billion in the $2.2 trillion minister testsand conduct TheSBA said it disbursed hausted funds forsmall busi- reserved forlenderswith less the set-asides to minimizeany relief bill passed last month contact tracing, and the Cen- thefirst $350 billion, more ness aid: the Paycheck Protec- than $10billion in assets. delay. forhealth-careprovidersmore ters forDisease Control and than it typically lends over 14 tion Program and the Economic TheseparateEIDL program broadly.Providershaveyet to Prevention will receive$1bil- years, in less than 14 days. It InjuryDisaster Loan program. also ranout of money,and Will PPP money run out again? receive$70 billion of that aid, lion forsurveillancemeasures, made nearly 1.7 million loans, Thebill putsabout $310 bil- Congress is set to approve an There’snoway to know, but andthe Department of Health including contact tracing. averaging $206,000 each. P2JW113000-5-A00500-1------XA

THE WALL STREET JOURNAL. ***** We dnesday, April 22, 2020 | A5 THE CORONAVIRUS PANDEMIC Broadband Some States Take StepstoReopen Changes U.S. governorsare pursuing different routes to restart lo- Gain New caleconomies hit by the coro- navirus pandemic,with sev- eral Southern leaders moving Support to reopen businesses while others voiceconcern about BY JOHN D. MCKINNON taking such steps without AND RYAN TRACY more robust testing capacity.

WASHINGTON—The coro- navirus pandemic is boosting By Jennifer Calfas, momentum formajor broad- Arian Campo-Flores band legislation, highlighting and Ruth Bender S

the widespread lack of high- PRES

speed internet in U.S. homes In Georgia, gyms,bowling TED at a time when it has become alleys, barbersand other non- OCIA

more essential than ever. essential businesses were pre- SS Leading lawmakersofboth paring to open as early as Fri- /A parties saythe long-delayed day, even as some mayors VER

issue of closing the so-called pushed back against the gov- OBSER

digital divide is gaining new ernor’s neworder.Some re- & S prominence,asWashington tailersinSouth Carolina were weighs initiatives to help already open, and affected NEW

speed economic recovery and businesses in most Tennessee /THE improveU.S.competitiveness. counties will be able to open

“Having affordable broad- their doors on May 1. WILLETT band—it’snot aluxury, it’sa GovernorsinFlorida, Ala- T BER

necessity,” said Rep.Mike bama and Mississippi were RO Doyle (D., Pa.), chairman of lookingtotask forces to guide Protesters in Raleigh, N.C., call for Gov. Roy Cooper to ease pandemic restrictions. Some retailers in South Carolina have already reopened. theHouse communications their next steps.New York and technologysubcommittee. Gov. Andrew Cuomo said any Coronavirus Daily Update the extent of the pandemic. “Broadband infrastructurehas eventual reopening of his state Between 8p.m. Mondayand to be one of the key elements would likely vary by region, as As of 10:38 p.m. EDT April 21 the same time Tuesday, 2,751 to that, and this pandemic has some aremorehard-hit than people in the U.S. died from brought that right to the fore- others. NewYork and states Covid-19,according to aWall including California, Pennsyl- 824,889 45,042 75,538 Street Journal analysis of Johns vania and Massachusetts al- Hopkins data, making it the Accelerating access ready extended stay-at-home U.S. cases U.S. deaths U.S. recoveries third-deadliest dayofthe pan- orders this month. Manyare demic forthe country. to home broadband also working to expand testing Public-health authorities has been stalled for and contact-tracing teams. 2,564,038 177,424 681,824 have credited statewide stay- Manyofficials have warned at-home policies with helping years in Congress. that reopening tooearly with- World-wide cases World-wide deaths World-wide recoveries slowinfection rates. Themea- out extensivetesting could sures have become contentious lead to asurge in newinfec- Source: Johns Hopkins University Center for Systems Science and Engineering in recent weeks,however, with tions. Public-health experts lawsuits filed and protests front.” have asked stateleadersto opening without the tools in tween the two men. In a sub- cerns from businessexecutives breaking out in some states. House Democratsare likely heed reopening guidelines in- placetorapidly identifyand sequent interviewonMSNBC, and stateleadersonconference Attorney General William to lead the legislativepush for cluding a decline in infection stop thespread of the virus— Mr.Cuomo said the meeting calls.Hehas pushed back to say Barrsaid Tuesdaythat the Jus- expanded broadband in com- ratesfor at least 14 days,a could send states back intocri- had been productive. He said testing is the role of the states, ticeDepartment would con- ing weeks.But manySenate strong testing regime and ade- sis mode,push health systems he requested ameeting be- but said the federal government sider supporting people and Republicans also arekeenly in- quatehealth-carecapacity. past capacity,and forcestates cause he wanted to getthe would work with governors. groups who allegetheir rights terested, and saythe pan- Governorsinthe Northeast, back intostrict social distanc- testing issue “ironed out.” Reportedcases in the U.S., have been violated by the pan- demic is underscoring the Midwest and West Coast have ing measures,” the report says. Mr. Cuomo said he and Mr. the world’shardest-hit country, demic policies. need for action. formed regional pactstocoor- The38-pageRoadmap to Trump agreed to work to- surpassed 824,000 Tuesday, “These arevery, very bur- “It helps us drive the point dinate reopening plans. Recoverysays governors gether in New York to double with morethan 45,000 deaths densome impingementsonlib- home as to urgency,” said Sen. Thebipartisan National should continue to request the the average rate of daily test- from the Covid-19 disease erty,and we adopted them, we Roger Wicker (R., Miss.), the GovernorsAssociation was federal government “rapidly ingto40,000.New York has caused by the virus,according have to remember,for the lim- chairman of the Senate Com- scheduled to release itsown build testing capacity and co- more than 258,000 cases of to datacompiled by Johns Hop- ited purpose of slowing down merce Committee. “Absolutely plan Wednesdaytoreopen the ordinatedistribution to states.” the new coronavirus, nearly a kins University.Globally,more the spread, that is,bending the it givesusanimpetus—that is economy, and it offers a cau- Mr.Cuomo,aDemocrat, thirdofthe cases nationwide. than 2.5million cases arecon- curve. We didn’t adopt them as one of the silver liningshere.” tionarynoteamong anumber met Tuesdaywith President President Trump has faced firmed, and the death toll the comprehensiveway of deal- Theissue of accelerating of recommendations. Trumptodiscusstesting,a increasing criticism over insuffi- passed 177,000,although experts ing with this disease,” Mr.Barr access to home broadband has “Opening prematurely—or subject of ongoing tension be- cient testing and has heardcon- sayofficial figuresunderstate told radio host Hugh Hewitt. been stalled for years in Con- gress. That is largely because of thehugecostsinvolved in

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school classes and telemedi- /WIS cine. Anew report from the Fed- APPS EVE

eral Communications Commis- ST sion, set to be released soon, Gov. Tony Evers’sadministration shut manybusinesses through May26. is expected to saythe number of Americans lacking access to high-speed broadband de- Wisconsin Lawmakers clined by more than 14%in 2018.But some advocates have questioned government esti- Sue Over Lockdown mates,saying government dataoverstate by millions the number of people who have BY JOE BARRETT deaths.AsofTuesday, the broadband access. statehad 2,620confirmed Manymillions morehave Wisconsin’sRepublican- cases and 242 deaths. broadband access but can’t af- dominatedlegislaturefiled On Tuesdayevening,Gov. ford the service, survey data Tuesdayfor an injunction Eversresponded to the lawsuit show.Soaring use of smart- against the coronavirus-re- in aflurryoftweets, calling the phones has also given many lated lockdown ordered by the action adisservicetoWiscon- people an excuse not to buy administration of Democratic sin voters and lacking in com- home broadband service, par- Gov. Tony Evers. passion. “Apparently,instead of ticularly in urban and subur- Themovecomes amid having us act quickly and deci- ban areas with good wireless growing battles over effortsto sively to respond to acrisis, coverage. slowthe spread of the virus Republicans would rather have Despitepromises of univer- through restrictions on many us jump through hoop after sal broadband service by fed- businessactivities that are hoop and ask fortheir permis- eral officials over the past de- playing out in protestsoutside sion to save lives,” he said in cade,current government statecapitols and tweetsby one.“Folks,wedon’t have subsidies to encourageexpan- President Trump. time.COVID-19 will not wait.” ArtDecoBrilliance sion of broadband networks to TheWisconsin injunction Wisconsin has been sharply hard-to-serveareas and to the targetsanorder by Depart- divided along partisan lines for Camille Fauré poor aresometimes criticized ment of Health Services Secre- years. When Mr.Evers was as inefficient and inadequate. tary Andrea Palm, which electedin2018,the lame-duck Legendarydesigner. Unique technique. ArtDecogenius. Thebiggest existing pro- closed manybusinesses and session of the GOP-dominated Camille Fauréwas themostimportantArt Deco designer gram, the Universal Service ordered Wisconsinites to stay legislaturevoted to curtail his basedinLimoges,France, andthese vasesrepresent some Fund administered by the FCC, at home through May 26. powers.Abattleoverthe move of thebestArt Deco enamel objects evercrafted.The is funded by fees charged Thelegislatureargues that wasultimately wonbythe leg- largely on telecommunications the order failed to followproper islature, with the backing of the maker’suniqueenamel-over-copper techniquelends the services such as long-distance procedures and didn’t seek any conservative-dominated Su- vasestheir distinctivesculpturaleffectand brilliance.Each calls.But rising demand for input from the state’slawmak- preme Court. signedand in mint condition. Circa1925. Largestmeasures: the funds is helping push fees ing body.Republican leaders Sincethe secretary’sorder 9”dia. x12”h. #31-1227/31-1229/31-1225 forthe Universal ServiceFund have argued that the state canbeextendedascurrently to morethan 21% in the first should ease restrictions in rural framed,the legislatureargues quarter,upfromabout 5.5% counties wherefew cases of cor- that it could go on indefinitely. 20 yearsago, straining the onavirus have been reported. Thefiling with the stateSu- system. “Purporting to act under preme Court seeks an injunc- “Our nation’suniversal ser- color of State law, an un- tion of the current stay-at- vicesystemhad itslast grand elected, unconfirmed cabinet home order,with asix-day rehab in 1996. The world is a secretaryhas laid claim to a stay,toallowthe Health De- little different,” said FCCCom- suiteofczar-likepowers—un- partment to reframe itsorder missioner JessicaRosenwor- limited in scope and indefinite in language that would be re- cel, aDemocrat who has in duration—over the people viewable by the legislature, ef- clashed with the commission’s of Wisconsin,” according to fectively giving lawmakerssay 622 RoyalStreet,New Orleans,LA•877-677-2801 •[email protected] •msrau.com Republicanmajority over how the complaint filed with the over when the statewould be- to modernize the program. state Supreme Court. gin to reopen for business. Since1912, M.S. Rauhas specialized in the world’s finest art, antiques and jewelry. FCCChairman Ajit Pai, a Eversadministration offi- TheWisconsin Supreme Backed by our unprecedented125% Guarantee, we stand behind each and everypiece. Republican, defended the cials say the stay-at-home or- Court lateTuesdaygavead- agency’s record under his derhas slowedthe spread of ministration officials one week leadership. infection and prevented to respond to the filing. P2JW113000-2-A00600-1------XA

A6 | We dnesday, April 22, 2020 ** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC For Those Who Fled, It’s Déjà Vu Juggling Kids and Americans who left China amid first A Run for outbreak find their lives upended again Congress

BY STEPHANIE YANG As the new Susan Seatscouldn’t wait coronavirus for life to get back to normal forces big after she was evacuated from changes in China, wherethe newcorona- how we virus originated. Instead, the work, The Wall Street Journal 69-year-old Chicagonative is looking at how different sawthe hallmarks of the pan- people are coping with the demic play out all over again. stresses and risks. For earlier Ms. Seats is one of a group articles in the series, visit of Americans who have had wsj.com/makingitwork. their lives upended by the cor- onavirus twice: first in China, BY EMILY GLAZER then again in the U.S. Along with hundreds of other Ameri- As Ohio congressional can- cans,Ms. Seatstook an evacu- didateKateSchroder waspre- ation planeout of Wuhan ear- paring to shareinformation in lier this year afterthe initial arecent Facebook video outbreak prompted acitywide about the state’sDemocratic lockdown. primarydelay,her pre- Once in the U.S.,the surg- schooler decided it would be ing case counts, panicked gro- agood idea to join. cery shoppersand self-isola- So 5-year-old Peter tion all felt very familiar. squeezedontothe living- “It is definitely a déjà vu,” room chair and counted off Ms.Seatssaid. “I started to “one-two-three” as she listed getupset and think,mygosh I waystorequest aballot for thought I left all this.” Ohio’s primary, which wasde- TheU.S.has morecon- layedinMarch. He signed off firmed cases of Covid-19,the with areminder to “please disease caused by the newcor- vote!” onavirus,than anyother coun- Ms.Schroder,42, is run- try. On Tuesday, that count ning in Ohio’s FirstCongres- topped 820,000.Evenfor sional District against afor- those who had seen the virus mer Air Forcecombat pilot, take root in China, the speed Nikki Foster,inaprimarythat of infection in the U.S. has has been rescheduled for been shocking. April 28.She is juggling cam- “I kept thinking,why aren’t paign-strategysessions,about they doing a lockdown?” said two dozendonor calls and Ms.Seats, who wasworking as her work as amember of the ateacher in Wuhan and is now Cincinnati BoardofHealth living outside Los Angeles. throughout the day. AfterMs. Seatsreturned in Having Peterand his 6½- mid-February, she reached out year-old sister,Josie,learning to some friends to organize a from the same home where get-together.But they were Ms.Schroder is organizing wary of getting tooclose to Susan Seats, top, left Wuhan, her campaign adds complex- someone who had been to Wu- China, and is living outside Los ity to an election season up- han, she said. She also had Angeles, where streets are ended by the coronavirus trouble convincing those largely empty. Returnees say pandemic. around her to wear a mask, a U.S. lockdowns are less severe “Asaworking parent with habit that she had brought than those in China. Below left, two young children, oh my over from China. an EMT’stemperatureischecked. goodness,” she said in are- In China, the number of cent interview. It is “just as newcases has tapered, and Mr.Long wasalso visiting hardifnot harder having a Wuhan started to ease astrict family over the Lunar New preschooler and afirst-grader citywide lockdown earlierthis Year when cities in Hubei in the home” as it is “trying month. Ms.Seatshas resumed provincestarted to close off to navigateever-shifting video lessons with her stu- exits. With only afew Covid-19 sands in acampaign.” dentsinWuhan, during which patientsinhis hometownof Ohio is among adozen she also trades tips with them Jingzhou, Mr.Long said he states to have postponed its on howtocope with self-isola- was more worried about get- primary. Delays,stay-at-home tion. ting back to his job and family orders and social-distancing Those who have returned to in New Jersey than infection. norms present candidates the U.S. noted one major dif- He has been working from with newchallenges. ferencebetween the two situa- home with his wifeand two “I don’t feel comfortable

tions: the severity of the lock- (4) children in Bergen County. cold-calling people in apan- downs. “I feel likethis is going to demic,” said Ms.Schroder. “It definitely feels better drag on much longer than Something Ms.Schroder than in Wuhan, whereIfelt JOURNAL China,” he said. “Wejust need cansomewhat bettercontrol:

likeIalmost had no liberty to REET to get through this.” the kids’ schedule.Along with do anything or go anywhere,” ST Evacuees are also notching her husband, John Juech, said Ningxi Xu, a 30-year-old LL their thirdlockdown sincethe they have created a“univer- WA dataengineer who lives in Jer- pandemic started, having been sity” schedule forstudies.She THE

sey City,N.J., and gotstuck in R in Wuhan and then under fed- also shares tips on parental China while visiting her family FO erally mandated quarantine resourcesonkateslist.us,a

forLunar NewYear.“At the UCHA fortwo weeks upon their re- sitefunded by her campaign.

same time,Idon’t knowifthat ZA turn to the U.S. “HowdoIstructuremy

means it is going to be lessef- ON Yulin Yin, who works in IT children’sdays and see what

fective.” ALLIS in Minneapolis, said he hopes resourceswecan rely on?” In manyU.S.cities,officials that thelockdown measures sheremembersasking herself. have mandated that nonessen- “Maybe it is because it is presenceofpeople outside “Here, the number is way will be liftedinthe summer, Her ability to “get creative tial businesses close down and my second time around, but I maygiveasense of false secu- higher but it gives you the il- but the hardest part of his and scrappy” is aprerequisite people refrain from large gath- definitely felt more scared in rity.The official case count in lusion like,isthis real?” Mr. third quarantine is the uncer- forsuccess in politics,she erings. Ms.Xusaid manyof Wuhan than right now,” she NewYork state, the newepi- Long said. “You don’t have tainty about the future. said. her friends areadhering to so- said. center of the pandemic,has that kind of feeling as youdid “The current one feels like An extrabedroom has be- cial-distancing measures, and Louis Long, a software en- reached morethan 250,000, in China where there were no theworst, because we really come her office, with adoor she has stopped going into gineer who works in NewYork about three times that of the cars,nopeople,the entirecity don’t know when the end is,” lock that is been key to pre- Manhattan. City,said that the continued confirmed cases in China. is locked down.” he said. vent interruptions. Around 3 p.m. she oftensigns off when the family tunes intothe Cin- cinnati Zoo’s “Home Safari” DemocratsPushfor NewWorkplaceSafetyRules on Facebook. She receives twicedaily email updates on the number BY SIOBHAN HUGHES ing the outbreak. Steps now they struggle with shutdowns. tections during the pandemic. ployers who right nowcan of local Covid-19 cases in her takenbybusinesses vary widely. “When the health conditions No Republicans have embraced barely affordtoreopen, espe- role on the Cincinnati Board WASHINGTON—Democrats “When we reopen, people are areright forreopening,our the measure. cially small businesses,” said of Health. She cantrack and labor groups saycompanies going to be afraid to go back to memberswill be ready to pro- OSHA has provided guidance David McIntosh, who leads the wherethe city is in itsre- should be forced to establish work,” said Rep.Debbie Dingell vide servicetocustomerswith outlining steps that companies Club forGrowth, aconservative sponse to the pandemic. formal workplace coronavirus (D., Mich.), asupporter of the effectivesafeguards and proto- should take to shield workers group.“Thelargerbusinesses Usually in the eveningsaf- protections, ademand set to measure. “So what areyou going cols in place,” said National Re- during an outbreak,but the already have plans and know terfamily dinner the four- become apoint of tension with to do to ensuretothe workers tail Federation CEO Matthew steps aren’t mandatory. The howtoprotect their employees. some heads on awalk. Republicans and the Trump ad- that thework siteissafe?” Shayrecently. agencyhas received thousands They don’tneed an extraOSHA “It is an interesting thing ministration in the next round In one case in her district, TheofficeofSenateMajority of employee complaintsinre- form to fill out.” as acandidatetobesitting of stimulus talks. workersatanAmazon.comInc. Leader Mitch McConnell (R., Ky.) cent months,including some al- Employers have faced a from your home: Howdoyou Rep.Bobby Scott(D.,Va.), distribution facility in Romulus, didn’t respond to arequest for leging that employers were ig- shortageofequipment likeN95 be ahelper and adoer?” she chairman of the House Education Mich., said they were asked to comment. noring recommendations to masks,and companies have pri- said. “It pushes us all to be and Labor Committee, on Tues- speed up their work,operate disinfect work areas and to keep vately worried about the costs creative.” dayintroduced ameasurethat without extrabreaks forhand- workersatsafedistances. of providing essential equip- would direct the Occupational washing,and rely on asingle OSHA has guidance Thenew standards would ment, as well as their ownliabil- Safety and Health Administration disinfectant wipe each day, requirecompanies to develop ity fordeath or sickness. Demo- to order all companies to imple- even though workerstherehad for firms amid the protocols foreach element of cratssay their proposal will ment comprehensiveplans to been diagnosed with Covid-19. pandemic, but steps an entire program, such as by statethat employers can’t be protect workerswho continue in Amazon said the allegations firstidentifying the hazardand held responsible as long as they their jobs during the pandemic. aboutits Romulus fulfillment aren’t mandatory. itsentrypoint, and devising makeagood-faith effort to ob- Thenew,emergencystandard center were unfounded. “We control measures as part of a tain needed equipment. would have to be issued within have takenextrememeasures to broaderplan. Theso-called emergencytem- sevendays afterany legislation keep people safebytripling President Trump has out- porarystandardbeing pushed is signed intolaw. down on deep cleaning at our fa- Congresspassed a$2.2 tril- lined guidelines forreopening by Democratswould giveregula- As some states start to con- cilities,procuring available safety lion packagelast month and is the economyonastate-by-state tors the powertoissue citations sider reopening closed busi- supplies,and changing our poli- wrapping up talks to provide basis that include testing for or fines forviolations. nesses,Democratssay regula- cies and processes to ensurethat more funding forsmall-busi- health-careworkers, and that OSHA hasn’t moved to re- tions areneeded, broadening to those in our buildingsare keep- ness loans and hospitals,set- hingeonproviding safety guide- quirenew protocols.Last all businesses aproposal that ingsafedistances,” it wroteto ting the stagetobegin work on lines,not mandates,toemploy- month, when the focus was initially wasaimed solely at Ms.Dingell and Rep.Rashida what is termed “phase four.” ers. Republicanlawmakershave solely on health-careproviders, health-caresettings. In addition Tlaib (D., Mich.). Thecompany House Speaker NancyPelosi pointed to guidelines already OSHA Administrator Loren ODER

to nurses and doctors, workers said it continuously monitored (D., Calif.), the main negotiator released by OSHA,and business Sweattwrote that her agency HR

at grocerystores, meat proces- OSHA recommendations. forDemocrats, has already in- and conservativegroups are sawnoadditional benefit from SC TE

sors, warehouses and other facil- Industrygroups saymembers dicated her support forrequir- wary of newregulations. imposing atemporaryinfec- KA ities have fallen ill and died dur- areprioritizing safety even as ing OSHA to issue worker-pro- “It putsmoreburden on em- tious-disease standard. Kate Schroder with son Peter. P2JW113000-0-A00700-1------XA

THE WALL STREET JOURNAL. We dnesday, April 22, 2020 | A7 THE CORONAVIRUS PANDEMIC Hundreds Get Plasma in National Study

BY AMY DOCKSER MARCUS ference. Age, gender,weight, underlying health conditions, Six hundred severely ill socioeconomic status and doc- Covid-19 patientshavere- tors’ own biases all can influ- ceived blood plasma from re- enceapatient’soutcome.And coveredpatients in astudy re- in manydiseases,including searchershope sheds light on Covid-19,some patientsare whether the experimental ther- going to getbetterontheir apy improves health outcomes own. As aresult, compassion- and yields other useful data ateuse has been viewedasa outside the scientific rigor of a way to givepatients emer- traditional clinical trial. gency access to experimental Thepatients areparticipat- therapies rather than asource inginanational expanded-ac- of reliable data. cess program authorized in “Will expanded access give early April by the federal Food us the same data as a perfect and Drug Administration. Ex- randomized, controlled trial? panded access, also known as No,” said Michael Joyner of compassionateuse,isoften the Mayo Clinic in Rochester, sought by patients with life- Minn., and principal investiga- threatening illnesses forwhich torofthe expanded-access there are no approved thera- convalescent plasma project. pies, or who can’t participate “Willwegain insight under ON/REUTERS

in clinical trials. unusual circumstances? Yes.” SS

Theutility of datafrom As of Sunday, the University WA

compassionate-use studies is a Hospital in Madison, Wis.,part SEY

source of debatewithin the of UW Health, had transfused LIND medical and scientific commu- 11 Covid patients with conva- Melissa Cruz, an emergency room technician who recovered from Covid-19, donated convalescent plasma last week in Seattle. nity, where the gold standard lescentplasma under the ex- for determining a new drug’s panded-access protocol, said couraged.” ceived the drug in centers cess dataduring the drug-ap- been of benefit.” safety and efficacyhas long William Hartman,ananesthe- Between 5,000 and 10,000 around the world wherecare proval process, particularly for Even with the added rigor, been the controlled clinical siologist and one of the inves- people mayultimately be eligi- mayhavediffered, dataonsome rare conditions.The FDAalso Dr.Lane said it would be diffi- trial. In those traditional ran- tigatorsonthe study.Eight of ble to enroll in the convales- patientswas incompleteand has worked closely with compa- cult to tell whether plasma domizedtrials,one group of the patientswereinlife- cent plasma program, the therewas no comparison group. nies trying to extract “real therapyorsomething else is patientsgetsthe experimental threatening situations and Mayo Clinic’s Dr. Joyner said. That study’s firstauthor, world evidence” about patients’ responsible forany possible drug and acontrol group gets noware in various stages of Investigatorswill comparepa- Jonathan Grein, of Cedars-Si- experiences with neworexperi- improvement in the Covid-19 either the standardtherapy or recovery,hesaid. Theother tientswho getthe plasma with naiMedical Center in LosAn- mental drugsfrom sourcessuch patients. “Maybe the patients a placebo. three received plasma before similar patientswho didn’t re- geles, said given how little is as electronic health records. improved because as doctors Critics say it is impossible or just after admission to the ceiveit, such as very ill pa- known about the coronavirus Convalescent plasma has gotmorepracticetreating forcompassionate-use studies intensive-careunit and have tients at a hospital where the and howtotreat it,“Ithink at been tried as apotential inter- Covid patientsthey did abet- to showwhether adrugis shown improvement: One was therapywasn’t available.Re- this point anyinformation is vention in previous public- terjob,and not because the working,because everypa- discharged from the hospital; searchershope the knowledge potentially helpful.” He said health emergencies,including intervention had an effect,” he tient in those studies gets the one wastaken off aventilator they gather caninform future thestudy,funded by Gilead forEbola and severeacutere- said.Inthe end, “thousands of compound, with no control within aday and symptoms trials and aid doctors and re- Sciences,noted the findings spiratorysyndrome (SARS), anecdotes arestill just thou- group for comparison. Oppo- have improved. Thethird searchersinanother outbreak. were limited and preliminary. according to H. Clifford Lane, sands of anecdotes.” nentsalso worrythat patients hasn’t worsened and hasn’t re- Another analysis of compas- “It is a starting point, an op- clinical director at the Na- Dr. Lane said the NIH is in- could become reluctant to en- quired ICU admission, he said. sionate-use data, about the ex- portunity to aggregateour ini- tional InstituteofAllergy and volved in effortstolaunch roll in traditional clinical trials “Thereisnolab test that perimental drug remdesivir tial experiences,” he said. Infectious Diseases,part of the randomized controlled clinical forfear they won’t getthe ex- proves convalescent plasma from Gilead Sciences Inc.pub- Therealso aretraditional National Institutes of Health. trials of manufactured intrave- perimental therapy. caused these results,” Dr. lished in the NewEngland Jour- randomized controlled studies Butbecause robust random- nous immunoglobulin contain- Without acontrol group, Hartman said. “Based on when nal of Medicine,came under of remdesivir under way. ized clinical trials weren’t con- ing antibodies prepared from though,researcherscan’t be we gave them the transfusion criticism. Scientistspointed out TheFDA has shown flexibil- ducted, “thereisstill no clear the serum of many recovered certain what is making the dif- and the outcomes, we are en- that the Covid-19 patientsre- ity in accepting expanded-ac- datatosupport that it has Covid patients.

North America. Netflix added DailyDeath CountsSeen as Crucial Subscriber almost 7million subscribersin the region including Europe and the Middle East, 2.9 mil- BY JASON DOUGLAS Daily death counts understatethe pandemic's true cost slowing down of mortality,a Ranks Rise lion in Latin America and 3.6 but canstill be useful in revealing trends. plateau and then adecline, million in Asia. Thenumber of people re- this will start to showstraight In the U.S. and Canada, Daily Covid-19 deaths per million of population ported to have died world- away in the trend in the daily At Netflix where it faces more competi- wide on Mondayafter con- Belgium Spain Italy reported numbers, even if tion, Netflix reported 2.3 mil- tracting the new coronavirus: 30 deaths per million these areunderestimates,” lion newpaid subscribers, 5,263, according to the World says David Leon, professor of ContinuedfromPageOne compared with again of Health Organization. Thenum- epidemiology at theLondon erateashome confinement 548,000 in the fourth quarter 20 ber who actually died: un- School of Hygiene and Tropi- ends,which we hope is soon.” and 1.9million in the first known. cal Medicine. In avideo to discussthe re- quarter a year ago. Calculating an accurate 10 Statisticians sayhaving a sults, Chief ExecutiveReed Shares rose 1% in after- daily tally of fatalities in this consistent series is important Hastings said, “We, too, are hourstrading.The stock is up U.S. pandemic is almost impossible 0 fortracking the trend. If you really unsureofwhat the fu- 34% year to date, making the because of delays in reporting began by tracking hospital ture brings.” He said it would streaming serviceone of the 1 10 20 30 40 1 10 20 30 40 1 10 20 30 40 deaths and deaths of people deathsand later discovered be a couple of months before few companies to see its not in the care of medical Days sinceatleast10daily deaths largenumbersofdeaths in the companycan “grapple shares appreciatesincethe staff.Initial estimates are France U.K. Germany nursing homes, you still need with the long-term implica- coronavirus crisis started. nearly always revised higher, to keep tracking hospital tions.” Usagewas boosted in the 30 deaths per million sometimes by as much as 50%, deaths separately. With the pandemic leading quarterbyseveral popular casting doubt on the validity “As long as we keep count- to the shutdown of movie the- original efforts, including the of what has become amacabre 20 inginthe same way,wewill aters, sportsleagues,concerts thirdseason of the drama statistic in the background of be able to followthe trend,” and other events, streaming “Ozark” and the documentary everyday life. Given that no 10 says Keith Neal, emeritus pro- services such as Netflix have series “Tiger King: Murder, oneknows howmanypeople fessor of the epidemiology of emergedasone of the rare Mayhem andMadness.” Net- have been infected because infectious diseases at the Uni- video-entertainment options flix said “Tiger King” was noteveryone shows symp- 0 versity of Nottingham. still available. sampled by 64 million member toms, the lethality of the dis- 1 10 20 30 40 1 10 20 30 40 1 10 20 30 40 Some experts say the daily “People want entertain- households.Its unscripted dat- ease is still undetermined. Days sinceatleast10daily deaths datacan nonethelessbeim- ment. They want to be able to ing show, “LoveisBlind,” also Scientists, though, say this Note:Seven-dayrolling average; data arethrough April 20 proved, as discrepancies with escape and connect whether brokethrough with 30 million early lowball count of deaths, Sources: Italian government; Spain's Health Ministry; Johns Hopkins CSSE later,moreaccuratefigures times are difficult or joyous,” member households tuning even if incomplete, provides risk sapping public confidence. Mr. Hastings said. into some or all of the series. vitalinsightsfor combating last week revised the local disease’sbehavior that com- Researchersinthe U.K. and Netflix said it wasable to Theincrease in subscribers thevirus.Itisone of several death toll upwardby50%, ac- plementsother critical num- Germany, forexample,have operate remotely “with mini- and viewing hoursput pres- such imperfect but essential knowledging they previously bers, such as test results, hos- been applying statistical tech- mal disruption in the short to sureoninternet capabilities in metrics that governmentsand omittedmanyfatalities, includ- pital admissions and numbers niques to reported death medium term,” but it, too, some parts of the world dur- public-health officials are fo- ing people who died at home. of patients in intensive care. countsinanattempt to adjust faces tremendous challenges ing the quarter.Netflix re- cusing on as they weigh judg- Francehas begun including One advantageofthe num- fordelays in notifying fatali- due to the coronavirus.Pro- duced bandwidth in Australia, mentsabout when the virus is in itsdaily death count fatali- ber is timeliness. Filling in a ties. duction on practically all Mexico, India and elsewhere firmly in retreat and it is safe ties that occurred in nursing completepictureofwho was Sometimes medical staff movie and television content after requests from local gov- to reopen closed economies. homes whereCovid-19 was infected with coronavirus and are too overworked to report has been shut down forweeks, ernments. “Early warning of future suspected as afactor.Prelimi- died as aresult on anyone deaths on the day they occur, and thereisnoset datefor Netflix said the quality of trends based on daily dataare naryestimates in the U.K. daycan take weeks; some or wish to inform hard-to- the content factories to start itsservicewas maintained and vital in afast-moving pandemic, missout deaths that weren’t deathsmight never be for- reach family members before churning again. it is working with internet ser- even if thereare uncertainties reported straight away,aswell mally attributed to the bug. adding their loved one to ada- Netflix said the production vice providers to increase ca- and omissions in the data. We as deaths outside hospitals— Adaily number,evenifitis tabase.Outside hospitals,it shutdown will have only a pacity. have to makethe best of the gaps that areonly partially later revised, provides a win- cantakedays forstretched modest impact on newcontent Thecompanysaid itsser- limited datathat we have,” says filled in later estimates. medical examinerstoproperly forthe next three months.But vicehas seen “significant dis- William Henley,professor of Thedifferences canbelarge, register suspected Covid-19 if producersand actorsremain ruption when it comes to cus- medical statistics at the Univer- and adjustmentsare sometimes ‘We have to make deaths.Such delays mean on the sidelines,itcould be- tomer support and content sity of Exeter, England. adding thousands of deaths to daily figuresmight not reflect come problematic.Netflix is production.” Netflix said it has Wrinkles with daily death countries’ running totals in an the best of the deaths that actually occurred rushing to finish shows that added 2,000 remoteagentsto tallies have cropped up in instant. Themismatch has limited data that on that date, but on manypre- areinfinal editsand is ag- handle the surge in customer manycountries affected by fueled some suspicion the daily vious dates. gressively acquiring content calls which are an offshoot of Covid-19,the disease caused numbersare asham. we have.’ Such reporting delays risk from third-party suppliers. the increased demand. by the new pathogen. “Spanish people deservea muddying the waters fordoc- “Our 2020 slateofseries Netflix said it generated In the U.S., the Centers for government that does not lie tors seeking to discern trends and films arelargely shot and revenue of $5.77billion forthe Disease Control and Preven- to them,” said Spanish opposi- in mortality and infection, we’reprettydeep intoour firstquarter,upfrom$4.52 tion has sinceApril 14 in- tion leader Pablo Casado this dowintothe severity of the says Sheila Bird, abiostatisti- 2021 slate,” said TedSarandos, billion ayear earlier.Analysts cluded those who clinicians month, as he accused the illness and helps epidemiolo- cian and visiting scientist at chief content officer. had forecast $5.75billion.The judge probably succumbed to Spanish government of low- gistsgaugewhich way the epi- the University of Cambridge. Despitethe production companysaid strong sub- the virus in itsestimates of balling the number of victims demic is heading. She and colleagues have begun shutdown, Netflix said the scriber growth wasoffset by a deaths linked to Covid-19, in- of Covid-19 in one of Europe’s Discerning that trend is vi- publishing estimates fordaily bulk of its animation produc- sharply stronger U.S. dollar, steadofjust those wherein- worst-hit countries.The Span- tal, as social-distancing mea- deaths in the U.K. that use tion team is working from which depressed itsinterna- fection wasdemonstrated by a ish government said it follows sures and population lock- techniques adapted from eco- home.Italso has morethan tional revenue. lab test, reflecting concern all international protocols in downs have cratered Western nomics to assign deaths to a 200projectsinpostproduc- Profit rose to $709.1 mil- that confirmed cases alone reporting deaths. economies, heaping pressure particular date. tion,which canalso be done lion, or $1.57 ashare, from weren’t providing an accurate Forscientistscrunching the on scientific adviserstorap- “The epidemic’stimeline is during the quarantine.Writers $344.1 million, or 76 centsa picture. dataand trying to chart the idly identifywhen the disease death date. That’swhen it on existing series arecontinu- share, the year earlier.The Authorities in the Chinese pandemic’scourse,though, the is in retreat and restrictions claimed its victims, not when ing to work on new scripts. companywas expected to earn city of Wuhan, wherethe virus daily drumbeat of newdeaths can be eased. that death gets finally re- Most of the subscriber $1.64 ashare, according to es- firstemergedlatelast year, provides aglimpse intothe “Ifthereisgoing to be a ported,” she says. growth occurred outside of timates compiled by FactSet. P2JW113000-4-A00800-1------XA

A8 | We dnesday, April 22, 2020 **** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC U.S. Weighs Aid forBatteredOil Industry

Possible conditions proposal to limit stateoil pro- forthe firsttime in history, Department of Defense or these people said. debt and paid gaudy executive duction, even as theU.S.shale meaning those who held oil have top-secret security clear- The plan would work simi- salaries even while returning include producers industryscales back anyway. contractshad to paypeople to ance, Mr. Mnuchin said. larly to the federal Strategic scant profits. offering ownership TheRailroad Commission of take them away. “Obviously the energy busi- Petroleum Reserve, wherethe BethanyAronhalt, aspokes- Texas,which regulates the oil- On Tuesdaythe most ac- ness is very important to the government stores oil in un- woman forthe American Pe- stakes or reserves and-gas industryinAmerica’s tively traded U.S. contracts— U.S.,” Mr. Mnuchin said, add- derground caverns.Mr. Trump troleum Institute, the coun- largest oil-producing state, de- theWest Texas Intermediate ing,“this has national security has directed the Energy De- try’s largest oil-and-gas trade BY TIMOTHY PUKO ferred until May 5 a decision futures for delivery in June— issues, but different.” partment to buy oil to refill group,responded to the presi- AND REBECCA ELLIOTT on whether to makeoperators fell again, by 43% to $11.57 a At Mr.Trump’sdirection, those reserves,citing bargain- dent’stweet and said access to curtail production forthe first barrel. basement prices and the need loans is “vitally important to WASHINGTON—TheTrump time since the 1970s. At aWhiteHouse briefing to give the industry a boost. all industries impacted by this administration is considering President Trump announced Tuesdayevening,Treasury Just as with thestrategic crisis.” offering federal stimulus funds his intentions Tuesday morn- SecretaryStevenMnuchin ac- reserve, the government could Mr.Trump’snew effort to embattled oil-and-gas pro- ing on Twitter, saying he had knowledged that the adminis- 43% sell oil it takes control of un- would exploreworking ducersinexchangefor govern- directed the Energy and Trea- tration might need to ask Con- der the new program and po- through emergency-loan pro- ment ownership stakes in the surydepartmentstocraft a gress to authorize assistance. Amount by which June WTI tentially makeits money grams the TreasuryDepart- companies or their crude re- plan to makefunds available “The president is determined futures for June delivery fell back—and more—if and when ment has launched with the serves,according to people fa- for the oil-and-gas industry. we want to maintain our en- the price of oil rebounds. Federal Reserveasaway miliar with the matter. “Wewill never let the great ergy independence,” Mr. But that kind of spending to around congressional opposi- Theplan is among several U.S. Oil &Gas Industrydown,” Mnuchin said. buy such reserves would need tion. possible options being the president wrote. He said Congressprovided the the Energy Department has al- congressional authorization, TheWhiteHouse maybuild weighed amid a historic drop he wantsthe plan “sothat Treasury Department $17 bil- ready been exploring waysthe and Democrats have been re- on the Energy Department’s in oil demand that has U.S. en- these very important compa- lion to make loans to compa- government could effectively luctant to approvehelp forthe plan and allowoil-and-gas ergy companies reeling.But it nies andjobs will be secured nies deemed essentialtona- give money to oil companies oil industry, analystssaid. companies to use energy re- faces long odds given likely long into the future!” tional security as part of the not to drill, according to the Critics of the oil industry say serves as collateral to getgov- opposition from congressional Hisannouncement came a $2.2 trillion coronavirus relief people.The government would it doesn’tdeserveagovern- ernment loans,ordoing the Democratstousing stimulus dayafter U.S. benchmark packageenacted last month. likely take ownership of oil, ment bailout. Manyconsider same with ownership shares of funding for the oil industry. crude prices sank intonew Lawmakerswereclear those with the companies leaving it the oil industry a contributor the companies themselves,ac- Separately,Texas regulators territory, with front-month loansweremeant forfirms underground until the govern- to climatechange, and say cording to the people familiar declined to act Tuesdayona contractsfalling belowzero that aremajor supplierstothe ment directed them to tap it, producersran up irresponsible with the matter. Energy-Driven States Suffer Added Economic Pain

Tumbling oil prices will have broad regional impacts on the U.S. economy, hitting states far afield from Texas, which wasthe engine of ana- tional energy boom during the past decade.

By Kim Mackrael, Katherine Blunt and Dan Frosch

Wyoming,Alaska, Okla- homa, North Dakotaand West Virginia all depend moreon mining and energy extraction than theLone Starstate,ac- cording to Wall Street Journal calculations of stateeco- nomic output data. Ohio andPennsylvania in- creased their exposures to en- ergy in the past decade,albeit from lowlevels, as they

jumped on the fracking revolu- S tion that tapped previously PRES unused shale reserves,primar- ily for natural gas. TED Thenation already faces OCIA SS

historic declines in economic /A output and employment be- ST cause of the social-distancing measures and businessclo- ARBOGA

sures adopted to stem the REX spread of the novel coronavi-

rus.LikeTexas,other energy- CHARLES driven states nowfacean Oil tank train cars sit idle in East Chicago, Ind. Energy-driven states are taking a blow from plunging oil prices, one that might outlast the pandemic shock. added blow from plunging oil prices,one that might outlast People who lose jobs in energy Now, Mr. Obermueller said lier projections and produc- revenue,hesaid, such as an Louisiana Oil &Gas Associ- the pandemic shock. will spend less, with spillovers therewerejust six oil rigsop- tion could decline by as much income or sales tax. ation President GiffordBriggs “It will also remain ahead- on housing markets, service erating in the state, down as 30%, amounting to anearly Adding to itschallenge: The said the group is in the pro- wind going into2021 as industries and statecoffers. from 30 about ayear ago. The $334 million revenue loss. statelooks set to lose itstour- cess of updating those projec- broader economic conditions Wyoming depends on min- number could reach zero by “Thishas been likebeing in ism season because of the cor- tions in light of the recent start to improve,” said Karl ingand energy production for June.Heestimated at least an elevator wherethe cable onavirus pandemic,which typ- pricecrash. “Our membersare Kuykendall, a regional econo- 16.4%ofall stateeconomic out- 1,700jobs related to the oil in- snapped and we haven’t hit ically bringsinabout $1.5 telling me that they’vein- mist with IHS Markit, an eco- put, far morethan Texas with dustry had already been lost. bottomyet,” said Robert billion dollarsinacouple of structed their field people to nomic research firm. 7.8% afterspending much of the According to Wyoming’spe- Godby, deputy director of the months,much of that from begin shutting in production Themost actively traded past three decades diversifying troleum industrygroup,taxes University of Wyoming’s Cen- cruise visitors. immediately,” he said. U.S. contractsfor crude oil— intonew industries,including androyalties from oil and gas terfor Energy,Regulation and “The statefinds itself in a In Oklahoma, production the West Texas Intermediate technology. Alaska is at 15.3% production contributed about Policy Analysis. really precarious place,” said andoilfield services compa- futures for delivery of petro- of output, Oklahoma at 11.7% $1.4 billion to the state’s cof- Alaska doesn’t have per- Mr. Guettabi. nies have laid off hundreds of leum in June—dropped 43% to and North Dakotaat10.3%. fers in the calendar year 2018, sonal-income or general sales ALouisiana survey during workers in recent weeks. The $11.57 abarrel on Tuesday, a “It’sbleak in Wyoming. which amountstoabout half taxes, leaving it highly depen- the last two weeks of March, number of staterigsinopera- dayafter some contractsfor There’snobetterway to de- the state’sannual general dent on oil-related taxreve- when oil prices were still tion has fallen in half to 24 the U.S. crude benchmark scribe it right now,” said Pete fund. Thecrash will change nue. above$20 abarrel, showed sincethe beginning of the dropped belowzerofor the Obermueller, president of the that. Mouhcine Guettabi, an as- membersofthe stateoil and year. first time in history. Oil own- Petroleum Association of Wyo- Arecent memo from the sociateprofessor of economics gasassociation anticipated “We’renot seeing large- erswereeffectively paying ming. Wyoming LegislativeService at the University of Alaska An- cutting production and em- scale layoffs as of yet, but I’m otherstotakeitoff their Wyoming had been relying Office, anonpartisan arm of chorage, said the statehas al- ployees by as much as 70% afraid we’rejust on the cusp hands and store it. on steady oil revenue to shift the Legislature, projected that ready been cutting its budget within four months,areduc- of that,” said TomSeng,direc- Pain in the oil industrywill away from coal production, forthe next fiscal year the forsix yearsand nowfaces tion that could cost the state torofthe University of Tulsa’s likely ripple through other which has been in decline,and priceofoil per barrel could even biggerstrain. It might morethan 24,000 jobs and $2 School of Energy Economics, partsofthose stateeconomies. also falling natural-gas prices. fall as much as 70%belowear- need to turn to newsourcesof billion in wages. Policy and Commerce.

dayonaproposal to limit state Crude-oil futures prices shocked.” dragging down those nations’ Collapse oil supply,but some shale pro- Theplungehas burned indi- currencies. ducersare already being forced $40 abarrel vidual investorswho had Market mechanisms that to shut in productivewells.The poured moneyintoUnited might help addressthe slump 30 Brent, In Crude expected supply drops are June StatesOil Fund LP as they bet appear to be breaking down be- dwarfedbylost demand. 20 delivery on arevivalinoil prices in re- cause of the lack of storage “Demand is contracting two cent weeks.The popular ex- space. 10 U.S. crude, Deepens or three times as fast as sup- June change-traded fund fell 25% Typically,low U.S. prices ply,” said Bob McNally,presi- Tuesday, taking itsrout this would encouragetraderstobuy 0 delivery dent of consulting firm Rapidan year to nearly 80%. Thecom- cheap U.S. oil and sell it at a ContinuedfromPageOne U.S. crude, Energy.The drop in prices is a –10 May panythat operates the ETFis higher priceinEurope or Asia. fingersinthe market to the “brutalbut efficient” mecha- delivery reshaping it fornow intowhat Theway Brent crude prices moveinoil…It’sabig shift.” nism to “persuade producersto –20 will effectively be aclosed-end sank in tandem with WTIon Energy analystssaid the keep oil under the crust,” Mr. fund with afixed number of Tuesdaysuggests“the world scope of the oil demand lost to McNally said. –30 shares andfewernear-dated doesn’t want to take U.S. bar- the coronavirus means thereis Investorssold everything crude futures contracts. rels,” said Vincent Elbhar,co- –40 little producerscan do to give from energy stocks to curren- Oil futures,used by inves- founder of Swisshedgefund prices ashort-term boost. Pres- cies of major supplierslikeRus- April 13 14 15 16 17 20 21 tors to bet on the direction of GZCInvestment Management. ident Trump in atweet Tues- sia on Tuesday. Analystsexpect Source:FactSet prices and by producerstopro- Recentmoves also prompted daywrote that he had directed abig drop in energy-industry tect against market swings, had discussions between Saudi Ara- the Energy and Treasuryde- spending to amplifythe eco- Producersare unable to shut markets, dropped 24%to$19.33 performed betterthan the bia and other OPEC members partmentstocraft aplan to nomic fallout from the corona- wells fast enough, and supply abarrel, their lowest level in physical oil market forseveral aboutwhether to immediately makefunds available forthe virus,with factories shut, cutsbythe Organization of the more than 18 years. TheU.S. weeks.Now,they arebeing cut production. oil-and-gasindustry. “Wewill streetsempty and consumers Petroleum Exporting Countries contract fordeliverynext stung by the slide in demand U.S. oil companies including never letthe great U.S. Oil & unable to take advantageoflow and other nations have come month, which settled at ahis- foractual barrels of crude. Chevron Corp.and ConocoPhil- Gas Industrydown,” he wrote. fuel prices. toolate. toric minus $37.63abarrel “This is the market signaling lips have said they would re- TheTrump administration is Energy producershavelost “Tradersjust capitulated to Monday, rose to $10.01inthin to producersthat youneed to duceoutput. But traderssaid considering offering federal hundreds of billions of dollars the fact of the limited access to trading Tuesday. Overseas,the cut off moreproduction faster the industryisn’t moving fast stimulus funds to embattled in market value this year,and storage,” said EelcoHoekstra, contract then fell to $9.06a because we’redrowning in oil enough to alleviate the selloff. oil-and-gas companies in ex- shares fell again Tuesday. Royal chief executiveofRoyal Vopak barrel. at this point,” said Saad Rahim, This week’spricemoves will changefor government owner- Dutch Shell PLC and BP PLC NV,aDutch firm that runs 66 “Whatever oilanalystsand chief economist at Swisscom- be ahugewake-up call forcom- ship stakes in the companies or lost at least 3%, as did some terminals forstoring commodi- oil tradershavelearned over modities trader Trafigura. placent oil-companychiefs,said their crude reserves,The Wall U.S. companies.Speculation ties around the world. “It’s thecourse of the last 50 years Thedent to global economic EdwardMarshall,acommodi- Street Journal reported. about bankruptcies and possi- been brutal.” or 100yearswas all of asud- activity could last longer than ties trader at Global Risk Man- Still, government datadue ble mergers in the industryare Vopak has already rented den put in question” by Mon- lockdown measures to slowthe agement. Wednesdayare expected to driving wild stock-priceswings, out almost all of itsoil termi- day’snegativeoil prices,said pandemic,traderssaid. “Ifthey do nothing and sit showanother big increase in oil and possible issues with energy nals,Mr. Hoekstraadded. Eugen Weinberg, head of com- Growth in countries like therelikerabbitsinthe head- stockpiles forlast week.Texas loans could ripple to the bank- Brent crude futures,the in- modities research at Commerz- Russiaand Mexicoisalready lightswaiting to be hit by acar, regulatorsdeclined to act Tues- ing industry. ternational benchmark foroil bank.“Everyone has been suffering from loweroil prices, they’ll be hit,” he said. P2JW113000-4-A00900-1------XA

THE WALL STREET JOURNAL. **** We dnesday, April 22, 2020 | A9 THE CORONAVIRUS PANDEMIC Italy’s Economic Hub Struggles to Move On

BY ERIC SYLVERS cism from public-healthoffi- Theaverage virus carrier in AND MARGHERITA STANCATI cials,helater said:“If the Italy is infecting about 0.8 sciencetells us we have to stay other people now, compared MILAN—Italy’s coronavirus closed, we will stay closed.” with between two and three pandemic passed itspeak three Theslowpaceofthe pan- people beforethe national weeks ago. But the ebbing of demic’sretreat suggeststhe ef- lockdown began on March 10, contagion is slow, prolonging fectsofItaly’s lockdown have according to the government’s the pain of the national lock- reached their limits. Thechal- scientific advisers. That means down, and the biggest problem lengefor Italy is to reopen the virus is no longer spread- is whereitall began: Lom- businesses despiteahigh level ing exponentially—but itsde- bardy. of continuing contagion in its cline is slow. In Italy’s most populous and economic heartland. Lombardy’s true number of economically important region, Italy’s plan is to use itslock- infections isn’t known, but whereMilan is the capital, the down to reducethe pandemic health expertssay it could be

number of newinfections re- to alevel whereitcan fight several hundred thousand. S

mains stubbornly high, raising With ahigh number of infected PRES doubtsabout whether Italy is people,the chances of catching

ready to start unwinding its the virus while at work,orgo- ZUMA Towns where A/ lockdown as scheduled from ing to work,are high. IP May4. businesses stayed “Lombardy is in amuch O/ Health expertsand local of- worseshape right nowthan

open sawLombardy’s ALBERIC ficials saythat the northern re- the rest of the north. Thevirus

gion has allowedmanybusi- biggest jump in cases. is being spread therebyas- IMO SS

nesses to keep operating ymptomatic people who are MA despitethe lockdown, and that moving about,” said Andrea Residents of Milan display the tricolor Italian flag while waiting for the region’s lockdown to end. workersare catching the virus Crisanti, an infectious-diseases and giving it to their families. smalleroutbreaks by testing, professor who has spearheaded local authorities don’t respond nouncing that most businesses in Lombardy’s hospitals and “It’snot that people aredis- tracing and isolating potential amore-successfulpandemic re- forlack of personnel to verify would be forced to shut. nursing homes,and from there obeying the lockdown rules. virus carriers. But officials and sponse in the neighboring re- the applications,and busi- Lombardy’s biggest jump in to other people,local officials Many businesses and profes- health expertsworrythat the gion of Veneto. nesses cancarryon. Critics say infections during the weeks of and health expertssaid. sional activities stayed open. scale of contagion in Lombardy When Italy’s government the compromise to help the lockdown has been in towns When Italians getinfected, That hasdefinitely contributed is still toobig forthat ap- decreed the closureofshops, economyisslowing the fight around Milan’soutskirts, where if they don’t need hospital to keeping people moving,” proach to be sufficient. factories and offices in March, againstthe coronavirus. manyresidentsare employed care,they aretold to quaran- said Simone Negri, the mayor In Lombardy,aselsewhere it made exceptions only fora Italian officials saythe waiv- by companies that areopen. tine at home.That oftenleads of Cesano Boscone,atownon in Italy,daily deaths have been few essential activities. ersare necessarytohelp sup- Lombardy’s highly industri- to family membersgetting the the outskirtsofMilan where declining sincearound the end But lately,exemptions have port industries deemed essen- alized economyand the num- virus. the number of confirmed cases of March. Hospitals have re- mushroomed. Thegovernment tial. Some have also said they berofworkersmoving about “Weare seeing agrowth has risen sharply in recent corded asteady fall in the allowednonessential busi- didn’t want to bring the econ- probably explains the continu- that, while not exponential, is weeks. number of patientsininten- nesses to apply forawaiver omytoacompletehalt. ing infections,said Ranieri constant,” said Andrea Checchi, Lombardy’s governor,Attilio sive-careunits—a hugerelief andstayopen, declaring that “Weare slowing down the Guerra, aWorld Health Organi- the mayorofSan DonatoMila- Fontana, said last week he forthe hospitals in Lombardy’s they arepart of the supply country’sproductivemotor, zation representativewho is nese,one the city’s worst-hit wantsevenmorebusinesses to cities of Bergamo and Brescia chains of essential activities. but we aren’t stopping it,” Ital- advising Italy’s health ministry. satellitetowns.“And akey ele- open beforethe official un- that were forced to ration care Companies canstart operating ian Prime Minister Giuseppe Afterthe lockdown, infec- ment is infection within fami- winding starts. Following criti- in March. as soon as they apply.Often, Contesaid in March when an- tionsalso continued to spread lies.”

assetstoraise funds,including Branson’s the plan to take out aloan against his island. He has also liquidated anumber of financial Empire Is instrumentsand holdings, the spokesman said. On Tuesday, Virgin Australia At Risk entered bankruptcy afterlaw- makersrefused financial aid. They citedthe airline’slarge for- ContinuedfromPageOne eign ownership.Virgin owns

tourism. Amid the new corona- 10%ofthe carrier,Australia’s GES

virus pandemic,henow finds second-largest afterQantas Air- IMA himselfatthe epicenter of the waysLtd.The other 90% is

meltdown in thoseindustries. owned by foreign airlines.The GETTY “This is the moment of truth” carrier employs morethan SE/ forMr. Branson, said Tom 10,000 and controls just under a Bower, an author who has writ- thirdofthe domestic market. Its ANCE-PRES

tenabook about him. sister carrier,U.K.-based Virgin FR Mr.Branson’sreversaloffor- Atlantic,is51% owned by Virgin

tune is emblematic of the pan- Group,based in the British Vir- GENCE demic’sferocious economic re- gin Islands,and 49% owned by /A percussions.His flagship DeltaAir Lines Inc.Itisasking UNIT venture, Virgin Atlantic,was forfinancial help from the U.K. RDING

poised this year to turn itsfirst government.Virgin Atlantic has CO

profit since2016,according to a been athorn in the side of flag RE Y

spokeswoman.Because of his carrier British Airways sinceits AR unique businessmodel—based formation in the 1980s. in largepart on his ownhigh- Likemanyairlines,the coro- MENT profile, personal branding—he navirus has wiped out itsability RLIA PA hasbecome aposter child for to operate. It has grounded House of Commons leader Jacob Rees-Mogg on Tuesdayopened proceedings in the chamber,wheresocial-distancing measures areinplace. what cangowrong. about 85% of itsfleet. Virgin At- Fordecades,Mr. Branson has lantic has been the most vocalof been the public faceofhis Vir- Britain’scarriersincalling for gin-branded airlines.First the government to bolster the U.K. LawmakersZoom Back to Action among them wasVirgin Atlan- industry. TheU.K.has balked.A tic,which marketed itself to Virgin Atlantic spokeswoman BY MAX COLCHESTER speaker was still in his cano- passioned speeches intoatele- shouting “Order! Order!” to high-end travelersbetween the said talks over funding were pied chair.But the green vision screen,” said Mark Gar- quiet lawmakerseither,describ- U.S. and Europe. Thepandemic “ongoing” and “positive.” Delta LONDON—Britain’sHouse leather benches in the 700- nier,aConservativelawmaker. ing the setup as “suboptimal.” hasravaged the industry. The said it “remains supportive.” of Commons,one of the year-old body will no longer Government cybersecurity Lawmakersnormally vote sector is expecting $314billion Though not Britain’srichest world’s oldest elected assem- throng with lawmakers. expertshaveassessed the risk by walking through crowded in lost revenue,far outstripping businessman, Mr.Branson is blies,reopened itsdoorson Instead, screens dotted of debating via Zoom as accept- lobbies, impractical given the the impact from the 9/11 attacks among those with the highest Tuesdayoffering atasteofan- around the room have been able,but thereare worries virus’stransmissibility.Anal- in 2001, according to the Inter- profile.Helefthis privateschool cient democracyrepurposed prepared to patch in as many about howthe technologywill ternativeisstill being worked national Air Transport Associa- at 16 andset up amagazine,us- for the coronavirus age. as 120 lawmakersvia Zoom fare, Mr.Garnier said. “Weneed upon to allowlawmakersto tion, atrade body. ing it to sell vinyl recordsin Parliament isn’t known for videoconferencing software. quills,weneed parchment!” vote with the click of abutton. Amid the carnage, Mr.Bran- what would be the start of his rapid innovation. It only re- “The house has survived be- MembersofParliament can Meanwhile,officials arede- son said this week he planned to firstbig business, the Virgin Re- cently stopped printing laws on ing burnt down by the great fire attend the neo-gothic building pending on the government borrow money against his pri- cordschain of stores,and then vellum, aparchment originally of 1834 and being bombed dur- but only 50,out of 650,will be not proposing any laws. vate island in the British Virgin music label. When Mr.Branson made from calf skin. Security is ing the Second World War,” said allowedintothe debating cham- Theoriginal debating Islands to save jobs at his com- moved intoairlines and tourism, still provided by men dressed Speaker of the House of Com- ber at anytime.Sothe feel of chamber wasallegedly de- panies.Hebought the island the long-haired and goateed in tights and membersaren’t mons LindsayHoyle.“We now therowdydebating chamber signed with asocial distancing when he was29. “Over the five businessman became akey part allowedtoaddresseach other faceanew challenge, Covid-19.” will suffer.British lawmakers of sortsinmind. Theopposing decades Ihavebeen in business, of the brand. He courted media by name.But faced with lock- “Mr.Speaker,thanks to will no longer take part in “bob- benches were two swords’ coverage forhis businesses down caused by the pandemic, modern technology, even I bing”—the art of quickly stand- lengthsapart to avoid law- through aseries of high-profile authorities cast tradition to the have moved on from 1349,” ing up and sitting down to get makersdueling.That design stunts,including ahot-air bal- wind over the Easter break to said JacobRees-Mogg, the the attention of the Speaker—as waskept afterthe building loon ride across the Atlantic in ensurelawmakerscould meet leader of the House of Com- doing so at home and watched wasrebuilt following World $314B 1987.Mr. Branson eschewed and hold the government to ac- mons,referring to the latest online would look silly. WarII. Now, yellow-and-black suitsfor jeans and casual shirts, count during the crisis. time plague shut Parliament. Instead they will preregister tape along the floor ensures Revenue airline industry is and the countrywarmed to him. So when Parliament re- In London, membersare to talk.They also won’t be able the two sides don’t come expected to lose from pandemic “He wasthe cheekychappie, sumed this week,the gold cer- bracing themselves fortheir vir- to chant “hear,hear” in agree- within 6 feet of each other. the antiestablishment man who emonial macewas in place. tual debates.“Iamnot surehow ment with others. Mr.Hoyle With Britons currently pre- wonoverpeople who did not Themen were in suitsand the we aregoing to makethose im- said he doesn’texpect to be vented from going to the pub, likethe establishment,” said Mr. authorities decided therewill this is the most challenging time Bower, the biographer. be no alcohol served in the we have ever faced,” he wrotein Mr.Branson also has courted Parliament’snumerous bars alettertohis employees. celebrities at his parties and at andrestaurants. Clerks think In theletter, he pleaded for his Caribbean island. Former this is the firsttime that has stateaid from the Australian PresidentObama visited soon happened since1653,after andU.K.governmentstohelp afterheleftthe WhiteHouse, King Charles Iwas over- weather acollapse in bookings and wasphotographed kitesurf- thrownand aPuritan-led Par- and tight travel bans instituted ingwith Mr.Branson. liament passed laws which, by manycountries.Addressing Christian Stadler,aprofessor amongother things, banned GES criticismfromU.K.lawmakers of strategic management at alcohol. IMA that Mr.Branson himself should Warwick BusinessSchool, de- Some traditions,however,

be the one bailing out his com- scribes Mr.Branson’sbusiness GETTY arehardtoshift. Lawmakers

pany, he said his ownnet worth model as being most likethat of SE/ will still be expected to be is calculated “onthe value of aventure-capital fund. But pri- dressedinsuitsorformal Virgin businesses around the vate-equity firms “put money wear when appearing on world beforethis crisis,not sit- intocompanies and see how ANCE-PRES Zoom. They have also been FR ting as cash in abank account they go,” he said. Mr.Branson, warned to removedistracting

ready to withdraw.” he added, “doesn’t put money ENCE art or other unseemly per- Mr.Branson’snet worth is into his ventures.” AG sonal items from backgrounds estimated at £3billion to £3.5 Aspokesman forMr. Branson when participating. billion ($3.7 billion to $4.3bil- disputed that, saying: “Virgin “It is really important that BUCHANAN/

lion), according to aVirgin and Richardhavetaken big bets Y old democracies likeourscon-

spokesman. Thespokesman on businesses and invested sub- AND tinue to set an example,” said said Mr.Branson wasusing his stantial dollars.” Wendy Chamberlain, a Liberal Democrat lawmaker, participates from her home in Fife, Scotland. Richard Graham, alawmaker. P2JW113000-2-A01000-1------XA

A10 | We dnesday, April 22, 2020 ** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC

tracking the spread of the cor- Everything has changed sponsibility now,” said Mr.Or- Making onavirus.Another showeda sincethen. Her father,a tiz,39. “Everybody is counting grocery-storeshelf stripped plumber, and her bookkeeper on us to do our part.” bare of Lysol spray. mother lost theirjobs to the Everymorning at 5:30,Reza Lysol Isn’t “I need everybody’s help,” coronavirus slump, she says. Turki,anIranian-born forklift one manager told Mr.Scuderi Thepandemic wasinfull operator, stops for a coffee at and the maintenanceteam. swing when she gotatext theWawa on the way to the

Just a Job “This is serious.” S from her friend Payal Patel, a factory. Someone inevitably

During anormal fluseason, PRES chemistatamedical-devices asks himifhecan procure the 400,000 square-foot plant company. Ms.Patel wanted to some Lysol wipes.Mr. Turki, UMA

ContinuedfromPageOne dedicates 70% of aerosol pro- /Z sanitizeher car-door handle 51,gaveacan to apregnant against the Spanish flu, which duction to Lysol. Now, Lysol is and backpack but couldn’t find neighbor from Ghana and two

rolled acrossthe planet, killing the only product rolling off of TIMES Lysol in shops.Ms. Tancredi more to a Peruvian friend. Y

20 million to 40 million. the 250-foot aerosol lines.No BA set aside a can for her friend. Mr.Turki wasanaccoun- “Fight Spanish InfluenzaWith moreEasy-Off Oven Cleaner. A Thecompanydistributed tant back in Shiraz,Iran. After MP

Daily Disinfection,” aLysol ad No Easy-On Spray Starch. TA wallet cardstofactoryem- he reached the U.S. he found in the NewYork Times advised Usually 30 or 40 tanker O/ ployees,incase they’re work on the graveyardshiftat in 1918.“UseLysol daily to kill cars each month pull ontothe URS stopped by policeenforcing a UPS facility in Kentucky.

germs that arealways present plant’srail siding to deliver al- CHRIS the state’sstay-at-home order. The lure of a job where he in garbagecans,toilets, sinks, cohol, akey ingredient in dis- An employee of St. Mark Village life care community in Palm Thecards displaythe seal of could work during the dayand drains and in dark,damp,sun- infectants. Todaythe factory Harbor, Fla., spraying a co-worker with Lysol in the parking lot. the NewJersey Officeof sleep at night brought him to less corners.” is getting morethan 50 railcar EmergencyManagement and Lysol in 2012. He loads pallets Managersatthe Lysol plant deliveries amonth to feed wasfascinated by the spray spraying Lysol on their mail- say the bearer’s “services are of Lysol ontothe trucks that in NewJersey areurging aerosol lines that operate24/7. mechanism on Lysol cans and boxes before opening them. considered essential to guber- stream in and out of the fac- workers to think of their jobs “Weprepareevery year” excited in 1996 to find work in RelativesinItaly,acountry natorial or federally declared tory,checking asafety dia- in the same heroic way.Atthe forthe winter fluseason, said the place that fills them with ravagedbyCovid-19,call to statewide emergencyresponse gram to makesurethe weight end of each shiftrecently, Mr.Scuderi. “This is some- disinfectant and ships them see if he and his family are or recovery operations.” is properly balanced. Saad Islam, head of plant op- thingthat just came likea around the country. safe in the U.S. Nurses check employees’ Last month, his brother-in- erations,gathered workers storm, likeabig wave that These days,hestartshis Jamie Tancredi,33, started temperatureasthey arrive lawdied of Covid-19 in Shiraz. from the packaging and pro- just keeps coming.” shift at 7:30 a.m. and usually her job as production engineer each dayatthe factorydoor. Atrip to Iran wasn’t possible. cessing departmentsinthe Mr.Scuderi met his wife, an stays voluntarily intothe next in the factory’saerosols de- Inside,workerswear gloves The factory offered Mr. Turki cafeteria. They sat at the Italian-American, when he was shift. Six days aweek,upto12 partment in August. She used and safety glasses but haven’t three days to mourn, he says. lunch tables while Mr.Islam, a 20. She was vacationing in It- hoursaday.“He has been like to getakick out of spotting been issued N95 respirators, He took one day off and then 38-year-old Pakistan-born me- aly and he wasworking at the a man on a mission,” said his Reckitt Benckiser brands on employees say. Some bring went back to work. chanical engineer,flipped family restaurant. He chased daughter, Chantale Wizman. store shelves. “Hey, I work at surgical masks from home. “I’m just trying to be an ex- through PowerPoint slides. her back to the U.S. When he finally drives the placethat makes that,” she They spacethemselves out. ample formyson,” he said. “I One showedfederal data Mechanically minded, he home,heoften notices people recalls thinking. “Itfeels likewehaveare- do my part.”

Twenty-fiveRomanians he had Virus recruited were stuck at the German border. Thebusy season forpicking Imperils is in Marchand April, and the fruit’spricewas beginning to recoverafter taking anosedive EU Farms at thestart of the lockdown, when the French were stocking up on pastaand toilet paper. ContinuedfromPageOne “March wascatastrophic,” Mr. When bordersand businesses Jouy said. closed in mid-March, farmers Of the 45 people Mr.Jouy were stuck with rotting crops hiredlocally,27havealready that restaurants, hotels and quit.Some found the work too other venues weren’t buying. difficult or monotonous,he The continent is beginning said. Otherswererestaurant to relax national bordersand workerswho took jobs selling reopen itseconomy,and farm- takeout meals. ersnow need manpowerto Other workersdidn’t harvest plant and harvest. fast enough to turn aprofitfor Travel is still restricted in the farm. “Wecan’t keep the manyareas fornonessential ones who pick 7or9pounds workers. In response to the la- per hour,” he said. bor squeeze, the EU deemed East of Paris,Annie Guichon seasonal workersessential, but waswaryofhiring French peo- countries have the final sayon ple at her family’s asparagus whether the laborerscan cross farm. “The French areverybad their bordersand under what at pickingasparagus,” she said, conditions. adding that they lack thestam- AndmanyworkersinCen- ina forworking bent over. tral and Eastern Europe,where Asparagus is one of the first the pandemic is lesssevere,are crops that is harvested in Eu- hesitant to travel to moreheav- rope,and it is prized by Ger- ily afflicted countries in the mans and other northern Euro- West, because of the health peans who liketoeat them risk,particularly if it means Caroline Goursat, anewly trained flightattendant, is nowpicking asparagus. Below, French farmer Sylvie Rauffet sorted the vegetable. when their shootsare white. crowding intobuses. Asparagus is also asensitive EwaAdam, a45-year-old in Empty Fields crop.FarmersinFranceplant Poland, had been planning to and coverthem with black travel by bus,passing through Closedbordershave hurt sheetstoblock sunlight and Germany, to the south of European farms,which on prevent them from turning Francefor athree-month farm- average aremuch smaller and green. Laborersdrawback the ing stint that pays €8,000,or lessmechanized than those in sheetstoharvest them, and if about $8,700. the U.S. and depend on anyare leftinthe ground and (2) “I canlivecomfortably in seasonal workers. exposed fortoo long they lose Poland forayear” with the value.“It’scomplicated. You

money,Ms. Adam says. Estimatesof JOURNAL have to knowwhat you’redo-

But she’sputting it off,wait- foreign seasonal REET ing,what to look for,” Ms.

ing forthe spread of the virus workersper year ST Guichon says. to slow. She’salso spooked LL Ms.Guichon and her family, WA about the potential forsudden Italy 370thousand with the help of aformer ap- THE

border closures,which would R prentice, is picking aquarter of

cuther off from elderly family Germany* 300 FO the crop.She plans to simply membersinPoland. France* 270 VU leave the rest unpicked this Thedemand forseasonal year,because she doubtsthe U.S. 243 GENCE

farmworkersislessacuteinthe /A Poles who have worked her

U.S.,because farms areconcen- U.K. 60 RD farm fordecades aregoing to trated in the hands of fewer SA makethe trip to the Paris area,

owners, who have embraced GOUS the epicenter of France’sepi-

automation to agreater degree Farms per PHE demic. than Europeans.The U.S. grows country/region TO AFrench official said foreign

ahigher proportion of bulk CHRIS agricultural workersremain crops,which areeasier to plant EU 10.50 million barred from entering the coun- and harvest with machinery. U.S. 2.05 Romania,whereprosecutors One should reconsider howwe each year.Farmers’ unions say trywhile the lockdown is in areinvestigating the recruit- shorten the distancefromfarm the vast majority of these place. Italy 1.14 ment firms forviolating the to fork,” he said. workersare foreign. On another asparagus farm, Higher-value crops France 0.46 country’sstrict lockdown regu- So far,the EU has tried to French farmerslaunched a Ms.Goursat, the aspiring flight In Europe,low-wagelabor Germany 0.28 lations.One Romanian worker alleviate the crisis by creating websitewhereFrench work- attendant, wasgetting used to and hefty subsidies feed a died of coronavirus afterarriv- so-called green lanes along ers—mainly studentsand ser- carrying abasket that weighs patchwork of morethan 10 mil- U.K. 0.19 ing in Germanyfor the harvest. highwaystoexpeditethe trans- vice-economyworkersbenched around 20 pounds when full. lion farms.Most areafraction Thescramble,farmersand port of agricultural goods. by the lockdown—could apply One of her fellowrecruitshad of the sizeofthe average Average size officials say, shows the need for Thebloc has also increased to work at farms in need of recently quit, but Charles Al- American farm. Manyhavefo- of farms structural changetoguarantee subsidies,which totaled nearly manpower. By early April, more brand,her boyfriend, wasstick- cused on higher-value crops Europe’sfood security.With €59 billion in 2018. And indi- than 5,000 farms had hired ing by her side. that requiremorehand labor. the threat of adisrupted single vidual countries have turned to workers. About 280,000 people Ageographystudent from That caters to European palates market, countries might need raising national workforces. have applied. Toulouse,Mr. Albrand said the accustomed to pearl-sizeCham- to farm morestaples forstock- TheGerman government “This is an opportunity to learning curvewas steep in the pagne grapes and mozzarella piling and producefewerdeli- aims to recruit 10,000 workers showhow interest in agricul- fields,adding that it wasim- U.S. from buffalo’smilk. cacies likeasparagus,farmers domestically,byallowing asy- ture, areturn to the land, can portanttopacehimself.The In manycases,rich countries 445 acres EU say. It also means developing a lum seekerstowork and offer- stir our citizens,” said French couple wasconsidering coming have ahardtime filling jobs local workforce or increasing ing temporarycontractstostu- AgricultureMinister Didier back forfutureharvests. with local people,who can 41 automation. dentsand the unemployed. Guillaume. “It’struethat you’rebent, choose work with fewerphysi- “Weneed to think of howwe Still, the realities of farm la- doubledover, constantly.It’s caldemands and higher pay. organizethe value chain and bor could makethe transition quitehard,” Mr.Albrand said. *Includes non-foreign workers ‘Pick for Britain’ But workersfromCentral and Note:2016datafor EU farms; 2017 forU.S. food chain in the futureto difficult. Fiftymiles north of “But we only work in the morn- Eastern Europe areattracted by farms. EU data includes U.K. makesurewe’remoreresil- TheU.K., which is in ape- Paris,MatthieuLucas was ing and in the afternoon we minimum wagesincountries Sources: Coldiretti (Italy workers); German ient,” said Pekka Pesonen,sec- riod of transition afterexiting flooded with hundreds of résu- rest.” likeFranceand Germanythat government(Germanyworkers); French retary-general of COPA- the EU earlier this year,an- mésfromstudentsand other Their employer, SylvieRauf- government(Franceworkers); CLA (U.K. aremorethan double what workers); Eurostat(EU countries farms); USDA COGECAfarmersassociation. nouncedacampaign called people wanting to work on his fet, wasmissing experienced similar work pays at home. (U.S. workers, farms) Speaking beforethe Euro- “Pickfor Britain” to recruit farm. He has hired 30 workers workerslikeManuel and Julia People in some countries pean Parliament, EU Agricul- around 70,000 British people, to help pick strawberries,cu- Fernandez, aSpanish couple have raised concerns that for- planes to carry80,000 laborers tureCommissioner Janusz includingstudentsand people cumbersand tomatoes. that until nowhad made the eign workerscould help spread from Central and Eastern Eu- Wojciechowski questioned the who areout of work because of Some applicantsdemanded trip to her farm from Granada the virus.Antiforeigner senti- rope,with the aim of reducing practice of annually transport- the virus.Following aweak re- hefty paychecks and perks,like for15years. They often ment has increased in some the exposureofbus travel ing three billion tons of food sponse from the domestic pop- acompanycar,Mr. Lucassaid, brought their daughter along, countries in recent yearsamid through multiple countries.The and agricultural supplies ulation, some farmersemulated adding: “I didn’t call those peo- allowing the family to pick arise of nationalist groups. workersare screened forsymp- around the continent. the German example and char- ple back.” But otherswereopen about 1,300 pounds of aspara- TheDutch government has toms upon their arrival, includ- Pigletstransported from teredplanes to bring in work- to newexperiences and ready gusaday. rolled out an information cam- ing temperaturechecks,and Denmark to Poland forfatten- ersfromRomania. to train, he said. “Maybe they could have paign in several languages to bused to farms,wherethey are ing,hesaid, arethen moved Franceisthe EU’slargest re- Ms.Adam, the Polish mi- made it,but Ididn’t insist too reassureEastern European expected to liveindormitories, hundreds of miles forslaughter. cipient of farming subsidies, grant, had intended to work on much,” Ms.Rauffet said. “They workersthat they arewelcome under quarantine conditions, That partly explains whycargo andaccounted for18% of Eu- Patrick Jouy’s strawberryfarm would have had to crossall of in the Netherlands during the untilthe end of May. trucks were snarled in two days rope’sagricultural output last in the south of France. Instead, Spain and part of Franceto pandemic. News of the German airlifts of traffic when borderssuddenly year.Itnormally requires the 65-year-old farmer was possibly be told to turn Germanyhas chartered led to crowding at airportsin closed,hesaid. “It’sahugecost. 270,000 seasonal farmworkers scrambling to find local hires. around.” P2JW113000-2-A01100-1------XA

THE WALL STREET JOURNAL. ** We dnesday, April 22, 2020 | A11 THE CORONAVIRUS PANDEMIC SingaporeBlind Spot WasMigrant Workers

BY NIHARIKA MANDHANA contactsofevery infected per- AND FELIZ SOLOMON son and isolate them. But the government is dis- SINGAPORE—Fromthe covering thousands of cases start, Singaporehad aplan to among foreign workers, asign fight the coronavirus.Evenas the virus ripped through South Koreagrappled with a crowded dormitories,probably bigoutbreak in Februaryand forweeks,undetected. Thegov- Hong Kong drew flak formov- ernment has ramped up test- ing tooslowly to fully shut its ing,thinned dormitorypopula- border with China, the city- tions and transferred healthy statewas praised forits quick workerstoalternativesites. response and sophisticated Theuptick has drawnatten- contact tracing. tion to the inequities between Now, nearly three months the nearly one million low-paid afterSingaporerecorded its foreign workersand the other firstcase, infections arerising residentsofthe wealthycity. CK

fast.Authorities reported Critics say the government TO more cases on Tuesday alone should have known dormito- than through all of February ries would become hot spots.

and March. “They should have done SHUTTERS Thevirus found ablind what they’redoing nowmuch A/ /EP spot: migrant workers. Hun- earlier by putting them in dif- HOU dreds of thousands of workers ferent housing situations,” from Bangladesh, India and said Deborah Fordyce, presi-

other countries live in dormi- dent of migrant-rightsgroup SHEPHERD tories,often 10 to 20 people to Transient WorkersCount Too. Virologist Shi Zhengli, left, at the Wuhan Institute of Virology in 2017, determined the new coronavirus most likely came from a bat. one room. They climbinto Government officials said packed vans on their way to they took precautions,such as build the city’s gleaming office closing nonessential facilities in towers and condominiums. dormitories.But avoiding large ‘Bat Woman’ Draws Scrutiny Morethan three-quartersof outbreaks also mayhavere- Singapore’s9,125 cases now quired closing Singaporesooner come from dormitories.Prime than the government did. BY JAMES T. AREDDY from one of Dr. Shi’s labs and Foundation, which had been questions from TheWall Minister LeeHsien Loong said Singapore’sprime minister infected Wuhan’s population. exploring collaboration with Street Journal. Her boss, Yuan in an addressTuesdaythat the in a recent Facebook post ex- Forthe past 15 years, Chi- In a February research pa- the institute, afoundation Zhiming,asenior official at clustersinthese facilities had pressed gratitude to foreign nese scientistShi Zhengli has per,Chinese scientistspointed spokesman says. theWuhan facility,told Chi- remained “largely contained.” workers. But activists say the warned the world—in English, out that the Wuhan market, Dr.Shi and the Chinese nese statetelevision this Authorities were working to city-stateneeds to make Chinese and French—that bats where the coronavirus began government saythereisnoev- month that while it is under- detect any transmission from broader changes. harbor coronaviruses that pose spreading latelast year,was idencethe virus came from standablethat people might dormitories to populations “When all this is over,the serious risks to human health. close to her labs as well as laboratories in Wuhan. Scien- raise questions about the labs, outside them early, he said. pandemic should be alesson Theflying mammalsare a those of another local scientist tistsgenerally believethe “there’snoway this virus Mr.Lee said Singapore’s forapublic-policyreset,” said likely culprit in the pandemic who has worked on batsat pathogen crossed the species came from us.” lockdown—which began this Catherine James,executivedi- now sweeping the globe, and the Wuhan Municipal Cen- barrierintohumans directly ForDr. Shi’sdefenders, the monthand wasintended to rector of the Singapore-based Dr.Shi and her laboratories in ters forDisease Control and from bats or via another ani- pandemic is atragic coincidence last four weeks—would be ex- charity Humanitarian Organiza- Wuhan, wherethe outbreak Prevention.The authorswith- mal. Wild animals were sold in forascientist who has devoted tended by four weeks beyond tion forMigration Economics. wasfirst identified, have at- drew their paper as “specula- the Wuhan market. her lifetotracking threatsto that, untilJune 1. Thelist of tracted suspicion. tion” afteritgot wide- human health. “All the elements essential services allowedto Recent Surge Dubbed “Bat Woman” by spread international notice. of the conspiracyare thereif remain open would be pared Chinese media, the 55-year-old Scientistswho work with youwant to believeit,” said Pe- Newdaily confirmed A Chinese scientist down, he said, to further re- principal investigator at the Dr.Shi sayher work mostly in- terDaszak, president of Eco- Covid-19 cases 1,200 duce the risk of transmission. Wuhan Institute of Virology volves genetic sequencing with has been praised Health Alliance, aNew York- in Singapore Singapore’sexperience and her colleagues have computers. While Dr.Shi has and scorned for her basedenvironmental health shows howfragile control over amassed alarge libraryofcor- used samples from batstocul- nonprofit, who has collaborated the virus canbe,and serves as onaviruses and other patho- ture, or grow,viruses in her coronavirus findings. with Dr.Shi forseveral years. aforewarning forother na- 900 gens,collected over yearsfrom labs,she has told colleagues But, he said: “It’snot true.” tions. Newclustersofinfec- bat colonies around China. they didn’t include the one Jonna Mazet, apandemic tion areinevitable as lock- Dr.Shi’sexperience—and that has caused Covid-19, ac- specialist at the University of downs ease and people start her large set of referencema- cording to these scientists. As questions about the origin California, Davis who has to mingle, experts say. 600 terial—helped her determine TheTrump administration of the coronavirus grew,Dr. Shi worked with Dr.Shi forade- Therecent jump in infec- that the newcoronavirus loose has expressed concern pushed back aggressively.Ina cade,said the Chinese scientist tionshas frustrated govern- in Wuhan had most likely about biosafety in Wuhan and social-media post republished in is cataloging all of the coronavi- ment efforts to restrict case- come from abat. In fact,a China generally.The U.S. Em- Wuhan’smain Communist Party ruses she has studied over the countstosingle- or double- sample her team collected in bassyinBeijing in 2018 sent newspaper in February, she said years, and told her that “she 300 digit daily increases.The Yunnan province in 2013 was acable to officials in Washing- she could “guarantee on my life” didn’t have this virus in the lab number of cases outside dor- about96% identical to the ge- tonwarning that important but that the virus hadn’t originated beforepeople were sick with it.” mitories is still relatively netic sequenceofthe virus riskyexperimentsonbat coro- in her labs.She went on to “ad- Added Dr.Mazet: “She’sbeen small, and the lockdown aims that causes Covid-19. naviruses were under way there. vise those who believeand under incredible strain and to keep the spread to alow 0 All of that has raised ques- Afew months later,the ad- spread malicious media rumors stressoverthis whole thing.” enough level that health au- March April tions about whether the virus ministration shut the Beijing to close their stinkymouths.” —Xiao Xiao thorities canidentifythe close Source:Johns Hopkins CSSE could have somehow escaped office of the National Science Dr.Shi didn’t respond to contributed to this article. WORLD NEWS Annexation Will Test Israel’s Government White House Monitors Managing the process ing apublic-health crisis stem- ment between Mr.Netanyahu’s taking over in October 2021, Employment Service. ming from the newcoronavirus Likud and Mr.Gantz’s Blue according to acopy of the Morefraught maybehow will be perilous under and beginning the contentious and Whiteparties,the govern- agreement, though Mr.Netan- to managethe annexation pro- Reports on the shaky union of processofannexing partsof ment canintroducelegislation yahu could decide to step aside cess in Israeli-controlled parts the Israeli-occupied West only related to addressing the earlier and return afterMr. of the West Bank,including Kim’sHealth Netanyahu and Gantz Bank. It is aperilous path for coronavirus or,after July 1, Gantz serves 18 months. theJordan Valley.Mr. Gantz such ashakypolitical union. moving toward annexing parts Should Mr.Netanyahu tryto has said he supportsannexing TheWhiteHouse is closely BY FELICIA SCHWARTZ Some analysts say Mr. Ne- of the West Bank.All unre- dissolvethe government before partsofthe West Bank but monitoring the status of North AND DOV LIEBER tanyahu is eager to move for- lated legislation would require Mr.Gantz takesover, Mr.Gantz only with the consent of the Korean dictator Kim Jong Un, ward with annexation, despite mutual consent from both automatically would become international community, amid speculation that he has TEL AVIV—After three the political and security risks camps during this firstsix- primeminister forsix months which largely opposes such a undergone medical care that fiercely fought elections within involved,toburnish his legacy month emergency period. beforeanew election is called. move. He agreed to include haslimited his public appear- asingle yearlong period, Prime as Israel’slongest-serving Thecoalition agreement Thegovernment is expected theprocess in the talks that ances and affected his health. Minister Benjamin Netanyahu leader ahead of acorruption leavesaside other weighty is- to be sworn in over the coming formed the unity government. andopposition leader Benny trial in May. He denies wrong- sues, from public transporta- weeks,depending on the parlia- Under terms of the deal, the By Andrew Jeong Gantzagreed on little. doing. tion on the Sabbath, conver- ment’sability to passlegislation annexation process can move in Seoul and Gordon They diverged sharply on “This is his claim to fame in sion and marriage overhauls, enshrining the coalition pact. ahead even if Mr.Gantz Lubold in Washington importantpolicies,including Jewish history from his point and policies regarding the Pal- The pressing crisis created doesn’t support it. He also the extent of judicial authority of view,” said Yedida Stern, a estinians that Messrs. Netan- by the novel coronavirus would be unable to slowan- National security adviser and the role of Israel’sultra- professoratBar-Ilan Univer- yahu and Gantz would strug- brought them together. Israel nexation bills’ passageinpar- Robert O’Brien acknowledged orthodox in the military. sity and senior fellowatthe gle to tackle jointly. has13,883 cases of the virus liamentary committees. that information from North Yetnow both men are party Jerusalem-based Israel De- Under the deal, Mr.Netan- and 181 people have died. Such terms have elated Is- Koreaisscant and uncertain, to aunity government,with mocracy Institute. yahu would servefirst as About 26% of Israelis are un- rael’sright wing,while facing re- andsaid the Trump adminis- the toppriorities being manag- Under the coalition agree- prime minister,with Mr.Gantz employed, according to the sistancefromits shrinking left. tration is trying to learn more. “We’remonitoring these re- portsveryclosely,” Mr.O’Brien WORLDWATCH said on TuesdayonFox News. “They’reparsimonious with the information that they pro- LEBANON CANADA YEMEN vide about manythings, in- cluding the health of Kim Jong Parliament Returns, Nova Scotia Shooting Civil War Killed Un,sowe’remonitoring those Greeted by Protests Death Toll Rises Again Hundreds in April developmentsclosely.” South Korean officials ear- Lebanese lawmakers con- Canadian police said they Heavy fighting in Yemen be- lier Tuesdaysaid Mr.Kim ap- vened inside aBeirut theaterso now believe 23 people died in a tween pro-government forces peared to be going through his thatParliamentmembers could two-day shooting rampage over and Houthi rebels has killed hun- normal schedule with his ad- observesocial-distancing mea- the weekend in the province of dreds of people this month in visersoutside the capital sures imposed overthe coronavi- Nova Scotia, and revealed they several parts of the country, Ye- Pyongyang. rus pandemic. Antigovernment are investigating whether the meni officials and tribal leaders Mr.O’Brien didn’t sayifthe demonstrators, meanwhile, also suspect had accomplices. said Tuesday. WhiteHouse has specific obeyedthe health-safetymea- The death toll climbed from The Houthis have been at- knowledgeabout Mr.Kim’s sures—driving around the cityin Monday, when police said at tacking forces of the internation- condition. Late Monday, U.S. their cars to protestthe spiraling least 19 died. They said they ally recognized government in intelligenceofficials were look- economic and political crisis. might find more bodies after central Marib province in a bid ing intoinformation suggest- The session on Tuesdaywas sifting through the remains of to break through government ing Mr.Kim’scondition might the firstbyParliamentsinceLeb- fires at five properties. defenses, officials said. be grave, aU.S.official said. CK anon imposed alockdown more All told, police are examining The rebels said the Saudi-led Daily NK, a Seoul-based TO than amonth ago. 16 crime scenes. coalition carried out at leasta outlet that bills itself as a The country has been facing “The investigative team is fo- dozenairstrikes on rebel positions source of news from inside the

SHUTTERS its worsteconomic crisis in de- cused on learning more about in Jawf and Marib. Fighting has secretivecountry, reported A/ cades, with unemploymentfig- this very tragic situation, includ- left over500 fighters from both that Mr.Kim had heart surgery ures soaring and its currency los- ing accurate victim information sides dead and wounded hundreds on April 12 and wasrecovering

MZEH/EP ing morethan half of its value and whether others may have more, the rebels and government at oneofhis countryside villas. HA againstthe dollar.Protestsbroke aided the suspect,” the Royal Ca- officials said. The coalition an- Subsequent reportselsewhere, EL

WA out nationwide in October against nadian Mounted Police’s unit in nounced acease-fireasofApril 9, including CNN,cited U.S. intel- Protests againstgovernmentpolicies resumed in Beirut as Lebanon’s governmentcorruption. Nova Scotia said in a statement. but clashes have continued. ligenceofficials saying his con- lawmakers met forthe firsttime amid the pandemic lockdown. —Associated Press —Paul Vieira —Associated Press dition wasgrave. P2JW113000-0-A01200-1------XA

A12 | We dnesday, April 22, 2020 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. We dnesday, April 22, 2020 | A13

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To everyone on thefrontline, thankyou forgettingus where we need to be safely. Your fans, Parents SupportingParents Facebook Group

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A14 | We dnesday, April 22, 2020 THE WALL STREET JOURNAL. LIFE&ARTS NewHurdles ForThose With Autism

Lockdowns disrupt life and heighten anxiety among those who rely on daily routines

BY ALISTAIR MACDONALD

hen Amy Belles first heard the coronavirus lock- Wdown would close her son’s school in Ohio, it felt like the moment 14 years ago when he was first diag- nosed with autism. “The wave just hit me, a feeling of uncertainty, anxiety, and that you’re dropped into this new world, and you have to figure it out and adapt,” she says. For people with autism, lock- downs have shattered the routines they rely on, deprived them of specialist education and therapy, and heightened already high levels of anxiety. Parents are dealing not only with concern about the effect of all that on their children’s well-

being but also the strain of partic- MAHA ularly difficult home schooling.

Soon after New York City went JULIAN into lockdown, Carolyn Nagler took her 15-year-old autistic BELLES;

daughter out for a walk. “Restau- Y rants were closed, shops were AM closed, and she became very agi- tated, asking, ‘What is happening, VILLA; why is this happening, when is it MARIA

over?’ ” Ms. Nagler says. P: Autistic children canthriveat TO OM

school because of the clear struc- FR tureand routines schools provide. Parents dealing with their children’s daily routines disrupted by lockdowns include clockwise from lower left: Julian That’shardtofully replicateat Maha and his son Abram; Amy Belles and her son Carson; and Maria Villa, with her daughter Kassandra and son Ayden. home,and manychildren also need specialist education and physical therapy that parents for instance, has a fear of cameras, plan fortheir son. But thereisno ents can help their children main- obsessive-compulsive disorder, can’t provide.Routines outside making it hard to do such courses. substitutefor some things. The tain those skills at home, all but among autistic people, though he school also have collapsed, likea The Autism Society of America weekly swim that had always been the most severely autistic children believes it is too early to make weekly visit to aswimming pool says its website, telephone help- on Tuesdayat3p.m., not aminute shouldn’t regress any more than firm predictions. that is nowclosed or seeing an el- line and online teaching tools have later.The horse ride everyWednes- other children during lockdowns. Kathryn Gibbs, 23, is autistic derly relativewho is currently in been inundated by tens of thou- dayand Fridayat3p.m., exactly. Experts are concerned, though, and has always had problems with quarantine. sands of parents who say they are The key for Dr. Maha is keeping that one effect of the pandemic anxiety. As coronavirus spread she When Maria Villa told her autis- overwhelmed by having to home- his 12-year-old out of his bedroom, could be greater mental illness worried so much that she stopped tic son that his school in New York school their children. which has become a refuge. among autistic children and adults, grocery-shopping, rationing what City was closing, he threw himself Unlike with the NYC Autism “If you don’t keep them en- who studies show already typically food she had for two weeks until to the floor, screaming, scratching Charter Schools, some parents gaged, then they will lose that skill suffer from higher levels of anxi- her work colleagues discovered at her and tearing at his clothing found their children’s schools had set,” he says. ety than most people. she was doing this and one of for over an hour. no provision for home schooling. Ms.Nagler is also concerned that “Anxiety is about fears of the them persuaded her to restock. Ms. Villa’s two autistic children “We saw fundamentally that here her daughter maylose some of the unknown, not being able to control Having struggled with mental- and Ms. Nagler’s daughter are all was no game plan, and there is languageskills and conversational your situation,” which coronavirus health issues all her life, Ms. Gibbs at NYC Autism Charter Schools, still no game plan, on how to help etiquette that otherstakefor and the lockdowns are amplifying, is concerned she will relapse, not- which runs state-funded schools in these kids,” says Julian Maha, who granted. “I see that slip happening says Simon Baron-Cohen, the di- ing how she now obsessively East Harlem and the Bronx. The lives in Birmingham, Ala. already,that if she isn’t routinely rector of Cambridge University’s washes her hands. “The social iso- schools have set up online learning That left Dr.Maha and his wife, practicing these skills and being so- Autism Research Centre. lation is hard to cope with,” she programs, often with one-on-one both medical doctorswho also run cial, she will start to fold back into Prof. Baron-Cohen says the pan- says. “Anxiety is a barrage of instruction. But that doesn’t work an autism charity called Kulture- her ownworld,” she says. demic may lead to higher in- thoughts that you can never seem with every pupil. Ms. Villa’s son, City, to come up with an education Research suggests that if par- stances of anxiety disorders, like to turn off, there is no off.” Naomi Campbell on HowFashion CanRemain Relevant

BY RAY A. SMITH Klein Underwear. In recent years, come to?” And it could come faster she has acted in the television se- than Ithought! But people were al- SUPERMODEL Naomi Campbell, ries “Star,” “Empire” and “Ameri- ready working on ideas,sothose who is marking her 34th year in Naomi Campbell can Horror Story.” She currently ideas noware just going to come fashion, has seen the industry on the runway at appears as a judge on Amazon faster to the forefront than, say, weather tough times. There was Paris Fashion Week Prime Video’s fashion-competition maybe two yearsaway. the AIDS crisis during the ’80s and in February. show “Making the Cut.” She also is early ’90s. The 9/11 terrorist at- continuing her charity and advo- Will people be willing to shop for tacks happened during New York cacy work for Africa, AIDS and fashion the waytheyused to? Fashion Week in 2001. A financial runway diversity. I think everything is going to be- crisis slammed the global economy On Instagram, her followers to- come more simple. in the late 2000s. tal more than 8.8 million. Her You- Now there is the coronavirus Tube channel, launched in 2018, Wheredoes fashion go from here? pandemic. During previous chal- lists 407,000 followers. Last year, a Will it still be OK to buy expensive lenges, fashion rose to the occa- YouTube clip she posted of her rig- designer goods? sion, setting up financial-relief ef- orous plane-seat cleaning routine I believe our luxury brand design- forts and reasserting its cultural went viral and now has more than ers are going to take a stronger and economic relevance. 2.8 million views. approach in sustainability. And “I want to stay optimistic about Here, edited excerpts from our that this time will give young new what’stocome,” said Ms.Campbell, interview. designers the platform to show who is quarantining in her New their skill, and at affordable prices. York City apartment. “I have to.I Do people in the fashion industry Traveling around the continent of cannot be in anyother mind frame.” have to figureout newwaystodo Africa and meeting the new young She shares that confidence on things? and emerging designers, I get to weekday afternoons at 3 o’clock on Sure we do. We’re embracing this. see how creative they have to be her YouTube series, “No Filter People are coming out with their without all the things they would

with Naomi,” where she conducts GES formats and new ways of doing have for their education if they

live long-distance interviews with IMA things. It’s just going to take a were to study in other parts of the guests such as fellow supermodels minute to get used to and to get world. They do it the artisan way, ETTY

Cindy Crawford and Christy Turl- /G going. I’m sure that many compa- with such a creative flair.

ington Burns, or rising-star model OW nies doing [innovative things] are Adut Akech. Other friends she has AR now going to get their time. I Besides doing the YouTube show, SP

interviewed include Sharon Stone TY think this is going to give the howare youquarantining?

and Valentino designer Pierpaolo KRIS young generation and all these Ipicked up “Long Walk to Free- Piccioli. Episodes run anywhere great young entrepreneurs their dom” last weekend. Ihavenot read between 30 and 90 minutes. The Wang to connect with fans virtu- pants, T-shirts and leggings and opportunity to show their skills. that book since1994. [The autobi- series launched April 6 and is ex- ally. In part to avoid looking tone that’s it,” Ms. Campbell said. “And ographywas writtenbyNelson pected to end its run this week. deaf, brands like Gucci and Mon- when I do the show, whatever top Do youthink runwayshows will be Mandela, the antiapartheid activist The current YouTube series, cler have suspended promotional I’m wearing, I’m wearing that top the same? and former president of South Af- which was her idea, comes as the product shots on Instagram and and underwear and a pair of slip- No,Ithink fashion shows aregoing rica, who wasimprisoned for27 fashion industry is struggling to instead are posting images that pers.” to change. Idon’t know how exactly years. He referred to Ms.Campbell stay relevant. Stores have closed emphasize themes like community, “No Filter with Naomi” is the yet. But Ithink they will. Iwatched as his honorarygranddaughter.] and runway shows and other big reflection and warmth. A number latest twist in a career that has this guyfromCentral Saint Mar- When youread abook of his life, fashion events like the Met Gala of labels including Christian had its ups and tabloid-worthy tins’sschool of fashion in London, it yourealizehow blessed and fortu- have been postponed or canceled. Siriano and Ermenegildo Zegna downs. Ms. Campbell, who turns wasonthe news in January, show- nateyou are. And so we’vegot a The industry is leaning on charis- are making masks and hospital 50 in May, is still booking fashion- ing about the virtual fashion show few months we gottaget through matic supermodels and social-me- gowns for emergency workers. magazine covers and modeling for with the clothes on avirtual model but we canget through it. Think dia savvy designers like Balmain’s Like many people working from brands including Saint Laurent, and it looked so real. Iwas,like, about it—27 years. Youknowwhat I Olivier Rousteing and Alexander home, “I’m basically wearing track Valentino, Versace and Calvin “Wow,isthat what it’sgoing to mean? P2JW113000-0-A01500-1------XA

THE WALL STREET JOURNAL. We dnesday, April 22, 2020 | A15

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A16 | We dnesday, April 22, 2020 THE WALL STREET JOURNAL. LIFE & ARTS

A small group of enthusiasts still craft speedsters like those popular in the early 20th century. (5) LEY FO ABEL IS

MY RIDE |A.J.BAIME AChevy Speedster That Took Years to Build

The creation of this 1920s version of a hot rod started with the $150 purchase of a load of vintage car parts in 1966

Dave Penniman, 82, a America) and thereare planks, then I cut those into retired information scientist about 40 of us building pre- strips. I bought vintage living in Columbus, Ohio, warspeedstersbased on gauges on eBay: an au- on his 1927-1928 Chevrolet four-cylinder Chevys.There thentic period speed- speedster, as told to is aFacebook pagefor ometer, oil pressure A.J. Baime. speedstersand prewarrac- gauge, etc. ing cars that has over 4,000 I was pretty Starting in the early part members. much finished in of the 20th century, young Thestory of my cargoes 2016 [Mr. Penni- guys used to build what we back to 1966 when Ibought man, who is quar- call homemade speedsters. atrailer load of partsfrom antining at home, They hadthe same motiva- 1927 and 1928 Chevrolets supplied the photos tion that people of my gen- for$150.In1999,Ibought a from that time] when eration did when we built I ran into the hardest hot rods: to makecarsgo part of this whole process: fast, oftenfor not alot of How to get a title. I had no money.Back in the 1910s receipts for any of the parts. and ’20s,abuilder would 60 How could I prove that they take aworn-out Model Tor were not stolen? Here I had comparable model, throw mph was a fast tempo for the put so much time into build- away the body,and build speedsters of the 1920s ing this vehicle, and I could their ownlightweight body not figure out how to get it so the power-to-weight ra- titled, and thus, insured and tio wasbetter. made street legal. Speedstersofthe 1920s chassis from a1928 Chevro- That processtook almost might go in excess of 60 let for$500.The chassis four years, and Ifinished in mph. Youweretaking your had no title of ownership. January. Iwas waiting for lifeinyour ownhands at Then Iacquired ahood the weather to clear so I that speed, in acar with al- from a1927 Chevrolet in could finally take the most no suspension and un- 2001, for$100. speedster on the road. Then pavedroads. When I retired in 2012, I the pandemic hit. Likeev- Todayasmall group of decided to put all these eryone else,Iamhoping people around the world parts together. Meanwhile, I the pandemic ends soon. still build speedsters, the was thinking: What kind of Thefirst placeI’m going to Mr.Penniman, who is quarantining at home, supplied these photosfrom2016, when the car—with its way they used to be built a body do I want? I decided drivethis caristothe local ‘upside-down canoe’ body and aChevy logo he carved with ‘speedster’—wasnearly finished. centuryago. Ibelong to a on an upside-down canoe hardwarestore whereIgot club called VCCA-Speed- body. A friend gave me almost all the nutsand sters (a subgroup of the some cedar posts, which I boltsIused to put this car VintageChevrolet Club of had a lumberyard cut into together.

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PORSCHE

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THE WALL STREET JOURNAL. We dnesday, April 22, 2020 | A17 LIFE & ARTS

BY LARRY BLUMENFELD THE STAYING INSIDE GUIDE—MUSIC rhythm. A young Irma Thomas (still the “Soul Queen of New Or- AT THE FIRST New Orleans Jazz leans”) shares her recipe for red & Heritage Festival, in 1970, offi- beans and rice; when she speaks of cial attendance was 350. Last Finding aCity’s Soul “coming to a boil” and sustaining year’s 50th edition drew nearly a “a slow burn,” she might as well half-million fans, mostly out-of- be addressing the music in which towners. Not long before playing she is steeped. the festival’s Jazz Tent, pianist El- Without Jazz Fest If Blank’s true-life New Orleans lis Marsalis looked around and scenes seem surreal, the reality of told me, “This was a good idea in what is (but might, following Ka- 1970, and it remains one today.” Ways to enjoy the musical DNA of the historic New Orleans event trina, have been lost) is best con- That good idea has been unstop- veyed through fiction in David Si- pable,eveninthe wake of Hurri- mon’s “Treme,” which ran on HBO cane Katrina’sdevastation. Yetdue for four seasons. The series regu- to the coronavirus pandemic,Jazz larly featured extended musical se- Fest, likemost of life, is on hold— quences (some of TV’s best), be- canceled until next year.Ellis ginning with a re-creation of the Marsalis is gone,one of agrowing first second-line parade following list of jazzmusicians who have suc- the hurricane. Playing “Feel Like cumbed to Covid-19 that includes Funkin’ It Up,” the Rebirth Brass saxophonist LeeKonitz and trum- Band led Social Aid & Pleasure peter WallaceRoney. Club members past carcasses of Fans who would be landing at former houses, displaying how, as Louis Armstrong NewOrleans In- ternational Airport but areinstead hunkered down at home know Online music streams, there’snothing likehearing the Crescent City’s great musicians in videos, documentaries their hometown. WWOZ,the New and television forjazz Orleans radio station that broad- castslivefromaJazzFest hospi- fans during thepandemic tality tent each year,will fill some of the void. “JazzFesting in Place,” avirtual festival of livere- cordingsfrompast Jazz Fests, will Mr. Simon told me, “New Orleans air on the station’swebsite from came back one second-line at a noon to 8p.m. EDTonwhat would time, one moment at a time.” Soon have been Jazz Fest days—April Antoine Batiste, the freelance mu- 23 to 26 and April 30 to May3. sician played by actor Wendell Still, this moment invites reflec- Pierce, offers his character’s open- tion on a basic question: What ing monologue as could happen gives New Orleans music its singu- only in New Orleans—wordlessly, lar sound and inimitable appeal? on trombone. “It’sthe humidity,” pianist David Strong feature-length documen- Torkanowskytold me afterlast taries abound regarding New Or- year’s Jazz Fest. “DannyBarker leans culture. Royce Osborn’s 2008 used to point out to young musi- “All on a Mardi Gras Day” reveals cians that NewOrleans is sur- essential and enigmatic traditions, rounded by wateronall sides—that, A crowd at the New Orleans Jazz & Heritage Festival in May 2019, above; the Olympia Jazz Band at New Orleans’ such as New Orleans’s feathered- in essence, we areunderwater.” Mardi Gras in 1978, as seen in Les Blank’s documentary ‘Always for Pleasure,’ below and-beaded Black Indians. Lily Ke- (Technically,roughly half of New ber’s 2013 “Bayou Maharajah” Orleans is at or belowsea level.) recorded “West End sentially, one long showcases one in the long line of Barker,abanjoist and guitarist, left Blues,” named fora “remembering brilliant and idiosyncratic New Or- NewOrleans,playedwith the likes then-popular picnic song.” Though leans pianists, James Booker. of Jelly Roll Morton and Charlie and entertainment steeped in pain Yetsometimes the allureofNew Parker during along stretch in New area along Lake and sorrow, that Orleans music requires just min- York and, onceback home,founded Pontchartrain, he cultural memory utes.Clarinetist Michael White the FairviewBaptist Church March- had leftNew Or- finds expression (nowaperennial Jazz Fest head- ing Band, reigniting indigenous mu- leans forChicago. mostly through liner and Xavier University profes- sical traditions. Still, the opening joyous communal sor) spent his earningsfromhis “Danny was letting us know cadenzas of his take rituals (the very firstparade with Doc Paulin’sBrass that here, you have to push on King Oliver’s things the Bandonarecordbyclarinetist through this extra density,” Mr. composition reveal, Covid-19 crisis George Lewis.Hewas especially en- Torkanowsky said. “That’s why along with spectac- robs from us). thralled by “Burgundy Street Blues” trumpeters have such a big sound ular ingenuity and Little captures (a riveting version,filmed at a1959 here. We push out a joyful noise daring,that power that essence like German festival and clocking in at against physical resistance in the Barkernoted. As “Always for Plea- 2:51, is on YouTube). “Fromthe CTION LLE

form of the water, the humidity. forthat slower sure,” Les Blank’s firstnote, it wasasifIhad been CO But we also give in to it, too, be- pace, that dignity, 1978 love letter of living in darknessand abulb was cause on a humid Southern night a Allen Toussaint, the a documentary turned on,” Mr.Whitesaid. “He EVERETT slow pace is the most effective pianist-songwriter- about New Or- didn’t sound likeaclarinet player CK;

way to communicate. Our music producer whose hitsemblazoned long reminiscenceofchildhood leans. As plot, the film mostly fol- as much as aperson telling astory, TO has a dignity imposed upon it by his city’s sound acrossgenerations trips intothe Louisiana country- lows second-line parades and explaining through sound what it the place we learned to play.” and genres,had aparticular feel for side,recalling the closenessoffam- other processions that run like feels likebeing from NewOrleans.” SHUTTERS

There are other distinguishing mu- it. If his “Southern Nights” sounded ily,the heavy calm of humid nights river currents through city streets, Or what it’sliketoarrivethere—if N/

sical qualities, including danceable heavy-handed in Glen Campbell’s and the mysteries “inthe trees.” punctuated by private revelations. only,for now, in our minds. TO

rhythms, redolent of parades, col- version, forToussaint it wasamed- In his 1960 autobiography, Trumpeter “Kid Thomas” Valen- KEA J

lective improvisation and a rever- itation. During a2011 solo perfor- “Treat It Gentle,” the great New tine muses on mortality; Blank Mr. Blumenfeld writes about jazz P: ence for melody. manceatJoe’sPub in NewYork (on Orleans clarinetist Sidney Bechet cuts to a jazz funeral that moves and Afro-Latin music for the TO OM

By 1928,when Louis Armstrong YouTube)heembedded it with a described his city’s music as, es- from somber dirge to up-tempo Journal. FR

Lady Gaga, left, and Stevie Wonder, below, performing during ‘One World: Together At Home,’ Saturday’s global streaming concert

on March30atage 81. Mr.With- yearning fortogethernessand ers’sclassic speaks to the essen- hope amid turmoil, and she had tials of human connection, and Mr. the gospel phrasing to pull it off. Wonder segued intohis own Laterinthe show, Taylor Swift “Love’sinNeed of Love Today,” performed an emotionally charged which he also performed in 2001 version of “Soon You’ll Get Better,” on “A TributetoHeroes.” Thepair- aballad from her recent album ing,delivered by one of the great- “Lover” that wasinspired by her est songwritersand performersin mother’s battle with cancer.Alone popular music history, whose voice at her piano,Ms. Swifttrans- has held up remarkably well, was formed asong writtenabout simple and deeply moving. something specific intoanaffirma- Another highlight from Mr. tion that happier times lie ahead. Wonder’s generation came latein “A TributetoHeroes” waseven-

(2) the broadcast, when the Rolling tually released as an album later in

ES Stones performed “You Can’t Al- 2001. Befitting the technologyused AG

IM waysGet What YouWant,” each of to assemble the broadcast, “One Y

TT the four primarymembersinhis World: Together at Home,” though

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GL opening chords online,with and sang on his these choice MUSIC REVIEW |MARK RICHARDSON own, while each peaks remaining of the other par- and the pro- ticipantsre- gram’sweaker Sounding Out Unity in IsolatedTimes mained blacked moments—Elton out, building an- John’sex- ticipation for hausted-sound- ON SEPT. 21, 2001, the major net- message, with steady remindersto tech intimacyhas become acom- their entry(any- ing “I’m Still works broadcast “America: ATrib- stay inside and practicesocial dis- mon sight in the past two months, one who has had Standing”; utetoHeroes,” abenefit concert tancing; and part fundraiser forthe as home-streamed concertsand DJ aZoom confer- KaceyMus- to grievethe dead and salutefirst World Health Organization’semer- setshavebecome acommon diver- enceonshaky graves’s“Rain- respondersfollowing the Sept. 11 gencyresponse fund (donations sion and away formusic fans to home Wi-Fiin bow,” agreat terrorist attacks.The showfea- from viewers were not solicited, stay connected to artists. Befitting these past few song marred by tured candlelit setsand an elegiac but corporatesponsorsweremen- itsmessageofunity,three promi- weeks knows the dramatic tension apoor sound mix; aslowand tone as it tried to come to grips tioned, and the organization’s nent late-night hostsfromcompet- that accompanies this waiting). bluesy version of “Lady Madonna” with an unthinkable event that had head, Tedros Adhanom, appeared ing networks emceed the pro- Mr.Jagger’svoicesounded aston- by Paul McCartney that strained to leftmanyinshock,its dark and in apre-recorded segment). Lady gram—Stephen Colbert of CBS’s ishingly good, and sincehewas so connect the struggle his protago- mournful aesthetic designed to Gaga,who delayedthe release of “The Late Show,” JimmyFallon of animated it waseasy to overlook nist went through to those being match the moment. her sixth album, “Chromatica,” be- NBC’s“TheTonight Show” and the fact that Keith Richards endured now—tobeforgotten. The Nearly 19 yearslater came Sat- cause of the coronavirus,organized JimmyKimmel of ABC’s“Jimmy seemed lost in his ownworld morewewatch performersstream- urdaynight’s“One World: Together the televised and live-streamed Kimmel Live!” They introduced per- while Charlie Wattsair-drummed ing music from their homes,the at Home,” atwo-hour special filled event in association with Global formersand spokespeople,told his fills to apre-recorded percus- morewe’ll appreciatethe return of with musical performances and Citizen, apublishing platform affil- jokes,and appeared in split screen sion track. in-person shows.One senses that spoken interludes from musicians, iated with the advocacyorganiza- to banter with one another.What Lizzo (born Melissa Jefferson) is the intensity that will come from actors, doctorsand more, which tion Global Poverty Project. While people seek most from such ashow one of the breakout starsofpop’s onceagain seeing aperformer aired during another time of na- it captured this extraordinarytime is comfort. Themost powerful sets past couple of years, with acon- among the fans in alivevenue, tional trauma. Theshow, which in itsown way,“One World: To- herefound the right intersection of temporarysound that effortlessly whenever and howeverthat takes waspreceded by asix-hour online gether at Home” didn’t necessarily performer,song choice, and our blends pop,R&B and hip-hop.She place, will quickly crowd out mem- livestream featuring additional mu- makefor great television. present circumstances. used the occasion to reach back ories of eveningsspent in front of sicalperformersand tributes,and Performerswerecaptured Early in the program, Stevie further,tackling SamCooke’s“A the screen. wassimulcast acrossthree major mostly alone,intheir homes,with Wonder sat in profile at his key- ChangeIsGonna Come” with fer- television networks,was part sa- varying amountsoftechnical so- boardand playedanaffecting ver- vor. Cooke’ssong is acivil-rights Mr. Richardson is the Journal’s lutetofrontline workersbattling phistication, which gavethe showa sion of “Lean on Me,” by his con- anthem, but Ms.Jefferson broad- rock and pop music critic. Follow thecoronavirus; part public-service rawand patchwork feel. This low- temporaryBill Withers, who died ened itsmeaning,turning it intoa him on Twitter @MarkRichardson. P2JW113000-0-A01800-1------XA

A18 | We dnesday, April 22, 2020 THE WALL STREET JOURNAL. SPORTS U.S. Olympic Committee Plans Cuts

BY RACHEL BACHMAN

FACING AONE-YEAR DELAY to the Summer Olympics and an economydevastatedbythe coro- navirus pandemic,the U.S. Olym- pic &Paralympic Committee plans to cut itsbudget 10%-20% through 2024, CEO SarahHirsh- land said. Sincethe USOPC’scurrent four-year budget tops $1 billion, those reductions could translate intoupto$200 million or more in cutsby2024. Hirshland said no layoffs or furloughs were planned for Tuesdaybut that they were pos- sibilities over time.She said de- cisions on cutswould come in a few weeks.The projected cuts don’t account forthe possibility that the situation could worsen YouCan Still BooDuring the Draft by,for example,the TokyoOlym- pics beingcanceled entirely. “This will be very hard,” Hir- Therewon’t be livefans this year—but one fandevelopedaway to measurethe cheersand jeers shland said. “It will impact pro- grams that we feel terrific about.” BY ANDREW BEATON Jets fans, above, often have cause the event is also known as the Paymentstonational govern- strong reactions during the NFL combine. ing bodies,likeUSA Swimming FL teams arenormally NFL draft. Caio Brighenti, It wasright around then when he and U.S. Ski &Snowboard, would judged on their draft left, has devised a way to gottowork on his next project: remain intact forthis year,as picks by the simplest calculate if people are measuring the online cheersand would direct paymentstoath- Nmetric possible.Roger cheering or booing online. jeersofNFL fans.The drafthadn’t letes,Hirshland said. Those two Goodell walks to the been torpedoed yet, but Brighenti items together were projected to lectern and announces the selec- ageofthe sentiment of believed therecould be abetterway cost $90 million, but don’t in- tion. Then the throngsoffans in at- the fan base,” Brighenti than turning up the volume on his clude arangeofother support tendanceimmediately grade the says. television to judgeeveryone’sreac- such as training-center access pick one of two ways:They cheer. It isn’t acoincidence tions.Hethought it would be telling and health insurance. Or they boo. that a21-year-old Brazil- to definitively document them be- The2021-24budget isn’t built But this Thursday’sNFL draftis ian collegestudent canun- cause he understood those reactions yet, so Hirshland said she wasn’t highly abnormal. It’staking place lock the answertoacom- areasvisceral as they areun- surewherefuturecutswould remotely and not in LasVegas as plicated question about founded. Fans boo picks who they come,“except to say, our goal is planned because of the coronavirus. football. Brighenti is part later cheer on as superstars. They to focus on investing in the ath- Goodell is announcing the picks of ageneration that has cheerpicks who they later boo as letes and the organizations that from his basement. Theonly people access to monumentally busts. support them. And our partner- who will hear NewYork Jets fans moredatathan ever be- In the time since, Brighenti has ships with NGBs areveryfo- boo arethe poor souls who decided fore.Healso has the curi- had even moretime than the typical cused on that.” to shelter in placewith aJetsfan. osity and technical know- collegesenior.He’sadouble major Thepostponement of the To- Caio Brighenti, astudent at Col- howtoexploit it. in computer scienceand peaceand kyoGames until July 2021 hit gate University,came up with away Brighenti wasborn in conflict studies—as bizarreofa especially hardatthe USOPC, to makesurethe people’sverdict is SãoPaulo,and two impor- combination as youcould think of, which unlikemanyother promi- heardasusual. Instead of finishing tant thingshappened he admits—and working on athesis nent national Olympic commit- his senior thesis,hehas been devis- of NFL fans on draftday.The site’s when he wasyounger.Helived in that uses machine learning and nat- tees doesn’t receivegovernment ing away to calculateifpeople are setup makes it possible forhim to Michigan from ages 7to10and ural languageprocessing to detect funding.Instead, it runs mainly

cheering or booing even if he won’t scrape their commentsimmediately. learned to lovebeing amiserable “fakenews.” But his classes have on the sale of domestic and in- GES

be able hear them cheering or boo- Thereare also nearly two million Detroit Lions fan. Then, when he gone online because of the virus, ternational sponsorships, along IMA ing.“Iwas bored and didn’t want to membersofthe NFL’s sub-Reddit, was12, he had his dad borrow a and that means he has only one with ashareofbroadcast-rights

do my homework,” he says. plus the ones on individual team book on programming forhim. He classheactually has to digitally fees that NBCUniversal pays the GETTY

Brighenti realized there’sone pages,giving him an even larger loved to code,heloved sportsand showupfor everyweek,giving him IOC.The USOPCalso raises GEL/

placestrangersliketovoiceirratio- sample sizethan the tens of thou- the only thing he loved morewas plenty of bandwidth to study just money forathletes from private VO nal opinions morethan at agiant sands of people who showuptothe coding about sports. howangryNFL fans are. donorsthrough itsfoundation. party of drunk football fans.It’s draftinagiven year.And there’sa “Sportsissuch arich source of On draftday,when Brighenti called the internet. So he wrotea tool on Reddit forall of those fans data,” he says. streams the liveresults on Twitch, FRIEDEMANN program that instantly quantifies to identifytheir favoriteteam, so Sportsisanespecially rich source therewill be 33 meters. There’sone NFL;

howevery team’sfan base is react- Brighenti knows if everypost is of data forsomeone with Brighenti’s forall 32 teams to displayjust how S; ing online to everypick in real time. coming from someone who loves particular set of skills.Hedecided to positively or negatively their fans It works by rapidly compiling the Bengals or the Cowboys. tryhis hand at the NFL’s Big Data arereacting at anygiven moment. PRES and analyzing their reactions on the Theprogram pulls everynew Bowl,ananalytics competition, last Theother is rather self-explanatory TED CIA

websiteReddit. As thousands upon post and places it in aspreadsheet season when he couldn’t find any- and captures the net sentiment of SO

thousands of commentspour in, he that’sthe digitized version of a one else to work with him. By him- everyNFL fan. It’scalled the “Good- AS N/

canlivetrack just howangryor sportsbar whereeveryone is argu- self,going up against other teams of ell Boo-Meter.” YA PA

happy the fans forevery team are. ing.Then each comment is evalu- students, he submittedanentry In the weeks building up to the Y During the draftonThursdaynight, ated by an analysis tool that rates anyway.Itturned out fairly well for draft, Brighenti has takenthe pro- GOR he plans to live-stream the results the text on ascale from -1 to 1; this one-man army. He wound up a gram fortest spins to gaugethe GRE

to provide the 2020 equivalent of lowerfigures areangrier and more finalist and presented his work at an psyche of the averagefootball fan. P: cheersand boos. negativeand higher ones arehap- annual trade showinIndianapolis in Thedatalefthim with one conclu- TO OM

Reddit, in particular,isperfect pier and morepositive. front of slack-jawedspectatorswho sion. “Everyfan base is always neg- FR forparsing through the psychoses “It basically keeps arolling aver- happened to be NFL executives be- ative,” he says. Team USA at the 2016 Olympics.

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THE WALL STREET JOURNAL. ** NY We dnesday, April 22, 2020 | A18A GREATER NEW YORK N.Y. to Ease Lockdown Rules by Region

Reopening would be ferent in one part of the state county in Western New York, than another,takethat into said models from the State guided by infection consideration.” University of NewYork at Buf- rates, governor says, Mr.Cuomo gavenotimeta- falo nowproject the virus ble foraction, but said re- won’t peak thereuntil mid- providing no timetable opening would be guided by May. As of Tuesday, Erie infection rates. County had morethan 2,100 BY JIMMY VIELKIND Lt.Gov.KathyHochul would coronavirus cases; 151 resi- supervise the processinWest- dents had died. Businesses in different ern New York and Bob Duffy, “I think it makes some partsofNew York statewill the leader of the Greater sense to look at it and do it on reopen on separateschedules, Rochester ChamberofCom- aregion-by-region basis,but Gov.Andrew Cuomo said merce,will coordinatereopen- what we’reseeing on hospital- Tuesday, as agrowing number inginthe Finger Lakesregion. izations and other data—we’re of upstateelected officials and Some of the loudest voices not at apoint wherewecan employers made the case fora seeking reopening areinWest- reopen,” he said. regional approach to easing ern New York. On Monday, The governor has also said restrictions aimed at slowing about 150 people demonstrated he wasconcerned that if busi- the spread of the coronavirus. in Buffalo’s NiagaraSquare, nesses in one part of the state TheDemocratic governor calling forthe economytore- began operating, people from said officials in 10 existing boot. About 20 protesters other areas would gravitateto economic-development zones gathered at the stateCapitol in them. Mr.Cuomo has formed a ICS

around the state would moni- AlbanyonApril 16 and areex- ST coalition with leadersof

torlocal dataand come up pected to return Wednesday, PLA neighboring states to coordi- with aplan on exactly which said MikeGee,aBrooklyn man natetheir social-distancing ef- NFER

stores andactivities canre- who organized the event. CO forts. open and when. State Sen. George Borrello, Confer Plastics laid off its 165 employees last month but is funding their health-insurance coverage. NewYork State Department Mr.Cuomo closed nones- aRepublican who along with of Health datashow7%ofthe sential businesses and banned hiswifeowns Cabana Sam’s Confer Plastics in North whichweredeemed essential. months. state’scoronavirus cases are unnecessarygatherings, effec- on Lake Erie’sSunset Bay, said Tonawanda, in Niagara He said he has spaced out ma- Fifty-seven percent of the in areas north of Westchester tiveMarch 22.Hesaid the re- Mondaythat Mr.Cuomo’s County,said he wished Mr. chines and closed common ar- 307CEOs surveyed said the and Rockland counties.Mr. strictions have helped reduce thinking had been “very New Cuomohad done aregional eas in the plant, and believes primary focus of government Borrello noted that Chautau- the spread of the virus,and York City-centric.” shutdown at the outset. His he can operate safely. should be addressing the pub- quaCounty,wherehelives, has cautioned against reopen- “He’sleftthe rest of the businessmakes ladders, steps “We’reactually going to lic-health crisis,and 35% be- had 25 confirmed coronavirus ing stores tooquickly.Asre- statevulnerable,economi- and cabinetssurrounding disable the refrigerator and lieved the state should try to infections as of Tuesday. By cently as Monday, he wasem- cally,” he said. pools and hot tubs.With the ice machine,” he said. reopen businesses by May 1. contrast, NewYork City had phasizing the need fora Mr.Borrello’s beachfront outbreak continuing intothe Mr.Confer said it would Thestatewide number of nearly 140,000 cases and more statewide approach to restart- bar in Irving,N.Y., is closer to summer,hesaid he believes take months to climb back to hospitalized Covid-19 patients than 10,000 confirmed deaths. ing the economy. Cleveland than NewYork City. therecould be increased de- pre-pandemic operations. ticked up slightly on Tuesday, Mr.Borrello said he is con- “Weoperateasone state, If the governor loosened so- mand for his products. ASiena CollegeResearch but Mr.Cuomo said the cerned about seasonal employ- but we also have to under- cial-distancing measures in Mr.Confer laid off his 165 Institutesurvey of upstate amount wasdeclining in ees,and the amount of power stand variations,” Mr. Cuomo Western NewYork,Mr. Bor- employees last month but is business leaders released last downstateareas and flat in the government has asserted said Tuesday in Buffalo. “You rello said Cabana Sam’scould funding their health-insurance week found 31% believed they Western New York. over the economy. do want to getthis economy be up and running forthe sum- coverage. He will resume lim- would see a return to normal Erie County ExecutiveMark “The way our communities open as soon as possible, and mer, itsbusiest time of year. ited production on May1for levels of revenue and employ- Poloncarz, aDemocrat who arestructured, social distanc- if asituation is radically dif- Bob Confer,president of some items used by the Navy, ment within the next six leads the most populous ing is easy,” he said. City Will Stockpile Supplies For Future Crisis

BY CHARLES PASSY

NewYork City will createa strategic reserveofmedical supplies andequipment to guardagainst futurenovel coronavirus outbreaks and other crises,Mayor Bill de Bla- sio said. As part of the initiative, companies based in the city that canmanufacturesuch goods would be supported. S

At a Tuesday news confer- PRES

ence,the mayorhighlighted a TED type of ventilator developed CIA SO

during the current pandemic— AS the creation of which was II/ spearheaded in part by New- lab,aBrooklyn-based technol- ANKLIN FR ogy hub that promotes entre- ANK

preneurship with 150-plus FR member firms. Police officers patrolled Washington Square Park in Manhattan on Tuesday. New Yorkers have made 14,000 reports about people breaking social-distancing directives. The overall idea for the re- serve, Mr.deBlasio said, is to ensure New York isn’t wholly Complaints About Violations Pouring In reliant on outside sources, particularly the federal gov- ernment. “This is our future, BY JOSH BARBANEL Daily complaints to 311 in NewYork City Thepoliceissued 21 sum- distancing rules,and urged to be able to take care of our- about “social distancing” monses and made five arrests NewYorkerstocall or text 311 selves,” he said. NewYork City residents in connection with the com- to report problems.OnSun- Brooklyn Manhattan Queens Bronx Staten Island Thecity would spend $10 submitted14,000 complaints plaints, but didn’t detail what day, he announced that the million to purchase 3,000 to police about people violat- 1,000 complaints actions were takeninother fines forfailing to properly so- unitsofthe newventilator, ing social-distancing rules en- cases. cial distanceincreased to dubbed aSpiroWave, Mr.de acted to stop the spread of the In morethan half of the $1,000 from $500. Blasio said. The machine is a novel coronavirus,but they 14,000 complaints, NYPD offi- The police department has type of “bridge” devicethat have led to relatively few sum- 750 cers reported that they either been very activeincombating cansupply oxygen to critically monses and arrests, records observed no violation, found violations,the mayorsaid ill patientswho don’t immedi- show. that those responsible forthe Monday. “Thereare many, ately requireatraditional ven- Thecomplaintshavebeen problem had gone or deter- manytimes wherethey’ve tilator. loggedbyphone and online to 500 mined that no action wasnec- broken up gatheringsacrossa Thecost foreach unit is the city’s 311 system sincelate essary, according to the com- whole rangeofcommunities, $3,333,the mayorsaid, noting March. They have reported plaint files. but that has not been some- that it is considerably less gatheringsinstoresand parks, Themayor’s officesaid that thingthat’sbeen portrayed than thecurrent priceofat on streetsand around residen- 250 in the course of their ownpa- publicly,” Mr. de Blasio said. least $50,000 foratraditional tial buildings, the recordsshow. trolling,the policedepartment Thelargest group of 311 ventilator. An analysis by TheWall and other agencies have issued complaints, nearly 5,000,were Thestrategic reservealso Street Journal reveals that the 244summonses afterobserv- about activity in and around would include such supplies as complaints were fairly evenly ing social-distancing viola- stores and commercial spaces. 0 faceshields and surgical distributed acrossthe city, tions, not counting the 311 Morethan aquarter of gowns, Mr. de Blasio said. demonstrating the widespread March April 357911 13 15 17 complaints. complaintswereabout activity 30 1 Creation of areservecomes anxiety about Covid-19 infec- Policealso shut down an il- in and around residential after fears that the pandemic tions. Number of complaints targeting storesand commercial spaces legal social club in Queens that buildingsand houses.About mightpush the city’s health Lower-income ZIP Codes remained open despiteclosure 2,200,or19% of the com- system beyond itscapacity had slightly more complaints Brooklyn Manhattan Queens Bronx Staten Island ordersfor most businesses,ac- plaints, were about violations and hospitals wouldn’t have foreach resident than middle- Store cording to NYPD officials.The on the street or on sidewalks. items needed to care for peo- and upper-income neighbor- NYPD has conducted more Roughly 11% were complaints ple with the novel coronavirus. hoods. There were clusters of Residential than 300,000 visitstoloca- about parks and playgrounds. Though the city has been complaintsalong the Grand Street tions around the city to en- City Councilman Mark able to procuresupplies and Concourseinthe Bronx,and Park forcesocial-distancing rules Levine,aDemocrat who repre- equipment along the way, Mr. around Broadway in Bushwick, 0 1,000 2,000 3,000 4,000 5,000 sinceMarch 23,policerecords sents parts of northern Man- de Blasio said it isn’t com- Brooklyn, and near Amsterdam show. hattan, said in an interview pletely in the clear,noting that Avenue in upper Manhattan, Note:Excludes 2,574calls to 311 whose location is unknown Source:NYC 311 To improveresponse times that the city must be strict gowns,for example,are in as well as moreaffluent areas to 311 calls,the department on with therules.But he noted short supply.“We areway far along Columbus Avenue on the In thepast few days,as 12.5%fewercomplaintsthan April 3 began a new program that hiscommunity—with a from out of the woods,” he Upper West Side. NewYork Gov.Andrew Cuomo on other days overall, but to deliver 311 alertstoofficers’ large number of young people said of the overall supply situ- Thecity began tabulating has talked about a decrease in grievances about parks and cellphones,department “cooped up in apartmentswith ation. complaintsabout compliance hospitalizations and deaths play groups fell by 40%. spokesman said. Thenew pro- no outletsathome”—are At anewsconferenceTues- with the coronavirus rules in from the virus, the average TheNew York PoliceDe- gram provides officerswith struggling. day, Gov. Andrew Cuomo said lateMarch, by establishing a number of daily complaintsfell partment,which is charged information on 311 complaints “This is going to become a thestatewide death totalfor newcategorycalled “social dis- by morethan 16%, compared with enforcing the city’s stay- forthe firsttime and operates much bigger challengewhen Mondaywas 481, marking the tancing.” SinceMarch 30,New with the first few weeks of at-home andsocial-distancing in near real-time, the spokes- the weather gets warmer,” Mr. second consecutiveday the Yorkersgriped an averageof gripes about social distancing. rules,“took action to fixthe man said. Levine added. figure fell below500.The sin- 682 times aday.Complaints People who called 311 condition” in morethan four Over theweekend, Mayor —Ben Chapman gle-daypeak,recorded on hit apeak on April 6, when 963 weren’t deterred much by out of 10 cases,according to Bill de Blasio said he would and Katie Honan April 8, was 799. grievances were filed. rainydays:Therewereonly the 311 complaint summaries. step up enforcement of social- contributed to this article. P2JW113000-2-A018B0-1------NS

A18B | We dnesday, April 22, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK

METROMONEY | By Anne Kadet Some ‘Want Out of the City and Now’

Likemany family spurred by the pan- families with demic to makeafast move, young chil- said Alison Bernstein, dren, Stan founder and president of and Julia Ush- Suburban Jungle,acompany erenkohad that specializes in matching long planned to movetothe city clientswith their ideal suburbs,wherethey could suburban town, and helped affordalargerhome and a the Usherenkos find their IAN

yard. newhome. OS This year,they finally “This whole thing is cata- started what they assumed strophic and petrifying for BEDR would be aleisurely search. families in urban areas,” she Then the pandemic hit. said. “People want out of WESLEY In mid-March—the last the city and now.” BY ION

weekend that real-estate AT

agentscould hold an open s. Bernstein said de- TR US

house—Mr.and Mrs. Ush- mand forher firm’s ILL erenkorushed to makean M services is up 40% offer on athree-bedroom from the same period last By the end of March, band, alawyer,has proven months.” and Heidi Matisoff packed house in Midland Park,N.J., year.Some areprompted by Kristen Euretig wasfed up his ability to work from But it is hardly aforegone their two toddlersand dog with apool and fenced-in safety concerns.Others with quarantine lifeinher home,they’rehoping his conclusion, Mr.Bowles said. intoanSUV and temporarily yard. worrythe shelter-in-place Brooklyn rental apartment. employerwill be open to the Whether the flight from the moved in with Mrs. Mati- “Ifwedidn’t go with this edict will drag on, confining She’snow enjoying a idea. city materializes depends soff’s mother,who lives house,who knows when them to small city apart- three-bedroom Airbnb rental Last week,Ms. Euretig largely on howauthorities Northvale,N.J. we’d find the next house,” ments. outside Rochester,N.Y., with made her firstcall to aHud- handle the situation during On the driveover, the Mr.Usherenkosaid. “We Carlo Siracusa, president her husband, 18-month-old son Valley real-estateagent. the coming weeks and Suburban Jungle clients might have been stuck until of residential sales forNew son and dog.And she’ssur- months. stopped to viewanavailable much later.Wewent Jersey-based Weichert Real- prised to discover how “It’sall about whether four-bedroom house in Glen $25,000 over asking.” tors,said while inventoryis much her family enjoys For how long? ‘It’s people feel safefroman- Ridge, N.J. They made an of- Aclosing is scheduled for lowdue to sellerspulling countryliving. other wave of the pandemic ferthat day. Theclosing is the end of April, but the homes off the market, de- When they want fresh air, all about whether breaking out,” he said. scheduled forJune 15. movecan’t come fast mand remains high because there’snoneed to don people feel safe After9/11, some predicted enough forthe Sheepshead of anew wave of city dwell- gloves,facemasks and the city would see apopula- he Matisoffs—he Bay, Brooklyn, family. ersshopping in the suburbs. dodgeneighborscrowding from’ the virus. tion decline spurred by fears works forAdobe and Mr.Usherenko, afinancial the apartment building of terrorism, Mr.Bowles T “They’vebeen confined to she is anurse practi- analyst, and Mrs. Usherenko, asmall spacethe last 45 lobby.They tumble out to said. Instead, the population tioner who is on leave to apsychotherapist, areboth days and want out,” he said. the yard with its16acres of grew as the city demon- care forthe children—had working full time in their “There’sasense of urgency.” marshland that hostsducks, Theprospect of amini- strated itsability to keep been contemplating amove two-bedroom apartment Thereal-estatemarket geese and deer. exodus is areal possibility, residentssafe. forawhile. while caring fortwo tod- isn’t exactly lively these “I’m not in arush to head said Jonathan Bowles, exec- Thecatch:Itmay require They aresad to be leav- dlers. days,ofcourse. back,” said Ms.Euretig,who utivedirector of the Center long or repeated shutdowns ing the city behind, but the “We’redefinitely not get- In Manhattan, contract founded the financial advi- foranUrban Future, aMan- to addressthe virus,which pandemic makes it easier. ting enough fresh air,” said signingsare down 77%, ac- soryfirm Brooklyn Plans, hattanthink tank focused on could itself spur suburban “This could go on forsix Mr.Usherenko, whose cording to UrbanDigs. ANa- and is nowworking from the local economy. flight. months,12months.And grandfather recently died tional Association of Real- home. “NewYork is the epicen- What’sthe point of pay- who knows what the city from coronavirus. tors survey,meanwhile, Indeed, the experience terfor this pandemic,” he ing crazy rent on acramped could look likeafter,” Mrs. “And it’sstressful. Every found that most buyersare has the family rethinking its said. “Everybody knows apartment if youcan’t enjoy Matisoff said. “The lureof time we go outside,you delaying purchases. commitment to the city. that, and it’sunderstandable the city? leaving the city has in- don’t knowwho you’repass- But forsome,the pan- Until the pandemic,the forpeople to think maybe a Last month, aftertwo creased.” ing by,” he said. demic had the oppositeef- suburbs didn’t seem practi- lessdense placewould be weeks of quarantine living, They’rehardly the only fect. cal. But nowthat her hus- safer the next 12 to 18 ManhattanresidentsEric [email protected]

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THE WALL STREET JOURNAL. We dnesday, April 22, 2020 | A19 OPINION China’s Coronavirus Culpability BOOKSHELF | By Carol Tavris

No matter lishment, from itsown cials kept Beijing in the dark visitorsfromWuhan on Dec. The Thinking what inter- sources, warned the WHO that aboutthe true extent of the 31, it wasawake-up call from pretation such transmission wasoccur- problem. acountrywhose entangle- youput on ring in Wuhan. On Jan. 7, Mr. This has led some to specu- ment with China is intricate, events, Xi Xi gaveasecret speech on the late that, having resigned personal and unparalleled. Machine Jinping, an Wuhan outbreak.Leaked Chi- himself to an uncontainable This viewconvictsMr. Xi BUSINESS ambitious nese government memos re- epidemic,Mr. Xi sought to only of being an uninteresting WORLD politicker ferred to the likelihood of a makesureother countries product of his system, an The Idea of the Brain: The Past and who deliber- pandemic as the disease weren’t spared so China agent of non-changeinacon- By Holman W. ately made spread far and wide amid the wouldn’t be uniquely disad- stantly transforming China. Future of Neuroscience Jenkins, Jr. himself upcoming massmigration of vantaged. Your arrival in the Contrarytocasual rhetoric,a By Matthew Cobb China’spara- Chinese citizens forthe lunar world must have been recent global pandemic is not ablack mount leader,bearsunique new-year holiday. if youthink politicians not ca- swan—it’sanevent the world (Basic, 470 pages, $32) responsibility foraglobal China’sgovernment issued pable of such cynicism, espe- has experienced beforeand pandemic that will end up kill- no public warning and allowed cially when operating under plans for. Multiple global con- atthew Cobb,aprofessor in the School of Biological ing millions. the migration to proceed. The an authoritarian, communist, tagions have been traced to M Sciences at the University of Manchester,aman Which incriminating inter- Wuhan city government per- one-party political system. China, including the novel in- whose erudition spans biology, neuroscience, pretation, though, is the right mitted a gargantuan banquet fluenzapandemics of 1957, psychology, genetics and other discipline-blurring specialties, one? for40,000 families on Jan. 18. 1968 and 1977. Historians and wastes no time in telling us what we aren’t going to learn From the moment anew vi- Wuhan, biggerthan any Beijing’s priority was virologistsmakeacompelling from his book.In1665,hebegins,the Danish anatomist rusemergedinWuhan, the American city at 11 million in- case that the 1918 killer pan- Nicolaus Steno put forth arevolutionary idea about the all-important question was habitants, wasamajor rail regime survival but demic also originated in brain that has been guiding researcherseversince: “To whether,likecoronaviruses hub inside China and, through pandemics are mainly China. SARS,inlate2002, understand what the brain does and howitdoes it ...we that cause the common cold, itsinternational airport, ex- emerged in Guangdong prov- should viewitasamachine and take it apart to see howit it waseasily transmissible ported thousands of travelers natural disasters. ince; the 2009 swine flu, works.” And take it apart they have:“We cannow makea among humans.Bymultiple a day to the world. which briefly gotthe Obama mouse remember something about asmell it has never credible reportsinChina’s Circumstantial evidence administration excited but encountered,” writes Mr.Cobb,“turn abad mouse memory ownpress,medical personnel can’t settle whether the virus, At the very least, choosing passed without moreincident intoagood one and even useasurge of electricity to change were in little doubt by late which likeSARS is thought to at everystage to indulgeits than the average flu, was be- howpeople perceivefaces....Westand on the brink of December that they were have passed from bats to hu- preferencefor secrecywas tan- lieved by U.S. government sci- understanding howpatterns of activity in networks of catching the disease from mans,escaped from alocal tamount to adecision to let the entiststohavecrossed to hu- neurons createperception.” Certainly,discoveries about the their patients. Wuhan lab that studies such world become infected. That mans in Mexicoafter brain fill bookshelves and breathlessnewsstories,creating An ophthalmologist who bat viruses.But China’sgov- much is hardtodispute. originating in Asian pigs. theillusion that at any would later die of the disease ernment took steps to expel But it’salso true that the Mr.Xi’sverycommunist re- moment we will step over that used social media to warn fel- certain foreign reportersfrom world was dependent on nei- sponsibility-ducking and se- brink and slide intothe blind- lowmedics to wear protective Wuhan, and then from the ther the WHO nor China to cret-keeping eventually gave ing sunlight of understanding. gear when treating patients. A country, as well as to silence reach itsown conclusions.If way to action forprettymuch Fuhgeddaboudit, Mr.Cobb Chinese lab found an 87% ge- and threaten with arrest doc- Taiwan warned the WHO,it the same reason it did in the says,albeit in his ownelegant netic overlap with SARS,avi- tors,scientistsand local jour- certainly warned itsindis- U.S. and elsewhere—this most British prose.Despiteunargu- rusofwhich the World Health nalistswho sought to track pensable ally,the U.S. The recent pathogen out of China able progressinmethods of Organization had long since the outbreak. CIA,NSA and State Depart- started to manifest itself in studying the brain, we still concluded: “Transmission to All this is consistent with a ment areall tasked with figur- demand forhealth-careser- haven’t the foggiest idea of how casual and social contactshas regime whose secrecyisre- ing out which developmentsin vices beyond what existing lo- the billions of neurons interact occasionally occurred when as flexiveand unimaginative China, our most crucial global calhealth-careresourceswere and connect to producethe aresult of intense exposureto when facing an explosive counterparty,might have scaled to provide. brain’sactivity—toproduce, in acase of SARS (in workplaces, emerging situation that po- world-historical implications. Then the textbooktook aword, us,creatureswho are airplanes or taxis) or in high- tentially threatens itsown The Western press was pick- over,which the public now merely the product of our risk transmission settings, survival. It seems inconsis- ing up and reporting accounts knows as “flatten the curve.” neurons,their complicated such as health care settings tent with one of the stories of the Wuhan outbreak from Thereby hangsanother not- interconnections and the and households.” Chinese sourceshaveput Chinese social media in late simple tale,for the U.S. and chemicals that wash through those networks.But what a On Dec31, Taiwan’sgov- out—that the incompetence December.When Taiwanese China, that will have to wait massiveweight that “merely” holds! Thebrain—any ernmentand medical estab- and mendacity of Wuhan offi- authorities began screening for another day. creature’sbrain, from maggottomouse to human—is “mind-bogglingly complicated.” Foryears, neuroscientistsand sciencewritershave delighted in showing howour theories of the brain’s America Again Faces ‘Fear Itself’ structureand function have emergedfromthe dominant technologies of the time: the brain as amachine based on “The only areguided by their ownexpe- dirofthe Great Depression? tions that affect only them- clockwork or hydraulic power; as aresult of electrical thing we have rience. In the April 19 NBC/ This is amorecomplicated selves,thereisastrong case stimulation (think “Frankenstein”); as atelegraph network; to fear is fear WSJsurvey,40% reported question. that they should be allowedto as atelephone exchange; and, today, as acomputer with itself,” Frank- that they “personally know” Evidencefromaround the choose forthemselves,evenif codes and feedback loops,amachine that one daymight lin Delano someonewho has contracted world suggeststhat the risks they end up acting in ways provide our memories with morerandom-access memory. Roosevelt de- Covid-19,upfrom27% just 10 to children areminimal and that reasonable observers “Each layeroftechnological metaphor has added something POLITICS clared in his days earlier.And when asked that it would be safefor them would judgeunreasonable or to our understanding,enabling us to carryout new & IDEAS FirstInaugu- if they or people in their to return to school. But be- even self-destructive.But experimentsand reinterpret old findings,” writes Mr.Cobb. ralAddress, household have “asthma, can- cause the risks rise steadily when aperson’sactions have “But by holding tightly to metaphors, we end up limiting By William “nameless, cer, chronic lung disease,dia- with age, the same cannot be substantial negativeeffectson what and howwecan think.” A. Galston unreasoning, betes,heart disease or ...a said fortheir teachersand ad- others, Mill says that inter- “The Idea of the Brain” is an engrossing journey through unjustified weakened immune system,” ministrators. Nor arestatis- vention is justified in princi- the centuries,intothe profound waysthose metaphors terror which paralyzesneeded 57%said yes. tics likely to reassureparents, pleand maybeadvisablein shaped (and limited) scientists’ thinking about the effortstoconvert retreat into Formost Americans,this forwhom their children are practice—especially,Iwould mysterious organinour skulls.The book is divided into advance.” diseaseisdeeply personal, infinitely precious and irre- add, when those affected have three sections: past (prehistoryto1950), present(1950 to Is our current moment an- andits victims areanything placeable,not abstract ci- no sayinthe matter. today) and future. Originally,the heart, not the brain, was other 1933? butnameless. And because phersinamedical journal. As Iwrite, young adults the origin of thinking and feeling; the Bible and the Quran In one respect, the answer they see it spreading rapidly, acrossthe U.S. areyearning do not mention the brain. That prehistory lives on in our is clearly yes: Fear is perva- they don’t believeithas been to getback to work—and to language: we “learn by heart,” we are“heartbroken,” it’s sive.Inthe most recent NBC contained, at least not yet. Now, as in 1933, it’s barsand beaches as well. It “heartfelt”—tryreplacing “heart” with “brain” in those News/Wall Street Journal sur- According to arecent poll would probably be safe terms,says Mr.Cobb,and see howitfeels. vey,73% of registered voters from the PewResearch Cen- up to leaders to state enough forthem to do so.But From thereheisoff and running through past theories— areworried—33% very wor- ter, 73%ofAmericans believe facts, earn trust and what if they areliving with electricity throughout the 18th century; brain function, ried—that they or someone in that the worstisstill to come, relatives over 60? Policies evolution and patterns of inhibition and activation of their immediatefamily might compared with 26% who be- project confidence. must be wide-angled enough impulses in the 19th; the discoveryofneurons and their contract Covid-19.And the lievethat the peak of the dis- to accommodatethese social intersection at synapses,machine models,and finally the idea fear has spread rapidly: As re- ease is behind us. facts. At this life-and-death of the brain as the locus of control of behavior,throughout cently as amonth ago, only These experiences are No one enjoys perfect moment, we cannot afford the 19th and 20th. Freud has acameo but is dismissed, 43% said they were wor- shaping Americans’ policy safety,anytime,anywhere—a moral myopia. correctly,with the following comment: “In reality,Freud had ried—15% very worried— views. Everyrecent survey reality underscored by the In the broadest sense, nothing novel or insightfultosay about howthe brain worked.” about the disease. shows that the fear of lifting rash of massshootingsinU.S. Americans facethe same chal- In another respect, the an- restrictions and reopening the schools.Schoolchildren in lengeasin1933: restoring swerisclearly no: Thefear is economytoo quickly—costing Newtown, Conn., and Park- confidence. Forthis to hap- Technology has always influenced howwe anything but “nameless.” The morelives—outweighs the land, Fla., eventually returned pen, citizens must trust what perceivethe brain’s function. Todayweimagine novel coronavirus is killing fear of reopening tooslowly, to class, but only after leadersare telling them, and large numbersofpeople whichcostsmorejobs.Only schools hardened their de- policies must be consistent acomputer withcodesand feedback loops. around the globe,especially 3% of respondentsinthe fenses and administrators with what the people cansee the elderly and those with a NBC/WSJ poll think the coun- convinced parentsthat chil- forthemselves. rangeofpre-existing condi- tryisready to reopen now, dren would be as safeaspos- Because the gradual re- In the book’ssecond part, on present theories,Mr. Cobb tions. Everyone knows that and 15% sayitcan do so in a sible.The countrywill be re- opening will start beforemass explores memory, circuits, computers, chemistry, localization thereisnovaccine to protect matterofweeks.Most think it quired to go through asimilar testing is fully available,mis- of function and consciousness. In clear and lively prose,he against the disease and little will take months,and more process—group by group, takesare inevitable.Now introduces us to the characters, personalities,and debates of effectivetreatmentfor those than aquarter believeitwill community by community, morethan ever,the U.S. needs each era, showing that the historyofscienceisfull of “chance who fall severely ill. take ayear or longer.For sector by sector—as it gradu- what FDR called forduring events, mistakes and confusion,” as he putsitearly in the Some blame elected offi- now, the anti-shutdown pro- ally moves to asafe-enough hisfirst presidential cam- book.“Although no one claimed to be able to properly explain cials and the media forwhat testersinthe streetsofstate normal. paign—bold, persistent exper- howthe brain did what it did,” he writes later,“everyone who they regard as apolitically capitals areanoisy,unrepre- Thereisafurther complex- imentation in the public inter- wroteabout the subject inevitably revealed something about motivated campaign to hype sentativeminority. ity,classically stated by the est. Thepeople will accept what they thought, through the wordsthey used, the meta- Covid-19 and undermine Pres- Is ourcollectivefear “un- 19th-centuryEnglish philoso- imperfection, but only if lead- phorsthey employedand the diagrams they produced.” ident Trump.But the evidence reasoning” and “unjustified,” pher John Stuart Mill.When ersare willing to acknowledge Thus in 1896 Henri Bergson could writethat “the brain suggeststhat most Americans as FDR said it wasatthe na- individualscontemplateac- error and changecourse. is no morethan akind of central telephonic exchange,” because telephone exchanges had been around forabout 20 years. Theories that paralleled the inventions of the telegraph and telephone were appealing but imprecise. Our Restaurants Can’t Reopen Until August “The nervous system might be composed of an infinite series of switches,but those switches did not work in the By Kurt Huffman lenges of a different business take apay cut. and deliverybusinessata same way as those in apieceofelectrical equipment,” Mr. model, we realized that we Thestarting wage foraline time of rapidly rising unem- Cobb explains.Likewise,the discoveryofsynapses and the Portland, Ore. needed to hireback some of cook in one of our restaurants ployment. It will be an even ensuing revelations about hownerves function blewaway ycompanyworks with our staff to help with the de- is $15 an hour.These cooks re- biggerproblem onceweare the pre-existing metaphorsand generated newones. M local chefs to open mand. That proved harder ceiveatleast $1 an hour in allowed to reopen our dining Thereader will come away from this illuminating history and operatetheir res- than we expected. tips,soataminimum they rooms.And it will persist at of thinking about the brain with arenewedappreciation of taurants. We arecurrently a We started making the make$16 an hour,or$640 be- least until July 31, when the the task that remains.Todayitseems logical and obvious partnerinmorethan 20 of calls last week,just as our fore taxesfor a40-hour week. unemployment bonus expires. that the brain is “like” acomputer,but just as Steno could them. We closed our dining furloughed employees began Theoverwhelming majority of I’dhavetooffer my cooks never have imagined the telephone—or Bergson the rooms March 15,two days be- ourlaid-off cooks qualified for $25.40anhour to match what computer—wecannot imagine what awaits: “Our ideas will fore the governor mandated Oregon unemployment com- the government is paying be altered yetagain by the appearanceofnew and as yet we do so,and had to layoff Employees refuse to pensation of 1.25% of their an- them not to work. unforeseen technological developments,” Mr.Cobb writes— some 700 employees. We are nual grosswages weekly,or The Trump administration and cultural changes as well, because “scienceisembedded doing our best to stay aliveby return to work as long $416 in our example. The ex- is talking about setting a in culture.” Thecomputer metaphor has reached itslimits. providing takeout and deliv- as they’re getting an tra$224aweek provides a timeline forwhen the country Whoknows what awaits, but in the final section Mr.Cobb eryserviceatabout half our strong incentive to return to can“open forbusiness.” For offersglimmersofthe dazzling possibilities.Perhaps a restaurants. Our goal is to extra $600 a week. work. my business, Congresshas al- theory“will somehowpop out of the vast amountsof surviveuntil we areallowed But as of this week,that ready locked down that date. imaging dataweare generating,” or simple neural networks to reopen. same employeereceives $1,016 We plan to open our dining will reveal higher-level organization, or comparative Although our limited oper- receiving weekly Federal aweek,or$376 more than he rooms on Aug.1,oncethe evolutionarystudies will illuminatemoreabout the ationsleave us at only 30% of Pandemic Unemployment made as afull time employee. government stops paying peo- consciousnessofother animals and thereby our own, or our usual revenue,takeout Compensationchecks of Why on earth would he want ple $15 an hour,ontop of “unimagined newtechnology” ...Our ignorance, as all who and delivery has worked bet- $600 under the Cares Act. to come back to work? standardunemployment com- labor in scienceknow, is not adefeat but achallenge. ter than expected at most lo- Whenweasked our employ- This has had the perverse pensation, to stay home. cations.After two weeks of ees to come back,almost all effect of making it impossible Ms. Tavris, asocial psychologist, is the author (with getting the systems in place said, “No thanks.” If they re- forustohireenough people Mr. Huffman is owner of Elliot Aronson) of “Mistakes Were Made (But Not by Me),” and understanding the chal- turn to work,they’ll have to even forour limited takeout ChefStable LLC. forthcoming in athird edition. P2JW113000-5-A02000-1------XA

A20 | We dnesday, April 22, 2020 ***** THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Trump’s Immigration Distraction Will CongressHelporCrushU.S. Recovery?

resident Trump wantsthe U.S. econ- immigration likeTexas and Iowa had lowjob- Phil Gramm and Michael Solon’s the money-supply implications of how omytoreopen soon and take off “like lessrates.“Having moreimmigrantsreduces messagethat “More‘Stimulus’ Would the surge in the federal budget deficit P arocket ship.” Yetnow he plans to re- the unemployment rate and raises the labor Crush the Recovery” (op-ed, April 15) largely will be financed by Federal Re- clearly is falling on deaf earsinCon- serveSystempurchases of Treasury ducethe human capital nec- forceparticipation rate of U.S. There’s no economic or gress. Both parties sharePresident debt. TheFed will credit the Trea- essaryfor astrong recovery natives within the same sex Trump’sdesiretopassaninfrastruc- sury’sdeposit accountsasthe Trea- by suspending even moreim- health case for blocking andeducation group,” she turebill, but House Democratsare suryimplementsstimulus measures migration to the U.S. found. forging ahead with afar moreambi- instead of the Treasuryhaving to tap “In light of the attack from all immigrants. Immigrantsinthis pan- tious spending plan in the just-intro- privatesavings. Theaccompanying the Invisible Enemy, as well as demic areproviding “essen- duced EmergencyMoney forPeople rise in privatedepositsfromthe stim- the need to protect the jobs of tial” work likefarm labor, Act. TheEMPAwould provide $2,000 ulus funds will add to the nation’s our GREATAmerican Citizens,Iwill be signing meat packing,food preparation and groceryde- monthly paymentstoall Americans money supply that otherwise would an ExecutiveOrder to temporarily suspend im- liverythat arehelping the countryendure. The over the ageof16who makelessthan be depleted due to falling business migration intothe United States!” Mr.Trump NewAmerican Economyadvocacygroup calcu- $130,000 ayear,and those payments revenues and household wagesand tweeted Monday. On Tuesdayhesaid it will last lates that 3.8 million workersinthe food indus- would continue until unemployment salaries. falls to pre-coronavirus levels (below Such effectiveFed monetization of 60 days.The order’s details haven’t been dis- tryare foreign born, and nearly 28% in agricul- 4% in recent months). the rising federal deficit in the near closed, but this looks likeapolitical distraction ture. TheTrump Administration knows this If the authorsare right that the term will help to maintain very lowin- that could become amajor restraint on economic because on April 20 it eased regulations for massivefederal programs adopted in terest ratesfor privateborrowers.In growth if it lastsfor anylength of time. H-2A agricultural visas and liftedthe three- response to the coronavirus,plus the the yearsafter the crisis abates the iii year maximum on an H-2A stay. massivelending by the Federal Re- Fedshould be rolling over maturing One question is whythis is necessaryeven TheWhiteHouse also concedes all this by serve, have already enlargedand em- Treasuryissues instead of requiring forpublic-health reasons.Mr. Trump has leaking that Mr.Trump’sorder will carveout poweredgovernment, the Democrats’ the Treasurytorefinancebytapping barred travel to the U.S. from much of the exceptions forfarm and health-careworkers. newspending plans would perma- the privatesavingspool. And the in- world, and his Administration has stopped pro- He should unlesshewantscrops rotting in the nently alter the balancebetween terest collected by the Fedwill, as al- cessing nearly all newvisas forforeigners. For- fields and Covid-19 patientstogountreated. America’spublic and privatesectors. ways, be returned to the Treasury, eign governmentshavesuspended nonessential Theforeign-born shareofU.S.doctors, nurses EMPA’smonthly paymentsof$2,000 thus effectively limiting anyfuture to,say,225 million Americans would taxpayerdebt burden stemming from travel to the U.S. All of this plus mandatory14- and other health workersisroughly 16.5%. bakeinincremental monthly deficits the current stimulus measures. dayquarantines fornew arrivals should block iii of roughly $450 billion. With any Theprospectivemonetization of anynew coronavirus surge from overseas. All of which suggeststhat Mr.Trump’sreal luck—from aDemocrat’sperspective— the rising federal deficit should not There’salso no evidencewe’veseen that im- calculation hereispolitical. WhiteHouse ad- looming deficitsand an economy raise priceinflation. TheFed’smone- migrantsare associated with the spread of viser Stephen Miller has long wanted to shut smothered by government spending tization is atemporaryreplacement Covid-19 more than anyone else. Hot spots for down most immigration, legal and illegal. In and borrowing would keep unemploy- of purchasing powerthat otherwise infection have broken out in big cities likeNew the coronavirus he mayhavefound his opening. ment abovethe pre-coronavirus level, would be plummeting.When the York,and in meat-packing plantsinthe Mid- Thecountryisworried, and Mr.Trump’score ushering in what is,ineffect, asup- economyand privateincomes and de- west, whereimmigrantslocate. But the spread supporterswill cheer.With his approval rating plemental universal basic income of positsrecover,the Fedshould cease thereisdue to living,working or commuting down, Mr.Trump mayfeel he needs to return $24,000 ayear.Washington’sdebt such purchasing powersupplements, would quickly dwarfour GDP and the thus preventing aggregatepurchas- in close quarters, not to largerinfection rates to one of his favorite2016 themes.You know privatesector would playacameo role ing powerand demand from outrun- among immigrants. cynicism is afoot when the White House press of rent-seeking and funding the fed- ning aggregatesupply and raising Mr.Trump’seconomic case is even weaker. secretarycites Paul Krugman as an economic eral beast. priceinflation. “Decades of record immigration have produced authority on immigration. Theauthorscitethe financial and Milton Friedman’smost important lowerwages and higher unemployment forour But the priceofall this maybeaslowereco- economic risk of Democratsdemand- lesson wasthat the Great Depression citizens,especially forAfrican-American and nomic recovery that will hurt the largerpublic. ing a“Depression-esque” recovery would have been much lessdisastrous Latino workers,” Mr.Trump said in aWhite As Kurt Huffman writes nearby,employers are packageand ask: “Is that afuture if the Fedhad prevented ahugede- House statement Tuesday. already having ahardtime rehiring some em- most Americans want to fight for?” cline in the nation’smoney supply. But only weeks agoMr. Trump wasboasting ployees who arenow making much moreinjob- Theansweris“maybe,” and even if Hopefully,economistsand policymak- about aU.S.joblessrateof3.5%and record lessbenefits. Democratswill makeRepublicans they don’t want to fight forit, they erswon’t forget this lesson by instead lows forblacks and Hispanics.Legal immigra- vote to extend the extra$600 aweek benefit might halfheartedly accept it. We may fixating on the rising budget deficit, not knowthe answeruntil November. interest ratesand inflation. tion levels were still running at an annual rate fornot working intothe autumn. And how TED PERKINS MAURY HARRIS of about one million at the time,and that “temporary” will Mr.Trump’simmigration ban Richmond, Va. New York doesn’t count illegal migrantsattracted by the be as the election approaches? Mr. Harris is aretired chief U.S. strong U.S. economy. If immigrantssteal Amer- Beyond the damagetolifeand livelihood, Messrs. Gramm and Solon ignore economist for UBS ican jobs,why were theremillions of unfilled the greatest threat from the coronavirus are jobs beforethe pandemic? policy mistakes that prolong the economic Nearly all of the economic evidenceshows pain.Democratswant to use the pandemic as that immigrantsenhanceAmerican growth and an excuse to put government in charge of much Prisons AreNot Built forSocial Distancing jobs.Former Federal Reserveeconomist Made- moreofthe privateeconomy. NowMr. Trump line Zavodny, nowatthe University of North wantstolimit America’ssupply of human tal- The Journal describes the federal mates who pose no public-safety risk, Florida,examined stateemployment levels and ent. If they succeed, we will wake up in 2021 prison in Oakdale, La., as “under inmates with “at risk” health condi- siege” (“Virus Puts a Prison Under tions, and those who can be sent to immigration forthe National Foundation for having defeated Covid-19 but at the high cost Siege,” The Coronavirus Pandemic, home confinement. But bureaucracy American Policyin2018.Stateswith surgesof of adiminished economic future. April 7). One inmate sent me word works slowly for inmates in a country that “the virus is jumping around like conditioned by a “lock ’em up and fleas on a dog.” The living conditions throw away the key” mentality, nur- Thank Yo u for Flying SpaceX in Oakdale are so cramped, inmates tured by “wars” on crime, and candi- living one on top of the other, no pro- dates seeking votes with “law and or- merica’sspaceprogram is about to get boardfor an operational mission. tection, no privacy, communal show- der” slogans. abrand newride.NASA said last week NASA is calling it “a newera of human space- ers and shared soap. Urinals are Even with the pandemic reportedly A that on May27two astronautswill be flight,” and the agencyisright. Boeing’s compet- inches apart. There can be no safe slowing, the worst is yet to come for strapped intoaSpaceX crew capsule atop a ing crew capsule,the Starliner,isundergoing un- separation. The living conditions inmates. Remembering that they, too, make inmates vulnerable. are mothers, fathers, sisters and SpaceX rocket, which will blast them to aspeed manned testsbut could welcome astronautsas When inmates are infected it en- brothers, perhaps all religious faiths of 17,000 miles an hour,toEarth orbit and the soon as 2021. Competition will boost innovation, dangers staff, guards and their fami- can ask, “What would Jesus do?” international spacestation. while helping to keep NASA’s costsincheck. lies and residents of prison communi- DON SIEGELMAN This is an upgrade from the usual astronaut On alowertrajectory, Virgin Galactic wants ties, but the ones most vulnerable to Birmingham, Ala. commute. Forthe past nine years, sincethe Space to take paying customersfor weightlessjoy rides death are those locked up. Mr. Siegelman, who served as gov- Shuttle’sfinal mission in the summer of 2011, on itssuborbital spaceplane.About 600 seats U.S. Attorney General Bill Barr or- ernor of Alabama from 1999 to 2003, Americanshavehad to hitch to orbit on Russian have been sold, reportedly at prices up to dered the release of nonviolent in- was an Oakdale inmate for five years. craft. Next month’sliftoff from the Kennedy $250,000,and flightscould begin this year.Blue SpaceCenter in Florida will be the firstastronaut Origin has similar tourism plans forits New launch from U.S. soil in almost adecade. Shepardcapsule. Many Costs From Hospitals’ Loss of Revenue It’salso agiant leap forprivatespaceflight. Elon Musk talks about going to Mars, and Jeff Your editorial “Sending Hospitals brain and spinal-cord surgery, as well In ademonstration last year,SpaceX sent an un- Bezoslast year unveiled amock-up of aBlue Ori- into Bankruptcy” (April 20) doesn’t as plastic reconstructive procedures, manned Crew Dragon capsule,filled with sup- gin moon lander.Privatespaceflight is still in its go far enough. Restricting elective to mention a few. If the restriction of plies,torendezvous with the spacestation. The infancy. But if all goes well with next month’s surgery for a prolonged period will elective operations continues for an launch next month is billed as asecond demon- SpaceX launch, Americans might look back at it have an adverse impact on the physi- extended period, the surgeons’ skills stration, beforeNASA putsfour astronautson as amomentous firststep. cal skills of surgeons. Surgeons have will atrophy. Unfortunately, this may many years of training and experience result in an increased risk and the to develop the physical skills to per- likelihood of complications in such The Shutdown Bill Grows form safe and expeditious operations. operations when normal operating- This is especially true for surgeons room activity returns. he priceofshutting down the Ameri- 75%oftheir loan on payroll to qualifyfor for- who perform delicate reconstructive SAMUEL L. KALUSH, M.D. caneconomykeeps going up.The lat- giveness. This rules out countlessbusinesses operations. These operations include Sarasota, Fla. robotic procedures, correction of con- T estinvoicefor futuretaxpayers is the that spendlessonpayroll. Congresswants genital heart defects in infants and You seem to think that “sending $484 billion deal between Treasury to fixit, but leaving young children, vascular surgery, hospitals into bankruptcy” is an unin- the WhiteHouse and Con- Congress rolls out $484 it to the bureaucracyisbuck- tended consequence of the lockdown. gressional Democratson billion more for small passing. Listening to the vicious rhetoric from Tuesdaytoreplenish asmall- Republicans also cavedto Canadians Often Occupied the left, I am no longer sure this is businessrelief fund. Republi- business and hospitals. NancyPelosi’s and Chuck The White House on Screen unintended. Hospital failures get cans conceded to demands Schumer’s demands for$100 added to the ammo used against Pres- for$160 billion forDemo- billion moreinhealth-care TerryTeachout expresses surprise ident Trump and to the Democrats’ cratic priorities,and everyone in Washington money—including $75billion forhospitals. that Hollywood would cast “a second- mantra that “only the government is well pleased. Rank-and-file Democratswereunder mounting tier Canadian actor” as Abraham Lin- can do health care right.” Sadly, few coln (“Perfectly Cast forPerilous will recognize that government’s mis- ThePaycheck Protection Program ranout of pressurefromconstituentstojustifytheir re- Times,” Life&Arts, March 20). Other handling of the non-apocalyptic pan- money last week,asstruggling businesses fusaltomoveonPPP funding,and some had al- Canadian actorshaveportrayed Ameri- demic was what got us into this mess tapped the initial $350 billion Congressap- ready broken with leadership.Washingtonhas canpresidents: Walter Huston in in the first place. proved last month. TheGOP wanted $250 bil- only begun to distributethe $100 billion Con- “Abraham Lincoln” (1930) and Alexan- MICHAEL P. CARTER, M.D. lion without mussorfuss. But Tuesday’sagree- gresshas already approved forhospitals. der Knox in “Wilson” (1944). Moreover, Blue Ridge, Ga. ment will infuse the PPP with another $310 Democratshavefigured out that President far from being “second tier,” Raymond billion, plus $60 billion in loans and grantsfor Trump and TreasurySecretaryStevenMnuchin Massey wasthe finest movie villain of Pepper ... aseparateSmall BusinessAdministration di- don’t want aspending fight. They want deals. the 1930s and ’40s,portraying Citizen And Salt saster-relief program. Less forgivable is that Republicans failed even Chauvelin in “The Scarlet Pimpernel” (1934), Black Michael in “The Prisoner TheMembersare congratulating themselves to insist on liability protection forhealth-care THE WALL STREET JOURNAL forsetting $60 billion exclusively forlending providersinreturn forthe money. of Zenda” (1937), the stern island gov- ernor in “The Hurricane” (1937), John by “community banks” and smaller financial in- TheGOP did at least hold out against Demo- Brownin“SantaFeTrail” (1940), and stitutions with assetsoflessthan $50 billion. cratic demands forhundreds of billions more the Nazi officer in “DesperateJourney” This is supposed to addressthe complaint that forstate and local governments. But Mr. (1942), as well as Jonathan Brewster in big banks in the firstround of financing moved Schumer is already clamoring foranother bill “Arsenic and Old Lace” (1944). He also to help their customersbeforemom-and-pop that will match “insizeand ambition” the $2.2 playedJames Dean’sstern father in businesses.Congresshad set up the first-come- trillion rescue packagefromlast month. Demo- “East of Eden” (1955). first-servesystem, which had the virtue of not cratsinparticular want abailout forthe blue- ROGER RITTER playing political favorites.Now Congressisdic- state public-union governance model, and Mr. Alexandria, Va. tating that community-bank customerswill get Trump is open to it. dedicated funds. ThePPP money is needed to prevent count- Lettersintended forpublication should Congressfailed in this deal to fixPPP provi- lessbankruptcies and layoffs,but even this be addressed to:The Editor,1211 Avenue of the Americas, NewYork, NY 10036, sions that arealso barriersfor manybusi- won’t be enough if the shutdown dragson. or emailed to [email protected]. Please nesses.That includes Treasuryrules that re- Democrats seem to enjoy spending trillions of includeyour cityand state. All letters strict businesses from using their loans to pay dollars, but Republicans should stop and con- aresubject to editing,and unpublished suppliers, contractors, creditorsorinsurers, as siderwhat’sreally needed beforethey sign on letters canbeneither acknowledged nor “Let’s first talk about how returned. well as arequirement that businesses spend formore. you could have done worse.” P2JW113000-0-A02100-1------XA

THE WALL STREET JOURNAL. We dnesday, April 22, 2020 | A21 OPINION Coronavirus What Won’t Cure Corona: Lawsuits And the By Evan G. Greenberg and reduced real estateand equity valuations.The Fed’sinterest-rateac- Laboratories oronavirus has delivered the tions will weaken our investment in- most severeblowtothe come.These will be tough times for American economysincethe allbusinesses.Insurersdon’t need— In Wuhan C Great Depression. Thecon- and aren’t asking for—special treat- traction in growth and spike ment. But these challenges could turn in unemployment will add to the hu- existential if the insuranceindustryis By Tom Cotton manmiseryasthe health crisis un- compelled to coverbusinessinterrup- folds.How long the disaster will tions it didn’t insure. he U.S. government is investi- last—or howmuch worseitwill get— Forexample,itisestimated that T gating whether the Covid-19 is unclear.But it won’t help Ameri- the nation’ssmall businesses will suf- virus came from agovernment cans or the economytoallowlawsuits ferlosses from shutting down rang- laboratoryinWuhan, China. TheChi- to proliferateortotry to pin the dam- ing from $250 billion to $430 billion nese Communist Party denies the ageoninsurerslikemycompany. amonth. Insurancecompanies have a possibility.“Thereisnoway this vi- First, some historyisinorder. totalof$800 billion in capital and ruscame from us,” claimed Yuan Manyexperts, including professional KI surplus, which supportsnot only le-

Zhiming over the weekend. Mr.Yuan economistsand leadersofthe Federal OWS gitimatecoronavirus claims but also ZL

is atop researcher at the Wuhan In- Reserve,believethe great lesson of KO day-to-dayclaims,plus hurricanes,

stituteofVirology, which studies the 1930s wasafailureofmonetary TIN wildfires and the like. That capital ex-

some of the world’sdeadliest patho- policy. This accountsfor the uncon- MAR iststosupport these exposures. gens.Heisalso secretaryofthe lab’s ventional measures that Ben Ber- Standardindustrypolicyforms, Communist Party committee. He ac- nanke’sFed adopted afterthe finan- the threat of litigation fornot only nesses.The fundamental assumption which areapproved by regulators, cuses me of “deliberately trying to cial crisis in 2008,now expanded by present decisions but even actions be- is that only afew will have afireor stipulateclearly what business-inter- mislead people” forsuggesting his Jerome Powell’s Fedinthe pandemic. fore the threat of coronavirus wasevi- an illnessatany given time.Insur- ruption eventsare covered. Theover- laboratoryasapossible origin for In fact, therewas an even biggercol- dent. This is wildly counterproduc- ancealso covers natural catastrophes whelming majority of insured cover- the pandemic. lectivefailure: competitivedevalua- tive—and it will be expensive. such as hurricanes,wheremanyare agerequires physical damagesuch as tions and protectionism, which un- Meanwhile,thereisaneffort to making claims at once. But these afireorflood that preventsthe busi- dermined confidenceand hastened forcethe insuranceindustrytopay events arelimited both in geography nessfromoperating.Viruses aren’t Their researchers travel theeconomic decline. forlosses related to the virus that it and duration, allowing the same covered. This is essential contextfor the didnot insure. Some businesses and pooling of risk. As forbusiness, Congressshould to caves across China, debateinthe U.S. about liability aris- policy makersthink business-inter- Pandemics aredifferent. Thecoro- grant limited immunity from litiga- where they capture live ing from the pandemic.The risk is a ruption coverage should payout for navirus started in China but it has tion driven by the coronavirus crisis. return of beggar-thy-neighbor poli- neither geographic boundaries nor a Congresshas done this before. No bats to study viruses. cies.The modern version will be a time limit. Thelosspotential in prac- one knewthe impact this pandemic wave of litigation filed against man- Businesses need protection tical terms is infinite, but insurance would have on frontline crisis re- agersand boards of everykind of or- companies have finitebalancesheets. sponders, businesses,organizations Beijing has claimed that the virus ganization. Then thereare effortsto from litigation threats, Only the government has the finan- andotherssupporting society and originated in aWuhan “wet market,” damageone industry(insurance) to and insurers can’t pick up cial resourcestodeal with this pan- the economy. Whyhold anysingle in- wherewild animals were sold. But help another (small businesses). No- demic—a fact recognized by the Fed’s dustryaccountable forhuman and fi- evidencetocounter this theory body wins in this scenario. the tab for the pandemic. extraordinarylending actions and the nancialconsequences no one saw emergedinJanuary. Chinese re- Unchecked litigation forany injury $2 trillion aid packagepassed by coming? Again, no special treatment searchers reported in the Lancet Jan. linked to the coronavirus would sig- Congress. for insurance—exempt us from 24 that the firstknown cases had no nificantly increase uncertainty—for the pandemic’sdamage, even though As it is,the coronavirus pandemic immunity. contact with the market, and Chinese small businesses,nonprofits, corpora- those risks aren’t coveredinthese imposes aheavy burden on the insur- Litigation mayhelp the tort indus- state media acknowledged the find- tions,universities,transit systems, policies,nor were premiums collected anceindustry. Thecrisis means tens trybut it doesn’t servethe national ing. There’s no evidence the market shopping malls and retirement vil- forthe exposure. This would violate of billions of dollarsofadditional interest. It would add to uncertainty, sold bats or pangolins, the animals lages.All of them aretrying to protect the integrity of contractsset forth in claims.The economic shutdown crippling prospectsfor an orderly re- from whichthe virus is thought to their people,servethe public,and Article Iofthe Constitution. If imple- means revenues aredown, which will covery.Itwould repeat the beggar- have jumped to humans.And the bat preservetheir organizations.Dealing mented, it would bankrupt the insur- reduceearningsinturn. thy-neighbor mistakes of the Great species that carries it isn’t found with urgent needs,scarceinforma- anceindustrytopropupother parts Our balancesheetswill also be hit: Depression. And it would violatethe within 100 miles of Wuhan. tion,and oftendwindling resources, of the economy. Thevalue of assetswill be dimin- firstrule in acrisis: Do no harm. Wuhan has two labs wherewe they makethe best decisions they Insuranceworks by spreading risk ished by market prices.Asset impair- knowbatsand humans interacted. can. And nowthese businesses all face acrossmanyindividuals or busi- mentswill come from credit defaults Mr. Greenberg is CEO of Chubb. One is the InstituteofVirology, eight miles from the wetmarket; the other is the Wuhan Center forDisease Con- trol and Prevention, barely 300yards Coronavirus Opportunism on Both Sides of the Aisle from the market. Both labs collect liveanimals to Anyone surprised by hair-on-firevariety that we’vecome than the safety of society? sanctuary-city policyfor illegal im- study viruses.Their researchers President Trump’s to expect. But as TheWall Street We knowthat alarge shareof migrants. Apparently,criminal ille- travel to caves across China to cap- tweet Mondayabout Journal reports,the directivewon’t crime,including violent crime,is galaliens wanted by federal immi- ture batsfor this purpose.Chinese suspending immi- do much morethan codifywhat’sal- committedbyrepeat offenders. We gration authorities aretobe statemedia released a minidocumen- gration to the U.S. ready happening: “Even without an also knowthat these offendersare protected, but citizens sitting too tary in mid-December following a either is faking it or executiveorder,the administration disproportionately black and His- close to one another on apark team of Wuhan CDC researcherscol- UPWARD hasn’t been paying has already all but ceased nearly ev- panic and primarily target members bench aretoberattedonand fined lecting viruses from batsincaves. MOBILITY attention. eryform of immigration.” Moreover, of their ownracial or ethnic group. up to $1,000. Theresearchersfretted openly about Thepresident the order “isexpected to include ex- Themedia have been obsessing that Mr.deBlasio wasalso among By Jason L. the risk of infection. made his feelings ceptions formigrant farmworkers, low-income minority communities those firstcalling forthe release of Riley These risks were not limited to about foreign na- who makeupabout a10th of the especially have been harmed by the inmates and forless-aggressivepo- the field. TheWashingtonPost re- tionals clear long workforce on U.S. farms,and health- licing during the lockdown. In re- ported last week that in 2018 U.S. beforehewon office, and he’sbeen care workers, particularly those cent weeks,rape,robberyand felony diplomatsinChina warned of “a seri- nothing if not consistent. He be- helping treat coronavirus patients.” Trump is using the crisis assault aredownfromlast year,but ous shortageofappropriately trained lieves that legaland illegal immi- It has been noted that immi- murder,burglaryand carthefts have technicians and investigatorsneeded grantsalikeelbowAmericans out of grantsare overrepresented in “es- to restrict immigration, risen. And subway robberies have to safely operate” the InstituteofVi- jobs and overburden social services. sential worker” occupations—every- while Bill de Blasio is using increased by 54% while ridership is rology. The Wuhan CDC operates at And he is unpersuaded by the evi- thing from physicians to taxi drivers down by nearly 90%, according to even lower biosafety standards. denceundermining such claims—ev- —which is something the White it to empty the jails. the NewYork Post.The paper re- While the Chinese government de- idence, ironically,that continued to Housemight keep in mind as the portsthat at least 50 newly released nies the possibility of a lab leak, its pile up under his ownpresidency. pandemic plays out. What’smore individuals have already been re- actions tell adifferent story. The According to the PewResearch important, however, is that we had pandemic—health-wise and econom- arrested, and in some cases set free Chinese military posted its top epi- Center,some 44 million people liv- asignificant labor shortagenot long ically.Returning large numbersof asecond time. demiologist to the InstituteofVirol- ing in the U.S. were born in another ago, and it’shardtorevive an econ- criminals to these neighborhoods “I thinkit’sunconscionable just ogyinJanuary. In FebruaryChair- country, and an estimated 10 million omyiftherearen’t enough workers prematurely is unlikely to help,es- on ahuman level that folks were man Xi Jinping urged swift arehereillegally.Nevertheless, be- to fill jobs. pecially when government and law shownmercy,and this is what some implementation of newbiosafety fore the pandemic,the unemploy- Mr.Trump will catchgrief forus- enforcement arecounting on people them have done,” Mr.deBlasio said rules to govern pathogens in labora- ment rate stood at a50-year low, ing the coronavirus scaretopush a to adheretobehavioral guidelines at anewsconferenceMonday. Re- tory settings. Academic papers about and job openingsoutnumbered by mostly unrelated immigration voluntarily. ally? A2018 JusticeDepartment re- the virus’sorigins arenow subject to more than amillion the number of agenda, but his political opponents On Saturday, NewYork MayorBill port analyzedrecidivism rates prior restraint by the government. people looking forwork.Factory areplaying similar games.Springing de Blasio urgedresidentsofthe na- among inmates freed in 2005 and In early January, enforcers workersweregetting signing bo- criminals from jails and prisons to tion’slargest city to snap photo- concluded that “anestimated 68% of threatened doctorswho warned nuses,and fast-food chains were of- protect them from catching the vi- graphs of people who arenot social released prisonerswerearrested theircolleagues about the virus. fering six-figuresalaries to manag- rusisone of manyexamples,and distancing,mark their location, and within 3years, 79% within 6years, Among them wasLiWenliang, who ers. Poverty among minority groups potentially the most dangerous one. report them to authorities.Some of and 83% within 9years.” died of Covid-19 in February. Labo- wasfalling to record levels,and Sincewhen did the well-being of us wondered howhesquared this It’snot “unconscionable,” Mr. ratories working to sequencethe vi- wageswererising faster forless- convictsbecome moreimportant pronouncementwith NewYork’s Mayor. It’spredictable. rus’sgenetic code were ordered to skilled workersthan fortheir super- destroy their samples.The labora- visors. tory that firstpublished the virus’s In other words, Mr.Trump’s genome wasshut down, Hong Kong’s strong economic record refuted I Find Comfort at the World’s Fair South China Morning Post reported most of his anti-immigrant alarm- in February. ism. All of it had been accomplished By Allan Ripp washeld in NewYork,aplaceI’d seum, Jones Beach, Lincoln Center— This evidenceiscircumstantial, to without hundreds of miles of new dreamed about sincewatching“The all teeming with people,all deserted be sure, but it all points toward the barriersalong the southern border, ttook awhile,but Ifinally found Ed Sullivan Show” and “The Bowery now. But I’m as roused by adisplay Wuhan labs. Thanks to the Chinese without massdeportations,and I something to quell my anxiety Boys,” has kept the fantasy of the fair forSchrafft’srestaurantsand cocktail coverup, we may never have direct, without banning newimmigrants. during the coronavirus’sspread. alivefor 55 years. lounges (33 locations acrossthe city) conclusiveevidence—intelligence Thepresident surely understands Everyone needs asecurity blanket To the modern eye, the 312-page, and an ad forChun King Inn offering rarely works that way—but Ameri- this,but he also knows howtokeep now—it could be asong,afamily $1 guide published by Time-Life aseven-coursefeast of eggrolls, cans justifiably canuse common his base of supportersengaged. photo, amantra. My wifeiscalmed Books reveals the fair’s Chamber of chowmein, fried rice, eggfoo young sense to followthe inherent logic of Dumping on the country’smost re- by Instagram postsofwell-ordered Commerce boosterism—it wasagi- and other delightsfor 99 cents. events to their likely conclusion. cent arrivals is atactic with along kitchens untouched by shelter-at- ant trade show. But my 1960s-era Even astodgyoutfitlikeTravelers political pedigree. home disarray. imagination is still dazzled by the Insurancehad something amazing—a Mr. Cotton, aRepublican, is aU.S. Most news coverage of Mr. My ownblankie is the Official wondersoffiberglassand Frigidaire’s panoramic march through civilization senator from Arkansas. Trump’sannouncement is of the Guidetothe 1964-65 NewYork Kitchen Idea Center. under the company’sred umbrella, World’sFair.Ipicked it up at avintage from thediscoveryoffiretoancient shop in Hudson, N.Y.,adecade ago. Romeand aCivil Warbattlefield.“No Now, as I’m isolating at aweekend The guide to New Yo rk’s one—adultorchild—should missthis PUBLISHED SINCE 1889 BY DOWJONES&COMPANY home outside NewYork’shot zone,I uniquely exciting experience,” which Rupert Murdoch Robert Thomson am drawntothe guide multiple times 1964-65 expo depicts a Travelersdubbed “The Triumph of Executive Chairman, News Corp Chief Executive Officer, News Corp aday,finding inspiration and hope Man.” Next stop:Covid vaccine? Matt Murray William Lewis world filled with invention, Editor in Chief Chief Executive Officer and Publisher that my city—and the world—will see enterprise and knowledge. In hiswelcome note, RobertMo- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: bettertimes ahead. ses,the fair’s president, asks: “What Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; Inever made it to the fair,held in is it youwant? ...Machines that fly, Natalie Cerny, Chief Communications Officer; Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; FlushingMeadows,Queens,overtwo think,transport, fashion and do News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; spring-summer cycles in 1964 and An artist’srendering of the Kodak man’swork? Spices,perfumes,ivory, Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer ’65.Myfamily lived in Pittsburgh and PictureTower—with a“sweeping apes and peacocks? Dead sea scrolls? Features &Special Projects; Andrew Dowell, OPERATING EXECUTIVES: didn’t take such ambitious trips.In- moondeck roof”—is thrilling,asare Images divine and graven? Theprod- Asia; AnthonyGalloway, Video &Audio; Kenneth Breen, Commercial; AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; stead, Imarveled at the futuristic pa- Walt Disney’s Magic Skyway,Delco’s uctsofphilosophy, which is the guide Features &Weekend; Emma Moody, Standards; TracyCorrigan, Chief Strategy Officer; vilions and drive-through dioramas AutoCenter of Tomorrow and Gen- of life, and knowledge, which is Shazna Nessa, Visuals; MatthewRose, Enterprise; Frank Filippo, Print Products &Services; (in aFordconvertible!) from the eral Electric’sProgressland, featuring power? We have them all.” Michael Siconolfi, Investigations; Nikki Waller, Live Kristin Heitmann, Chief Commercial Officer; Journalism; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; pages of LifeMagazine on my grand- an “all-electric city.” Even Clairol’s As my anxiety remains high under Thomas SanFilippo, Customer Service; parents’ porch. ColorCarousel, wherewomen could lockdown, Ikeep turning to the guide GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; Theidea of the fair always excited seethemselves as “a blonde,ared- forcomfort. It shows that aworld fo- Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International me—80 countries and all 50 states head or abrunette,” sounds awe- cused on invention, enterprise, Barron’s Group: Almar Latour, Publisher coming together to displaytheir cul- some.And who wouldn’t want to fol- knowledgeand agood eggroll will WALL STREETJOURNAL MANAGEMENT: Professional Information Business: tural waresinone place. Plus, lowthe enormous smokeringsto find away forward. If we getthrough Joseph B. Vincent, Operations; Christopher Lloyd, Head; LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head vaunted companies likeCoca-Cola, General Cigar’s Hall of Magic? this,Imay buy aconvertible.

EDITORIAL AND CORPORATEHEADQUARTERS: IBM,Bell Telephone and General Mo- There’sasection on NewYork at- 1211 Avenue of the Americas, New York, N.Y., 10036 tors showing their newest products tractions—Rockefeller Center,the Mr. Ripp runs apress relations Telephone 1-800-DOWJONES andout-thereideas.That the expo United Nations,Metropolitan Mu- firm in New York. P2JW113000-0-A02200-1------XA

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S&P 2736.56 g 3.07% S&P FIN g 3.20% S&P IT g 4.10% DJ TRANS g 1.57% WSJ $ IDX À 0.42% LIBOR 3M 1.043 NIKKEI (Midday) 19050.33 g 1.20% See more at WSJ.com/Markets Social Distancing Boosts Snap Oil Wagers Burn Some App users, revenue spending in the quarter,the friends on Snapchat increased count to rise to 224 million. growth ratesinthe firsttwo firsttoshowthe impact of the morethan 50%. Snap’srevenue rose 44% in months of the quarter, which soar in results that coronavirus crisis. Following the report, Snap the firstquarter to $462.5mil- offset lowergrowthinMarch. Individual bode well for As Snap is the firstsocial- shares jumped morethan 19% lion, up from $320.4 million a Theresultsindicatethat media companytoreport re- in after-hourstrading,almost year earlier and significantly Snap maybewell positioned Facebook, Alphabet sultsfor the quarter,its per- wiping outthe stock’slosses beating analyst estimates of despiteincreasing uncertainty Investors formancecould bode well for forthe year. $430 million, according to in the global economy. BY GEORGIA WELLS heavyweights Facebook Inc. TheSantaMonica, Calif., FactSet. “Snap seems to have been and Alphabet Inc.,which de- companysaid itsdaily user “Snapchat is helping people protected as it relies more on BY AMRITH RAMKUMAR Snap Inc. reported a surge liver earningsnextweek. base rose 11 million from the stay close to their friends and larger advertisers,” said Jim in growth in usersand reve- Communication with friends previous quarter to 229mil- family while they aresepa- Cridlin, global head of innova- Thecollapse in crude prices nue in the firstquarter,as on the company’sSnapchat lion, marking the fifthconsec- ratedphysically,” Snap Chief tion and partnerships at Mind- is creating mounting losses for homebound usersturned to its appincreased by morethan utivequarter of growth. Snap- ExecutiveEvanSpiegel said in share, aunit of global ad be- ordinaryinvestors, asign that chat app for connection with 30% in the last week of March chat’sability to increase its prepared remarks. hemoth WPP.Those larger the energy crisis is starting to friends amid the pandemic. compared with the last week user count is crucial to at- On acall with analysts, Mr. advertiser budgetsare more ripple beyond the oil patch. Theresultsmark asurprise of January, the companysaid. tracting moreadvertisers and Spiegel also attributed some stable than small-businessad- Individual investorshave as manyanalystsestimate In areas hardest hit by the revenue.Analystspolled by of his company’sability to in- vertisersand their businesses piled intoriskyproductslike sharp decreases in digital ad pandemic,communication with FactSet had expected the user crease itsrevenue to high PleaseturntopageB2 the United States Oil Fund,a popular exchange-traded fund designed to track the priceof crude,despitewarningsthat Gucci Revenue Drops but Sales in China Find a Firmer Footing such productsare unsuitable forinexperienced traders. Hundreds of millions of dol- larshaveflowedintothe fund in recent days,evenwith its pricecollapsing. Investorsare trying to wa- geronanoil-market recovery afterlockdown measures to stop the coronavirus arelifted. But oil continues dropping, with factories shut and air- planes and motoristsunable to travel. Thebenchmark U.S. crude futures contract forde- liveryinJune tumbled 43% to $11.57 abarrel Tuesday, its lowest close in 21 years. The contract fordeliverynext month, meanwhile,rebounded intopositiveterritoryafter plunging below$0Monday. “I’m either going to getmy asshanded to me or I’m going to be really smart,” Sean Doug- las,a36-year-old entrepreneur in Raleigh, N.C., said. “I’m go- ing to just ride it all the way.” He invested about $1,000 in the ETFthis month. Itspricefell 25% to $2.81 on Tuesday, bringing itsdropinthe past week to 41%. Theenergy-market turmoil contributed to aTuesdayslide GES in stocks and adds to pressure IMA on oil ETFs.Manyanalysts

GETTY have warned against individu- A Gucci store in Wuhan was spruced up at the end of March in preparation for the lifting of the Chinese city’s coronavirus lockdown in April. The company;s sales fell als owning the productsfor in the first quarter as its reliance on Chinese shoppers—kept home by the pandemic—hit the Italian fashion label hard. The outlook is improving for this month. B3 yearsbecause of losses suf- feredduring past periods of market stress, including the fi- nancial crisis.Some use bor- rowedmoney to amplifyre- Venture-Backed Firms Debate Stimulus Money turns,aprocess that can magnifylosses when things sour. TheU.S.Oil Fund’soperator, BY ROLFE WINKLER vestorsapplying forrescue tures,said he and other venture Mr.Wenger said people in tech- doesn’t layoff workers. If used United States Commodity AND YULIYA CHERNOVA funding from the federal gov- capitalistshavepushed startup nologycircles suffered from for“unauthorized purposes” Funds LLC,said it has issued ernment’sPaycheck Protection founderstothink hardabout theirinsularity.“In times like applicantsmay be held legally all registered shares and sus- Manystartups rushed to Program, pointing to closed res- whether they really need the this,Ithink we maylack some liable,“such as forchargesof pended theability of purchas- claim funds from the U.S. taurants, hair salons and bars money.Hesaid the loans are understanding of the impact fraud.” On Thursday, the Small erstobuy newcreation bas- government’ssmall business that need the money more. Oth- “meant to prevent imminent this is having on Main Street BusinessAdministration said kets.Such basketshold the loan program. Nowventure ers, however, arguethat many bankruptcy,” so small compa- businesses.” the program’sfunding ranout. fund’s oil futures.The move capitalistsand startup founders startups genuinely need the nies at risk of disappearing can ThePPP offered loans of up On Tuesday, the Senatevoted will essentially makethe ETF a aredebating whether they money because their businesses last forafew extraweeks. to $10 million to businesses to extend the program with closed-end fund with afixed should have. were hit hard, tooand investors “Everyone said it’sfree with fewerthan 500 employ- an additional $310 billion in number of shares fornow.That Some object to companies have stopped writing checks. money,” he said. “No,it’snot ees hurt by coronavirus-re- funding. could makeitevenmorevola- with potentially millions of dol- Albert Wenger,managing free,you’retaking it away from lated shutdowns.Loans canbe Mr.Wenger said “companies tile,because itspricecan now larsincash or access to rich in- partneratUnion SquareVen- abusinessthat really needs it.” forgiven if the company PleaseturntopageB7 PleaseturntopageB13 Expedia NearsDeal INSIDE Wild Stock Market Gets Even With Apollo,SilverLake Wilder While Yo u’reAsleep

BY CARA LOMBARDO of the world’spopulation re- mains under orderstostay BY GUNJAN BANERJI Trading in derivatives has 80 Expedia Group Inc.isinad- home to stem the spread of surgedthis year as investors vanced talks to sell a stake to thenew coronavirus.Airline Trading in overnight stock have soughttoprofit from private-equity firms Silver passenger numbershave futures has skyrocketed, adding 60 Lake and Apollo Global Man- fallen by 95% or morefrom to anearly nonstop stretch of the market's wild swings. agement Inc. afterthe wide- prepandemic levels and many market activity and luring more spread travel bans caused by hotels arenear-empty or be- investorstojoin in the action. 40 the coronavirus pandemic rav- ing repurposed as health-care Among the most-traded are aged the online-booking com- facilities. ENTERTAINMENT E-mini S&P 500 futures con- Cboe Volatility Index pany’s business. Expedia on March 13 said Streaming wars’ tracts, whose overnight trading 20 Expedia, led by BarryDiller, the impact from the virus latest entrant, volumes have surgedtoare- is expected to hand boardrep- would be largerthan previ- cord this year,according to resentation to the investorsas ously anticipated and with- HBOMax,tomake CME Group Inc.datathrough 0 part of the deal, which could drew itsguidance, becoming debut next month. B7 March. Daily averagevolumes Jan. April be announced this week, peo- one of the first of many to do have topped 500,000 contracts, plefamiliar with the matter so.The companylast year morethan double the number said. The investment is likely generated roughly $12 billion recorded in 2017. Theovernight 4 million contracts to total around $1 billion, the in revenue. session begins at 6p.m. ET on people said. Other details Expedia in March drew Sundays and weeknightsand 3 couldn’t be learned. down nearly all of a$2billion ends the following dayat9a.m. Thetalks could still fall credit facility.The company These aresome of the most through, and Expedia could had morethan $4 billion in popularderivatives contracts 2 opt to raise funds another long-termdebt at the end of among investors, who oftenuse way,including in apublic-debt the year and morethan $3 bil- them to hedgetheir portfolios offering,the people cautioned. lion in cash. or makedirectional betsonthe 1 Thecash could tide the Se- Expedia’smarket value has stock market. TheS&P 500 is attlecompanyoveruntil travel dropped to roughly $8 billion down 15%in2020. E-mini S&P500 futures daily volume restrictions are lifted and the from about$16 billion at the Theexplosivemoves over- 0 economycan recoverfromits beginning of the year. night—andrecordactivity— Jan.April steep drop-off. JPMorganChase &Co. and PROPERTY REPORT come as investorsaround the Source:FactSet Expedia operates several Moelis & Co. are advising Ex- If youhavehad world aretrying to parse the brands including Travelocity, pedia, people familiar with the enough of ramifications of the coronavi- Outside of regular stock- demic oftendrawswiftmoves Orbitz and Vrbo that areused matter said. ruspandemic on the economy, trading hours—9:30 a.m. to 4 in thefutures market. Forex- to book flightsand lodging. Expediaiswithout achief working from home, hungryfor information to help p.m.—news from the White ample, the central bank’sdeci- Demand has disappeared over executiveorpermanent fi- tryahotel room. B6 them understand the extent of Houseand Federal Reserve sion to slash interest ratesto the past two months as much PleaseturntopageB2 itsspread. alongside updates on the pan- PleaseturntopageB12 P2JW113000-5-B00200-27F7DF7178F

B2 | We dnesday, April 22, 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 Expedia Group...... B1 R Drop in Nonemergency Care Achat Hotels...... B6 Extended Stay America Reliance Industries.....B2 Advanced Micro Devices ...... B6 Roku...... B14 ...... B13 Exxon Mobil...... B13 Royal Dutch Shell Airbnb...... B2 F ...... A8,B13 Ally Financial...... B14 Facebook...... B1,B2, B12 Royal Vopak...... A8 Presses Hospital Chain HCA Alphabet...... B1,B2,B12 Fannie Mae...... A2 Ruth's Hospitality...... A4 Amazon.com...... B12 Freddie Mac...... A2 S American Tower...... B5 G Sabre...... B2 Apollo Global Gilead Sciences...... A7 Salesforce.com...... B13 BY MELANIE EVANS urgent or emergencies,with Mr. Rutherford said. Hospital which has added jobs almost Management...... B1 Group Nine Media...... B4 Shake Shack...... A4,B7 AND MATT GROSSMAN ordersbeginning in mid- admissions dropped 30% in everymonth since1990—in- Apple...... B12 Snap...... B1 Aramco...... B13 H March. Governors also closed April compared with ayear cluding through the past three Southwest Airlines....A2 HCA Healthcare Inc., one businesses,schools and ven- ago. recessions—shed 40,700 jobs AT&T...... B7 Halliburton...... B12 Starwood Capital Group B HCA Healthcare...B2,B14 ...... B6 of the nation’slargest hospital ues,calling forpeople to avoid Howquickly patientsreturn in March, according to the pre- Huawei Technologies..B3 Barclays...... B13 Synchrony Financial..B14 chains,said itsfirst-quarter spreading infections by stay- depends on when states begin liminary, seasonally adjusted Blackstone Group B6,B13 I T profit fell as emergencyde- ing home. to relax ordersthat postponed U.S. Labor Department figures. Boeing...... B12 IAC/InterActiveCorp...B2 Travelers...... B12,B13 partmentsand operating HCA’searningsare typically manyprocedures,companyex- Hospitals have furloughed Booking Holdings...... B2 International Business Twitter...... B2,B13 rooms emptied out in response among the firstreported by ecutives said. Recoverywill workers, closed outpatient Machines...... B13 BP...... A8 U to state orders to combat the hospital companies and are also depend on the broader centers and cut pay. HCA has BuzzFeed...... B4 J coronavirus pandemic. closely watched. Thecompany economy, and the extent to said workerswho had hours C United States JPMorgan Chase...... B1 Commodity Funds.....B1 The Nashville, Tenn.-based reported first-quarter net in- which households lose health cutwould be redeployedor Cairn Energy...... B13 K United States Oil Fund company suspended its quar- come of $581 million, or $1.69 insurancetied to employment. would receive70% of their Cboe Global MarketsB12 Kering...... B3 ...... A8,B1 terly dividend and joined other per diluted share, compared Federal and some statepol- base payfor up to seven Charter Communications L United States Steel...A2 ...... B7 Universal Music...... B4 companies that have with- with roughly $1 billion, or icymakers, including in Texas, weeks. Lockheed Martin...... B5 Chevron...... A8,B13 V drawnguidanceinrecent $2.97 billion per diluted share, have in recent days released HCA has also implemented Chipotle Mexican GrillB7 LVMH...... B3 weeks, saying it couldn’t pre- a year ago. criteria or guidancefor hospi- other cost-reduction initia- Choice Hotels M Veriu Group...... B6 Verizon Communications dict how the pandemic would HCA’sadjusted earnings tives, suspended its share-re- International...... B6 Marsh & McLennan....B6 ...... B7 continue to affect HCA’sper- were $2.33 ashare. Analysts purchase program and cut Citigroup...... B12 Microsoft...... B12 Vice Media...... B4 formance. polled by FactSet expected ad- some planned capital spend- Coca-Cola...... B2,B14 Moelis...... B1 Most states have set Comcast...... B7 Virgin Group...... A1 “Obviously,this crisis is not justed earningsof$2.67 a ing, the company said. HCA is N Vitro Automotive Glass ConocoPhillips...... A8 aparallel necessarily to any share. limitsonmedical expected to reducecapital Netflix...... A1,B7,B14 ...... A2 D otherrecession that we’ve Outpatient surgery dropped spending through the end of P Vivendi...... B4 services to focus on Dash Financial Vox Media...... B4 been through, it’sgot public 5.9% from the firstthree the year by $1 billion to $1.5 Palantir Technologies.B5 Technologies...... B12 Peloton Interactive...B14 W health connected to it as well months of 2019 at facilities coronavirus patients. billion, Mr.Rutherford said. E Philip Morris Walt Disney...... B14 as the economy,” HCAChief HCA owned during both peri- The company said it executed Energy Transfer...... B13 International...... B7 Woodside PetroleumB13 Executive Sam Hazen said on ods. Emergency-room traffic a$2billion loan facility and an investor call to announce and inpatient surgery also de- requested accelerated Medi- earningsTuesday. Thehard-hit clined, though less so. tals to resume delayed care. care payments. INDEX TO PEOPLE energy sector in Texas,alarge Thedeclines occurred de- HCAexpectstosee itsmar- Those advances on Medi- HCAmarket, also adds pres- spitegrowththrough the first ketsbegin to reopen through care paymentswill totalabout B Hoekstra, Eelco...... A8 Rahim, Saad...... A8 sure on the company, he said. half of March, William Ruther- the end of June,Mr. Rutherford $4 billion, which the company Traffic acrossmost of HCA’s ford,HCA’s chief financial offi- said. has mostly received, Mr.Ruth- Bajaj, Mohit...... A1 K S medical services dropped in cer, said on the call. That Theresultsadd to mounting erford said. Thepayments Branson, Richard...... A1 Karp, Alex...... B5 Shah, Neel...... B12 C Kashner, Elisabeth....B13 Spiegel, Evan...... B1 thefirst three months of the growth came beforestatesor- evidenceofeconomic fallout must be repaid starting in Au- year, compared with the first dered businesses closed and from effortstocombat the gust. Criqui, Arianne...... B12 Kern, Peter...... B2 T quarter last year,largely are- suspended nonessential medi- pandemic across U.S. health HCAalso received $700 mil- D M Thiel, Peter...... B5 W sult of nationwide effortsto calcare. care.Health-carejob losses lion in April from aseparate Duplaix, Jean-Marc.....B3 Marshall, Edward...... A8 McElfresh, Jeff...... B7 contain and respond to the HCAcontinued to see sharp soared last month, Labor De- federal $100 billion health- E Weinberg, Eugen...... A8 McNally, Bob...... A8 Wenger, Albert...... B1 pandemic, the company said. declines in traffic in April, partment datashow, mostly in care relief fund. Some of that Elbhar, Vincent...... A8 Milito, Stino...... B12 Z At least 32 states have re- with emergency-room and in- clinics,dental offices,medical money hasyet to be distrib- G - H Q - R Zhang, Victor...... B3 quired some or all hospitals patient-surgery traffic down laboratories and other outpa- uted. It isn’t clear howmuch Gorman, Jeremi...... B2 Quincey, James...... B14 Zuckerberg, Mark...... B2 and surgery centerstosus- 50%, and a70% drop in hospi- tient-care centers. moreHCA might receive, its pend procedures that weren’t tal-based outpatient surgery, Theoutpatient sector, executives said. Facebook to Buy Stake In Indian Mobile Firm

BY JEFF HORWITZ RelianceIndustries Ltd. Jio In- AND NEWLEY PURNELL focomm provides services to some 388 million customers. Facebook Inc.will pay$5.7 In apost on his personal billion forjust under a10% Facebook page, Chief Executive stakeinIndia’sJio Platforms Mark Zuckerbergsaid the deal Ltd., the holding companyfor deepens the company’scom- themobile operator that up- mitment to India. “We’remak- endedIndia’stelecommunica- ing afinancial investment, and tions industry with itscut-rate morethan that, we’recommit- dataplans. ting to work together on some Thedeal, announced late majorprojectsthat will open Tuesday, gives Facebook the up commerce opportunities for opportunity to bring itsWhats- people acrossIndia,” he said. App messaging service, which Thedeal marks Facebook’s has morethan 400 million us- second-largest investment in an ersinIndia, intocloser part- outside company, trailing only nership with one of the coun- thecompany’s$22 billion ac- try’stop telecom providers. quisition of WhatsApp in 2014. Jio Platforms and the opera- Theinvestment provides the tor, RelianceJio Infocomm Ltd., heavily indebted Jio with cash arepart of Indian conglomerate it has been seeking to raise. S NEW

aspect of people’slives that G Social could benefit Snap. As people aresheltering in place, he said, OOMBER

their communication, com- /BL Distancing merce,entertainmentand learning habits areforcing

companies to shifttodigital SHARRETT KE

Helps Snap morequickly. LU Jeremi Gorman,Snap’schief Executives said they are focusing on supplying grocery stores with core brands to help them simplify their supply chains. businessofficer,said the com- ContinuedfrompageB1 panyhas also shiftedits sales aremorelikely to remain team to focus on categories Global Lockdowns Chill Coke’s Sales open, he said. that arefaring betterduring Nevertheless, the company the pandemic,such as gaming, didn’t provide guidancefor home entertainment, e-com- BY JENNIFER MALONEY Coca-Cola’s global drinks to what is known. Therewill ticularly China. the second quarter, citing the merce and consumer packaged volume,change from be some favoring of tried and It wasthe company’sfirst continuing pandemic and rap- goods. Coca-Cola Co.said its previous year trusted in the short term.” quarterly decline in global idly changing economic condi- Still, Snap is far from profit- global sales volume has fallen Cokehas cut marketing and sales volume since2016,ac- 5% tions.Inthe past, Snap has able.Snap reported itsloss 25% sincethe beginning of capital spending and has put cording to FactSet. provided forecastsfor revenue shrank slightly in the first April amid pandemic lock- 16,000 CostaCoffee café em- —Dave Sebastian and adjusted earnings. quarter to $305.9 million, or 21 downs,and cautioned that 0 ployees in the U.K. on paid contributed to this article. Mr.Spiegel said the pan- centsashare, from $310.4 mil- consumer spending won’t im- furlough through June. demichas forced ashiftto lion, or 23 centsashare, in the mediately bounceback as Executives said they arefo- –5 1Q 2020 digital behavior acrossevery same period ayear ago. countries begin to reopen. t1% cusing on supplying grocery “Wemay be at the end of stores with core brands to thebig global lockdown, but help them simplify their sup- –10 from IAC in 2005. we arestill along way from ply chains.And the company Expedia in Companiesofall stripes— the newnormal,” Chief Execu- is canceling smaller projectsin but especially in the travel tive James Quincey said on a –15 itsR&D pipeline to focus re- sector—have been drawing call with analysts Tuesday. sourcesondevelopingprod- Talks on down on credit lines and look- In China, whereCoke’s uctsthat could scale moreeas- ing forother waystostockpile plantsare running and em- –20 ily, Mr. Quincey said. cash to withstand potentially ployees have returned to com- SinceApril TheAtlanta-based parent Stake Sale months of social-distancing panyoffices in Shanghai, there t25% company—whose brands in- –25 measures.Expedia’speers, in- arestill limitsoncrowd sizes, clude Dasani water, Minute cluding Sabre Corp.and Book- and consumption is down 2018 ’19 ’20 Maid orangejuiceand Pow- ContinuedfrompageB1 ing Holdings Inc., have both from last year,Mr. Quincey Source:the company erade along with itsnamesake nancechief and wasalready issued newdebt in recent said. Other places such as To- products—reported lowerrev- struggling to competewith the weeks. kyoare implementing asec- cause of “the specter of the vi- enue for the quarter ended in increasing sway of Alphabet Silver Lake,based in Menlo ond round of restrictions,he rusoverus,” Mr.Quincey said. March, with sales down 1% to Part of Yo ur Inc.’s Google search engine in Park,Calif., is one of the most noted. He said he also expectsto $8.6 billion. travel booking. activetechnology-focused pri- About half of Coca-Cola’s see “a very profound theme of It said organic revenue,a DailyRotation. Expedia’sformer CEO and vate-equity firms.Inrecent businessisgenerated by away- affordability,” as shoppers measure that excludes the ef- CFOwereousted in December weeks it has plowedmoney from-home retail channels— brace for an economic down- fect of currencyswings, acqui- Discoveressential news, following adisagreement into Twitter Inc. and Airbnb the restaurants, bars, movie turn. sitions and divestitures,was business, marketsand about the company’s strategy Inc.,the home-rental service theaters and sports stadiums Thecompanycan shiftto- flat. analysis with the What’s with Mr.Diller,who is chair- that like Expedia has been hit that were shut world-wide. ward refillable bottles,smaller For the quarter, Coca-Cola News podcast.

man, and the rest of the com- hardbythe stay-at-home The company also has seen a packages and multipacks—all reported earningsof$2.76 bil- 1DJ7685

pany’s board. orders. decline in on-the-godrinks with lowerpricepoints, the lion, compared with $1.68 bil- ved.

Mr.Diller and Vice Chair- Apollo,with morethan $331 typically sold in convenience CEO said. lion in the comparable quarter reser man PeterKern have been billion in assetsand apen- stores, Mr. Quincey said. The He added that he expects last year.Adjusted earnings rights LISTEN NOW

managing the company’sday- chant fordistressed investing, beveragecompanyexpectsthe long-term consumer trends to- were 51 centsashare, ahead All WSJ.COM/WHATS-NEWS

to-day operations, as it looks has also been busy.Itinvested sharpest impact on itssales in ward pricier, healthier bever- of the 44 centsanalystshad Inc.

fornew leadership.Mr. Diller, $10 billion into new opportu- the second quarter.Roughly ages to continue but at a expected. o., who is also chairman of media nities acrossprivateequity two-thirds of itssales areout- slower rate. Unit-case volume forits &C

holding company IAC/InterAc- andcredit in the month of side North America. “It’s not so much of a time carbonated softdrinks,which Jones

tive Corp., took over Expedia’s March alone, The Wall Street As economies enter aphase fortrying out all sortsofnew include itsnamesakesoda, Dow

boardin2002 when IACac- Journal has reported. of graduated reopenings, con- and different thingsifincomes Diet Coke, Fantaand Sprite, 020

quired acontrolling interest. —Miriam Gottfried sumerswill continue to lean areunder pressure,” Mr.Quin- fell 2% for the quarter, led by ©2 Thecompanywas spun off contributed to this article. heavily on e-commerce be- ceysaid. “You tend to go back a decline in Asia Pacific, par- P2JW113000-0-B00300-1------XA

THE WALL STREET JOURNAL. We dnesday, April 22, 2020 | B3 BUSINESS NEWS SalesDrop Boeing Brings Some Employees Back to Work to Restart Jetliner Production At Gucci ButChina Improves

BY MATTHEW DALTON

Gucci’srevenue fell sharply in the firstquarter because of the coronavirus pandemic, as its heavy reliance on Chinese shoppers hit the Italian fash- ion label hardwhen Beijing locked down the economy. But in April, Gucci’sreve- nue is up in mainland China andsteadily improving since the country’slockdown ended afew weeks ago, said Jean- Marc Duplaix,chief financial officer of Kering SA,Gucci’s

parent company. GES

“In some stores,the perfor- IMA manceisextremely solid,” Mr. ETTY

Duplaix said. /G Sales were €1.8billion HEAR

($1.96 billion) forthe first AS

quarter, down 22%. That was BR significantly worsethan the EPHEN

10% drop seen at the fashion ST and leather goods division of Workers met near the 737 MAXfactory on Tuesday, shortly after the companyresumed operations, in Renton, Wash. The plane maker instituted severalsafetymeasures, French luxuryconglomerate including social distancing, and required employees to wear face masks. Boeing had suspended production at most of its facilities due to the coronavirus pandemic. LVMH Moët Hennessy Louis Vuitton SE. That division in- cludes Louis Vuitton, one of Gucci’s main competitors. Longer term, the pandemic is likely to reducethe shareof Rise in Revenue Slows at Huawei luxuryshopping by tourists from China and other coun- tries, Mr. Duplaix said. BY DAN STRUMPF from obtaining large amounts has slowed, it was a resilient rise in revenue offset by large The coronavirus pandemic “Therewill be moreand of U.S. technology, forcing it to performanceinthe faceofthe increases in research and de- and aU.S.blacklisting curbed more local consumption,” Mr. HONG KONG—Huawei reroutesupply chains and entity list and the coronavi- velopment costs to cope with Huawei’sfirst-quarter Duplaixsaid. “It will push us Technologies Co.’srevenue curbing sales of itssmart- rus,” said Victor Zhang,aHua- its entity listing. A recent re- revenue growth. to reconsider our storenet- growth slowed sharply in the phones in overseas markets. At weivicepresident based in port from research firm Strat- Quarterly revenue work.” firstquarter,the Chinese tele- the same time,the economic London. egyAnalytics said smartphone Kering’soverall sales fell comgiant said, as it con- freeze from the pandemic has Washingtonofficials have shipmentsplunged 38% in 250 billion yuan 15.4%to€3.2billion in the tended with the effects of the further damaged sales and de- long regarded Huaweiasase- February, with China seeing an quarter.Bottega Venetawas a coronavirus pandemic and a layed5Gnetwork rollouts. curity threat and have leaned especially large drop as it 200 surprising source of growth, U.S. supplier blacklisting. TheShenzhen-based com- on allies to shun the Chinese weathered effects of the first with sales up more than 10%, Revenue rose 1.4% to 182.2 panyisprivately owned and company’s5Gequipment. Hua- outbreak. helpingoffset the decline at billion yuan, or about $25.8 self-selectsthe financial fig- weisays it would never spy That declinelikely took a 150 the much biggerGucci. Whole- billion, from the year-earlier ures it discloses. For the first forany government. Thecom- toll on Huawei, China’stop sale revenue increased 55%, as quarter,the companysaid. The quarter,Huaweididn’t release panyfaces the prospect of fur- smartphone vendor.Huawei 100 department stores and other climb wasaslowdownfrom anet profit figure and de- ther limits from Washington, smartphones areall but un- dealerssnapped up the label’s the 39% growth it reported for clined to offer details of its including a proposal to block available in the U.S.,but the 50 Spring/Summer collection. the year-earlier period. sales of smartphones or tele- access to aTaiwanese chip companyisthe second-biggest While those orderswere Huawei’srevenue andprofit comequipment, itsbiggest manufacturer. vendor globally, behind Sam- 0 largely placed before the West have been squeezedsincethe businesslines.Net profit mar- Huaweireleased last month sung Electronics Co. It is also 1Q 2019 2Q*3Q* 4Q*1Q’20 locked down to stem the pan- Commerce Department added gin fell to 7. 3% from 8% in the amoredetailed audited an- the largest supplier of telecom *Figures derived from WSJcalculations based demic in March, sales at Bot- the company to its“entity list” firstquarter last year,the nual report for2019,saying its equipment in the world, com- on prior Huaweidisclosures. 1billion yuan = tega Veneta’sdirectly operated on national security grounds in company said. profit grew at 6%,the slowest peting mainly with Ericsson $141 million. stores fell only 0.9%. May. Themovebarred Huawei “While therateofgrowth paceinthree years,with a19% AB,Nokia Corp.and ZTECorp. Source:the company

We’reall in this pandemic together. Together, we canmakeadifference.

Thecoronavirus presents ahighrisktopeoplewithdisabilities,veterans, seniorsand theirfamilies.AtEasterseals, we’rejustbeginning oursecond centuryofservicetothesecommunities.Wehave persevered through twoWorld Wars,the GreatDepressionand past pandemics—and together we will endure thecurrent crisis. Please support Easterseals’COVID-19 Relief Fund at Easterseals.com/ws. P2JW113000-0-B00400-1------XA

B4 | We dnesday, April 22, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Vice Media Weighs Over 300 Layoffs As Ad Sales Drop

BY BENJAMIN MULLIN Inc., BuzzFeed Inc.and Group AND KEACH HAGEY Nine Media Inc., have taken steps including furloughs,pay An internal document at cuts and layoffs. Vice Media Group lays out a Last month, Vice told em- plan for substantial layoffs at ployees its topexecutives the new-media company’s were taking voluntarycom- websites,asViceconsidersa pensation reductions of 25%, variety of options to deal with with ChiefExecutiveNancy coronavirus pandemic. Dubuc taking a50% reduction. Theplanning document, Vice,the largest of the new- whichwas reviewedbyThe media companies,already was When their club dates in Boston on St. Patrick’s Day were canceled, the Dropkick Murphys streamed their show on a soundstage. Wall Street Journal, calls for under stress before the novel layoffs of over 300 people in coronavirus struck.Itlost digital operations,including about$50 million last year major cuts at both Vice News and came in about 8% short of Artists Take Their Acts Online andRefinery29,the women- its$650 millionrevenue tar- focused digital publisher Vice get, the Journal reported. It acquired last year. also is on the hook forbig BY ANNE STEELE through sponsorships,adver- the present moment became Startups have tried foryears AViceMedia Group spokes- payments to investor TPG, tising and merchandise. the perfect time to tryit. Using to build businesses around vir- woman said the planning doc- stemming from a fundraising TheDropkick Murphys were YouTube plans to introduce herown audio equipment, with tual concerts, betting on virtual ument represented one of sev- deal struck in 2017. scheduled to playsix club featuresinthe coming weeks her brother manning the lights reality and other technologies. eral scenarios being developed The health crisis is making datesinBoston around St. to help artistsearn more and cameras on loan from a Theelectronic music producer inside the companyfor poten- it more urgent for Ms. Dubuc Patrick’sDay.Coronavirus money from livestreams,ac- streaming company, Tinashe Marshmello drew millions of tial consideration and hadn’t to transform and streamline ended that plan. cording to people familiar with worked through aone-hour set fans fora“live” set inside the been endorsed by manage- the company. Thedocument Instead, the Celtic-influ- the matter, including member- from acorner of her home in videogame Fortnite last year— ment. suggestsViceislooking to enced punk band playedasin- ships to artist channels where LosAngeles last month, com- astunt that worked, analysts “This information also does rein in international costs. One gle showonasoundstage fans canpay forearly or exclu- pletewith abackup dancer (at said,because those fans were not reflect [ViceMedia Group] analysis in the internal docu- March 17 and streamed it on- siveaccesstocontent and vir- asocial distance) and costume already on Fortnite’splatform. standardglobal reporting met- ment calculated that manyEu- line.Inplaceofthe 10,000 or tual meet-and-greets. YouTube changes. Now, virtual performances rics and while all media com- ropean marketslikeGermany, so people who could have at- is expanding paid-commenting Simulcast acrossanapp, areseemingly everywhere, and panies aretaking steps to plan Spain and the Netherlands had tended the gigs, 10 million fans featuresused by influencersto websiteand social-media ac- most arefreeorpresented as forprecautionarymeasures relatively large staffs forthe tuned in. musical artists, those people countsmaintained by LiveX- fundraisersfor coronavirus-re- during Covid-19, no decisions amount of webtraffic they “Wehad always talked say. lief efforts. Bandsintown, asite at VMG have been made,” the brought in. Thedocument said about streaming the Boston Vivendi SA’s Universal Mu- wherefans cansee if their fa- spokeswoman said. the companycould potentially shows but never gotaround to sic Group is lending equipment ‘On 48 hours’ notice voriteartistsare playing Thesavingsfromthe cuts close itsofficeinCanada, it,” said bassist and singer Ken to artistsand helping them nearby,has rejiggeredtotrack laid out in the document would Vice’s birthplace, but the Casey.“On 48 hours’ noticewe stream liveperformances.Uni- we had a full rock livestreams,and is nowpro- be about $40 million, and they spokeswoman denied that is had afull rock concert going.” versal is trying out a“studio in concert going,’ said moting 2,000 such shows daily. could result in a30% decline in being considered. Concert toursprovide the abox,” delivering audio,visual “Livestreaming and video digital traffic as lesscontent is Afteryearsoftrying to sell bulk of musical artists’ income. and lighting equipment to art- singer Ken Casey. consumption in general wasal- published, the document said. ads acrossahost of sectors, Beforethe pandemic essen- istsand providing engineering waysgoing to break through Vice is expecting online ad Vice Media is trying to focus tially froze the live-concert support to help with setup.It and become moremain- sales to suffer during the cri- itssales effortsonafew big business, PricewaterhouseCoo- developed astreaming and e- stream,” said Celine Joshua, sis,with expected shortfalls of categories.The document persprojected livemusic commerce platform that artists Live—the companythat pro- Universal’shead of commercial 33% at Refinery29 and 39% at noted the company’s2019 per- events would generate$28.8 canuse to perform, engage duced the show—as well as content and artist strategy. Vice’s entertainment and news formance“mayindicatean‘ex- billion in revenue in 2020.Now with fans andsharecontent Tinashe’ssocial-media ac- “We’veonly reached that point sites,according to the docu- haustion of industry penetra- artistsare putting their perfor- across social networks.The counts, the free set drew over faster.” ment. tion’” by Vice. mances online—and hoping companydoesn’t take adirect 157,000 viewers.The singer fol- Mr.Casey,ofthe Dropkick Virtually everycompany Its largest digital-advertis- fans and dollarsfollow. cut from the platform’suse, lowedaset list forthe first Murphys, said he prefersper- that sellsads,fromTVnet- ing category last year in North ArtistslikeTaylor Swift but canbenefit indirectly from half,then took viewerrequests. forming live. Nonetheless, after works and news sites to tech Americawas alcohol, followed have used livestreams to pro- royalties and sponsorships. “Wedon’t getthe same en- the St.Patrick’sDay show, fans giants Facebook Inc.and Al- by apparel and telecommuni- motenew music or videos.As Her North American theater ergy we do from acrowd when who had watched the stream phabet Inc.’sGoogle,isgetting cations,while Refinery29’s droves of fans stream online tour postponed, Tinashe is we’rephysically in the same with their children inundated hit as companies slash ad biggest category by far was concertsinthis eraofsocial among the artistsgoing online. room,” she said. “But it was the band with videos,photos spending dramatically during fashion and retail. Geico, Adi- distancing,manyinthe indus- TheR&B singer said she had amazing howmuch you’restill and messages.“We mayhave the pandemic.Vice’speers das,State Farm and Harley- trysay they aresetting the long been interested in stream- able to,knowing people were gotten awhole newgeneration across the new-media land- Davidson were among the big- stagefor artiststoearn money ing her liveshows to fans and watching.” of fans,” he said. scape,including VoxMedia gest Vice advertisers.

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THE WALL STREET JOURNAL. We dnesday, April 22, 2020 | B5 BUSINESS NEWS Lockheed WeathersPandemic as Contracts Flow

BY DOUG CAMERON Lockheed Martin’sfootprint 2004. acrossair,space, sea and land He joined Lockheed Mar- Lockheed Martin Corp. systems makes it a proxyfor tin’sboardtwo yearsago, kept its2020 guidancelargely Pentagon spending, with U.S. having worked foravariety unchanged on Tuesdayasit government outlays rising 6% of other big aerospacecom- mitigated the impact of the in the firstquarter from a panies.Heformerly ranthe coronavirus pandemic on pro- year earlier,including a31% aerospaceservices unit at duction and its supply chain. jump in March. Honeywell International Inc., Thedefense sector has con- Thecompanyreported and wasasenior executiveat tinued to operatethrough cor- profit of $1.7billion in the the Pratt&Whitney unit of onavirus-driven shelter-in- Marchquarter,flat with a Raytheon Technologies Corp., place restrictions, deemed an year earlier.Per-shareearn- which makes the engines for essential sector,with the Pen- ingsrose to $6.08from$5.99, the F-35 combat jet. tagondisclosing that only abovethe $5.80consensus Ms.Hewson will stay on as around 1% of the broader sup- among analystspolled by executivechairman. ply base is closed. FactSet. Sales climbed to Defense companies have BigcontractorslikeLock- $15.7 billion from $14.3bil- wrestled with the impact of heed Martin have provided ad- lion. S the coronavirus,especially on NEW

ditional payments to support Lockheed Martin expects G classified activities account- smallercompanies,and with sales to rise to as high as $64 ing for20% or moreoftheir the Pentagon accelerating billion this year,trimming business. OOMBER some of itsown funding and just $250 million from the top Lockheed Martin and peers contract awards, companies end of itsguidancebecause of N/BL have halted all but mission- have also pivoted some pro- pandemic-related disruption. AYA critical travel and increased NAR

ductioncapacity to produce Profit is still forecast at T. telecommuting,but classified medical supplies. between $23.65and $23.95a The defense contractor maintained its 2020 profit guidancewith justasmall trim to its revenue outlook. work has to be conducted in- The lack of business inter- share, and free cash-flow person at securefacilities. ruption helped Lockheed Mar- guidancewas leftunchanged. areassuch as shipbuilding from the broader market col- appointed telecom-industry TheBethesda, Md., defense tin, the world’slargest defense ThePentagon plans to seek and aerospacethat could lead lapse in lateFebruaryand veteranJames Taiclet to suc- contractor said it has stag- companybysales,maintain billions of dollarsmoreto to delays of around three March. ceed Marillyn Hewson as geredshifts at itssecurefa- existing profit guidancefor supplement itsbudget to months on some programs. Lockheed Martin shares chief executiveinJune.Mr. cilities andintroduced flexi- 2020,with only asmall trim counter disruption to produc- Defense-sector shares have fell 2.6% Tuesday. Taiclet has been CEO of ble working practices to limit to its revenue outlook. tion, noting some impact in recoveredmost of their losses Thecompany last month American Tower Corp.since interaction. Data Firm Palantir SawCrisis Coming,Still FacesPain

BY ROB COPELAND of charge in hopes of securing than $1 billion. chief financial officer,inabid to little disassociated from reality AND SAM SCHECHNER long-term contractslater. Under traditional accounting standardizeits financial report- forthe businessthey arein, es- U.S. government entities in- principles,Palantir’s revenue ing.Current executives saythey pecially in this climate,” said PeterThiel’s datafirm Pal- cluding the CDC,the Department last year wasunder $750 mil- haven’t yetfound the right fit. AnandSanwal, chief executive antir Technologies Inc.got an of Health and Human Services, lion,two investorssay. ThePalantir spokeswoman of researcher CB Insights. early jump on the coronavirus, and the Coast Guardare already Another oft-cited figure is declined to answerdetailed Messrs. Karp and Thiel have recalling staff from abroad paying Palantir.Some of itswork cash flow.Earlier this year,Pal- questions about the company’s separately sold some of their aheadofmost companies.In in the U.S. involves helpingpri- antir’s chief executive, Alex financials.“In recent years, Pal- personal stakes in the company

recent weeks,itparlayedthat S vate companies sharelogistical Karp,told staff the company antir has primarily focused on at prices belowthe company’s knowledgeintoagrowing role datawith the government—for was“cash-flowpositive,” said GAAP revenue as akey indicator privatevaluation, people famil- NEW

helping governmentsaround G example,offering visibility on people familiar with the matter, of success,” she said, referring iar with the mattersay.They the world track the pandemic. thesupply chain forproducts which employees interpreted to to generally accepted account- didn’t respond to requestsfor

That maynot be enough to OOMBER such as N95 masksfor health- mean the firm wasprofitable. ing principles.Palantir employ- comment. sparethe companyfrompain. care workers, said people famil- In fact, the firm forthe fifth eeswith astake in the company Palantir braced itself early A/BL

Palantir’s businessisbeing OT iar with the work. consecutiveyear didn’t fulfill have access to two yearsoffi- foracoronavirus hit. In addition

squeezedascorporatecustom- HI Thecompanyhas recently promises to investorstoturn a nancial data, and outside inves- to recalling staff from abroad, it OS

erspareback spending,leading KIY turned down severalprojects profit, investorssay.Itisun- tors mayrequest financial infor- all but froze hiring—tantamount the Silicon Valley firm to draw that included location-tracking clearwhat Mr.Karp means by mation, she said. to intentional shrinkage, given up deep cost cutsand consider Peter Thiel’s components, partly due to wari- cash flow.Hesaid in aCNBC in- She said cash collections are the firm’sconsistent staff churn. pushing back further itslong- nessabout being seen to work terviewinJanuarythat the “a leading indicator that lead to Topexecutives ordered em- awaited initial public offering, company recalled on projects that infringeonpri- companywas focused on revenue.” ployees to draw up morethan according to people familiar staff from overseas vacy,said one of the people. “growthwith high-quality reve- Thecompanyhas been val- $100 million in potential cuts with the matter. Palantir’s boardhad earlier nue.” He didn’t respond to are- ued privately at as much as $20 forthis year,according to peo- In addition, some within Pal- in mid­February. decided to file foraninitial quest forcomment. billion. ple familiar with the matter. antir arewaryofgovernment public offering as soon as this Some investorsare now Thecompany’shigh valua- —Kirsten Grind requeststobuild detailed loca- fall,after the November elec- pushing the companytohirea tion, relativetoits growth, is “a contributed to this article. tion-tracking tools,which go tion,but it has recently sig- against the libertarian ideals ter. Theproducts, which it first naled to investorsthat pan- that Mr.Thiel publicly es- began building forthe U.K.’s demic turmoil is likely to delay pouses,the people said. National Health Service, have those plans,said aperson Palantir has longstanding sincebeen rolled out in more briefed on the discussions. contractswith the U.S. Centers than adozencountries outside Thecompany, which is based forDisease Control and Preven- the U.S.,including Greeceand in Palo Alto, Calif., wasco- tion, and the firm’stop brass some German states. founded by Mr.Thiel in 2004 to We protect health workers, worked on confidential models Palantir’s dashboards help help governmentsconnect data early in the year that showedthe health officials track,for in- sets, and it has worked to ex- potential forarapidly rising out- stance,their supply chain for pand itsreach intobig busi- so they can protect you. break,they said. Palantir rushed protective equipment and ven- ness. Mr.Thiel chairsthe com- in mid-Februarytorecall staff tilators, while also predicting pany’sboard. from abroad and order them what equipment—andwhich One subject of persistent intoafour-week quarantine. workers—they will need where gripes from investorsand em- That waswell beforemost as the virus spreads,people fa- ployees is that Palantir has major corporations enacted miliar with the mattersaid. wrapped itsfinancial perfor- similar measures,and ahead of One of Palantir’s data-crunch- manceinamix of selectivedis- most U.S. government warnings ingtools is up and running at closures and unconventional about heightened risks to 10 DowningSt. in the U.K. accounting,according to people Americans.APalantir spokes- TheU.K.government said close to the company. woman said the company latelast month that Palantir’s To employees and investors, “acted with only public infor- software helps “provide asin- Palantir toutsso-called cash col- mation.” glesource of truth about the lections,ametric of contracts As the pandemic gained mo- rapidly evolving situation.” signed that countsascurrent in- mentum, the companybegan ManyofPalantir’s interna- come some paymentsfor work offering modeling and analysis tional effortsare being offered to be performed in the future. to governmentsaround the probono fornow,one of the peo- Thecompanyhas described the world to help them track the ple said. Likemanycompanies, metric to some investorsasrev- effectsofCovid-19,according to Palantir has historically offered enue and disclosed it to employ- aperson familiar with the mat- productstosome customersfree ees earlier this year as greater

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B6 | We dnesday, April 22, 2020 THE WALL STREET JOURNAL. THE PROPERTY REPORT Hotels Aim for Work-at-Home Crowd Extended StaySector BY MIKE CHERNEY hotel for workspace probably already have asatisfactory of- Hotels aretrying to getinto fice in their homes. Attracts the office business. “Myheartfelt congratula- Facing asteep decline in tionstothe innovativeness, travel afterauthorities closed but Isuspect it’salong shot,” Investors borders to stop the spread of he said. “The reality is 2020 coronavirus, hotels are shift- will be a lot of red ink.” ingfromcateringtotourists If aroom of one’sown isn’t BY ESTHER FUNG and businesstravelerstoof- enough to enticecustomers, fering 14-dayquarantine pack- some hotels aresweetening the Theoften staid extended- ages for people asked to self- deal. TheQuality Suites Pio- stay segment of the lodging isolate, travelers unable to go neer Sands,about an hour’s market, wheremanyguests home and health-careworkers. drivesouth of Sydney and part book hotel rooms forweeks Now, asmall number of ho- of the ChoiceHotels Interna- rather than days,has been teliers, from the U.S. to Ger- tional Inc.network,isoffering getting a lot of attention dur- manytoAustralia, arepitching aone-bedroom apartment for ing the coronavirus pandemic. their rooms to anew demo- the equivalent of $55,which in- Extended Stay America, graphic: people who find work- cludes 10 hoursinthe room Inc., which focuses on mid- ing from home toodistracting. during the day, some free pricelodging in this category, Perks typically include aproper printing at reception and lunch. is a prominent chain and has desk,high-speed internet, a Hotel ownerssay they have attractedinvestment from two minifridge and aspecial rate stepped up sanitizing of door- of the biggest real-estatein- just forthe day. knobs,handrails and public ar- vestors, both of which have “We’vegot to just get eas.One typical hotel perk of- some historywith the com- OFT

through this,” said Bill Fous- CR fice workerswon’t get, at least pany. Blackstone Group Inc.

sard, owner of the WhiteBear BEE if they rent foranextended and Starwood Capital Group A

CountryInn, aBest Western LIS period of time,isregular have each acquired equity po- Plus outside Minneapolis that Rick Hudella works by the pool at the White Bear Country Inn, located outside of Minneapolis. housekeeping.With manystaff sitions recently, according to recently began advertising its let go or working reduced public filingsand people fa- hotel rooms as officespace. “If Travelrestrictions arecausing steep declines in U.S. hotelrevenue and occupancy. shifts,hotel managersare ask- miliar with the matter. we’resnoozing,we’relosing. ing long-term gueststotidy These two companies had You’ve got to be doing some- Weekly change from previous year and clean rooms themselves. vied over the hotel chain ade- thing all the time.” Managers at Veriu Group, cade ago. For$49,housebound office AVERAGEDAILYRATES OCCUPANCY REVENUE PER AVAILABLE ROOM which runs nearly 20 hotels in The lodging industry over- workerscan rent one of Mr. 0 0 0 Australia, advertised itsrooms all has been decimated as the Foussard’s rooms from 8 a.m. forofficespaceafter learning pandemic has brought most all to 6p.m. Anyextrabusiness some customerswerealready business and leisure travel to would help, given that recent –20 –20 –20 using rooms to work during a halt. Among the hardest hit occupancyatMr. Foussard’s the day, said Kyle Kaya,the have been convention hotels property was at 15% during a company’soperations director. that catertolarge group time of year when he’susually –40 –40 –40 At AchatHotels in Ger- meetings and luxury hotels. full. many, which operates more Moreaffordable,economi- Mr.Foussardsaid he rented than 30 hotels,about 100 peo- cally priced hotels arestill en- afew rooms forthe day, so –60 –60 –60 ple have booked to use rooms joying some demand, attracting far.Rick Hudella, a61-year-old as offices, mostly in big cities medical, government, construc- information-technology man- likeMunich, Stuttgart and tion workers, airline crew and agementconsultant, said he –80 –80 –80 Frankfurt, said Philipp von even some full-time residents. recently decided to work from Bodman, the chain’s chief ex- About a third of the rooms the hotel. Mr.Hudella tried ecutive. Starting at roughly in economy-class hotels were working from the small apart- –100% –100% –100% $43 a day, office workers can occupied during the week ment he shares with a friend, 29 7 14 21 28 4 11 29 7 14 21 28 4 11 29 7 14 21 28 4 11 use the hotel between 8a.m. ended April 11, according to but interruptions and so-so in- Feb. March April Feb. March April Feb. March April and 7 p.m. hotel data-tracking firm STR. ternet cut intohis days.Atthe Mr. von Bodman said he is Luxuryhotels,bycomparison, hotel, he sometimes works by Source:STR in discussions with acompany sold only 9% of rooms during the pool. about renting anumber of that time. “I’ve kind of become a sta- rooms to tourists. Revenue per drop of nearly 70%fromlast mated that overall revenue in rooms forits officeworkers, Other popular extended- ple over thereduring the day,” available room at U.S. hotels,a year,STR datashow. About the U.S. hotel industrywill de- though the deal hasn’t been fi- stay hotel chains include said Mr.Hudella, who lives commonly used metric of ho- 70% of hotel employees were cline about 10% this year. nalized. Mainstay Suites from Choice about a20-minutedrivefrom telperformance, declined laid off or furloughed, accord- Ron de Wit, managing di- “We would love to go back Hotels International Inc., the White Bear Country Inn. nearly 84% in the week ended ing to the American Hotel & rector at AHS Advisory, a ho- to be aregular hotel busi- Home2 Suites by Hilton Hotels have generally been April 11, the biggest decline on Lodging Association. And telconsultancyinSydney,said ness,” said Mr.von Bodman, Worldwide HoldingsInc.and allowedtoremain open during record,according to datacom- though travel restrictions he didn’t think the office pro- noting that Germanybanned TownePlace Suites from Mar- shelter-in-placeorders, though pany STR. could be liftedinthe coming motions would makeupfor tourist stays in hotels.“But in riottInternational Inc., though some governmentshave Roughly eight out of every months, an April report from much of the lost business. these times, creativity I think the latter two are typically at barred them from selling 10 hotel rooms sat empty,a analysis firm IBISWorld esti- People who canaffordtopay a is one of the key words.” a higher price point. Charlotte,N.C.-based Ex- tended Stay operates 632 ho- tels with rooms that include Cash PoursIntoDistressed Real-EstateFunds kitchens and dining areas for guestslooking to stay fora week or longer. BY PETER GRANT terialized so quickly that firms of firms fundraising reflectsin tiveabout pushing intothe dis- 1debt paymentshavea30-day While according to STRat areraising cash at apacethat part investor appetitefor dis- tressed real-estatespace. They graceperiod so aren’t techni- least 4,700U.S.hotels have Investorsare pouring bil- would have been inconceivable tress, said Justin Bartzsch,a aremorefocused on whether cally in default. But early indica- temporarily closed in recent lionsofdollarsintonew real- beforethe pandemic erupted. Preqin analyst. “People have theirstock portfolios mayface tions arethat morethan 11% of weeks,ExtendedStaysaid it estatefunds created to buy dis- Kayne Anderson, aFlorida- seen these quick recessions be- further damageor, in the case commercial mortgages that were hasn’t closed any of its prop- tressed debt backed by hotels, based firm raised a$1.3billion fore and the opportunities that of collegeendowments, whether converted intosecurities will be erties during the pandemic. malls,officebuildingsand fund targeting debt being sold lie there,” he said. shrinking enrollment will reduce 30 days delinquent when that This resilienceattracted other commercial properties by distressed sellersinabout Interest in distressed real es- the capital they have to put into graceperiod elapses,according Blackstone Group’sinterest in suffering big losses of value two weeks,according to Al tate is especially keen among futureopportunities,according to anew analysis by Trepp LLC. mid-March, when it purchased during the coronavirus crisis. Rabil, head of Kayne Anderson some wealthyfamilies and sov- to market participants. That would surpassthe highest a4.9%stake in the companyat Firms including KKR &Co., RealEstate. Typically afund of ereign-wealth funds,said Mi- Thecommercial real-estate level hit during the last financial an averagepriceof$6.50 a Kayne Anderson Real Estateand that sizewould take about 12 to chael Stark, co-head of PJTPark industryisexpected to remain crisis,10.3%, Trepp said. share, according to people fa- TerraCapital Partnershave 18 months to raise,hesaid. Hill Real EstateGroup,aplace- under severestressevenafter Some investorsare hoping miliar with the matter. The closed or areraising distressed “Wehad to turn investors ment agent that actsasacapital states begintoease lockdowns to makeupfor losses they have purchases came during are- funds from wealthyfamilies, away,” Mr.Rabil said. “While adviser between investorsand and people begin to return to suffered in their existing prop- cent period when Blackstone sovereign-wealth funds and oth- thereisfear and uncertainty fund managers. He said he is work.Crowdsare unlikely to re- erty portfolios.Manyare also spent morethan $1 billion ac- ersaiming to profit from the up- outthere, thereare investors talking to morethan two dozen turn to malls or travelerstoho- well aware of fortunes made quiring shares of publicly heaval, according to people fa- who aresaying...we want to of these investorswho expect to tels until the number of new during previous commercial traded real estate-related com- miliar with the matter. With playoffense.” see “generational opportunities Covid-19 cases aregreatly re- property downturnsbyinves- panies, these people said. property sales in the commer- In early April therewere939 as aresult of this dislocation and duced. Apartment landlords in tors likeSam Zell in the 1990s Starwood Capital, led by cial-property market nearly inac- commercial-real-estatefunds aretrying to be deliberateabout some states arefacing rent and Blackstone Group Inc.fol- chief executiveBarryStern- tive, these firms arefocusing on world-wide raising money—a who they want to align them- strikes.Demand forofficespace lowing the 2008 financial crisis. licht, acquired 8.5% of Ex- real-estatedebt getting dumped record—and they were target- selves with as thingsplayout.” could tumble if millions of work- Aspokeswoman forMr. Zell tended StayAmericafor $136.8 on the market by troubled real- ing $297 billion, according to a Some other big investorslike erscontinue to work from home. declined to comment on million, which averages out to estatelendersand others. report by datafirm Preqin. pension funds and endowments, Most commercial property whether he is currently in a around $9.05per share, accord- Theopportunities have ma- Thenew high in the number fornow,are being moretenta- landlords who missed their April fundraising mode. ing to astock exchangefiling. Rising Insurance CostsPinch Profitsfor Apartment Landlords

BY WILL PARKER Some insurerspulled back this year compared with last AND NICOLE FRIEDMAN from selling insurancetoapart- year,said Chief ExecutiveMatt ment ownersin2019,and the Frazier. Thecompanydidn’t Insurancepremiums for decrease in competition also file anyproperty-insurance apartment buildingshavebeen contributed to the jump in pre- claims last year,hesaid. Insur- rising faster than forthe rest of miums,said MarcReisner, ancewas already the com- commercial real estate, further managing director of multifam- pany’sthird-biggest expense, squeezing landlordprofits dur- ily at Marsh. afterproperty taxesand pay- ingachallenging period to col- Apartment ownersface roll, and it nowaccountsfor lect rent. higher insurancepremiums as 2.5% of itstotal revenue. Renewalrates formultifam- they suffer the fallout from ris- “The risk profile of our port- ily insuranceincreased 33% on ing unemployment during the folio didn’t changefromone averageoverthe past year, pandemic and widespread shel- year to the next,” Mr.Frazier compared with 23% forthe ter-in-placeorders. Sincemid- said.“It’shardinour business real-estatesector at large,ac- March about 13% of the U.S. la- to have your third-biggest op- cording to insurancebrokerage bor forcehas sought jobless erating expense be something Marsh, aunit of Marsh & assistance.About 16% of U.S. that youhavenoability to un- McLennan Cos. tenants failed to payrent derstand or forecast.” Insurersexpect ratestokeep through April 12, according to With rentsatornear records

climbing.Global insurance the National Multifamily Hous- REUTERS in manyAmerican cities, Y/ prices could jump faster in ing Council, and manyexpect boosted by high home prices and 2020 if the global outbreak of that figure to be higher in May. CLAR demand forapartments, land- the Covid-19 pandemic leads to Thejump in insurancecosts MC lordsdidn’t have much room to ON alarge number of insurance has come as asurprise to many push rentsany higher to offset

claims around the world. apartment landlords who for HARRIS larger premium costs. “It would be hardtoenvi- yearscounted on predictable Insurers expect ratestokeep climbing. Damage to apartments in Nashville, Tenn., after atornado lastmonth. Premiums fornew construc- sion the recent Covid events premiums.“Ithink clientsgot tion of apartment rentals are not contributing to pricing es- very used to seeing arenewal “Industrystandards would much of the differenceinpre- porting large swingsinpremi- also rising.ForeProperty Co., a calations over the next several and everyyear insurancepremi- be to underwritea2%or3%in- mium increases from landlord ums despitemaking no newin- development firm that has built quarters,” said BrettHolmgren, ums would either be consistent crease,” said Raphael Mandel- to landlord, Mr.Reisner said. suranceclaims in recent years. some 25,000 apartmentsover director of consulting at Robert or go down,” Mr.Reisner said. baum,aNew York-area land- Other considerations include Jones Street Investment the past three decades,recently M. Currey &Associates Inc., Even property ownersthat lordwho sawhis premiums geographic factorsthat put Partners, which owns about sawa100% increase in itsinsur- which helps real-estatecompa- experienced rate increases well increase 7% this year.“So 7% is portfolios moreatrisk fornat- 3,500 apartmentsinthe North- ancefor buildingsunder con- nies managetheir risks.“It is belowthe 33% averagesaid it abig jump.” ural disasters. east, is paying 50% morefor struction, according to Vice certainly not going to help.” stillstings. Claims historyaccountsfor But some landlords arere- property and liability insurance President Howard Stocking. P2JW113000-2-B00700-1------XA

THE WALL STREET JOURNAL. ** We dnesday, April 22, 2020 | B7 BUSINESS NEWS Philip HBO Max to Make Debut May 27 Morris BY JOE FLINT viceautomatically,while other AND DREW FITZGERALD subscriberswill be encouraged to sign up whenever they visit PostsRise WarnerMedia’snew stream- the company’s website or call ing serviceHBO Max will be in for customer support. launched after Memorial Day TheDallas companywill In Profit weekend, joining acrowded nudgeHBO’scurrent subscrib- market of streaming services erstostart watching the new, BY DAVE SEBASTIAN as traditional media giantstry expanded libraryofHBO Max. to competewith Netflix Inc. That process will be the sim- Philip Morris International andestablish direct-to-con- plest forpeople who already Inc.said itsprofitand sales sumer businesses. CTION use HBO Noworuse AT&T’s LLE

rose forthe latest quarter but Thenew platform is sched- CO newest set-top TV boxes. Di- withdrew its guidance for uled to makeits debut on recTV’sHBO customersmight 2020,expecting reduced travel Wednesday, May27, Warner- have their log-in credentials amid the pandemic to further Media, aunit of AT&T Inc., pre-populated to makeusing AL/EVERETT dent itsduty-free sales. said Tuesday. the new service seamless.

Thetobacco companyon At acost of $14.99 amonth, CENTR “Wespent probably agood Tuesdayposted first-quarter HBO Max is the priciest of the Y 12 months working through MED

earnings of $1.83 billion, or entries in the streaming wars. CO the protocols” to move HBO’s $1.17ashare, up from $1.35 Theservice, which includes all It includes all contentfromHBO as well as original shows and popular reruns such as ‘South Park.’ existing viewers to the new billion, or 87 centsashare, in content from HBO as well as app,said Jeff McElfresh,chief the comparable quarter last original content and popular Among the new shows and Earlierthismonth, Com- this month, Disney said the executiveofAT&T’stelecom year. Adjusted earnings were reruns such as “Friends” and original movies that will be cast Corp.’sNBCUniversal be- platform passed the 50 million business. $1.21 ashare, ahead of the “South Park,” is free to cur- available at launch are “Love ganaslowrollout of its paid-subscriber mark world- Morethan 20 million U.S. $1.13 a share analysts had ex- rent HBO subscribers. Life,” aromantic comedy star- streaming servicePeacock, wide.Disney’s newservice subscriberswatch HBO pected. Sales rose 6% to $7.15 Because the coronavirus ring Anna Kendrick, and new which is being offered free of benefited from a Verizon through other distributors. billion. Analysts were looking forced the shutdown of the “Looney Tunes” cartoons and charge to itscustomersand Communications Inc.promo- AT&T recently struck adeal for $6.84 billion. majority of television and the documentary “On the Re- some other distributors. Pea- tion that offered cellphone with cable giant Charter Com- Thepandemic in itsearly movie production, HBO Max cord” about the accusations of cock is offering a$4.99-a- customers free access to Dis- munications Inc.toshiftits stages had limited effect on the isn’t launching with the slate sexual harassment against mu- month version with ads and a ney+ for a year. HBO subscribersontothe new company, but it will hurt its of newcontent it wasplan- sic producer Russell Simmons. $9.99commercial-free version AT&T will lean on itsown service. full-yearresults, Chief Execu- ning.Amuch-anticipated re- With cord-cutting on the to all consumers, which is set base of cellphone, broadband Other cable-TV customers tiveAndré Calantzopoulos said. union of the cast of “Friends” rise, companies such as War- to launch in mid-July. and pay-TV customersto will still gettraditional HBO He said the pandemic has wasdelayed. Thecast reunion nerMedia see a growing need In November,Walt Disney boost the reach of HBO Max. until they download anew app. reduced duty-free sales, special won’t be released until to be able to bypasstradi- Co.rolled out its Disney+ Customerswith the most ex- Thecompanyhas said the TV sloweduser acquisition for the summer or fall, the com- tional cable and satellite dis- streaming service at a pensivewirelessand home in- series exclusivetoHBO Max IQOS, atobacco heating device pany said. tributors to reach customers. monthly feeof$6.99.Earlier ternet plans will getthe ser- will makeitaneasy sell. developed by Philip Morris and sold by Altria Group Inc., and delayedminimum-price enforcement in Indonesia. Chipotle’s Online Orders Surge, but Costs Hit Profit “Wealso have to assume that, in certain markets, un- employment and related re- BY HEATHER HADDON and supplies such as masks this environment in asafe andthe JusticeDepartment ness and canbetransmitted ductions in disposable income AND JESSE NEWMAN and hand sanitizer weighed on way,” Mr. Niccol said. said Chipotle agreed to pay by food workers. will have a temporary impact resultsoverall. Thechain is Shares in Chipotle rose the fine and enter a deferred Chipotle sought to mount a on market dynamics or the Chipotle Mexican Grill Inc. funding free-delivery promo- about 6% in after-hours trad- prosecution agreement, allow- turnaround sincethe health ability of certain small retail- said same-storesales fell short tions and boosted wagesto ing.Chipotle is one of the first ing it to avoid conviction if the scares,including offering sick ers to operate,” he said. of expectations in the first keep employees.Chipotle said U.S. restaurant chains to re- companymaintains an im- leave and wellnesschecks to Thecompanypulled the quarter despiteasurge in on- itsfirst-quarter profit fell 13% port this earnings season and proved food-safety program. workers. It uses an outside au- guidanceitprovided on Feb. 6, line orders. to $76.4 million. analysts feared worstresults. Chipotle was implicated in ditor to check on itsfood citing uncertainty. Restaurantsacrossthe U.S. Nowexecutives areturning Thechain said sales declines at least five foodborne illness safety practices. Forthe second quarter,the closed their dining rooms their attention to figuring out improved this month. outbreaks between 2015 and The company withdrew its company expects earnings of since the virus spread across howtorun the companyonce Chipotle said it would pay 2018,connected to restaurants guidancefor same-storesales $1 ashareto$1.10 ashare, in- the U.S. in March. Chipotle dining rooms reopen and $25 million to resolvecriminal in LosAngeles,Boston, Vir- and newstore openingsgiven cluding acurrencyeffect of said Tuesdayits same-store states relax stay-at-home or- chargesstemming from a ginia and Ohio,the JusticeDe- uncertainty surrounding the about 12 centsashare. It fore- sales fell 16% that month. Chi- ders, said Chipotle CEO Brian string of foodborne-illness partment said. Thecharges impact of the coronavirus cri- cast currency-neutral revenue potle’sonline ordersjumped Niccol. “You spendalot of outbreaks connected to itsres- were related in part to out- sis.Chipotle said it would pay to decline about 8% to 12%, 80% to 26% of sales. your time ensuring howyou taurantsthat sickened more breaks of norovirus, a patho- itsfine this year,which it said partly due to lowerIQOSsales. But costsfor labor,delivery canexecuteyour businessin than 1,000 people.The chain gen that can cause severe ill- would hurt liquidity.

It raised around $50 million in ners, argued that venture- ADVERTISEMENT Startups recent yearsthough burned cash backed startups should mostly building amoney-losing fulfill- avoid the loans.Among the ment unit it sold offinMarch. concerns raised wasthe bad BusinessReal Estate&Services Debate EasyPost also is negotiating publicityfor specific startups To advertise: email [email protected] or WSJ.com/classifieds with investorsfor additional and the VC industryasawhole, capital, said aperson familiar if PPP loan datalater shows SBA Aid with the company, who added they leaned tooheavily on tax- %!"& !$#"#! that it hasenough cash to sup- payermoney,participantssaid. port operations intonextyear. “Thereisn’t aclear one-size- "#!$(&'% ContinuedfrompageB1 “Just because acompanyhas fits-all formula,” Mr.Eggers that eventually become wildly capital in the bank doesn’t said in astatement. successfulshould pay[PPP mean acompanydoesn’t qual- ThedebateinSilicon Valley money] back.” On Monday, ifyfor this,” Mr.Streebin said. is part of alargerdiscussion !*&(*&/$) 1,+#%$&'/. 0#&(.#% "#-$'*,% ShakeShack Inc.said it would “Wedeserveitasmuch as any- that dates back to the financial return $10 million it received one else who applied.” crisis,about the propriety of *AA+78:;B+ 1D <4-3A9C<;: from the program afteritraised Aside from the debateabout “bailouts” forcompanies backed capital from investorsand apub- eligibility,some venturecapital- by investor cash. When those ,C1,+C9<+A <4 )A9;9+A/ lic outcryfromsmall businesses ists, lawyersand foundersworry companies getfreegovernment <42:3-<4B H;C+?13A+/ 1DD<2+A that didn’t receivePPP funds. that the rush to take money money,their investorsare pro- ;4- -+0+:1,7+49 :;4-F EasyPost,a160-person com- meant forstruggling small busi- tected from losses by taxpayers. panythat provides shipping nesses could expose startups Venturecapitalistsand start- software to e-commerce compa- and their investorstopublic ups saythey areanimportant !+0+C;: ,C1,+C9<+A H<:: 8+ nies,received afew million dol- criticism, legal liability or both. engine of America’sinnovation 1DD+C+- H<9? 41 C+A+C0+F lars in aPPP loan recently,ac- Theboardofdirectorsfor economyand entitled to money cording to people familiar with the National VentureCapital from the small-businessloans. the matter. JarrettStreebin,its Association held aconference ThePPP “was designed to #83:)&'" !&()', co-founder and chief executive, call last week to discussthe help small businesses avoid lay- said the companyhasn’t laid off program. Theboard, made up offs,and manystartups arefac- )' 98'1 anyemployees because of of 33 venturecapitalists, dis- ing hugelayoffs,” said George Covid-19.Headded that while agreed on the guidancetogive Arison,co-founder and co-chief partsofhis businessare up and to startups on whether they executiveofused carsales othersare down, he doesn’t should apply forPPP loans and startup ShiftInc.The money knowhow much worsethe situ- how, according to participants. his companyreceived will help ation will getand wantsthe gov- Some on the call, including it avoid closing itsLos Angeles 4$1-1$ 7&: :& 0.): -&$ :+1 #83:)&'% ernment’smoney to be prepared. Barry Eggers,managing part- operations,saving 100 jobs or 285(): .4$1*#83:)&' 6--1$/ Thecompanyhas resources. ner of Lightspeed VenturePart- more, he said. )GGF)G.F)GG6 5 H<::<;7A/#-$'*,F217>;AA+78:;B+ ADVERTISEMENT BusinessReal Estate&Auctions (@='"E! #"'$&@$ $*=*##%=F To advertise: email [email protected] or WSJ.com/classifieds 2040.+(-0,# +((+&#",1#3

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B8 | We dnesday, April 22, 2020 THE WALL STREET JOURNAL. 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. AxonEnterprise AAXN 70.60 -6.18 Brown-Forman B BF.B 60.29 -1.17 Chevron CVX 81.64 -1.93 CyrusOne CONE 68.20 -0.67 EmersonElec EMR 50.77 -0.15 ExactSciences EXAS 76.51 -0.85 FirstEnergy FE 43.20 -1.29 Market listed securities. Prices are composite dd-Indicates loss in the most recent BCE BCE 40.11 -0.88 Brown-Forman A BF.A 55.55 -1.00 Chewy CHWY 43.44 -1.28 Enbridge ENB 28.13 -1.19 s Exelixis EXEL 24.56 0.98 Fiserv FISV 91.76 -5.48 quotations that include primary market trades four quarters. BHP Group BHP 36.83 -1.94 Bruker BRKR 35.02 -1.81 ChinaLifeIns LFC 9.95 -0.47 D E F EncompassHealth EHC 67.39 -2.14 Exelon EXC 35.68 -1.39 FiveBelowFIVE 79.32 -4.29 BHP Group BBL 30.14 -1.57 Bunge BG 36.13 -2.75 ChinaMobile CHL 38.22 -0.79 EnelAmericas ENIA 7.72 -0.12 Expedia EXPE 57.25 -2.70 as well as trades reported by Nasdaq BX FD-First day of trading. DISH Network DISH 21.57 -0.64 Five9 FIVN 93.67 -1.09 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing BP BP 21.64 -0.71 BurlingtonStrs BURL 172.59 -4.57 ChinaPetrol SNP 48.40 -0.82 ExpeditorsIntl EXPD 69.67 -1.00 DTE Energy DTE 99.14 -1.62 EnelChile ENIC 3.66 -0.05 FleetCorTech FLT 204.30 -9.83 Cboe, NYSE National and Nasdaq ISE. standards B2Gold BTG 4.57 0.07 CACI Intl CACI 230.40 -8.18 ChinaTelecom CHA 32.36 -0.39 ExtraSpaceSt EXR 88.82 -0.54 Danaher DHR 153.75 -2.08 EnergyTransfer ET 6.14 0.06 FlirSystems FLIR 40.65 1.68 The list comprises the 1,000 largest lf-Late filing BWX Tech BWXT 50.36 -1.43 CBRE Group CBRE 39.97 -1.99 ChinaUnicom CHU 6.20 -0.24 ExxonMobil XOM 40.96 -0.22 Darden DRI 63.32 1.53 EnphaseEnergy ENPH 35.51 -3.50 FlowersFoods FLO 22.52 -0.75 companies based on market capitalization. q-Temporary exemption from Nasdaq Baidu BIDU 101.41 -3.27 CDK Global CDK 34.05 -1.11 Chipotle CMG 786.69-22.04 F5Networks FFIV 119.84 -2.82 t requirements. Datadog DDOG 40.00 -0.99 Entegris ENTG 47.26 -4.42 FomentoEconMex FMX 55.83 -1.19 Underlined quotations are those stocks with BakerHughes BKR 12.75 -0.23 CDW CDW 98.85 -6.76 Chubb CB 112.39 -2.25 FMC FMC 83.59 -0.97 t-NYSE bankruptcy DaVita DVA 72.53 -4.99 Entergy ETR 94.66 -1.79 FordMotor F 4.77 -0.21 large changes in volume compared with the Ball BLL 65.54 -3.00 ChunghwaTel CHT 36.05 0.14 FTI Consulting FCN 129.60 -1.70 v-Trading halted on primary market. CF Industries CF 26.86 -0.69 EnterpriseProd EPD 15.63 -0.02 Fortinet FTNT 101.18-11.17 issue’s average trading volume. Church&Dwight CHD 70.55 -2.12 Deere DE 134.06 -3.24 Facebook FB 170.80 -7.44 vj-In bankruptcy or receivership or t BancoBilbaoViz BBVA 2.67 -0.16 CGI GIB 57.74 -1.82 Equifax EFX 130.04 4.23 Fortis FTS 37.21 -0.92 Ciena CIEN DellTechC DELL 37.40 -3.56 FactSet FDS 266.54-10.16 Boldfaced quotations highlight those issues being reorganized under the BancoBradesco BBDO 3.40 -0.05 CH Robinson CHRW 70.96 -1.36 44.03 -2.32 Equinix EQIX 672.20 1.45 Fortive FTV 55.84 -2.86 DeltaAir DAL 23.10 -0.54 FairIsaac FICO 291.56-15.78 whose price changed by 5% or more if their Bankruptcy Code, or securities BancodeChile BCH 15.80 -0.25 CME Group CME 178.02 -6.60 Cigna CI 177.91-10.79 Equinor EQNR 12.02 -0.39 FortBrandsHome FBHS 42.25 -1.67 CincinnatiFin CINF 80.17 -2.31 DentsplySirona XRAY 39.66 -1.62 Fastenal FAST 34.14 -0.78 previous closing price was $2 or higher. assumed by such companies. BancSanBrasil BSBR 4.64 -0.20 CMS Energy CMS 58.41 -0.78 Equitable EQH 14.63 -0.70 FoxA FOXA 25.54 -0.52 CNA Fin CNA 31.00 -0.72 Cintas CTAS 190.50 -3.41 DeutscheBank DB 6.08 -0.25 FederalRealty FRT 70.41 -1.17 BcoSantChile BSAC 14.33 -0.44 EquityLife ELS 58.97 -1.59 FoxB FOX 25.05 -0.64 t BancoSantander SAN 2.02 -0.05 CNH Indl CNHI 6.10 -0.08 CiscoSystems CSCO 40.55 -1.99 DexCom DXCM 308.39-14.88 FedEx FDX 120.48 -2.16 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and EquityResdntl EQR 63.81 -1.80 Franco-Nevada FNV 125.51 1.42 BankofAmerica BAC 21.64 -0.86 CNOOC CEO 103.00 -5.33 Citigroup C 41.57 -2.44 Diageo DEO 129.21 -4.84 Ferrari RACE 153.15 -3.86 changes in the closing prices from 4 p.m. the previous day. ErieIndemnity A ERIE 177.41 -1.83 FranklinRscs BEN 15.98 -0.30 BankofMontreal BMO 46.89 -2.03 CRH CRH 26.25 -0.55 CitizensFin CFG 19.29 -1.01 DiamondbkEner FANG 31.40 0.54 FiatChrysler FCAU 7.73 -0.21 EssentialUtil WTRG 41.29 -0.95 FreeportMcM FCX 7.41 -0.61 BankNY Mellon BK 35.21 -1.20 CSX CSX 59.48 -1.52 CitrixSystems CTXS 146.64 -4.03 DigitalRealty DLR 144.70 0.98 FidNatlFin FNF 24.86 -0.61 EssexProp ESS 238.79 -3.11 FreseniusMed FMS 36.14 -0.29 Tuesday, April 21, 2020 Net Net BkNovaScotia BNS 37.08 -1.67 CVS Health CVS 60.25 -2.09 ClarivateAnaly CCC 23.48 -0.26 DiscoverFinSvcs DFS 34.30 -0.92 FidNatlInfo FIS 117.47 -5.15 Stock Sym Close Chg Stock Sym Close Chg EsteeLauder EL 161.11 -6.68 Net Barclays BCS 4.26 -0.18 CableOne CABO 1635.18-148.06 Clorox CLX 190.77 -0.60 DiscoveryB DISCB 34.08 0.53 FifthThirdBncp FITB 16.26 -0.42 Etsy ETSY 61.37 -3.68 G H I Stock Sym Close Chg Allegion ALLE 90.76 -3.19 Anaplan PLAN 36.49 -1.02 BarrickGold GOLD 24.82 -0.10 CabotOil COG 21.03 -0.39 CloudflareNET 23.94 -2.24 DiscoveryA DISCA 20.78 -0.92 58.com WUBA 52.05 0.05 EuronetWorldwide EEFT Allergan AGN 184.04 -3.35 AngloGoldAsh AU 22.81 -0.06 BauschHealth BHC 16.24 -1.00 CadenceDesign CDNS 74.59 -3.25 Coca-Cola KO 45.38 -1.15 DiscoveryC DISCK 19.01 -0.73 79.53 -4.34 51job JOBS 66.72 -4.46 GCI LibertyA GLIBA 59.76 -1.16 A B C AlliantEnergy LNT 49.70 -0.29 AB InBev BUD 43.14 -1.45 BaxterIntl BAX 90.10 -4.04 CaesarsEnt CZR 7.90 -0.13 Coca-Cola Euro CCEP 38.82 -1.79 Disney DIS 100.54 -1.72 Everbridge EVBG 117.31 -7.40 FirstAmerFin FAF 40.12 -1.10 GDS Holdings GDS 58.16 -1.46 Allstate ALL 100.09 -2.63 AnnalyCap NLY BectonDicknsn BDX 256.50 -6.94 CamdenProperty CPT 81.85 -1.49 CogentComm CCOI 89.56 -0.22 DocuSign DOCU 99.33 -2.47 EverestReRE 179.60-10.92 FirstIndRlty FR 33.40 -1.42 GFLEnvironmental GFL 15.21 -0.18 ABB ABB 16.91 -0.59 6.14 0.32 AllyFinancial ALLY 14.18 -0.87 BeiGene BGNE 158.53 -2.50 CampbellSoup CPB 50.44 -0.86 Cognex CGNX 46.93 -1.03 DolbyLab DLB 54.36 -3.23 Evergy EVRG 58.24 -0.88 FirstRepBank FRC 97.73 -2.69 GSXTechedu GSX 34.67 -1.04 ACADIA Pharm ACAD 47.84 -1.89 Anthem ANTM 249.37-13.83 s AlnylamPharm ALNY 137.85 -7.02 Aon AON 178.18 -7.51 Berkley WRB 53.35 -1.90 CIBC CM 55.03 -2.15 CognizantTech CTSH 50.99 -1.54 DollarGeneral DG 178.74 -0.26 EversourceEner ES 87.20 -0.57 FirstSolar FSLR 39.18 -1.82 Continued on Page B9 AECOM ACM 31.58 -0.88 Alphabet A GOOGL 1212.16-48.99 ApartmtInv AIV 35.75 -0.97 BerkHathwy B BRK.B 183.48 -5.27 CanNtlRlwy CNI 75.97 -2.26 ColgatePalm CL 70.61 -1.55 DollarTree DLTR 77.74 -1.45 AES AES 12.46 -0.24 Alphabet C GOOG 1216.34-50.27 ApolloGlbMgmt APO 35.50 -1.77 BerkHathwy A BRK.A 275750-7050.00 CanNaturalRes CNQ 12.43 -0.36 ColumbiaSportswr COLM 65.96 -3.74 DominionEner D 76.61 -2.50 Aflac AFL 34.59 -1.56 Alteryx AYX 111.23-13.63 Apple AAPL 268.37 -8.56 BerryGlobal BERY 35.96 -0.51 CanPacRlwy CP 216.00 -3.01 Comcast A CMCSA 35.71 -1.50 Domino's DPZ 365.22 -5.26 AGNC Invt AGNC 12.36 0.38 AlticeUSA ATUS 24.89 -1.02 ApplMaterials AMAT 48.33 -2.30 BestBuy BBY 67.80 -1.99 Canon CAJ 20.22 -0.43 CommerceBcshrs CBSH 55.43 -1.01 Donaldson DCI 40.10 -1.93 Ansys ANSS 253.28-13.44 Dividend Changes Altria MO 37.76 -1.31 Aptargroup ATR 106.12 -0.82 BeyondMeat BYND 84.96 5.84 CanopyGrowth CGC 15.04 -0.13 SABESP SBS 7.54 -0.15 DouglasEmmett DEI 28.78 -0.72 ASETech ASX 3.97 -0.27 Amazon.com AMZN 2328.12-65.49 Aptiv APTV 58.35 -1.18 Bilibili BILI 28.57 -1.11 CapitalOne COF 51.16 -2.71 ConagraBrands CAG 33.83 -0.05 Dover DOV 84.51 -1.46 Dividend announcements from April 21. ASML ASML 281.09-10.49 Ambev ABEV 2.23 -0.01 Aramark ARMK 20.43 -0.07 Bio-Techne TECH 200.37 -7.42 CardinalHealth CAH 48.27 -2.47 ConchoRscs CXO 49.61 -0.96 Dow DOW 30.88 -0.65 AT&T T 29.87 -1.11 DrReddy'sLab RDY Amcor AMCR 8.26 -0.38 ArcelorMittal MT 9.08 -0.32 Bio-RadLab A BIO 417.71 -7.24 Carlisle CSL 117.49 -5.14 ConocoPhillips COP 33.19 -1.38 50.87 0.71 Amount Payable / AbbottLabs ABT 94.05 -3.95 Dropbox DBX 19.66 -0.68 Amdocs DOX 61.09 -1.44 ArchCapital ACGL 25.29 -1.41 Biogen BIIB 329.01-10.40 Carlyle CG 21.00 -0.87 ConEd ED 83.49 -1.98 Company Symbol Yld %New/Old Frq Record AbbVie ABBV 80.36 -3.63 Amedisys AMED 186.03 -9.60 ArcherDaniels ADM 35.00 -1.34 BioMarinPharm BMRN 90.72 -2.48 CarMax KMX 63.58 -0.98 ConstBrands A STZ 153.02 -3.60 DukeEnergy DUK 85.44 -1.21 Abiomed ABMD 164.50 -1.70 Amerco UHAL 259.17 -1.13 arGEN-X ARGX 143.59 -3.01 BioNTech BNTX 42.26 -1.11 Carnival CCL 11.84 -0.38 ConstBrands B STZ.B152.79 -4.37 DukeRealty DRE 33.39 -0.37 Increased AcceleronPharma XLRN 95.66 -5.84 Dunkin' DNKN 55.97 -2.00 Ameren AEE 74.02 0.78 AristaNetworks ANET 200.05-11.94 BlackKnight BKI 65.98 -1.42 CarrierGlobal CARR 14.69 0.24 Cooper COO 288.53-16.17 SB Financial Group SBFG 2.9 .10 /.095 Q May22 /May08 Accenture ACN 166.24 -8.50 AmericaMovil AMX 10.76 -0.16 BlackRock BLK 474.37 3.57 CaseysGenStores CASY 151.00 -1.86 Copart CPRT DuPont DD 39.07 -0.65 AscendisPharma ASND 130.50 -8.09 66.15 -2.49 Southern SO 4.6 .64 /.62 Q Jun08 /May18 ActivisionBliz ATVI 65.72 -0.78 AmerAirlines AAL 11.00 -0.06 AspenTech AZPN 91.99 -5.35 Blackstone BX 45.50 -2.68 Catalent CTLT 57.14 -1.72 Coresite COR 115.93 -2.62 Dynatrace DT 25.56 -0.98 Value Line VALU 2.7 .21 /.20 Q May11 /Apr27 Adobe ADBE 328.99-15.89 AmCampus ACC 30.30 -1.40 Assurant AIZ 101.15 -1.87 Boeing BA 136.33 -7.28 Caterpillar CAT 109.85 -4.75 Corning GLW 19.44 -1.00 ENI E 17.58 -0.57 AdvanceAuto AAP 113.51 -1.89 AEP AEP 82.47 -0.44 AstraZeneca AZN 50.07 -0.37 BookingHldgs BKNG 1342.22-69.41 Celanese CE 73.46 -2.56 Corteva CTVA 24.27 -0.36 EOG Rscs EOG 40.50 -0.67 Reduced AdvMicroDevices AMD 52.92 -4.05 AmerExpress AXP 81.52 -2.49 Centene CNC 66.24 -2.18 EPAM Systems EPAM 193.98-12.68 Athene ATH 22.25 -1.86 BoozAllen BAH 73.49 -2.40 CoStar CSGP 562.99-40.54 Cross Timbers Royalty Tr CRT 18.3 .0859 /.09132 M May14 /Apr30 Aegon AEG 2.35 -0.04 AmericanFin AFG 62.80 -4.36 Atlassian TEAM BorgWarner BWA 25.51 -0.01 CenterPointEner CNP 15.51 -0.24 Costco COST 301.33-10.75 E*TRADE ETFC 37.64 -1.61 148.20 -4.43 Permian Basin Royalty Tr PBT 15.4 .023 /.03384 M May14 /Apr30 AgilentTechs A 73.75 -3.62 AmHomes4Rent AMH 22.04 -1.24 AtmosEnergy ATO 100.79 -1.74 BostonBeer SAM 410.56 -3.06 CentraisElBras EBR 4.56 -0.28 Coty COTY 5.67 -0.01 EastmanChem EMN 52.72 -0.89 Permianville Royalty Tr PVL 28.0 .029 /.041 M May12 /Apr30 AgnicoEagle AEM 53.80 -0.08 AIG AIG 22.25 -1.50 Autodesk ADSK 170.02 -7.85 BostonProps BXP 88.43 -3.01 CenturyLink CTL 9.71 -0.43 CoupaSoftware COUP 157.45 -9.07 Eaton ETN 76.91 -0.98 San Juan Basin Royalty Tr SJT 6.9 .0083 /.03215 M May14 /Apr30 AirProducts APD 207.39 -6.98 AmerTowerREIT AMT 242.00 -6.68 Autohome ATHM 76.15 -5.28 BostonSci BSX 35.05 -2.20 CeridianHCM CDAY 50.36 -3.01 CousinsProperties CUZ 28.30 -1.92 eBay EBAY 37.61 -0.03 AkamaiTech AKAM 103.36 -2.88 AmerWaterWorks AWK 125.43 -1.03 Autoliv ALV 54.46 -0.96 BrightHorizons BFAM 112.39 -7.61 Cerner CERN 68.59 -1.66 Credicorp BAP 138.21 -4.66 Ecolab ECL 170.16 -2.80 VOC Energy Trust VOC 38.5 .03 /.11 Q May15 /Apr30 Albemarle ALB 57.86 -2.14 AmericoldRealty COLD 32.84 -1.15 ADP ADP 133.61 -6.21 Bristol-Myers BMY 60.59 -1.09 CharlesRiverLabs CRL 135.06 -9.20 CreditAcceptance CACC 254.00-40.71 Ecopetrol EC 9.00 -0.62 Foreign Alcon ALC 51.73 -1.60 Ameriprise AMP 103.45 -6.66 AutoZone AZO 978.85 -9.30 BritishAmTob BTI 35.62 -1.10 CharterComms CHTR 490.78 -7.89 CreditSuisse CS 7.76 -0.37 EdisonInt EIX 58.19 -1.82 Enerplus ERF 4.6 .0071 M May15 /Apr30 AlexandriaRlEst ARE 147.40 -3.59 AmerisourceBrgn ABC 85.57 -4.05 Avalara AVLR 81.48 -3.84 Broadcom AVGO 247.65-10.63 CheckPoint CHKP 101.79 -3.54 CrowdStrike CRWD 66.07 -2.36 EdwardsLife EW 216.02 -8.58 AlexionPharm ALXN 103.39 -3.33 Ametek AME 73.91 -3.84 Avalonbay AVB 158.25 -2.26 BroadridgeFinl BR 107.36 -2.43 Chegg CHGG 35.66 -0.76 CrownCastle CCI 159.67 -2.75 ElancoAnimal ELAN 23.88 -0.65 Granite REIT GRP.U 4.8 .1728 M May15 /Apr30 Alibaba BABA 207.34 -4.79 Amgen AMGN 230.75 -5.85 Avangrid AGR 43.89 -0.22 BrookfieldMgt BAM Chemed CHE CrownHoldings CCK Elastic ESTC 58.56 -2.72 31.87 -1.15 408.93-32.85 59.48 -1.80 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and AlignTech ALGN 187.26 -9.45 Amphenol APH 76.92 -4.33 Avantor AVTR 12.86 -0.78 BrookfieldInfr BIP 37.22 -1.07 CheniereEnergy LNG 41.30 -0.36 CubeSmart CUBE 25.28 -0.08 ElbitSystems ESLT 123.05 1.06 Alleghany Y 532.90-13.02 AnalogDevices ADI 96.47 -4.44 AveryDennison AVY 103.26 -1.64 Brown&Brown BRO 35.50 -1.82 CheniereEnerPtrs CQP 31.41 0.71 Cummins CMI 142.38 -3.72 ElectronicArts EA 113.27 -2.14 ratio; SO: spin-off.

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 Dodge & Cox Contra 12.59 -0.44 -7.6 TotRtnBdFdClInst 28.25 +0.05 4.9 TotalReturnBond NA ... NA VANGUARD ADMIRAL TxMCapAdml140.04 -4.46-15.1 WellsI 26.11 -0.26 -3.7 NOTICE TO READERS Balanced 81.88 -1.91-17.9 ContraK 12.60 -0.45 -7.6 Harbor Funds PIMCO Fds Instl 500Adml 252.83 -7.99-14.8 TxMIn r 10.88 -0.25-22.7 Welltn 38.66 -0.77-10.2 Mutual-fund statistics were delayeddue to aproduction issue at the Income 14.13 -0.06 1.7 CpInc r 8.67 -0.15-14.4 CapApInst 71.96 -2.70 -5.0 AllAsset NA ... NA BalAdml 35.87 -0.65 -7.8 USGroAdml 106.50 -4.10 -4.4 WndsrII 28.74 -0.85-21.1 source.Prices displayedinthis table reflect Friday’sclosing values.Up- Intl Stk 30.03 -0.88-31.1 GroCo 20.82 -0.83 -2.5 Harding Loevner TotRt 10.64 ... 3.8 CAITAdml 11.98 -0.03 -0.2 ValAdml 36.55 -1.03-21.2 VANGUARD INDEX FDS SmValAdml 38.86 -0.96-33.8 to-date mutual-fund data canbefound online at WSJMarkets.com. Stock 140.96 -4.51-25.8 GrowCoK 20.86 -0.83 -2.5 IntlEq 19.41 -0.56 NA PIMCO Funds A CapOpAdml r130.50 -4.25-17.3 WdsrllAdml 51.00 -1.51-21.1 DoubleLine Funds InvGrBd 11.80 ... 2.9 Invesco Funds Y IncomeFd 11.09 -0.04 NA DivAppIdxAdm 29.63 -0.79-12.0 WellsIAdml 63.25 -0.63 -3.6 TotBd2 11.45 +0.02 4.8 CoreFxdIncmI NA ... NA LowP r 37.65 -0.87-24.8 DevMktY 35.95 -0.96-21.2 PIMCO Funds I2 EMAdmr 28.85 -0.76-21.8 WelltnAdml 66.76 -1.33-10.1 TotIntl 13.78 -0.33-22.6 TotRetBdI 10.52 +0.01 -0.2 Magin 9.35 -0.31 -8.3 JPMorgan I Class Income 11.09 -0.04 NA TotSt 66.41 -2.09-16.2 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. EqIncAdml 63.63 -1.76-19.3 WndsrAdml 53.54 -1.66-25.9 Edgewood Growth Instituti OTC 11.84 -0.42 -7.4 CoreBond 12.23 +0.02 NA PIMCO Funds Instl ExplrAdml 75.78 -2.40-22.0 VANGUARD FDS VANGUARD INSTL FDS e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese EdgewoodGrInst 36.25 -1.29 -5.9 Puritn 21.11 -0.44 -6.9 EqInc 15.30 -0.43 NA IncomeFd 11.09 -0.04 NA ExtndAdml 72.19 -2.25-24.4 DivdGro 26.46 -0.71-13.3 BalInst 35.87 -0.66 -7.8 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Fidelity SAIUSQtyIdx 13.09 -0.45-10.8 JPMorgan R Class Price Funds GNMAAdml 10.79 ... 3.0 INSTTRF2015 21.80 -0.21 -5.2 DevMktsIndInst 10.90 -0.25-22.7 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r 500IdxInstPrem 94.92 -3.00-14.8 SrsEmrgMkt 16.11 -0.49-21.9 CoreBond 12.24 +0.02 NA BlChip 115.50 -4.22 -7.1 GrwthAdml 86.45 -3.05 -7.6 INSTTRF2020 22.14 -0.30 -8.2 DevMktsInxInst 17.03 -0.40-22.7 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not Contrafund K6 13.32 -0.46 -7.9 SrsGlobal 10.25 -0.25-22.2 CorePlusBd 8.59 +0.01 NA DivGro 45.18 -1.23-15.0 HlthCareAdml r 83.09 -2.19 -2.6 INSTTRF2025 22.22 -0.37-10.1 ExtndInst 72.18 -2.26-24.4 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; GrwthInst 86.46 -3.04 -7.6 ExtMktIdxInstPre 48.24 -1.50-24.4 SrsGroCoRetail 17.43 -0.71 -1.8 Lord Abbett A EqInc 23.54 -0.65-26.2 HYCorAdml r 5.44 -0.07 -7.3 INSTTRF2030 22.15 -0.42-11.8 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. InPrSeIn 10.95 +0.06 3.9 IntlIdxInstPrem 33.43 -0.75-22.2 SrsIntlGrw 14.90 -0.42-15.0 ShtDurIncmA p 4.02 -0.01 NA EqIndex 72.74 -2.30-14.8 InfProAd 26.88 +0.14 3.9 INSTTRF2035 22.07 -0.46-13.5 InstIdx 244.32 -7.72-14.8 MidCpInxInstPrem 18.22 -0.56-22.9 SrsIntlVal 7.08 -0.17-28.5 Lord Abbett F Growth 66.45 -2.35 -9.4 IntlGrAdml 92.82 -2.37 -9.7 INSTTRF2040 21.98 -0.51-15.1 InstPlus 244.34 -7.72-14.8 Tuesday, April 21, 2020 SAIUSLgCpIndxFd 14.72 -0.46-14.9 TotalBond 11.03 -0.01 1.9 ShtDurIncm 4.02 -0.01 NA HelSci 78.23 -2.25 -3.9 ITBondAdml 12.35 +0.01 5.4 INSTTRF2045 21.84 -0.55-16.6 InstTStPlus 56.83 -1.79-16.2 Net YTD Net YTD Net YTD SeriesOverseas 8.90 -0.20-17.4 Fidelity SAI Lord Abbett I InstlCapG 40.71 -1.45 -7.6 ITIGradeAdml 10.16 -0.01 2.6 INSTTRF2050 21.87 -0.56-16.6 MidCpInst 38.31 -1.14-21.0 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SmCpIdxInstPrem 15.01 -0.35-28.6 TotalBd 10.54 -0.01 1.3 ShtDurInc p 4.02 -0.01 NA IntlStk 15.05 -0.37-19.3 LTGradeAdml 11.64 ... 8.1 INSTTRF2055 21.96 -0.55-16.6 Metropolitan West MidCpIstPl 188.95 -5.60-21.0 American Century Inv NEcoA p 40.37 -1.19-11.7 CorePlusBond 10.29 ... 2.0 TMktIdxInstPrem 75.54 -2.39-16.4 First Eagle Funds MidCap 78.65 -2.32-17.5 MidCpAdml 173.44 -5.13-21.0 IntlVal 28.09 -0.61-25.2 TotRetBd 11.34 ... 4.3 SmCapInst 57.38 -1.68-27.4 Ultra 48.65 -1.74 -6.7 NwWrldA 57.05 -1.46-19.1 Intl Eq 9.51 -0.22-20.7 USBdIdxInstPrem 12.46 +0.01 5.4 GlbA 48.82 -0.98-15.8 N Inc 9.58 ... -0.5 MuHYAdml 11.21 -0.04 -3.6 LifeCon 19.77 -0.21 -5.6 TotRetBdI 11.34 ... 4.5 STIGradeInst 10.69 -0.01 0.4 American Funds Cl A SmCpA p 48.72 -1.20-17.2 LargeCapValue 10.46 -0.30-23.2 Fidelity Advisor I FPA Funds NHoriz 56.41 -1.93 -5.0 MuIntAdml 14.33 -0.04 -0.2 LifeGro 30.92 -0.69-14.4 TRBdPlan 10.66 -0.01 4.3 STIPSIxins 24.66 -0.01 -0.2 AmcpA p 29.60 -0.84-11.8 TxExA p 13.06 -0.04 -1.3 Dimensional Fds NwInsghtI 28.61 -0.93-12.5 FPACres 27.09 -0.67-19.9 OverS SF r 8.56 -0.21-23.5 MuLTAdml 11.72 -0.04 -0.6 LifeMod 25.95 -0.43-10.1 MFS Funds Class I TotBdInst 11.53 +0.01 5.1 AMutlA p 37.05 -0.93-14.3 WshA p 39.61 -1.15-17.2 5GlbFxdInc 10.78 ... 0.5 Fidelity Freedom Franklin A1 R2020 19.64 -0.35-11.1 MuLtdAdml 11.00 -0.01 -0.2 PrmcpCor 22.25 -0.67-20.3 ValueI 35.54 -1.05-20.0 TotBdInst2 11.45 +0.02 4.8 BalA p 26.12 -0.46 -8.0 Baird Funds DFARlEst 32.30 -0.57-20.7 FF2020 14.59 -0.22-10.0 CA TF A1 p 7.48 ... -1.3 R2025 15.54 -0.31-12.6 MuShtAdml 15.79 ... 0.1 STAR 24.80 -0.47 -9.3 MFS Funds Instl TotBdInstPl 11.53 +0.01 5.2 BondA p 13.75 ... 5.8 AggBdInst 11.59 +0.02 4.0 EmgMktVa 20.29 -0.57-29.3 FF2025 12.69 -0.21-11.4 IncomeA1 p 1.98 -0.04-14.2 R2030 22.27 -0.50-14.0 PrmcpAdml r119.63 -3.89-17.0 TgtRe2015 14.39 -0.13 -5.2 IntlEq 22.43 -0.60-19.5 TotIntBdIdxInst 34.05 -0.02 0.6 CapIBA p 54.07 -1.06-13.8 CorBdInst 11.81 +0.01 2.8 EmMktCorEq 16.22 -0.46-25.3 FF2030 15.45 -0.30-13.3 FrankTemp/Frank Adv R2035 16.14 -0.39-15.2 RealEstatAdml101.97 -1.82-21.9 TgtRe2020 29.86 -0.41 -8.2 Nuveen Cl I TotIntlInstIdx r 92.19 -2.21-22.6 CapWGrA 43.08 -1.16-17.2 BlackRock Funds IntlCoreEq 10.16 -0.23-26.3 Freedom2020 K 14.58 -0.21-10.0 IncomeAdv 1.97 -0.03-13.8 R2040 22.69 -0.59-16.1 SmCapAdml 57.39 -1.67-27.4 TgtRe2025 17.83 -0.29-10.1 HYMunBd 16.02 -0.07 -9.6 TotItlInstPlId r 92.20 -2.21-22.6 EupacA p 44.66 -1.08-19.8 HiYldBd Inst 6.85 -0.10 -9.0 IntSmCo 13.61 -0.28-28.0 Freedom2025 K 12.67 -0.22-11.4 FrankTemp/Franklin A Value 29.35 -0.87-22.6 SmGthAdml 56.01 -1.88-19.7 TgtRe2030 32.14 -0.61-11.8 Oakmark Funds Invest TotStInst 66.44 -2.09-16.2 FdInvA p 51.42 -1.54-16.8 BlackRock Funds A IntSmVa 13.11 -0.26-32.2 Freedom2030 K 15.44 -0.30-13.3 Growth A p 99.77 -3.15-11.1 PRIMECAP Odyssey Fds STBondAdml 10.82 ... 3.0 TgtRe2035 19.49 -0.41-13.5 OakmrkInt 15.56 -0.48-37.6 ValueInst 36.54 -1.04-21.2 GwthA p 46.72 -1.47 -8.6 GlblAlloc p 17.49 -0.31 -7.3 LgCo 20.99 -0.66-14.8 Freedom2035 K 12.61 -0.29-16.3 RisDv A p 58.33 -1.79-16.0 Growth r 32.86 -1.04-19.7 Old Westbury Fds STIGradeAdml 10.69 -0.01 0.4 TgtRe2040 33.24 -0.78-15.1 WCM Focus Funds HI TrA p 8.84 -0.12-10.6 BlackRock Funds Inst US CoreEq1 20.52 -0.63-20.4 Freedom2040 K 8.69 -0.22-17.9 FrankTemp/Franklin C Schwab Funds LrgCpStr NA ... NA STsryAdml 10.84 ... 2.9 TgtRe2045 20.61 -0.53-16.6 WCMFocIntlGrwIns 16.57 -0.54-12.4 ICAA p 33.66 -0.98-14.5 MultiAstIncome 9.94 -0.09 -7.4 US CoreEq2 18.40 -0.56-21.9 Fidelity Invest Income C t 2.01 -0.04-14.2 S&P Sel 42.09 -1.33-14.8 Parnassus Fds TotBdAdml 11.53 +0.01 5.1 TgtRe2050 33.19 -0.85-16.5 Western Asset IncoA p 19.89 -0.36-13.6 StratIncOpptyIns 9.51 -0.02 -3.6 US Small 23.93 -0.58-31.4 AMgr50% 16.97 -0.23 -8.7 FrankTemp/Temp Adv TSM Sel r 46.81 -1.47-16.4 ParnEqFd 40.88 -1.26-12.9 TotIntBdIdxAdm 22.69 -0.01 0.5 TgtRet2055 36.04 -0.92-16.6 CoreBondI 13.16 -0.01 NA Bridge Builder Trust Balanc 22.04 -0.48 -9.9 TIAA/CREF Funds IntBdA p 13.96 +0.01 4.3 US SmCpVal 21.27 -0.50-38.1 GlBondAdv p 10.02 ... -4.5 PGIM Funds Cl Z TotIntlAdmIdx r 23.05 -0.56-22.6 TgtRetInc 13.45 -0.11 -3.9 CorePlusBdI 11.85 -0.04 NA N PerA p 40.85 -1.25-13.6 CoreBond 10.72 +0.01 3.7 USLgVa 27.40 -0.83-28.6 BluCh 100.48 -3.71 -6.7 Guggenheim Funds Tru BdIdxInst 11.58 +0.01 5.0 TotStAdml 66.43 -2.09-16.2 TotIntBdIxInv 11.35 -0.01 0.6 CorePlusBdIS 11.85 -0.04 NA

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THE WALL STREET JOURNAL. NY We dnesday, April 22, 2020 | B9 BIGGEST 1,000 STOCKS

ADVERTISEMENT Continued From Page B8 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 KSCitySouthern KSU 131.01 -0.22 Netflix NFLX433.83 -3.66 RenaissanceRe RNR 148.34 -5.12 TexasInstruments TXN 106.84 -4.69 TheMarketplace Galapagos GLPG 209.87 -5.97 Kellogg K 65.52 -0.73 Neurocrine NBIX 97.00 -4.63 Repligen RGEN 104.23 0.05 Textron TXT 26.15 -0.52 To advertise: 800-366-3975orWSJ.com/classifieds Gallagher AJG 77.54 -3.24 Kemper KMPR 65.62 -2.17 NewOrientalEduc EDU 113.13 3.76 RepublicSvcs RSG 76.57 -1.72 ThermoFisherSci TMO 319.62 -7.54 Gaming&Leisure GLPI 24.82 -1.51 KeurigDrPepper KDP 25.65 -0.37 NY CmntyBcp NYCB 9.70 -0.27 ResMed RMD 157.35 -6.93 ThomsonReuters TRI 69.28 -1.54 Garmin GRMN 78.04 -2.01 KeyCorp KEY 10.32 -0.61 NYTimes A NYT 29.97 -1.07 RestaurantBrands QSR 42.37 -1.71 3M MMM 141.63 -2.04 Gartner IT 101.58 -2.59 KeysightTechs KEYS 91.60 -3.71 NewellBrands NWL 12.52 -0.26 RexfordIndlRealty REXR 39.42 -1.07 Tiffany TIF 129.32 0.37 BANKRUPTCIES Generac GNRC 94.15 -5.22 KilroyRealty KRC 60.56 -0.69 NewMarket NEU 394.40 2.83 ReynoldsCnsmr REYN 30.16 -0.22 Toro TTC 60.83 -2.41 GeneralDynamics GD 131.69 -3.56 KimberlyClark KMB 139.47 -0.25 Newmont NEM 59.27 -0.27 RingCentral RNG 234.58-18.53 TorontoDomBk TD 38.47 -1.83 KinderMorgan KMI 14.46 -0.23 NewsCorp A NWSA 8.44 -0.33 RioTinto RIO 44.63 -1.77 Total TOT 32.53 -0.47 GeneralElec GE 6.48 -0.03 -JN.T4 /.:.T/ 8:JM0-1.6I 62-0. `]-#JE%)N 2;!=).IIN YA9!E)N JEcA;C=-[ 3@2 .02@NWWQ :!?=A!-= D' U)_TDAc7E) >D_a!E% \A))E U)_TDAcN U)_TDAc.III(L Genmab GMAB 22.83 0.15 Knight-Swift KNX 35.19 -0.88 NielsenHoldings NLSN 11.94 -0.83 Rockwell ROK 164.46 -4.08 TradeDesk TTD 216.15-16.85 :)H=DA?L Q SXD!E=a[ @+F!E!?=)A)+Q 1022S/ 2S 6L:NK /-8KN..T4 8I S:6/NKNLT 20 TLT6.02JN6 K:NL KoninklijkePhil PHG 41.96 -0.87 Nike NKE 85.20 -2.70 RogersComm B RCI 40.80 -1.72 Tradeweb TW 51.44 -1.04 10(8)$ 0" +-, '-($* "0,*&+28((81! /,00"* 0" )4-82 -1' ,NLL J2. 8T :66T1.T4 :J4 ,NLL J2. 8T 4TTKT4 .NKTLI/-8KN..T4D Genpact G 30.37 -0.10 6>?7'?79 >& 1;>>&9>&6UC!@D `J-# 5ADD' D' JEcA;C=-[ JA aJE%;J%)G JE+N S!9Q H) +)EDF!EJ=)+ !E 0E!=)+ 2=J=)?-;AA)E-[G 1U'C9' ?>7' Line LN Nordson NDSN 151.23 -0.64 RossStores ROST 82.70 -3.81 GSK GSK 41.20 -0.52 48.62 -0.23 Travelers TRV 101.78 ... :J=)7A+)A6Q )?=JHa!?#!E% KCP*#E *B*BE C7 %VBB =D@DE =;'3C!U!?$ TC97';? =#J= )J-# 5ADD' D' JA :J=)6QN J? =#) aJ?= +J=)'DA )J-# C)A?DE DA a!?=? 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([BI>?DI`Y>>C,M IonisPharma IONS 53.38 -2.16 Qiagen QGEN 41.44 0.76 ]J&C,:>CDI<`(I>< MongoDB MDB 152.24 -8.04 TRowePrice TROW 98.85 -2.30 XP XP 24.66 -2.27 3:ID2T H&(.G$,.E CD(C&&C``C]!D$ I,a;:>M MonolithicPower MPWR 177.13 -7.10 TaiwanSemi TSM 51.37 -1.22 XPO Logistics XPO 57.90 -0.78 >@8,> @!>b E$E< &!(`*!D`!(:C&SI><(@4> _+Y@> iQIYI IQ 18.57 -0.68 Qualcomm QCOM 71.84 -2.47 ,$&"@ R?C!ST #!-)6:#!-)%=S+D-=? ;IB!O<@I*!D$ _>I`(>NM .(I`<# S$E+Y@> ([B]Ja S!,@C>C&< ^[,(` B!8C< IronMountain IRM 24.70 0.03 QuantaServices PWR 32.44 -1.20 C@ VD8(>@8,> CB> Moody's MCO 228.26-11.21 TakedaPharm TAK 16.88 -0.02 Xilinx XLNX 86.32 -2.76 M*IM_*IF ?:,I`(F EIDI$!D$ B@C,(>>(>_ MorganStanley MS 36.95 -1.41 TandemDiabetes TNDM 69.94 -2.84 Xylem XYL 68.08 -1.18 EI>!D$ _>B@(I*>#((<&C@L s Quidel QDEL 112.94 3.80 I, I,@C>> E:`< $(C$@IB#!(>F >((DC:@,(*>@8,> OB@C8!*(* GY )@* :>!D$,:> &C@@(BC@@ Mosaic MOS 10.89 -0.25 R S TechData TECD 138.38 -1.62 Yandex YNDX 34.02 -1.39 BI@NF EIDI$!D$ (EB`CY((> !D $`CGI` `C,> !D,` JD.com JD 43.24 -1.96 MotorolaSol MSI 144.68-10.70 s TeladocHealth TDOC 172.39 -9.07 YumBrands YUM 81.20 -0.87 (!('!1( 3(07$% #.; $:7('48:!$% )5(487/ E$E< _@($:`IF S!,@C>C&< .C@*F*IKB@C,(>> EIBB!D$FB@C,(>> !EB@C8(L <@I,!D$13TF?*8ID,(* JPMorganChase JPM 89.05 -2.66 Mylan MYL 15.13 -0.73 RELX RELX 22.15 -1.00 TeledyneTech TDY 304.80-12.89 YumChina YUMC 44.44 -0.77 :(087(;/ 2(05#(&75;80" '5:80$::+ *07$;0$7 E(D< I,FEIDI$!D$<(,#DC`C$Y_I:!> _@(>(I@,#:>!D$2C@ 5Y<#CDF (0% 7;(%878.0(4 2(;6$780" $1,$;8$0&$ EIF!EB`(E(DC@\![(* VD,CE(B@C*:,<> JacobsEngg J 78.21 -2.49 NRG Energy NRG 30.31 -0.72 RalphLauren RL 68.32 -1.26 Ericsson ERIC 8.16 -0.34 ZaiLab ZLAB 62.40 -2.50 G:>KB(@&C@EID,(E(I>:@(E(D< &@IE(]C@b>M JamesHardie JHX NVR NVR 2805.44-41.42 RaymondJames RJF 61.28 -1.08 t TelefonicaBras VIV 8.86 -0.28 ZebraTech ZBRA 192.85 -9.50 0$$%$% 7. 2.0$78-$ 2(0/%.2(80: (0% !D E:`>( ](``I>,CD<@C` C@ @!>b E$E< &@IE(]C@b>F_ @!8IB@!,!D$ EC*(`>F &!D4`E@b<_@!>b E$E< RaytheonTech RTX 62.65 -2.33 Telefonica TEF 4.32 -0.14 Zendesk ZEN JazzPharma JAZZ 103.25 -5.53 NXP Semi NXPI 81.06 -5.64 66.66 -5.71 7. 2$$7 ";.380" 3.;4%38%$ %$2(0% #.; B(CB`(E$E( !D,` >,(DI@!C IDI`Y>!>M /I2M ><@(>> J&J JNJ 149.68 -1.99 Nasdaq NDAQ 105.27 -4.51 RealPage RP 59.32 -1.35 TelekmIndonesia TLK 19.13 -0.57 Zillow C Z 36.20 -0.26 EID,(E$E<_,CI,#!D$J*8`BEb E(I>:@(> C@ Z@((b>M _@($:`I!<#<F _<@ID>`IJ,I@((@>(I@,#K#!>!DC`:M JuniperNetworks JNPR 22.61 -0.49 NatlOilwell NOV 11.48 -0.02 RegencyCtrs REG 35.59 -1.60 TencentMusic TME 10.96 -0.23 ZionsBancorp ZION 28.65 -0.62 $$$*%")!)'1((1)"1$*&+# )-'H"""I>RUCGQ:EG(@7_,`!,b R1(I@,# cCG>K7 ]J>_C<#(@ <(IE>M !D,` @!>b E$@>M KB Fin KB 24.87 -0.56 NatlRetailProp NNN 29.43 -0.58 RegenPharm REGN 544.46-23.53 Teradyne TER 60.93 -1.54 Zoetis ZTS 124.70 -2.69 $$$*-!!%)!!"'"#1()*&+# QC ,I``> B`>K ^6^ <(,#DC`C$!><>M _B@Cc(,< E$@>K 0#((EB`CY(@]!`` KKR KKR 21.84 -1.11 Natura&Co NTCO 12.30 -0.32 RegionsFin RF 8.88 -0.52 Tesla TSLA 686.72-59.64 ZoomVideo ZM 143.27 -5.72 I,,(B< IDY>:!!<#<,!4-8 (=!1 -44+- ,CEJIGC:J,I@((@>(I@,#K# RUCG Q:EG(@7_,`!,b 7:-,A,:=- #>#,)#")43 ,= '4<$:/+8 '$; R1(I@,# cCG>K7QC,I``> B`>K ^6^ New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % C:>&9$>@Q *HM$9:MM%:G:Q75:0 4(#' *#&% Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg 212:4!844$"! #:Q5 J7 ;:)9: @9; ;:Q$G:0 J&: ++&=<) +$,"50,3,).))* 3""/3 %&)$,$&0"36<5 0-" CrossCtyHlthcr CCRN 5.31 -5.7 PacificMercBncp PMBC 3.19 7.1 (&'*%%%*%%% 7G:0@QQ MJ0@J:(D +70 J&: J:@O @9; +7>HM:; 6<--<>,). 9+.-0,;-" ;<3,0,<)37 ,) ("> '<5/!('# The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE CyclacelPharm CYCC 4.02 -52.3 PathfinderBncp PBHC 9.26 -0.2 75$-*1 *! ,*!1&' 5@0J9:0 :9(@(:O:9J2 A70S >Q7M:QD F$J& American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low DenburyRscs DNR 0.16 2.7 ProfessionalHldg PFHD 12.80 -2.6 5@0J9:0M J7 ;:Q$G:0 @9; MH5570J ;:5J& ,5J %65)3JH5 #*%) +%(' -,-".$-"&"$-!$ 'H*J567KJ) in the latest session. %CHG-Daily percentage change from the previous trading session. :4 )&*5 1&5"; %$+&' *75 DoverMotorsports DVD 1.10 -3.9 ProSightGlobal PROS 7.45 0.5 507":>J :9(@(:O:9JM MH5570J$9( 5@0J9:0 JH J>) +)F)/HD,)*J H& /;5B):13;/) 3;,D;6B*1 EagleBulkShip EGLE 1.46 -4.5 RBB Bancorp RBB 11.68 -7.6 :4483&(/5&' 9::;M @9; :9(@(:O:9J O$Q:MJ79:M @9; J>;J &H3K1H*,,;8H* 3K1JH,)5 1H/KJ6H*1- H*: Tuesday, April 21, 2020 EarthstoneEner ESTE 1.44 5.0 RMG Acqn Wt RMG.WS 0.40 ... 75$-*1&$!-&31953 9!#) ;:Q$G:0@?Q:M2 I.3 ;7O:MJ$> J0@G:Q$M0:1H$0:;2 ;*+ H&&: ,,;8H*- C>6/) 16,K/J;*)HK1/< ,))J6*B 52-Wk % 52-Wk % 52-Wk % EmployersHldgs EIG 30.48 -6.2 RYBEducation RYB 2.22 -13.2 ;+F)5J61)5 BH;/1= %H,)1J63 J5;F)/5)9K65)+ KDJH Ever-Glory EVK 0.67 -13.2 RepublicFirstBncp FRBK 1.80 ... !; (8;#'86 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg !@$Q 'B J7=,O@/79< PR *7E-6IIL< N:@JJQ:< EA H& J>) J6,)= %;6/ '!JH0 ,,;8H*- #$ *H@ 'GII.- 1stConstBncp FCCY 10.01 -0.2 RigNet RNET 0.96 -9.0 $!&;0"4*2.;8% NordicAmTankers NAT 5.80 5.8 AltusMidstream ALTM 0.53 -7.6 FomentoEconMex FMX 55.40 -2.1 RingEnergy REI 0.52 1.8 A@M&$9(J79 8-6.-< 0:+:0:9>$9( "7? >7;:2 ");JJ/)- ?;1>6*BJH* ('G4'- 5)&)5)*36*B 2H7 3H+)= Highs Okta OKTA 154.98 -2.7 BancoBilbaoViz BBVA 2.64 -5.7 GEE Group JOB 0.17 -10.5 RumbleON RMBL 0.15 -11.1 OraSureTechs OSUR 14.50 -1.8 BcoSantMex BSMX 2.52 0.8 AlnylamPharm ALNY 146.56 -4.8 GalileoAcqnWt GLEO.WS 0.18 -9.1 RyersonHolding RYI 3.86 -2.4 OverseasShip OSG 2.75 -0.8 BancoSantander SAN 2.01 -2.4 GuangshenRail GSH 9.73 -3.2 SecooHolding SECO 2.38 -5.5 Anterix ATEX 55.50 9.9 Palomar PLMR 65.55 -12.9 BelFuse B BELFB 6.60 -4.3 HysterYaleMatls HY 32.77 -2.7 SouthPlainsFin SPFI 11.40 -5.4 ArcturusTherap ARCT 20.39 3.2 Pinduoduo PDD 51.50 1.7 BiomX PHGE 4.52 -5.8 InspiredEnt INSE 1.87 -0.5 SummitWireless WISA 2.20 -40.8 Arvinas ARVN 57.13 -6.8 Quidel QDEL 113.94 3.5 C&F Fin CFFI 28.00 -4.3 KellyServices B KELYB 10.35 -7.7 Team TISI 5.00 -0.2 Bristol-MyersRt BMYr 4.72 -0.2 ReproMedSys KRMD 12.70 8.6 CSI Compressco CCLP 0.35 -17.6 KingswayFin KFS 1.40 -20.5 TelecomArgentina TEO 7.33 -0.9 CNX Resources CNX 14.19 0.4 Shopify SHOP 665.74 -7.1 CentricBrands CTRC 0.72 -6.9 LIVCapAcqnWt LIVKW 0.14 -29.6 TelefonicaBras VIV 8.76 -3.1 Catasys CATS 32.55 -2.2 TeekayTankers TNK 26.66 2.0 Check-Cap WtC CHEKZ 0.05 ... LeeEnterprises LEE 0.74 0.6 Tidewater TDW 4.75 -2.1 Compugen CGEN 14.61 -0.3 TeladocHealth TDOC 189.47 -5.0 ChurchCapIII Wt CCXX.WS 1.20 -5.5 LexinFintech LX 7.60 -2.1 TimkenSteel TMST 2.31 -2.0 DSP Group DSPG 16.97 -2.2 Torm TRMD 48.86 64.5 CN Finance CNF 3.49 -3.2 Manitowoc MTW 7.35 -6.7 TottenhamAcqnIRt TOTAR 0.06 -14.3 Exelixis EXEL 25.13 4.2 VertxPharm VRTX 277.22 -3.8 CodorusValleyBncp CVLY 11.80 2.7 NaborsIndustries NBR 0.22 -19.8 TremontMortgage TRMT 1.70 -6.8 GenMarkDiagn GNMK 8.56 1.6 WheatonPrecMet WPM 35.56 0.1 ColonyBankcorp CBAN 9.55 -1.8 NaborsIndsPfdA NBRpA 2.33 -14.9 USBrentOilFd BNO 5.97 -19.6 InfuSystems INFU 13.04 7.9 Wingstop WING 111.32 -1.7 ComfortSystems FIX 29.13 -4.4 NabrivaTherap NBRV 0.49 -2.2 UnitedStatesOilFd USO 2.31 -25.1 KerosTherap KROS 30.66 -3.4 CommunityFin TCFC 17.50 5.4 9F JFU 6.52 -0.1 US12moOilFd USL 9.82 -17.8 KiniksaPharm KNSA 21.00 7.6 Lows ConTomka CTO 34.69 -2.2 Noble NE 0.18 -4.7 ViveveMedical VIVE 0.53 -5.3 LightpathTech LPTH 2.14 29.2 ConyersParkII Wt CPAAW 1.23 3.4 NorthwestBcshs NWBI 9.47 -3.6 VoltInfoSci VOLT 0.65 -2.2 THE MARKETPLACE Luminex LMNX 33.38 -1.2 AgeX Therap AGE 0.67 -9.1 Corvel CRVL 48.16 -6.2 OneSmartIntl ONE 3.82 -2.0 WaterstoneFinl WSBF 12.22 ... Moderna MRNA 56.38 -4.7 AkazooWt SONGW 0.10 17.7 Covanta CVA 6.71 -2.3 OportunFin OPRT 5.75 -8.3 Yunji YJ 2.64 -3.4

Borrowing Benchmarks | WSJ.com/bonds ADVERTISE TODAY

Money Rates April 21, 2020 (800)366-3975 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Formoreinformation visit: guide to general levels but don’t always represent actual transactions. wsj.com/classifieds Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low March index Chg From (%) level Feb. '20March '19 High 0.1500 0.1500 3.0000 0.1400 Commercial paper (AA financial) Low 0.0300 0.0300 2.4400 0.0200 90 days n.a. n.a. 2.58 0.58 U.S. consumer price index Bid 0.0400 0.0500 2.4400 0.0100 Offer 0.0700 0.0800 2.5000 0.0500 All items 258.115 –0.22 1.5 Libor Core 267.312 0.02 2.1 Treasury bill auction One month 0.62463 0.79413 2.48588 0.61163 International rates 4 weeks 0.150 0.190 2.400 0.000 Three month 1.04300 1.17613 2.58638 0.74050 13 weeks 0.125 0.280 2.400 0.000 Six month 1.02425 1.15875 2.63850 0.73538 26 weeks 0.145 0.290 2.400 0.080 Week 52-Week One year 0.98650 1.02588 2.74550 0.74350 Latest ago High Low Secondary market Prime rates Fannie Mae Euro Libor U.S. 3.25 3.25 5.50 3.25 30-year mortgage yields One month -0.366 -0.370 -0.360 -0.621 Canada 2.45 2.45 3.95 2.45 Three month -0.158 -0.219 -0.158 -0.539 30 days 2.380 2.395 3.857 2.281 Japan 1.475 1.475 1.475 1.475 Six month 60 days 2.444 2.492 3.884 2.341 -0.078 -0.145 -0.078 -0.491 One year 0.002 -0.134 0.002 -0.441 Policy Rates Other short-term rates Euro zone 0.00 0.00 0.00 0.00 Value 52-Week Latest Traded High Low Switzerland 0.50 0.50 0.50 0.50 Week 52-Week Latest high low Britain 0.10 0.10 0.75 0.10 ago DTCC GCF Repo Index Australia 0.25 0.25 1.50 0.25 Call money Treasury 0.040 49.510 6.007 0.002 Overnight repurchase 2.00 2.00 4.25 2.00 MBS 0.053 62.240 6.699 0.011 U.S. 0.03 0.05 3.40 -0.07 U.S. government rates Notes on data: U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. DTCC GCF Repo Index is Depository 0.25 0.25 3.00 0.25 Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. ©2020Dow Jones &Company,Inc.All Rights Reserved. Federal funds Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Effective rate 0.0600 0.0800 2.4800 0.0600 Tullett Prebon Information, Ltd. P2JW113000-0-B01000-1------XA

B10 | We dnesday, April 22, 2020 THE WALL STREET JOURNAL. MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 23018.88 t631.56, or 2.67% Trailing P/E ratio 18.12 18.60 2736.56 t86.60, or 3.07% Trailing P/E ratio * 22.10 21.78 8263.23 t 297.50, or 3.48% Trailing P/E ratio *† 26.86 23.75 High, low, open and close for each P/E estimate * 20.61 16.67 High, low, open and close for each P/E estimate * 20.75 17.62 High, low, open and close for each P/E estimate *† 25.77 21.34 trading day of the past three months. Dividend yield 2.87 2.16 trading day of the past three months. Dividend yield * 2.13 1.91 trading day of the past three months. Dividend yield *† 1.00 1.01 All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 All-time high: 9817.18, 02/19/20

Current divisor 0.14579812049809 30000 3500 10500

65-day moving average 27500 3250 9750 65-day moving average

25000 3000 9000

Session high DOWN UP 22500 2750 65-day moving average 8250 Session open Close t

Close Open 7500 t 20000 2500

Session low 17500 2250 6750

Bars measure the point change from session's open 15000 2000 6000 Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr. *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*1,032,579,527 18,886,089 Industrial Average 23365.25 22941.88 23018.88 -631.56 -2.67 29551.42 18591.93 -13.6 -19.3 3.9 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 182,551,643 7,789,166 Transportation Avg 7906.82 7762.43 7844.37 -125.36 -1.57 11304.97 6703.63 -28.7 -28.0 -4.9 Most-active issues in late trading Decl. volume* 839,918,843 10,997,866 Utility Average 791.65 771.55 780.99 -13.86 -1.74 960.89 610.89 1.0 -11.2 3.4 Volume After Hours Issues traded 3,014 260 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 27963.45 27367.84 27478.69 -868.03 -3.06 34631.28 22462.76 -9.0 -16.8 4.1 Advances 588 68 Snap SNAP 14,897.4 14.92 2.48 19.94 15.12 12.42 Barron's 400 565.52 555.20 557.81 -16.34 -2.85 746.64 455.11 -22.6 -23.8 -3.9 Declines 2,365 186 Realogy Holdings RLGY 6,044.6 3.34 unch. … 3.44 3.34 Unchanged 61 6 Netflix NFLX Nasdaq Stock Market 4,921.4 434.47 0.64 0.15 485.95 421.00 New highs 81 Nasdaq Composite 8480.29 8215.69 8263.23 -297.50 -3.48 9817.18 6860.67 1.8 -7.9 11.8 SPDR S&P 500 SPY 4,851.5 274.58 1.54 0.56 275.00 273.01 New lows 31 6 Nasdaq 100 8663.09 8359.84 8403.00 -323.51 -3.71 9718.73 6978.02 7.6 -3.8 15.6 Bristol-Myers BMY 4,829.1 60.30 -0.29 -0.48 61.20 60.26 Closing Arms† 1.06 0.40 Yamana Gold AUY 4,723.5 4.36 unch. … 4.38 4.33 S&P Block trades* 5,424 163 Atara Biotherapeutics ATRA 3,725.2 7.95 -0.05 -0.63 8.20 7.95 500 Index 2785.54 2727.10 2736.56 -86.60 -3.07 3386.15 2237.40 -6.7 -15.3 5.2 Nasdaq NYSE Arca AT&T T 3,489.0 30.19 0.32 1.07 30.24 29.80 MidCap 400 1510.07 1481.01 1490.58 -41.91 -2.73 2106.12 1218.55 -24.4 -27.7 -4.6 Total volume*3,763,157,142 603,166,475 SmallCap 600 698.33 685.63 692.66 -15.46 -2.18 1041.03 595.67 -28.7 -32.2 -6.2 Percentage gainers… Adv. volume*1,160,970,150 83,741,648 Decl. volume*2,553,276,595 518,739,841 Other Indexes Torm TRMD 91.3 16.50 4.00 32.00 18.80 12.67 Issues traded 3,312 1,408 Russell 2000 1195.88 1173.91 1185.09 -28.25 -2.33 1705.22 991.16 -25.2 -29.0 -4.9 Snap SNAP 14,897.4 14.92 2.48 19.94 15.12 12.42 Advances 776 200 NYSE Composite 10861.79 10667.29 10706.44 -297.44 -2.70 14183.20 8777.38 -17.6 -23.0 -2.0 Inseego INSG 111.3 12.63 1.33 11.72 12.78 11.21 Declines 2,458 1,205 Oil States Intl OIS 123.0 2.65 0.26 10.88 2.65 2.35 Value Line 378.34 366.24 368.54 -9.80 -2.59 562.05 305.71 -33.1 -33.3 -10.7 Unchanged 78 3 Teradyne TER 317.4 67.03 6.10 10.01 69.50 60.93 NYSE Arca Biotech 5245.55 5104.86 5141.90 -149.17 -2.82 5313.05 3855.67 8.0 1.5 13.9 New highs 24 1 NYSE Arca Pharma 643.12 633.78 634.96 -13.65 -2.10 670.32 494.36 11.2 -2.9 8.4 ...And losers New lows 41 25 KBW Bank 68.23 65.94 66.56 -2.59 -3.75 114.12 56.19 -33.6 -41.3 -9.4 Interactive Brokers Group IBKR 120.9 40.80 -2.39 -5.53 44.00 38.69 Closing Arms† 0.69 0.84 § PHLX Gold/Silver 106.48 102.18 105.29 -1.10 -1.04 111.51 66.14 48.1 -1.5 6.6 Ethan Allen ETH 60.4 9.05 -0.37 -3.93 9.52 9.05 Block trades* 22,004 4,183 § PHLX Oil Service 26.67 25.26 25.80 -0.62 -2.36 102.39 21.47 -74.8 -67.0 -45.2 Direxion Dly SCOND 3 Bear SOXS 52.1 12.30 -0.50 -3.91 12.72 12.30 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 1650.21 1582.21 1588.70 -78.87 -4.73 1979.50 1286.84 0.9 -14.1 17.0 ProSh Ult Bloom Crude Oil SCO 187.8 52.00 -2.03 -3.76 57.50 49.27 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 47.77 43.77 45.41 1.58 3.60 82.69 11.54 269.8 229.5 45.9 GIII G-III Apparel Group 113.1 8.53 -0.23 -2.63 8.76 8.53 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 2506.31 –80.26 –3.10 –22.9 Torm TRMD 12.50 4.90 64.47 48.86 6.80 62.8 PS Ult Bloomberg Crude UCO 14.57 -19.18 -56.83 654.92 11.00 -97.8 DJ Global Index 350.69 –10.70 –2.96 –19.2 ProSh Ult Bloom Crude Oil SCO 54.03 18.54 52.24 67.35 11.17 291.5 Cyclacel Pharmaceuticals CYCC 4.12 -4.52 -52.31 20.40 4.02 -71.0 DJ Global ex U.S. 204.01 –5.86 –2.79 –22.6 DB Crude Oil Double Shrt DTO 288.05 96.12 50.09 372.95 42.00 562.2 Summit Wireless Techs WISA 2.54 -1.75 -40.78 54.00 2.20 -93.1 Americas DJ Americas 628.57 –20.25 –3.12 –17.4 SilverBow Resources SBOW 3.80 1.14 42.86 20.47 1.50 -81.2 Barclays iPath B Crude OIL 2.23 -1.50 -40.21 13.59 1.85 -83.5 Brazil Sao Paulo Bovespa 78972.76 … Closed –31.7 NanoViricides NNVC 7.67 1.93 33.62 19.20 1.27 42.0 ETRACS S&P GSCI Crude Oil OILX 6.43 -4.18 -39.40 39.50 4.36 -83.7 Canada S&P/TSX Comp 13940.06 –448.22 –3.12 –18.3 Vaxart VXRT 3.16 0.79 33.33 3.50 0.25 321.3 Borqs Technologies BRQS 2.50 -1.14 -31.32 8.40 0.95 -48.5 Mexico S&P/BMV IPC 33892.28 –584.78 –1.70 –22.2 Peck Holdings PECK 3.50 0.82 30.75 26.09 1.49 -64.8 GasLog GLOG 3.98 -1.00 -20.08 16.77 2.67 -75.9 Chile Santiago IPSA 2573.52 –67.24 –2.55 –22.9 Integrated Media Tech IMTE 4.54 1.04 29.71 15.51 2.60 -69.9 iPath PB Crude Oil OLEM 7.67 -1.85 -19.47 19.93 7.17 -61.5 My Size MYSZ 3.02 0.64 26.89 15.45 0.68 -70.4 Sibanye-Stillwater ADR SBSW 6.20 -1.08 -14.84 13.27 3.16 56.6 EMEA Stoxx Europe 600 324.31 –11.39 –3.39 –22.0 TriState Capital Holdings TSC 12.91 2.52 24.25 26.43 7.59 -45.1 GameStop Cl A GME 4.78 -0.83 -14.80 9.06 2.57 -46.2 Eurozone Euro Stoxx 305.48 –10.97 –3.47 –24.4 Belgium Bel-20 2908.09 –113.76 –3.76 –26.5 Chesapeake Energy CHK 17.77 3.39 23.57 640.00 12.30 -97.2 Zix ZIXI 5.53 -0.94 -14.53 11.15 2.84 -24.6 Denmark OMX Copenhagen 20 1154.18 –8.28 –0.71 1.6 Core Molding Technologies CMT 2.96 0.56 23.33 8.50 1.03 -60.4 Stellus Capital Invt SCM 7.06 -1.17 -14.22 15.04 4.10 -51.1 France CAC 40 4357.46 –170.84 –3.77 –27.1 Goodrich Petroleum GDP 8.34 1.41 20.35 14.73 2.40 -43.3 Direxion Dly SCOND 3 BL SOXL 103.29 -16.88 -14.05 331.00 53.50 -47.0 Centogene CNTG Intergroup Corp INTG Germany DAX 10249.85 –426.05 –3.99 –22.6 19.19 3.19 19.94 28.71 7.80 ... 25.96 -4.19 -13.90 38.60 23.85 -17.1 Applied DNA Sciences APDN 6.36 0.93 17.13 33.60 2.52 -72.2 Credit Acceptance CACC 254.00 -40.71 -13.81 509.99 199.00 -48.0 Israel Tel Aviv 1345.60 –31.92 –2.32 –20.1 Italy FTSE MIB 16450.85 –613.29 –3.59 –30.0 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 495.76 –17.01 –3.32 –18.0 Russia RTS Index 1012.15 –56.17 –5.26 –34.7 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 47628.87 –1220.65 –2.50 –16.6 Spain IBEX 35 6634.90 –196.60 –2.88 –30.5 Seanergy Maritime Hldgs SHIP 134,779 1242.1 0.16 3.27 4.37 0.12 Xtrkrs MSCI Kokusai KOKU 551 3692 51.12 -2.98 53.47 50.50 Sweden OMX Stockholm 570.08 –15.18 –2.59 –16.3 SPDR S&P 500 SPY 125,376 -24.8 273.04 -3.04 339.08 218.26 Cyclacel Pharmaceuticals CYCC 6,571 3227 4.12 -52.31 20.40 4.02 TOP Ships TOPS PS Ult Bloomberg Crude UCO Switzerland Swiss Market 9547.85 –237.42 –2.43 –10.1 123,996 307.6 0.29 4.77 15.00 0.08 51,320 2653 14.57 -56.83 654.92 11.00 Advanced Micro Devices AMD 123,575 56.6 52.92 -7.11 59.27 26.03 First Tr Dow 30 Equal Wt EDOW 1,449 2489 21.25 -2.63 26.67 17.24 Turkey BIST 100 97619.00 –1326.88 –1.34 –14.7 Energous Corp. WATT 123,347 17783.2 2.68 155.98 5.38 0.61 Wealthbridge Acquisition HHHH 269 2023 10.34 -0.62 11.33 9.68 U.K. FTSE 100 5641.03 –171.79 –2.96 –25.2 U.K. FTSE 250 15399.25 –423.48 –2.68 –29.6 Taronis Technologies TRNX 121,138 246.7 0.32 -13.40 3.77 0.11 Global X Gen Biotech GNOM 248 1869 14.43 -2.57 16.45 10.16 Barclays iPath B Crude OIL 114,451 2692.4 2.23 -40.21 13.59 1.85 ETRACS S&P GSCI Crude Oil OILX 1,240 1735 6.43 -39.40 39.50 4.36 Asia-Pacific ProSh UltraPro Shrt QQQ SQQQ 90,923 46.4 14.45 10.98 48.08 12.35 WT Neg Dur HY Bd Fd HYND 168 1715 14.27 -4.16 20.37 12.92 Australia S&P/ASX 200 5221.30 –131.71 –2.46 –21.9 Ford Motor F 82,045 -13.5 4.77 -4.22 10.56 3.96 Merus MRUS 1,346 1582 13.10 1.55 20.95 10.19 China Shanghai Composite 2827.01 –25.54 –0.90 –7.3 Direxion S&P 500 Bear 3X SPXS 80,636 109.6 12.37 9.18 28.85 10.70 iSh Cybersecurity Tech IHAK 208 1203 26.55 -3.46 30.00 20.36 Hong Kong Hang Seng 23793.55 –536.47 –2.20 –15.6 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least India S&P BSE Sensex 30636.71 –1011.28 –3.20 –25.7 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 19280.78 –388.34 –1.97 –18.5 Singapore Straits Times 2551.92 –45.93 –1.77 –20.8 Track the Markets South Korea Kospi 1879.38 –18.98 –1.00 –14.5 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 10288.42 –2.82 –14.2 global stock indexes, bond ETFs, –298.29 currencies and commodities at Currencies Thailand SET 1252.92 –13.48 –1.06 –20.7 WSJ.com/TrackTheMarkets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ 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 .00004262 23461 1.2 Argentina peso .0151 66.0344 10.3 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1881 5.3170 32.3 Czech Rep. koruna .03945 25.346 11.8 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7037 1.4212 9.4 Denmark krone .1456 6.8674 3.1 notes and bonds major U.S. trading partners Chile peso .001165 858.10 16.1 Euro area euro 1.0860 .9209 3.3 A consumer rate against its 5-year CDs Colombiapeso .000247 4047.52 23.3 Hungary forint .003068 325.95 10.4 Ecuador US dollar Iceland krona benchmark over the past year 11unch .006868 145.60 20.2 Bankrate.com avg†: 0.86% 4.00% 8% Mexico peso .0410 24.3934 28.9 Norway krone .0939 10.6488 21.3 Uruguay peso .02303 43.4200 16.9 Poland zloty .2395 4.1761 10.1 Citizens Access 1.65%

Yen Asia-Pacific Russia ruble .01297 77.081 24.2 One year ago 3.00 s 2.00% Westwood, MA 888-201-6505 4 Sweden krona .0990 10.0992 7.8 t Australian dollar .6281 1.5921 11.7 Switzerland franc 1.0312 .9697 0.2

TAB Bank 1.65% 2.00 China yuan .1414 7.0717 1.6 t 1.50 0 Turkey lira .1432 6.9810 17.3 Ogden, UT 800-355-3063 Hong Kong dollar .1290 7.7501 –0.5 Ukraine hryvnia .0369 27.0766 14.4 Five-year CD yields India rupee .01300 76.949 7.8 1.00 American Express National Bank 1.70% Tradeweb ICE Tuesday Close 1.00 UK pound 1.2294 .8134 7.9 –4 s s Indonesia rupiah .0000647 15455 11.3 New York, NY 866-805-8663 t WSJ Dollar index Euro Middle East/Africa Federal-funds Japan yen .009279 107.77 –0.8 0.50 Barclays 0.00 –8 Kazakhstan tenge .002295 435.77 14.1 Bahrain dinar 2.6475 .3777 0.2 target rate t 1.70% Macau pataca .1252 7.9854 –0.4 Egypt pound .0635 15.7475 –1.9 Wilmington, DE 888-710-8756 1 3 6 1 2 3 5 710 30 2019 2020 0.00 month(s) years Malaysia ringgit .2275 4.3955 7.5 Israel shekel .2814 3.5534 2.9 M J J A S O N D J F M A First Internet Bank of Indiana 1.77% New Zealand dollar .5960 1.6779 13.0 Kuwait dinar 3.2072 .3118 2.9 maturity 2019 2020 Indianapolis, IN 888-873-3424 Pakistan rupee .00621 161.100 3.9 Oman sul rial 2.5960 .3852 0.1 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0196 50.905 0.4 Qatar rial .2748 3.639 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .6985 1.4317 6.4 Saudi Arabia riyal .2664 3.7541 0.1 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008107 1233.56 6.8 South Africa rand .0527 18.9670 35.5 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.25 -0.75 Sri Lanka rupee .0051929 192.57 6.2 Yield (%) 52-Week Total Return (%) Taiwan dollar .03323 30.093 0.6 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.50 3.25 -0.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03077 32.500 9.2 WSJ Dollar Index 94.32 0.40 0.42 5.32 Libor, 3-month 1.04 1.18 0.74 l 2.59 -0.11 U.S. Treasury, Barclays 2492.240 0.490 0.590 2.490 0.490 15.26 5.87 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.32 0.31 0.31 l 0.78 ... Five-year CD, annual yield 0.86 0.86 0.86 l 2.01 -0.45 U.S. Treasury Long, Barclays 5055.210 1.110 1.340 2.930 0.980 41.17 13.98 Commodities 30-year mortgage, fixed† 3.60 3.66 3.52 l 4.34 -0.38 Aggregate, Barclays 2235.420 1.430 1.490 3.030 1.320 11.24 5.11 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 3.15 3.19 2.95 l 3.72 -0.03 Fixed-Rate MBS, Barclays 2211.360 1.410 1.390 3.230 0.930 7.51 3.84 Jumbo mortgages, $510,400-plus† 3.66 3.73 3.54 l 4.71 -0.87 DJ Commodity 433.70 -38.32 -8.12 647.86 433.70 -31.22 -32.48 High Yield 100, ICE BofA 2854.781 7.758 6.994 10.740 4.516 –5.834 1.058 Five-year adj mortgage (ARM)† 3.26 3.47 3.26 l 4.78 0.05 TR/CC CRB Index 106.29 -12.47 -10.50 187.58 106.29 -43.34 -42.79 Muni Master, ICE BofA 567.509 1.666 1.617 3.441 0.959 4.701 3.553 New-car loan, 48-month 4.27 4.27 4.26 l 4.81 1.16 Crude oil, $ per barrel 10.01 47.64 126.60 66.30 -37.63 -84.90 -83.61 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 782.729 6.544 6.273 7.480 4.523 –4.750 0.209 Natural gas, $/MMBtu 1.821 -0.103 -5.35 2.862 1.552 -25.82 -16.81 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. 1678.20 -23.40 -1.38 1756.70 1269.30 32.21 10.44 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Plus, deeper money-flows data and email delivery of keystock-market data. Available free at WSJMarkets.com P2JW113000-0-B01100-1------XA

THE WALL STREET JOURNAL. We dnesday, April 22, 2020 | B11

COMMODITIES WSJ.com/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures July 114.75 115.35 111.20 111.50 –3.75 75,013 Canadian Dollar (CME)-CAD 100,000; $ per CAD Sugar-World (ICE-US)-112,000 lbs.; cents per lb. May .7051 .7086 .7012 .7042 –.0034 1,354 Contract Open Agriculture Futures May 9.99 9.99 t 9.55 9.75 –.31 112,907 June .7079 .7088 .7012 .7044 –.0034 111,797 Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. July 10.18 10.20 t 9.77 10.01 –.25 339,401 British Pound (CME)-£62,500; $ per £ Copper-High (CMX)-25,000 lbs.; $ per lb. May 314.25 316.25 t 301.00 309.25 –5.00 221,804 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. May 1.2437 1.2446 1.2250 1.2281 –.0165 1,567 April 2.3145 2.3145 2.2145 2.2670 –0.0675 1,033 July 322.25 323.25 t 309.00 317.25 –5.00 565,156 July 26.00 26.00 t 25.90 25.90 –.10 1,818 June 1.2442 1.2448 1.2252 1.2284 –.0164 152,080 July 2.3235 2.3370 2.2170 2.2645 –0.0725 77,048 Oats (CBT)-5,000 bu.; cents per bu. Sept 26.00 26.00 t 26.00 26.00 –.05 2,946 Swiss Franc (CME)-CHF 125,000; $ per CHF May 291.00 298.50 288.75 296.75 3.50 1,035 Gold (CMX)-100 troy oz.; $ per troy oz. Cotton (ICE-US)-50,000 lbs.; cents per lb. June 1.0352 1.0359 1.0296 1.0327 –.0023 34,351 July 274.00 278.00 271.50 277.00 2.25 1,527 April 1697.00 1707.10 1659.90 1678.20 –23.40 777 May 54.10 54.10 52.00 53.31 –.72 5,714 Sept 1.0360 1.0386 1.0331 1.0359 –.0023 68 Soybeans (CBT)-5,000 bu.; cents per bu. June 1713.30 1718.00 1666.20 1687.80 –23.40 341,357 July 54.02 54.11 52.01 53.31 –.71 103,066 Australian Dollar (CME)-AUD 100,000; $ per AUD May 826.00 833.50 t 808.25 830.75 4.25 135,896 Aug 1713.00 1719.30 1668.40 1689.80 –22.80 71,486 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. May .6322 .6346 .6255 .6284 –.0062 653 July 835.75 843.25 t 818.50 840.75 4.50 284,936 Oct 1715.80 1715.80 1673.90 1691.50 –23.10 12,728 May 107.50 109.25 106.35 108.95 .25 2,567 June .6335 .6348 .6254 .6285 –.0062 124,938 Soybean Meal (CBT)-100 tons; $ per ton. Dec 1717.60 1720.80 1670.30 1692.10 –23.20 49,240 July 107.25 107.35 106.00 106.90 –.75 6,411 Mexican Peso (CME)-MXN 500,000; $ per MXN May 285.70 289.60 t 280.70 289.10 3.50 44,575 Feb'21 1695.00 1709.40 1684.70 1692.70 –23.10 7,883 May .04106 .04144 .04064 .04064 –.00050 953 July 291.10 295.10 t 286.50 294.50 3.70 161,866 Palladium (NYM) - 50 troy oz.; $ per troy oz. Soybean Oil (CBT)-60,000 lbs.; cents per lb. Interest Rate Futures June .04114 .04135 .04039 .04046 –.00050 105,301 April 1936.10 –219.90 4 Euro (CME)-€125,000; $ per € May 25.91 25.97 24.78 25.35 –.63 60,621 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% June 2121.40 2130.50 1765.00 1907.60 –219.90 6,519 May 1.0875 1.0887 1.0824 1.0859 –.0010 1,973 July 26.28 26.35 25.18 25.76 –.61 158,916 June 226-310 231-100 226-190 229-200 3-08.0 1,041,278 Sept 2114.60 2119.90 1771.60 1898.30 –219.50 776 June 1.0883 1.0896 1.0831 1.0867 –.0010 537,003 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 225-020 229-120 225-040 228-030 3-08.0 2 Dec 1891.80 1891.80 1815.00 1883.70 –219.90 434 May 1453.00 1523.00 s 1440.00 1514.00 58.00 3,901 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Platinum (NYM)-50 troy oz.; $ per troy oz. July 1422.00 1444.50 t 1410.00 1434.00 3.00 5,047 June 181-040 183-010 180-280 182-080 1-16.0 1,002,948 Index Futures April 758.00 –34.00 4 Wheat (CBT)-5,000 bu.; cents per bu. Sept 179-230 181-150 179-140 180-270 1-22.0 155 Mini DJ Industrial Average (CBT)-$5 x index July 787.50 791.50 716.80 758.40 –37.60 43,835 May 551.50 557.00 541.75 546.75 –2.00 41,936 Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 23457 23682 22814 22929 –559 61,874 Silver (CMX)-5,000 troy oz.; $ per troy oz. July 550.50 554.75 540.50 546.25 –1.25 174,507 June 139-070 139-220 139-025 139-125 9.0 3,204,481 Sept 23532 23599 22754 22860 –559 688 April 15.430 15.430 15.430 14.818 –0.738 23 Wheat (KC)-5,000 bu.; cents per bu. Sept 139-000 139-160 138-285 139-065 9.5 45,933 S&P 500 Index (CME)-$250 x index July 15.675 15.710 14.715 14.991 –0.759 75,216 May 498.50 503.25 487.75 496.75 1.50 31,361 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 2815.60 2832.40 2728.70 2732.10 –74.40 94,841 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. July 505.25 510.25 495.25 504.00 1.75 121,679 June 125-162 125-232 125-142 125-175 2.5 3,648,363 Sept …… …2725.10 –74.30 11 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. May –14.00 13.86 –16.74 10.01 47.64 13,044 Sept 125-112 125-195 125-105 125-135 3.0 24,909 Mini S&P 500 (CME)-$50 x index June 21.32 22.58 t 6.50 11.57 –8.86 581,636 April 116.850 118.250 115.000 117.900 –.425 1,389 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Aug 126.000 127.375 123.475 126.900 –.750 14,546 June 2807.00 2833.25 2717.25 2732.00 –74.50 3,350,008 July 27.18 28.14 t 17.29 18.69 –7.59 367,282 June 110-062 110-076 110-059 110-063 –.1 2,553,454 Sept 2803.50 2824.75 2711.00 2725.00 –74.50 28,366 Aug 28.85 30.08 t 20.82 21.61 –6.90 147,705 Cattle-Live (CME)-40,000 lbs.; cents per lb. Sept 110-116 110-124 110-106 110-110 –.1 11,338 April 93.500 93.500 90.525 91.600 –1.925 3,713 Mini S&P Midcap 400 (CME)-$100 x index Sept 30.01 31.10 t 22.77 23.43 –6.41 163,367 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. June 84.475 84.800 82.100 84.075 –1.025 120,660 June 1526.30 1540.00 1475.40 1486.40 –40.80 74,885 Dec 32.42 33.47 t 26.39 26.86 –5.55 292,882 April 99.9475 99.9525 s 99.9475 99.9500 .0025 225,982 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Sept 1434.70 1534.40 1485.80 1493.40 –40.80 1 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. May 99.9250 99.9250 99.9200 99.9200 .0000 277,902 May 40.600 44.350 40.575 44.275 3.675 3,046 Mini Nasdaq 100 (CME)-$20 x index May .8994 .9206 t .7086 .7269 –.1609 46,717 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% June 45.950 49.175 45.175 48.100 1.850 85,319 June 8695.00 8763.00 8342.00 8431.75 –260.25 174,466 June 106-000 106-095 105-315 106-015 15.5 68,310 June .9288 .9496 t .7481 .7667 –.1485 84,704 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Sept 8724.50 8752.00 8334.00 8421.50 …1,808 Eurodollar (CME)-$1,000,000; pts of 100% Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. May 324.70 325.60 314.00 317.50 –11.00 735 Mini Russell 2000 (CME)-$50 x index May 99.3075 99.3625 99.2775 99.3425 .0375 446,702 May .6720 .6882 .4940 .5103 –.1580 61,330 July 323.50 325.50 311.30 314.10 –14.50 1,179 June 1208.00 1222.60 1164.60 1185.10 –21.30 550,904 June 99.5050 99.5250 99.4750 99.5150 .0200 1,553,409 June .7300 .7438 .5527 .5695 –.1560 100,007 Milk (CME)-200,000 lbs., cents per lb. Sept 1209.40 1220.10 1164.50 1183.80 –21.80 2,993 Sept 99.6300 99.6400 99.6150 99.6350 .0050 1,544,836 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. April 13.39 13.41 t 13.37 13.37 –.04 3,010 Mini Russell 1000 (CME)-$50 x index Dec 99.6350 99.6400 99.6250 99.6300 –.0050 1,075,250 May 1.943 1.974 1.779 1.821 –.103 87,260 June 11.67 11.68 t 11.16 11.16 –.75 4,649 June 1516.60 1541.40 1490.70 1497.60 –47.00 7,823 June 2.066 2.100 1.937 1.984 –.065 258,944 Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index July 2.228 2.300 2.145 2.175 –.056 169,871 May 2,365 2,365 2,365 2,298 –40 98 Currency Futures June 100.06 100.63 100.03 100.37 .32 29,406 Sept 2.336 2.431 s 2.277 2.307 –.041 113,078 July 2,340 2,348 2,294 2,318 –40 79,906 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Sept 100.25 100.58 100.25 100.35 .32 668 Oct 2.399 2.498 s 2.345 2.374 –.040 103,021 Coffee (ICE-US)-37,500 lbs.; cents per lb. May .9294 .9326 .9274 .9283 –.0012 463 Jan'21 3.033 3.115 s 2.999 3.065 .012 74,826 May 113.00 113.55 109.35 109.65 –4.00 5,198 June .9301 .9332 .9278 .9289 …124,429 Source: FactSet

Cash Prices WSJ.com/commodities Tuesday, April 21, 2020 Bonds | WSJ.com/bonds These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— separate from the futures price on an exchange, which reflects what the commodity might be worth in future Tracking Bond Benchmarks months. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week highs and lows for different types of bonds Tuesday Tuesday Tuesday Total Total Aluminum, LME, $ per metric ton *1451.5 Wheat,No.1soft white,Portld,OR-u 6.1350 Energy return YTD total Yield (%) return YTD total Yield (%) Copper,Comex spot 2.2670 Food close return (%) Index Latest Low High close return (%) Index Latest Low High Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.200 Iron Ore, 62% Fe CFR China-s 83.6 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.550 Shredded Scrap, US Midwest-s,m 236 Beef,carcass equiv. index Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Steel, HRC USA, FOB Midwest Mill-s 479 choice 1-3,600-900 lbs.-u 200.83 Metals 2235.42 5.0 U.S. Aggregate 1.430 1.320 3.030 2211.36 3.0 Mortgage-Backed 1.410 0.930 3.230 Fibers and Textiles select 1-3,600-900 lbs.-u 188.07 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.5000 U.S. Corporate Indexes Bloomberg Barclays 2163.27 3.0 Ginnie Mae (GNMA) 1.160 0.490 3.190 Burlap,10-oz,40-inch NY yd-n,w 0.5700 Butter,AA Chicago Engelhard industrial 1667.00 1.1850 3177.84 1.2 U.S. Corporate 2.750 2.220 4.580 1304.19 3.0 Fannie mae (FNMA) 1.510 1.110 3.250 Handy & Harman base 1682.05 Cotton,1 1/16 std lw-mdMphs-u 0.5006 Cheddar cheese,bbl,Chicago 101.25 Handy & Harman fabricated 1867.08 Cotlook 'A' Index-t *63.05 Cheddar cheese,blk,Chicago 100.75 2896.75 0.2 Intermediate 2.380 1.760 4.400 2003.84 3.0 Freddie Mac (FHLMC) 1.480 1.080 3.260 LBMA Gold Price AM *1684.95 Hides,hvy native steers piece fob-u 25.000 Milk,Nonfat dry,Chicago lb. 83.50 4674.40 2.8 Long term 3.380 2.950 4.930 567.51 0.3 Muni Master 1.666 0.959 3.441 LBMA Gold Price PM *1686.20 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.1173 Krugerrand,wholesale-e 1742.31 Grains and Feeds Coffee,Colombian, NY 1.6258 663.07 3.5 Double-A-rated 1.950 1.670 3.360 400.32 0.3 7-12 year 1.607 0.924 3.447 Maple Leaf-e 1759.07 Eggs,large white,Chicago-u 1.4250 Barley,top-quality Mnpls-u n.a. 818.28 -1.4 Triple-B-rated 3.370 2.570 5.350 453.97 0.2 12-22 year 2.039 1.224 3.690 American Eagle-e 1759.07 Flour,hard winter KC 14.75 Bran,wheat middlings, KC-u 108 Mexican peso-e 2027.91 Hams,17-20 lbs,Mid-US fob-u 0.37 High Yield Bonds ICE BofA 432.80 -1.8 22-plus year 2.888 1.765 4.123 Corn,No. 2 yellow,Cent IL-bp,u 2.9350 Austria crown-e 1645.13 Hogs,Iowa-So. Minnesota-u 56.15 Corn gluten feed,Midwest-u,w 117.9 420.19 -10.0 High Yield Constrained 8.319 5.151 11.400 Global Government J.P. Morgan† Austria phil-e 1759.07 Pork bellies,12-14 lb MidUS-u 0.4720 Corn gluten meal,Midwest-u,w 503.8 Silver, troy oz. Pork loins,13-19 lb MidUS-u 348.81 -20.3 Triple-C-rated 16.215 10.558 19.071 609.61 4.6 Global Government 0.610 0.390 1.450 Cottonseed meal-u,w 278 1.3113 Engelhard industrial 14.6500 Steers,Tex.-Okla. Choice-u Hominy feed,Cent IL-u,w 105 100.00 2854.78 -10.6 High Yield 100 7.758 4.516 10.740 858.03 6.8 Canada 0.860 0.590 1.870 Handy & Harman base 14.8510 Meat-bonemeal,50% pro Mnpls-u,w 345 Steers,feeder,Okla. City-u,w 148.50 Global High Yield Constrained 395.49 -1.2 EMU§ 0.674 0.109 1.012 Handy & Harman fabricated 18.5640 Oats,No.2 milling,Mnpls-u 3.2925 Fats and Oils 378.85 -10.1 8.342 4.893 11.310 LBMA spot price *£12.1500 Rice, Long Grain Milled, No. 2 AR-u,w 28.50 293.80 -10.6 Europe High Yield Constrained 6.003 2.464 8.183 762.12 0.4 France 0.300 -0.160 0.630 (U.S.$ equivalent) *15.1500 Sorghum,(Milo) No.2 Gulf-u 7.4425 Corn oil,crude wet/dry mill wtd. avg.-u,w 45.7500 Coins,wholesale $1,000 face-a 13895 SoybeanMeal,Cent IL,rail,ton48%-u 293.50 Grease,choice white,Chicago-h 0.3000 U.S Agency Bloomberg Barclays 548.53 2.4 Germany -0.370 -0.740 0.160 Other metals Lard,Chicago-u n.a. Soybeans,No.1 yllw IL-bp,u 8.1900 1852.40 4.7 U.S Agency 0.770 0.730 2.580 296.26 -0.6 Japan 0.250 -0.070 0.260 LBMA Platinum Price PM *779.0 Wheat,Spring14%-pro Mnpls-u 6.2500 Soybean oil,crude;Centl IL-u 0.2470 Platinum,Engelhard industrial 718.0 Wheat,No.2 soft red,St.Louis-bp,u 5.6700 Tallow,bleach;Chicago-h 0.3350 1611.91 3.2 10-20 years 0.630 0.630 2.470 605.89 1.6 Netherlands -0.160 -0.540 0.270 Palladium,Engelhard industrial 1860.0 Wheat - Hard - KC (USDA) $ per bu-u 5.0675 Tallow,edible,Chicago-u 0.3800 4277.48 12.1 20-plus years 1.500 1.170 3.090 1101.42 9.6 U.K. 0.490 0.390 1.540 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; 2728.90 0.004 Yankee 2.220 1.920 3.500 782.73 -11.2 Emerging Markets ** 6.544 4.523 7.480 M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 4/20 Source: Dow Jones Market Data *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Exchange-Traded BANKRATE.COM® MMA, Savings and CDs Global Government Bonds: Mapping Yields Portfolios Average Yields of Major Banks Tuesday, April 21, 2020 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Largest 100 exchange-traded funds, latest session National average Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Savings 0.16 0.08 0.08 0.15 0.24 0.39 0.45 0.41 0.64 Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Tuesday, April 21, 2020 Jumbos 0.34 0.08 0.08 0.16 0.28 0.42 0.48 0.42 0.67 0.375 U.S. 2 0.205 t l 0.214 0.344 2.390 Closing Chg YTD Weekly change 1.500 10 0.573 t l 0.608 0.854 2.564 ETF Symbol Price (%) (%) Savings 0.01 0.00 0.00 -0.01 0.00 0.01 0.01 0.03 0.02 2.000 Australia 2 0.211 t l 0.217 0.270 1.517 0.3 -87.3 CnsmrDiscSelSector XLY 108.08 –2.60 –13.8 Jumbos 0.02 0.00 0.00 -0.01 0.00 0.02 0.01 0.02 0.02 0.5 CnsStapleSelSector XLP 58.05 –2.12 –7.8 2.500 10 0.856 s l 0.839 1.150 1.960 28.3 23.1 -60.4 FinSelSectorSPDR XLF 21.29 –3.23 –30.8 FT ValDivFd FVD 28.40 –2.14 –21.2 0.000 France 2 -0.461 t l -0.457 -0.488 -0.510 -66.6 -67.1 -290.0 HealthCareSelSect XLV 96.94 –3.04 –4.8 Consumer Savings Rates InvscQQQI QQQ 204.89 –3.69 –3.6 0.000 10 0.074 t l 0.077 0.101 0.370 -49.9 -53.0 -219.3 InvscS&P500EW RSP 88.41 –2.92 –23.6 Explanation of ratings: Bankrate.com (855) 733-0700, evaluates the financial condition of feder- InvscS&P500LowVol SPLV 48.65 –2.41 –16.6 allyinsuredinstitutionsandassignsarankof1,2,3,4or5basedondatafromfederalregulators.5: 0.000 Germany 2 -0.691 t l -0.678 -0.678 -0.571 -89.7 -89.1 -296.1 iSh3-7YTreasuryBd IEI 133.52 0.07 6.2 most desirable performance; NR: institution is too new to rate, not an indication of financial 0.000 10 -0.477 t l -0.450 -0.321 0.026 -105.8 -253.8 iShCoreDivGrowth DGRO 34.23 –2.92 –18.6 strength or weakness. Information is believed to be reliable, but not guaranteed. -105.0 iShCoreMSCIEAFE IEFA 50.22 –1.99 –23.0 1.200 Italy 2 1.094 s l 0.908 0.518 0.260 69.5 -213.0 iShCoreMSCIEM IEMG 41.44 –2.77 –22.9 High yield savings 88.9 iShCoreMSCITotInt IXUS 47.80 –2.27 –22.8 1.350 10 2.166 s l 1.943 1.622 2.451 159.3 133.5 -11.3 iShCoreS&P500 IVV 273.86 –3.04 –15.3 Bank/rank Yield Bank/rank Yield iShCoreS&P MC IJH 148.71 –2.60 –27.7 Phone number Minimum (%) Phone number Minimum (%) 0.100 Japan 2 -0.135 s l -0.136 -0.140 -0.152 -34.0 -35.0 -254.2 iShCoreS&P SC IJR 56.89 –2.13 –32.2 iShS&PTotlUSStkMkt ITOT 60.49 –3.15 –16.8 Money market and savings account Six-month CD 0.100 10 0.018 s l 0.013 0.091 -0.026 -55.5 -59.5 -259.0 iShCoreUSAggBd AGG 117.14 0.05 4.2 Live Oak Bank /5 $1 1.75 Live Oak Bank /5 $2,500 1.40 iShSelectDividend DVY 76.08 –2.36 –28.0 (866) 656-0286 (866) 656-0286 0.400 Spain 2 0.107 s l 0.102 -0.150 -0.335 -9.8 -11.2 -272.5 iShEdgeMSCIMinEAFE EFAV 62.86 –1.36 –15.7 Goldman Sachs Bank USA /5 $0 1.70 Merrick Bank /5 $25,000 1.40 iShEdgeMSCIMinUSA USMV 57.35 –2.50 –12.6 0.500 10 0.988 s l 0.885 0.728 1.061 41.5 27.8 -150.3 iShEdgeMSCIUSAMom MTUM 112.83 –3.75 –10.1 (855) 730-7283 (866) 638-6851 l iShEdgeMSCIUSAQual QUAL 85.16 –2.96 –15.7 American Express National Bank /5 $1 1.60 First Internet Bank of Indiana /4 $1,000 1.21 0.500 U.K. 2 0.063 t 0.108 0.130 0.770 -14.2 -10.6 -162.0 iShFloatingRateBd FLOT 49.87 0.10 –2.1 (866) 215-8754 (888) 873-3424 4.750 10 0.300 t l 0.336 0.563 1.198 -27.3 -27.2 -136.6 iShGoldTr IAU 16.11 –0.74 11.1 iShiBoxx$InvGrCpBd LQD 129.36 –0.35 1.1 One-month CD One-year CD Source: Tullett Prebon iShiBoxx$HYCpBd HYG 78.41 –1.83 –10.8 M.Y. Safra Bank, FSB /3 $1,000 0.30 Live Oak Bank /5 $2,500 1.90 iShIntermCorpBd IGIB 57.40 –0.17 –1.0 (212) 652-7200 (866) 656-0286 iShJPMUSDEmgBd EMB 97.83 –1.40 –14.6 Corporate Debt iShMBSETF MBB 110.13 –0.02 1.9 Presidential Bank, FSB /3 $1,000 0.10 Merrick Bank /5 $25,000 1.87 iShMSCI ACWI ACWI 64.77 –3.07 –18.3 (800) 383-6266 (866) 638-6851 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in iShMSCI EAFE EFA 53.84 –1.95 –22.5 Colorado Federal Savings Bank /4 $5,000 0.04 Goldman Sachs Bank USA /5 $500 1.85 that same company’s share price. iShMSCI EAFE SC SCZ 45.94 –1.71 –26.2 (877) 484-2372 (855) 730-7283 iShMSCIEmgMarkets EEM 34.81 –2.77 –22.4 Investment-grade spreads that tightened the most… iShMSCIJapan EWJ 49.57 –0.94 –16.3 Two-month CD Two-year CD iShNatlMuniBd MUB 112.53 –0.50 –1.2 Spread*, in basis points Stock Performance iShPfd&Incm PFF 33.18 –1.54 –11.7 Presidential Bank, FSB /3 $1,000 0.10 Goldman Sachs Bank USA /5 $500 1.85 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg iShRussell1000Gwth IWF 161.43 –3.51 –8.2 (800) 383-6266 (855) 730-7283 iShRussell1000 IWB 150.19 –3.01 –15.8 Applied Bank /5 $1,000 0.05 Merrick Bank /5 $25,000 1.82 Morgan Stanley MS 4.875 Nov. 1, ’22 162 –29 161 36.95 –3.68 iShRussell1000Val IWD 103.97 –2.52 –23.8 (800) 616-4605 (866) 638-6851 Sumitomo Mitsui Financial SUMIBK 2.348 Jan. 15, ’25 142 –25 167 ...... iShRussell2000 IWM 117.74 –2.39 –28.9 Colorado Federal Savings Bank /4 First Internet Bank of Indiana /4 iShRussell3000 IWV 156.88 –3.14 –16.8 $5,000 0.05 $1,000 1.62 Dell International DELL 8.350 July 15, ’46 509 –22 n.a. … … (877) 484-2372 (888) 873-3424 iShRussellMid-Cap IWR 45.66 –3.06 –23.4 Ryder System R 2.500 Sept. 1, ’22 230 –17 285 26.35 –0.72 iShRussellMCValue IWS 66.99 –2.30 –29.3 Three-month CD Five-year CD iShS&P500Growth IVW 176.18 –3.25 –9.0 Broadcom AVGO 3.625 Oct. 15, ’24 232 –15 244 247.65 –4.12 iShS&P500Value IVE 101.08 –2.67 –22.3 First Internet Bank of Indiana /4 Goldman Sachs Bank USA /5 $1,000 0.85 $500 1.90 Fidelity National Information Services FIS 3.500 April 15, ’23 98 –15 86 117.47 –4.20 iShShortCpBd IGSB 53.34 –0.41 –0.5 (888) 873-3424 (855) 730-7283 iShShortTreaBd SHV 110.92 ... 0.4 Goldwater Bank /3 $5,000 0.60 First Internet Bank of Indiana /4 $1,000 1.77 Bank of New York Mellon BK 1.950 Aug. 23, ’22 84 –12 80 35.21 –3.30 iShTIPSBondETF TIP 120.84 0.51 3.7 Toyota Motor Credit TOYOTA 2.700 Jan. 11, ’23 114 –12 123 ...... iSh1-3YTreasuryBd SHY 86.67 0.02 2.4 (480) 281-8200 (888) 873-3424 iSh7-10YTreasuryBd IEF 122.41 0.28 11.1 M.Y. Safra Bank, FSB /3 $1,000 0.51 American Express National Bank /5 $0 1.70 iSh20+YTreasuryBd TLT 171.29 1.26 26.4 (212) 652-7200 (866) 805-8663 …And spreads that widened the most iShRussellMCGrowth IWP 130.62 –3.65 –14.4 Boardwalk Pipelines BWP 4.950 Dec. 15, ’24 834 175 n.a...... iShUSTreasuryBdETF GOVT 28.24 0.28 8.9 High yield jumbos - Minimum is $100,000 JPM UltShtIncm JPST 50.16 –0.02 –0.5 Park Aerospace Holdings AVOL 5.250 Aug. 15, ’22 925 137 503 ...... PIMCOEnhShMaturity MINT 100.36 0.02 –1.2 HAL SPDR BlmBarcHYBd JNK 96.49 –2.12 –11.9 Money market and savings account Six-month CD Halliburton 3.800 Nov. 15, ’25 474 120 n.a. 7.46 –2.23 SPDRBloomBar1-3MTB BIL 91.55 ... 0.1 First Internet Bank of Indiana /4 1.51 Live Oak Bank /5 1.49 ViacomCBS VIAC 5.875 Feb. 28, ’57 1009 114 773 15.15 –2.38 SPDR Gold GLD 158.61 –0.68 11.0 (888) 873-3424 (866) 656-0286 SchwabIntEquity SCHF 26.03 –2.11 –22.6 DNB Bank ASA DNBNO 6.500 March 26, ’49 608 89 n.a...... ableBanking, a division of Northeast Bank /5 First Internet Bank of Indiana /4 SchwabUS AggrBd SCHZ 55.76 0.34 4.4 1.40 1.21 Oneok OKE 7.500 Sept. 1, ’23 531 60 n.a. 26.93 –4.54 SchwabUS BrdMkt SCHB (877) 505-1933 (888) 873-3424 63.99 –3.15 –16.8 Hess HES 4.300 April 1, ’27 601 58 514 36.37 1.22 SchwabUS Div SCHD 47.75 –2.41 –17.6 BankDirect /4 1.00 ableBanking, a division of Northeast Bank /5 1.20 SchwabUS LC SCHX 64.95 –3.10 –15.4 (877) 839-2737 (888) 426-2253 Credit Suisse AG CS 7.500 Dec. 11, ’49 522 52 n.a. … … SchwabUS LC Grw SCHG 85.16 –3.37 –8.3 Schwab US TIPs SCHP 58.78 0.44 3.8 One-month CD One-year CD High-yield issues with the biggest price increases… SPDR DJIA Tr DIA 230.22 –2.71 –19.2 SPDR S&PMdCpTr MDY 271.33 –2.65 –27.7 M.Y. Safra Bank, FSB /3 0.30 Live Oak Bank /5 1.90 Bond Price as % of face value Stock Performance SPDR S&P 500 SPY 273.04 –3.04 –15.2 (212) 652-7200 (866) 656-0286 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg SPDR S&P Div SDY 83.10 –2.25 –22.7 USAA /NR 0.08 Capital One /5 1.50 TechSelectSector XLK 84.15 –4.19 –8.2 (800) 583-8295 (800) 289-1992 Uniti UNIT 8.250 Oct. 15, ’23 81.500 6.25 82.062 5.75 15.93 UtilitiesSelSector XLU 57.28 –1.65 –11.4 Colorado Federal Savings Bank /4 0.04 First Internet Bank of Indiana /4 1.46 NGL Energy Partners NGL 7.500 Nov. 1, ’23 52.000 2.13 n.a. 3.00 –0.99 VanEckGoldMiner GDX 30.56 –0.59 4.4 VangdInfoTech VGT 222.14 –4.11 –9.3 (877) 484-2372 (888) 873-3424 Navios Maritime Acquisition NNA 8.125 Nov. 15, ’21 61.500 2.00 57.500 6.00 11.73 VangdSC Val VBR 90.48 –2.27 –34.0 Two-month CD Two-year CD Callon Petroleum CRZO 6.250 April 15, ’23 19.000 1.75 20.000 ...... VangdSC Grwth VBK 159.33 –3.23 –19.8 VangdDivApp VIG 109.12 –2.68 –12.5 Applied Bank /5 0.05 First Internet Bank of Indiana /4 1.62 QVC QVCN 5.450 Aug. 15, ’34 79.750 1.75 75.500 ...... VangdFTSEDevMk VEA 33.76 –2.06 –23.4 (800) 616-4605 (888) 873-3424 Vericast VERCST 8.375 Aug. 15, ’22 63.250 1.75 65.000 ...... VangdFTSE EM VWO 34.39 –2.77 –22.7 Colorado Federal Savings Bank /4 0.05 Live Oak Bank /5 1.50 Huntsman International HUN 4.500 May 1, ’29 95.494 1.73 94.543 14.94 –2.61 VangdFTSE Europe VGK 43.69 –2.04 –25.4 (877) 484-2372 (866) 656-0286 VangdFTSEAWxUS VEU 41.57 –2.23 –22.7 Hess Midstream Operations HESM 5.125 June 15, ’28 86.000 1.68 83.000 14.46 2.92 VangdGrowth VUG 167.85 –3.38 –7.9 Citizens Trust Bank /4 0.01 American Express National Bank /5 1.50 VangdHlthCr VHT 182.45 –3.15 –4.8 (404) 659-5959 (866) 805-8663 VangdHiDiv VYM 74.30 –2.71 –20.7 …And with the biggest price decreases VangdIntermBd BIV 91.08 4.4 Three-month CD Five-year CD –0.03 Range Resources RRC 5.000 March 15, ’23 74.470 –9.97 82.000 5.27 2.53 VangdIntrCorpBd VCIT 90.70 –0.06 –0.7 First Internet Bank of Indiana /4 0.85 First Internet Bank of Indiana /4 1.77 VangdLC VV 125.72 –3.18 –15.0 (888) 873-3424 (888) 873-3424 QEP Resources QEP 6.875 March 1, ’21 40.250 –9.50 n.a. 0.34 15.29 VangdMC VO 140.07 –2.78 –21.4 Buckeye Partners BPL 3.950 Dec. 1, ’26 83.970 –9.23 94.000 ...... VangdMBS VMBS 54.11 –0.07 1.8 M.Y. Safra Bank, FSB /3 0.51 American Express National Bank /5 1.70 VangdRealEst VNQ 71.95 –1.81 –22.5 (212) 652-7200 (866) 805-8663 Occidental Petroleum OXY 2.900 Aug. 15, ’24 65.500 –7.48 76.625 12.34 –1.99 VangdS&P500ETF VOO 250.95 –3.06 –15.2 Barclays /5 Home Savings Bank /5 0.35 1.55 Acrisure ACRISU 7.000 Nov. 15, ’25 85.678 –7.35 91.500 ...... VangdST Bond BSV 82.59 –0.01 2.5 (888) 710-8756 (801) 487-0811 VangdSTCpBd VCSH 80.60 –0.16 –0.5 Parsley Energy PARSLY 5.375 Jan. 15, ’25 79.970 –7.03 96.625 ...... VangdSC VB 119.79 –2.69 –27.7 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of Targa Resources Partners NGLS 6.500 July 15, ’27 91.970 –7.03 97.862 ...... VangdTotalBd BND 87.53 0.13 4.4 compounding and rate stated for the lowest required opening deposit to earn interest. CD Cheniere Energy Partners CQP 5.250 Oct. 1, ’25 92.497 –7.00 103.113 31.41 2.31 VangdTotIntlBd BNDX 56.79 0.05 0.4 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of VangdTotIntlStk VXUS 42.82 –2.15 –23.1 VangdTotalStk VTI 136.45 –3.10 –16.6 which may be checks. Rates are subject to change. *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. VangdTotlWrld VT 65.19 –2.83 –19.5 Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 Note: Data are for the most active issue of bonds with maturities of two years or more VangdValue VTV 93.61 –2.77 –21.9 Internet: www.bankrate.com Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data P2JW113000-2-B01200-1------XA

B12 | We dnesday, April 22, 2020 ** THE WALL STREET JOURNAL. BANKING & FINANCE

STREETWISE | By James Mackintosh APandemic Can’tStopthe U.S.’s Best Stocks

To get a ing to data from strategist Shareofworld market capitalization business models. Bricks-and- doubt the long-run prospects sense of how Tim Edwards of S&P Dow mortar retailers struggling of the market’s leviathans much better Jones Indices? 100% to survive will find it even think they are a good place U.S. blue Many have been warning harder to beat Amazon. to be for now, because of chips have of froth in technology stocks Other The same goes for other their ability to withstand re- done com- for years. If they are a bub- businesses competing with cession. 80 Russia pared with the rest of the ble, it just keeps inflating. the rise of cloud computing “At some stage we would world as the global economy These and other highly prof- Germany or new media. The Silicon expect tech to be one of the is ravaged by coronavirus itable, fast-growing compa- France Valley startups that nip at casualties,” says Ian Harnett, shutdowns, consider this: nies beat the rest of the 60 the heels of the big growth co-founder and chief invest- Nasdaq-listed stocks were market in the bull run. And U.K. companies are likely to find ment strategist of Absolute briefly worth more than the they beat it again in the bear China it harder to raise cash, too, Strategy Research. But for main index of developed market. Japan reducing the threat from now he is positive on compa- markets outside the U.S. last 40 new competitors. nies with strong cash flow. week, having been worth heir success explains U.S. The danger he sees in the only half as much five years why the U.S. has done inally, there is the re- longer run is that some of ago. T so much better than cession trade. As long the big companies may be This and similar extraor- other markets, too. The 20 F as investors expect a undermined by new regula- dinary comparisons should equally-weighted version of long-drawn-out U-shaped re- tions or find that even on- make investors pause for the S&P 500, in which Ama- covery, they will continue to line advertising spending is thought. How sustainable is zon and Microsoft are given worry about stocks sensitive sensitive to the economy. it that the biggest stock, Mi- the same weight as a depart- 0 to the economic cycle such I’m naturally a value guy crosoft, is closing in on the ment store or oil company, is 1900 ’20 ’40 ’60 ’80 2000 ’20 as car makers and airlines. who likes unloved stocks

value of the whole of Lon- down almost as much as Eu- Notes: 2020 data as of April 17;China A-shares at FTSE Russell weightings in recent years. They will prefer quality but, right now, many of the don’s FTSE 100, an index ropean or British stocks (in Source:Elroy Dimson, Paul Marsh, MikeStaunton, Credit Suisse companies,with featuressuch companies that were cheap that includes global giants dollar terms) since the mar- as lowleverageand reliable because they were struggling such as Royal Dutch Shell, ket peaked in February. investments at the start of that question to face.” earnings, that canexpand before the lockdown are HSBC and Unilever? What can’t go on, won’t this year. The most impor- Second, many of the whatever the economydoes. more like call options than go on. Yet there are solid tant investment question to trends exploited by these Only if that reverses does stocks. If there is a V-shaped ow reasonable is it reasons why the leading U.S. ask before buying anything companies are being rein- the market rotate out of the rebound, they will be amaz- that the value of the companies are doing better at the moment is whether a forced by the lockdowns, big tech and growth names ing performers as their sur- H company can survive a deep such as video streaming, on- five biggest U.S. com- than the pack as what could and back to cheap cyclicals. vival prospects rise. If there panies—Microsoft, Apple, be the deepest recession recession. The big U.S. line working, socializing and Such a bet on a V-shaped re- isn’t, many will go to zero. Amazon, Alphabet and since the Great Depression growth companies can shopping, online advertising, covery was briefly visible on The tech giants offer the Facebook—is now more than takes hold. mostly answer: Yes. videogaming and a move by Friday when hope for a opposite bet. Rich with cash, five entire S&P 500 sectors? First, these companies “Do you survive to the many shops to prefer cards Covid-19 cure rose and lifted they offer safety and a way Or that those five companies tend not to be heavily in- sunny uplands of 2021?” over cash. bombed-out stocks such as to profit in a slow recovery. make up 20% of the value of debted, and many are sitting asks Neil Robson, head of Third, a deep recession Boeing, Halliburton and Unfortunately, much of the index, up from 16% at on piles of cash. Microsoft, global equities at Columbia will weaken incumbents in Citigroup more than 10% on those companies’ growth is the start of the year and the for example, held $134 bil- Threadneedle. “Those large- many industries, helping the the day. already anticipated in the most since the 1970s, accord- lion of cash and short-term cap tech stocks don’t have tech giants disrupt their Even some of those who stock price.

sitions overnight, leading to TravelersTakes Hit From Shutdowns Market biggerswings. “Theydon’t have as much li- quidity,” said Stino Milito, co- BY LESLIE SCISM Goes Wild chief operating officer at bro- kerage Dash Financial Travelers Cos.booked $86 Technologies.“Which is proba- million in pretax chargesinthe At Night bly whyyou see the futures firstquarter related to the cor- banging around so much.” onavirus pandemic,including Some analystshavesaid de- forbillingsthat hard-hit policy- ContinuedfrompageB1 clining liquidity in the market holdershaven’t paid. near zero in response to the forE-mini S&P 500 futures dur- In itsquarterly earningsre- coronavirus took placeona ing the latest market selloff port, the insurancecompany SundayinMarch, spurring sell- also exacerbated volatility in also said it expectsincreased inginthe stock futures market. thebroader stock market. litigation over disputed busi- Traderssaid they areclosely In onemeasureofthe dra- ness-income coverage stem- tracking futures trading until matic moves overnight, invest- ming from Covid-19.The lateonweeknightsand on ing in the biggest S&P 500 ex-

chargesand expected litigation S weekends,anxious to see how change-traded fund at the

expenses areamong the many NEW the market reactstothe latest closing priceand selling at the ramifications still unfolding at G bit of news.The higher activity opening pricethe next morning Travelersand other property- has helped amplifyvolatility in would yield about a22% nega-

casualty insurersfromthe un- OOMBER what has already been the most tivereturn this year,according paralleled shutdown of swaths tumultuous period forinvestors to DowJones Market Data. On of the U.S. to slowthe spread of in recent years. theother hand, buying at the the newcoronavirus. To some analysts, it signals opening priceand selling at the OUILLETTE/BL

Still, Travelersshareholders BR that marketsaround the world end of the daywould generate N

seemed relieved that the finan- DA aremoreinterconnected than apositive7%return. cial damagefor the firstquar- The insurer booked $86 million in charges for the quarter. A closed diner in Sioux Falls, S.D. ever,with tradersglobally em- Big exchangeoperatorshave terwasn’t moreextensive.The bracing derivatives tied to ma- takensteps to catertothe in- company’sshares were ahead call and instead peppered man- Manyentrepreneurswith in- surer has received some claims jor U.S. indexesasthey trade terest in trading around the formost of Tuesday’strading agement with questions about surancepolicies arealso eyeing seeking business-income pay- around theclock.Trading in clockinrecent years. Cboe session beforeclosing un- Covid-19 fallout. As aleading so-called business-interruption outs, and Travelersdeclined these contractsalso extends to Global Markets Inc.extended changed. seller of property insuranceto featuresasalifeline,and have most of theclaims consistent the regular stock trading ses- tradinginoptions on the Cboe Travelers, which is part of small and midsizebusinesses, filed claims that could eventu- with policy terms. sion andconcludes at 5p.m. Volatility Index, or VIX,and the DowJones Industrial Aver- Travelersisamong araftofin- ally totalhundreds of billions of At an insurer as big as Trav- Exchangeoperator CME has S&P500 indexfrom 3a.m. to age, is among the largest sell- surersalready facing litigation dollars, according to industry elers, “we’recertainly going to had alongstanding rule limit- 9:15 a.m. on weekdays in 2015. ersofinsurancetoU.S.busi- from policyholderswho con- brokers, lawyersand execu- find apocket hereortherethat ing priceswingsinfutures It also started disseminating nesses and sells carand home tend their insurersshould pay tives.Evencelebrity chefs have doesn’t have that specific ex- overnight to 5% up or down. On values every15seconds over- insurancetoindividuals and forincome losses suffered as turned to President Trump to clusion,” Mr.Schnitzer said. Sunday, March 8, futures linked night forthe VIX index, agauge families.Itisone of the earliest lockdown orders took effect push the insuranceindustry to Theinsurer’s anticipated expo- to the S&P 500 fell 5%, hitting of expected market swings, in big property-casualty insurers and forced them to limit, or en- makegood on claims they con- sureonthose policies wasre- limit-down, the maximum drop 2016.Arianne Criqui, Cboe’s to post earningseach quarter, tirely shutter, their businesses. tend arelegitimate, among pol- flected in the first-quarter allowedinasingle session, for head of derivatives and global and itsresultsare watched Those government health di- icyholders’ other appeals to charge,hesaid. Barring legisla- the firsttime sincethe U.S. client services,said therehas closely as abellwether foroth- rectives have resulted in in- stateand federal lawmakers tiveaction to nullifythe exist- presidential election in 2016. been an uptick in individual in- ers. creasingly desperatesmall and regulators. ing exclusions,“we really do Thevolatility hasn’t let up: vestorslooking to trade futures Theinsurer reported lower businesses,and ownershave TravelersChief Executive not think we have amaterial Those stock futures have now tied to the VIX in places includ- profit in the firstquarter,down been seeking help wherever Alan Schnitzer said in Tues- exposurefrombusinessinter- hitlimit-up or limit-down at ing Taiwan and Australia. 25% at $600 million. Besides they canfind it. That includes day’searningscall that the in- ruption,” he said. least nine times this year. Theresult: Fewhoursofthe the pandemic-related charge, flooding banks with applica- surer’s standardpolicyform Lawmakersinahandful of Thewild swingshavedrawn week arecompletely devoid of resultsweredepressed by tions forapieceofa$350 bil- specifically excludes lossor bigstateshaveproposed such moretraderslooking forthe op- trading activity. higher costsfromtornadoes lion small-business loan pro- damagecaused by or resulting nullifications,which Mr. portunity to profit in exchange Mr.Milito’sfirm has enlisted and other storms labeled as ca- gram within the federal from avirus.That is similar to Schnitzer said would likely be forsome sleeplessnights. Fu- an extratrader to work over- tastrophes. stimulus packagepassed in other insurers’ policywording, subject to aconstitutional chal- tures tied to the DowJones In- night and take ordersfor cli- Investorsand analystswere March, leading the Senateon adoptedaround 2006 afterthe lenge. dustrial Averageand the tech- ents. Nowtwo tradersarrive lessfocused on operational Tuesdaytoapproveasecond SARS outbreak. —Allison Prang focused Nasdaq-100 indexhave around 2:30 a.m. ET,beforethe specifics in aTuesdayearnings round of funding. Mr.Schnitzer said the in- contributed to this article. been heavily traded as well. overnightS&P 500 and VIX op- Neel Shah, an options trader tions market kicks off. at Peak6 Capital Management, Theresurgenceinvolatility said he started ramping up bets has also drawnmarket watch- Cash Flows to China’sMoney-Market Funds in the overnight market in late erseager to see howthe futures Februarywhen turbulence market will react to the latest surged. By then, worries about bitofnewsonthe economy. BY STELLA YIFAN XIE Total assets of money-market Mutual funds’assetsunder workplaces and imposed travel the coronavirus spreading Dash’sMr. Militosaid he re- funds,quarterly management in March, by type restrictions.Household depos- around the globe had sparked a cently started watching the Individual investorsin its at banks climbed 6.47 tril- sharp selloff in the stock market. open of trading forS&P 500 fu- China flocked to money-mar- 8 trillion yuan MoneyMone-market, 8.211956 y-marketBond, 3.083664 BoHybrid, 2.108364nd lion yuan to 87.7 trillion yuan, On Feb. 28,U.S.stocks finished tures on Sundays at 6p.m., ketfunds in the firstthree 8.2trillion yuan 3.1 according to datafromthe what wasthen the worstweek somethinghehadn’t done in months of this year, stashing People’s Bank of China. sincethe global financial crisis— years. He has agroup chat with more of their savings in low- Together, the data suggest and the big moves were extend- colleagues in which they ex- risk investmentsduring the 6 that manyChinese consumers ing to the overnight session. changefriendly wagers on pandemic andturmoil in the socked away moremoney “Nowthereisn’t just one wherethe market will open. country’s stock market. when they curtailed spending trading day,” Mr.Shah said. Investorspoured morethan in Februaryand March. The “There’smultiple trading days Returns fordifferent 1trillion yuan ($141 billion) into 4 country’seconomyhas long in a24-hour period.” strategies on the SPDR S&P domestic money-market mutual been underpinned by high He says he typically holds on 500 ETF Trust, year to date

funds in the firstquarter,bring- Stock, 1.408682 Other, 1.824049 household savings rates rela- to big options positions over- 10% ing the sector’s totalassetsun- tive to other nations. night and putsout offerstobuy Buy the open, Hybrid Stock Other sell the close der management to 8.2trillion 2 In China, many people in- or sell futures in the overnight 2.1 1.4 1.8 yuan at the end of March, near vest in money-market funds session. He gets automated arecordhigh, according to data through popular mobile apps alertsonhis phone and com- 0 from the Asset Management operated by Ant Financial Ser- puter that tell him when a Association of China. 0 vices Group’s Alipay and Ten- buyer or seller has takenhim The 15% growth in money- 2016 ’18 ’20 cent HoldingsLtd.’sWeChat. up on atrade. –10 market fund assetstopped in- Money can flow in and out of Mr.Shah said he has “defi- Note:1trillion yuan=$141billion creases in other types of mu- Source:Wind the funds at all hours, making nitely lost alot of sleep over tual funds during the quarter them highly convenient forin- thelast couple weeks.” and came as annualized yields instrumentshavefallen itestock index, meanwhile,fell vestors. Because manyChinese Futures linked to the S&P –20 on money funds fell to multi- sharply as China’seconomy nearly 10% during the first money-market funds produce 500are tapped by big asset Buy the close, year lows.The funds invest weakened and itscentral bank quarter and is down more returns that are significantly managers, hedgefunds and sell the next open primarilyinChinese govern- pumped moreliquidity into than 7% in the year to date. higher than domestic bank other tradersaround the globe. ment bonds, bank certificates the country’sfinancial mar- Household savingsinChina savingsrates,they have be- Despitethe increased interest, –30 of deposit and short-term kets and cut lending rates. The swelled during the first quar- come apopular alternativefor several analystssaid it canbe Jan. Feb. March April debt. Yields on manyofthose benchmark Shanghai Compos- ter, when manycities closed savers and others. harder to getinand out of po- Source:Dow Jones Market Data P2JW113000-5-B01300-1------XA

THE WALL STREET JOURNAL. ***** We dnesday, April 22, 2020 | B13 MARKETS Treasurys DowFalls 632, as Tech StocksSlip Benefit BY CAITLIN OSTROFF From Flow AND FRANCES YOON TheDow Jones Industrial Averagedropped morethan To Havens 600 points, batteredbyplung- ing oil prices,inthe latest bout BY AVANTIKA CHILKOTI of market turbulencesparked AND PAUL J. DAVIES by thecoronavirus pandemic. Major indexesopened Investorsflocked to U.S. sharply lowerand continued government bonds as aseizure tumbling in afternoon trading in oil marketssparked jitters as the selloff in oil accelerated. and adriveintohaven assets. Thestock market’slosses were Theyield on 10-year Trea- broad: 29 of the 30 stocks in surys dropped to 0.571% from the blue-chip indexdeclined, as 0.625% Monday, creeping to- did all 11 sectorsinthe S&P ward March’s 500. Both in- CREDIT closinglow at TUESDAY’S dexessuffered MARKETS the peak of MARKETS their firstback-

global market to-back ses- S

turmoil. sions of losses sinceApril 1. NEW Theyield on 30-year debt TheDow industrials fell G fell to 1.162% from 1.234% Mon- 631.56 points, or 2.7%, to day, while the yield on five-year 23018.88, while the S&P 500 OOMBER notes hit an intradaylow of dropped 86.60points, or 3.1%, /BL 0.304% beforeticking up to 2736.56, and the technology-

slightly. laden Nasdaq Composite BENNETT “The fact that U.S. 10-year dropped 297.50points, or 3.5%,

yields areinching back to re- to 8263.23. BRIDGET cord closing lows stands in Thedeclines mark asetback Among the decliners on Tuesday was Advanced Micro Devices, which lost 7.1%. Lisa Su, the company’s president and chief executive officer marked contrast to the more afterstocks finished their big- confident tone we have seen in gest two-week rally in decades mies,potentially leading to a In Europe,investorsre- Share-priceand indexperformance, Tuesday equities in recent weeks,” said on Friday. TheDow and S&P second wave of infections. mained nervous about the Richard McGuire, head of rates 500 remain down morethan Technologystocks were also prospectsfor aid from across 4% strategyatRabobank. “That is 15% forthe year,while the Nas- among the hardest hit in Tues- the region fordebt-laden coun- an interesting message: Who daq is off 7.9%. day’sselloff afterrallying in re- tries in the south. Investorsare 2 wastelling the correct story?” Therout in the oil market cent weeks. Salesforce.com betting that eurozone ministers The sharp drop in oil prices continued Tuesday, aday after dropped 7. 5%, Advanced Micro will fail to agree on acommon is dragging down inflation ex- U.S. crude-oil futures dropped Devices fell 7. 1% and Twitter debt-issuanceprogram at a 0 Travelers pectations.The five-year,five- belowzerofor the firsttime declined 4.7%. meeting this week.Such apro- year forwardU.S.inflation ever,asasharp drop in global International BusinessMa- gram would sharethe financial -2 swap—which calculates the ex- economic activity erases de- chines dropped 3% afterthe burden of shielding economies Dow pected paceofpriceincreases mand forenergy. companyposted lowerfirst- amongthe member nations as industrials over thefive-year period that Shares of big oil companies quarter revenue,withdrew its arecession looms. -4 IBM begins five yearsfromnow— fell modestly,with Chevron earnings guidanceand took a TheStoxxEurope 600 de- fell to about 1.69% Tuesday, dropping 2.3% and Exxon Mo- largerestructuring charge. clined 3.4%. At middayWednes- from 1.97% aweek earlier. bildown0.5%. Travelers wasthe lone Dow dayinTokyo,the Nikkei was -6 Both oil prices and inflation Investorsare pricing in a component to escape the red down 1.2%, Hong Kong’sHang expectations aredriven by per- choppier path forwardfor afterreporting higher revenue Seng Indexwas down 0.6% and -8 ceptions of howthe global global stocks as some countries and net premiums written. The South Korea’sKospi wasoff economyisdoing,said Jonas begin easing lockdowns and insurer’s shares ended the ses- 0.8%. S&P and Dowfutures 9:30 a.m. noon 4p.m. Goltermann, asenior economist partially reopening their econo- sion unchanged. were up as much as 0.3%. Source:FactSet in the global marketsteam at CapitalEconomics.“TheFed has said it’sgoing to keep rates lowfor averylong time,so Shell’sBillion-Dollar Saudi Crude Stranded in even if things getbetter, they’renot going to raise rates and yields can’t go up very NorthSea Plan PutOff much.” Tankers as Backlog Builds Some investorsremained BY SARAH MCFARLANE Shell this month delayedits cautious about taking aviewon decision on its Crux gas proj- U.S. ratesgiven the Federal Re- RoyalDutch Shell PLC has ect in Australia. BY BENOIT FAUCON deep production cutsthat leadership foranemergency servehas scaled back Treasurys postponed itsJackdawnatu- Thecompanyalso pulled AND SUMMER SAID would go beyond the pact they meetingwith nonmembers, purchases in recent sessions, ral-gas field development in out of a U.S. liquefied natural agreed to with the U.S. and Rus- aimed at pressing Saudi Arabia while the government is rolling theNorth Sea, the company gasproject—LakeCharles in Saudi Arabia’soil-pricewar sia little morethan aweek ago. and Russia to agree to deeper out a$2trillion relief plan to said Tuesday, as energy com- Louisiana—topreservecash, with Russia flooded the market Saudi Arabia and Russia oiloutput cuts, people familiar limit the economic fallout from panies slashspending in re- saying the timing wasn’t right with crude.Now,with demand ended the pricewar as part of a with the mattersaid. the coronavirus. sponse to plummeting prices. forthe investment. Itspartner dried up and buyershardto deal that will see the two coun- Saudi Arabia and other OPEC “I’m notsurewehavefully Theproject, which analysts in the project, Energy Trans- find, the kingdom is resorting tries and the U.S. lead acoali- membersare considering cut- tested that match between gov- estimatetobevalued at fer LP,said it would take over. to storing much of it at sea. tion of 23 oil-producing coun- ting output as soon as possible, ernment demand and govern- around $1 billion, is the sec- In Mozambique, Exxon Mo- At least one in 10 supertank- tries to cut output by a9.7 rather than waiting until next ment supply,” said James ond that Shell has delayed in bil Corp.has delayedits Ro- ersisserving as afloating oil million barrels aday. month when the group’spro- Athey,senior investment man- the region. vuma LNG project until at storagefacility,Saudi oil offi- duction agreement with the U.S. ager at Aberdeen StandardIn- In March, adecision on least next year. cials say. With manyofthose and Russia is set to begin, peo- vestments. In Europe,investors whether to proceed with de- “We’reworking with the vessels filled with Saudi crude, ple familiar with the matter remained nervous about the veloping the Cambo field government and our partners stranded at sea without buyers, said. At least four tankersladen prospectsfor aid coming from northwest of the Shetland Is- to optimizedevelopment plans the world’stop oil exporter is 21M with crude that leftSaudi Ara- acrossthe region fordebt- lands waspostponed until by improving synergies and trying to managethe repercus- bia in lateMarch have been laden countries in the south. next year,according to Shell exploring the opportunities re- sions of itsmonthlong price Increase in barrels of oil stored idling sinceearly April off the Theyield on 10-year Greek and itspartner on the project, lated to the current lower-cost warwith Russia. at sea in the week to April 19 coastsofEgypt, Singaporeand bonds climbed to 2.466% from SiccarPoint, an oil-and-gas environment,” an Exxon Theunusual market dynam- Malaysia with no final destina- 2.143% Monday. producer backed by Black- spokesperson said. icscontinued to playout as oil tion, according to datafrom —Caitlin Ostroff stone Group Inc. Also this month, Exxon said prices resumed their sharp drop shipping tracking websiteFleet- contributed to this article. The delays are in response it would cut spending by 30% Tuesday, one dayafter U.S. fu- Thedamagefromthe price Mon. At least 18 Saudi-hired su- to plummeting energy prices in 2020. tures turned negative forthe warremains.Oil in storageat pertankersare due to arrive as budgetsare cut and some Of thehandful of projects firsttime.Saudi Arabia decided sea rose by 21 million barrels to next month in the U.S. AUCTION RESULTS projects’ economics no longer whichhavereceived the go- in March to flood oil markets 147.6million in the week to On Tuesday, Brent crude Here are the results of Tuesday's Treasury auction. All bids are awarded at a single price at the market- stack up. ahead this year,Shell has said with cheapoil just as the coro- April 19,according to commodi- dropped 24%to$19.33abar- clearing yield. Rates are determined by the difference between that price and the face value. As the virus spread in Feb- it is proceeding with itsSurat navirus pandemic shut down ties-dataprovider Kpler.“The rel—the lowest level in more 52-WEEK BILLS ruaryand March, major oil gasproject in Australia, albeit majoreconomies and led to a kingdom is nowfacing asitua- than 18 years. WTI’sJune con- Applications $97,549,042,900 companies swiftly cut their with ascaled-back plan, along collapse in oil demand. tion wherethey mayhaveto tract plummeted 43% to $11.57. Accepted bids $30,954,782,900 budgetsby20% to 30%, cur- with its Trinidad and Tobago As demand driedup, many shut partsintheir production, TheWTI’sMay contract went " noncompetitively $208,950,400 " foreign noncompetitively $100,000,000 tailing plans for projects. Barracuda gas development. producerscontinued to pump at likely from Ghawarand other negativeonMonday, then re- Auction price (rate) 99.833167 Shell and Exxon had some In January, Cairn Energy normal levels,filling storage fields because they don’t have bounded to expireinthin trad- (0.165%) Coupon equivalent 0.168% of the largest pipelines of PLC and Woodside Petroleum tanks and ships with unsold buyers,” said asenior Aramco ing Tuesdayat$10.01. Bids at clearing yield accepted 18.98% projectsthis year,according to Ltd. also moved ahead with crude.Now,membersofthe Or- executivefamiliar with the mat- —David Hodari, Sarah Cusip number 9127962Q1 The bills, dated April 23, 2020, mature on April 22, consulting firm Wood Macken- theirSangomar field, off the ganization of the Petroleum Ex- ter. McFarlane and Collin Eaton 2021. zie. coast of Senegal. porting Countries aredebating Venezuela has asked OPEC’s contributed to this article.

owncomplicated oil products U.S. Oil Fund daily flows oil. Typically,those contracts ately drivedowncrude prices, Oil Wagers like theU.S.Oil ETFfor that tradenear each other,making thelarge number of transac- April 20 reason. $600 million the processrelatively orderly. tions involved cancontribute $679.3M “There’sdefinitely acertain With consumersunable to to priceswings. percentageofthe customers take advantageoflow fuel Sharp-eyed tradersantici- Burn Some 400 that have no idea what’sgoing prices,gaps areemerging be- pating the roll processcan seek to happen to them,” said Rob- tween prices foroil delivered to profit by taking the other Individuals ert Yawger,director of the fu- 200 soon and oil arriving months in side of the trade.They cantry tures division at Mizuho Secu- the future. That forces the ETF to drivedownthe priceof rities USA. “They have no idea to sell futures at the lower near-dated futures contractsor ContinuedfrompageB1 the slaughter they’regetting 0 priceand buy them formore, driveupthe next month’s divergefromthe fund’stotal into.” punishing investors. price. assetvalue. Such funds areone of the Roughly $5 billionhas Beforefutures contractsex- Analystssaid traderstrying easiest waysordinaryinvestors –200 flowedintothe U.S. Oil Fund pire, they converge with prices to bet against the fund by bor- canown commodities since Jan. Feb. March April this year,with much coming in in the physical market. Who- rowing shares and then buying trading futures through abro- the past few weeks.Itfell 15% ever is leftholding contracts them back at alowerprice keriscumbersome.But ana- U.S. Oil Fund performance U.S. crude-oil futures price* to $3.18 on Tuesday. As of Fri- close to expiration must either have added to the chaos. lystssay it is important to un- day, the fund held about 27% of sell them or take deliveryofoil John Love,president and derstand the productsinvolved. $15 ashare $30 abarrel the outstanding contractsfor at theend of the corresponding chiefexecutiveofUSCF, said Assetsmanaged by 16 oil and June U.S. crude futures.USCF month. Mondaythat the firm contin- gasETFstracked by FactSet 25 said latelast week it is shifting Mr.Douglas,the entrepre- ues to monitor market dynam- swelled from about $4.8billion 10 the fund’sstructuretohold neur,said he wasaware of the ics.The firm declined to com- in lateFebruarytonearly $11 20 about80% of assetsinnear- risksassociated with owning ment Tuesday. billion on Friday. Much of that dated contractsand roughly the fund, but analystssay other In another sign of pressure growth came from the U.S. Oil 5 20% in second-month con- investorsprobably weren’t. 15 on the sector, Barclays PLC ETF, by far the largest of the tracts. Some sayinvestorswerelikely said recently it is suspending group. On Tuesday, the company buying the oil fund to tryto salesand redeeming its iPath “So much money has been 0 10 said it is shifting again so the purchase cheap or negatively Series BS&P GSCI Crude Oil chasing something that turns Jan. Feb. March April 15 10 12 ETFholds even fewernear- priced oil contractsfor Mayde- ETN,asmaller,riskyproduct outtobesoverywrong,” said Deliverymonth dated contracts livery, not realizing that the also used to wageronoil. Elisabeth Kashner,director of *Starts with crude forMay delivery TheU.S.Oil Fund finished ETFhad already rolled most of Thetrend highlightsthe ETFresearch at FactSet. Source:FactSet rolling itsMay crude contracts itsholdingstoJune contracts. risks of trading commodities, Thewagersare also contrib- to June during the week ended They could soon facelosses whichare tied to real-world uting to oil’svolatility because large percentageofthe total contract by selling the near- April 13,aprocess that traders when thefund sells the June supply and demand and involve the U.S. Oil Fund normally near-dated contracts. When dated futures contract and buy- said resulted in heavy selling contract and buysJuly futures. physical deliveryofraw mate- holds futures contractsfor oil that contract is close to expir- ing the newone.This process andhelped set the table for —Joe Wallace rials.Manyanalystscaution to be delivered soon. Afterre- ing each month, the fund must preventsholdersfrombeing this week’schaos.Evenifthe and David Hodari that retail investorsshouldn’t cent inflows,the ETFholds a “roll” it to the next month’s stuck holding actual barrels of rolling processdoesn’t immedi- contributed to this article. P2JW113000-0-B01400-1------XA

B14 | We dnesday, April 22, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Peloton May Feel Recessionary Burn Netflix Offers Demand for the company’s exercise equipment could fall off once stay-at-home regulations ease Dose of Peloton Interactive Inc. is coasting on shelter-in-place man- dates, but recessionary headwinds Sobriety are coming. Those with the financial means seem willing to take the plunge on expensive exercise equipment in Streaming firm expects the quest for some semblance of growth to ease sanity at home during the corona- virus pandemic. Analysts have high hopes for Give Netflix credit forputting Peloton’s fiscal third quarter, fore- the bad news upfront. Forthe casting sales and subscribers to streaming giant’sfirst-quarter re- come in above guidance. Data ap- sults, therewas actually little of it. pear to support that. SunTrust On Mondayafternoon, Netflix re- Robinson Humphrey says Google- ported a surge in net newsubscrib- search trends show a “sudden and ersfor the quarter.Nearly 15.8 mil- sustained” increase in searches for lion signed up forthe company’s “Peloton” beginning in mid-March. streaming serviceduring the pe- Meanwhile, Sensor Tower data riod, which wasmorethan double

show year-over-year growth in app GES the seven million additions Netflix

downloads upward of 400% in IMA had projected three months ago. March and early April, while Key- Thecompanyalso projected adding

Banc notes delivery times for Pelo- GETTY an additional 7. 5million newsub- ton’s bikes are now four to seven W/ scribersfor the second quarter— weeks relative to the usual one- to SHA well ahead of the 5.6million ana- A

two-week lead time, suggesting EZR lystswereexpecting,according to greater-than-usual demand. Afterplunging to all-time lows in mid-March, Peloton’sshares have soared as shelter-in-placeordershavespread. FactSet. That exercise enthusiastswould It wasabittersweet win, though, payupforat-home endorphins they soon might be aren’t going to or hurt Peloton’s bottom line. Ana- Afterplummeting to all-time coming during apandemic that has while outside options arelimited throw down the equivalent of two lysts don’t expect Peloton to turn lows in mid-March, shares have confined people to their homes. isn’t surprising.But what happens individuals’ stimulus checks for a profit anytime soon amid high soared to year-to-datehighs since Streaming entertainment is one of when the world opens back up? It one piece of exercise equipment. marketing expenses in an increas- shelter-in-placeordershave the few growth markets in such an could be that Peloton is cycling Peloton also offers a lower- ingly competitive market. spread. Therecoveryprompted environment, as evidenced by through itsaddressable market priced digital-only service that Thepandemic hasn’t been acom- BMO analyst Simeon Siegel to strong streaming datareported ear- much morequickly than antici- doesn’t require its hardware. Total pleteboon forPeloton. As Wedbush downgrade Peloton’sshares to “un- lier by Walt Disney Co.and Roku. pated. In itspublic offering filing, subscriptions drove just under 17% analyst James Hardiman pointsout, derperform” from “market per- But investorshoping forabig num- Peloton described itsaddressable of total revenue in the fiscal sec- retail locations have closed and live form” on Monday, citing valuation. ber had already bid up Netflix market demographic as those with ond quarter, though. Meanwhile, classes have been put on hold. Fur- Moredowngrades could followif shares by 34% this year—the big- self-reported household annual some other brands’ exercise bicy- thermore, because of social-distanc- demand falls off as stay-at-home gest gain by far forany companyon pretax incomes of $50,000 or more. cles at half the price point can be ing requirements, Peloton’stread- regulations ease.AsMr. Siegel the S&P 500 with amarket capital- In the U.S. alone, the govern- used with Peloton’s app. Going for- mill deliveries have been canceled noted, accelerating member growth ization exceeding $100 billion. ment has deemed the coronavirus- ward, management has hinted at and itsbikes arenolonger being could just mean demand has pulled Netflix’stone wasn’t entirely up- precipitated economic hit to be so lower-priced products. They would assembled in customers’ homes. forwardrather than expanded. beat. In itslettertoshareholders bad that it is sending out stimulus boost unit sales in a recessionary This could push the bulk of corona- Peloton has quickly broken away the companysaid that it expects checks to taxpayers.Those either environment, but it is unclear virus-related upside out to the June from the pack,but could find itself viewing and membership growth struggling to pay bills or worried whether such products would help quarter,Mr. Hardiman says. fading just as fast. —Laura Forman “todecelerateashome confinement ends,which we hope is soon.” It also noted that itspipeline of new content has been affected by the shutdown of TV and movie produc- Consumer Hospitals Face Difficult Recovery tion,with the silver lining that its cash burn will slowfor now. Netflix still holds acommanding Lenders lead in the streaming market and is The spread of the novel corona- total debt outstanding and $731 unlikely to be toppled by the raft of virus has upended the hospital million in cash on hand, though it newcompetitors.The companyhas business model. Earnings from the has the ability to tap nearly $6 bil- also built up astrong libraryofcon- Prepare for largest publicly traded bellwether lion more in loans and credit lines. tent and shown asharp eyefor tap- are an ominous sign for the rest of The results should give all ping intothe zeitgeist. Thedocu- the industry. health-care investors pause, drama series “Tiger King” launched A Blow HCA Healthcare, which oper- whether they own HCA shares or in mid-March just as lockdowns ates nearly 200 hospitals and not. Hospital chains themselves sent people home.That show be- more than 100 surgical centers in have relatively small market val- came water-cooler conversation Consumer lendersare preparing the U.S., suspended its outlook for ues, but far more valuable health- when no one could gather around forsomething pretty bad to happen 2020 on Tuesday morning. It also care subsectors, such as biotech or watercoolersanymore. Netflix to borrowers—but perhaps not bad suspended its dividend and share- medical devices, depend on well- knows all toowell the value of be- enough. buyback plans and is cutting back functioning hospitals. HCA says it ing in the right placeatthe right AllyFinancial said this week on capital spending. Original guid- expects much of its operations to time. —Dan Gallagher that itsloan-lossreserves reflect an ance issued in January called for return to normal by the end of

assumption that itsnet charge-off revenue of $53.5 billion to $55.5 ON/REUTERS June, but no one can say with any Netflix netnew paid

rate on retail autoloans maybe billion. CKS certainty when elective procedures subscribersper quarter JA

about 1.8% to 2.1% this year.Overall, First-quarter sales actually rose S will fully return. 15 million CA

the bank is nowreserved forasce- about 2% from a year earlier to LU Granted, a rush of surgical pro- nario about 70%asbad as itsown $12.9 billion, but even those re- Hospitals have small market caps. cedures is possible when hospitals “severely-adverse” scenario stress sults show signs of strain. Hospi- get the green light, as patients test, in which it expectslosses tals earn much higher profit mar- said. race to catch up on deferred care. would hit about 2.5% to 3%. gins on elective procedures such HCA should be able to get But betting that procedure vol- 10 Meanwhile,credit-cardlender as knee replacements than on through this rough patch. But umes will fully return to precrisis SynchronyFinancial also said it emergency-room care, and those smaller hospital systems, many of levels is a risky assumption. For wasn’t yetsetting reservelevelsfor procedures are largely suspended which operate on a nonprofit ba- one thing, employer-provided in- ascenario as direasin2009.Syn- to treat Covid-19 patients. sis, are likely faring worse. After surance is more likely to pay for chrony’snet charge-off rate that Same-facility inpatient surgical all, HCA has among the strongest elective care than public programs 5 year wasabout 11%, the lender said. procedures fell 1.8% from a year balance sheets in the industry and such as Medicaid, so a prolonged Executives have said that, in gen- earlier. Outpatient surgical proce- doesn’t operate in the Greater New economic downturn would keep eral, they have much better-quality dures fell 6%, and that drop will York City area, which has suffered hitting hospitals. loan books heading intothe corona- likely be much steeper in the sec- the worst outbreak in the U.S. so Investors betting on health care 0 virus crisis.But investorsshould ond quarter. Outpatient surgeries far. Even HCA relies heavily on for its defensive characteristics also keep in mind that economic are down about 70% from a year debt financing. It ended the first may want to reconsider. 2012 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 forecastshavegottenmoredire ago so far in April, the company quarter with nearly $35 billion in —Charley Grant Source:the company sincethe end of March, when banks had to makeaquarter-end judg- ment call on their reservelevels. Ally said that itsmodel at that time wasfor moreofa“V”-shape More Bad News for Oil Is Likely From China path, rather than a“U”or “L,” for the economy, with the unemploy- OVERHEARD ment rate approaching 10% and be- Oil marketsshould bracefor more Chinesefreight and oil data, likegrowthinshipmentsofgoods. ginning to moderatelater in the bad news—this time from China. change from ayearearlier Thepicturehereisn’t encourag- year.JPMorganChase’seconomists If youwerewondering how U.S. oil-futureprices went nega- (3-month-moving average) ing.Overall Chinese freight ship- arenow expecting unemployment sales of diet Mr.Pibb have tiveMondayfor the firsttime,asin- mentsweredown28% year over to peak at 20%. AWall Street Jour- been faring during the corona- vestorsstruggled to unload expiring 15% Freighttraffic year in February, the latest figure nal survey of economists in early virus crisis,the brand’sowner contractsinaworld whereoil de- Oil product supply* available,and arelikely taking an- April found nearly half of them pre- Coca-Cola Corp. hintedatan mand has ground to ahalt. Texas is 10 other hit nowasthe pandemic dicting a“U”-shape recovery. answeronTuesday. awash in American oil, which, tem- crushes demand from the U.S. and As an offset, companies have Amid the twin challenges of porarily at least, has nowheretogo. Europe.The recovery in China’s noted that therehas been bigger securing supplies and support- China is the world’slargest 5 transport sectors, which drivedo- and faster government stimulus, ing its retailer customers, the crude-oil importer,and itseconomy mestic demand, is very weak. and morelender forbearance, than companyhas been “focusing on is showing some signs of recovery 0 Meanwhile,output of refined oil afterthe financial crisis.Sofar, what’sthe most effectiveset afterFebruary’s coronavirus shut- productsfell arelatively modest though, it’shardtodrawany big of brands...to push through,” downs.But that doesn’t mean it will -5 6.6%inMarch, and that comes on conclusions.Ally said that about Coca-Cola Chief Executive offer oil prices the support they topofrecordactivity in late2019. 25% of itsaccountsrequested for- James Quincey said on acon- desperately need. Oil-product output rose 13.6%year -10 bearance, meaning they don’t have ferencecall following the com- Chinese oil demand fell off acliff over year in December,the fastest to makepaymentsfor atime; 70% pany’squarterly earnings re- last quarter,but crude importsre- 2015 ’16 ’17 ’18 ’19 ’20 growth since2010.Revealingly,net of those accountshavenever had port. This means some “long mained surprisingly robust, suggest- *Refinery output plus net product imports exportsofpetroleum products, anypayment delinquencywith Ally. tail” items—those with lower ing that buyersweretaking advan- Source:CEIC which tend to jump when output Does that mean most people in for- volumes meanttoserveniche tage of lowprices to stock up. exceeds demand locally,wereupa bearanceare solid borrowers just customer tastes—will be cut for Importswereup4.5%inMarch from Chinese crude demand growth could full 41% in the firstquarter. taking advantageofthe break—or aperiod, he added. ayear earlier,eventhough refiners’ still flag.Refinersthemselves already Additall up and it looks very that even solid borrowers arefind- In other words, youwill still output of oil productsfell nearly 7%. have plenty of both crude and fin- much likegovernment “strategic” ing themselves in trouble? be able to find Coca-Cola Clas- Thereally bad news is that even ished productslikegasoline. buyersare moreorlessthe only So much ultimately depends not sic and Dasani bottled wateron beforethe Covid-19 outbreak,Chi- China, unlikethe U.S.,doesn’t game in town foroil. President just on the peak severity of the cor- the shelves, come whatmay. nese refinerswereprobably already publish timely figuresonoil-prod- Trump said Mondaythat the U.S. onavirus crisis,but also howlong Lovers of Peach Citrus Fresca producing morepetroleum products uct inventories.But it is possible to government maytakeadvantage of itseffectslinger.Investorsare still and Topo-ChicoTwistofGrape- than the economyneeded. This raises guessatinventorymovementsby lowprices to add to itspetroleum dealing with amoving target when fruit, perhaps notsomuch. the risk that even with the Chinese watching howmeasures of supply reserve. Oil producershad better it comes to consumer credit. government buying up cheap crude likerefineryoutput and imports hope Beijing keeps filling up too. —Telis Demos to fill itsstrategic reserves,overall line up with measures of oil demand —Nathaniel Taplin