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****** WEDNESDAY,DECEMBER 2, 2020 ~VOL. CCLXXVI NO.130 WSJ.com HHHH $4.00

DJIA 29823.92 À 185.28 0.6% NASDAQ 12355.11 À 1.3% STOXX 600 391.90 À 0.7% 10-YR. TREAS. g 27/32 , yield 0.933% OIL $44.55 g $0.79 GOLD $1,814.10 À $38.40 EURO $1.2072 YEN 104.33 Transition Moves Apace Despite President-Elect’s Injury Salesforce What’s Sets Deal News For Slack, Business&Finance With Big alesforce agreed to buy Smessaging company Premium Slack in a$27.7 billion deal that shows howthe big- Business-software firm gest players in cloud com- puting are racing to add to pay$27.7 billion for muscle amid the pandemic’s officemessaging app, remote-work boom. A1 challenging Microsoft  Nasdaq is pushing to re- quirefirms listed on itsstock BY AARON TILLEY exchangetoinclude women, racial minorities and LGBT Salesforce.com Inc. agreed individuals on their boards, to buy messaging company aiming to bring morediver- S SlackTechnologies Inc.ina sity to U.S. corporations. A1 $27.7 billion deal that shows PRES  TheECB’s chief economist howthe biggest players in made privatecalls to banks TED cloud computing areracing to OCIA

and investorsafter policy SS add muscle amid the pan-

meetingsthis year,breaking /A demic’s remote-work boom. with the bank’susual practice Thecash-and-stock deal,

of delivering information to HARNIK made public Tuesday, is the everyone at the same time. A1 biggest moveyet by Salesforce

ANDREW Chief Executive Marc Benioff,  TheS&P 500 and Nasdaq ON THE MEND: Joe Biden sported a medical boot in Wilmington, Del., on Tuesday. The president-elect twisted his ankle a pioneer in selling subscrip- hit records, gaining 1.1% and over the weekend while playing with his dog Major, his aides said, and was diagnosed with a fractured foot. tions to software runonre- 1.3%, as investor optimism moteservers, to turn the com- extended intoanew month. panyheco-founded 21 years TheDow advanced 0.6%. B11 agointoabroad-reaching  Morethan half of U.S. ad powerhouse in tech tools for spending is forthe firsttime businesses.The deal is almost set to go to digital platforms, Nasdaq Pushes DiversityRule twice as large as Salesforce’s the world’slargest ad buyer largest acquisition so far, and said, as marketers’ strategy would turn the combined com- shifts amid the pandemic. B1 BY ALEXANDER OSIPOVICH listed companies to have at andmale boardrooms of U.S. thediversity requirements, a panyintoamoreformidable AND AKANE OTANI least one woman on their companies.Nasdaq’smove person familiar with the review competitor to MicrosoftCorp.  HPE is moving its head- boards,inaddition to adirec- could have greater impact be- said, adding it wasdifficult to and Google parent Alphabet quarterstothe Houston Nasdaq Inc.ispushing to re- torwho is aracial minority or cause of itsability to set rules measurebecause of inconsis- Inc. TheWall Street Journal area, the latest sign of how quirethe thousands of compa- one who self-identifies as les- for the nearly 3,000 corpora- tencies in the way companies previouslyreported Salesforce the pandemic is reshaping nies listed on itsstock ex- bian, gay, bisexual, transgen- tions listed on its exchange. report such data. and Slack were in advanced the way Silicon Valley changetoinclude women, der or queer. In areview carried out over Nasdaq defined underrepre- deal talks. companies operate. B1 racial minorities and LGBTindi- Companies that don’t meet the past six months,Nasdaq sented minorities as individu- Thecombination also  U.S. shoppers spent viduals on their boards,inwhat the standardwould be re- found that morethan three- als self-identifying as Black, bringstogether two of the significantly lessthan last would be one of the most force- quired to justifytheir decision quartersofits listed companies Hispanic,Asian, NativeAmeri- tech industry’shighest-profile year over afive-dayholi- fulmoves yettobring greater in order to remain listed on would fall short of the pro- canorbelonging to two or CEOs—people who have made day-weekend stretch that diversity to U.S. corporations. Nasdaq. posedrequirements. Around more races or ethnicities. acareer of taking on Silicon included Black Fridayand Theexchangeoperator filed Banks, asset managers and 80% or 90% of companies had Thereview found smaller Valley icons.Mr. Benioff has Cyber Monday. B1 aproposal with the Securities lawmakers in California have at least one female director, companies tended to have less positioned himself as apromi- and ExchangeCommission on takenvarious steps to diver- but only about aquarter had a diverse boards and would nent voiceinU.S.business, us-  Airbnb said it plans to Tuesdaythat would require sify the predominantly white second one who would meet PleaseturntopageA2 PleaseturntopageA6 sell 50 million shares in an IPO that could give the company a valuation of as much as $35 billion. B3 Big CitiesFaceSetbacks Biden’sEconomic World-Wide As OfficeReturns Fall Off Team Seeks  TheJusticeDepartment hasn’t found evidenceof widespread voterfraud that BY PETER GRANT 100% Percentage of returned to work as of Nov.18. Global Reset could reverseBiden’selec- U.S. workersreturning That rate is up sharply from tion victory, Barrsaid, deal- U.S. employees started to the office an April lowoflessthan 15%, ing ablowtoTrump,who heading back to the officein which largely consisted of launched fresh legal claims greater numbersafter Labor 80 building-maintenanceand es- to contest the results. A5 Daybut that paceisstalling sential workers. Theofficere- President-elect’sadvisory picksare  Barr named Durham a now, delivering another blow turn rate climbed steadily dur- circumspect about pitfalls Trump highlighted special counsel, giving him to economic-recoveryhopes in 60 ing the summer and early fall, protection to continue into many cities. butithas flattened out after the Biden administration his Therecent surge in Covid-19 reaching ahigh point of 27% in BY JON HILSENRATH though the incoming admin- Nov. 25 investigation of the origins of cases acrossthe countryhas mid-October,Kastle said. The AND NICK TIMIRAOS istration is trying to alter 40 the FBI’s2016 Russia probe. A5 led to an uptick in people re- 17.6% rate forlast week wasdown important parts of it. suming work at home after even more sharply than in pre- Joe Biden’s economic Formanyyears, peaking in  AU.S.panel recommended that health-careworkersand some momentum had been vious weeks but likely reflected team is taking shape with the 1990s,mainstream Demo- building forreturning to the 20 the Thanksgiving Dayholiday. plans to remake the Trump cratsand Republicans cham- residentsoflong-term-care workplace, property analysts “There’sahugeheadwind administration’s approach to pioned globalization and facilities be the firsttoreceive said. Floor afterfloor of empty against companyexecutives to economic relations overseas, trade agreementswith China, any Covid-19 vaccine doses officespaceisasource of strongly push their employee with a distinction: agree- Mexicoand othersasdevel- from the limited supply that 0 great frustration forlandlords bases to come back to work,” ment with President Trump’s opmentsthat would make will be available initially. A6 and companies,which have in- Feb. 2020 Nov. said Douglas Linde, president assertion that globalization Americans betteroff.Econo-  Lawmakersreleased a vested millions of dollarsin Source:Kastle Systems of big officeowner Boston has been hard on many mistssaid that therewould blitz of competing coronavi- adapting building plans and Properties Inc. Americans but differences on be winnersand losersasthe rus-relief proposals,reignit- developing newhealth proto- cess-cardswipes in morethan Despitethe success of work how to address it. U.S. imported and exported ing stalled talks but with no cols to makeemployees com- 2,500 officebuildingsin10of PleaseturntopageA4 The distinction shows Mr. PleaseturntopageA10 clear signs that Democratic fortable with ashared location. the largest U.S. cities,said Trump likely will have a last- and Republican leaders Kastle Systems,anational that aboutaquarter of em-  Panel advises thathealth ing impact on the direction  BlackRock alumni tapped for would reach aconsensus. A3 security firm that tracks ac- ployees in those buildingshad workers get firstvaccines... A6 of U.S. economic policy, even newadministration...... A10  TheTreasury’sdecision not to renewasuiteofemer- gencyFed lending programs Soccer Fans spurred apartisan fight over ECB Economist Broke whether and howthe Biden administration should be al- Rate Players Salesforce. lowedtouse the programs. A3 With PracticeonCalls  TheSBA released detailed For Wrinkles loan information for mil- #1 CRM. lions of borrowers under iii BY TOM FAIRLESS ileging big investorswith sen- the Paycheck Protection AND PAUL J. DAVIES sitiveinformation. Public Program, amid signs of Stars of the 1980s diaries show that neither Ms. Ranked #1 for CRM Applications basedon fraud in the relief effort. A3 FRANKFURT—The Euro- Lagarde’s predecessor, Mario IDC 2020H1 Revenue Market ShareWorldwide. pean Central Bank’schief Draghi,nor his chief econo- 19.8%  Trump threatened to compete for title economist made dozens of pri- mist, PeterPraet,made similar veto adefense-policybill if it doesn’t include language of oldest-looking vate calls to banks and inves- calls during their last two overturning aprovision that tors afterpolicymeetingsthis years in office. gives social-media compa- BY JAMES HOOKWAY year,breaking with the bank’s In 2015, the ECB tightened usual practiceofdelivering in- itscommunication rules after nies broad immunity forthe Back in the 1980s, when he formation to everyone at the aboardmember gaveaclosed- content they publish. A2 playedgoalkeeper forScottish same time,according to three door speech to investorsata  China said it landed a soccer side Ayr United, Hugh people with whom he spoke dinner that revealed changes probe on the moon, itslat- Sproat liked to entertain fans and a review of his schedule. to itsbond-buying program. estspaceendeavor. A9 by swinging on the crossbar. Thecalls,which were aimed “You don’t just pick up the 5.3% He also grew athick,bristly at explaining the bank’spublic phone and talk to the select 4.8% CONTENTS Personal Journal A11-12 mustache,which this fall made pronouncements, began in few,” said Panicos Demetria- 3.9% Arts in Review... A13 Property Report... B6 3.8% Business News.. B3,5 Sports...... A14 him afront-runner in acon- March, afterECB President des, aformer member of the Crossword...... A14 Technology...... B4 test to see who wasthe old- Christine Lagardeflummoxed ECB’s rate-setting committee Heard on Street.B12 U.S. News...... A2-6 est-looking playerbefore tradersbysuggesting the cen- as head of Cyprus’scentral 2016 2017 2018 2019 2020H1 Markets...... B11 Weather...... A14 sportsnutrition and icerecov- tral bank wouldn’t prop up It- bank.“Talking only to the big Source: IDC, Worldwide Semiannual Opinion...... A15-17 World News...... A7-9 erybathstook over the game. aly’s bond market. Italian players is what you’renot sup- SoftwareTracker,October 2020. Englishman Winston Gal- stocks and bonds slumped. posed to be doing as the cen- > lagher started the tournament Hourslater,Philip Lane,the tral bank.It’snot helpful for just as much of the U.K. was chief economist, placed sepa- relations with the public.” heading intoits second lock- rate calls to 11 banks and in- An ECB spokesman con- salesforce.com/number1CRM down. He wasinspired by an vestors in which he sought to firmed the calls.Hesaid the CRM market includesthe followingIDC-defined functional markets:Sales ForceProductivity andManagement, album of old soccercards he clarify the message. bank decidedinSeptember MarketingCampaign Management, Customer Service, Contact Center,Advertising,and Digital Commerce s 2020 Dow Jones & Company, Inc. Applications. ©2020salesforce.com, inc. Allrightsreserved.Salesforce.comisaregisteredtrademark of All Rights Reserved found that he and other chil- Former central-bank offi- 2019 to start the briefings af- salesforce.com, inc.,asare other namesand marks. PleaseturntopageA5 cials said the calls risked priv- PleaseturntopageA8 P2JW337000-5-A00200-1------XA

A2 | We dnesday, December 2, 2020 ***** THE WALL STREET JOURNAL. U.S. NEWS Amid Presidential Transition, Construction Continues Along U.S.-Mexico Border President Threatens Defense Bill Veto

BY ANDREW RESTUCCIA AND LINDSAY WISE

WASHINGTON—President Trump threatened to veto an annual defense-policybill if it doesn’t include languagere- voking a provision that gives social-media companies broad immunity forthe content they publish from usersontheir sites. Mr.Trump demanded on Tuesdaynight that Section 230 of the 1996 Communica- tions DecencyAct be repealed. GES “[I]f the very dangerous & IMA unfair Section 230 is not com-

ETTY pletely terminated as part of /G the National Defense Authori-

AKER zation Act (NDAA), Iwill be forced to unequivocally VETO HUFF

Y the Bill when sent to the very ND

SA beautiful Resolutedesk,” he IMPASSE: Crews worked on the border wall Tuesday in Jacumba, Calif., as lawmakers in Washington are split over including the project in spending bills needed to keep wrote on Twitter. the government running this month. President-elect Joe Biden has said he would stop building the wall. Thepresident had previ- ouslythreatened to veto the same defense bill, which in- cludes a 3% pay raise for U.S. troops, over his opposition to CourtHears Suit on Child-SlaveryLiability languagethat would rename military bases honoring Con- federate commanders. BY JESS BRAVIN U.S. courts. sentingthe defendant compa- wherethis corporation is head- sought to minimizethe implica- Thelegislation would au- In 2013,the court ruled that nies. quartered and does business.” tions of letting the suit proceed thorize a total of $740 billion WASHINGTON—Several Su- foreign corporations were im- JusticeSamuel Alito, along “I don’t think your hypothet- under the Alien Tort Statute. in fiscal year 2021 for the De- preme Court justices expressed mune from suit under the stat- with other justices,seemed re- ical states aviolation of the Thesuit alleges that Cargill fense Department’sand En- doubtsTuesdayoveralawsuit ute, in part because it found luctant to fully immunizeAmer- AlienTort Statutebecause andNestle aided and abetted ergy Department’snational-se- that aims to hold Nestle USA such liability could complicate ican corporations forany hu- thereisnodomestic injury,” the violation of international curity programs. Inc.and Cargill Inc.liable for diplomatic relations and expose man-rightsabuses they might Mr.Katyal said.Moreimpor- laws againstchild slavery. The Senate version passed the exploitation of child slaves American companies to similar commit overseas. tant, he added, “your hypotheti- “These corporations set up a 86-14, and the House version on IvoryCoast plantations that legal actions overseas.But “Mr.Katyal,manyofyour caldoes violateother statutes.” supply chain wherethey know passed 295-125,morethan the supply the foodmakerswith co- Tuesday’scase involved Ameri- argumentslead to resultsthat While corporateliability is in that cocoabeans arebeing coa. cancompanies,and Chief Jus- areprettyhardtotake,” said dispute, thereisnolegal ques- made by means of child-slave Thecase wasthe latest test- ticeJohn Robertsimmediately JusticeAlito. tion that the Alien Tort Statute labor,” Mr.Hoffman said, allow- At issue is a ing of the reach of the Alien noted the distinction. “Suppose aU.S.corporation permitslawsuitsagainst indi- ing the companies to buy the Tort Statute, alaw originally “In this case,noforeign makes abig showofsupporting viduals. JusticeElena Kagan commodity cheaply and gain a provision giving passed in 1789 to conform the countryhas objected to the everycause du jour,but then questioned that distinction. competitiveadvantage in the social­media firms newAmerican Republic to the United Stateshauling itsown surreptitiouslyhires agentsin “Ifyou could bring asuit U.S. market. “law of nations.” It allows for- citizens intoits owncourts, so Africatokidnap children and against 10 slaveholders, when Other justices suggested that broad immunity. eign citizens to seek redressin whyshould we be cautious in keep them in bondageonthe those10slaveholdersform a Congress, rather than the U.S. courtsfor such affrontsto terms of international rela- plantations so that the corpora- corporation, whycan’t you courts, wasthe betterplaceto universal norms as piracyand tions?” he asked. “What objec- tion canbuy cocoaorcoffee or bring asuit against the corpo- seek moreexpansiveliability attacks on diplomats. tion would foreign countries some other agricultural product ration?” she asked. forchild slavery. two-thirds supermajority In recent years, human- have to ensuring that U.S. cor- at bargain prices,” JusticeAlito Thecase wasoriginally filed “This case really is acase,I needed to override apotential rightslawyershavetargeted porations followcustomaryin- said. “You would saythat the in 2005 over abuses that alleg- think,about the proper role of veto.Negotiatorsare working deep-pocketed companies for ternational law?” victims who couldn’t possibly edly began in the 1990s.Paul the judiciaryascompared to to hammer out a compromise alleged misconduct overseas. The“potential forfriction getany recovery in the courts Hoffman,the Hermosa Beach, the proper role of Congress bill that would then need to be Corporations have fought back, militatesagainst recognizing of the countrywherethey had Calif., lawyer who represents hereinfleshing out the Alien passed by each chamber. with significant success,tonar- foreign injuryclaims,” replied been held should be thrownout six plaintiffs alleging they were Tort Statute,” said JusticeBrett Congresshas passed annual rowtheir potential liability in Neal Katyal,the lawyer repre- of court in the United States enslavedonthe plantations, Kavanaugh. defense policybills everyyear for 59 years in a row, with bi- partisan support. which have no women on their subject to reviewbythe SEC Presidentsfromboth par- Nasdaq to boards.Otherswith all-male and will undergo apublic- ties have always signed them, boards include solar company comment process, meaning it even afterissuing veto threats. Array Technologies Inc., bio- will likely be months before Aspokesman forSenateMa- PushBoard technologycompanyAllakos thecommission approves or jority Leader Mitch McConnell Inc.and National Beverage rejects the plan. The decision (R., Ky.) declined to comment. Corp., maker of LaCroix spar- would likely come under the House Speaker NancyPelosi Diversity kling water. incoming administration of (D., Calif.) didn’t respond to a Foreign and smaller compa- President-elect JoeBiden, who request forcomment. nies could meet the require- will appoint anew person to “The President is right,” S ContinuedfromPageOne ment with two female direc- lead the SEC.Mr. Biden, a tweeted Sen. Josh Hawley (R., NEW

need to do moretorespond to tors,Nasdaq said. Non-U.S. G Democrat, has made diversity Mo.), an outspoken critic of the proposed rule,said Nelson companies could satisfy Nas- apriority in selecting nomi- big tech companies.

Griggs,anexecutivevicepres- daq’sdiversity requirements OOMBER nees for his cabinet. Theannual defense bill is ident at Nasdaq.“With smaller by appointing boardmembers Corporateboards have one of several pieces of legis-

issuers, therewill be greater from groups that areunder- ON/BL made their ranks somewhat lationCongressisaiming to impact,” he said. represented in their countries. WS more diverse.Last year,44% passbeforethe end of the DA

Potentially,companies that Themoveisunlikely to de- N of nonexecutivedirector ap- year,along with aspending MO

fail to meet the requirements tercompanies from listing SI pointments that companies bill to keep the government could be delisted, though Nas- with Nasdaq,according to Nasdaq will makeitso‘every companyhas avery straightforward made in the U.S. were women, funded and legislation to pro- daqexecutives said that is un- ScottYonker,aprofessor of fi- waytomeet the standards,’said its chief,Adena Friedman. according to executive-search vide billions of dollarsincoro- likely.Companies could satisfy nance at Cornell University. firm Heidrick &Struggles. navirus aid. the rule by making adisclo- “The cost of doing this is diversity statistics within a iceinWonderland require- That marked thehighest share Section230 has given on- sure that explains whythey relatively minor,” he said. Be- year. Time frames to meet di- ment,” said TomFitton, since the firm began tracking line companies broad immu- aren’t meeting Nasdaq’sdiver- cause manybig companies versity requirementsfor board president of conservativelegal the data 11 years ago. nity from legal liability for sity target—for instance, be- have become more diverse in composition would depend on group Judicial Watch, which And big institutions have their users’ actions and wide cause they have adifferent recent years, they likely won’t a company’s listing tier, with sued California this year over a become more vocal about the latitudetopolicecontent on philosophyregarding diversity. struggle much to find board largercompanies generally statelaw mandating greater importance of diversity. their sites. Only firms that don’t make memberswho meet the re- getting four yearstohavetwo boardroomdiversity.“This is Goldman Sachs Group Inc. But it has emergedinrecent such adisclosurecould face quirements, Mr. Yonker said. diverse directors, and smaller Nasdaq getting intowokeide- said this year that it would no yearsasasource of frustra- delisting proceedings. “Weare Nasdaq’smain rival, the companies getting five years. ology, and it’soutside the law.” longer underwriteinitial public tion forthe president and his going to makeitsothat every NewYork Stock Exchange, set Executiverecruiterssaid Ms.Friedman said the pro- offeringsofcompanies in the allies,who allegethat social- company has a very straight- up an advisorycouncil last some companies might face posal would ultimately benefit U.S. and Europe unlessthey media companies aremisusing forwardway to meet the stan- year to help its listed compa- difficulties complying with the investors. “Thereare many had at least one “diverse” the provision to limit conser- dards,” Nasdaq Chief Execu- nies identifyboardcandidates proposed rules.Boardcandi- studies that indicatethat hav- boardmember,with afocus on vativeviewpointsontheir tive Adena Friedman said. from diverse groups.But the dates would need to volunteer ingamorediverse board…im- women. Asset managerslike sites.Democratshaveraised Most of the biggest compa- NYSE,owned by Interconti- during the hiring processthat proves the financial perfor- BlackRock Inc.and State Street separateconcerns about parts nies listed on Nasdaq appear nental Exchange Inc., hasn’t they identifyasLGBTQ,for in- manceofacompanyaswell as Global Advisorshavepushed of Section 230,arguing it has to already comply with the gone so far as to mandateit stance, said PeterCrist,chair- lowers the risk profile of com- theirportfolio companies to allowedcompanies to ignore newcriteria. Among those through a listing rule. man of executive recruitment panies,” the Nasdaq CEO said. have morefemale directors. falseand dangerous informa- that don’t areChinese internet If Nasdaq’s proposal is ap- firm Crist|Kolder Associates. Likeother proposed —Andrew Ackerman tion spreading online,and companies Pinduoduo Inc., proved by the SEC,companies Critics called Nasdaq’spro- changes to exchangelisting and Chip Cutter President-elect JoeBiden has JD.com Inc.and Baidu Inc., would have to disclose board- posal an overreach. “It’sanAl- rules,Nasdaq’sproposal is contributed to this article. also called forrevokingit.

THE WALL STREET JOURNAL CORRECTIONS  AMPLIFICATIONS (USPS 664-880) (Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) Editorial and publication headquarters: Black workers with abach- ceived nearly 101,000 more Amazon.comInc.’sholidaybo- nicipal-bond insuranceindus- 1211 Avenue of the Americas, New York, N.Y. 10036 elor’s degree had aloweraver- votesthan Mrs. Clinton in nus forworkersfailed to men- tryincorrectly said 96%. Published daily except Sundays and general legal holidays. age rate of unemployment in WashtenawCounty. tion Target’sOctober bonus. Periodicals postage paid at New York, N.Y., and other mailing offices. the12months ended in Octo- Michaela Coel’ssister ad- Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. ber than Latino workers. The Former Zappos.com Inc. Some U.S. local and state mired Ms.Coel’sability during Outlook column in Monday’s Chief ExecutiveTonyHsieh governmentshaveimposed childhood to makefriends eas- All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of which are available from the Advertising Services Department, Dow Jones & Co. U.S. News section incorrectly died at a hospital in Bridge- lockdowns in response to the ily. An article about Ms. Coel Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right said Black workershad a port, Conn. In some editions coronavirus pandemic.ABusi- in WSJ. Magazine’sNovember not to accept an advertiser’s order. Only publication of an advertisement shall constitute higher unemployment rate at Tuesday, aU.S.Watch article ness & Finance News article issue incorrectly said her sis- final acceptance of the advertiser’s order. each level of educational at- aboutthe medical examiner’s Saturdayabout lockdown-wary terwas chagrined. Letters to the Editor: Fax: 212-416-2891; email: [email protected] tainment than Latino workers. findings incorrectly said Mr. financial officers incorrectly Need assistance with your subscription? Hsieh died in NewLondon, implied that the U.S. experi- Noticetoreaders By web: customercenter.wsj.com; By email: [email protected] By phone: 1-800-JOURNAL (1-800-568-7625) President-elect JoeBiden Conn., which is wherehesuf- encedafederal lockdown. Wall Street Journal staff received 23,000 morevotes in feredinjuries in afire. membersare working remotely Reprints &licensing: By email: [email protected] WashtenawCounty,Mich., Bond insurer Assured during the pandemic.For the By phone: 1-800-843-0008 than Hillary Clinton did four Target Corp.gave its Guaranty Ltd. has aportfolio foreseeable future, please send WSJback issues and framed pages: wsjshop.com yearsearlier.APolitics article workersbonuses in July and in containing about 75%munici- reader commentsonly by Our newspapers are100% sourcedfromsustainably certified mills. Saturday about young voters October.ABusiness&Finance pal debt. An Oct. 23 Banking & email or phone,using the con- incorrectly said Mr.Biden re- News article Saturday about Financearticle about the mu- tactsbelow, not via U.S. Mail. GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by emailing [email protected] or by calling 888-410-2667. P2JW337000-5-A00300-1------XA

THE WALL STREET JOURNAL. ***** We dnesday, December 2, 2020 | A3 U.S. NEWS Lawmakers Offer Competing Aid Plans

GOP pushes funds for the 12 spending bills that fund the government. small businesses, legal Earlier Tuesday, agroup of shields; bipartisan bid lawmakersfromboth the House and Senateunveiled a hints at compromise $908 billion aid proposal,

GES highlighting the growing pres-

BY KRISTINA PETERSON IMA surefromrank-and-file law- AND ANDREW DUEHREN makerstopassadditional cor- GETTY onavirus aid. WASHINGTON—Lawmak- SE/ The proposal, which would ersreleased ablitz of compet- runthrough March 2021, in- ing coronavirus-relief propos- cludes some measures sought ANCE-PRES

als Tuesday, reigniting stalled FR by both parties.Lawmakers talks as the pandemic surges included $160 billion in state

acrossthe country, but with- GENCE and local funding,long one of /A

out clear signs that Demo- EB the biggest sticking points.

cratic and Republican leaders LO Thebipartisan proposal UL

would reach aconsensus. SA also gives a nod to one of Re- Abipartisan group from the publicans’ toppriorities: legal House and Senateunveiled a Sen. Mitt Romney (R., Utah) on Tuesday spoke about the new bipartisan proposal, which would run through March. protections forbusinesses and roughly $900 billion compro- other entities.Lawmakerssaid mise proposal, offering one In an indication that GOP ance programs that expireat packagepassed in the lame- Under the GOP plan, busi- they would provide ashort- routebetween House Demo- leadersweren’t yetready to the end of December.Itdoesn’t duck session is likely to be—at nesses could receive a second term suspension of liability crats’ last $2.4trillion bill and makemajor concessions,Sen- include additional funding for best—just a start.” loan through the Paycheck lawsuitsrelated to Covid-19 at SenateRepublicans’ recent ateMajority Leader Mitch stateand local governments, a TheRepublican proposal Protection Program, and the state or federal level, giv- $650 billion proposal. Mean- McConnell (R., Ky.) circulated priority of Democrats. would also repurpose money schools and colleges would re- ing states time to put in place while,GOP and Democratic a new plan to his caucus that On Mondaynight, Mrs. from Federal Reserve lending ceivemorethan $100 billion in their own protections. leaderstraded newoffersas he said reflected what Presi- Pelosi and SenateMinority facilities, which Mr. Mnuchin aid, while $31 billion would go Theproposal also includes the looming expiration of some dent Trump would be willing Leader Chuck Schumer (D., is letting expire at the end of toward vaccine development $288 billion forsmall-business relief measures intensified the to sign, afterspeaking with N.Y.)sent alettertoMr. the year. Unemployment pro- and distribution. relief,including PPP,$16 billion paceofyear-end legislating. White House officials. McConnell outlining Demo- gramsthat expand eligibility Lawmakersare also work- forthe distribution of acoro- In another sign of the new Thenew Republicanoffer, cratic leaders’ latest offer. for receiving jobless benefits ing to finalizeafull-year navirus vaccine,$82 billion for urgency, House Speaker Nancy similartothe recent Senate Mr.Schumer declined to and extend the timeline forre- spending bill beforethe gov- schools,$25 billion forrental Pelosi (D., Calif.) and Treasury GOP bill, includes morefund- givedetails of the proposal. ceiving them would be contin- ernment’scurrent funding ex- assistanceand $180 billion for SecretaryStevenMnuchin ing forsmall businesses,legal Democratic President-elect ued foranother month, into pires at 12:01 a.m. on Dec. 12. additional unemployment in- held their first phone conver- protections forentities operat- JoeBiden again urgedCon- January. People who already Last week,SenateRepublicans surance, including $300 aweek sation sincethe election on re- ing during the pandemic and a gresstoreach avirus-relief participateinthe programs and House Democrats agreed through March, aides said. lief measures and spending one-month extension of ex- agreement beforethe end of could draw benefitsfor two on howtodivvy up the $1.4 In addition, the plan would legislation. panded unemployment insur- the year.Hesaid that “any additional months. trillion pot of money across give $17 billion to airlines. Fed, Treasury Divide Over Lending

BY NICK TIMIRAOS The Treasury committed$$1195billion to backstoplosses in Fedlending programs thatwill stop AND KATE DAVIDSON purchasing loans or securities on Dec.31. The Treasury declined to renewthese programs.

TheTreasuryDepartment’s $25billion Municipal Initial investment Treasury funds Assets decision last month not to re- Liquidity announced by transferred purchased Assets the Treasury to the Fed* by the Fed* newasuiteofemergencyFed- purchased Term Asset- eral Reservelending programs 20 Backed $80 billion touched off apartisan fight Securities over whether and howthe Bi- Loan den administration should be 15 $60 allowedtouse the programs. Main Street Lending Lawmakerspressed Trea- surySecretaryStevenMnuchin 10 $40 over his decision at ahearing Tuesdaywith FedChairman Jerome Powell beforethe Sen- Corporate 5 $20 ateBanking Committee. It was Credit their firstjoint appearance sincelast month’sdecision, which drew arareobjection 0 $0 from the Fed. April Nov. Municipal Term Asset- Main Street Corporate TheFed and Treasuryhad 2020 Liquidity Backed Securities Lending Credit mostly collaborated smoothly Source:Federal Reserve *AsofNov.25 Facility Loan Facility Program Facilities over providing emergencysup- port to financial marketsuntil Democratssee the programs Mnuchin to allocatetoFed election bid that Republican Mr.Mnuchin said Nov.19that as apotential tool forthe Bi- lending programs in the Cares lawmakersand the Treasury he wouldn’t extend the facili- denadministration to deliver Act pandemic relief bill in Department indicated that Mr. THEWAVECOLLECTION ties because he believed he moreaid to hard-hit busi- March. Mnuchin lacked the authority WAVE CUFF:22K VIRGIN GOLD,$18,750 lacked the authority to do so,a nesses,cities and states if Con- Stock marketsrebounded in to extend the lending pro- MARQUISE WAVE CUFF: legal opinion that isn’t shared gressdoesn’t act to approve the days afterthe Fedand grams by the Fed. He also said that morespending.Sen. Sherrod Treasuryannounced the pro- “Endingthese facilities is DIAMONDAND 22KVIRGIN GOLD,$33,500 the programs were no longer Brown(D.,Ohio) said to Mr. grams and staged arapid re- not mandated by law,” Mr.Me- needed andthat around $430 Mnuchin at Tuesday’shearing, covery in the following months. nendez said.

billion in unused funds would “You appear to be trying to Lawmakers in both parties While the economy has re- .

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tance. way out the door.” politics with the programs on the Fedand manyprivatefore- re “My motivation wasnot po- Republicans have said they Tuesday. Beforelast month’s castersanticipated, Mr.Powell ts litical. It waspurely legal,” Mr. areworried about relying on decision by the TreasuryDe- said the number of Americans righ

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extend this,bring back legisla- lief as asubstitutefor spend- ers had been wary of the dis- their jobs during the pandemic ,L

tion that would authorizeme ing decisions that should rest cretion the Cares Act gave to still exceeded the worstlevels on 745FIFTH AVENUE,SUITE 1210,NYC rr

to do it.” with Congress. “Wewant to Mr. Mnuchin; several of them of joblessness from the 2008 pe 212702 9040 • BELPERRON.COM el

TheFed said it would prefer avoid morphing these pro- hadreferred to the $454 bil- financial crisis. ©B the lending programs remain grams intoamission that was lion as a “slush fund.” “Wecan both acknowledge in placeuntil the risks posed never the intended purpose,” ButonTuesday, Sen. Tom the progressand point out just to the economybythe corona- said Sen. PatToomey (R., Pa.) Cotton(R.,Ark.) said it ap- howfar we have lefttogo,” he virus pandemic,which has led in an interviewonMonday. peared that Democrats, in de- said.Helater likenedthe gov- to anew surge of infections in TheTreasuryand Fed crying Mr.Mnuchin’sdecision, ernment’seconomic-policyre- the U.S. and globally in recent launched five programs in “would liketohavea$454 bil- sponse to abridgebuilder con- weeks,has subsided. March and April supported by lion slush fund” for the Biden structing aroad acrossachasm Bubbly “Any central banker would $195 billion that the Treasury administration. created by the pandemic.“We tell youit’sprematuretobe provided to coverlosses.Con- Sen. Robert Menendez (D., cansee the end,” Mr.Powell BUBBLECLUSTER pulling back support forthe gresshad approved $454 bil- N.J.) said it wasn’t until after said. “Wejust need to make CLIP EARRING economy,” Mr.Powell said. lion in such funding forMr. President Trump lost his re- sureweget there.” SBA Releases Details on More Borrowers

BY AMARA OMEOKWE tens of thousands of companies American workerswhen they ers from PPP,aswell as those that received PPP loans for needed it most,” an SBAspokes- from aseparateSBA coronavirus WASHINGTON—TheSmall which they appear to have been person said about the newdis- relief effort known as the Eco- BusinessAdministration on ineligible,such as corporations closures. nomic InjuryDisaster Loan Pro- Tuesdayreleased detailed loan created afterthe pandemic be- Theagencyhad fought the gram. information formillions of bor- gan. release of additional information JudgeBoasbergoriginally rowers under the Paycheck Pro- ThePaycheck Protection Pro- on PPP loans,citing concerns gavethe SBAuntil Nov.19to tection Program, amid signs of gram wasacenterpieceofthe over borrowers’privacy. Those provide the information, but the fraud in the government’ssigna- $2.2 trillion coronavirus relief concerns were echoed by some SBArequested astay, which the turecoronavirus relief effort for bill known as the Cares Act, judgegranted temporarily as he small businesses. which wasapproved by Con- considered whether to grant it. The disclosureprovides the gressinMarch. Launched the The Paycheck JudgeBoasberglast week re- names,addresses and precise following month, PPP offered jected the request and ordered loan amountsfor each PPP bor- forgivable loans to small busi- Protection Program theagencytorelease the infor- rower. TheSBA had previously nesses and nonprofits, indepen- was a centerpiece of mation by Dec.1. issued some detailed informa- dent contractorsand self-em- Thepublic “maintains an ur- tion forPPP loans above ployedworkersand had the Cares Act, gent and immediateinterest in $150,000,though the bulk of the distributed $525 billion when it assessing the resultsofSBA’s program’sloans were smaller closed in August. initial effort at administering a than that. Several congressional propos- massivesmall-businessrelief U.S. District JudgeJames als have called forreopening the small-businessadvocacygroups. packageand extracting lessons Boasbergordered the release of program to offer further assis- Theloans,which were issued wherepossible—both to inform moreinformation on PPP bor- tancetoailing businesses amid by financial institutions and acritical, ongoing federal debate rowers in response to alawsuit signsthat the economic recov- backed by the SBA, were alife- and to remedy failures in the filed by news organizations un- eryiscooling as winter ap- line forfirms hit by shutdowns loan-disbursement processmov- der the Freedom of Information proaches.TreasurySecretary and social-distancing measures ing forward,” JudgeBoasberg Act.Plaintiffs included Dow Steven Mnuchin, in Senatetesti- during the coronavirus pan- wroteinthe order. Jones &Co.,publisher of The monyTuesday, also called for demic.The loans areforgivable TheSBA had previouslypro- Wall Street Journal. additional aid forsmall busi- provided borrowers meet certain vided the names and addresses PAULMORELLI.COM TheSBA’s inspector general nesses. criteria, and the SBAhas begun of borrowers whose PPP loans NYC: 895MADISON (72ND&MADISON) said in October that therewere “SBA’shistorically successful processing forgivenessrequests. exceeded $150,000 along with PHL: 1118WALNUTSTREET “strong indicatorsofwidespread Covid relief loan programs have JudgeBoasberginNovember their loan rangeacrossfivecate- potential abuse and fraud in the helped millions of small busi- ordered the agencytorelease gories,from$150,000 to the 212.585.4200 PPP.” Thewatchdogcounted nesses and tens of millions of moreinformation about borrow- maximum of $10 million. P2JW337000-5-A00400-17FFFF5178F

A4 | We dnesday, December 2, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL. U.S. NEWS Action Urged on Climate Change Trump’s H-1B Visa Corporations call on mateaccord, and urge “Presi- from a warming Earth. “The United Stateshas made letter—including Ford, Inter- dent-elect Bidenand the new “Climateisgoing to be a important strides—emissions national BusinessMachines Congress to work with Congress to work together to much bigger deal in the next aredown, and clean energy is Corp., Unilever PLC and Wal- Rules Biden on issue, back enact ambitious,durable,bi- Congressbecause thereisthe up,” the lettersaid. “With the mart Inc.—have already signed partisan climatesolutions.” prospect of something hap- election of anew President and on to support taxing emissions rejoining Paris accord Theletterdoesn’t detail any pening” when previouslythere Congress, we nowhaveacriti- or have pledged to change Set Aside specific action plan or policy wasnone,said Stephen calopportunity to significantly theirbusinesspractices to BY TIMOTHY PUKO proposal,but it is the latest Harper, senior director of en- strengthen these efforts.” eliminateemissions from their indication that asignificant vironment and energy policy Thecompanies have own operations. BY MICHELLE HACKMAN WASHINGTON—Abroad cohort of corporateAmericais for Intel Corp., one of the sig- warned of rising costsfrom Several of those companies crosssection of big U.S. corpo- lining up with environmental- natories.“It’ll be smaller stuff, climate-related disasters, and hope that by vocally support- Afederal judgeinSan rations including Amazon.com ists on climatechange. but hopefully it’ll be a patch- at timesinWednesday’sletter ing newlegislation, it gives FranciscoonTuesdayset Inc., Citigroup Inc.and Ford Companies are responding work of things that add up to echoed Mr. Biden’s own cam- Republicans cover to take ac- aside two Trump administra- Motor Co., arecalling on Con- to pressurefromboth consum- make a difference.” paign,saying leveraging tion in collaboration with tion policies that required gresstowork closely with Pres- ers and their ownworkers Theletterwas organized by American investment and in- Democrats, Intel’s Mr. Harper employers to payforeign ident-elect JoeBiden to address whoare increasingly con- theCenter forClimateand En- novation to respond canitself and others said. workersonH-1Bvisas signifi- the threat of climatechange. cerned about climate change. ergy Solutions,orC2ES, an boost the U.S. economy. President Trump has cantly higher wagesand nar- In alettertobesent to Con- And they see a new president environmental group that Corporatemomentum has worked to scale back many of rowedeligibility forthe pro- gressand the Biden transition and Congress, including some works with businesses and been building in recent years thecountry’senvironmental gram valued by U.S. tech team on Wednesday, morethan conservatives,putting abigger governments. Several of the on the need to addressclimate regulations,and sometimes firms and other employers. 40 companies saythey support emphasis on finding waysto companies that signed it work change. Several of the compa- fumed at companies that ThedepartmentsofLabor the U.S. rejoining the Paris cli- avoid catastrophic outcomes with and help fund C2ES. nies that signed the newest didn’t support his efforts. and Homeland Security each issued visa rules in early Oc- tober as part of along- U.S. WATCH awaited tightening of the Panel H-1B visa program,which the Trump administration argues undercutsAmerican workers Backs by allowing employers to hire foreign counterpartsfor cov- eted positions,sometimes at More FTC lowersalaries. Theruling comes in alaw- suit filed by the U.S. Chamber Authority of Commerce,one of three le- galchallenges filed against BY YUKA HAYASHI the policy changes. “This ruling has many WASHINGTON—An influen- companies acrossvarious in- tial bipartisan commission on dustries breathing ahuge China recommended that Con- sigh of relief today,” said Jon gressexpand the Federal Baselice, director of immigra- Trade Commission’sauthority, tion policyfor the Chamber which would allowittoexam- of Commerce.“Both of these ine the influenceofforeign rules had the potential to be government subsidies earlier incredibly disruptive to the in the processofconsidering operations of manybusi- large mergers and acquisitions GES nesses.” involving foreign companies. IMA In a23-pageorder,U.S.

Companies aren’t currently GETTY District JudgeJeffrey S.

required to disclose such sub- SE/ Whiteofthe Northern Dis- sidies to the FTC. trict of California took issue Thelatestrecommendation with the way the policies

from the U.S.-China Economic ANCE-PRES were issued on an emergency and Security ReviewCommis- FR basis,bypassing acustomary sion reflectsgrowing concern comment period. GENCE

that the activities and invest- /A Theadministration had ar- mentsofprivateU.S.compa- gued it wasjustified in rush- nies areaiding the ability of ing through the newrules,in-

the Chinese government and ARDUENGO voking what is known as a military,threatening Amer- good-cause exception to laws

ica’snational security,said RICARDO governing howfederal poli- Carolyn Bartholomew, vice The radio telescope at Puerto Rico’s Arecibo Observatory collapsed, with its 900-ton receiver platform falling onto a reflector dish. cies areissued, because of chairman of the commission. soaring unemployment levels In itsannual report, the JUSTICE DEPARTMENT PUERTO RICO reading, but achievementslowed CALIFORNIA spurred by the coronavirus commission said U.S.-based in math sincethe coronavirus shut pandemic. companies that benefit from Alleged Pardon-Bribe Previously Damaged schools in the spring, anationwide Captain Charged in the financial support of afor- Scheme Investigated Telescope Collapses report on test results shows. Diving Boat Disaster eign government should be re- The report, released Tuesday, The rules would quired to submit to the FTC The JusticeDepartmentwas Ahuge, already damaged ra- looked at results fornearly 4.4 The captainofascuba diving detailed information on such investigating as recently as this dio telescope in PuertoRicothat million public-school children in boatthatcaughtfireand sank off have made it subsidiesaspart of the pre- summer an alleged “bribery-for- has playedakey role in astro- grades three through eightwho the coastofCalifornia lastyear, tougher to get the mergernotification pro- pardon” scheme, according to a nomical discoveries formore took the online testsatschool killing 34 people who were trapped cess.Further,itsaid, the FTC court filing made public Tuesday. than half acentury completely and from home. It found most belowdeck, wasindicted Tuesday H­1B visas. should develop aprocess to The court filing wasissued by collapsed on Tuesday. students made progressinread- on federal manslaughtercharges determine to what extent pro- Beryl A. Howell, the chief judge The telescope’s900-ton re- ing and math sincethe pandemic forone of the deadliestmaritime posed transactions aresup- of the U.S. District Court in ceiver platform and the Gregorian started, though their gains in disasters in recent U.S. history. ported by foreign government Washington, D.C., on Aug. 28. It dome—astructureastall as a math were sloweronaverage Jerry Boylan wascharged “The court cannot counte- subsidies. wasunsealed on her order Tues- four-story building thathouses than usual. with 34 counts of seaman’sman- nance—reluctantly or other- TheFTC caneither propose dayinheavily redacted form, secondary reflectors—fell onto a NWEA, anot-for-profit educa- slaughterfor “misconduct, negli- wise—defendants’ relianceon amodification to apotential with most of the details of the portion of the vast reflector dish tional testing and research group, genceand inattention” by failing the Covid-19 pandemic to in- mergerorprohibit the deal if alleged scheme withheld. morethan 400 feet below. released the analysis of its MAP to train his crew,conduct fire voke the good-cause excep- it finds foreign subsidies have Prosecutors said theywerein- The U.S. National Science Growth assessments, which are drills and have aroving night tion,” JudgeWhitewrote. facilitatedthe transaction, the vestigating allegations of a“se- Foundation had earlier announced used by thousands of schools na- watchman on the Conception “The pandemic’simpact on commission said Tuesday. cret lobbying scheme” in which thatthe Arecibo Observatory tionwide. The findings roughly when firebroke out Sept. 2, the economyisthe only rea- Thecurrent premergerno- at leasttwo individuals were act- would be closed. An auxiliary cable mirror trends found in different 2019, the indictmentsaid. son DHS proffered as good tification processrequires ing as unregisteredlobbyists try- snapped in August, causing a100- online testsfromRenaissance “Asaresult of the alleged fail- cause,and defendantsdonot companies to provide the FTC ing to persuade WhiteHouse of- foot gash on the 1,000-foot-wide Learning Inc., which lastmonth ures of Captain Boylan to follow disputethat the failureto and JusticeDepartment with ficials to grantanindividual a dish and damaging the receiver said children started school this well-established safetyrules, a provide noticeand comment information about large merg- pardon or commutation, the filing platform thathung above it. Then fall significantly behind expecta- pleasantholidaydivetrip turned wasprejudicial.” ersand acquisitions and wait said. The scheme allegedly in- amain cable brokeinNovember. tions in math and modestly be- into ahellish nightmareaspas- Aspokeswoman forthe acertain period—usually 30 volved “a substantial political —Associated Press hind in some grades in reading. sengers and one crew member JusticeDepartment, which days—beforeclosing.During contribution in exchange fora NWEA researchers caution found themselves trapped in afi- defended the rules in court, that time,authorities can presidential pardon or reprieve of EDUCATION thatits analysis likely underesti- ery bunkroom with no means of didn’t reply to arequest for challengethe deals. sentence,” it said. matesthe real effects of Covid-19. escape,” U.S. AttorneyNick comment. Thedepartmentsof Thecommission also rec- AJusticeDepartmentofficial School Closures Hurt Depending on the grade, the Hanna said. All33passengers Labor and Homeland Security ommended Congressadopt said thatnogovernmentofficial Math-TestResults students’ median achievement and one crew member perished. also didn’t respond to re- the principle of “reciprocity” wasoriscurrently asubject or levelinmathdropped fiveto10 Apublic defender who repre- questsfor comment. The as foundational in all legisla- target of the investigation dis- American children performed percentile points, on average, sents Mr.Boylan didn’treturn Trump administration could tion regarding U.S.-China rela- closed in the filing. nearly as well on average this fall compared with typical years. messages seeking comment. appeal the ruling. tions. —Byron Tau as lastfall on awidely used test in —Leslie Brody —Associated Press Though the two agency policies were issued to- gether in October,only one “Going forwardwe’regoing Bad loansare also higher.As of them, issued by the Labor Office to continue to encouragepeople of the beginning of November, Department,took immediate to work remotely,” said Thuc 2.3% of officemortgages that effect. That rule signifi- Vu,chief executive. “Let’sjust were converted intomortgage- cantly raised the minimum Returns accept it as the newnormal.” backed securities were more salaries companies were re- Many in the real-estate in- than 30 days delinquent, up quired to paytheir H-1B em- dustry now believe that a re- from 1.7% in February, accord- ployees.

Stall S turn to the officeinlarge ing to datafirm Trepp LLC. Under the newsalary numberslikely won’t happen TheSan Franciscoregion benchmarks,anentry-level NEW

G until well intonextyear as has been lagging behind all electrical engineer in San ContinuedfromPageOne federal and local governments othersinthe U.S. with a13.4% Jose,Calif., forexample,

from home at anumber of OOMBER urge caution. return rate as of Nov.18, ac- would be paid at least

companies,manyemployers /BL “Peopleare slowtoretake cording to Kastle. TheBay $127,042, compared with an would liketosee moreworkers going to the officeprimarily Area is trailing partly because $88,712 salarybeforethe new

back in the officewherethey MORRIS because local-government offi- of that city’s high reliance on rule took effect, according to

cancollaboratemoreeasily.In- UL cials arestrongly encouraging the technologycompanies that Labor Department data. stead, companies areextending PA them to work remotely if at all early on allowedemployees to Asecond policy, issued by VID

their work-from-home policies DA possible,” Mr.Linde of Boston work remotely even beforethe DHS,was set to take effect well intonextyear as infection San Francisco is lagging behind other U.S. cities in office returns. Properties said. pandemic hit. within days.That rule would ratesreach newhighs. Officeholdingshavelong The office-return rate in the have narrowedwho qualifies Thelow level of employees Francisco, Boston and Wash- Rockefeller Center. This year, been acornerstone investment NewYork City region is nearly forH-1Bvisas based on their at their desks is intensifying ington, D.C., have lost billions business is down 85% to 90% formajor real-estatefunds for as bad at 15.9%. NewYork’sre- specific higher-education de- the pain forcities geared to- of dollarsinrevenue from from normal, he said. their steady and reliable in- lianceonmasstransit—and grees and would have short- ward officelife. Cities’ popula- months of employees favoring Even some of the firstcom- come.But values arefalling concerns that the newcorona- ened thelength of visas is- tions arefalling as people remote work. panies to return to the work- sharply as agrowing number of virus could spread through sued to some contract working from home moveto Manyrestaurants, shops placeare nowhaving second tenants dump sublease space subways,buses or regional workers, achangetargetedat the suburbs or other less andservices that catertoa thoughts, reverting to remote on the market or demand lower trains—has kept many people the information-technology dense locations wherethey businesscrowd arebarely work and Zoom calls. rentsfromtheir landlords working from home. industry. canfind moreliving spacefor hanging on, or have given up. About three-quartersofthe when their leases expire. At the other end, the Dallas- Had they remained in ef- less money. Paul McLaughlin,managing 25 employees at OhmniLabs Tenant searches fornew of- Fort Worth region had 40.3% fect, the newrules would Apartmentrentsindown- partner of Oceana in Midtown Inc., a San Jose, Calif., robot- fice spacehavecollapsed in of itsworkersback,Kastle have made it tougher forfor- town SanFranciscohavefallen Manhattan, said this time of ics company, returned to work once-hot markets. In SanFran- said. Texas has the benefit of eign workers, particularly 20% sincetheir peak in March, year his seafood restaurant is this fall. But as infection rates cisco, this search activity in good weather,car-commut- newinternational graduates according to CoStarGroup usually packed with holiday increased, OhmniLabs re- October stood at only 13% of ing and aculturethat has been of U.S. colleges,toqualifyfor Inc., as residentsleave.Metro parties, business lunches and versed itspolicyfor all but what it wasinJanuary2018, moreresistant to shutdowns an H-1B visa and significantly public-transportation systems touristswho came to viewthe those directly involved in according to the VTSOffice than thoseinstatessuch as moreexpensivefor compa- in cities such as NewYork,San Christmas tree at nearby manufacturing the robots. Demand Index. NewYork and California. nies to sponsor them. P2JW337000-4-A00500-1------XA

THE WALL STREET JOURNAL. **** We dnesday, December 2, 2020 | A5 U.S. NEWS Barr Says No Evidence of Voter Fraud

BY SADIE GURMAN RudyGiuliani,haveaired con- AND JACOB GERSHMAN spiracytheories to explain Mr. Biden’swin, saying that voting TheJusticeDepartment machines were tampered with hasn’t found evidenceofwide- and that collusion among spread voterfraud that could judges,election officials and reversePresident-elect JoeBi- electedleadersinlarge cities S den’s election victory, Attorney swung the race. General William Barr said Tues- Mr.Trump’slegal advisers PRES day, dealing ablowtoPresident rejected Mr.Barr’s conclusion. TED CIA

Trump as he launched fresh le- “With all due respect to the SO

galclaims to contest the re- Attorney General, therehasn’t AS

sults. been anysemblanceofaDe- HUH/

Mr.Barr told the Associated partment of Justiceinvestiga- Y. M

Pressthat federal prosecutors tion,” Mr.Giuliani said in a NA and Federal Bureau of Investi- joint statement with another Election workers, right, verified ballots as recount observers watched last month during a hand recount of votes in Milwaukee. gation agentshaveprobed Trumplegal adviser,Jenna El- complaintsofvoter fraud, in- lis. allies.“There’sbeen one asser- campaign filed fresh claims in leaving Mr.Trump with no about 20,000 votes, the presi- cluding allegations around vot- They said theJusticeDe- tion that would be systemic itsso-far unsuccessfuleffort to known path to reversing the dent’slegal team said in afiling ing machines skewing the re- partment hadn’t, to their fraudand that would be the reversethe election results, outcome in the courts. to the stateSupreme Court that sults. “Todate, we have not knowledge, examined the evi- claim that machines were pro- asking the Wisconsin Supreme TheWisconsin lawsuit asks the collection and counting of seen fraud on ascale that could dencethey said they uncov- grammedessentially to skew Court to disqualifymorethan the stateSupreme Court to do absentee ballotsintwo popu- have effected adifferent out- ered, including sworn witness the election results,” Mr.Barr 200,000 mail-in ballotsand ap- something judges elsewhere lous andheavily Democratic come in the election,” he said. testimony. told the AP.The JusticeDepart- pealing aMichigan judge’sdeci- have refused to do: Throwout counties,Milwaukee and Dane, With his comments, Mr. Mr.Trump on Sundaycriti- ment has“looked intothat, and sion dismissing itslegal action votesenmasse without pre- wasmarred by “systemic viola- Barr, astrong ally of the presi- cizedthe JusticeDepartment so far,wehaven’t seen any- there. senting direct evidenceof tions” of stateelection laws. dent, directly contradicted Mr. andthe FBI fornot investigat- thing to substantiatethat.” Thenew litigation follows a fraud. Such alarge-scale invali- Thecampaign’spetition says Trump,who has said the elec- ing voterfraud, calling them AJusticeDepartment string of unsuccessfullawsuits dation of ballotswould be un- the court should void certifica- tion wasstolen from him and “missing in action.” spokeswoman said later Tues- elsewhereand comes afterev- precedentedinapresidential tion of the election and that the refused to concede the race. On Tuesday, the attorney daythat the agencyiscontinu- erymajor battleground state election. improper voters should be ex- Mr.Trump’slegal advisers, general dismissed allegations ing to investigate. has certified resultsshowing In Wisconsin, wherestate cluded from the counties’ re- including his personal attorney made by some of Mr.Trump’s Also on Tuesday, the Trump Mr.Biden wonthe election, officials sayMr. Biden wonby count totals. Prosecutor Named Special Counsel on Russia-Probe Origins

BY SADIE GURMAN Moscow’s interferenceinthe JusticeDepartment will be left tions,heisn’t subject to day-to- fraud that would changethe official, employee, or anyother AND ARUNA VISWANATHA 2016 election and anylinks be- to addressMr. Durham’sinves- daysupervision by agency outcome of the 2020 presiden- person or entity” violated laws tween the Trump campaign tigation. ABiden spokesman officials and canbefired by the tial election, contradicting in the “intelligence, counter-in- Attorney General William and Russia. didn’t respond to arequest for attorney general only formis- President Trump. telligence, or law-enforcement Barrnamed Connecticut U.S. In aletterdated Tuesdayto comment. Atop Democratic conduct or aconflict of inter- Mr.Durham’sprobe has so activities” directed at the 2016 Attorney John Durham aspe- Congress, Mr.Barr said he had lawmaker criticized Mr.Barr’s est. If the attorney general de- far led one FBI lawyer to plead campaigns or individuals asso- cial counsel, giving him protec- made the appointment on Oct. move, calling it acontinuation cides to overrule an guilty to altering adocument ciated with the Trump admin- tion to continue intothe Biden 19 but delayednotifying law- of “a politically motivated in- investigativeorprosecutorial used to obtain surveillance istration. administration his investiga- makers, “given the proximity to vestigation.” step aspecial counsel wantsto against aformer Trump cam- In a2019 report, Mr.Muel- tion of theorigins of the FBI’s the presidential election.” He Mr.Barr tapped Mr.Durham take,the attorney general has paignadviser. ler confirmed that Moscow in- 2016 Russia probe. said he wanted to giveMr. Dur- in May2019 to lead awide- to notifyCongress. Mr.Barr said in the two- terfered in the 2016 election Mr.Barr appointed Mr.Dur- ham and his team “the assur- ranging inquiryintothe ac- Theannouncement came page order that the “public in- and detailed contactsbetween ham special counsel in October ance that they could complete tionsofinvestigators, but he shortly afterMr. Barracknowl- terest warrantsMr. Durham the Russian operatives and under the same regulation used theirwork,without regard to hadnoofficial title other than edged in an interviewwith the continuing this investigation.” membersofthe Trump cam- to name Robert Mueller in May the outcome of the election.” U.S. attorney.The special coun- Associated Pressthat the Jus- Theorder says that Mr.Dur- paignbut said the evidence 2017tooversee that Russia in- Themovelikely means sel designation means that, un- tice Department hasn’t found ham’smandateincludes inves- didn’t establish aconspiracyor vestigation, which examined President-elect JoeBiden’s der JusticeDepartment regula- evidenceofwidespread voter tigating whether “any federal coordination between the two. Oldest Shall Be Firstin One Contest

ContinuedfromPageOne dren used to trade. “I just couldn’t believehow GES old some of these guys looked IMA

fortheir age,” Mr.Gallagher ETTY said. Therewas something he /G could do with it, he thought. GES

Theresult, “80s Footballers VI-IMA Aging Badly,” his feed on Twit- The 1983 Helmond Sport soccer team; Otto Versfeld in blue shirt. ter, hasbecome soccer’slock- down event of the year. teresting than the actual foot- ballersAging Badly.” But as it He matched up 128 pictures ball we have currently without entered itsfinal stage, the ten- of players of the 1970s and fans,” he said. sion was palpable. 1980s, in pairs. He gavefol- Mr.Sproat, now68, reckons “It’s becoming more parti- lowers 24 hourstovotefor the contest harks back to a san,” said Mr. Gallagher, who the oldest-looking of each pair time before club nutritionists is a television director. “Peo- forhis age, with the victor go- devised individualized dietsor ple arereally nailing their col- ing on to the next round. specialized training regimes. orstothe mast. Thefurther Standout performersin- “It wasmoreofasport we go intothe competition, clude Nivaldo, aBrazilian who back then, not a business like the more tribal it gets.” lost his flowing blond locks it is today,” he said from his Former Helmond Sport during asix-year period in his home in Prestwick,onScot- goalkeeper Otto Versfeld told 20s. Others tipped Welsh de- land’s west coast. “There was a radio station in the Nether- fender TerryHennessy to go moreofaconnection with the lands it wasinfootballers’ na- on to win the whole thing for fans.We’dgoout and socialize turetowant to win. “I always growing out an impressiveset together afterthe games.That aim for the highest,” said Mr. of muttonchops,though he doesn’t happen now.” Versfeld, who lost most of his lost in the quarterfinals. MayurRanchordas,who hair by 26. Mr. Versfeld went Fans worked to lectures on sportsnu- down to Mr. Sproat. figure their players’ trition at Sheffield Mr.Sproat said he didn’t chances.Craig Hallam University, realize he was in the running Walker from Scot- says soccerclubs used forthe title until aWall Street land ranaseries of to paylittle heed to Journal reporter contacted AWELCOME CHANGE calculations to de- what their players him. He has sincetaken akeen - termine that abald ate, which might have interest, and provided apic- COLOR CHANGE ALEXANDRITE head equates to made them look older. turetoshowhow he looks Natural color change. Coveted gem. Captivating beauty. home-field advan- One coach made his now—slimmer,and without tage.Inthe early players eat steak and the former big mustache. Weighing 4.52 carats, this alexandrite exhibits the unique color round, all bald play- Nivaldo chips when he man- Excitement in the Sproat change for which these rare stones are renowned. Displaying ers won. Those with aged aclub in the household grew, too, as news alovely bluish-green hue in daylight, the GIA-certified atuftortwo had a60% win 1960s and ’70s.Another would brokethat Mr.Sproat had gem exhibits abeautiful purple color when exposed to rate, he found. sometimes hand out beers to reached the semifinals Friday incandescent light. Both of these dramatic colors are perfectly “I’m spending about four players on the way to games. afterdefeating former Bel- hoursper dayonit,” Mr. Attitudes began to change gium captain Julien Cools. accented by white diamonds in aplatinum setting. #31-1776 Walker said. in the 1990s, but not without Mr.Sproat ultimately lost Othersused fingersto some resistance. Former Arse- his match-up when fans coverplayers’bald spotsor nal coach Arsène Wenger once judged that he looked younger beards to focus more sharply described howhis players than Brazilian aceNivaldo— on their eyes and get a better would chant “Wewant our full name Nivaldo Gomes da idea of how old they looked. Marsbars!” from the back of Silva—who went on to face a Bookmakersoffered to take the team bus when he intro- former Scottish goalkeeper, betsonthe face-offs.Star duced strict new diets. Ernie McGarr, in the final. SportsBet,based in Brighton, Mr.Sproat, known in his In the end, aftermorethan England, gaveodds of 5/1 on playing days as Shuggie,a 25,000 votes had been cast in Vito Chimenti,anItalian Scottish derivativeofHugh, thefinal round, Nivaldo was striker,beforehewas bundled used to run up and down the triumphant. 622 RoyalStreet,New Orleans,LA•877-677-2801 •[email protected] •msrau.com out of the competition. playing field when he was Mr. Sproat says he doesn’t As to whythe contest bored or feeling cold. If sup- mind toomuch coming up Since1912, M.S. Rauhas specialized in the world’s finest art, antiques and jewelry. caught on, one follower, David porters sang “Shuggie, Shug- short. When AyrUnited’sfans Backed by our unprecedented125% Guarantee, we stand behind each and everypiece. Campbell,figures it provides gie,swing on the bars,” he votedhim their all-time cult some of thebanter missing would happily comply.“It was favoriteafew yearsago, “I from soccer stadiums as the fun, just a game,” he said. didn’t knowabout that, ei- pandemic grinds on. “Morein- So,too,was “80s Foot- ther,” he said. P2JW337000-4-A00600-17F7DF7178F

A6 | We dnesday, December 2, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS Panel Recommends Health Workers Get First Va ccines

A federal vaccine advisory policy. ACDC spokeswoman panel recommended that said CDC Director Robert Red- health-care workers and resi- field will likely makethe deci- dentsoflong-term care facili- sion on Wednesday. ties be the firsttoreceiveany Mr.Azar, who has sup- Covid-19 vaccine doses from ported early vaccination of the limited supply that will be nursing-home residents, has available initially. said stategovernorsmay make final decisions about whom to By Peter Loftus, Jared vaccinate first with the doses S. Hopkins that thefederal government and Betsy McKay allocates to them based on their adult populations. Thepanel, which advises Stateswouldn’t have to fol- theCentersfor Disease Con- lowthe CDC recommendations, trol and Prevention,voted 13-1 but stateand local authorities on Tuesday in favor of giving areexpected to rely on them S the first vaccines to about 21 as guidepostsfor deciding who PRES million health-careworkers gets the vaccine first.

TED and three million residents of The CDC panel, an outside CIA long-term care facilities. group of medical experts SO

AS Health expertshavelong known as the AdvisoryCom-

PIX/ expected that the panel would mitteeonImmunization Prac- TO recommend health-carework- tices,held an emergency

CHINA ersget firstdibs,but some meeting Tuesdaytoconsider When the global economydoes come back, China is expected to be the big winner.Alithium battery factory in Anhui province. federal health officials have howtoprioritizewhich groups been advocating including are most in need of receiving those most medically vulnera- the initial doses. ble to Covid-19. Also Tuesday, Dr.Redfield Before Va ccine,aHardWinter Federal officials have said told membersofthe White they expect therewill be House’scoronavirus task force about 40 million doses avail- that the CDC waspreparing to BY PAUL HANNON It nowexpectsthe global Projected GDP 4Q 2021, three months of 2019.Bycon- able in December.The initial recommend areduced quaran- economytogrow4.2% in change from 4Q 2019 trast, Argentina’seconomic out- vaccines available aregiven in tine period for people poten- Theprospect of coronavirus 2021, having contracted by the put is forecast to be 8% lower. two doses three or four weeks tially exposed to Covid-19,ac- vaccines on the horizon has same degree this year.InSep- –5 0% 5 10 U.S. output is expected to apart, so theremay be enough cording to an administration boosted hopes of an end to the tember, when it last released China recovertoits pre-pandemic for20million people to be official. Theguidancewould pandemic-wrought down- quarterly forecasts, it ex- South Korea level by that time,but the eu- vaccinated in the early weeks. recommend aseven-day quar- turn—but firstthe global pected the economytogrow Indonesia rozone’soutput is projected to Supplies areexpected to in- antine forindividuals who economycould facealong and 5% next year. World be 3% lower, and the U.K.’s crease during 2021. have received a negative test difficult winter. TheOECD cut itsforecast 6.4% down on the final quarter U.S. health regulatorsare ex- forCovid-19 and a10-day Turkey Government restrictions foreconomic growth in 2021 of last year. pected to decide in the coming quarantine forthose who have and consumers’ fear of infec- in theU.S.to3.2% from 4%, Russia According to those projec- weeks whether to authorizethe received no test result, the of- tion will continue to weigh on and itsforecastsfor the euro- U.S. tions, China will account for emergencyuse of two Covid-19 ficial said. the global economy well into zone to 3.6% from 5.1%. It left Australia roughly one-thirdofthe in- vaccines,one from Pfizer Inc. The developments come as next year, even as vaccine de- its growth forecast for China Saudi Arabia crease in global economic out- andBioNTech SE and another the U.S. is struggling with ris- velopments offer hope of an at 8%. Japan put next year. Ms. Boone said from Moderna Inc.The compa- ing cases and hospitalizations. end to the pandemic,the Or- Those forecastsare based Germany the pandemic appeared to nies have been manufacturing Newly reported Covid-19 cases ganization forEconomic Coop- on what Ms.Boone said wasa Canada have accelerated China’srise doses,but it could take several began climbing back up after eration and Development said “cautious” viewofthe logis- as an economic power. months to makeenough to vac- their usual dip at the begin- Tuesday. tics of manufacturing and de- France “Thereisarebalancing in cinatethe broader population. ning of the week, as hospital- When the world’seconomy ploying vaccines,aswell as Eurozone the global economy,” she said. TheCDC usually follows the izations hit another high. does come back, China will levels of take-up in popula- India TheOECD said the world recommendations of its advi- Thenation reported 157,901 emerge as the big winner,ac- tions that maybeskeptical Brazil outlookremained highly un- sorypanel, and if they areac- infections forMonday, accord- cording to the research body, about safety. Italy certain. A more rapid deploy- cepted by the agency’s direc- ing to datacompiled by Johns accounting forasmuch as one- TheOECD expect most South Africa ment of effectivevaccines torand SecretaryofHealth Hopkins University,higher thirdofnextyear’s recovery, economies to be operating un- Mexico could boost global growth to and Human Services AlexAzar, than the138,903 cases re- as Western countries slowly der some form of constraint 5% in 2021 and 5.5% in 2022, they will become official CDC corded Sunday. U.K. shakeoff the effectsof2020’s until the final months of 2021. while aslowerdeployment record-setting contractions. “For most of next year, we Argentina would weaken the expansion Daily U.S. deaths Daily U.S. cases Releasing newforecasts will have to rely on nonphar- to 1.45% next year and 2.2% in Source:Organization forEconomic Cooperation 1,172new 2,603 157,901 205,557 sinceanumber of pharmaceu- maceutical interventions to and Development 2022. deaths peak newcases peak tical companies said their vac- keep on living,” Ms.Boone TheParis-based body pro- cines were highly effective in said. facturers, while those below vides policyadvice to its recent tests, the OECD said In theU.S., manufacturing 50 signal contraction. members, which include the 7-day 7-day governmentsmust continue to companies continued to report “There is some concern in U.S. It urgedgovernmentsto average average provide support to their econ- activity growth in November, the report hereabout future continue helping the neediest omies to ensureaspeedy re- according to surveysofpur- demand,” said Tim Fiore, who households and businesses Wash. N.H. turn to pre-pandemic levels of chasing managersreleased oversees the ISM survey of and provide broader-based activity. Tuesday, marking the seventh factorypurchasing and supply stimulus to boost demand and Ore. “It’snot likeweget avac- straight month of growth fol- managers. He cited factors speed the rebound. N.Y. Wherethe cases R.I. cine and in amonth every- lowing acontraction at the be- such as the coming holidaype- Ms. Boone said the OECD’s Pa. Nev. arerising thing returns to normal,” said ginning of the pandemic. riod and issues related to the forecastsassumed fresh fiscal 7-dayaverage is W.Va. LaurenceBoone,the OECD’s TheInstitutefor Supply coronavirus,including worker stimulus in both the U.S. and Calif. greaterthan the Va. chief economist. Management’smanufacturing absenteeism and pandemic fa- Europe,adding that it would 14-day average. Tenn. N.C. Thegroup cut itsgrowth indexdeclined in November to tigue. be ablowtoconfidencenot to forecastsfor most leading 57.5 from 59.3 in October.A TheOECD said the paceof provide it. economies,citing arecent separatemanufacturing survey the global recovery would con- “It would be reassuring for Miss. Ala. surge in infections across the by IHS Markit put the U.S. at tinue to be very uneven across businesses and households to Northern Hemispherethat had 56.7 in November,upfrom countries.Inthe final quarter knowwehavelearned from Alaska prompted newrestrictions on 53.4 in the previous month. of 2021,China’seconomic out- the last crisis,” she said. households and businesses Readingsabove50indicate put is expected to be 9.7% —Harriet Torry and caution among consumers. activity is expanding at manu- higher than it wasinthe final contributed to this article. Note:AsofDec. 1, 6a.m. ET Source:Johns Hopkins University

ployee, every partner and for with Slack-likechat collabora- mately passed regulatoryscru- Salesforce every customer interaction.” tion features. tiny. And this summer,Slack Thepurchase,which still “Salesforce and Slack will filed acomplaint with the Eu- has to clear Slack shareholder shape the futureofenterprise ropean Union over alleged an- Agrees to and regulatoryapproval, software and transform the titrust behavior by Microsoft would underpin Mr. Benioff’s way everyone works in the all- in using itsmarket dominance effort to move Salesforce be- digital, work-from-anywhere to push Teams. by Buy Slack yond itscoreproduct, which world,” Mr. Benioff said. Slack shareholdersare due helps companies managetheir Early in the pandemic, Mi- to receive$26.79incash and customer relationships,topro- crosoft Chief Executive Satya 0.0776Salesforce sharefor ContinuedfromPageOne viding the software tools that Nadella said businesses were each shareofSlack stock.That ingvenues likethe World Eco- businesses need foraswath of overhauling howthey operate. equates to $45.52, based on Introducing an nomic ForuminDavos, their day-to-day operations. “We’veseen two years’ worth Salesforce’s closing shareprice Ergonomic Heat Switzerland, to champion Thedeal also opens anew of digital transformation in Tuesday, or morethan 50% causes and burnish his profile. front in Salesforce’s battle two months,” he told analysts. aboveSlack’sclosing pricethe and Massage He set up Salesforce with a with much larger rival Micro- Salesforce and Slack,both daybeforethe Journal broke pledgeofcorporategiving and soft, which has been pushing based in SanFrancisco, have news of thetalks last week. Chair for Work bought himself an even larger to be the go-to software ven- long competed with Microsoft. The$27.7 billion priceisso- and Home platform with his acquisition of dor for businesses, offering a In 2016,Salesforce,after it called enterprise value,which Time Magazine two yearsago. rangeofapplications from lost outtoits largerrival in typically includes net debt, and Slack CEO Stewart Butter- datastorage to video commu- buying LinkedIn Corp., urged is based on Salesforce’s closing field has been one of the loud- nications.The Redmond, regulators to examine the pro- priceMonday. est voices arguing that compa- Wash., companyintroduced its posed deal on antitrust Slack went public last year nies had to revamp how they Teams software suite in 2016 grounds.The transaction ulti- through an unconventional use technology. He co-founded method called adirect listing. Slack,which grew out of a PurchasePower In recent months,Slack failed gaming companycalled Tiny Salesforce, which confirmedits purchase of Slack Technologies, to spark the kind of investor Speck,and pitched itsproduct postedanuptick in revenue in the thirdquarter. excitement enjoyedbyother as an alternativetooffice business-software companies email. It quickly took off Salesforce’squarterly revenue Stock performance moreclosely associated with among developers in technol- the boom in videoconferencing, ogycompanies when it be- $6 billion 100% such as Microsoftand Zoom came publicly available in Slack Video Communications Inc. 2014. He is expected to con- Also Tuesday, Salesforce %( 1-# *( /!& +$) 0-.'", 5 Salesforce tinue to run Slack as a unit of 75 posted earnings for the quar- Salesforce afterthe deal’s terended Oct. 31, with sales of 4 close, the companies said. 50 $5.42billion, up from $4.51 Salesforce’s Slack acquisi- billion the year prior,generat- tion is another sign that com- 3 ing net income of $1.08 billion. panies arebetting some of the 25 Thecompanyliftedits full- changes in the workplace 2 year sales outlook to $21.10 made in over recent months billion to $21.11 billion. Free Shipping&30Day Risk Free Trial 0 mayoutlast the pandemic. 1 Slack reported fiscal third- Save $100 Now! And, Use code Ergonomic “Wereally see the world as S&P500 quarter resultsTuesday, post- For Free X-Wheel Casters fundamentally having shifted,” 0 –25 ing sales of $234.5million and Salesforce Chief Operating Of- anet lossof$68.4 million, *$50 per month based on purchase of $89999 for 18-months 0% interest FY2019 2020 2021 Jan. Dec. ficerBretTaylor told analysts. compared with sales of $168.7 “Slack is really the system of Note:Fiscal year ends January 31, 2021 million and anet lossof$89.2 engagement forevery em- Source:the company(revenue); FactSet (stock) million a year earlier. P2JW337000-0-A00700-1------NS

THE WALL STREET JOURNAL. NY We dnesday, December 2, 2020 | A7 WORLD NEWS Canada Spends ItsWay IntoHugeDeficit

Government officials Ratingscited asteep rise in gov- ernment debt and skepticism hope aggressive steps about the ability among political to prop up economy in leaderstostabilizedebt growth afterthe pandemic passes. pandemic will pay off Carolyn Wilkins,the second- highest-ranking official at the BY PAUL VIEIRA BankofCanada, said fiscal pol- AND KIM MACKRAEL icyisapowerful tool with inter- estrates near zero and business OTTAWA—Canada’s deficit activity constrained. Without is growing at the fastest rate massivefiscal outlays,“you among developed nations as it wouldn’t be seeing the recovery seeks to prop up its economy we’reseeing now,” she said. during the Covid-19 pandemic. Deputy Prime Minister and Canadian officials are bet- FinanceMinister Chrystia ting theaggressiveapproach Freeland on Monday said the will payoff,pointing to the fiscal taps will remain wide number of jobs recovered, and open forthe foreseeable fu- arguethat the countrycan af- ture. She said in an annual fall ford to pour money intothe economic update that the gov- economywhile borrowing ernment is set to spend up to costs are historically low. But C$100 billion over athree-year some economistswarn the period starting in 2021 to help heavy spending could lead to a fortify the recovery from the fiscal crisis,and one major pandemic. Stimulus spending ratings firm has stripped the would cease only when bench- country of its triple-A rating. marks related to employment Canada isn’t alone in its data were met, she said. spending spree: TheInterna- GREN/REUTERS “Canadians understand that tional MonetaryFund esti- HEL this crisis demands targeted,

mates governmentsaround the CHRIS time-limited support to keep world have doled out $12 tril- Aclosed furniturestore in Torontoreflects the potential economic toll in coming months from newrestrictions aimed at stemming Covid-19. people and businesses afloat lion to minimizethe economic and to build our way out of the damagefromrestrictions in on Mondaysaid it projected a Change in fiscalbalanceasa Covid-19 recession,” she said. placetohalt transmission of budget deficit in the year end- percentageofGDP GDP Jumped 40.5% 2023, and Canada’s federal Ms.Freeland said the govern- Covid-19.Canada’svirus-related ing March 30 to jump to at government has pledged this ment would introducerules to spending,the bulk of which least C$381.6billion, or 17.5%of Discretionary In Third Quarter week another large dollop of stabilizedebt growth but only originates with the federal gov- grossdomestic product, versus Nondiscretionary fiscal firepower to juice the afterthe recovery is complete. (including automatic stabilizers) ernment, has totaled about 382 adeficit of C$39.39billion, or economy. Mr. Jean, of Desjardins Se- billion Canadian dollars, the 1.7% of GDP,inthe previous 12- Canada OTTAWA—Canada ended Early indicators suggest curities, said the government equivalent of US$294billion, month period. TheU.S.budget two straight quarters of virus- fourth-quarter output will be is betting the massivefiscal and accountsfor roughly 19% deficit tripled during the year U.K. fueled declines in output with weak, as a second wave of outlays will prevent acatas- of Canada’s economic output. that endedSept. 30, to reach a surge in the third quarter, Covid-19 infections force au- trophe in household and cor- U.S. Yet IMF data indicate Can- $3.1 trillion,orthe equivalent with household spending driv- thorities to impose new eco- porate bankruptcies. ada’sfiscal position during the of 16.1% of economic output. Italy ing growth. nomic restrictions. YetDavid Rosenberg, econ- pandemic—incorporating all Thedeficit could swell to The quarterly gain, however, Canada’sgross domestic omist and head of Toronto- levels of government—has de- near C$400 billion because of Japan came in well short of market product, the broadestmeasure based consulting firm Rosen- teriorated at the fastest pace deteriorating economic condi- expectations, and indicatesthe of goods and services produced bergResearch,pointed out among the major economies in tions related to asecond wave Germany road to afull recovery will be in the economy, surged at a that combining mounting gov- the Group of 20 industrialized of Covid-19 infections.Canada France long and uneven, as the Bank 40.5% annualized rate in the ernment debt and what house- countries as it seeks to keep anticipates the deficit to nar- of Canada has warned. thirdquarter to 2trillion Cana- holds and nonfinancial corpo- the economy pumping. rownextfiscal year to between –20 pct. pts. –10 0 The central bank has sig- dian dollars, the equivalentof rations owe putsCanada’s “Canada could come off as C$121 billion and C$166 billion, Note:Discretionary fiscal support is measured naled it will keep its bench- US$1.54 trillion, Statistics Can- totaldebt-to-GDP ratio at heroic if this spending is done depending on howmuch new as the change in the cyclically adjustedprimary mark interest rate, which is at ada said on Tuesday. morethan 400%—ahead of the right,” said JimmyJean, a spending is deployed. balance; nondiscretionary fiscal support is the near zero, unchanged until —Paul Vieira Americansand Chinese,but on residual in percentage points. strategist at Desjardins Securi- Canada has recoveredabout Source:International Monetary Fund par with Italy and Greece. The ties in Montreal. “IfCanada 80% of the jobs lost in March lattertwo countries dealt with fails,all the emergencyspend- andApril because of the virus, re-emergedtodeal with asec- from all levels of Canadian to reach 131%; 108% in the fiscal crises last decade. ing might have been done in whereasthe U.S. has regained ond wave of Covid-19 infections. government will surge to U.K.; and 73% in Germany, ac- “The only way that Can- vain because we won’t have just over half of employees Thefederal government’s roughly 115% of GDP this year cording to the IMF. ada’saggregate debt ratio is the capacity to powerthe shed.Growthisexpected to debt is also set to surpassC$1 from 89% in 2019,the IMF When downgrading the coun- sustainable is if we just have post-vaccine recovery.” grindtoahalt in the final three trillion for the first time this said. Thedebt-to-GDP ratio try’srating to double-A-plus in interest rates close to zero in TheCanadian government months of 2020 as restrictions year, or 50% of GDP, and debt this year in the U.S. is forecast lateJune from triple-A,Fitch perpetuity,” he said. aleFREE INSIDE THE xa OUT TODAY HOLIDAY every GIFT one GUIDE 151500+ gogoldenlden treaeasursureessf foorr deservesadecent everyone on your list! place to live.

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A8 | We dnesday, December 2, 2020 THE WALL STREET JOURNAL. WORLD NEWS

€1.35 trillion in June.Yields ECB Calls have sincedeclined forall Eu- NATO ropean government bonds. Bond values rise when yields Broke With fall and this has meant that Should owning European government debt has been profitable for Practice investors this year. Focus on Mr.Lane’sinterventions, along with achangeinMs. ContinuedfromPageOne Lagarde’sown communications, China, Says terpolicymeetings—when Mr. have helped swing market senti- Draghi waspreparing to hand ment behind the ECB.Yields on over the reins to Ms. 10-year bonds from Italy and Report Lagarde—but only began them Spain have fallen to record lows. in March. The briefings were On Sept. 10,Ms. Lagarde BY MICHAEL R. GORDON set up shortly beforeMs. again jolted financial markets AND JAMES MARSON Lagarde’snewsconferenceon by sounding optimistic about March 12, the spokesman said. the eurozone’seconomyde- TheNorth Atlantic Treaty “In line with our transpar- spiteafresh surge in coronavi- Organization should devote ency policies,wepublish the rusinfections.The eurorose much moreofits time and re- names of the institutions against other major currencies, sourcestosecurity threats wherethey work and ensure approaching atwo-year high posed by China even while CK

thereisarotation between in- TO against the dollar,beforere- seeking to deter Russian ag- stitutions,” the spokesman treating later in the afternoon. gression,ahigh-level assess- said. “The purpose is to hear That same day, Mr.Lane called ment of thealliance’sfuture theviews of economistswho SHUTTERS eight major European and U.S. says in areport. A/

areECB watchersand address /EP banks to discussthe economic Thestudy commissioned by anytechnical questions.The outlook and monetarypolicy, NATO Secretary-General Jens SLET

calls only touch on public in- HO according to his diary. Stoltenbergfollowedcriticism formation and their only focus In ablog post the following last year by French President

is on the policy decision pub- OLIVIER day, Mr. Lane sounded a cau- Emmanuel Macron that the al- lished beforehand.” Christine Lagarde didn’t speak to banks or investors on ECB policy-decision days in 2019 or 2020. tious noteonEurope’seco- liance wasexperiencing “brain To getonMr. Lane’scall nomic recovery,saying there death” because of difficulties list, the institution had to be a vestment Management Co., and Citi,Deutsche Bank,Gold- conferencebysaying the ECB was“no room forcompla- coordinating among its30 close followerofECB policy, banks such as Citigroup Inc. man Sachs, JPMorgan, Pimco was“not heretoclose spreads,” cency” and leaving the door membersand uneven U.S. the spokesman said. Deutsche BankAG, Goldman and UniCredit declined to or narrow the differences in open forfresh stimulus.ECB leadership.President-elect Joe Thespokesman said Ms. Sachs Group Inc., JPMorgan comment. BlackRock and UBS borrowing costsbetween officials have sincesignaled Biden has vowedtostrengthen Lagardedeclined to comment. Chase &Co. and UBS Group AG. didn’t respond. wealthyGermanyand weaker they will scale up their mone- ties with NATO and U.S. allies. ECB policymakersobserve Thecalls lasted 10 or 15 In the world of central bank- governmentslikeItaly’s. tary stimulus at their next pol- “The really big messageis a quiet period for seven days minutes,according to people ing,small changes in emphasis Italy’s hugedebt makes it icy meeting on Dec. 10. that NATO has to adapt itself beforepolicymeetings, during who received them. Mr. Lane from atop official canhavea vulnerable to arise in borrow- Thecalls underscoreMr. foranera of great powercom- which they areasked to re- took questions on the ECB’s big impact on arangeofasset ing costsand aconcern forthe Lane’sgrowing influence petition that includes not only frain from commenting on policydecisions and economic prices,allowing them to stimu- integrity of the entirecur- within the ECB.The 51-year- Russia, butalso China,” said monetary policy. forecasts, but spent most of lateorslowthe entireeconomy. rency union. old Harvard-trained economist A. Wess Mitchell, who served In the U.S.,the Federal Re- the time listening,they said. Ms.Lagarde,aformer In- Ms.Lagarde’scomments, joined the bank’s six-member as thetop State Department servehas ablackout period of He clarified and fine-tuned the ternational MonetaryFund which suggested that the ECB executive board in June 2019. official forEurope from 2017 12 days that runs until afull ECB’s message, and answered wouldn’t support governments He is considered aso-called to 2019 and co-chaired the dayafter policymeetings, dur- technical questions.Some of such as Italy’s if they came un- doveonthe ECB’srate-setting group that wrotethe 67-page ing which Fedofficials don’t the people said they don’t re- ECB chief der pressureindebt markets, committee, meaning he wor- report. speakpublicly or privately to call that Mr.Lane divulged economist helped prompt asurge in the ries moreabout unemploy- Thereport will be dis- investors. Fedofficials meet much newinformation. At Philip Lane country’sborrowing costsand a ment than inflation. cussed by NATO foreign minis- with banks and asset managers least one other ECB staff clarified and 17%fall in itsstock market. Ms. BeforeMarch 12, Mr.Lane ters,who areconvening Tues- to discussmarket sentiment, member was on the calls too. fine-tuned the LagardegaveaTVinterview had never communicated with dayand Wednesdayby butthe meetingstakeplace “It would be desirable forall bank’smessage shortly afterher news confer- banks or investorsonthe days videoconferenceand will for outside the blackout period and players to have access to rele- in his calls. encetorebalancethe message. of ECB policydecisions,ac- thefirst time addressthe rise involveofficials asking ques- vant information at the same That same day, Mr.Lane cording to his public diary. Nei- of Chinawith colleagues from tions.The Bank of England time.Otherwise,it’snot alevel held teleconferences with 11 ther Ms.Lagarde nor the ECB’s non-NATO member countries. briefs analystsshortly afterits playing field,” said Stefan Ger- managing director and French banks and investorsincluding other four executive-board “China does not shareour policydecisions,but all analysts lach,former deputy governor financeminister,hadn’t BlackRock,JPMorganand Uni- membershavespoken to banks values,” Mr.Stoltenbergtold arebriefed at the same time of Ireland’scentral bank. worked in acentral bank until Credit. In ablog posted on the or investorsonpolicydecision reportersMonday. “It does not and anywho want to canjoin. An AXAspokesman said Mr. she took the helm at the ECB ECB’swebsitethe following days this year or last, accord- respect fundamental human On each occasion, Mr.Lane Lane had spoken to the com- in November last year. morning,Mr. Lane signaled ing to their public diaries. rightsand tries to intimidate discussed the ECB’srecent deci- pany’schief economist following Her communications were that the bank wasindeed Since her March news con- other countries.” sion with officials—oftenthe the ECB’snewsconferences this especially vital this year.On ready to buy Italian govern- ference, Ms. Lagarde has held AChinese Embassy spokes- chief economist—at asubgroup year,saying the conversations March 12, as the pandemic hit ment bonds if necessary. closely to the ECB’swritten man said: “Wehope NATO will of 18 institutions,according to gavethe group achanceto“di- Europe and the borrowing costs Six days later, the ECB un- policymessage, saying in June have acorrect viewofChina, his public diary. They included gest the ECB’sannouncements of Southern European govern- veiled a€750billion, equiva- that she wanted to be “very, look at China’sdevelopment investorssuch as AXASA, and ask anyofthe moretechni- mentssurged, Ms.Lagarde lent to $894billion, bond-buy- very specific” in her communi- and domestic and foreign poli- BlackRock Inc.and Pacific In- calquestions we mayhave.” stunned investors at her news ing program,scaling it up to cations. cies in arational manner.”

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THE WALL STREET JOURNAL. We dnesday, December 2, 2020 | A9 WORLD NEWS China Lands Probe on Moon To Collect Soil

BY JAMES T. AREDDY Thelander is expected to AND LIYAN QI operateand depart from the moon within onelunar day- China said it landed aprobe time,giving it about two on the moon in itslatestspace weeks of Earth days. endeavorand humanity’s first After collecting samples, it bid sincethe 1970s to return is scheduled to blast off the lunar samples to Earth. moon andconnect with alu- Thesuccessfultouchdown nar orbiter beforereturning to (2)

came alittle morethan aweek Earth midmonth. S

afterthe unmanned Chang’e5 China launched itsfirst PRES probe liftedoff from southern manned spaceflight in 2003 China on Nov.24, statemedia and in spacehas explored ZUMA A/ said late China time Tuesday, quantumcommunications, INHU

quoting China’sNational Space erected alarge radio telescope /X Administration. andbuilt asystemofsatellites ANG A round of applause broke to support a GPS-like naviga- LIW

out in the Beijing control room tion system. JIN where the landing was moni- China deliberately crashed tored after an announcement aspacecraftintothe moon in China’s space authority released photographs it said showed the the probe had “landed on the 2009 aftermapping it from Chang’e 5 probe landing on the moon on Tuesday. At right, a surface of the moon,” accord- orbit and has nowreturned photo said to have been taken by the lander of the lunar surface. ing to abroadcast on China therewith three successful Central Television. unmanned landings, including from which it could further ex- ises to rewritethe global or- Only theU.S.and the for- one in early 2019,when it put plore deep space. der in space, and scientistssay mer Soviet Union have man- aprobe on the dark side of Themoon’ssupply of he- Beijing is eager to build capac- aged to return lunar samples, themoon,inafirst forhu- lium-3,apotential energy ity thereinterms of rules of and not in almost 45 years. manity. source,has been of particular exploration and access to re- Theplan is to retrieve China hasn’t tried to put a interest to Beijing. sources. around 4.4pounds of rock person on the moon. The potential for water on Partly with an eyeon samples and materials from AChinese Marslander is the moon is important as a China’sefforts, President just below the lunar surface. due at the Red Planet around possible rocket fuel if it is Trump last year announced Themoon is central to February. found and can be broken into creation of the SpaceCom- China’s fast-advancing scien- China hopes to establish a hydrogen and oxygen. mand to coordinateactivity tific and strategic spaceambi- manned base on the moon Anypermanent Chinese andaSpaceForce military tions. during thecurrent decade, presenceonthe moon prom- branch under the Air Force. Millions of Dead Mink Pose WORLDWATCH BRAZIL EGYPT IRAN Gruesome Problem for Danes Bank Robbers Spark Rights Advocates Lawmakers Press for A ‘Night of Terror’ Appear in Court Changes After Killing

BY JAMES HOOKWAY Denmark's annual production before being buried again. The small Brazilian city of Cri- Three prominent human- Iranian lawmakers urged the of mink furs Rasmus Prehn, minister for ciuma was rocked by gunfire rights defenders appeared in a Rouhani governmenttorestrict Denmark’sgovernment is food, agricultureand fisheries, and explosions when a heavily Cairo terrorism court in a case United Nations inspections of its facing agrisly problem: What 20 million told TV 2that the government armed gang of robbers broke that has drawn international nuclear activities and boost ura- to do with the carcasses of won’t rush to a decision, and into a bank, took hostages and pressure to release them. nium enrichment, after lastweek’s some 17 million mink it or- that thereisnoimmediateen- fired their guns indiscriminately The three members of the killing of atop nuclear scientist. dered culled to stop the vironmental threat. to keep police at bay. Egyptian Initiativefor Personal On Tuesday, a majority of spread of apotentially danger- 15 Opposition politicians such The group of about 30 gun- Rights were arrestedinNovember members of parliament agreed ous mutation of Covid-19. as Thomas Danielsen, from the men made off with an undis- after the group briefed 13 West- on the outlines of a motion that Farmerswereinstructed to center-right Liberal Party,say closed amountofmoneyfrom ern diplomats, including ambassa- would allow Iran to curtail ac- kill the animals,which are it would be cheaper to act the BancodeBrasil branch, leav- dors from severalEuropean coun- cess for U.N. inspectors to Ira- raised fortheir fur, afterre- 10 sooner rather than later,as ing alarge amountofcash tries, on human rights. nian facilities that aren’t de- searcherslast month found pressurebuilds on Ms.Freder- strewn in the streets as theyfled. The arrests sparked outcry clared nuclear sites, and begin they could serveasareservoir iksen’s government. “It was a night of terror,” Cri- from European governments, stocking highly enriched uranium, forastrain of the virus that can Farmershaveprotested the ciuma Police Chief André Mila- United Nations officials, members an essential step in producing resist the vaccines being devel- 5 cull, which involved gassing nese said. “The center of town of Congress, and Antony Blinken, fissile material for a possible nu- oped.Atleast 12 Danes have the mink, and demanded sig- was like a battlefield, with more President-elect Joe Biden’snomi- clear weapon. The law has been been infected with the mutated nificant compensation. Gov- than a thousand shots fired.” nee forsecretary of state. under discussion for weeks. strain connected to mink. ernment officials have ac- A police officer and a bank Gasser Abdel-Razek, Karim Both moves would gut the Thecull order effectively knowledged that the cull was guard were wounded. No deaths Ennarah and Mohammed key remaining limits in the 2015 0 ends what had been Denmark’s mishandled. Mogens Jensen were reported. Basheer are facing charges of nuclear deal and likely push Eu- third-largest agricultural ex- 1990 2000 ’10 ’19 resigned from his role as agri- The robbers carried out their “belonging to a terrorist organi- ropeans to leave the accord, ef- port industry, generating some Source:Statistics Denmark cultureminister to be replaced operation in just under two zation” and “spreading false fectively burying it after the U.S. $750 million in sales last year. by Mr.Prehn afteritemerged hours, sweeping into the city of news” that could harm public se- withdrew in 2018. Prime Minister Mette Fred- dentsatthe two main burial therewas no legal basis to im- about 200,000 near midnight curity. The group said there is no Mohsen Fakhrizadeh, achief eriksenwept while visiting a sites near the towns of Karup pose the order; the govern- Monday. They took a group of evidence to support any of the architect behind Iran’snuclear- mink farm last week,whereits andHolstebroworrythey ment later introduced retroac- municipal workers who were charges. The Egyptian govern- weapons program in the 1990s owners, afather andson, had could contaminatenearby wa- tivelegislation to provide painting signs on the street as ment hasn’t elaborated on the and early 2000s, was killed in an seen their lives’ work destroyed. tersources, though environ- legal backing for the cull. Le- human shields as they broke terrorism allegations. ambush Fridayoutside Tehran. “It’sbeen emotional forthem,” mental officials have said galexpertshad described it as into the bank, police said. The hearing, which was the Iranian PresidentHassan Rouhani she said. “For me as well.” drinking-water supplies are unconstitutional, with opposi- Some of the gang began to first time all three men ap- has accused Israel of killing the Thebig question has been safe. tion lawmakerscalling for shoot at random, while others peared in court together, came scientist, but said Iran wouldn’t what to do with the bodies.So Opposition parties arepres- more heads to roll. set off explosives to blast after a decision by prosecutors retaliate immediately,asTehran manyhavebeen buried in suring the government to ex- It is rare forthe virus to through bank doors and walls, to freeze the group’s assets. seekstokeep open apathto mass graves—some 10,000 hume the carcasses and find pass from one species to an- Mr. Milanese said. The robbers The Egyptian Ministry for diplomatic re-engagementwith metric tons of mink in all— some other way to handle the other,but mink have been stopped firing and fled about Foreign Affairs has said that Washington. Israel hasn’tcon- that some have resurfaced in problem. Officials laid out the shown to be one of the ani- 1:45 a.m. Tuesday, driving in sev- EIPR was operating in violation firmed or denied its involvement. gruesome fashion, propelled available options to Denmark’s mals most susceptible to eral vehicles a few miles away of a licensing law for nongovern- President-elect Joe Biden has up through the soil by the re- Parliament on Monday, which Covid-19, partly because they to the town of Nova Veneza. Po- mental organizations, a charge said he would re-enterthe deal if lease of gases as they decom- included incinerating them or are farmed in big numbers in lice said they didn’t know where the human-rights group dis- Iran reverses its breaches of some pose. Newspapers have called storing them in slurrytanks. closeproximity with one an- they went from there. putes. keylimits of the nuclear deal. them “zombie mink,” and resi- They could also be disinfected other. —Luciana Magalhaes —Jared Malsin —Aresu Eqbali K-Pop’sBTS Superstar CanDefer MilitaryService forTwo Years

BY JAMES HOOKWAY low only a deferment. shock if they draw red. An opinion poll published by Thedraft is in decline in Fans of K-pop sensations news outlet E-Todayfound that other countries,particularly in BTS were relieved to learn 53% of respondentssupported Europe.Germany, Poland and that one of the seven-member relaxing the conscription rules Serbia allgaveupconscription band wouldn’t have to quit to forBTS,while 47%wereagainst in the past decade or so.Many join South Korea’smilitaryfor it, despitethe world-wide fan economistshavecontended that his mandatory service for an- base thegroup has developed. it misallocates resources, and other two years. So far,BTS has twicetopped that people who might be better The country’s National As- the Billboardsong chart, re- employedinthe privatesector sembly on Tuesdayamended leased abestselling album, and or learning newskills shouldn’t South Korea’sconscription law performed at the Grammys,all be required to spend ayear or in away that would allow by singing in Korean. two wearing auniform.

BTS’s oldest member,Kim S Theband’smanagement There is less popular resis- Seok-jin,who is just shyof company, Big Hit Entertain- tance against the idea of mili- turning 28,when he would be PRES ment Co., went public on the tary serviceinSouth Korea, required to report forduty,to TED South Korean stock exchange whereyoung men grow up CIA

postpone his military service SO in October,raising around knowing that they will almost until he is 30. AS $840 million through itsinitial certainly serve. “AsaKorean, Currently topofthe Bill- public offering with avalua- it’s natural,” Mr.Kim told CBS boardHot 100 with their song tion of about $4 billion. TV in 2019.“And some day, “LifeGoes On,” the members /INVISION/ Themeritsofmandatory when duty calls,we’ll be ready

of BTS already were riding HIDER military service are an edgier to respond and do our best.”

high.But the group’sfans BEN debate elsewhere. were ecstatic at the prospect Chart-topping BTS performed at the New Year’s Eve celebration last year in Times Square. In Thailand, an opposition of seeing Mr.Kim, better movement is aiming to abolish known as Jin, singing and soccer player Son Heung-min pand South Korea’ssoftpower, reasitsjust acrossthe border. the practice. Each spring,tens Order by dancing foranother two years. and classical musicians are as diplomatscall it, and which Each year,tens of thou- of thousands of young men 12/22 for Christmas! Manytook to Twitter, Insta- sometimesexempted from nowmakethem eligible to defer sands of newrecruitsare con- who have turned 21 in the pre- gram and other social-media militaryservicefor the pres- servicewhen the last year for scripted intothe militaryto ceding year arecalled to draft channels to celebrate, posting tige they bring the country. militaryconscription—28— safeguardSouth Korea’sde- centerswherethey aresub- images and videos of the One senior lawmaker,Noh comes around. Those choosing fense.Each serves foratleast jected to alottery.Inanerve- seven members. Woong-rae of the governing to put their serviceinearly can 18 months.The MilitaryMan- racking ritual, they arerequired Thereprievecame after Democratic Party,supported de- do so as soon as they are18. power Administration, which to line up and pick cards. If it is months of campaigning to rec- ferring militaryservicefor K- Members of BTS and their enforces conscription proce- black,they areexempt. If it is ognizethe cultural clout of the pop artists, helping to swing the management couldn’t be dures, made a point of saying red, they areassigned forduty.

country’sK-pop superstars, balanceinthe group’sfavor.The reached to comment. it wouldn’t exempt BTS or Medical personnel are sta- Your Children’sNames hand-craftedin sterling silver with brilliant Swarovski crystals the same way sportsstars singershad received govern- Thedraft remains asensi- other K-pop superstarsfrom tioned at recruitment centers set in solid gold -$390 to $450 such as Tottenham Hotspur ment medals forhelping to ex- tivetopic given that North Ko- serving entirely,and would al- to help those who collapse in JOHN-CHRISTIAN.COM 888.646.6466 P2JW337000-2-A01000-1------XA

A10 | We dnesday, December 2, 2020 ** THE WALL STREET JOURNAL. FROM PAGE ONE BlackRock Alums Tapped forWhiteHouse

BY DAWN LIM miliar with the matter. Adewale Asset managerslikeBlack- Deese and Adeyemoworked in RobertRubin served as Presi- AND GREGORY ZUCKERMAN “Wally” Adeyemo, aformer Rockdon’t arrangemergers the Obama administration. dent Bill Clinton’s Treasurysec- chief of staff to BlackRock’s and acquisitions,they don’t BlackRock’sglobal footprint retary,while HenryPaulson Jr. Wall Street bankers, and in chief executive, was named earn bigprofits from trading and experiencewith markets occupied the position in Presi- particular those from Goldman Tuesdayasthe No.2 at the and their employees,while well “will be invaluable as the presi- dent George W. Bush’s second Sachs Group Inc., have long TreasuryDepartment. paid, oftenaren’t seen within dent-elect navigates aslowing term. TheObama administra- held senior positionsinthe “By picking folks with deep the financeindustryasswag- economyand turbulent markets tion had few Wall Street execu- WhiteHouse.Under President- ties to large asset managers, gering bankers. Thefirm has in the wake of the pandemic,” tives.

elect JoeBiden, such roles are the administration canhelp as- S faced criticism forinvesting in said Stefan Selig,aninvestment Mr.Adeyemo,aformer se- going to executives of Black- suagefinancial executives’ con- companies that contributeto banker who runs BridgePark nior international economic ad- PRES Rock Inc. cerns.Itsends aclear signal to climatechange, and forfailing AdvisorsLLC andwas under- viser during the Obama admin- Aformer Goldman executive the industrytobreatheeasier: TED to liveuptoits ownrhetoric on secretaryofCommerce during istration, is expected to serve OCIA

held the Treasurysecretary They canplan forstability SS the subject, environmental ac- the Obama administration. as Janet Yellen’stop deputy at

post in three of the past four without likely facing massive /A tivistssay.Itpledged this year TheBiden administration the TreasuryDepartment. The administrations,but the firm is newregulatoryortax risks,” to take atougher stance. economic team will be filled former BlackRock executive

absent so far from the incom- said TylerGellasch,executive HARNIK Therole of BlackRock with economists and policy worked as asenior adviser for ing WhiteHouse this time.In- director of investor trade group alumni in the Biden administra- makerswho focus on areas the companyfrom2017to2019,

stead, two executives who have HealthyMarketsAssociation. ANDREW tion is the latest chapter in a such as income inequality and including as interim chief of worked at asset-management Some progressives and in- Adewale ‘Wally’ Adeyemo decadelong rise in both Wash- labormarkets. That is acon- stafftoBlackRock CEO Larry giant BlackRock will be the se- vestor advocates worrythat the ingtonand on Wall Street. trast to the Trump administra- Fink. nior Wall Street representa- naming of anyfinanceexecu- likeGoldman tend to generate. BlackRock is the largest asset tion, which named former Mr.Deese wasakey member tives. tives could result in looser reg- BlackRock is in the businessof manager in the world,with $7.8 Goldman Sachs executiveSte- of the WhiteHouse Task Force Mr.Biden is expected this ulatoryscrutinyonbig money investing money forindividuals trillion under management as venMnuchin as Treasurysecre- overseeing the bailout of Gen- week to name BlackRock’shead managers. and institutions likeendow- of September.Asithas grown, tary,former Goldman President eral MotorsCorp.and Chrysler of sustainable investing,Brian But broadly,BlackRock may ments, and much of itsgrowth it has both boosted itsopera- GaryCohn as an economic ad- LLC in 2009 and advised the Deese,torun the National Eco- not draw the kind of anger that comes from funds that track tionsinWashington and hired viser and other firm alumni to government in negotiating the nomic Council, said people fa- traditional Wall Street banks market indexes. government officials.Messrs. senior roles.Goldman veteran 2015 Paris climateaccord.

areaffected by competition Biden’s with low-cost workersabroad. “With open trade thereare winnersand losers,” Ms.Rouse EconTeam said in a2019 interviewwith Worth magazine.“Thelosers GES arereally losing,and we need SeeksReset IMA to take care of them and take on morenuanced models of in- GETTY

SE/ ternational trade as aresult.” ContinuedfromPageOne Mr.Frankel said thereneeds more, but that the trade-offs to be increased focus on do-

would be manageable. ANCE-PRES mestic workersleftbehind by Mr.Trump’selection four FR trade,technologyand unequal

yearsago in part reflected the ENCE education, with morespending

toll that foreign competition AG domestically on preschool, in- took on Americans over two frastructureand health.

decades of amped-up globaliza- KHANNA/ Some observerssee the

tion,particularly in manufac- AN newadministration backing turing communities rundown away from Mr.Trump’sag-

by cheap imports. One of Mr. CHAND gressiveuse of sanctions. Trump’s“AmericaFirst” mes- Mark Sobel,who worked in sages wasthat Washington the Treasury Department for

elites,joining with global com- /REUTERS; four decades under different panies,let U.S. workersdown administrations and nowisat with unbalanced trade deals. MILLIS the Official Monetary and Fi-

Another wasdeep skepticism LEAH nancial Institutions Forum, a of global institutions likethe P: London-based think tank,said TO

World Trade Organization. T he sees Mr.Biden reserving OM

The prime example, in this President-elect Joe Biden announces nominees and appointees for his economic-policy team on Tuesday, including his choice for FR sanctions forthe most urgent view, was China, which in the Treasury secretary, former Federal Reserve Chairwoman Janet Yellen, below. national-security objectives two decades sinceitjoined the and using them in concert WTOhas growntobethe globalistanymore,” said Jef- with other nations. world’ssecond-largest econ- frey Frankel,aHarvardUni- omy, a massive employer and versity professor who worked key market formanyAmerican with former Federal Reserve Dollar primacy companies—while,inthe eyes Chairwoman Janet Yellen,Mr. Mr.Trump’sliberal use of of manyofficials,stealing U.S. Biden’schoicefor Treasury sanctionsattimes led other technology and often skirting secretary, at theCouncil of countries to seek workarounds international rules.China dis- Economic Advisersinthe Clin- that limited their use of the putes allegations that it steals tonadministration. “The word dollar.Some former U.S. policy technology or breaks rules. itself is so damaged. We’re makershaveexpressed concern President-elect Biden’sini- definitely chastened.” that overrelying on sanctions tial economic picks—most of Mr.Biden has said he won’t in the long runcould thus un- whom served in theObama or push fornew trade deals until dermine confidenceinthe dol- Clintonadministrations—still the U.S. gets itsdomestic house lar as areservecurrency. largely believeinthe benefits in order.Hehas also called for “The Obama administration of globalization and trade,ac- the U.S. to strengthen ties with clearly used sanctions.They cording to interviews and their traditional allies. weren’t shy about that,” said public statements. Yetthey also Michael Pillsbury, an out- Mr.Sobel. “But they tried to have growncircumspect about side adviser to Mr. Trump on build multilateral support for the pitfalls of globalization that China and ascholar at the their sanctions to amuch Mr.Trump highlighted. Hudson Institute, a conserva- greater degree.” ForMr. Biden’snew eco- tive research institution, said While the new administra- nomic team, the election rep- he didn’t think Mr.Biden tion is likely to seek to pre- resentsabid to addressthe would be softonChina but he portsmoreexpensiveonworld said they didn’t push China tional MonetaryFund,Bank for servethe dollar’s relevancein failingsofglobalization in a did suspect Mr.Biden wouldn’t markets, hurting their compet- hardenough on security or eco- International Settlementsand global trade and finance, it morecooperativemanner with be as interested in the China- itiveness. “While the tariffs nomic issues and have learned otherglobal bodies.Asatop might tolerate some weaken- the rest of the world than Mr. trade issue as Mr. Trump. maymakegoods morecom- their lessons.Some business Fedofficial, Ms.Yellen inter- ing in the currency’strade Trump.Mr. Biden has signaled Tough trade decisions loom petitive,the appreciation of groups areurging that Mr.Bi- acted with Chinese financeoffi- value without saying it very he wantstopush allies forhelp forMr. Biden, Mr.Pillsbury the currency will offset that,” den giveupexisting tariffs on cials foryears, and as former explicitly,said Mr.Sheets. confronting China and press said,including whether to she said. “So, I regarded that China only in exchangefor con- SanFranciscoFed president That would help U.S. exports formoreaggressiveprograms abide by atrade truceMr. as not the proper focus.” cessions in other areas. she sought to develop ties with and even out U.S. imbalances domestically to help Americans Trump struck with Chinese Sheadded that tariffs had Mr.Sheets, who worked with U.S. trading partnersinAsia. in global trade. hurt by trade,and aides have leader Xi Jinpinglast year, made it more costly for some Ms.Yellen at the Federal Re- During and afterthe “The most interesting part signaled askepticism about us- whethertobegin working U.S. manufacturers to import serveafter the 2007-09 finan- 2007-09 financial crisis,fi- of the Yellen pick will be what ingtariffs as aweapon in trade again with the WTOtoresolve needed components, hurting cial crisis,said he expected the nance leaders sought to coor- she decides to sayonthe dol- confrontations. trade disputes,and whether to their competitiveness. She newadministration to be reluc- dinateresponses to recession. lar,” said MarcSumerlin,ase- “Therewas aclear state- restart semiannual talks with welcomed Mr.Trump’strade tant to removetariffs on China Such coordination could come nior economic adviser to Presi- ment from U.S. voters four China on economic and secu- trucewith Mr.Xi, stopping an but to exploreremoving tariffs back intoplaynow as the U.S. dent George W. Bush,now yearsago, that the gains from rity matters.Onsome of these escalation of tariffs.Atthe in other areas that affect allies, and other countries look to managing partner at economic globalization and our eco- issues,such as the bilateral same time,she agreed China such as steel and aluminum. emerge from the Covid-19 cri- consulting firm Evenflow nomicsystemneeded to be talks Mr.Trump suspended, needed to be challenged. Allies in Europe and Asia Macro. Market participants shared morewidely,” said Na- Mr.Pillsburysaid he suspected “I do think the United are bound to demand the U.S. once hung on everyTreasury than Sheets, aTreasuryDe- Mr.Biden wouldn’t veer too Stateshas real issues in terms roll back tariffs on steel and ‘The challengefor secretary’swordabout the cur- partment official under Presi- far from Mr.Trump’spolicies. of itstrade relations with aluminum, and Mr.Biden ar- rency. They arenot as sensi- dent Barack Obama, nowchief At the center of the new China and manyvalid concerns gued during the campaign that theBiden tivetothese utterances as they economist at investment-advi- economic policyisMs. Yellen, that arecertainly on the table such tariffs hurt the U.S. econ- administration is to used to be,but investorswould soryfirm PGIM FixedIncome. who has publicly challenged fordiscussion,” she said. That omy. But even that won’t be take noteifMs. Yellen signaled Still, he said, Mr.Biden and Mr. Trump’s use of tariffs. included government support easy,given support forthe carveout athirdway.’ an interest in or tolerancefor a his neweconomic team dis- Speaking at aBipartisan for state-owned enterprises, tariffs by U.S. metal producers weaker currency, he said. agreed with Mr.Trump’stac- Policy Center event in Febru- its efforts to force U.S. firms and their unions. Administrations under Presi- tics,including the widespread ary, Ms.Yellen said tariffs to transfer high-tech know- AfterMs. Yellen’sselection dentsClinton and Obama called use of tariffs and his confronta- hadn’t been effective, in part how into the country and its wasmade official Monday, sev- sis, some analysts said. forastrong dollar,though they tional approach with traditional because they put upwardpres- slowpaceopening itsmarkets. eral Republicans said her long Important partsofMr. Bi- didn’t want it to gettoo strong. allies.“Thechallengefor the sureonthe U.S. dollar.A Areturn to pre-Trump poli- record of servicemade her a den’seconomic team arein- Mr.Bush’sadministration Biden administration,” he said, strong dollar reduces the cost cies toward China is unlikely. strong candidatefor the job. complete, including the next called forastrong dollar but “istocarveout athirdway.” of importsand makes U.S. ex- Some Obama veterans have Butshe drew criticism from U.S. Trade Representative, who tolerated itsweakening aftera some.Sen. Josh Hawley (R., will playacentral role carving sharp run-up that hurt U.S. ex- MoneyMoves Mo.) told reportersher past out atariff strategy, and Trea- portersinthe early 2000s. ‘Definitely chastened’ support of increased global sury and State Department Mr. Trump took a different Aweaker dollar could help spur U.S. exports. Globalization had its up- trade had been good forcorpo- deputies that will shape Wash- course,often tweeting overt sides,including cheap goods WSJDollar Index Global trade in goods rations but not forworkers. ington’sapproach with Beijing. support for a weaker dollar. forU.S.consumers, moreex- At an event Tuesdaywhere Other pieces of Mr. Biden’s Currency could be an area port markets, stronger global 110 $20 trillion Mr.Biden unveiled his initial economic team arefalling into fornegotiation between the growth and cost-efficient sup- picks in Wilmington, Del., Ms. place. Ms.Yellen’sprospective Biden administration and ply chains delivering profitsto 100 Yellen pledged to makethe deputy,Adewale “Wally” Ad- China. Beijing allowedits cur- U.S. multinationals and their 15 TreasuryDepartment “anin- eyemo, an economic adviser rency, the yuan, to appreciate investors. But few economists 90 stitution that wakes up every during the Obama administra- between 2005 and 2014, then nowdisputethat trade dam- morningthinking about you, tion, nowpresident of the allowedstaggered deprecia- aged manycommunities and your jobs, your paychecks.” Obama Foundation, has an in- tions that hurt the U.S. trade public support forglobal deals. 80 10 Ms.Yellen made her mark in ternational mind-set, having position.The yuan has been Bipartisan political support for economics researching U.S. la- helped Mr.Obama negotiatea depreciating again sinceJune. trade wasvisibly eroding in 70 bor markets, and at the Fedshe trade deal with Pacific allies, If Chinese officials allow 2016 when the presidential 5 oftenpushed forlow-interest- which the U.S. never joined. theircurrencytorise,that candidates of both parties op- 60 rate policies to drivedownun- Thenew administration’s could take some pressureoff posed Washington’sentryto employment. She has also Council of Economic Advisers, U.S.-China relations and set a the 12-nation Trans-Pacific 50 0 spent decades building up an headed by Cecilia Rouse,a stagefor the removal of some Partnership,which later took international Rolodexwith fi- Princeton University labor tariffs, Mr. Sheets said. effect without the U.S. 2005 ’10 ’15 ’20 1990 ’95 2000 ’05 ’10 ’15 nanceand central-bank officials economist, has afocus on U.S. —Bob Davis “I would not call myself a Sources: World Trade Organization (trade); DowJones Market Data (index) at meetings of the Interna- workers, including howthey contributed to this article. P2JW337000-4-A010A0-1------NS

THE WALL STREET JOURNAL. **** NY We dnesday, December 2, 2020 | A10A GREATER NEW YORK Older Residents Urged to Stay Home

New York City health limit their interactions with Chokshi said. Tuesdayonaconferencecall with special air filtersfor been expanded acrossthe city. other people,according to city Thedaily shareofCovid-19 with reporters. Covid-19 patients. Ahead of the Thanksgiving commissioner’s advice health officials. testsinthe city that were pos- “The number one priority Currently,the system’sin- holiday, the city added testing is announced as New Yorkers who live with itivewas 5.72%onSunday, ac- when youget intothis situa- tensive-careunitsand medical locations at airportsand train or care forvulnerable resi- cording to the most recently tion—hospitalization, and surgical wards are two-thirds and bus stations. hospitalizations soar dentsalso areurged to reduce available city data. overwhelming the hospitals,” full, Dr.Katz said.The system Health officials expect in- nonessential activities outside Thecity’s seven-dayaver- he added. also has athree-month supply fections to increase this month BY KATIE HONAN their residences. age positivity rate was 4.14%, Mr.Cuomo said he supports of personal protective equip- after residents returned from Dave Chokshi, the city’s thedatashow. On Oct. 1, the NewYork City’s advisoryfor ment, he said. the Thanksgiving weekend and NewYork City’s health health commissioner,said at a daily positivity rate was1.52%, vulnerable residents. “We’renot overwhelmed at people gather during the com- commissioner on Tuesdayad- news conference that the lat- and the seven-dayaverage MayorBill de Blasio said at anyofour 11 hospitals,” Dr. ing holiday season. vised older residentsand peo- estdatashowthe number of positivity rate was 1.59%. anewsconferenceonTuesday Katz added. Thegovernor has said most ple with underlying health Covid-19 hospitalizationsin Thestatewide number of that the city is betterprepared Mr.deBlasio has warned viral spread isn’t occurring in conditions to avoid non-essen- the city surpassed 1,100—more Covid-19 hospitalizationsin- foraCovid-19 surge than it that tougher lockdown restric- schools,restaurantsorstores, tial activities outside their than double the number less creased by morethan 200 in a was in the spring. tions could come this week if but rather at residential gath- homes as the number of than three week ago. single day to 3,774, state offi- Mitchell Katz,the chairman cases continue to rise. Those erings. And Mr.Cuomo agrees Covid-19 hospitalizations in “This escalation unfortu- cials said Tuesday. Of the of NewYork City’s public-hos- restrictions would come from with the mayor’splan to re- the city reached alevel not nately follows a tragically fa- 146,675 testsprocessed on pital system, said at the same the state. open schools on Mondayfor seen since early June. miliar pattern—cases grow, Mondaybythe state, 7, 285,or news conferencethat the sys- To slowthe spread of the studentsinkindergarten At-risk NewYorkerscould hospitalizations follow, and 4.96%, were positive. temhas made improvements virus,the mayorhas encour- through eighth grade. still go to the grocerystore, sadly toomanyresult in criti- “The numbersare going sincethe spring’ssurge such aged allNew Yorkerstoget —Jimmy Vielkind work and school, but should cal illness or even death,” Dr. up,” Gov. Andrew Cuomo said as creatingdedicated space tested. Testing locations have contributed to this article. Slow Recovery Seen Nurses at a New Rochelle Hospital Participate in Walkout For JFK Airport’s Busiest Terminal

BY PAUL BERGER Theairline,likeits peers, has been rocked by the pan- Theoperator of John F. demic. Kennedy International Air- Delta reported a combined port’sbusiest terminal said its net lossof$12.4billion forthe passenger numbersmight not second and thirdquartersof return to pre-pandemic levels 2020,according to the bond until 2024, leading it to scale documents. About 17,000 of its back or delayaplanned $3.8 91,000 workershavetaken a billion refurbishment and ex- voluntary buyout or early re- pansion. tirement package. JFKIAT,which operates Last week the airline Terminal 4, said in aNov.30 reached adeal with the union bond-offering statement that that representsits pilots to ac- it is talking to the agencythat cept reduced pay in exchange runs the NewYork City airport for job security. aboutalternatives such as pro- Aspokeswoman forthe air- viding interim upgrades and line referred TheWall Street reducing the scope of the Journal to recent statements planned terminal refurbish- made by DeltaChief Executive

ment and 16-gate addition. Ed Bastian that the company /REUTERS

The Terminal 4 redevelop- expectstoachievepositive GAR

ment projectispart of a$15 cash flow by the spring of SE

billion makeover for JFK that 2021. MIKE wassupposed to be completed ThePort Authority says PRESSING DEMANDS: Nurses with the NewYork StateNurses Association walked the picket line Tuesdayoutside MontefioreNew by 2025. passenger volumes at New Rochelle Hospital. Theyhave raised concerns about staffing and the availabilityofpersonal protectiveequipment, aunion spokesman said. Theairportwide redevelop- York City’s three major air- ment, which relied forthe ma- portsare down between 65% jority of itsfunding on airlines and 71% through September of and privateterminal opera- this year,compared with the tors, has stalled during asteep same period last year. Musicians Take Show to Taiwan decline in passengers and a International gateway air- downturn caused by the pan- portssuch as JFK areexpected demic. to recovermoreslowly than BY CHARLES PASSY smaller airports, according to aDec.1outlook released by In itsfive-decade history, Planned $3.8 billion Moody’s Investors Service. the Chamber Music Society of Passenger boardingsatTer- Lincoln Center hasn’t only overhaul of Terminal minal4fell almost 70%during been amainstay at itsname- 4 will be scaled back the first nine months of 2020 sake NewYork venue,italso to about 2.5million people hasproveditself acultural or delayed. from about 8.2million people road warrior,giving concerts during the same period last in 17 countries and 42 states year,according to the bond in the U.S. documents. And the organization hasn’t For now, only the smallest The terminal operator said ceased itstraveling,pandemic project, American Airlines in the bond-offering statement or no pandemic. Group Inc.’salmost $400 mil- that it has cut itson-site On Wednesday, the group lion redevelopment of Termi- workforce in half and that its launches a10-daytour of Tai- nal 8, is moving ahead. executives have takenvolun- wanwith seven of the 100- Aspokesman forthe Port tary pay cuts. plus musiciansonits roster Authority of NewYork and Aconsultant’sforecast in- performing works by such NewJersey,which runs the cluded in thebond-offering mastersasBeethoven, Haydn airport, as well as other trans- statement said that in a best- and Ravelinvarious venues.It

portation facilities across the case scenario passenger num- is aremarkable effort, given KENG

region, said Tuesday that the bersatTerminal 4could re- howfew artistsare touring TAT

agencyiswaiting forare- turn to pre-pandemic levels by these days in the U.S. or TEY sponse to its request for a $3 2022, while under aworst- abroad because of closed con- Artists with the Chamber Music SocietyofLincoln Center performed TuesdayinTaipei ahead of atour. billion federal bailout beforeit case scenario the recovery cert halls and travel restric- decides howtoproceed with could take until 2024. tions. larger Asian tour that in- icant in terms of continuing Center dates canceled. construction projects, includ- Moody’s,inaNovember But as society co-artistic cluded concertsinJapan and what hasbecome an annual Thegroup has persevered ing at JFK. credit opinion, stated that a director Wu Han said, the cur- China.But when the pandemic tradition, with this being the with various online initiatives, “Thisproject would lever- pessimistic scenario is more rent tour wasscheduled more made visiting those countries fourth consecutiveyear the including offering livecon- agebillions of dollarsinpri- likely because of the terminal’s than ayear agoand she likes problematic—in the case of society has visited Taiwan. certsperformed in the city vate capital, and we arework- high exposuretointernational to keep her commitments. China, the eventswerecan- Shesaid the visit signaled without an audience. ing hardtopreservethis travel. “I’m not going to cancel on celed—the organization had to somethinggreater to music It also has cut itsapproxi- private investment,” said the Terminal 4, which opened anybody unlessthey cancel on deal with the challengeof lovers and othersinTaiwan, mately $9 million annual bud- spokesman, Ben Branham. in 2001, is one of JFK’snewer me,” she said in avideo call making aTaiwan trip,with a which has seen very lowinfec- getbyabout athirdtohelp Terminal 4accounted for facilities.A$1billion bond of- last week from Taiwan. limited number of engage- tion ratesduring the pan- weather thecrisis,according about one-thirdofJFK’s62 fering is to refinancedebt Alongwith her fellowart- ments, aviable financial prop- demic but has still maintained to ExecutiveDirector Suzanne million passengerslast year. from previous construction. ists,Ms. Wu,aTaiwanese na- osition. numerous precautions. Davidson. Theterminal is ahub for James May, the terminal tivewho lives in NewYork, Fortunately, the Taiwanese “It’simportant to continue Ms.Davidson said she DeltaAir Lines Inc., which operator’s chief financial offi- wascompleting a14-dayquar- presenters, whose venues are this cultural exchangebut also wasn’t surprised the group holdsaminority stakeinthe cer, said in aDec.1statement: antine beforethe start of the indeed open, helped by secur- to reinforce the notion that wanted to makethe trek to terminal operator,which is led “The bond offering has proved tour,arequirement forforeign ing morebookingsand finding we areliving normal lives,” Taiwan, noting that society by Netherlands-based Royal to be aphenomenal success visitors. other waystodefray the costs, Ms.Husaid by email. membershavebeen known to Schiphol Group. with significant investor appe- That is just oneofmany “The Taiwanese said, ‘Let’s Likesomanyother New drivethrough blinding snow- Also operating outofTer- tite, confirming investors’ be- hurdles Ms.Wuand the other find away,’ ” Ms.Wuadded. York City cultural groups,the storms to makeengagements. minal 2, Deltaplans to consol- lief in the recovery of the New musicians have faced. It is apoint reiterated by society has seen itsregular “Chamber musicians area idateall of itsservices at Ter- York market and the overall Forstarters, the trip to Tai- Serene Hu, one of the present- schedule upended by the pan- different breed,” she said of minal 4 in the coming years. strength of the credit.” wanwas initially part of a ers. She said the tour is signif- demic,with all itsLincoln theirdetermination. P2JW337000-2-A010B0-1------NS

A10B | We dnesday, December 2, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK

METROMONEY | By Anne Kadet Booze-Free Drinks Are Lifting NYC Spirits

Just in observed more patrons ask- anything to satisfy his thirst Listen Bar, a booze-free lenge,” ahow-tobook to be owner,is really excited for time for the ing for better zero-proof op- for a decent zero-proof cock- pop-up club based in New released in December for the New Year, when he ex- holidays—it’s tions. He experimented with tail, he created his own. The York City, went virtual last those contemplating amonth pects a big Dry January New York botanical recipes in his four varieties sell in old- spring, offering online happy on the wagon. surge in customers eager to City’s first kitchen and launched his school looking two-serving hours where guests learned “The pandemic increased try the new zero-proof zero-proof li- Ludlow Red last year. bottles, typically priced at to make alcohol-free cock- alcohol consumption for brands hitting the market. quor store. Or as owner The opening of Spirited $10. “We’re coming up on tails, says founder Lorelei many, and blurred the lines “Every day I have some- Douglas Watters has it, Away is more proof of the our millionth cocktail sold,” Bandrovschi. of when happy hour starts, thing new,” he said. “I’ll “booze-free bottle shop.” It’s growing market for zero- he says. A $149, six-week, online too,” she says. “Now people probably need to invest in a store stocked with fancy proof drinks as non-drinking During the pandemic, sub- “nightlife incubator” class are doing dry months to get some more shelves.” drinks that won’t get you becomes more normalized, scriptions to the brand’s offered this fall attracted 40 back to a comfortable place.” drunk. says Mr. deBary. “If you said “cocktail club” deliveries in- participants looking to Mr. Watters, the store [email protected] “A lot of people come in you weren’t drinking five creased. And this month, Mr. launch their own booze-free and are confused about what years ago, people wondered, Wiseman will open a “nonal- bars and other nightlife con- in the world is this, and why ‘What’s the sad story behind coholic elixir bar,” a dry cepts. would I want this?” Mr. Wat- that?’ ” he recalls. “Now speakeasy for subscribersin ters said when I met him at people say, ‘Oh wow, good a Brooklyn storefront. eanwhile, the pan- Spirited Away, the Lower for you.’ ” The pandemic has slowed demic’s much-noted East Side storefront he the city’s growing zero-proof M boom in home-deliv- opened mid-November. ohn Wiseman is an in- nightlife scene, of course. ery booze sales has been fol- Others thank him and say, dustry veteran—he Brooklyn’s nonalcoholic Get- lowed by a later surge in the “I’ve been looking for this J launched his Hudson away bar was flourishing alcohol-free spirit deliveries, for so long!” Valley-produced Curious last winter, says co-owner says Ms. Bandrovschi. This And you conceivably could Elixirs brand of booze-free Sam Thonis—sales nearly week, she’s opening an on- buy one of everything in this cocktails (“Shaken, Not doubled after the New Year line store dedicated to zero- spare store, which stocks Slurred”) in 2016. thanks to the growing “Dry proof drinks. about 80 varieties of alco- The New York bar owner January” trend. But in May, Indeed, the coronavirus hol-free beer, spirits, aperi- got interested in zero-proof it became a morning-hours lockdown and itsaftermath tifs, mixers and “leisure so- cocktails following an eve- coffee shop with a “general seems to have spurred more das.” The zero-proof craft ning in which he gulped 20 store” featuring zero-proof interest than ever in the beverage space—character- alcoholic drinks and felt fine spirits, wine and beer. growing “sober curious” ized by its complex, often the next day. “That scared Mr. Thonis plans to re- movement, says HilaryShein- bitter concoctions meant to the crap out of me!” he says. launch the bar when the baum, the NewYork-based serve as satisfying substi- When he couldn’t find pandemic allows. author of “The DryChal- tutes for an alcoholic cock- tail—is new and tiny. Mr. Watters said most of the 30 brands on his store’s two racks are less than two years old. And many deliver an unexpected flavor. “They’re all oysters, not Chicken McNuggets,” he said, pausing to reflect. “I’m not sure that’s a good anal- ogy.” Many options, including the $3 spice sodas from Brooklyn’s Dona Chai, $15 six-packs of nonalcoholic beer from Athletic Brewing and $73 bottles of “spirit re- JOURNAL

storative” from Rasasvada REET are produced by companies ST LL

based in or around New York WA City. THE

Among them are two vari- R ants from Proteau. Founder FO John deBary, who was the JONES

bar director for years with a Y

trendsetting restaurant GABB group,got started when he A sidewalk tasting of For Bitter For Worse mocktails takes place outside Spirited Away.

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FAMILY & RELATIONSHIPS PERSONAL JOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. We dnesday, December 2, 2020 | A11 OFT OS MICR ; OX BL RO TTEL; MA (2); NINTENDO MSUNG; SA GO; LE JOURNAL|, REET ST LL WA ION/THE AT TR US ILL TO PHO

to provide both physical and digi-  Clockwise from top left: Lego FAMILY tal experiences,” she said. Star Wars, Samsung Galaxy &TECH Tech ClobbersToys Deciding whether to give in to Chromebook, Pokémon Pikachu, JULIE kids’ tech wishes presents a new Nintendo Switch, American Girl, JARGON challenge for many parents of Roblox avatar and, center, Xbox younger children, who before the controller Minecraft Creeper. On Children’s pandemic might have been off his is the first year screens a few more years. Parents Heather Muhleman Jen- say denying kids’ requests this Most Wanted kins’s son, Reid, hasn’t year, when they’ve already lost so asked for toys for Christ- Holiday Wish Lists much, is harder than in Christ- The holidaygifts children long mas. The 6-year-old cut mases past. foroften aren’t the same as T “The whole issue I’m dealing the gifts their parents want to out a picture of a Nin- tendo Switch from a catalog, glued with right now is, how do I temper give. Phones,videogames and it to a piece of paper and handed to the market research firm NPD almost as hard to spot as Santa this? Do I not give him what he re- game players dominatedkids’ it to his mom. Group—as did sales of bikes. coming down the chimney. ally wants for Christmas?” said wish lists this year,anannual “He said, ‘If Santa doesn’t get But as the holidays approach, More often, there’s a discon- Ms. Muhleman Jenkins. “If we do surveybyRoosterMoneyfound. me anything else, this is what I requests for screens and software nect between what parents want get him a Switch, we’ll have to want,’ ” said Ms. Muhleman Jen- have reached a new level. Allow- to buy for their children and what come up with rules around it.” 1 Lego 6 Fortnite kins, a public-relations executive ance and chores app Rooster- children actually want. Nicole Pearl wishes her sons 2 Phones 7 Computer in Garrison, N.Y. Money looked at items that 47,000 “It’s not always what’s on the would spend less time on their Last Christmas, there were no U.S. kids who use the app have in- child’s wish list that parents are screens. But all her 7- and 9-year- 3 Roblox 8 Pokémon high-tech items on his wish list, dicated they are saving up for and looking to satisfy. Parents will con- olds want is money to buy video- 4 Nintendo 9 Minecraft just Paw Patrol toys and remote- forecast the ones most likely to sider, ‘What is my kid asking for? game currency so they can level- Switch 10 PlayStation controlled cars. But in recent top their Christmas wish lists. What do I want and not want my up their characters. “You don’t 5 Dolls months, she and her husband Devices and videogames make child to have? And what can my want to be the one mom who’s dusted off their old Wii gaming up eight of the top 10 desired child do with the family to- saying no when all the other kids system to give Reid and his sister, items this year, compared with gether?’ ” said Juli Lennett, NPD’s are playing together, and have Layla Lisiewski’s6-year-old son no- Phoebe, something fun to do. Then five in 2017, when the app maker U.S. toy-industry adviser. “Kids them get excluded from the group. ticed his parentsweretracking Reid saw a Nintendo Switch at his began tracking kids’ wish lists. may not ask for apparel but the Their social interaction right now their steps during hikes near their cousin’s house and decided he Lego sets and Barbie dolls still No. 1 category for the holiday sea- is all through a screen,” said Ms. Greenwich, Conn., home,and now wanted one. made the cut—Lego was No. 1—but son is apparel.” Pearl, a Chicago-based beauty and he wantshis ownfitness-tracking Tech devices and videogames phones, gaming devices and gam- The Lego Group saw a signifi- lifestyle influencer. “I don’t want watch. He is also asking forvideo- have been edging out toys forde- ing franchises such as Roblox and cant increase in sales to adult us- to spend money on toys they’re games and asystemtoplaythem cades,but the pandemic this year Fortnite dominate. Notably, books ers this year, as well as families not going to use. on. Ms.Lisiewski, amother of four threatened to buck that trend. and bikes fell off entirely. getting into building Lego sets to- Still, she plans to buy games and co-founder of a digital moms Therewas the puzzle and board You’d think kids would be so gether. Nevertheless, says Julia that don’t require a screen, such network,worries about the time game frenzy of the spring,followed bored of being on screens all day Goldin, the company’s global chief as corn hole, that the whole family her son would spend on games,but by a spikeinBarbie doll sales as for school that they’d race outside marketing officer, the pressure to can play together. “I’m not giving sees an upside.“It might bring my parentstried to prytheir kids off to ride bikes or pick up a book. engage Lego fans via screens— up,” she said. kids together because they could screens.Toy sales overall rose after Some kids are—I’ve heard from from YouTube to app stores—is Even kids who spend alot of playtogether versus sitting sepa- schools closed in March, according the parents of some—but they are palpable. “To be relevant, you have time outdoorswant tech forthat. rately on theiriPads,” she said.

60%), and slightly Netflix Show morefemale than CHECKMATE IT OUT usual, at 25% of new memberscompared Ignites a with 22%among the Want to join the chesscraze? site’sbase of 46 mil- Hereare resources: lion members. Dur- ChessBoom ing the spring, pan- PLAY:Chess.com has createda demic lockdowns Beth Harmon chessbot that gaveabump to beginnersand experts canplay BY DON STEINBERG chesssites,hesaid. against. Novices cantakeon Jeff Myers, owner Beth at age 8; experts can he Queen’sGambit,” Net- of online retailer challenge versions of Beth up flix’sfictional drama about thechessstore.com, to grandmasterlevel. “T Lichess.org, which recently afemale chessprodigy, has said his November pulled off an unlikely gambit of its sales were triple reached100,000 simultaneous own: It’sprompted one of the big- November’s last players online,isafreesite gest surgesinthe popularity of year. Demand is whereparticipantscan takeon chessamong Americans sincethe running up against a global opponents at the same days of Bobby Fischer’s dominance Covid-related supply levelofexpertise. It offers puz- in the 1970s. slowdown, he said, zles formastering tacticsand Theshowhas become Netflix’s and his inventory is variants likeAntichessand Cra- most widely viewedscripted lim- dwindling. “We Anya Taylor-Joy, left, portrays a chess prodigy, Beth Harmon, in ‘The Queens Gambit.’ zyhouse. ited series,with 62 million house- source our best holds tuning in during the first28 quality Staunton BUY: Stores likeNew York days afterits Oct. 23 debut, the wood chess pieces from India, and struggling with substanceabuse. ‘Sex, drugsand rook and roll.’ ” City’s ChessForum areopen streaming companysaid. (Netflix India has really been locked down. Theshowfeels likeacousin of The chess prodigy “is the per- and also offeronline shopping. nowcountstwo minutes of watch- They haven’t been able to harvest Amazon’s“TheMarvelous Mrs. fect character for our time,” said Your Move Chessand Games, ing as aview.)The impact is clear: trees for the sets, and carving fac- Maisel,” sharing itsswankymid- Bruce Pandolfini, a chess expert of North Massapequa, N.Y.,bills Google search queries for chess tories for the pieces have been centuryset designs and fashions, who consulted on the novel and itself as America’slargestchess doubled from October to November. closed,” Mr. Myers said. His do- international travel and astrong- the Netflix series. “Beth is a tre- store.The U.S. ChessFedera- Participation in online chesssites is mestic supply of chess boards also willed protagonist in amale-domi- mendous survivor.” tion,the World ChessHall of soaring and it is getting harder to has been disrupted: “The boards I nated field. Itsimpact, though, has Imad Khachan, owner of the Fame’s QBoutique,and buy some chesssets. have coming from New York won’t been morelikethat of “Stranger ChessForum in NewYork City’s Thechessstore.com offerentry- “We’resetting anew record,for last until Christmas at the rate we Things,” another Netflix series that Greenwich Village, realized early leveland luxuryequipment. most newmembersinasingle day, are selling.” is credited with spurring arevival last month that the showhad be- VISIT: The World ChessHall of almost everyday of November,” Netflix’sseven-episode series is of the game Dungeons &Dragons. come aphenomenon. Working in Fame in St.Louis physically said Nick Barton, director of busi- basedona1983 novel by Walter What is thesecret forinjecting the storeafter midnight, “I heard and virtually offers exhibitions, nessdevelopment at Chess.com,a Tevis.Beth Harmon, playedby chessintothe mainstream? “We the voiceofayoung woman as including one on the real-lifepi- sitefor chesseducation and online Anya Taylor-Joy,isared-headed had arunning jokewhen we were she walked by,” Mr.Khachan re- oneering women of chess.The play. That influx of morethan Kentuckyorphan in the 1960s who making it, that we were putting the called. “She said ‘Queen’sGambit!’ Hall plans to include Beth Har- 100,000 membersdaily is mostly sees chessboardpatterns in her sexy back in chess,” said Bill Usually passersby just yell ‘Chess!’ mon in acoming exhibit on beginners, Mr.Barton said. The head at age8.The world opens to Horberg, the executiveproducer of Or,ifweare open, invariably chessprodigies. newcomershavebeen mostly in the Beth as she advances from local cu- the series.“We even hadT-shirts someone walks in to ask ‘Can I

NETFLIX 18-to-24 demographic (as high as riosity to world champion, all while printed up forthe crew that said, playBobby Fischer?’ ” P2JW337000-0-A01200-1------NS

A12 | We dnesday, December 2, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL.

THE MIDDLE SEAT SCOTT McCARTNEY Could thePandemic Cut

venifCovid-19 vaccines be- BusinessTravelby36%? come widespread, business travel is likely to be changed by the pandemic. ETravel budgetshavebeen slashed and some meetings will remain virtual; conferences and

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who recently suggested half of all P: business travel will never return. TO OM

Guesses aside, a look at data FR suggests between 19% and 36% of all air trips are likely to be lost, based on a business-travel analysis lack of good dataonhow the winning business. But internal online sessions. Commuting by air travel. “That’s a huge number,’’ Mr. I worked on with three airline-in- Covid-19 pandemic would affect company training sessions could to work totaled about 5% of all Baldanza says. dustry veterans. airlines and travel. become virtual rather than in-per- business travel in the past. Post- Airlines likeAmerican, Deltaand “Brick-and-mortar retail has We compiled data on business son. Multiplying the estimates of pandemic, that could be reduced United in the U.S. and foreign carri- been devastated by e-commerce travel from disparate sources and lost trips by the share of business by working remotely. In both those erslikeLufthansa, British Airways and I think this is a parallel story,’’ broke down the market by travel travel in each of our seven catego- categories, we estimated a mini- and Singaporeare built around says Jay Sorensen, president of purposes, such as sales, technical ries gave an overall estimate of mum 40% of that travel would be businesstravelers. It affectswhere IdeaWorks, an airline-industry support or conventions and trade trips lost: 19% to 36%. replaced by technology and it they fly, howthey design schedules, consulting firm and a member of shows. That’s not how the market Business travel has a dispropor- could be as high as 60%. howthey configureplanes and ev- our group. The others are Ben Bal- is usually measured. Most data on tionate effect on airlines: The top erything from plush airport lounges danza, former chief executive of business travel looks at how much 10% to 15% of customers at global to major investmentsinfancynew carriers typically account for Why not talk with a terminals. about 40% of revenue. Overall, Some airline executives note Bank of America estimates busi- client online instead of that technology has always stimu- ness trips contributed $334 billion making a two­day trip lated more business travel, not to the entire travel industry’s $1.1 less. The easier it is to make con- trillion in revenue last year. for a short meeting? nections in the business world, the Typically people think of busi- more reason there is to go meet ness travel as sales people on the with people. Others say that this road meeting with existing clients time it’s different. Video technol- and pursuing new ones, or people At the other end of our scale, ogy lives on all our laptops and attending conventions and trade we estimated that the loss from phones. Why not talk with a client shows. But that is far from the sales trips would be somewhere online instead of making a two-day whole picture. About 25% can be between zero and only 20%. Con- trip for an hour-long meeting? classified as sales and securing cli- ventions and trade shows likely Facedwith alossofbusiness ents, according to our research, will bounce back because they are travel, big airlines will no doubt try and a further 20% for conventions seen as efficient ways to meet cli- to raise ticket prices forleisurepas- and trade shows. Add in support entsand keep track of competi- sengerstomakeupfor reduced rev- of existing customers and a cate- tors. There will be bigger losses in enue.But that maybedifficult. Departing Los Angeles,top and awaiting bags, above, at Chicago’s O’Hare. gory we called “professional ser- categories like technical support, Low-cost carriersrepresent about vices,” which includes legal and where trips can be replaced by vir- 20% of U.S. airline capacity and can consulting work plus research, and tual visits. forceairlines to match lowprices.A Spirit Airlines and a current board auto makers or other industries you get to about two-thirds of the We vetted our findingswith peo- lot of leisuretravelisdiscretionary member of JetBlue, and consumer spend on trips. Then we estimated business-travel pie. ple in the industry, such as airline and if it gets tooexpensive, not as advocate Charlie Leocha, president the minimum and maximum per- After combing through data executives,U.S.and international manypeople will go. of Travelers United, a passenger- centage of trips that might be lost from various sources and surveys trade associations and corporate Mr.Baldanzasays he hopes we advocacy organization. to technology in each category. from around the world, we found travel agencies.Their feedback led arewrong: “I hope vaccines are We started meeting weekly on- Some purposes are more easily re- some assumptions about business to some refining of categories and great and in 12 months the world is line when the pandemic began. placed by technology than others. travel need refining. About 20% of supported our findings. living asomewhat normal lifeand We commiserated on the abrupt Sales calls are more likely to fully all of it, for example, is for intra- The worst-case scenario—los- everyone who thought they travel-industrydepression. And return to in-person meetings be- company meetings and training—a ing more than one-third of all wouldn’t travel says,‘Yeah I’m go- we became frustrated with the cause of the competitive nature of category that could be replaced by business travel—would reshape air ing to go travel.’”

MY RIDE |A.J.BAIME refined horsehair, as it was done origi- nally, using uphol- This 1904 Model BHelped stery tacks of the same size and spac- ing as how the car Launch Cadillac and Detroit was originally crafted. LesHolden, 68,aretiredmortgage began the restoration in late 2005, I will never forget banker living in Southern Pines, finishing it four yearslater. the first test drive. N.C.,onhis 1904 Cadillac Model B The entire story of the founding Since the Cadillac Rear-EntranceTonneau,astold to of Cadillac can be told through this had lived almost all A.J. Baime. car. In 1902, Henry Ford was at- its life in Mexico, and tempting to launch the Henry Ford hadn’t run in de- IN 1996, I WAS DRIVING in the Co. in Detroit. His investors got im- cades, that 3-mile “London to Brighton” rally in Eng- patient and fired him. They brought test drive was prob- land, the world’s longest-running in an engineer named Henry Leland, ably the first time motoring event, in my 1902 Ram- of the Leland & Faulconer Manufac- this American car bler when I noticed single-cylinder turing Co., to help appraise Henry had ever been driven Cadillacs passing me. At that time, I Ford’s shop equipment to prepare on an American had already been restoring brass- for selling it all. Leland looked it road. Since then, it era cars for a decade. [Brass-era over and said: Look, you guys have Les Holden with his 1904 Cadillac Model B Rear-Entrance Tonneau. has won numerous cars are brass-adorned vehicles a car here almost ready to go. I national awards at

JOURNAL built from the late 19th century up have an engine that I made. You car shows. to about 1915.] I thought to myself: can put that engine in this nearly lac was not considered a luxury car; I did a lot of the restoration my- Few1904 Cadillac Model B’sstill REET

ST I am going to look into buying a Ca- finished car and bring it to market. that came later. It was just an aver- self. I disassembled and assembled exist, and to me this one has to be

LL dillac. So I put the word out. So they did, naming the car after age, very well-made vehicle. the 8.25 horsepower engine, for ex- among the mostaccurately re-

WA Thatiswhen Ifirst heardabout the French explorer who founded My Cadillac was built a year later ample. But for some of the work, I storedinthe world. Nothing was

THE this 1904 Cadillac thatwas forsale Detroit in the early 1700s, a man and was exported directly to Mex- turned to professionals. The brass lefttochance. To motoralong at R

FO in Texas. The seller faxedmeaphoto named Cadillac. So Cadillac ico City, where it spent most of its restoration was done by Britten’s 25 mph, considering all the history and Iboughtitrightthen, overthe launched its first production car in life. Much later, a seller brought the Brass Works in Michigan. The up- this Cadillac has seen and all the SNER phone.For the next eightyears, Ihad 1903, which was the same year car to Dallas, Texas, with the hope holstery was done by Zimmerman work put into its restoration, is to GES things made and collected parts Henry Ford ended up launching of finding it a new home. When I Coach Trimming in Pennsylvania. me an experiencethatistough to

JOHN while Iworked on other cars.Then I Ford MotorCo. At that time, Cadil- bought it, it had not run in decades. They stuffed the upholstery with put into words. P2JW337000-0-A01300-1------XA

THE WALL STREET JOURNAL. We dnesday, December 2, 2020 | A13 ARTS IN REVIEW

Sturgill Simpson, left; David Rawlings and Gillian Welch, below

pop’sTom Jones,country’s Miranda Lambert and bluegrass’s Dailey &Vincent. But she’sbeen far from prolific as arecording art- ist herself—just five albums in 24 years; none in the past nine.Her songsand performances have added up to acontinuing,evolving conversation with longstanding roots-music styles. Not only the pandemic but the tornado that hit near Ms.Welch and Mr.Rawlings’sEast Nashville, Tenn., recording studio in March have led to this sharing of some 40 previouslyunheardsongsthat were composed and recorded over one weekend back in December 2002 to fulfill apublishing con- tract. This dramatic increase in the duo’s available creations,which were on tapes retrieved from the water-loggedstudio afterthe 2020 storm, arrives as asurprising bounty forfans. Thebreakneck paceofwriting TZ

DIL and recording—the lyrics culled Y from Ms.Welch’snotebooks,the

HENR tunes generally devised by Mr.Raw-

NG; lingsoverthose very few days—

SO yielded aset of relatively short songsthat maketheir pointsand get SEMI

P: out, most oftenastwo-minuteturns TO on old-time countrysounds,country OM

FR blues and gospel included. That con- versation with traditionalmaterial becomes acentral part MUSIC REVIEW of howthese record- ingswork—right down to the song titles,ina number of cases.“Val- Roots‑Music ley of Tears,” “Wanted Man,” “Sin City,” “Peaceinthe Valley” and “MakeMeaPallet Retrospection on Your Floor” areall very familiar titles to followers of American rootsmusic,but the Two singer-songwriters find rich rewards songsthat carrythem hereare newones,cog- in revisiting their catalogs nizant of the oldies. Wherethe Flying Bur- ritoBrothers’ country BY BARRY MAZOR foradystopian Japanese anime “Sin City” included film. He’soffered original song- Gram Parsons’scele- ith their work lives writing,and shown electric-guitar brated referenceto disrupted by the prowess on those adventurous for- having “green mohair pandemic,roots- ays,but the through storyhas suits,” the newsong music makershave been his rich, Kentucky-accented moves along lazily, Wbeen exploring voiceand vocalartistry. Mr.Simp- with ablues tinge, and their existing song son’ssinging has never sounded refers to having “two catalogsfor use in newways.Two morebuilt forthe job than on this hundred dollarsand a collections due out in physical newalbum, which revisitssongs pair of mohair slacks.” form on Dec.11(and currently from acrosshis entirecareer,rein- Youcan almost hear available digitally) demonstrate terpreted as bluegrass. straight and narrow.” Hereit’sa “Alternativecountry” maystill the wheels turning. howbackward glances canresult These arenot songssimply exe- gospel rave-up poweredbyacir- be as good an overall term as any Thenumbersare at once off-the- in releases that aremuch more cuted on acoustic instrumentsand cular banjo figure.“Turtles All the forMr. Simpson’smusic.But do cuff and knowing.They’vebeen than placeholders. labeled “bluegrass.” Bluegrass’s WayDown,” aroots-rock spiritual not be surprised if this collection programmed not in the order they musical dynamics,band interac- treatise that describes experience comes to be considered one of the popped up,but with consideration Sturgill Simpson, “Cuttin’Grass tions,vocal stretches and harmo- with “marijuana, LSD,psilocybin best bluegrassalbums of the year. forthe listener,ordered intothree Vol. 1(The Butcher Shoppe Ses- nies arehere, as is such serious and DMT,” takesMr. Simpson to involving albums released sincethe sions)” (High Top Mountain/Thirty genretalent as SierraHull (mando- the potent, upper register peak of Gillian Welch, “Boots No.2:The summer and nowgathered to- Tigers) lin), Stuart Duncan (fiddle), Scott bluegrassvocalizing here; the lyric LostSongs” (Acony) gether,accompanied by abook of In the seven yearssincehis first Vestal (banjo), MikeBub (bass) and remains far from traditional. “Sit- It’sbeen nearly aquarter-cen- lyrics,chords and apropos photos. solo album, “High TopMountain,” Tim O’Brien (guitar). The20songs ting HereWithout You,” from the turysinceroots-music stylist Gil- It’sapleasuretohear from artists Sturgill Simpson has become for areculled from the three Simpson “High TopMountain” record,had lian Welch and instrumentalist mu- saturated in their sourcesand their manyamodern musical hero—for solo albums of 2013-16 and the been the sort of rhythmic honky sical partner David Rawlingsburst ownshared musical approach, able his brash defianceofmainstream four recordsthat the artist intro- tonk number that led to Waylon ontothe emerging Americana to toss these songsoff,and coming countrysound and subject norms, duced as leader of the alternative- Jenningscomparisons; nowthe scene with the 1996 album “Re- up with material that, circum- disregardfor genreboundaries, countryrock band SundayValley wordsare clipped and sung brief vival.” Theduo’s favoredtone— stances aside,provestobeawel- and bold experimentation. He’s from 2004 to 2012. as banjo notes.Itworks.“Some- markedly laid back and world come and worthyaddition to their served up 1970s-style Outlaw “A Little Light” appeared on the times Wine,” aregionally popular weary—has influenced newcomers recorded catalog. Countryhonkytonk; cerebral psy- “Metamodern Sounds in Country SundayValley number,turns from to the field ever since. Ms.Welch’s chedelia; lullabies foranewborn Music” LP as aclap-along,oompah near punk rock intoafiddle- songshavebeen recorded by ev- Mr. Mazor reviews country and son; and ahard-rock soundtrack number about staying “onthe driven hoedown. eryone from folk’sJoan Baezto roots music for the Journal

TELEVISION REVIEW |JOHN ANDERSON ject of biological or inherited guilt, a can of moral worms has been opened and ought to be addressed Horrid History,Hidden a little more responsibly than Ms. Olson does here. It’s not the only hole in the story, either. In aFamily Tree Given how early the illicit-in- semination angle of Fortier’s his- tory is revealed, viewers will sus- ‘THE POSTMODERN Prometheus” member in good standing” of the pect that even worse is to come, might have been the title of direc- Nevada medical community. and they will be right. But that torHannah Olson’sdocumentary Acouple of other membersof doesn’t mean those same viewers “Baby God,” considering that its that community areonhand to might not have other questions. subject wasaFrankenstein of fer- provide some perspectiveonwhat Fortier claimed he was just trying tility medicine: QuincyFortier, medicine waslikeinLas Vegasin to help the women who came to who practiced gynecologyand ob- the ’60s,wherethe population was him at the Las Vegas hospital he stetrics in LasVegas fordecades “70-75%female,” according to established in the early ’60s. (The and used his ownsperm to im- Frank Silver,and the doctorswere source of the recordings of Fort- pregnateanuntold number of few.Dr. Silver estimates he himself ier’s voice is not identified.) But women without their knowledge performed 5,000 deliveries over the the specifics of the women’s prob- or consent. What washethink- course of his career.Dr. Fortier was lems are never revealed. Were ing? As he died in 2006,it’sim- no doubt responsible fordelivering their husbands sterile? It’s not dis- possible forMs. Olson to tell us acomparable number of babies, cussed. Equally unclear is how exactly.But he certainly never an- some of whom, unbeknown to the women who were examined by ticipated Ancestry.com. Or that mothers, were his ownchildren. Fortier with no intention of having one of the scores of children he Ms.Olson doesn’t wander into children became pregnant, includ- fathered would grow up to be a the legal weeds with her explora- ing one of his daughters. There are policeinvestigator. tion of Fortier,orspeculatemuch many allegations of sexual abuse, Wendi Babst, whom Ms.Olson about who or what medical author- but rape does not seem to be follows through what is an un- ity might have curbed the doctor’s among them, although Ms. Olson avoidably sordid but captivating genetic crime spree.She’smorein- is so discreet that one is not en- story, needed something to do af- terested in what the knowledgeof tirely sure. tershe retired in 2016 from her their paternity has done to his As discussed by Dr. Silver and decades-long career in lawen- children. “Those who don’t share another colleague, Harrison Sheld, forcement in suburban Portland, DNA with their parentsdon’t know it was routine for medical stu- Ore. So she gotanAncestryDNA who they are,” says one.“They dents, decades ago, to donate to kit. Thepayoff wasasurrealist’s have the feeling they’renot just sperm banks for, as Dr. Silver re- casino jackpot, and afamily tree different but somehowwrong.” calls, “$50 a sample.” Both doctors that looked likeaforest: Half-sib- Ms. Babst takes it further. “The entertain the idea that they them- lingsbythe dozens,all linked by monster,” she says, referring to selves might have unknown prog- the name Fortier.She decided to Fortier, “is living inside me.” The eny out in the world whom they’ve dig,and what she came up with nature-nurture debate certainly never met, and how that would wasnot entirely surprising: Her gets a working over in “Baby make them feel. “Another little biological father had been subject God”—Brad Gulko, the virtual mir- me? How could you not love that?” to legal scrutinyand lawsuitsbe- ror image of his bio-father, is also says Dr. Silver, apparently unaware fore,with cases settled out of a medical researcher, and the im- of what movie he’s in. court and nondisclosureagree- plication is that his professional

HBO mentsinplace. “He never lost his life was genetically foretold. But Baby God Cathy Holm with her daughter Wendi license,” she says.“He died a once Ms. Babst broaches the sub- Wednesday, 9 p.m., HBO P2JW337000-0-A01400-1------XA

A14 | We dnesday, December 2, 2020 THE WALL STREET JOURNAL. SPORTS The Games Go On but It’sGetting Ugly

Leagues are trying to plow ahead as outbreaks and postponements are making it harder to proceed

BY ANDREW BEATON AND BEN COHEN he topmen’scollegebas- ketball team in the coun- tryplayedthrough a TspateofCovid-19 cases among players and staff on Thanksgiving weekend. TheNo. 1 collegefootball team took the field forits most anticipated game with- out the sport’smost famous coach. And nowthe NFL has shut down most of itsfacilities fortwo days as one team had to playwithout a quarterback,another waskicked out of itshome and athirdhad a game delayedthree different times. Thelatestcoronavirus surge has crashed intothe sportsworld again and is slowly disabling the leagues that areinseason. Theindustry faces the same problem it did when sportscame to ahalt in March— only this time leagues aretrying to

bulldoze through the pandemic. II/REUTERS It wasalmost nine months ago

when leagues acrossthe country BUTLER

looked at this situation and came to VID the oppositeconclusion. Asurreal DA

night in the NBAled to an abrupt GES;

shutdown. Major League Baseball IMA players were sent home from spring

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Thelast time the pandemic was FR this grim, sportshad no choicebut to stop.Itre- The Seattle Seahawks and Philadelphia Eagles, above, played a Monday Night started with extraordinary Football game on Nov. 30. Left, Virginia Tech upset No. 3 Villanova on Nov. 28. safety protocols over the summer—driven to protect sportssafeorpermissible.They will paused 2019-20 season and made it billions of dollarsintelevi- playtheir next two home games in through the playoffs with zero posi- sion contractsatatime Arizona. tivecases among players inside the when ticket sales revenue Then the DenverBroncos were bubble.They’renot doing it again. disappeared. forced to playSundaywithout a When players balked at the idea of Nowcases and hospital- quarterback aftertheir starter and spending afull season away from izations per dayinthe U.S. backups were sidelined by Covid-19 home,the league rushed back fora have reached newhighs,but or contact tracing.The firstand season that begins on Dec.22. the economic imperatives for second quarterbacks to take snaps What comes next forthe NBA the leagues haven’t changed. forthe Broncos were technically might be much harder than con- This time,with all that running backs.The thirdwas awide structing abubble. money at stake, the sports receiver named Kendall Hinton who When teams received the new world isn’t stopping. had never playedanNFL game but health and safety protocols on Sat- “It’svery, extremely clear playedsome quarterback in college. urday, they learned that anyone that we as acountry, com- He would completemorepasses to who testspositivecould be out for munity and statehavetodo the other team than to his own at least12days.Those restrictions what we can,” said Jeffrey teammates. mean that star players missing Smith, adoctor,lawyer and Thethreadbarecollegefootball weeks at atime is almost inevitable the executiveofficer of Santa season also threatened to unravel foranindoor game that maybe ClaraCounty,which insti- as morethan adozengames were moredangerous than most sports tuted restrictions banning postponed or canceled over the in this pandemic. the SanFrancisco49ers weekend. Ohio State,No. 3inthe Thepromise of vaccines wasan from practicing or playing at home. tors knowmoreabout howtotreat Tuesday, then again to Wednesday AP poll, could missthe College incentivefor sportstoplayitsafe “Otherwise hundreds of thousands Covid-19,but health expertswarned because of Baltimore’soutbreaks Football Playoff because it can’t get forthe next few months.But when of people aregoing to die.” that Thanksgiving would accelerate that sidelined morethan two dozen enough games in. And when Ala- the vaccine breakthroughs were an- This defianceisthe latest sign of the spread, and the Centersfor Dis- players and personnel. bama destroyed Auburn, coach Nick nounced in early November,the howsportshavereflected American ease Control and Prevention urged NFL commissioner Roger Goodell Saban wasscreaming at his televi- NBAand other leagues had already behavior throughout the pandemic. Americans to stay home.But there canceled most in-person activities sion from home: He tested positive decided not to bubble again. In March, when sportsweresus- wasone group of people that par- formost teams on Mondayand last week. NFL executives and players never pended overnight, afrightened na- ticipated in the traditional holiday Tuesdaybecause of the “continuous Thestart of the collegebasket- thought it wasfeasible to bubble tion stayed home.Inthe summer, pageantry: sportsteams. increase in positivity ratesthrough- ball season wasnosmoother.No. 1- players forthe entireseason, which when sportsreturned with strict TheNFL had managed to makeit out the country, as well as our un- ranked Gonzagahad apositivetest would have amounted to morethan protocols,afatigued countrytried through most of itsseason with few derstanding that anumber of play- in itstraveling party beforetheir half ayear,and the league isn’t con- inching back to normalcy. Now, as disruptions—but nowfaces aseries ersand staff celebrated the Thursdaygame,playedthat day sidering pausing the regular season sportskeep playing through can- of simultaneous calamities that has Thanksgiving holidaywith out-of- anyway,then held two players out to build one now. celed games and closed facilities, the league teetering. town guests,” he wroteinamemo. of their Fridaygame when one But thereisnobetterexcuse for unprecedented swaths of the U.S. Amatchup between the Balti- That wasonly the beginning of tested positiveand another was them to reconsider than the Super aresick with the virus and sick of moreRavens and Pittsburgh Steel- the NFL’s problems. quarantined as aclose contact. Bowl, and the NFL is still in discus- the virus. ersthat wassupposed to be played TheSan Francisco49erswere TheNBA waspreparing forwhat sions to createbubble environments Scientistsknowmoreabout how in prime time on Thanksgiving was lefthomelessafter SantaClara might be the trickiest comeback in forthe playoffs,aperson familiar the coronavirus spreads and doc- postponed to Sunday, then again to County no longer deemed contact sports. Theleague restarted its with the mattersaid.

Weather TheWSJ DailyCrossword | Edited by MikeShenk Shown aretoday’snoon positions of weather systems and precipitation. 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NewYork City 46 38 pc 51 42 s Dublin 45 35 pc 40 29 sh Warsaw3025s 35 31 c s FREE SALEMMETA Oklahoma City 39 31 r4026c Edinburgh 46 34 pc 39 29 sh Zurich 36 28 pc 36 26 pc Solvethis puzzle online and discussitatWSJ.com/Puzzles. TODD EMERY PSST P2JW337000-0-A01500-1------XA

THE WALL STREET JOURNAL. We dnesday, December 2, 2020 | A15 OPINION We Decide How Much Covid BOOKSHELF | By Philip Wallach

Acurious the culpably obvious.When a daypointed to the foolish the costs and inconveniences A Big-Thinking email arrived disease spreads moreeasily early guidancegiven to doc- won’t have to be borne much afterSatur- than the flu, by people with tors:When confronted with longer. day’scol- few or no symptoms,itwill be unexplained pneumonia, don’t It’sbracing to consider that umn, from a “extremely difficult” to con- check forCovid unlessthe vic- if deaths today were 100,000 Executive state official tain, to use the recent admis- tim canbepositively linked to insteadof250,000,our ran- BUSINESS overseeing sion of Anthony Fauci. China. It’shardtoimagine corous politics and media WORLD medical care Our testing will be luckyto moreterrible advice, would not reflect that we Presidents, Populism, and the Crisis of formillions catchone case in 10,touse as if the goal were had just saved150,000 By Holman W. of Medicaid the estimate of CDC’s Robert protecting our- lives. There was never Democracy Jenkins, Jr. beneficia- Redfield during the summer selves from the going to be agood By William G. Howell and Terry M. Moe ries,includ- surge. knowledgeofany outcome from Covid, ing nursing-home inmates, in It was always going to fall spread not linked butany situation can (Chicago, 269 pages, $18) astate whose nursing-home to 330 million Americans, as to China. Yet this be improved. The deaths from Covid-19 are it clearly has, to heed advice wasthe U.S. ap- time-honored prophy- t’sacurious irony. Those who have constantly warned of nothing to brag about. and do the best they canto proach as well. lactic forpanic is ac- IDonald Trump’sauthoritarian menaceare naturally Iwill withhold his name, limit the damageofavirus Most people tionable information. Un- attracted to proposals that limit executivepowerand AL DRAGO/ but he said my column was that can’t be controlled by of- with flu-like symp- BLOOMBERG fortunately,intheir own revitalizethe separation of powers.Yet when those same “ill-informed,” “inaccurate” ficials exercising their elected toms never see a panic,our officials encouraged observers envision a Biden-Harris administration stuck with and“unscientific rubbish” powers. doctor.Weshould have con- the first surge by suggesting a Republican-controlled Senate, they yearn forapresidency without stating anyclaim that sidered the virus rampant in they could control the disease, with far morepower, not less. William Howell and TerryMoe, he was disagreeing with. the U.S. even before anycases then tried to redresstheir er- professorsofpolitical scienceatthe University of Chicagoand He suggested I had gotten TheU.S.promoted had been identified. When I rorwith unsustainable lock- Stanfordrespectively,appear to solvethis paradoxin“Presi- my information from Steve pointed all this out in late downs.We’vebeen on the dents, Populism, and the Crisis of Democracy.” Mr.Trump’s Bannonand Ben Carson, theillusion of control January, Iwas channeling seesaw ever since. brand of populism, they argue, presentsanexistential threat though Imentioned neither instead of thewisdom what anyepidemiologist Arealistic assessment of to American democracy, and thereisevery reason to expect man. Apparently because I would have told youthe day the U.S. role in the 2008 imitatorsafter Mr.Trump leavesthe stage. But this populism citedaSenatehearing on of risk management. beforeCovid happened. The global financial panic never thrives only because America’s treating early-stageCovid only mysteryiswhy we de- came; instead we gotasilly government is so woefully with avariety of drugsinclud- cided to forget everything we government report that said ineffectiveatdealing with the ing hydroxychloroquine,he The fault for delaying and knewabout the flu-likepan- bad thingshappened because serious challenges of modern wrote: “I suggest if infected burying this message lies not demic we had spent decades officials didn’t prevent them. life. Our best chancetomakeit youpledgetostayhome,take only with President Trump preparing for. Ifear the same will happen moreeffective, in their view, is hydroxychloroquine, and not saying thevirus was“under Forone thing,the “long, with Covid-19.The angrydeni- to build up the big-thinking go to the hospital formorein- control,” NewYork MayorBill dark winter” everybody talks alism of my email friend from presidencyatthe expense of a tensive treatment.” de Blasio saying,“We’vegot a about canstill be lighter and an undisclosed state medical myopic and parochial Congress. This person is amedical long time to ramp up,” or Cal- shorter.Individuals canstop agency shows why. Our big- As in their previous book, doctor. I asked if he told sta- ifornia Gov.Gavin Newsom transmitting the disease if gest failurecan’t be discussed. “Relic: HowOur Constitution tinusersthey should refuse saying the“protocols have they choose to.The truth is, It consisted of not leveling Undermines EffectiveGovern- treatment if they went on to been perfected” (whatever most of ouractivities don’t with the American people ment and WhyWeNeed aMore develop severe coronary dis- that was supposed to mean). requirecrowding together sooner,about arisk they Powerful Presidency” (2016), ease. No response, though he Even today, everymedia in- and breathing in each other’s would have no choicebut to the authorsposition themselves did acknowledgealist of stitution, university and the mouths and nostrils or show- manage without government as heirstoProgressiveEra sourcesIprovided for every Covid Tracking Project, with ering each other in spittle. wand-waving to makeitall reformerswho championed statement in my column. their obsessive focus on con- It’snot impossible to avoid OK. effectivegovernment. They are Imention him because firmed (i.e.,visible) cases, Covid even if people around By the way, I withhold my unashamedWilsonians,sharing what rang through his email givethe public the wrong idea youhaveit. Even workers correspondent’s name on the with the scholar-turned-president the conviction that, as the washistrionic,unreasoning about a disease that is wide- with public-facing jobs have assumption that he is not the only federal official elected by the whole nation, the president denial of ahighly representa- spread and invisible. shown they candoit. And the idiot his email, or his subse- is the only reliable champion of the common good in our tivesort. In reality,mycol- In itsgreat deconstruction incentives become stronger quent legal threats, indicate. national government. Elected representatives,inthat view, are umnwas astatement of the of the fiascoinBergamo,Italy, with avaccine afew weeks or Forthe sakeofhis state, I hopelessly beholden to the special interestsoftheir districts. obvious,you might even say the New York Times on Mon- months away,which means hope I am not wrong. Sincethis characteristic flowsnaturally from their placeinour Constitutional design, it cannot be cured by anything as simple as overcoming polarization or getting money out of politics. We should regard our antique Constitution as an obstacle A Christmas Compromise on Covid Relief? to good governance, not an object of reverence, they assert. If we areunlikely to replaceitentirely,wecan nevertheless As the 116th year,and negotiations among the health crisis.Because most cans,including 56% of Repub- rebalanceitbymeans of an amendment that empowers presi- Congressen- the WhiteHouse and leaders areprohibited from running licans,want Washingtontodo dentstopropose legislation, which would then have to receive ters itsfinal in the Senateand House have deficits, they have responded more. aquick up-or-down vote from Congress. This “universal fast- weeks,Ihave stalled. Meanwhile,more the only way they can—by They’re right. Government track authority” would givepresidentsthe chancetomatch asuggestion than 10 million Americans drawing down reserves and exists to do what individuals, thelegislativeagenda to the pressing needs of society.Presi- forHouse and soon face the lossofunem- cutting services,including po- voluntaryassociations,and dentssoempoweredwould have clear accountability and POLITICS Senatelead- ployment benefitsand health lice, firefightersand other marketscannot, and to assist would thereforehandle the manyproblems of modernity our & IDEAS ers: Take a insurance. Millions of others firstrespondersaswell as stateand localities in such ex- current system has neglected. Thepopulist threat would ebb. break from facethe threat of eviction transportation and social ser- tenuating circumstances.Asin Messrs. Howell and Moe writewith clarity and verve. “In By William nonstop poli- from their homes in the new vices.Overthe past year,state war, the scope and duration of today’spolitical ecosystem,” they writeinone typical aside, A. Galston tics andfocus year. Some 26 million Ameri- and local employment has de- government’semergencyre- “libertarians have all the relevanceofthe dodo birdand on the needs cans reported not having clined by 1.2 million. sponse should be driven by Steller’s sea cow.” And it is hardtoobject to their overarching of the country. On Tuesdaya enough to eat during the past the factsonthe ground, not goals of institutionally reforming our dysfunctional politics bipartisan and bicameral week.Incities acrossthe na- politically driven timetables and improving the quality of our governance. group of legislatorsproposed tion, lines stretch at food Americans need help and spending limits. But the book’scentral argument depends on asleight of a$908 billion emergency banks struggling to find the Theoutlines of abipartisan hand regarding the natureofpopulism. Populism arises,they Covid relief packagetoget the resourcesand volunteersto only government can compromise have been clear say, because of apolitical system’sgenuine failings, especially American people through a meet the demand. provide to weather formonths.OnTuesdaythe in response to “globalization, technological change, and difficultwinter.Leadership Without further assis- House Problem SolversCau- immigration, which unleashed profound socioeconomic should take up this bill tance, tens of thousands of the next few months. cus and abipartisan group of disruptions of jobs,economic security,and the traditional immediately. small businesses will soon be senatorscame together to cultureofthe whiteworking class.” But while populistsare Thanks to the accelerated forced to close their doors propose afour-month emer- right to point out these problems,they areuninterested in development of safeand ef- forgood. Schools will be un- Even with widespread pub- gencypackage. Much of the solutions.Sincetheir success depends on stoking resentments, fectivevaccines,for which the able to reopen because they lic cooperation, vaccinating a bill’s $908 billion is repur- they areperfectly happy to see government flail, or to go along Trump administration de- lack tests, protectiveequip- critical massofAmericans posed from the Cares Act. The with “orthodoxRepublican” opposition to useful programs. serves substantial credit, ment and updated ventilation will take months. Meanwhile, bill provides substantial allo- thereisreason to hope that systems.Hospitals face thereismuch to do that could cations forunemployment in- the economy and society will shortages of beds,equipment mitigatethe effectsofthe cri- surance, small business, states The U.S. Constitution, a pair of political have moved substantially to- and trained staff,evenas sis.Elected officials canbuild and localities,health care, scientists contend, is not a document to be ward normal by next summer. they absorb billions of dol- afinancial bridgetoapost- vaccine distribution, educa- The task right now is to help lars in uncompensated care. pandemic world and help tens tion and transportation. revered but an obstacle to good governance. as many Americans as possi- With case spiking yetagain, of millions of Americans keep If House and Senateleader- blenavigatethe intervening patientscould soon be dying food on the table, a roof over ship won’t bring this bill to months with their lives and in hospital corridors, as they their heads, their businesses the floor,the bipartisan group Thepopulists’ “antisystem” tendencies,Messrs. Howell and livelihoods intact. did in the spring.Inthe af- in operation, and essential of legislatorsshould use exist- Moe conclude,makethem dangerous.But the authorsgivea In the early weeks of the termath of the Thanksgiving services functioning until the ing procedures to forcea passtoother politicians who rail against moneyed interests pandemic, Congress came to- and Christmas holiday, the middle of 2021, when mass vote,either as afree-standing and asellout political class—Elizabeth Warren, Bernie Sanders. gether to passthe Cares Act, situation could turn even distribution of vaccines will bill or as an amendment to Sincethese politicians present “well-defined policyplatforms which provided vital assis- worse. finally begin to end this legislation such as the con- aimed at solving social problems,” they’reOK. tancetounemployedAmeri- State and local govern- scourge. tinuing resolution to fund the Messrs. Howell and Moe trytoavoid the charge of using a cans,small businesses and mentsfaced revenue losses of None of this is—or should government. And they should double standardbylisting tactics employedbypopulist stateand local institutions. at least$70 billion in fiscal be—controversial. Elected of- makeitclear that they will demagogues: “emotional oratory,” “promising the impossible,” Without this legislation, many 2020,rising to an estimated ficials came together across vote against adjourning until “folksy posturing,” “gross oversimplification.” These sound like millions would have been left $268 billionin2021 and $312 party lines to do all these relief has been passed. To ordinarypolitics.One wonderswhat they makeofJoe Biden’s destituteand entirecatego- billion in 2022, according to a things less than nine months leave Washingtonwithout ac- promise to curecancer,ortobanish Covid-19 simply by ries of businesses would have recent report in this newspa- ago. Yes, it cost an eye-pop- tion on aCovid-19 package “listening to the scientific experts.” been decimated. per.Asrevenuesplummet, ping amount of money.But would be adereliction of duty Theauthorsseem to think it’sobvious what problems our Unfortunately,manyim- these jurisdictions have been most Americans believeitwas and, as Virginia Sen. Mark federal government should solve, but the truth is that much of portant provisions of this law forced to spend tens of bil- worth it. According to are- Warner put it on Tuesday, our political conflict is over which problems deservegovern- will lapse at the end of the lions of dollarstodeal with cent survey,74% of Ameri- “stupidity on steroids.” ment’sattention. Therancorous protestsof2020 suggested that policeabuse and systemic racism arethe most pressing problems forsome,but neither appearsanywhereinthe book. What Messrs.Howell and Moe appear to want is abasically Liberty’s Last Line of Defense populist policyagenda carried out by Democrats. That maybe good political strategy, but it is anything but uncontroversial By Luther Strange general when they unitetode- past four years of the “resis- courts to defend the rights of on the left, wheremanyhope that “deplorables” gettheir fend the Constitution and rule tance.” These attorneysgen- thestatesand their citizens. comeuppancerather than government solicitude. ew administrations of of lawagainst edictsfromex- eral rushed to court as a Over thecourse of the past One could read Messrs. Howell and Moe’sbook as an N both parties have aten- ecutive-branch officials and fi- means to issue press releases four years, President Trump attempt to bolster the technocratic camp in ongoing intra- dency to try to accom- ats of unelected bureaucrats. or makepolitical appearances appointed 28 of these solici- party struggles among Democrats. That would help explain plish their policy goals by ex- State attorneysgeneral have in the media against their par- tors general and other high- whythey cartoonishly paint the GOP as the “organized means ecutivedecree.Asthe rush of pushed back on the federal tisan opponentsorinsupport level staff to the federal bench by which populism in Americafinds expression and exercises a campaign meets the reality government’sclear over- of their political agendas. At- at thedistrict and circuit lev- power” and Democratsaswould-be saviorsconcerned with of governing,incoming presi- reaches in the Affordable Care torneys general serve the na- els.Thirteen alumni of state thenational good. But perhaps they aregenuinely oblivious dents and staffers grow frus- Act’s contraceptive mandate, tion best by making meritori- attorney-general offices were to the waysinwhich their ownargument partakes of the very trated with the messy details ous argumentsgrounded in on the president’sSupreme antisystem impulse they vehemently denounceinpopulists. of bicameralism and present- the law. Court list. “Parochial,” forthem, is adirty word;all interestsare ment—sign-off from both State attorneys When Iserved as Alabama’s As the new administration dismissed as “special” when compared to the good work of chambersand the president— attorney general and then as takesshape over the coming solving bigproblems with big newprograms.They stop required to enact newlaws. general best serve chairman of the Republican weeks and as anew crop of short of branding defendersofour current system as Having served in the Senate, I when they eschew AttorneysGeneral Association, officials trytheir hand run- enemies of the people,but they areheaded in that direction. canunderstand the frustra- the mandatewas simple: Look ning the behemoth that is the Theauthorsseem ready to reject the venerable American tion. partisanship. to the Constitution, the lawas federal government, state at- tradition of pluralism—an increasingly common movefor But who is theretoprotect writtenand the precedent. torneysgeneral will be watch- those on the leftwho question their opponents’ legitimacy. and defend the rule of law That is the attorney general’s ing. They stand poised to act They aresurethe countrymade it through the 20th century’s from an overeager newadmin- the Clean PowerPlan, and the role—to make sure the law is as the defendersofthe rule of fiercest challenges mainly because it had dynamic presidents. istration? State attorneysgen- Waters of the United States followed, not craft his own. lawonbehalf of their constit- All that businessabout deliberation and self-government, they eral, who arethe last line of rule when they threatened Most everystate now uents. think,ismeresentimentalism—and one suspectsthey’ll soon defense against federal over- Americans’ liberties. boastsanofficeofsolicitor use much stronger languageindenouncing the Senate. Call me reach. Attorneysgeneral fall down general, stocked with top- Mr. Strange, a Republican, asentimentalist, but I’ll stick with our rickety old Constitution. Iserved as Alabama’sattor- in this duty when they prac- flight lawyers who choose to served as Alabama’s attorney ney general. I’vewitnessed ticepartisanship—as did serveintheir statecapitals, general (2011-17) and aU.S. Mr. Wallach is aresident scholar at the American Enterprise thepowerofstate attorneys those who participated in the making arguments in federal senator (2017-18). Institute. P2JW337000-2-A01600-1------XA

A16 | We dnesday, December 2, 2020 ** THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Trump’s Fraud Claims Hit a Barr BLM and Inauthenticity in Racial Relations

ill Barr cantakethe heat, and on Tuesday County,and 3.7inMontgomeryCounty. Shelby Steele’s“TheInauthenticity block party in Washington, D.C. the stalwart Attorney General guaranteed • Vote totals:“Igot 74 million votes, the larg- Behind Black Lives Matter” (op-ed, About 21 people were shot, all black. B he’ll getitwhen he said “todate, we have est in the historyofasitting president,” Mr. Nov.23) abounds with baseless Thethree or four shooterswerealso claims that “weblacks aren’t much black.BLM doesn’t seem to care not seen fraud on ascale that Trump said Sunday. It’s11mil- The AG says the feds victimized,” no longer “stunted by about the shooting or killing of black could have effected adifferent lion morethan in 2016.Yet he racial persecution” and “far more Americans by other blacks.Ifitdid, outcome in the election.” have seen no evidence lost to Mr.Biden, who Mr. likely to encounter racial preferences this shooting would have had exten- Mr.Barr told the Associated Trump said “did not get16mil- than racial discrimination.” Nothing sivecoverageand therewould have Pressthat allegations of “par- to overturn the election. lion morevotes than Barack could be further from the truth. been demonstrations.What is BLM ticularized” fraud, with some Hussein Obama.” At Brady United Isee reality re- really trying to achieve? that “potentially coverafew What’sunbelievable? The fute Mr.Steele everyday.Towit: J. JOSEPH PERRY thousand votes,” arebeing explored. But Presi- electorategrows.Since2012, the voting-eligible “Weblacks” aretwiceaslikely to be Salt Lake City dent Trump is down by 150,000 votesinMichi- population has risen by 17 million, according to killed by policethan whiteAmeri- gan, 80,000 in Pennsylvania, and 20,000 in Wis- estimates by the U.S. Elections Project. Turnout cans.“We blacks” aremorelikely Shelby Steele’scounsel to “never consin. As forthe idea that voting machines in 2020 washistoric,helped by expanded absen- than anyone else in the U.S. to die denythe past, but it should only in- from gunhomicide.“We blacks” are form and inspire.” We Jews were were compromised, Mr.Barr said the feds “have teevoting.Ifenthusiasm wasalso high, perhaps 13% of the population but account for slavesinEgypt for400 years, and we looked intothat, and so far,wehaven’t seen any- it’sbecause Donald Trump has been apolarizing almost half of the gun-violence have long sincemoved (despiteper- thing to substantiatethat.” President and droveDemocratic as well as Re- deaths. sistent anti-Semitism) from being As specific claims of fraud getknocked down, publican turnout.Asfor the failureofbellwether This asymmetric lossdoesn’t victims to becoming survivors. Every however, the broader tale of election thefttakes states,they’repredictiveuntil they’renot. Flor- evince“racial preference” but rather time Iopen my prayer book we’re on the natureofthe unfalsifiable.“We wonthe ida and Ohio have trended redfor years. the opposite. Arecent reviewofliter- called to “remember that youwere election easily,” Mr.Trump said Sunday. He later • Poll watchers:Judges have dismissed affi- atureonhow neighborhood charac- slaves.” And yetour sages were wise added: “It’snot likeyou’regoing to changemy davits submittedbythe Trump camp as “rife teristics interact with violent crime enough to caution that it wasmuch mind.” But where’sthe hardevidencetocon- with speculation and guess-work” and “inadmis- linked “structural disparities,” such easier to getIsrael out of Egypt than vincethe country? Manyofthe theories floating sible as hearsay.” Other claims made in public as segregation, to racial disparities in to getEgypt out of Israel. Mr.Steele around don’t withstand scrutiny. circulatelargely withoutbeing tested. Apoll violent crime rates. In other words, writes: “Wedon’t have to fight for systemic racism is,infact, real—as freedom so much anymore. We have • “Ballot dumps”:It’sbeing painted as suspi- watcher from Delaware County,Pa., alleged last areits consequences.And, contrary to do something moredifficult—fully ciousthat big batches of voteswerereported in week,without giving anyevidence, that 47 USB to what Mr.Steele says,recognizing accept that we arefree.” the early hoursofNov.4.TotakeWisconsin: Mr. cardsused in the election “are missing,and systemic racism doesn’t mean creat- Hey,sometimes that means wan- Trump complained in atweet that JoeBiden got they’renowheretobefound.” Where’sthe ing an identity of victimhood. That’s dering in the desert for40years. “a dump of 143,379 votesat3:42AM.” But the ex- proof?“We areaware of these allegations,” says nonsense.Iinsist that black lives RABBI REBECCA KUSHNER planation is prosaic: Contemporaneous report- Laureen Hagan,the chief elections clerk in Dela- matterbecause Irecognize, cherish Iowa City,Iowa ing says this is when Milwaukee’scentral count- ware County.“They arefalse.All votesonall and celebratethe full humanity of ing location finished with roughly 170,000 mail scanners have been accounted for.” black people.Acknowledging and dis- Iwas born with spina bifida, in- ballots. They included votesfor both candidates • Dominion:OnSunday, Mr.Trump called Do- mantling systemic racism isn’t aves- volving anumber of physical anoma- but brokeheavily forMr. Biden. minion voting systems,used in dozens of states, tigeof“the old victim-focused racial lies.But this waslong enough ago order” but an essential step toward that Iwas not promptly dropped into Thetiming is unfortunate, but Wisconsin law “garbagemachinery.” But the totals from Geor- reaching anew one. the category of “disabled.” Iwas doesn’t let counties processabsentee ballotsun- gia’shand recount closely matched the results KELLY SAMPSON treated as an individual, not atype. til Election Day, unlikestatesthat reported early, from itsscanners. Howdoes Mr.Trump explain BradyUnited But society began to insist on the including Florida. Still, the margin in Milwaukee that? In an op-ed forthese pages,Dominion’s Washington victim label. County doesn’t look crazy: Mr.Biden won69% CEO denied the “bizarre” claim that his company We aresaid to be aiming fordiver- to 29%, compared with HillaryClinton’svictory is tied to HugoChávez. Third-party labs,hesaid, Manyofthose who statethat sity.But oddly the diversity move- of 65% to 29%. As ashareofWisconsin’svoteto- “perform completesource-code reviews on ev- Americaissystemically racist and, ment, as we areexperiencing it, actu- tal, Milwaukee County fell to 13.9%, from 14.8%. eryfederally certified tabulation system.” therefore, adangerous countryfor ally reinforcescategorizing. Diversity Arecount finished last week increased Milwau- iii people of color at the same time call goals must be organized as aman- kee’stally by only 382 votes. Fighting such claims is likewhack-a-mole.No, foropen bordersorfor alessrestric- ageable number of types,not aca- Thesame goes forMichigan, which reported Pennsylvania didn’t count moremail votesthan tiveimmigration policy. Whyaren’t cophonyofindividuals.Could this social-justiceadherentswarning po- phenomenon be atruecoreof“struc- asimilar batch of ballotsinthe weehoursofNov. it sent out. No,Wisconsin didn’t have 89% turn- tential immigrantsabout entering tural isms,” whether racism, ableism 4. State lawsays mail votescan’t be processed out. No,several states didn’t simultaneously quit such an unsafecountry? Were any or whatever—meaning not that rac- until one daybeforethe election. Theovernight counting ballotsonelection night. No,ballotsin sympathetic Germans encouraging ism or ableism persist dominantly in jump forMr. Biden appearstohavecome from Arizona filled out with Sharpie markersweren’t Jews to emigratetoNazi Germany? fact, but rather that our mental, me- Wayne County,which includes Detroit. But again discounted. In an election with 155 million votes, Of course not, which illustrates that dia and mythic capacities aresolim- the margins aren’t wild: Mr.Biden wonthere thereare no doubt irregularities and maybe these woke elites either don’t really ited that we cannot function as a 68%to30%, compared with Mrs. Clinton’s67% some fraud. Butfor Mr.Trump to win the Elec- believeinthe systemic-racist doc- large community except in gross to 29%. As ashareofMichigan overall, Wayne toralCollege, he’dneed to flip tens of thousands trine,orthey simply do not care for types? County fell to 15.8%, from 16.2%. of votesinmultiple states. the safety and well-being of immi- Mr.Steele’schallengethat people WhereMr. Biden shined wasthe suburbs.To We’reopen to evidenceofmajor fraud, but we grant people of color.Itmust be one accept the hardwork of freedom and take Pennsylvania, he wonPhiladelphia with 81% haven’t seen claims that arecredible.Now comes or the other. individuality mayonly be the smaller BRIAN KARADASHIAN part of the solution he seeks.Even to 18%, notably worsethan Mrs. Clinton’s83% Mr.Barr,who has no reason to join acoverup.He Escondido, Calif. liberated in themselves,Americans to 15%. Meantime,Philly shrank to 10.7%ofthe likes his job.Hewanted Mr.Trump to win. As the will remain confronted by asystem statetotal, from 11.6%. But look at the surround- election timetable closes,Mr. Trump should fo- Theonly thing youneed to know that demands types,including vic- ingareas: Mr.Biden beat Mrs. Clinton’sshareby cus on preserving his legacyrather than dimin- about the Black Lives Mattermove- tims.What other way of organizing 3.1pointsinBucks County, 3.4inDelaware ishing it by alleging fraudhecan’t prove. ment canbedistilled from events reality candeliver powerand sell that occurred Aug.9.Barely men- product so effortlessly? tioned in the news wasthe largest ROXANE R. GARDETT Whole Foods Capitalism massshooting in over ayear,ata Hailey,Idaho

ernie Sandersmay have made socialism that what really drovehim wasapassion to mainstream, but John Mackey isn’t buy- put fresh and healthyfood within reach of all B ing.Recently the Whole Foods CEO char- Americans.Hesays toomanyprogressives and Shame MayMakeMisbehaving Pols Repent acterized socialism as “trickle up poverty”— universities never see this largerstory be- Reading Jason Riley’s “ThePoliti- from those he passed were palpable whiledefending capitalism as the “greatest cause they can’t getpast the idea of profits, calClass’sHypocrisy Long Predates and he clearly heardthem. Once thing humanity’s ever done.” which they believeare dirty.Too manybusi- Covid-19” (UpwardMobility,Nov. through security Igot on along line Mr.Mackey offered his remarks while nessleadersfail to push back. 25), Iamreminded of my ownexpe- forthe Subway shop and along came promoting his latest book,“Conscious Lead- “We’vetold abad narrative,” he said, “and rienceinNovember 2006.Mywife Mr.Spitzer,himself,who proceeded ership.” Thetitle pointstothe strategies he we’velet the enemies of businessand the ene- and I, afterwaiting on an hour-long to getonthe line.While otherstold pursued in building Whole Foods.But the mies of capitalism put out anarrativeabout security line in SanJuan, were him he could step in front of them, subtitle captures his largermessage: “Ele- us that’swrong.” It builds on his previous re- stopped so NewYork Governor-Elect he repeatedly declined and stayed in vating Humanity Through Business.” His ar- marks that “fromanethical standpoint, we Eliot Spitzer and his entouragecould placeonline until he wasserved. jump the line to be ushered through Clearly he had received the message. gument is that businesses makemoney by need to changethe narrativeofcapitalism, to security ahead of everyone else. Perhaps if we all complained more creating value forothers—producing goods showthat it’sabout creating shared value,not They skippedthe X-raymachines and oftenand vociferously,the political or services that people want and canafford, forthe few but foreveryone.” bag scanners. Themoans and groans elitewould at least makeanattempt creating livelihoods forworkers, providing Mr.Mackey is right to worrythat socialism to be lesshypocritical. returns forits investorsand helping commu- maywin the argument even as in practiceit KEN KOLKEBECK nities. always proves a disaster. Instead of shrinking Trump’s Abraham Accords Sparta, N.J. In founding Whole Foods,headmitshe from political criticism, other CEOs could Change Palestinians’ Plans wanted to makemoney.But he emphasizes learnfromhis example. “Palestinians to ResumeCoopera- President Trump Has Good tion With Israel” (World News,Nov. Point on U.S. Drug Prices 18) ascribes the offer to Palestinian The Woke Nasdaq “comfort with ...Biden ...and as- Regarding your editorial “Trump’s pirations to renewpeacetalks.” GifttoJoe Biden” (Nov.23): High- ith all the waysfor businesstoraise Street Journal, Nasdaq “cited multiple studies Omittedisthe 800-pound gorilla in minded talk about drug innovation is capital nowadays,listing on aU.S. which found that greater diversity on boards is today’sIsraeli-Arab world: normal- all well and good, but the reality is W stockexchangehas lost much of its associated with improved corporategovernance ization of relations between Israel that Americans have been subsidizing appeal. Enter the Nasdaq on Tuesdaywith apro- and financial performance.” But if that’strue, and the United Arab Emirates,Bah- the rest of the world’sprice-fixed posal to makeitself even lesscompetitive. companies hardly need the Nasdaq to mandate rain and Sudan. This normalization drugsfor years. Theonly way to bring Thesecond largest exchangeinthe world has the board’smakeup.Oristhe Nasdaq suggesting has removed the Palestinians from the Europeans and other rich coun- asked the Securities and ExchangeCommission that without itsracial and gender orders, compa- the nexus of Israeli-Arab relations, tries to the shared-cost table maybe forpermission to impose aquotasystemonthe nies will eschewthe profit motive? showing that the momentum forim- to join them briefly with pricecon- boards of itslisted companies.The newrule In a speech last year in SanDiego, SEC com- proving the lives of people in the trols.Wealso have aproblem of our region, Jews and Muslims,isbound ownmaking with medical litigation. would mandatethat corporateboards have a missioner Hester Peirce addressed the pros and up in real cooperation, economic Allowing the plaintiffs bar to sue man- minimum of one woman director and one who is cons of diversity objectives,noting that “boards ties,security coordination and ufacturersevenwhen their warning aminority or LGBTQ.Small companies and for- that makeaconcerted effort to be creativein health exchanges.While the Pales- labels aren’t followedisaself-inflicted eign companies could getbywith two women. No looking to fill substantivegaps arelikely to look tinians focus on payfor slayand wound that we should curefirst. mentionofwhether directorsshould knowsome- in places they would not traditionally have right of return, obstacles to any CONAN M. WARD thing about the business. looked.” But she warned against “formulations peacewith Israel, other Arab enti- Princeton, N.J. Likemuch of corporateAmericatoday, the from the government [that] improperly override ties areforward-looking.Sothe Pal- Nasdaq is virtue signaling at the expense of privatesector decisions” and “animproper fed- estinians aretrying to getonafast- someone else.This is far from itsreason forbe- eralization of corporategovernance.” moving ship.But has that ship Pepper ... ing,which is amarketplacetoraise money while She also observed that “externalmicroman- sailed? And Salt spreading the benefitsofcapitalism and corpo- agement of boardcomposition adds yetanother MARSHAL GREENBLATT Potomac, Md. rate ownership.Imposing itsown identity poli- cost to the already high cost of being apublic THE WALL STREET JOURNAL tics on some 3,300 listed companies meddles in company.” She’sright, and it comes when the corporatemanagement and will harm economic number of public companies listed on U.S. stock CORRECTION growth and job creation. exchanges is down 25% sincethe mid-1990s. Afreesociety looks at the skill and talent of Many founderspreferprivateplacements, pri- TheSupreme Court voted5-4 against individuals, not their physical appearances. vate equity and venturecapital or even the OTC appeals from California and Nevada Companies have an interest in discovering talent Market, atrading system fornon-exchange concerning limitsonreligious worship wherever they canfind it. Smart companies listed equities. in the pandemic.ANov.27editorial, knowadiverse workforce canbeacompetitive Thecurrent SEC is unlikely to grant Nasdaq’s “Fireworks Over Religious Liberty,” advantage. But beyond demanding honest man- request, but JoeBiden’s appointees probably misstated the vote count. agement and transparencyfor shareholders, the will, given the demands of identity politics in the Lettersintended forpublication exchangehas no role in dictating personnel deci- Democratic Party.Onceupon atime the Nasdaq should be emailed to [email protected]. sions.Imposing quotas is contrarytogood cor- wasanoutlet forcapital forsprightly entrepre- Please include your city, stateand porategovernanceand putspolitics ahead of the neurs. Itsidentity diktats suggest it is nowabout telephone number.All letters aresub- purposes of astock exchange. enforcing the political fashions of the dayonpri- ject to editing,and unpublished letters In itsfiling with the SEC, according to the Wall vate ownersand management. cannot be acknowledged. P2JW337000-0-A01700-1------XA

THE WALL STREET JOURNAL. We dnesday, December 2, 2020 | A17 OPINION The Myth of ‘War Weary’ Americans

By Peter D. Feaver plished itsgoals in Afghanistan. Democratic civilian political leaders And Jim Golby This lack of awarenessfeeds the fortheir role in planning and execu- withdrawalnarrative: Whystayif tion of warplans in Afghanistan, resident Trump has made we aren’t accomplishing anything? but blamed Republican political clear his determination to But it mayalso reflect the ambiva- leadersfor theirs. Theoppositewas reduceAmerica’smilitary lenceoftwo successiveU.S.presi- true forRepublicans.Independents, P footprint in Afghanistan, dentswho wanted out of the Af- on the other hand, blamed civilian regardlessofthe conse- ghanistan conflict. Barack Obama political leadersfromboth parties. quences.The most recent version of spokeenthusiastically about the im- Which bringsusback to Presi-

Mr.Trump’splan—a reduction to portanceofthe Afghan mission as a GES dent Trump’scurrent Afghanistan

2,500 troops by early January—may candidatein2008.But sinceDecem- IMA endgame. By splitting the baby, Mr. not satisfythose pushing foracom- ber 2009,when he announced a Trump probably has avoided the

pletewithdrawal, but it will go fur- temporarysurge of troops coupled GETTY full-blown civil-militarycrisis with

ther than most of Trump’smilitary with afixed and arbitrarytimeline VIA his commandersthat amoredraco-

advisersand the GOP leadership in fortheir withdrawal, WhiteHouse AFP nian “all the troops home by Christ- Congresswant to go. Only his most messaging in support of the warhas Y/ mas” order would have generated. ardent supporterswill be truly been rare. Mr.Trump will ownthe decision,

happy. Thereissupport forwithdrawing DOULIER but he’ll probably be gone before some troops,especially among Mr. the negativeconsequences material-

Trump’sbase: 53% of Trump sup- OLIVIER ize. His national-security team—the Our poll finds the public portersinour poll favortroop re- Trump greets troops at Afghanistan’s Bagram Airfield, Nov. 28. newcomersand the veterans of pre- ductions and 16% oppose them. But vious Afghan policyfights—has ambivalent about the war support is limited among the generational divide among veterans. ghanistan? Veterans assessed the united behind him, howevergrudg- in Afghanistan, not in a broader public: 34% of respondents Forty percent of veterans who performanceofcivilian and military ingly.The militaryunitsleftbehind support troop withdrawals,while served before9/11 support troop re- leadersroughly the same.Approxi- in Afghanistan mayfaceacutevul- hurry for withdrawal. 25% oppose them. Even this tepid ductions,while 32% oppose them. mately 60%ofveterans thought ci- nerabilities reminiscent of Dien Bien supportmay be conditional. Our Amongpost-9/11 veterans,support vilian political leadershad agood Phuand even Benghazi, but the in- survey asked about troop reductions is higher; 54% of post-9/11 veterans plan,listened to militaryadvice as coming Biden team at least will Forall the talk of war-weariness, in exchangefor counterterrorism in our sample favortroop draw- much as they should have,and inte- have some remaining options. bring-them-home sentiment doesn’t assurances the Taliban made as part downs in the contextofthe Taliban grated militaryand nonmilitary Thefight over Afghanistan policy appear to be forcing Mr.Trump’s of the deal, but so far they have agreement and 29% don’t. tools effectively.Roughly the same will go another round—and in the hand. TheAmerican public’satti- failed to liveuptotheir commit- FewAmericans believethat 19 number of veterans thought military next round, the civil-militaryques- tudes toward Afghanistan arenu- ments. yearsofwar in Afghanistan have leadersdid the same thingseffec- tions and partisan blame games anced, according to aNational Opin- Theresultsofour survey suggest been successful. Overall, only 22% tively. that have been mostly suppressed ion Research Center survey some interesting civil-militarydi- of respondentstold us they believed Civilian respondentswereless until nowcould become the main conducted on our behalf in Septem- vides. Veterans (44%) expressed the U.S. had achieved itsgoals in likely to credit militaryleaderson action. ber and October.After 19 yearsof greater support fortroop reduc- Afghanistan, with post-9/11 veterans their performance, again because fighting,the warinAfghanistan has tions than the general public (33%). roughly twiceaslikely to saysoat many civilians didn’t even offer an Mr.Feaver is apolitical-science been called America’slongest, but Opposition to reductions wasalso 44%. And again, no opinion (39%) opinion. Civilian respondentsalso professor at Duke University. Mr. manyAmerican’sdon’t seem to be higher amongveterans (31%) than wasthe most common answer were morecritical of civilian politi- Golby, aretired U.S. Army lieuten- paying attention. Forty-one percent civilians (24%). Aplurality of civil- among civilian respondents. calleadersthan veterans were, ant colonel, is asenior fellow at of our respondentshad no opinion ian respondents(43%) expressed no Whom do Americans hold re- largely because partisanship shaped the University of Texas’ Clements on whether the U.S. has accom- opinion. Therewas also anotable sponsible forthe situation in Af- their answers.Democratscredited Center for National Security. How to Understand Trump’s Democrats

Even as Donald long afterhe’sgone. accustomed to from mainstream me- isolation mayexplain whyTrump cused him of violating political Trump prepares to Massiveparty switching isn’t un- dia outlets. supportershavebeen such aconun- norms,but those were national po- leave the White heardof, as readersold enough to “Weare struck ...bythe fact drum forpollstersand the Washing- litical norms.Tothe Trump Demo- House next month— remember Nixon Democratsin1972 that thedominant explanations of tonpress.Toaddressthis problem, crats, the president behavedlikethe without conceding and Reagan Democratsin1984 can Trump’sappeal all have one thing in they conducted field research in politicians they encountered locally defeat, it appears— attest. But RichardNixon and Ron- common: they all assume that some- threeDemocratic strongholds that everyday. UPWARD manyDemocrats ald Reagan woninlandslides.What thing must be seriously wrong with went forMr. Trump in 2016.Ot- Mr.Trump recalled akind of old- MOBILITY and membersofthe wasunique about Mr.Trump’svic- Trump enthusiasts,” they write. tumwa,Iowa,ispart of the Rust Belt school machine Democrat. He wasa presshaven’t come tory in 2016 is that he lost the na- “Trump won, we aretold, either be- and had consistently votedDemo- nonideological, transactional pol By Jason L. to terms with how tional popular vote yetmanaged to crat since1972. Johnston, R.I., is a who cut deals to take care of his Riley he gotthereinthe win some of the deepest blue areas suburb of Providencethat last voted ownand demanded loyalty in return. firstplace. in the country. In their revealing Anew book examinesthe Republicanin1984. And Elliott He wasarelentlesscounterpuncher Forfour years, the president’sde- newbook,“Trump’sDemocrats,” County,Ky.,asmall ruralcommunity who equated magnanimity with tractorshaveblamed Russian inter- Stephanie Muravchik and JonA. phenomenon that still has in Appalachia, had never votedfor a weaknessand never backed down. ference, sexism, whitenationalists, Shields explain whysomanystead- political pros and thepress Republicancandidatesinceitwas Thepresident’schoiceoffamily James Comey—or some combination fast Democratsdecided to abandon formed in the 1860s.Yet “Trump memberstofill high-level advisory thereof—for HillaryClinton’s shock- theparty forMr. Trump and have scratching their heads. won70percent of the vote in Elliott positions normally reserved forpeo- ing lossin2016.What they’vefailed stood by him notwithstanding the County—a placewherethe ratio of ple with moreexpertise or experi- to do is seriously consider howMr. disapproving glares from liberal registered DemocratstoRepublicans enceislesscommon in the nation’s Trump managed to flip millions of elites. cause of racial prejudices or eco- is similar to SanFrancisco’s,” the capital but not considered out of the voters who had previouslysup- Ms.Muravchik and Mr.Shields nomic distressorvarious diseases of authorswrite. ordinaryinmanyofthese local com- ported Barack Obama.Itwas these aremarried academics—she’sahis- social despair,such as drug abuse, All three areas areoverwhelm- munities that swung to Mr.Trump. Trump Democrats, not Moscow she- torian, he’sapolitical scientist. They family breakdown, and suicide.Thus, ingly white, household incomes tend Time and again, WashingtonDemo- nanigans or the alt-right, who put describe the book as an “ethno- in these accounts, Trump voters are to be belowaverage,and few inhab- cratswereoutraged, while Trump Mr.Trump in the Oval Office. And graphicstudy,” but don’t let that driven by resentment or anger or itantshavecollegedegrees.Never- Democratsshrugged. these voters not only stayed loyalto scareyou. It reads likethe best kind desperation.How else could one theless, when these voters looked at Thereweren’t enough Obama- Mr.Trump in his re-election bid but of long-form journalism. Thereport- cast avotefor Trump? Though it is the NewYork billionaire, they saw Trump supporterstodeliver the grew in number and delivered all ing is excellent, while the writing is never stated explicitly,such views someonewith working-classpoliti- president asecond term, but there manner of down-ballot victories to clear and largely objective. Theau- rest on the assumption that any calsensibilities.His language, his at- aretoo manytoignore. Manyreside Republicans.Mr. Trump maybe thorsaren’t Trump supportersbut well-adjusted, healthy, flourishing titude,his mannerisms—everything in states that currently decide na- (noisily) exiting the stage, but his arerespectfulofpeople who are, citizenwould reject Trump.” that scandalized the Washingtones- tional elections.Democratswill supportersare well-positioned to and they avoid the liberal disdain Ms.Muravchik and Mr.Shields tablishment—endeared him to these want to win them back.Getting to maketheir presencefelt in politics and condescension that we’vegrown arguethat cultural and geographic voters.The president’scritics ac- knowthem alittle bettermight help. An Unfunny Thing Happened on the Way to 2021

By Lance Morrow spherethat is toxic to humor. When wasthe last time youweresur- agonailed him as a“short-fingered trypractically fell apart. JFK was That’sonly the beginning: Addthe prised by someone’spolitical opin- vulgarian,” but by the time he gotto witty.RichardNixon washopeless. umorlessnesshas become ana- bitterpolitics,the disputed presiden- ion? Without surprise,thereisno the WhiteHouse,hehad become Hit- RonaldReagan came to politics from H tional comorbidity.Besides the tial election, the yammering provoca- laugh—and far lessofthe sanity that ler—quitealeap.Both parties give showbusiness. His tasteinjokes was other afflictions of 2020,the tionsofcable television news and the ought to be the end result of laugh- caricatureabad name.Alec Baldwin’s eclectic.One of the high pointsofmy countryissuffering from acomic defi- surreal quality of the memes on social ter. No funnyjokeevercame with the lifewas hearing William F. Buckley ciencythat has weakened the social media, of Rudy Giuliani,bug-eyed and party’s seal of approval. Self-mockery Jr., in hislanguid and unmistakable immune system. “A horse walks intoa sweating streams of black hair dye. canberedemptive. Polarization, political upper-classdrawl, trytoimitatefor bar ...”Forget it—barsare closed. Even beforethe masks and shut- American politics has rarely been me Reagan’sdeliveryofanindelibly Americans have sailed intoanal- downs, American humor had been as funnyorasfun as we think we re- correctness and Covid-19 stupid jokeabout an undertaker’s as- most perfect storm of humorlessness. suppressed by the totalitarian taboos. member it was. But the contextof have produced a hostile sistant who hearsacorpse in the Ihavenot heardasingle good joke Political correctnessand cancel cul- 2020—the novelty of it, the here-be- basement of the funeral home singing aboutthe virus—and only afew bad turehavewoven entirenew value dragons,the near-hysteria on social environment for humor. “DannyBoy” through an improbable ones.Inthe past, anxiety,dread and systems around athousand griev- media—has made this year’s election orifice. In the middle of the joke, angerhavesometimes been good for ances,inflating them with self-impor- especially fraught. Buckley wasovercome with embar- laughs—but not this time.Fear of in- tance, to produceanintensely intol- JoeBiden is mostly good-hu- impersonation of Mr.Trump on “Sat- rassment at the crudity of it, which visible floating drops,stifling masks, erant and humorlessnew political mored, which is betterthan nothing, urdayNight Live” is alazy exaggera- made it even funnier. the jittery adjustmentsof“social dis- culture. Most comedians arenonideo- but not the same as being funny. He’s tion—unobservant, unfunny—and yet Bill Clinton is neither herenor tance,” and the sense that lifehas got- logical. They will tell anyjokethat 78,and one feels the touch of winter. it became aritual favoriteofthe left, thereinthe storyofpresidential hu- tenweird, normality as emergencyand works.Political correctnesshas Donald Trump is ashowman, but likea“Punch and Judy” show. mor.But his wife’shammering hu- emergencyasnormality,asifthe uni- driven plenty of them out of the busi- sometime aftergoing intopolitics,he To reviewthe history: George morlessness(at leastinpublic) be- versehad shiftedafew inches while ness, to be replaced by earnest, stri- buried his real sense of humor be- Washingtonwas not funny. Our fun- came historic: part of the reason we were sleeping—such immediate dent partisans,some of whom host neath layers of his other shtick—ego, niest president, Abraham Lincoln, Americagot Donald Trump.Barack dislocations merge with the larger, ex- late-night network TV shows. aggression, bad manners, scorn. Has wasadepressivewho managed jokes Obama has alight touch; he is funny istential distress(isolation, claustro- Humor is ajack-in-the-box. Ajoke he ever emittedatruly spontaneous during the country’sgrimmest years. in an elegantly self-centered way,in phobia, financial suffering,children at depends on surprise.But orthodoxies laugh? His preferred idiom is sar- Lyndon Johnson wasasavagely the style of a1930s comedy.For eight home,mortgageorrent unpaid, empty in Americahavebecome as drearily casm, which growstedious,relent- funnyman, but he wasKing Lear as years, his status as the firstblack refrigerator) to produceanatmo- predictable as those in East Germany. less,mean. Spymagazine decades cowpokeand in his regime the coun- president gavehim partial immunity from the honest and probing ridicule to which anyAmerican chief execu- tiveisentitled. PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Notable & Quotable: Russians Laughter is the firstcasualty of Rupert Murdoch Robert Thomson ideology, and hereweare.The white Executive Chairman, News Corp Chief Executive Officer, News Corp John Tamny writing at RealClear- working forthe Kremlin,” had “an woke areincapable of humor; all Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher Politics.com, Dec. 1: astonishing impact” on the final re- ideologues areasses.Inthe right- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: sult. wing neighborhoods,Tucker Carl- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; Multi-billionaire Michael Bloom- So while American citizens of the son’smerryhowls of derision maybe Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; bergspent $100 million in Florida to billionairekind routinely tryand fail as good as the humor gets.His Fox News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; swing the state to Joe Biden in the to manipulatethe voting patterns of News colleague Sean Hannity,tosay Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer recently-concluded 2020 presidential the U.S. electorate, the legendarily the least, is not acomedian, and Andrew Dowell, Asia; AnthonyGalloway, Video & election. He failed. incompetent Russians managed to Mark Levin is as grim as Robespierre Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; Please consider Bloomberg’smiss spend $100,000 on Facebook, some with atoothache. Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; relativetoreporting in The New of it afterthe election, only to au- Can anything bring American hu- Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; Yorker from late2018.Asophisti- thor aTrump victoryoverHillary morback? Thecountryneeds to be Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News catedmagazine largely catering to Clinton.Bloombergand Sheldon deprogrammed. Everyone should Thomas SanFilippo, Customer Service; those politically and culturally on Adelson call your political opera- watchHennyYoungman videos for10 GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; the left, its readers were treated to tives! You’vebeen ripped off.The minutes aday.Itwould be astart. Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; straight-faced analysis suggesting Russians (yes, the Russians) are so Those who can’t stand Youngman Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International that during the2016 presidential savvy that they can control Ameri- should read P.G. Wodehouse. WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: election, Facebook was captured by canelections foramicroscopic frac- LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head “Russian agentswho wanted to sow tion of what you’ve been spending, Mr.Morrow is asenior fellow at

EDITORIAL AND CORPORATEHEADQUARTERS: political chaos and help Trump win.” with ad buys on Facebook that are the Ethics and Public Policy Center. 1211 Avenue of the Americas, New York, N.Y., 10036 Supposedly the “Internet Research nano relativetothe social network’s His latest book is “God and Mammon: Telephone 1-800-DOWJONES Agency, afirm in St.Petersburg annual advertising revenues. Chronicles of American Money.” P2JW337000-0-A01800-1------XA

A18 | We dnesday, December 2, 2020 THE WALL STREET JOURNAL.

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S&P 3662.45 À 1.13% S&P FIN À 1.57% S&P IT À 1.41% DJ TRANS À 0.35% WSJ $ IDX g 0.68% LIBOR 3M 0.232 NIKKEI (Midday) 26756.37 g 0.12% See more at WSJ.com/Markets Digital Takes Lion’s Share of Ads HP Enterprise BY SUZANNE VRANICA Digital ad spending is expected to accountfor $250billion Forthe firsttime,morethan the majorityofU.S.adspending this year Is Moving half of U.S. advertising spend- ing is set to go to digital plat- EstimatedU.S.adspending forms such as Google and by category To Texas Facebook,the world’slargest TV ad buyersaid, areflection of $200 billion marketers’ strategyshiftasthe BY HEATHER SOMERVILLE coronavirus pandemic pum- AND MARIA ARMENTAL meled the industrythis year. Themilestone is just the HewlettPackardEnter- latest proof of digital advertis- prise Co.—a descendant of the ing’s meteoric rise, which has Radio firm that Bill Hewlettand Dave concentrated ad spending with 150 Packardfamously started in a several tech giants at the ex- Palo Alto, Calif., garage—is pense of other platforms,in- moving itsheadquarterstothe cluding newspapers, local tele- Houston area, the latest sign of vision and magazines. howthe pandemic is reshaping Online adscan be cheaper Newspapers the way Silicon Valley compa- than those placed on other 100 nies operate. media platforms and they al- HPE disclosed itsplan to re- lowmarketerstobettertarget locateasitposted fourth-quar- and measurethe performance Magazines terearningsafter adifficult of their ads.These advantages year that generated afull-year have become ever moreim- loss, highlighting itsneed to portantduring the pandemic lowercosts. Thedepartureofa as businesses cut ad budgets 50 companysoclosely linked to and consumersspend moreof Silicon Valley’s origin storyisa Other their time and dollars online. striking example of howthe “Digital advertising has area oncesynonymous with been aremarkable bright spot tech innovation maybelosing in an otherwise dark year for some of itsluster. Digital the advertising industry,” 0 Startup chief executives and GroupM, aunit of WPP PLC, 2000 '05'10 '15'20 employees have fled the San said in a new report. FranciscoBay Area forcheaper GroupM expectsmarketers locales sincethe pandemic has EstimatedU.S.digital ad revenue market sharein2020 Microsoft 3.6% to spend $110.1 billion on digi- led to remoteworking condi- talads this year,or51% of the tions. But the lossofanoff- total$214.6billion totalU.S. Google Facebook Amazon Others spring of one of Silicon Valley’s advertising-spending forecast, 29.8% 23.5% 10.2% 32.9% forefathersisamoresomber excluding political ad outlays. indication that the region no Next year,itexpectsU.S.ad Sources: eMarketer (market share); GroupM (adspendimg) longer hasthe gravitational spending to grow 12% to $240 pull forboth large and small billion, and digital advertising search firm Comvergence. Its newspapers, radio,magazines U.S. in March, manycompa- ing small and large companies tech companies it once to account for$130 billion, or clientsinclude Ford Motor Co., and local TV combined. As of nies slashed their ad spending to placemoreemphasis on boasted. 54% of the total. Thelargest Unilever and Google. 2020,these latterfour catego- as businesses around the digital ads,said Brian Wieser, Texas,and particularly Aus- ad buyer in the world, GroupM Threeyearsago, digital ads ries’ combined shareofthe world were shut to restrict the GroupM’s president of global tin, has attracted moretech- is responsible for purchasing accounted forjust one-thirdof U.S. advertising market has virus’sspread. Homebound intelligence. nologycompanies and startup an estimated $63 billion in ads all U.S. ad spending,GroupM shrunk to 21%. consumersstarted doing more Digital advertising is domi- development in recent years, each year,according to re- said—about the same sizeas When the pandemic hit the of their shopping online,caus- PleaseturntopageB2 offering lowertaxes and less regulation than California and moreaffordable real estate. Silicon Valley electric-car Hospital Stocks Rise, Along With Covid-19 maker Tesla Inc., forexample, is opening afactoryinAustin next year. BY CAITLIN MCCABE tors including Tenet Health- dential election. Both events On its face, the recent out- lystssay they also believethat HPEsaid it would see cost care Corp.and HCAHealth- helped push major U.S. stock performanceofhospital stocks the recent rally has legsthat savingsprimarily due to Coronavirus hospitaliza- care Inc.both jumping at least indexes to records as traders could be perceived as one of could extend beyond Novem- cheaper real estateinTexas. tionshavesoared to record 21%. That is farbetterthan scrambled to scoop up invest- the beneficiaries of the latest ber, even as rising Covid-19 Hiring is also generally highs,threatening to strain theS&P 500’s11% monthly ments that have been beaten- round of bargain hunting by cases threaten to overrun hos- cheaper and lesscompetitive health-carefacilities across gain and the 7.8% rise for the down this year. In addition to investors—afterall, hospital pitals again. than in California. theU.S.again. But this time, index’s health-care sector. hospital stocks,shares of re- chains such as Tenet and Uni- “We’rebullish,” said A.J. “I think what we areseeing investors are less concerned. November sent the U.S. tailers, restaurants, energy versal Health Services Inc. Rice, ahealth-careservices an- hereisacompanythat needs Shares of several publicly stock market on yetanother stocks and cruise linersalso areboth still trading 11% or alyst at Credit Suisse,which to seek cost savingswherever traded hospital systemsfin- wild ride,driven by astring of jumped. Elsewhereacrossfi- more belowtheir respective has an “outperform” rating on it canfind them,” said Charles ished November with their positiveCovid-19 vaccine re- nancial markets, crude oil, 2020 highs afterplunging dur- Tenet, Universal Health and King,president and principal best performances in months, sultsand aquicker-than-ex- junk bonds and metals such as ing the market rout. HCA. “Absent a national lock- analystatPund-IT Inc., an in- with national hospital opera- pected resolution of the presi- copper and platinum rallied. Yetsome investorsand ana- PleaseturntopageB11 PleaseturntopageB2 Shifts in HolidayShopping Make foraLacklusterStart

BY ALLISON PRANG ayear earlier on Black Friday, ior online and we certainly saw while online shoppersonthat that,” Mr.Shaysaid on acall U.S. shoppersspent signifi- dayrose 8% and topped 100 Tuesdaytodiscussthe results. cantly lessthan last year over million, the survey said. On Shoppersspent $10.8 billion afive-dayholiday-weekend Thanksgiving Dayitself,in- on Cyber Monday, up just over stretch that included Black store shoppers declined 55%. 15% from ayear earlier,Adobe Fridayand Cyber Monday, as Manystoreswereclosed on Analytics reported, adding gains in online customers Thanksgiving Daythis year,in that it wasthe biggest dayfor were offset by far fewerpeo- contrast to past years. online shopping in U.S. his- ple visiting stores during the NRF President and Chief Ex- tory. JOURNAL coronavirus pandemic. ecutiveMatthew Shayattri- Atotal of 186.4 million peo-

REET People spent an average of butedthe spending decline to ple shopped either online or in ST just under $312 on holiday-re- consumersstarting their shop- stores over the weekend, down LL lated purchases from Thanks- ping earlier.Morethan half of from 189.6 million a year ear- WA giving to Cyber Monday, down holidayshoppersindicated they lier.However, the number of THE

R 14% from 2019 though on par had participated in early sales, shoppers in 2020 was higher FO with 2018,according to asur- he said. than 2018,when totalshop- veybythe National Retail Fed- “Weknewthe pandemic pers forthe weekend were eration and Prosper Insights& wasgoing to impact in-store 165.8 million. MCINTYRE

T Analytics. foot traffic and we anticipated This year’s Black Friday OT

SC Thenumber of in-store that consumerswould shift wasset against an unprece- People waited in line at the Lincoln Road Mall in Miami Beach, Fla., on Black Friday. shoppers was down 37% from some of their shopping behav- PleaseturntopageB6 Life-Insurance Firms Spring From Startups INSIDE

BY LESLIE SCISM Each companysaid it would overcome the hurdles of low underwriteand distributeour AND ALEXANDRA BRUELL maintain competitivepremium profitabilityand regulation products,” Bestow Chief Exec- rates and typically issue poli- that have kept them out of the utiveMelbourne O’Banion Technologystartups are cies within minutes. life-insurance-carrier business said. “Asanagent, youare en- ready to challenge traditional Thebudding lifeinsurers in the past. tirely dependent on your car- life insurers head on. faceadifficult market envi- Until now, life-insurance rier partners’ businesspriori- GES Bestow Inc. and Dayfor- ronment. startups have largely collabo- ties and appetite for risk.” IMA ward Inc.are making the leap Among the obstacles,regu- ratedwith traditional carriers To verifyinformation and to become life-insurancecarri- lators require life insurers to rather than competed with determine risk,the companies GETTY ers, amoveaway from a hold large amounts of capital them. areusing such thingsasthird- ON/ OLS

model wherestartups sell only to protect policyholdersde- Many functioned as online party datafor prescription- T OT

traditional insurers’ policies. cades intothe future, money agentstoattract customers, or drug histories,electronic SC Thecompanies arebanking they mostly invest in bonds. used algorithms that draw on health records, motor-vehicle on their versions of online Bond yields arelow and will third-party databases to help records, property recordsand BUSINESSNEWS HEARD ON STREET technologyfor sizing up the likely remain lowinthe long insurersmorespeedily assess alife-insuranceclearinghouse Sephoraplans to OPECand allies face risk of insuranceapplicantsto term, cutting into investment the risk of applicants and set with datafromconsumers’ switch partnersto risksnomatterhow provide cost efficiencies for profits. their premiums. past applications. expanding profit margins be- Themoves by Bestow and Becoming acarrier “gives Applicantsmust provide Kohl’sfromJ.C.Penney theychoosetocut yond those of traditional in- Dayforward signal that start- us greater autonomy to inno- permission forthe information beginning in 2023 B3 output B12 surers. ups areconfident they can vate howwedevelop,price, PleaseturntopageB4 P2JW337000-4-B00200-1------XA

B2 | We dnesday, December 2, 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 G S Reddit Says DailyActiveUsers Airbnb...... B3 Gazit Horizons...... B6 Safavieh...... B6 Akris...... B6 General Atlantic...... B6 Salesforce...... A1 Alexandria Real Estate Goldman Sachs...... A10 Slack Technologies.....A1 Equities...... B5 H SoLa Impact...... B6 Alphabet...... B2 Increased by 44%LastMonth Haier...... B5 Star Sports Bet...... A5 Amazon.com...... B2,B4 HCA Healthcare...... B1 T AXA...... A8 Home Depot...... B6 Target...... A2,B2,B3 B HP Enterprise...... B1 Tenet Healthcare...... B1 BY SAHIL PATEL takeneffortstoensureads Bed Bath & Beyond....B6 J - K Tesla...... B11 don’t appear next to content Bestow...... B1 J.C. Penney...... B3 Town Sports Reddit Inc.said it aver- or conversations that adver- BlackRock...... A10 Kohl's...... B3 International...... B6 aged 52 million daily active tising clientsmay deem ob- Bloomin' Brands...... B12 L Transocean...... B5 usersinOctober,up44% jectionable,including by Boston Properties...... A1 Twitter...... B2 from the same month ayear hand-selecting which com- Brinker InternationalB12 Lloyds Banking Group ...... B10 U earlier,disclosing forthe munities serveads. BTA Bank...... B10 firsttime ametric used by Redditalso offersthree Burger King Worldwide LVMH Moët Hennessy UBS...... B10 Louis Vuitton...... B3 othersocial-media compa- tiersofadinventory—ex- ...... B10 Ulta Beauty...... B3 M nies to define the sizeof panded, standardand lim- C UniCredit...... B12 Microsoft...... A1 UnitedHealth...... B5 their audiences. ited—that advertiserscan Cargill...... A2 Universal Health Reddithostsmessage choose from to suit their Cheesecake Factory..B12 N Services...... B1 boards forusersonseem- comfort level, and offerscli- Church & Dwight...... B5 Nestlé...... A2 V ingly countlesssubjects. entsthe option to disable CIC Services...... A2 O Thecompany, which was commentsontheir ads and Credit Suisse...... B10 OhmniLabs...... A4 Verny Capital...... B10 founded in 2005 and is to keep the ads away from Cushman & WakefieldA4 P W based in SanFrancisco, is certain keywordsand com- D - E Pacific Investment Walmart...... B2 also knownfor its“ask me munities. Darden Restaurants.B12 Management...... B5 Whitebox Advisors.....B5 anything” digital town halls “Moreadvertisers want Dayforward...... B1 Peak Credit...... B6 WPP...... B1,B2 with celebrities and politi- theexpanded and standard EFG International.....B10 R Z cians. inventorythan the limited Evenflow Macro...... A10 Reddit...... B2 Zoom Video It described itsdaily user inventory, despitehow im- F Renaissance Learning A3 Communications count amid acontinuing ef- portant brand safety is,” Ms. Facebook...... B1,B2 Ritz-Carlton...... B10 ...... A1,B11 fort to attractmoreadvertis- Wong said. erstoits platform, which Ms.Wong said Reddit’s most marketersconsider ex- futurerevenue growth will perimental. come partly by expanding S INDEX TO PEOPLE “We’resharing [daily ac- the company’sadbusinessto tiveusers] forthe firsttime PRES newinternational markets. B Hsieh, Tony...... A2 Nigro, Thiago...... B11 as amoreaccuratereflection Redditannounced an op- ZUMA Benioff, Marc...... A1 J O of our user growth and to be erationsteam in London in

Blecharczyk, Nathan...B1 Jassy, Andy...... B4 O'Banion, Melbourne..B1 morein-line with industry WIRE/ September and will seek to A Butterfield, Stewart...A6 Juhl, Christian...... B2 R reporting,” said JenWong, open offices in three to five C K - L Rice, A.J...... B1 chief operating officer of countries everyyear,initially Chesky, Brian...... B1 Khouw, Michael...... B11 Rougeot, Jean-André..B3 Reddit. “We’re focused on ANSELL/P targeting countries in Eu-

Cook, Melanie...... B5 King, Charles...... B2 S daily usership and increasing NICK rope,the Middle East and Crist, Peter...... A2 Kraus, Drew...... B4 Savage, Elliott...... B11 this number as we continue Ad revenue is on track to rise over 70% this year Africa, she added. F - G Linde, Douglas...... A1 Schiekofer, Susan...... B2 to grow our community and Thecompanyalso aims Finkelsztain, Gilson..B11 M Schuster, Ariel...... B6 scaleour advertising busi- “Likewith everybody in hosted unwelcome content forits sales forcetoemploy Gass, Michelle...... B3 Mayo, Whit...... B11 Shapiro, Aaron...... B4 ness.” the ads business, it’sbeen a posted by some of itsusers. around 300 people world- Gebbia, Joe...... B1 McDonald, Mike...... A4 Smith, Margaret...... B6 Reddit’snumber pales volatile year,” she said, add- “Would Inecessarily ad- wide by the end of 2020, H McLaughlin, Paul...... A4 V compared with that of Face- ing that while Reddit isn’t vise clientstolean right with plans to increase head Morgan, Frank...... B11 Halvorson, Jonathan..B2 Vu, Thuc...... A4 book Inc., which said it aver- profitable it is making sig- away intotheir top-10 fast- count by 75%overthe next Muoto, Martin...... B6 Hewson, Michael...... B11 W - Y aged 1.82 billion daily active nificant investments. est-growing categories?” Ms. year,Ms. Wong said. Hill, Lauren...... B11 N Wieser, Brian...... B1 usersonits namesakesocial Redditisinthe experi- Schiekofer said. “It’sasimi- “For building this busi- Horta-Osório, António Nathanson, Michael....B2 Wong, Jen...... B2 network in September,and is mental bucket of budgetsfor lar storytoother plat- ness, it’strying to explain ...... B10 Neri, Antonio...... B2 Yaraghi, Arash...... B6 lessthan athirdthat of advertising by companies in forms—their tried-and-true what Reddit is about, which TwitterInc., which said it such categories as gaming, communities aregenerally is abig mission around com- averaged 187 million mone- technology, entertainment, safer than something that’s munity and belonging,and Digital ad revenue for tizable daily usersinthe financeand beauty,said Su- up-and-coming that we have explaining Reddit’srole in Digital Ads Google rose nearly 10% to thirdquarter. san Schiekofer, chief digital not vetted yet. With these the futureofthe internet, $37.1 billion in the most recent But Reddit said growth in investment officer forad- platforms,ifyou want to which Ithink is really big, quarter,while Amazon’s ad the ranks of itsusershas co- buying giant GroupM, which look forsomething that’s but it’snot always as topof Become the businessgrewsharply,with incided with growth in its is owned by ad-holding com- brand-unsafe, youcan find mind with people as if you sales up 51% to $5.4 billion in advertising business. panyWPP PLC. it.” had abig,shinynew thing,” the quarter. Thecompany’sadrevenue “Ifweare comparing Ms.Wong said Reddit has she said. Majority Consumer-goods giant totaled morethan $100 mil- them to the big ones—Snap, MondelezInternational Inc., lion in 2019 and is on track Twitter, Facebook,Insta- the maker of Oreo cookies and to rise by morethan 70% gram—they arenot any- NoticetoSecurityHoldersof ContinuedfrompageB1 Ritzcrackers, said last month this year,according to Ms. wherenear that scale,” she nated by three competitors— that it would spend moreon Wong. said. “But the upside for Facebook Inc., Amazon.com digital advertising than on Athrottling of ad spend- them is really big.” NUVEEN MUNICIPALCREDIT Inc.and Alphabet Inc.’s television commercials forthe ing caused by the coronavi- GroupM has morethan 10 OPPORTUNITIES FUND (NMCO) Google—which together ac- first time this year. ruspandemic hurt Reddit’s clientsadvertising on Red- count fornearly two-thirds of Jonathan Halvorson, Mon- businessinthe second quar- dit, and that number contin- ad dollarsspent on U.S. digital delez’s vice president of con- ter—when year-over-year di- ues to grow,Ms. Schiekofer advertising this year, accord- sumer experience, said con- rect-ad revenue growth fell said. The following Fund is making generally available to its security holders ing to research company sumerstypically bought to 27% from 40% in the first Reddit’sbig challengewill an earnings statement for the twelve-month period ended October 31, eMarketer. snacks in stores, but the pan- quarter.But it has sincere- be in bringing moreadver- 2020,inconnection with aRegistration Statement of the Fund: Those three companies demic has led to more snack- bounded, growing by 83% tisersacrosscategoriesto Nuveen Municipal Credit Opportunities Fund: No. 333-231036, with “havedone agood job of buying online as shopperstry year over year in the third come on boardand feel com- showing ad performance—and out grocery-deliveryand other quarter, Ms.Wong said. fortable advertising on its respect to 47,000,000 Common Shares, $.01 par value, of the Fund, when they show performance online services. Direct ad revenue is based platform, she added. which was filed with the Securities and Exchange Commission under marketers shift dollars,” said Thecompanystarted shift- on deals conducted by Red- LikeTwitterand Face- the Securities Act of 1933,asamended, and which became effective Christian Juhl,GroupM’s ing ad spending toward digital dit’ssales team and don’t in- book—which recently faced a on September 16, 2019. global chief executive, said in ads,which “allowafaster link clude revenue from advertis- boycottfromsome advertis- an interview. to the actual sale,” he said in ing bought and sold through ersoverits policies forhan- Copies of each such earnings statement will be furnished upon written Small-to-midsizebusinesses an interview. outside automated plat- dling hatespeech and misin- request directed to: Mark L. Winget, Secretary,(Attn: Fund Name), 333 in particular have flocked to Chicago-based Mondelez forms. formation—Reddit has West Wacker Drive, Chicago, IL 60606. digital advertising during the expectstocontinue to spend pandemic,according to are- more on digital ads than on TV ads next year,according to Houston. Themove, expected Mr. Halvorson. HPE to happen by 2022, would be Small­to­midsize Walmart Inc.and Target voluntary, companyofficials Date: 1December 2020 Corp.are using consumer data said. businesses have they have amassed to ramp up Moving Chief ExecutiveAntonio flocked to digital their online ad offerings. Neri said the movewas part of As they compete with digi- areassessment of whereand ads in the pandemic. talrivals,TVnetworks have To Texas howHPE works,inpart tied to been beefing up their ability the pandemic. to offer brands targeted ads. “We’velistened to our team National TV advertising is ContinuedfrompageB1 members, who have told us cent report from media ana- forecast to drop 7.9% to $39.5 formation-technologyconsult- they want…to spend lesstime lyst Michael Nathanson. “Due billion this year,GroupM said, ing firm. “It’sasad dayfor Sil- at aphysical worksite,” he to the favorable combination but the companyexpectsa icon Valley and hopefully a said. “And in response to this of granular targeting and low bounceback in 2021, with a bright dayfor HPE and its newfutureofwork,wehave creativemarketing costs, 6.6% increase to $42.1 billion. shareholders.” re-evaluated our real estate small businesses have gravi- TV ad spending in 2021 is HPE stock wastrading at sitestrategy.” tatedtodigital marketing in still expected to remain below about$11.04 in after-hours TheBay Area would remain force,” the report said. 2019’s $42.9 billion as the in- market trading Tuesday, down astrategic hub,and several Thegrowthofdigital ad dustry faces structural chal- 1.4% from the market close and sites in the area would be con- spending comes despitehead- lenges,including consumer de- about 30% from the shareprice solidated to itsSan Jose cam- winds faced by some tech gi- cisions to cancel traditional ayear ago. pus. ants this year.Facebook was pay-TV service in favor of in- Tech companies were “Houston is also an attrac- the target of an ad boycott in ternet-based alternatives—a among the earliest to send em- tivemarket forustorecruit August that was called for by move known as cord-cutting. ployees home at the start of andretain talent and agreat civil-rightsgroups demanding GroupM expectsthe pan- the pandemic,and several placetodobusiness,” Mr.Neri the social-media company do demic to acceleratethe down- prominent players in the in- said, adding that as one of the moretorein in hatespeech on ward trends for print. It pre- dustry have sinceannounced largest and most diverse cities itswebsite. Despitethat, Face- dictsthat next year ad that manyorall of their em- in the country, “Houston pro- book said itsadrevenue spending in newspapersand ployees will be allowedto vides the opportunity over jumped 22% from a year ear- magazines will decline 12% work remotely on apermanent time to draw morediverse tal- lier in the third quarter. and 8%, respectively. basis.That has prompted many ent intoour ranks.” Silicon Valley employees to re- HPE, which focuses on sell- locatetoother partsofthe ing computer servers, data- country, in part looking for storagegear and other IT ser- cheaper living areas. vices forbusinesses,was It has also pushed some ex- formed in 2015 when the 76- ecutives to reconsider where year-old Hewlett-PackardCo. their companies arebased. Pal- split intotwo parts. There- antir Technologies Inc., structuring aimed at reversing founded in the BayAreain declining sales and improving 2003,also moved itsheadquar- long-term fortunes in achang- ters to Denverthis year,dis- ing tech industry. HPE was tancing itself geographically— widely seen as the company and culturally—from an area with more promising growth that has been historically seen prospects. as an engine of innovation. HP Inc., the other successor HPE’smovewon’t result in companythat sells computers

/REUTERS anylayoffs,companyofficials andprinters, is still based in

GAR said, adding that it expects Palo Alto. It has enjoyedbrisk

SE several hundred nontechnical businessfromthe pandemic as

MIKE jobs could relocatetothe cam- people have rushed out to buy The growth of spending on digital advertising comes despite pus under construction in laptops and printerstosupport headwinds faced by some tech giants this year. Spring,Texas,just outside of remoteworking and learning. P2JW337000-2-B00300-10382410008

THE WALL STREET JOURNAL. ** We dnesday, December 2, 2020 | B3 BUSINESS NEWS Airbnb Sephora to Set Up Inside Kohl’s Va lued at As part of newmove, $35Billion makeup retailer plans to end its J.C. Penney In Its IPO partnership in 2023

BY COLIN KELLAHER BY SUZANNE KAPNER

Airbnb Inc.onTuesdaysaid Thebeauty wars areheat- it plans to sell 50 million shares ing up. in an initial public offering that Sephoraplans to install 850 could givethe home-rental shops inside Kohl’s Corp. companyavaluation of as stores by 2023, upending the much as $35 billion. beauty retailer’s longstanding TheSan Franciscostartup partnership with J.C. Penney said it expectsanoffering price Co., according to companyex- of between $44 and $50 a ecutives. share, adding that apricing at Thefirst 200 Kohl’sloca- the $47midpoint of that range tionswill open next fall and would yield net proceeds of sell roughly 100 brands.Those about $2.3billion, or roughly items will also become the ex- $2.5billion if the underwriters clusivebeauty offeringson exercise an option to buy an Kohl’s website. additional 3.5million shares. Thepartnership follows Airbnb said co-founders Ulta Beauty Inc.’sdeal an-

Brian Chesky, JoeGebbia and nounced in November to open CK Nathan Blecharczyk areselling morethan 100 shops inside TO about 1.9million shares in the Target Corp.storesbynext

offering,bringing the totalsize year and sell itsproductson SHUTTERS

of the IPO to 51.9million the discount chain’s website. A/ shares.The trio,who launched Sephorahas operated shops /EP the startup in 2008,will still inside hundreds of Penney URENT

hold nearly 43% of Airbnb’s stores as part of adeal dating LA voting powerafter the offering, to 2006.The partnership is

according to afiling with the scheduledtowind down in ETIENNE U.S. Securities and Exchange early 2023 and allows forflex- The deal allows both companies to expand their reach with consumers across the country. A store in California. Commission. ibility to pursue other oppor- Airbnb said it would have tunities,according to Sephora. Americas. other department stores,be- pers to its stores. When Chief Kohl’semployees,who will be roughly 601.4million shares Penney filed forbankruptcy Jean-André Rougeot, chief cause most of Kohl’sstores ExecutiveMichelle Gasslaid trained by Sephora. Shoppers outstanding afterthe IPO,as- protection in Mayand set executiveofSephoraAmeri- aren’t located in enclosed out her strategy for investors who purchase beauty items at suming exercise of the overal- plans to close about athirdof cas, said in an interviewon malls,wherethe declines in in October,growing the beauty Kohl’swill have access to Sep- lotment option, foravaluation its850 stores.Itisinthe pro- Mondaythat he wasdrawn to foot traffic have been more category wasanimportant hora’s loyalty program. topping $30 billion at the $50 cess of being acquired by two Kohl’swide network of more pronounced. component. Ms.Gasshas earned a repu- high end of the expected pric- mall owners. than 1,150 stores that have lit- “Tobeable to park right in “Beautyisanunderdevel- tation forforging partner- ing range. On afully diluted ba- Sephoratried this spring to tle overlap with stand-alone front, getinand out quickly, oped category forKohl’s,” Ms. ships.In2017, she inked adeal sis,including stock options,re- terminatethe arrangement Sephoralocations.“This is Gasssaid in an interviewon with Amazon.comInc.that al- stricted stock unitsand early,according to court docu- about reach,” he said. “Kohl’s Monday. “It’sabig market, lows shoppers who purchased proceeds from the offering, mentsfiled by Penney.Sep- will allowustoreach consum- One attraction for thereisalot of disruption items on the e-commerce site that figure rises to about $34.8 hora, in aseparatecourt filing, ersinamuch broader way happening and Kohl’s is posi- to return them to Kohl’s billion. On Sunday, TheWall disputed that version of across the U.S.” Sephora: Kohl’s tioned to capturesignificant stores.Atatime when bricks- Street Journal reported that events.The companies later Department stores have stores aren’t located market shareoverthe next and-mortar chains have strug- Airbnb planned to target a issued ajoint news release re- struggled foryears as shop- few years.” gled to get customers to visit range greater than the $30 bil- affirming the arrangement. persturn to fast-fashion in enclosed malls. Beauty has been one of the theirstores, the deal helped lion people close to the offering APenney spokesman said chains, discount retailers and brighter spotsduring the pan- Kohl’sboost traffic,according had expected. the partnership will continue e-commerce players.They demic.While sales of color to Ms. Gass and analysts. DoorDash Inc.onMonday until the end of the agreement have been hardhit during the cosmetics have stalled, shop- Mr.Rougeot said Kohl’sis unveiled details of itsplanned and that Penney is developing coronavirus pandemic, which that conveniencewill be abso- pershavebeen snapping up an attractivepartner,because IPO that could value the food- anew beauty concept that will has sapped spending for non- lutely critical,” Mr.Rougeot skin and hair products as well it will allowthe brands Sep- deliverycompanyatupto$32 offer awide array of products. essential goods.Kohl’srevenue said. “It is the futureofretail- as fragrances,Mr. Rougeot horacarries to grow,while billion. Sephora, which is owned by fell 14%inthe fall quarter,and ing in America.” said. preserving amoreupscale im- Airbnb said it has applied to LVMH Moët Hennessy Louis is down 25.3%for the nine ForKohl’s, the 10-year-deal Each Sephorashop will age. “We’veseen brands like list itsshares on the Nasdaq Vuitton SE, has about 2,600 months to Oct. 31. with renewaloptions offers span 2,500 squarefeet and re- Nike,Adidas and Levi’spre- Global Select Market under the stores globally,but only 500 Mr.Rougeot said he distin- the opportunity to attracta placeKohl’scurrent beauty of- sented in the right way in symbol ABNB. free-standing locations in the guished between Kohl’sand wider swath of younger shop- ferings. They will be staffedby Kohl’s stores,” he said.

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B4 | We dnesday, December 2, 2020 ** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Amazon Boosts Cloud Call-Center Tools

New features will help companymight not need as extending an on-premise sys- many agentstoanswercalls, temtoagents’ home offices, customer-service said Drew Kraus,vicepresi- which mayrequirespecial agents who shifted to dent of research at technology dataconnections,firewalls and research firm Gartner Inc.Us- virtual privatenetworks,some working from home ing technologies such as AI analysts say. “can help reducethe biggest At the end of 2019,there BY SARA CASTELLANOS part of customer-serviceoper- were about 15 million contact- ating costs, which is the head center “seats,” or technology Amazon.comInc.’scloud di- count,” Mr. Kraus said. licenses foragents, world- vision Tuesdaysaid it is intro- Thecloud-based contact- wide,said Sheila McGee- ducing newfeatures to makeit center market has been grow- Smith, an independent indus- easier forcall-center agentsto ing in popularity over the past tryanalyst covering the help customers, amid growing five yearsand includes players contact-center market. She ex- demand forcloud-based cus- such as GenesysTelecommuni- pectsthe shareofthose that tomer-service centers during cations Laboratories Inc., use cloud-based tools will rise the coronavirus pandemic. Five9Inc.and NICE inContact, to roughly half in the next five Amongthe five newtools which offer software tools that yearsorso, from about 20% at

areone that uses artificial in- CK makeiteasier foragentsto the end of 2019. telligencetohelp agentsan- TO work from anywhere. Amazon Connectbenefits swerquestions almost instan- Thealternativeisthe on- from the machine-learning and

taneously and one that SHUTTERS premise contact-center model, other cloud-based tools that

aggregates information about A/ where Cisco Systems Inc. and AWSbringstobear,Ms. Mc- the customer from disparate /EP Avaya Inc. are major players, Gee-Smith said. “You’renot datasources. Another makes it with agents typically working buying into Amazon Connect, easier forcustomerstoau- LEWINS on acompany’sdataand com- you’rebuying intothe AWS

thenticatethemselves when DEAN munication network in aphys- ecosystem,” she said. talking to an agent. Amazon Robotics’ chief technologist, TyeBrady,spokeatthe Amazon WebServices Summit in 2019. ical office. Amazon’sworld-wide mar- Thenew featureswill help This year,asagentsneeded ketshareinthe cloud was45% customer-serviceagentswho productivity forthe agent and two of the services in “pre- Corp., Best Western Interna- to work from home,many in 2019,according to Gartner, areworking from home while increase customer satisfaction view” mode,and the other tional Inc. and Square Inc. companies have opted to set with MicrosoftCorp.its near- managing an increased volume forpeople calling in,” Mr.Au- three are available to all cus- Morethan 5,000 contact up contact centersinthe est competitor with nearly 18%. of calls about everything from gustin said. tomers beginning Tuesday. centerswereset up on Ama- cloud. “The pandemic just One of the newAmazon changes to travel plans to inqui- Andy Jassy, chief executive Amazon WebServices’ zonConnect during March and poured gasonthat fire,” Mr. Connect services available in ries about unemployment bene- of Amazon Web Services, an- cloud-based contact-center April of this year,according to Kraus said. preview mode, Wisdom, uses fits,said LarryAugustin, vice nouncedthe newfeatures at product, Amazon Connect, was a spokesperson for AWS. Giving agentsaccesstocon- machine learning to search president of businessapplica- AWS’sannual re:Invent confer- launched in 2017and nowhas Making it easier for agents tact centersinthe cloud can through several applications tions forAmazon WebServices. ence, held virtually, on Tues- thousands of customersin- to look up information and an- be a simpler way of handling and databases as the customer “The idea is to increase day. Customerscan ask to use cluding Capital One Financial swerquestions faster means a customer calls securely than and agent are talking.

launched three years ago and ing forapprovals in other Dayforward’s board. Instead, life-insurance In contrast, carand home Startups has sold morethan $10 billion states.Itaims to writepolicies A unit of reinsurance com- startups have laggedbehind insurerspay out in claims in term-life-insurancecover- within weeks and expectsto pany Munich Re will reinsure other types of insurancedue much of what they collect an- agethrough North American be national in two years, Mr. Dayforward’s policies, and its to ultralow interest rates and nually in premiums,solow in- Launch Co. for Life and Health Insur- Shapiro said. venturearm is among finan- other factors, according to terest rateshavebeen less ance. Dayforwardaims to offer cial backers. consultants. damaging, she said. It has signed adefinitive policies with unconventional Bestow and Dayforward “It is even moreofastark Some 80% of insuretech Insurers agreement to acquireCentu- benefit arrangements: For in- aren’t the first insurers to go picturenow” than afew years funding went intoproperty-ca- rion LifeInsuranceCo.,an stance, paying beneficiaries with online underwriting,an ago, said Kweilin Ellingrud, sualty in recent yearsand is Iowa-based insurer that isn’t theequivalent of abiweekly approach that seeks to elimi- nowrunning at about two- ContinuedfrompageB1 currently selling new policies salary, rather than alump natetime-consuming blood thirds, said Matt Adams, who to be tapped. but is licensed in nearly all sum. and urine analysis. Bestow and heads the U.S. insuranceprac- Mr.O’Banion said that all states. “A lot of whywewanted to Among well-established in- tice for PwC. Some property- applicantswill be assessed on- Bestow is funded by enti- become a carrier was, we can surers issuing policies in real Dayforward aren’t casualty startups already have line, with no additional medi- ties including venture-capital design productslikethis,” Mr. time is Massachusetts Mutual thefirst to go with become publicly traded com- cal details to be sought. fund Valar Ventures and Shapiro said. LifeInsuranceCo.,with itsHa- panies. Forasmall percentageof Sammons Financial Group, Dayforwardwas founded venLifeunit. This year,the online underwriting. Car and home insuranceare applicantswith health compli- which owns North American this year by Mr. Shapiro, for- coronavirus pandemic has “thingsyou have to buy and cations,DayforwardCEO Co.and other insurancebusi- mer chief executiveand co- heightened interest in going aremoreeasily understood” Aaron Shapirosaid the com- nesses. founder of digital marketing online. by consumers than many life- pany maydispatch at-home NewYork-based Dayfor- agencyHugeInc.Maria T. As insuretech washeating head of the life-insurance insurance offerings, and thus medical kits that could add a ward has obtained an insur- Vullo,aformer superintendent up adecade ago, the life-insur- practice at McKinsey &Co. lend themselves moreeasily to day or two to the process. ancelicense forasubsidiaryit of NewYork’sDepartment of ance industry seemed poised “Interest rates were low then innovativetech strategies,Mr. Dallas-based Bestow was established in Texas and is fil- Financial Services,serves on for an overhaul. and nowthey areevenlower.” Adams said.

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THE WALL STREET JOURNAL. We dnesday, December 2, 2020 | B5 BUSINESS NEWS Transocean Says It Resolved Dispute With Bondholders

BY ANDREW SCURRIA to risk having the noticeissued by Whiteboxturning intoan Transocean Ltd. said it eventofdefault that could

took steps to resolveallega- bringmoreserious conse- S tions by bondholdersthat they quences.Instead, the company NEW

were treated unfairly in a re- unwound internal corporateas- G structuring as the offshore set maneuversthat Whitebox

drilling contractor sought to hadcomplained about, accord- OOMBER

ward off bankruptcy. ing to Tuesday’sfiling. /BL In acourt filing Tuesday, Thecompanyinsists“there

Transocean said it cured an al- wasnobreach” and still wants MORRIS

leged debt default concerning a aruling on the alleged default UL $1.5billion restructuring de- to clarifythe correct reading of PA VID

signed to keep the business the bond agreement at issue. DA afloat during adeeply painful Transocean isn’t alone The company, which is owned by China’s Haier Group, increased production by 25% in the second half to meet the surging demand. period fordeep-water drilling among offshoredrilling con- that has sent several peer com- tractorsinfacing severefinan- panies to bankruptcy. cial strains.Several of thecom- Therestructuring,executed pany’scompetitorshave GE Appliances Supply-Chain in September, shavedroughly restructured their balance $826 million in debt from the sheetsinrecent months, Switzerland-based company’s slammed by volatile crude balancesheet. Creditorsthat prices and the pandemic’sim- Upgrade Eased Virus Stress participated surrendered their pact on global oildemand. claims in return forroughly Theworld’slargest deep-wa- terrig owner,Transocean is on moresolid footing than U.S. off- BY JENNIFER SMITH then shipped the finished goods and help companies decide how from manufacturing plantsand TheSwissrig owner shorecontractor Diamond Off- to distribution centerstowait to allocatelimited supply. anticipatedisruptions that shoreDrilling Inc., the U.K.’s GE Appliances wasinthe fororders. “Nowthere’snoin- Louisville,Ky.-based GE Ap- could slowcustomer deliveries. is one of thedrilling Noble Corp.and Valaris PLC midst of adigital supply-chain ventory,” said Melanie Cook, pliances, which is owned by Thetools helped GE Appli- contractorsfacing and Luxembourg-based Pacific upgrade when the coronavirus chiefoperating officer.“Typi- China’s Haier Group,was ex- ancespinpoint one cause be- Drilling SA,all of which have pandemic hit, disrupting global cally our customerswould be panding itsU.S.production ca- hind arising order backlog that financial strains. filed forbankruptcy sinceApril. supply lines while consumer de- used to placing an order,[and pacity before the pandemic hit, came even as the company’sin- Even beforethe pandemic,a mand soared forthe company’s in]fivetoseven days they can spending some $600 million ventoryreservewas growing.It sluggish oil market had idled refrigeratorsand washing ma- getaproduct. Nowwe’restill since2018 at itsnine domestic turned out some partial ship- manyoffshorefleetsasad- chines. building them.” plantsand distribution centers. mentsweren’t being sent out $687 million in exchangebonds, vanced techniques fortapping Instead of pausing the proj- Thereal-time visibility GE Those investmentsinclude under procedures put in place according to court records. deep oil depositsonland led to ect to cope with the turmoil in Appliances wasseeking in its digitalupgrades that Ms.Cook beforethe pandemic,when WhiteboxAdvisors LLC and record oil production in the retail markets, the appliance supply-chain plan proved criti- said helped the companynavi- some customerswouldn’t ac- Pacific Investment Manage- U.S.,diverting investment from makeraccelerated the paceof caltothe company’sresponse gate itsglobal partssupply cept incompleteorders. “Weare ment Co.held out, saying their more-complexdrilling offshore. itsupgrade even as arush of to rapid swingsindemand as chain during Covid-19 and boost nowable to identifythose and bondholdingshad been effec- Transocean had accused orders from people staying at consumersfirst hunkered down output. Theappliancemaker in- work with our customerstore- tively leapfroggedinorder of Whiteboxincourt papersof home,suddenly generating and then sought the equipment creased production by 25% in lease” them, achangethat repayment by the exchange waging acampaign to forcean morepiles of laundryand dirty to outlast the lockdowns.As the second half of the year to wouldn’t have been possible be- bonds.InSeptember,they told “unnecessarybankruptcy” in dishes,pushed production ca- people stayed home,daily usage meet the surging demand. fore,aspokeswoman said. Transocean they believed the which bondholderslikeitself pacity to itslimits. ForGEAp- of appliances shot up.“We liter- But production took ahit in Blue Yonder’s technology restructuring amounted to ade- could take equity control. pliances,the pandemic provided ally cannot keep up with the de- the early stages.The company pulls information from different fault. That notice gavethe com- Whiteboxhad sued the com- afertile testing ground fordigi- mand. We’veinvested, added took aweek in lateMarch to re- programs,such as the com- pany90days,until Tuesday, to pany, hoping to stop the re- taltools intended to help bal- capacity,and we’restill flat organizeits facilities to meet pany’stransportation or ware- resolvethe allegation or else structuring beforeitcould ancemanufacturing and de- out,” Ms.Cook said. health andsafety standards in house management systems, risk accelerated bond repay- close.The judgerefused and mand by connecting partsofits Thenew technology, from the faceofCovid-19,spacing andharmonizes the dataso ments, the lossofbank credit said that if Whiteboxwas later supply chain that had been op- supply-chain software provider manufacturingstations 6feet managerscan see howade- andabankruptcy filing. proven correct about itsallega- erating on separatetracks. Blue Yonder,tracks the move- apartand erecting barriers. layedinbound shipment might Thecompanyhad denied it tions,itcould be compensated Theeffort took on newur- ment of goods from manufac- TheBlue Yonder digital up- affect customer ordersorin- wasindefault and asked Judge through money damages. gencyasskyrocketing orders turing plants to distribution grade also began in March, with ventorylevels. Before, “all those George B. Daniels of the U.S. Creditorsthat made the alle- clearedout the appliances the centers. Thesoftware integrates the rollout of software that al- entities acted independently,” District Court in NewYork to is- gations of default weren’t con- companykept on hand. Previ- that datawith customer orders, lows GE Appliances to check said Cary VandenAvond, the sue acourt order that said so. vinced it wascured,aperson ously,the companymade prod- using machine learning to an- stock levels at companydistri- software company’ssenior vice ButTransocean elected not familiar with themattersaid. uctsbased on demand forecasts ticipatedelays and shortages bution centers, track shipments president of growth initiatives. BUSINESS WATCH

UNITEDHEALTH ties Inc. said it will generate a is expected to have sales of Guidance for 2020 profit of $2.14 to $2.34 a share about $90 million and Ebitda of in 2021 as its properties in the roughly $36 million next year. Is Revised Upward U.S. and Canada remain mostly San Francisco-based Gryphon occupied despite the Covid-19 originally invested in Matrixx in UnitedHealth Group Inc. re- pandemic. December 2017. fined its full-year guidance for Many companies have shifted —Colin Kellaher 2020 and said it expects to re- employees to home-based work cord a full-year profit in 2021. due to the coronavirus. ZIMMER BIOMET The Minnetonka, Minn., Alexandria, which leases Medical-Supply Firm health-insurance company now space to technology companies expects full-year 2020 revenue like Facebook Inc. and pharma- Added to Company of about $257 billion, with ad- ceutical firms including Pfizer Theenduringbeautyofaclassic justed earnings approaching Inc. and Novartis AG, said occu- Zimmer Biomet Holdings Inc. 18kt gold Byzantine bracelet $16.75 a share. In October, the pancies in North America are ex- on Tuesday said it has acquired company had said it expected pected to range from 96.2% to A&E Medical Corp., a maker of adjusted earnings of $16.50 to 96.8% as of Dec. 31 of next year. sternal-closure products, from Exquisitely handcrafted in lustrous $16.75 a share. Occupancies for operating prop- private-equity firm Vance Street Analysts polled by FactSet erties in the market stood at Capital LLC for $250 million. 18kt yellow gold.Our timeless design expected a full-year adjusted 94.9% as of the end of Septem- The Warsaw, Ind., musculo- will continuetotranscend styleand profit of $16.73 a share on reve- ber, according to the company. skeletal health-care company nue of $256.67 billion. Alexandria also said Tuesday said the deal includes $150 mil- deliver elegancefor alifetime. For 2021, UnitedHealth said it that it believes it will earn $7.60 lion in cash at closing and $100 anticipates revenue of $277 bil- to $7.80 a share in funds from million in cash payable next year. lion to $280 billion and an ad- operations next year. FFO is an Zimmer said A&E’s products justed profit of $17.75 to $18.25 earnings metric used by prop- complement its portfolio and will a share. Analysts had been pro- erty owners that excludes costs allow the company to offer a jecting 2021 revenue of $278.46 such as building depreciation comprehensive suite of sternal- billion and a profit of $18.39 a and makes other adjustments. closure products, including rigid share. —Micah Maidenberg fixation. UnitedHealth said it expects —Colin Kellaher the effects of Covid-19 to reduce CHURCH & DWIGHT about $1.80 a share from next Maker of Zicam Cold year’s profit figures. During its investor day presentation, the Remedy Is Acquired company said the earnings ef- fect is largely the projected cost Church & Dwight Co. said it of testing and treatment for has acquired Matrixx Initiatives Covid-19, which it expects will Inc., the maker of the Zicam be about the same in 2021 as in brand cold remedy, from private- 2020. equity firm Gryphon Investors —Matt Grossman for $530 million. The Ewing, N.J., consumer- ALEXANDRIA REAL ESTATE products company said it fi- Properties Occupied nanced the deal, which it ex- pects will boost 2021 cash Despite Pandemic earnings by about 3%, with a combination of cash and debt. Alexandria Real Estate Equi- Church & Dwight said Zicam $2,695 Plus Free Shipping 18kt Yellow Gold ClassicByzantine Bracelet

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B6 | We dnesday, December 2, 2020 THE WALL STREET JOURNAL. THE PROPERTY REPORT Sports ClubsSale Allowed To Proceed

BY AISHA AL-MUSLIM

Abankruptcy judgehas de- nied a request to temporarily stop the already approved sale of the operator of NewYork Sports Clubs and Lucille Rob-

(2) erts gyms to a group of lend- ers and an entity managed by FUND

T an investment banker. AC Judge Christopher Sontchi IMP of theU.S.Bankruptcy Court CK in Wilmington, Del., said Mon- BLA dayhewould denythe motion THE

T/ foratemporaryinjunction

AC prohibiting the closing of the IMP acquisition of nearly all the LA

SO assets of Town Sports Inter- SoLa Impact, a real-estate firm that runs three funds totaling $180 million, is building an affordable-housing project in South Los Angeles. national LLC in a deal valued at about $85 million. Town Sports had hoped to close the sale last Friday to a Developer HasBig Affordable Plans group of term-loan lenders and Peak Credit LLC,amulti- member limited liability com- Real-estate executive that offersscholarships and fi- panywhich has NewYork- nancial-education programs based investment banking firm aims to raise $1 billion such as mock stock challenges. Lepercq de Neuflize&Co. as to invest in minority To ensurethe communities itsmanaging member.But the benefit from the Black Impact closing wasdelayedwhen the neighborhoods Fund, 13% of fees and asset lendersrequested that the appreciation will go to a non- judgesettle adisputeover BY ESTHER FUNG profit entity that will perform social-impact work and build ACalifornia developer is try- housing forpurchase at cost in Town Sports had ing to raise $1 billion to invest areas where the new fund in- in Black and Latino communi- vests. It will be modeled after filed for bankruptcy ties.Ifsuccessful, it would be SoLa’snonprofit, which pro- protection in oneofthe largest commercial videsstudentsinthe Watts real-estatefunds ever to focus neighborhood of Los Angeles September. on minority neighborhoods. with scholarships to colleges Martin Muoto, chief execu- and vocational schools.Recipi- tiveofthe real-estatefirm entslearn skills that could SoLa Impact LLC, runs three help them makealiving,Mr. credit bidding and clarify his funds totaling $180 million. Muoto said. sale order, according to court They focus on affordable hous- Thecommunity and educa- papers and lawyers at a hear- ing and some commercial real tional programs also earn the ing Monday. estateinminority neighbor- trust of residentswho,inturn, Thedisputearose with Peak hoods around South LosAnge- makethe effort to take care of Credit after the term lenders les.The funds,which raised the area and payrent on time, were said to be disappointed moneyfromindividual part- he added. “When youreally with the capitalization struc- nersinlarge investorslikethe alignwith the community,it tureofthe buyer,anewly private-equity firm General does not diluteyour returns. formed acquisition vehicle Atlantic,haverecorded dou- They solidify your returns,” called New TSI HoldingsInc., ble-digitaverage annual re- Martin Muoto, center, with tenants at a SoLa development in Los Angeles. Mr. Muoto said. resulting in the lendersrefus- turns sincethe firstfund During the pandemic,hous- ing to makeacredit bid and launched in 2014. designated low-income com- zone investmentsthat haven’t investing but already benefit ing forlower-income commu- arguing that Peak didn’t meet Now, Mr.Muotoistrying to munities. delivered benefitstodis- from other tax incentives. nities has outperformed mar- the requirementsunder the use a similar approach in cit- Critics of the program say tressed local communities. Mr.Muoto, who leftNigeria ket-ratehousing in coastal sale agreement. ies across the U.S. that suffer it sometimes misses the mark, Mr.Muoto’sBlack Impact afterreceiving ascholarship areas as the shortage of such “Wecan’t let perfect be the from a shortage of affordable likewhen states earmark Fund consistsoftwo separate from theWharton School of affordable homes resulted in enemyofgood,” Seth Van housing and from what he said neighborhoods wheredevelop- funds—one targeting $500 the University of Pennsylvania, lowerchurn ratesand better Aalten, a lawyer representing areregulatorybarriersthat ment is already taking place. million in opportunity-zone in- said thereisastigma that returns. the unsecured creditors com- make it tougher to build. His That could giveinvestorsa vestmentsand another one these neighborhoods areun- Developing projects in mi- mittee, said during the hearing new Black Impact Fund is fo- significant tax break without with a$500 million goal for safe or unruly. nority neighborhoods canbea Mondayheld by phone and cusing on large metropolises creating manynew jobs or making investmentsnear des- “The perception that these good deal, especially if land is video. like Philadelphia and Atlanta, more affordable housing in ignated opportunity zones.He aregoing to be hardplaces to cheaperand thereare taxand “Thereisnoother buyer as well as midsizecities like poorer neighborhoods. said areas near these zones operate in, it’s not altogether infrastructureincentives.With here. And there is no alterna- Fresno, Calif. President-elect JoeBiden can benefit from spillover ef- untrue,” he said. acomprehensiveplan, “you tive to this transaction.” SoLa has been investing in has suggested overhauls,in- fectssuch as asset apprecia- But he said he has found a makeyour returns on the buy, Town Sports and the com- opportunity zones,aprogram cluding requiring morede- tion. By offering anon-oppor- processthat canwork.The on the way in,” said William mitteealso argued that the created by the 2017federal tax tailed reporting on job growth tunity-zone fund, he can also first step he takes is building W. Towns,adjunct professor of matterwas an intercreditor is- overhaul that allows investors and poverty reduction. Mr. raise money from pension affordable housing, and then, social impact at Kellogg sue that could continue to be to defer and reducetaxes if Muotosaid he has raised funds and endowmentsthat offering access to education. School of Management at negotiated or litigated after they reinvest capital gains in questions about opportunity- areinterested in social-impact SoLaImpact has afoundation Northwestern University. the closing.The judgeagreed. Thejudgeduring Monday’s hearing issued an order autho- rizing the lendersand Peak to RetailersSeize move forward with the credit bid and close the sale. Town Sports, which filed forchapter 11 bankruptcy pro- Chance to Become tection in September,had morethan 600,000 members belonging to itsnearly 185 fit- ness clubs in March. Property Owners Theplan under the sale is to keep about athirdofthose locations. BY ESTHER FUNG Newmark.“Historically,the most active buyers have been Struggling shopping malls in the luxury sector.” arefinding an unexpected In a recent example, Swiss Shoppers boost from bargain-hunting high-end clothing retailer retail operators. Akris purchased three build- Such wasthe case in Stam- ingsonNew York City’s Madi- Reduce ford,Conn., wherethe Stam- son Ave. for$45 million—a de- ford Town Center mall lost cade-lowpricefor the ritzy popular tenantslikeH&M,Ap- neighborhood on aper-square- Spending ple Inc.and Talbotstoacom- foot basis—including the peting shopping center that building that accommodates opened last year only 8 miles its Manhattan store. ContinuedfrompageB1 away. Other retailersare taking dented backdrop marked by In October,home-furnishing advantage of the times to up- rising numbersofCovid-19 company Safavieh purchased grade their rental space. cases and hospitalizations Town Center mall. Home Depot Inc.isplanning that persuaded manypeople Safavieh plans to open a to relocateits basement store to stay home and avoid large home-design center and relo- in Manhattan’sUpper East gatherings. cate its nearby home-furnish- Side afew blocks away to a Even so,Mr. Shaysaid that ingsstore to the mall, said four-story store currently oc- while 55% of people indicated Arash Yaraghi, whose family cupied by Bed Bath &Beyond CENTER they monitorwhat is going on runs the Port Washington, Inc.The home-furnishingsre- WN with the virus in their commu- TO

N.Y.-based company. tailer,which has struggled RD nities, they don’t expect it to

But, he added, “price is al- with fallingsales foryears, FO affect their holiday spending. AM

waysthe deciding factor.” Sa- isn’t renewing itslease as it ST Morethan half of people favieh paid $20 million fora works to close 63 stores by StamfordTownCenterinConnecticut wasrecently boughtfor $20 million by ahome-furnishing company. surveyed, according to NRF property that wasappraised at the end of itscurrent fiscal andProsper Insights, bought $64 million last year, accord- year. area. ies, furniture, discount goods open, with foot traffic remain- clothing over the shopping ing to aStamfordgovernment “Wechose this location be- Gazit also plans to invest and pet supplies that have ing weak as officeworkersand weekend. Just under athird website. cause it’ll be convenient for $15million to $18 million to benefited from people staying touristshaven’t returned to purchased toys and alittle The coronavirus pandemic residentsonthe Upper East retrofit the space, according to at home, brokers say. the city. more than aquarter bought andits debilitating effect on Side and offered the spacewe filingsbyits Israeli-based par- But some specialty retailers These days,heisgetting electronics. shopping centersare provid- need just as our existing lease ent with the TelAviv Stock Ex- have seized on opportunities, unsolicited offers from prop- People between ages 35 ing growing retail operators expired,” said MargaretSmith, change. too. Sever Garcia,who relo- erty ownersinSoHo and Long and 44 spent the most money, with an opportunity to achieve aspokeswoman from Home Home Depot’stotal gross catedhis accessories and Island with generous terms said Phil Rist, executivevice something manyhavehoped Depot. rent will be $9.5 million, up travel items storefromdown- such as sixmonths of rent president at Prosper Insights, to do forawhile—become Thelandlord, Gazit Hori- from the $5.8 million that Bed town Brooklyn to Manhattan’s based on apercentageofsales. mostly buying gifts. owners. zons Inc., said it wasable to Bath &Beyondispaying,the upscale Tribecaneighborhood, But rather than tempt fate NRF had earlier said it was “Wehaveseen retailersze- finalizea20-year lease amid filing added. said his new landlord offered again during the pandemic,he expecting holidaysales forlast roing in on buying opportuni- the Covid-19 pandemic by of- Tenantslooking fornew three months free rent and is staying put fornow.“It’s month and this month to rise ties,” said ArielSchuster,vice fering Home Depot high ceil- real estatehaveconsisted pri- other incentives. not the best time to test new between 3.6% and 5.2% from a chairman at real-estatefirm ingsand an ample loading marily of big sellersofgrocer- This has helped him remain businesses,” Mr. Garcia said. year ago. P2JW337000-1-B00700-1------XA

THE WALL STREET JOURNAL. * We dnesday, December 2, 2020 | B7

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures March 1.2647 1.2812 1.2400 1.2499 –.0199 44,326 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Eurodollar (CME)-$1,000,000; pts of 100% Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Jan 141.075 143.475 141.050 141.650 .600 19,374 Dec 99.7450 99.7525 99.7450 99.7500 … 1,118,104 Contract Open March 140.000 142.000 139.925 140.650 .675 9,333 March'21 99.7900 99.7950 99.7850 99.7900 … 1,148,549 Open High hi lo Low Settle Chg interest Jan 2.934 2.972 2.833 2.880 –.002 297,347 Feb 2.913 2.950 2.819 2.868 .003 96,056 Cattle-Live (CME)-40,000 lbs.; cents per lb. June 99.7950 99.8000 99.7900 99.7950 …862,855 Copper-High (CMX)-25,000 lbs.; $ per lb. March 2.856 2.881 2.763 2.806 .007 195,005 Dec 110.275 110.875 110.250 110.625 .450 22,500 Dec 99.7550 99.7650 99.7400 99.7450 –.0150 820,313 Dec 3.4435 3.5010 s 3.4320 3.4680 0.0475 5,758 April 2.746 2.770 2.680 2.717 .016 83,445 Feb'21 113.025 113.900 112.700 113.175 .300 110,928 March'21 3.4495 3.5215 s 3.4470 3.4850 0.0470 163,974 May 2.739 2.761 2.680 2.712 .014 54,336 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Currency Futures Gold (CMX)-100 troy oz.; $ per troy oz. Oct 2.870 2.879 2.819 2.841 .008 91,883 Dec 67.925 67.950 66.700 66.975 –.600 19,698 Dec 1775.00 1815.90 1774.90 1814.10 38.40 25,471 Feb'21 68.750 69.600 68.050 68.750 .175 82,022 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Jan'21 1777.50 1818.30 1776.40 1816.60 38.60 2,556 Agriculture Futures Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec .9587 .9600 .9564 .9580 –.0007 187,383 Feb 1780.30 1821.10 1778.40 1818.90 38.00 396,046 Jan 641.20 648.90 634.50 635.20 –1.60 1,922 March'21 .9601 .9615 .9580 .9595 –.0006 2,637 April 1784.10 1824.70 1783.10 1822.80 38.00 65,268 Corn (CBT)-5,000 bu.; cents per bu. March 605.00 606.40 597.30 603.60 6.80 613 Canadian Dollar (CME)-CAD 100,000; $ per CAD June 1785.90 1826.40 1785.40 1825.50 37.90 30,759 Dec 420.00 423.00 414.00 414.75 –5.00 11,749 Milk (CME)-200,000 lbs., cents per lb. Dec .7693 .7736 .7691 .7730 .0015 135,430 Aug 1789.40 1829.70 1789.20 1827.80 37.60 7,678 March'21 426.50 429.00 420.25 420.75 –5.25 906,614 Nov 23.26 23.27 23.26 23.27 …5,548 March'21 .7696 .7738 .7695 .7734 .0014 4,330 Palladium (NYM) - 50 troy oz.; $ per troy oz. Oats (CBT)-5,000 bu.; cents per bu. Dec 15.16 15.29 15.11 15.24 .09 4,983 British Pound (CME)-£62,500; $ per £ Dec ...... 2417.30 24.50 180 Dec 283.25 292.00 283.00 289.75 5.00 405 Cocoa (ICE-US)-10 metric tons; $ per ton. Dec 1.3333 1.3446 1.3316 1.3417 .0073 137,713 March'21 2389.40 2446.40 2383.60 2429.70 23.80 9,501 March'21 292.50 294.75 290.00 291.75 .25 3,931 Dec 2,960 2,960 2,960 2,960 –48 118 March'21 1.3349 1.3455 1.3330 1.3429 .0073 4,330 Platinum (NYM)-50 troy oz.; $ per troy oz. Soybeans (CBT)-5,000 bu.; cents per bu. March'21 2,749 2,765 2,665 2,691 –48 94,606 Swiss Franc (CME)-CHF 125,000; $ per CHF Dec ...... 1002.20 38.10 3 Jan 1169.25 1176.00 1161.25 1162.00 –6.50 308,610 Coffee (ICE-US)-37,500 lbs.; cents per lb. Dec 1.1008 1.1122 1.1008 1.1107 .0070 49,586 Jan'21 969.80 1008.00 968.00 1003.90 38.00 46,245 March 1170.00 1177.00 1162.25 1163.00 –6.50 259,371 Dec 120.20 120.20 116.10 115.65 –5.05 791 March'21 1.1043 1.1156 1.1043 1.1141 .0070 789 Silver (CMX)-5,000 troy oz.; $ per troy oz. Soybean Meal (CBT)-100 tons; $ per ton. March'21 123.45 123.90 117.85 118.45 –4.85 115,344 Australian Dollar (CME)-AUD 100,000; $ per AUD Dec 22.665 24.095 22.650 24.033 1.499 8,305 Dec 394.20 396.90 392.40 393.50 .40 3,907 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Dec .7345 .7375 .7343 .7365 .0010 127,959 March'21 22.700 24.180 22.665 24.090 1.497 124,210 Jan'21 391.00 394.30 389.20 390.20 –.30 127,751 March 14.55 14.85 14.40 14.51 …422,186 March'21 .7352 .7379 .7349 .7370 .0010 1,837 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Soybean Oil (CBT)-60,000 lbs.; cents per lb. May 13.81 14.11 13.75 13.96 .14 218,469 Mexican Peso (CME)-MXN 500,000; $ per MXN Jan 45.08 45.70 44.12 44.55 –0.79 398,824 Dec 38.01 38.33 37.40 37.40 –.48 2,104 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Dec .04953 .04995 .04949 .04984 .00031 144,205 Feb 45.25 45.86 44.32 44.73 –0.78 193,733 Jan'21 37.58 37.97 36.96 37.01 –.48 151,972 Jan 29.25 29.25 29.10 29.04 –.26 1,803 March'21 .04906 .04948 .04903 .04936 .00030 6,095 March 45.41 45.99 44.49 44.88 –0.77 182,697 Rough Rice (CBT)-2,000 cwt.; $ per cwt. March 29.00 29.00 29.00 28.99 .01 3,334 Euro (CME)-€125,000; $ per € June 45.55 46.12 44.72 45.04 –0.73 214,716 Jan 12.53 12.61 12.48 12.53 –.03 8,503 Cotton (ICE-US)-50,000 lbs.; cents per lb. Dec 1.1932 1.2080 s 1.1932 1.2051 .0101 624,043 Dec 45.15 45.67 44.35 44.59 –0.73 284,727 March 12.73 12.79 12.67 12.71 –.02 393 Dec 71.19 71.21 69.98 70.59 …175 March'21 1.1963 1.2109 s 1.1963 1.2081 .0101 12,984 Dec'22 44.66 45.16 43.90 44.10 –0.78 94,085 Wheat (CBT)-5,000 bu.; cents per bu. March'21 72.32 73.06 72.14 72.19 .04 138,235 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 580.75 580.75 563.50 565.50 –14.75 533 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Index Futures Jan 1.3690 1.3884 1.3389 1.3473 –.0241 113,607 March'21 585.00 589.00 574.00 577.25 –7.75 203,886 Jan 128.45 128.70 123.35 126.00 –2.75 6,928 Feb 1.3766 1.3953 1.3484 1.3564 –.0224 47,405 Wheat (KC)-5,000 bu.; cents per bu. March 129.05 129.05 123.60 127.05 –1.95 3,220 Mini DJ Industrial Average (CBT)-$5 x index Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Dec 548.00 548.00 537.50 537.50 –8.25 194 Dec 29680 30057 29614 29804 175 86,670 Jan 1.2366 1.2541 1.2100 1.2204 –.0212 137,325 March'21 547.25 551.00 536.75 539.00 –8.00 128,147 Interest Rate Futures March'21 29540 29950 29520 29702 176 7,044 S&P 500 Index (CME)-$250 x index Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Dec 3644.40 3663.90 3627.10 3660.50 37.30 30,665 Bonds | wsj.com/market-data/bonds/benchmarks Dec 217-270 218-070 213-020 213-140 –4-09.0 39,745 March'21 …… …3652.10 37.40 26 March'21 216-050 216-170 211-110 211-230 –4-10.0 1,004,355 Mini S&P 500 (CME)-$50 x index Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Dec 3631.00 3677.50 s 3626.00 3660.50 37.25 2,514,695 Tracking Bond Benchmarks Dec ...... 171-220 –2-03.0 71,204 March'21 3623.00 3669.00 s 3617.75 3652.00 37.25 91,928 March'21 175-000 175-050 172-160 172-210 –2-08.0 1,110,787 Mini S&P Midcap 400 (CME)-$100 x index Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec 2176.70 2207.00 2172.30 2194.00 25.60 54,812 highs and lows for different types of bonds Dec 138-170 138-190 137-265 137-270 –22.0 114,497 March'21 …2196.60 2169.70 2191.40 24.50 n.a. Total Total March'21 138-060 138-075 137-130 137-140 –23.5 3,154,102 Mini Nasdaq 100 (CME)-$20 x index return YTD total Yield (%) return YTD total Yield (%) 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec 12336.00 12512.25 s 12312.00 12452.25 175.25 240,244 close return (%) Index Latest Low High close return (%) Index Latest Low High Dec 125-222 125-230 125-117 125-125 –9.7 110,255 March'21 12330.50 12507.00 s 12309.00 12448.00 176.25 4,844 March'21 126-007 126-015 125-207 125-217 –11.2 3,083,301 Mini Russell 2000 (CME)-$50 x index Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Dec 1825.20 1850.80 1824.00 1835.50 15.40 549,108 Dec 110-135 110-139 110-117 110-117 –1.7 62,158 Mini Russell 1000 (CME)-$50 x index 2225.03 3.6 Mortgage-Backed 1.280 0.930 2.690 2280.30 7.0 U.S. Aggregate 1.190 1.020 2.380 March'21 110-135 110-139 110-114 110-115 –2.1 1,835,333 Dec 2055.90 2065.90 s 2040.10 2058.00 20.30 9,101 U.S. Corporate Indexes Bloomberg Barclays 2172.93 3.4 Ginnie Mae (GNMA) 0.680 0.290 2.660 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. U.S. Dollar Index (ICE-US)-$1,000 x index Dec 99.9175 99.9200 99.9150 99.9150 –.0025 118,784 Dec 91.90 91.92 t 91.14 91.30 –.56 33,928 3432.23 9.0 U.S. Corporate 1.840 1.800 4.580 1313.87 3.7 Fannie mae (FNMA) 1.480 1.110 2.690 Jan'21 99.9200 99.9250 99.9200 99.9200 .0000 154,752 March'21 91.83 91.84 t 91.09 91.23 –.56 1,594 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 3093.05 6.8 Intermediate 1.200 1.170 4.400 2016.56 3.6 Freddie Mac (FHLMC) 1.460 1.080 2.710 Dec ...... 100-205 –24.0 155,802 Source: FactSet 5139.22 12.8 Long term 2.840 2.730 4.930 592.53 4.7 Muni Master 0.956 0.838 3.441 698.61 8.3 Double-A-rated 1.450 1.300 3.360 419.01 5.0 7-12 year 0.943 0.771 3.447 Cash Prices | wsj.com/market-data/commodities Tuesday, December 01, 2020 912.89 8.8 Triple-B-rated 2.120 2.090 5.350 478.62 5.7 12-22 year 1.381 1.224 3.690 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— High Yield Bonds ICE BofA 464.03 5.3 22-plus year 2.033 1.765 4.123 separate from the futures price on an exchange, which reflects what the commodity might be worth in future 487.18 4.3 High Yield Constrained 4.656 4.655 11.400 Global Government J.P. Morgan† months. 441.16 0.8 Triple-C-rated 9.305 9.305 19.071 612.12 5.0 Global Government 0.600 0.390 1.060 Tuesday Tuesday Tuesday Wheat - Hard - KC (USDA) $ per bu-u High Yield 100 860.27 7.0 Canada 0.860 0.590 1.740 Energy Aluminum, LME, $ per metric ton *2014.5 5.5600 3281.58 2.8 3.953 3.589 10.740 Copper,Comex spot 3.4680 Wheat,No.1soft white,Portld,OR-u 6.1750 440.34 4.5 Global High Yield Constrained 4.623 4.623 11.310 418.06 4.5 EMU§ 0.115 0.050 0.794 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 52.750 Iron Ore, 62% Fe CFR China-s 133.1 Food Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600 Shredded Scrap, US Midwest-s,m 287 335.37 2.1 Europe High Yield Constrained 2.978 2.464 8.183 789.50 4.0 France -0.060 -0.160 0.430 Steel, HRC USA, FOB Midwest Mill-s 829 Beef,carcass equiv. index Metals choice 1-3,600-900 lbs.-u U.S Agency Bloomberg Barclays 2.6 Germany 198.88 549.73 -0.410 -0.740 -0.050 Fibers and Textiles select 1-3,600-900 lbs.-u 178.41 Gold, per troy oz 1861.34 5.1 U.S Agency 0.540 0.470 1.950 Japan Broilers, National comp wtd. avg.-u,w 0.8383 295.33 -0.9 0.290 0.040 0.320 Engelhard industrial 1808.00 Burlap,10-oz,40-inch NY yd-n,w 0.6450 Cotton,1 1/16 std lw-mdMphs-u 0.6944 Butter,AA Chicago 1.4100 1623.23 3.9 10-20 years 0.420 0.340 1.850 Netherlands Handy & Harman base 1810.75 Cheddar cheese,bbl,Chicago 614.89 3.2 -0.330 -0.540 0.080 Cotlook 'A' Index-t *79.80 141.25 Handy & Harman fabricated 2009.93 Cheddar cheese,blk,Chicago Hides,hvy native steers piece fob-u n.a. 162.00 4233.50 11.0 20-plus years 1.710 1.170 2.450 1069.39 6.4 U.K. 0.720 0.390 1.180 LBMA Gold Price AM *1771.95 Milk,Nonfat dry,Chicago lb. 114.50 LBMA Gold Price PM *1762.55 Wool,64s,staple,Terr del-u,w n.a. 2913.99 6.5 Yankee 1.460 1.420 3.500 918.04 4.1 Emerging Markets ** 4.488 4.487 7.480 Coffee,Brazilian,Comp 1.1540 Krugerrand,wholesale-e 1889.58 Grains and Feeds Coffee,Colombian, NY 1.7095 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Maple Leaf-e 1907.75 Eggs,large white,Chicago-u 0.9350 American Eagle-e 1907.75 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.10 Mexican peso-e 2198.64 Bran,wheat middlings, KC-u 148 Hams,17-20 lbs,Mid-US fob-u 0.69 Austria crown-e 1783.93 Corn,No. 2 yellow,Cent IL-bp,u 4.1050 Hogs,Iowa-So. Minnesota-u 65.22 Global Government Bonds: Mapping Yields Austria phil-e 1907.75 Corn gluten feed,Midwest-u,w 149.5 Pork bellies,12-14 lb MidUS-u 1.1509 Silver, troy oz. Corn gluten meal,Midwest-u,w 545.1 Pork loins,13-19 lb MidUS-u 0.8261 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Engelhard industrial 23.6500 Cottonseed meal-u,w 420 Steers,Tex.-Okla. Choice-u n.a. Handy & Harman base 23.7750 Hominy feed,Cent IL-u,w 120 Steers,feeder,Okla. City-u,w 155.94 selected other countries; arrows indicate whether the yield rose( ) or fell (t) in the latest session Handy & Harman fabricated 29.7190 s Meat-bonemeal,50% pro Mnpls-u,w n.a. Fats and Oils LBMA spot price *£16.5800 Oats,No.2 milling,Mnpls-u 3.3825 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points (U.S.$ equivalent) *22.1500 Rice, Long Grain Milled, No. 2 AR-u,w 28.38 Corn oil,crude wet/dry mill wtd. avg.-u,w 42.0000 Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Coins,wholesale $1,000 face-a 18103 Sorghum,(Milo) No.2 Gulf-u 6.2475 Grease,choice white,Chicago-h 0.2900 0.125 U.S. 2 0.172 s l 0.145 0.176 1.608 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 391.50 Lard,Chicago-u 0.4100 LBMA Platinum Price PM *979.0 Soybeans,No.1 yllw IL-bp,u 11.5300 Soybean oil,crude;Centl IL-u 0.3903 0.875 10 0.936 s l 0.845 0.879 1.782 Platinum,Engelhard industrial 993.0 Wheat,Spring14%-pro Mnpls-u 6.8425 Tallow,bleach;Chicago-h 0.3250 2.250 Australia 2 0.104 s l 0.101 0.123 0.710 -6.8 -4.4 -89.8 Palladium,Engelhard industrial 2442.0 Wheat,No.2 soft red,St.Louis-u 5.9888 Tallow,edible,Chicago-u 0.3400 s l 1.000 10 0.932 0.909 0.841 1.045 -0.4 6.4 -73.7 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 11/30 l 0.000 France 2 -0.653 s -0.678 -0.721 -0.587 -82.5 -82.3 -219.5 Source: Dow Jones Market Data 0.000 10 -0.279 s l -0.324 -0.336 -0.042 -121.5 -116.9 -182.4

0.000 Germany 2 -0.717 s l -0.738 -0.787 -0.625 -88.9 -88.3 -223.3 ADVERTISEMENT 0.000 10 -0.524 s l -0.570 -0.624 -0.357 -146.0 -141.5 -213.9 0.050 Italy 2 -0.373 s l -0.394 -0.344 -0.108 -54.5 -53.8 -171.6 BusinessReal Estate&Auctions s l 0.900 10 0.679 0.623 0.721 1.234 -25.7 -22.2 -54.8 To advertise: email [email protected] or WSJ.com/classifieds 0.100 Japan 2 -0.124 s l -0.125 -0.119 -0.178 -29.6 -27.0 -178.6 0.100 10 0.022 t l 0.030 0.040 -0.081 -91.4 -81.5 -186.3 AUCTIONS AUCTIONS INVESTMENT OPPORTUNITIES 0.400 Spain 2 -0.582 s l -0.584 -0.572 -0.386 -75.4 -72.8 -199.4 1.250 10 0.118 s l 0.077 0.136 0.415 -81.8 -76.8 -136.7 %!"& !$#"#! 0.500 U.K. 2 -0.007 s l -0.021 -0.027 0.552 -16.6 -105.6 %!"& !$#"#! -17.9 31130.-IL.H G3IQ LI,Q/.JQI. 4.750 10 0.351 s l 0.306 0.263 0.701 -58.5 -53.9 -108.1 "#!$(&'% "!!"(&' 8E?!9ER NE!A: .EO/#&R9&< Source: Tullett Prebon ;[8) 5-)GCK G2)G[ Z<:G:) TC6)<:D)C: GC+ &E'H(9> ;E:J=/C7 7)6)[BAD)C: O>D 'B8C+)+ !C ,FF(K #G< Corporate Debt /I* %)C)>G:)+ Q5Q %>BY:# :#>B8%# >)OC!C% Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific 601G /' !(H:49. !:< >!<^JG+_8<:)+ 6G[8) GAA>BG-#I expectations ":=:D:@936:>H ;[8) 5-)GC3< 4;5!E9!@A /9E9!@A 3G Investment-grade spreads that tightened the most… !#!!!2#;%O8; "#!#"5# P7A(2 A>B6!+)< !C6)<:B>< Y!:# G '$N)=N ,K(- ,NK(>: +)')>>G[ BC ,F,FH,F,. 9GA!:G[ VG!C #(LP=>58$(L 0#) 5N '8C+ <8AAB>:< :#) >)+)6)[BAD)C: )166 #!H9>: &D:-FB) 'BB: ""94P) 'N8 *=> = .G1!3/.H/>+E.,!H TC+8<:>!G[ A>BA)>:U !C ;G[:!DB>)K R7I N%SDDJ/8 GU ',74$72: O2 NKS-J/8 (&K –17 +$FV"S L00C )F'O Q>7!9M J7R9!?R&F Canadian Natural Resources CNQCN 6.250 3.85 March 15, ’38 218 n.a. J[LBFH^ !L ?740< %8;:2K1 &0 T7:9 .H(UU7& 4O&(.7O2 6,G. 372,.#G CNH Industrial CNHI 4.500 0.95 Aug. 15, ’23 73 –15 n.a. !WQZAQ "&Y9 ".:8\:Y= M:1< /^@XVS3; UHO3 $O*2.O*2K A4(2G (H#(4H#($) ;880Q6L.Q6LI,Q/.30/ 3IKHF 7? WY /T/4 S3; &`QA7T %Q:OA 1!C%I –13 $#+#4OM#$ UOH -1 &O2$O ,27.G Cisco Systems CSCO 5.500 2.15 Jan. 15, ’40 48 68 8&YA &Y\ >5 U&Q9:Y= 7UW17T (2$ "DDDGU OU H#.(74% NDD M(H572: !&(,'2* 3$)','. ",-1 +%0#/### %%'F)"VFT')+ Marathon Oil MRO 6.600 4.95 Oct. 1, ’37 327 –12 390 GM(&#GK U:#&MABEA=DR7&@*&EAF*@B Banco Santander SANTAN 4.379 1.98 April 12, ’28 105 –12 127 *:\ FY8:YA FY8K %A` V> ;V4&1 &E'H(9>J% N2M3% >,# %#& "O2 K3>58$(YA1MWQ9T`WZ G7.# OH '7$ 47+# UHO3 (2)*9#H#(. Chevron CVX 0.426 0.28 Aug. 11, ’23 6 –11 n.a. /E'H(9>2#.*OH5K&O3 Delta Airlines, Inc. Retirement Plan … 4.750 3.56 Oct. 20, ’28 264 –11 273 DR7&@*&EAF*@B …And spreads that widened the most

Kohl's KSS 6.875 6.56 Dec. 15, ’37 490 19 497 @IIT@IVT@II0 "DDK"DNK"DD- 10 M:88:&Z7K3>58$(T`WZ3C.QU8.7 New York Life Global Funding NYLIFE 0.400 0.47 Oct. 21, ’23 25 18 *7447(3G/E'H(9>K&O3/?' MASSACHUSETTS '! P#!!D#( ,C]*( D# L[' 0>/VVVI6 )[LL[,JC $ General Motors GM 5.000 3.32 April 1, ’35 248 8 260 )[LL[,JC JDNB_ CD+'C^ [H'T D# L[' !$ %,CR#P?KC#P?BC @# PR' 0"D-QF VI0/I>XT *-(#DRC ED#J[-J J,(,EEL(T %,@@BC E#,@#? ,=' PR' -0-0K American Honda Finance HNDA 3.550 0.66 Jan. 12, ’24 23 8 n.a. SL *=;#@I? A@#ER=EK

Apple AAPL 3.200 0.68 May 13, ’25 26 7 20 30-0)=* .,--9B @C=$9I9??'%3C=?D!C%"=?10?D"=?B 7I=$G'% Toronto–Dominion Bank TD 0.750 0.38 June 12, ’23 16 7 21 8=@ 0*.932+9*2 %!"& !$#"#! 6 AJ;/-:> CF Industries CF 4.500 1.32 Dec. 1, ’26 90 92 *'"0)%3- -2 !22#7%&.3%$ "!!"(&' Walt Disney DIS 3.350 0.85 March 24, ’25 43 6 51 6+ *)/% (03 52.% )041,. 511,5..& !!$ :!AI9 !# +(83& 0"GID High-yield issues with the biggest price increases… 'A?A>(5A"6$A( ;/& @A># Bond Price as % of face value #% )/!7:/1 4/7%< Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week 56)> `*.FR B' TC<:!:8:!BCG[ X!CGC-!C% Bombardier BBDBCN 6.125 8.55 Jan. 15, ’23 95.375 2.00 92.000 GC+ S4 Z@8!:U 1)-8>)+ Howmet Aerospace HWM 6.750 3.41 Jan. 15, ’28 120.975 1.85 118.125 X!CG[ Z@8!:U 5AAB>:8C!:U =6G![GE[) '"N))N #-1- ,.I,&] T22K *F]L959K *I$"/ ZR PA>):GWM 1.43 Ford Motor F 4.750 4.75 Jan. 15, ’43 99.975 97.375 YYYIG-@8!:U>)G[:UI-BDHA>B_)-:[U<[)H %)3*433N5)NL Genworth Holdings GNW 4.800 6.60 Feb. 15, ’24 94.875 1.38 95.001 -BC:G-:\ !C'B?G-@8!:U>)G[:UI-BD ,5')#!"#!%4;" .(). ,.()< EC=D?%$?= 2B4 +2$4 5* L Brands LB 6.750 5.84 July 1, ’36 109.250 1.35 107.500 .!7%4(0"N5&+3(* *N$') 3=IH#F96IH& @A *&4/GES3= 7(G((97. :.9319-C B)AI FHH 7*)' %@AB 32,3-.& %K#3 DE@@ ALJ'I )5#JL =G. United Airlines Holdings UAL 4.250 4.25 Oct. 1, ’22 100.000 –0.25 99.000 M9339A0733,5$"(T7G03,)) 44/6##@#E("!$ 2# %,8"#!,'5)) 8#!,58 /# !"'4&G/0+G4G56 +''(158('888 *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. ©2020Dow Jones &Company,Inc. %"!!",;, >%"!!",;, %5/!%%"%# /#,! #,),)#4!!' /#!"'4&G&04004+T 56 4#/ 8F$ :?29 *CLK <-1?20- Note: Data are for the most active issue of bonds with maturities of two years or more All Rights Reserved. &< *'$#/R,2/#;"';T Source: MarketAxess P2JW337000-0-B00800-1------NS

B8 | We dnesday, December 2, 2020 NY THE WALL STREET JOURNAL. BANK RATES BIGGEST 1,000 STOCKS

BANKRATE.COM® MMA, Savings and CDs Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Average Yields of Major Banks Tuesday, December 01, 2020 The following explanations apply to NYSE, NYSE s-New 52-week high. ICICI Bank IBN 13.39 0.53 NetApp NTAP 54.16 0.85 SoteraHealth SHC 27.40 0.34 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. IdexxLab IDXX 467.86 6.88 NetEase NTES 89.98 -0.39 Southern SO 60.57 0.72 Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR listed securities. Prices are composite quotations dd-Indicates loss in the most recent four IHS Markit INFO 93.60 -5.86 Netflix NFLX 504.58 13.88 SoCopper SCCO 60.15 0.78 that include primary market trades as well as quarters. s II-VI IIVI 68.75 1.10 Neurocrine NBIX 94.83 -0.11 SouthwestAir LUV 47.27 0.93 National average trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. ING Groep ING 9.98 0.33 NewFortressEner NFE 42.35 -0.66 Splunk SPLK 206.43 2.25 Invesco IVZ 16.46 0.23 NewOrientalEduc EDU 161.77 -3.08 Spotify SPOT 284.99 -6.38 Savings 0.08 0.06 0.06 0.09 0.12 0.18 0.21 0.18 0.32 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Nasdaq ISE. standards IPG Photonics IPGP 207.88 0.87 NYTimes A NYT 44.76 1.85 Square SQ 203.00 -7.96 Jumbos 0.18 0.07 0.07 0.09 0.14 0.20 0.23 0.19 0.34 IQVIA IQV 171.23 2.24 NewellBrands NWL 21.44 0.18 StanleyBlackDck SWK 181.92 -2.39 The list comprises the 1,000 largest companies lf-Late filing IcahnEnterprises IEP 50.39 0.32 Newmont NEM 60.21 1.39 Starbucks SBUX 98.82 0.80 Weekly change based on market capitalization. q-Temporary exemption from Nasdaq Icon ICLR 197.44 2.56 NewsCorp A NWSA 18.07 0.42 StateStreet STT 72.26 1.78 Underlined quotations are those stocks with requirements. IDEX IEX 195.14 1.99 s NewsCorp B NWS 18.25 0.44 SteelDynamics STLD 37.34 1.13 Savings -0.01 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 0.00 large changes in volume compared with the t-NYSE bankruptcy IllinoisToolWks ITW 210.06 -1.03 NextEraEnergy NEE 74.15 0.56 Steris STE 193.93 0.12 Jumbos 0.01 0.00 0.00 -0.01 0.00 0.00 0.00 0.00 0.01 issue’s average trading volume. v-Trading halted on primary market. Illumina ILMN 334.34 12.25 s Nike NKE 135.44 0.74 s STMicroelec STM 41.40 1.75 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being ImperialOil IMO 17.70 0.35 Nikola NKLA 17.37 -3.04 s StoneCo STNE 73.31 0.09 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, Incyte INCY 85.42 0.88 NiSource NI 24.49 0.29 Stryker SYK 231.00 -2.40 previous closing price was $2 or higher. or securities assumed by such companies. Infosys INFY 15.38 0.16 Nokia NOK 4.06 0.03 SumitomoMits SMFG 5.85 0.08 Consumer Savings Rates s IngersollRand IR 44.80 0.53 NomuraHoldings NMR 5.31 0.30 SunComms SUI 143.30 4.30 Inphi IPHI 153.20 -1.93 Nordson NDSN 203.76 -0.05 SunLifeFinancial SLF 44.15 -0.34 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Insulet PODD 262.57 4.86 NorfolkSouthern NSC 238.75 1.73 SuncorEnergy SU 15.95 -0.14 Below are the top federally insured offers available nationwide according to Bankrate.com's changes in the closing prices from 4 p.m. the previous day. Intel INTC 49.56 1.21 NorthernTrust NTRS 93.27 0.15 SunRun RUN 62.49 -1.59 weeklysurveyofhighestyields.Forlatestoffersandreviewsofthesefinancialinstitutions,please InteractiveBrkrs IBKR 53.98 1.22 NorthropGrum NOC 301.10 -1.16 s Suzano SUZ 11.01 0.58 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. s ICE ICE 107.16 1.65 NortonLifeLock NLOK 18.23 ... SynchronyFin SYF 31.47 1.00 Tuesday, December 1, 2020 Net Net InterContinentl IHG 63.80 1.89 NorwegCruise NCLH 22.94 0.07 SyneosHealth SYNH 65.72 -0.12 High yield savings Net Stock Sym Close Chg Stock Sym Close Chg IBM IBM 123.16 -0.36 Novartis NVS 90.72 -0.11 s Synnex SNX 76.02 -4.29 Stock Sym Close Chg IntlFlavors IFF 111.62 -0.48 Novavax NVAX 123.47 -16.03 Synopsys SNPS 230.02 2.52 Bank Yield Bank Yield BostonProps BXP 99.83 1.67 DukeEnergy DUK 93.26 0.60 IntlPaper IP 49.85 0.37 NovoNordisk NVO 67.51 0.38 Sysco SYY 73.43 2.14 BostonSci BSX 33.65 0.50 DukeRealty DRE 38.60 0.54 Interpublic IPG 22.79 0.51 Novocure NVCR 126.97 1.32 Phone number Minimum (%) Phone number Minimum (%) A B C BrightHorizons BFAM 169.02 -1.09 Dun&Bradstreet DNB 27.03 0.22 Intuit INTU 356.82 4.80 NuanceComms NUAN 42.27 -0.86 T U V BristolMyers BMY 62.41 0.01 Dunkin' DNKN 106.32 -0.02 IntuitiveSurgical ISRG 733.65 7.60 Nucor NUE 54.93 1.23 Money market and savings account Six-month CD ABB ABB 26.67 0.33 BritishAmTob BTI 35.73 0.42 DuPont DD 63.53 0.09 Invitae NVTA 50.17 0.52 s Nutrien NTR 49.46 0.19 TAL Education TAL 71.11 1.05 AcadiaPharm ACAD 56.79 0.13 s Broadcom AVGO 404.57 2.99 Dynatrace DT 38.49 0.47 InvitatHomes INVH 29.25 0.67 NVIDIA NVDA 535.60 -0.46 TC Energy TRP 44.51 0.58 Vio Bank $100 0.66 TAB Bank $1,000 0.50 s AECOM ACM 52.46 0.57 BroadridgeFinl BR 148.45 1.57 ENI E 20.27 0.65 IonisPharma IONS 51.12 0.59 s TE Connectivity TEL 114.64 0.67 (888) 999-9170 (800) 355-3063 AES AES 20.60 0.16 BrookfieldMgt BAM 40.55 0.06 EOG Rscs EOG 46.53 -0.35 iQIYI IQ 22.60 0.24 O P Q Telus TU 19.30 -0.02 Aflac AFL 44.70 0.77 BrookfieldInfr BIP 49.61 -0.20 EPAM Systems EPAM 328.82 6.49 iRhythmTechs IRTC 240.64 -3.87 s TJX TJX 64.88 1.37 TAB Bank $0 0.65 Presidential Bank, FSB $1,000 0.50 AGCO AGCO 92.09 -0.42 BrookfieldPropREIT BPYU 15.63 -0.04 EastmanChem EMN 98.78 1.38 IronMountain IRM 27.24 -0.26 ONEOK OKE 36.47 0.60 s T-MobileUS TMUS 133.73 0.79 AGNC Invt AGNC 15.34 0.06 TRowePrice TROW (800) 355-3063 (800) 799-1424 BrookfieldRenew BEPC 74.50 -4.65 Eaton ETN 120.70 -0.41 ItauUnibancoITUB 5.73 0.38 OReillyAuto ORLY 453.56 11.12 145.50 2.09 Ansys ANSS 340.85 2.79 Brown&Brown BRO 45.61 0.58 EatonVance EV 68.48 1.50 OakStreetHealth OSH 44.99 -2.18 s TaiwanSemi TSM 100.86 3.84 Popular Direct $5,000 0.65 Live Oak Bank $2,500 0.50 ASETech ASX 5.45 0.13 Brown-Forman B BF.B 81.60 0.94 eBay EBAY 50.52 0.09 J K L OccidentalPetrol OXY 15.13 -0.63 TakeTwoSoftware TTWO 180.06 -0.45 s ASML ASML 449.24 11.51 Okta OKTA 236.99 -8.05 TakedaPharm TAK 17.98 0.15 (800) 274-5696 (866) 518-0286 s Brown-Forman A BF.A 74.57 0.84 Ecolab ECL 224.02 1.87 AT&T T 28.87 0.12 Bruker BRKR 51.52 0.91 Ecopetrol EC 12.01 0.49 JD.com JD 85.36 0.01 OldDomFreight ODFL 211.04 7.83 Tapestry TPR 28.36 0.04 AbbottLabs ABT 108.49 0.27 Bunge BG 59.47 0.58 EdisonInt EIX 62.09 0.73 Joyy YY 88.34 -0.73 OmegaHealthcare OHI 36.35 1.13 s Target TGT 179.05 -0.48 One-month CD One-year CD s AbbVie ABBV 104.04 -0.54 BurlingtonStrs BURL 220.58 2.04 EdwardsLife EW 83.88 -0.01 JPMorganChase JPM 119.74 1.86 Omnicom OMC 63.37 0.37 TataMotors TTM 12.57 0.63 Abiomed ABMD 268.21 -5.89 JackHenry JKHY 161.34 0.91 s ON Semi ON 29.27 0.52 TeckRscsB TECK 16.39 0.59 Lone Star Bank $1,000 0.20 CFG Community Bank $500 0.73 CBRE Group CBRE 61.64 0.50 ElancoAnimal ELAN 29.31 -1.28 AcceleronPharma XLRN 120.01 1.94 CDW CDW 132.02 1.53 Elastic ESTC 120.80 -3.00 s JacobsEngg J 108.73 0.89 OneConnectFinTech OCFT 21.07 0.85 TeladocHealth TDOC 195.19 -3.58 (713) 358-9400 (888) 205-8388 s Accenture ACN 252.27 3.18 CF Industries CF 37.50 0.20 ElectronicArts EA 127.24 -0.34 JamesHardie JHX 28.62 -0.84 OpenText OTEX 44.39 0.22 TeledyneTech TDY 381.65 3.71 ActivisionBliz ATVI 79.93 0.45 JazzPharma JAZZ 143.13 2.42 Oracle ORCL 58.74 1.02 Teleflex TFX 380.47 -2.28 State Bank of India California Connexus Credit Union CGI GIB 74.00 0.20 EmersonElec EMR 75.77 -1.05 $1,000 0.15 $5,000 0.71 Adobe ADBE 479.15 0.68 CH Robinson CHRW 93.83 -0.14 Enbridge ENB 31.34 0.13 J&J JNJ 147.45 2.77 Orange ORAN 12.78 0.23 Ericsson ERIC 12.39 0.15 (877) 707-1995 (800) 845-5025 AdvanceAuto AAP 152.61 4.91 CME Group CME 179.16 4.13 EncompassHealth EHC 79.85 -0.73 JohnsonControls JCI 46.27 0.23 Orix IX 76.19 2.09 TelefonicaBras VIV 8.85 0.10 AdvMicroDevices AMD 92.63 -0.03 CMS Energy CMS 61.51 -0.03 EnelAmericas ENIA 7.55 0.29 JonesLang JLL 133.91 1.62 OtisWorldwide OTIS 66.83 -0.11 Telefonica TEF 4.48 0.08 Washington Savings Bank $500 0.10 Ally Bank $0 0.65 Aegon AEG 3.78 0.14 CNA Fin CNA 35.33 0.82 EnergyTransfer ET 6.17 -0.01 JuniperNetworks JNPR 21.89 0.12 OwensCorning OC 73.21 0.34 TelekmIndonesia TLK 22.72 0.27 (978) 458-7999 (877) 247-2559 AgilentTechs A 115.36 -1.54 CNH Indl CNHI 11.18 0.30 EnphaseEnergy ENPH 128.85 -7.72 KB Fin KB 42.04 0.45 PG&E PCG 12.69 -0.01 10xGenomics TXG 149.84 -3.27 AgnicoEagle AEM 68.80 2.93 CNOOC CEO 97.91 -0.82 s Entegris ENTG 94.00 1.38 KE Holdings BEKE 64.39 -0.94 PNC Fin PNC 140.72 2.65 Tenaris TS 15.81 0.63 Two-month CD Two-year CD AirProducts APD 283.18 3.04 CRH CRH 40.38 1.13 Entergy ETR 108.85 ... KKR KKR 38.92 0.99 POSCOPKX 56.10 2.76 TencentMusic TME 16.41 -0.35 AkamaiTech AKAM 104.21 0.70 s CRISPR Therap CRSP 129.58 2.66 EnterpriseProd EPD 19.56 0.16 s KLA KLAC 256.66 4.69 PPD PPD 34.83 -0.17 s Teradyne TER 115.12 4.78 Lone Star Bank $1,000 0.20 Connexus Credit Union $5,000 0.81 Albemarle ALB 135.88 -0.09 CSX CSX 90.62 0.57 Equifax EFX 166.94 0.04 KSCitySouthern KSU 187.10 0.93 s PPG Ind PPG 149.11 2.34 Tesla TSLA 584.76 17.16 Albertsons ACI 15.78 -0.25 CVS Health CVS 67.54 -0.25 Equinix EQIX 712.58 14.79 Kellogg K 63.68 -0.23 PPL PPL 28.36 -0.06 TevaPharm TEVA 9.41 -0.10 (713) 358-9400 (800) 845-5025 Alcon ALC 64.13 -0.09 CableOne CABO 2022.75 42.08 Equinor EQNR 15.72 0.38 KeurigDrPepper KDP 30.45 ... PRA HealthSci PRAH 113.28 1.08 TexasInstruments TXN 163.49 2.24 State Bank of India California $1,000 0.15 Live Oak Bank $2,500 0.80 AlexandriaRlEst ARE 168.11 4.38 CabotOil COG 17.38 -0.14 Equitable EQH 26.37 0.99 KeyCorp KEY 15.84 0.38 PTC PTC 108.53 0.68 Textron TXT 45.63 0.53 AlexionPharm ALXN 122.15 0.04 CadenceDesign CDNS 115.65 -0.65 EquityLife ELS 59.12 0.53 s KeysightTechs KEYS 121.84 1.80 Paccar PCAR 87.28 0.22 ThermoFisherSci TMO 471.10 6.12 (877) 707-1995 (866) 518-0286 Alibaba BABA 264.01 0.65 CaesarsEnt CZR 67.84 -0.28 EquityResdntl EQR 58.99 1.07 KilroyRealty KRC 61.74 0.58 PackagingCpAm PKG 131.94 1.94 ThomsonReuters TRI 79.75 0.42 VirtualBank $10,000 0.15 Goldwater Bank $5,000 0.80 s AlignTech ALGN 500.10 18.81 CamdenProperty CPT 98.72 -0.11 ErieIndemnity A ERIE 225.00 -0.61 KimberlyClark KMB 141.28 1.97 s PagSeguroDig PAGS 48.44 1.08 3M MMM 170.52 -2.21 Alleghany Y 590.75 15.55 CampbellSoup CPB 50.25 0.23 EssentialUtil WTRG 46.72 1.44 KinderMorgan KMI 14.10 -0.28 PalantirTech PLTR 25.67 -1.44 Tiffany TIF 131.35 -0.13 (877) 998-2265 (480) 281-8200 Allegion ALLE 115.00 0.96 CIBC CM 85.17 0.97 EssexProp ESS 246.54 0.66 KingsoftCloud KC 40.46 0.23 PaloAltoNtwks PANW 294.83 0.91 Toro TTC 90.59 -0.12 AlliantEnergy LNT 53.37 0.77 CanNtlRlwy CNI 106.58 -0.47 EsteeLauder EL 247.17 1.85 KinrossGold KGC 7.46 0.32 ParkerHannifin PH 270.36 3.10 TorontoDomBk TD 54.67 0.94 Three-month CD Five-year CD Allstate ALL 104.29 1.94 CanNaturalRes CNQ 23.14 0.30 Etsy ETSY 154.67 -6.03 KirklandLakeGold KL 41.28 0.30 Paychex PAYX 93.58 0.43 Total TOT 43.43 1.29 AllyFinancial ALLY 31.04 1.39 CanPacRlwy CP 322.97 1.12 EuronetWorldwide EEFT 135.84 1.40 Knight-Swift KNX 42.33 1.04 PaycomSoftware PAYC 415.71 -1.37 ToyotaMotor TM 136.14 1.68 BrioDirect $500 0.50 Connexus Credit Union $5,000 1.01 AlnylamPharm ALNY 132.27 2.36 Canon CAJ 18.10 0.37 EverestRe RE 230.71 4.93 KodiakSciences KOD 130.17 -6.50 Paylocity PCTY 199.54 2.94 TractorSupply TSCO 139.67 -1.14 (877) 369-2746 (800) 845-5025 s Alphabet A GOOGL 1795.36 40.96 CanopyGrowth CGC 26.65 -2.15 Evergy EVRG 55.56 0.15 KoninklijkePhil PHG 52.72 1.20 s PayPal PYPL 216.54 2.42 s TradeDesk TTD 890.13 -10.94 s Alphabet C GOOG 1798.10 37.36 CapitalOne COF 89.70 4.06 EversourceEner ES 88.22 0.71 KoreaElcPwr KEP 9.61 0.12 Pegasystems PEGA 129.97 -0.91 Tradeweb TW 59.98 0.33 Goldwater Bank $5,000 0.35 Ally Bank $0 1.00 Alteryx AYX 116.01 -3.83 CardinalHealth CAH 54.03 -0.56 ExactSciences EXAS 123.23 2.17 KraftHeinz KHC 33.14 0.20 Peloton PTON 112.03 -4.32 TraneTech TT 145.70 -0.54 (480) 281-8200 (877) 247-2559 AlticeUSA ATUS 34.07 0.15 Carlisle CSL 147.82 2.99 Exelon EXC 41.25 0.18 Kroger KR 33.01 0.01 PembinaPipeline PBA 25.31 -0.18 TransDigm TDG 593.60 14.41 Altria MO 40.49 0.66 Carlyle CG 28.67 0.26 Expedia EXPE 126.22 1.73 L Brands LB 38.90 0.09 PennNational PENN 70.03 0.03 TransUnion TRU 93.10 2.01 Lone Star Bank $1,000 0.25 First Internet Bank of Indiana $1,000 0.96 AlumofChina ACH 9.83 0.01 CarMax KMX 96.14 2.66 ExpeditorsIntl EXPD 89.75 0.38 Line LN 51.66 0.03 Pentair PNR 51.54 -0.28 Travelers TRV 133.41 3.76 LKQ LKQ 36.14 0.92 Trex TREX (713) 358-9400 (888) 873-3424 Amazon.com AMZN 3220.08 52.04 Carnival CCL 20.15 0.17 ExtraSpaceSt EXR 113.66 0.93 Penumbra PEN 216.38 -5.52 75.130.31 Ambev ABEV 2.86 0.20 Carnival CUK 18.18 0.51 ExxonMobil XOM 38.50 0.37 LPL Financial LPLA 93.33 2.56 PepsiCo PEP 146.07 1.84 s Trimble TRMB 60.73 0.86 Amcor AMCR 11.53 0.20 CarrierGlobal CARR 37.60 -0.47 F5Networks FFIV 163.94 1.13 L3HarrisTech LHX 191.84 -0.15 PerkinElmer PKI 137.20 4.20 Trip.com TCOM 34.41 0.82 LabCpAm LH High yield jumbos - Minimum is $100,000 Amdocs DOX 66.50 0.69 s Carvana CVNA 251.13 0.92 FMC FMC 118.93 2.92 201.46 1.62 PetroChina PTR 31.81 -0.04 TruistFinl TFC 47.52 1.10 Amedisys AMED 248.29 3.50 Catalent CTLT 95.77 -0.37 Facebook FB 286.55 9.58 s LamResearch LRCX 467.65 14.99 PetroleoBrasil PBR 10.10 0.53 Twilio TWLO 313.58 -6.51 s Amerco UHAL 421.50 7.27 Caterpillar CAT 173.26 -0.33 FactSet FDS 342.23 8.47 LamarAdv LAMR 80.00 0.39 PetroleoBrasilA PBR.A 9.78 0.53 Twitter TWTR 46.67 0.16 Money market and savings account Six-month CD Ameren AEE 78.51 0.73 Celanese CE 130.32 0.99 FairIsaac FICO 477.35 4.57 LambWeston LW 72.75 0.37 s Pfizer PFE 39.41 1.10 s TylerTech TYL 432.12 4.52 AmericaMovil AMX 14.73 -0.16 s Cemex CX 5.02 0.42 s Farfetch FTCH 54.66 0.01 LasVegasSands LVS 56.62 0.91 PhilipMorris PM 77.03 1.28 TysonFoods TSN 66.76 1.56 CFG Community Bank 0.72 Live Oak Bank 0.50 AmericaMovil A AMOV 14.63 -0.17 Centene CNC 62.87 1.22 Fastenal FAST 48.52 -0.53 Lear LEA 146.82 3.87 Phillips66 PSX 61.88 1.30 UBS Group UBS 14.50 0.36 Leidos LDOS (888) 205-8388 (866) 518-0286 AmerAirlines AAL 14.27 0.14 CenterPointEner CNP 22.83 -0.36 Fastly FSLY 81.70 -3.07 101.64 0.94 Pinduoduo PDD 136.54 -2.27 UDR UDR 38.63 0.16 AEP AEP 85.21 0.32 CentraisElBras EBR 6.15 0.35 s FedEx FDX 287.76 1.18 Lennar A LEN 73.23 -2.63 PinnacleWest PNW 82.35 0.50 UGI UGI 36.13 0.65 Luana Savings Bank 0.60 Merrick Bank 0.50 AmerExpress AXP 119.93 1.34 CeridianHCM CDAY 95.04 -1.38 Ferrari RACE 214.39 3.28 Lennar B LEN.B 58.62 -2.08 s Pinterest PINS 68.21 -1.81 US Foods USFD 32.82 1.34 LennoxIntl LII 288.35 0.52 Uber UBER 49.63 -0.03 (800) 666-2012 (866) 638-6851 AmericanFin AFG 90.18 0.77 Cerner CERN 75.37 0.53 s FiatChrysler FCAU 16.01 0.51 PioneerNatRscs PXD 99.80 -0.78 AmHomes4Rent AMH 29.05 0.33 CharlesRiverLabs CRL 237.26 2.74 FidNatlFin FNF 36.02 0.03 LeviStrauss LEVI 18.78 0.39 PlainsAllAmPipe PAA 8.10 0.16 Ubiquiti UI 251.21 3.10 ableBanking, a division of Northeast Bank 0.60 TAB Bank 0.50 AIG AIG 39.31 0.87 s CharterComms CHTR 662.25 10.26 FidNatlInfo FIS 150.38 1.97 LiAuto LI 34.86 -1.13 PlugPower PLUG 24.47 -1.92 UltaBeauty ULTA 279.53 4.13 AmerTowerREIT AMT 235.83 4.63 CheckPoint CHKP 118.97 1.29 FifthThirdBncp FITB 26.20 0.86 s LibertyBroadbandC LBRDK 160.84 3.49 Pool POOL 353.10 6.99 UltragenyxPharm RARE 117.38 -1.16 (877) 505-1933 (800) 355-3063 AmerWaterWorks AWK 154.30 0.92 Chegg CHGG 78.40 0.47 FirstHorizon FHN 12.63 0.41 LibertyBroadbandA LBRDA 159.94 3.17 PrincipalFin PFG 49.62 0.39 UnderArmour A UAA 16.54 -0.03 AmericoldRealty COLD 34.33 0.20 Chemed CHE 480.00 1.75 FirstRepBank FRC 131.41 1.85 LibertyGlobal A LBTYA 23.21 0.69 Procter&Gamble PG 139.37 0.50 UnderArmour C UA 14.69 0.14 One-month CD One-year CD Ameriprise AMP 190.25 5.01 CheniereEnergy LNG 56.74 0.05 FirstSolar FSLR 91.06 -2.37 LibertyGlobal C LBTYK 22.31 0.67 Progressive PGR 89.16 2.05 Unilever UL 59.77 -1.29 LibertyGlobal B LBTYB 22.71 0.12 UnionPacific UNP 202.40 -1.68 Lone Star Bank CFG Community Bank AmerisourceBrgn ABC 102.19 -0.92 CheniereEnerPtrs CQP 37.88 -0.22 FirstEnergy FE 27.17 0.61 Prologis PLD 100.20 0.15 0.20 0.73 Ametek AME 117.24 -1.29 Chevron CVX 87.45 0.27 Fiserv FISV 115.79 0.61 LibertyFormOne C FWONK 42.94 1.16 PrudentialFin PRU 77.11 1.49 UnitedAirlines UAL 45.32 0.27 (713) 358-9400 (888) 205-8388 Amgen AMGN 225.08 3.04 s Chewy CHWY 75.34 -2.24 s FiveBelow FIVE 162.12 5.72 LibertyFormOne A FWONA 38.88 1.05 Prudential PUK 32.60 1.41 s UnitedMicro UMC 7.42 0.29 s Amphenol APH 131.61 0.80 ChinaEastrnAir CEA 23.20 0.82 Five9 FIVN 154.87 -0.33 LibertyBraves A BATRA 26.17 1.00 PublicServiceEnt PEG 57.51 -0.77 UPS B UPS 167.96 -3.11 State Bank of India California 0.15 Connexus Credit Union 0.71 s AnalogDevices ADI 140.73 1.65 ChinaLifeIns LFC 11.66 0.41 FiverrIntl FVRR 196.89 -3.44 LibertyBraves C BATRK 25.89 0.89 PublicStorage PSA 225.35 0.89 UnitedRentals URI 233.64 6.66 (877) 707-1995 (800) 845-5025 Anaplan PLAN 68.74 -1.25 t ChinaMobile CHL 29.73 -0.12 FleetCorTech FLT 267.26 2.05 LibertySirius C LSXMK 41.62 0.61 PulteGroup PHM 42.66 -0.97 US Bancorp USB 44.25 1.04 AngloGoldAsh AU 22.97 1.30 ChinaPetrol SNP 45.64 0.56 Flex FLEX 16.710.48 LibertySirius B LSXMB 41.90 -5.52 Qiagen QGEN 48.46 0.20 UnitedHealth UNH 341.19 4.85 VirtualBank 0.10 Ally Bank 0.65 AB InBev BUD 67.81 1.13 ChinaSoAirlines ZNH 31.84 0.91 Floor&Decor FND 81.44 1.35 LibertySirius A LSXMA 41.44 0.50 s Qorvo QRVO 159.78 3.10 s UnitySoftware U 147.23 -4.75 (877) 998-2265 (877) 247-2559 AnnalyCap NLY 8.06 0.06 ChinaTelecom CHA 30.00 -0.11 FomentoEconMex FMX 76.06 3.91 EliLilly LLY 145.56 -0.09 Qualcomm QCOM 151.26 4.09 s UnivDisplay OLED 230.76 1.72 Anthem ANTM 313.90 2.38 ChinaUnicom CHU 5.97 -0.04 FordMotor F 9.24 0.16 LincolnElectric LECO 116.00 1.00 QuantaServices PWR 69.96 1.62 UniversalHealthB UHS 130.84 0.26 Two-month CD Two-year CD Aon AON 210.69 5.80 Chipotle CMG 1321.06 31.63 Fortinet FTNT 122.64 -0.59 LincolnNational LNC 49.90 2.68 QuestDiag DGX 125.68 1.70 VEREIT VER 7.17 0.08 ApolloGlbMgmt APO 45.31 1.69 Chubb CB 152.63 4.80 Fortis FTS 40.08 -0.19 Linde LIN 258.90 2.48 Quidel QDEL 188.95 -6.10 VF VFC 84.81 1.41 Lone Star Bank 0.20 Connexus Credit Union 0.81 Appian APPN137.10 -2.90 ChunghwaTel CHT 38.26 0.18 Fortive FTV 70.55 0.42 LithiaMotors LAD 299.84 10.54 VICI Prop VICI 25.52 0.23 Apple AAPL 122.72 3.67 Church&Dwight CHD 87.84 0.07 FortBrandsHome FBHS 82.89 -0.61 LiveNationEnt LYV 68.11 2.46 R S VailResorts MTN 273.34 -2.50 (713) 358-9400 (800) 845-5025 s ApplMaterials AMAT 84.27 1.79 ChurchillDowns CHDN 182.88 2.96 FoxA FOXA 30.14 1.30 LloydsBanking LYG 2.00 0.17 s Vale VALE 15.64 1.08 State Bank of India California 0.15 Live Oak Bank 0.80 Aptargroup ATR 127.82 1.50 Ciena CIEN 45.44 0.64 FoxB FOX 29.70 1.32 LockheedMartin LMT 364.99 -0.01 RELX RELX 23.70 0.32 ValeroEnergy VLO 54.40 0.63 s Aptiv APTV 122.21 3.51 Cigna CI 207.51 -1.63 Franco-Nevada FNV 131.63 -1.41 Loews L 42.56 0.65 RH RH 453.90 0.74 VarianMed VAR 174.19 0.21 (877) 707-1995 (866) 518-0286 Aramark ARMK 36.68 1.68 CincinnatiFin CINF 80.00 3.65 FranklinRscs BEN 22.36 0.37 LogitechIntl LOGI 88.22 -2.08 RPM RPM 88.53 0.52 VeevaSystems VEEV284.20 7.33 RaymondJames RJF VirtualBank 0.15 Goldwater Bank 0.80 s ArcelorMittal MT 19.43 1.27 Cintas CTAS 359.08 3.78 s FreeportMcM FCX 23.64 0.25 Lowe's LOW 153.40 -2.42 92.99 2.04 Ventas VTR 48.02 0.11 ArchCapital ACGL 33.02 0.83 CiscoSystems CSCO 43.54 0.52 FreseniusMed FMS 42.71 0.46 LufaxHolding LU 16.80 0.33 RaytheonTech RTX 71.23 -0.49 VeriSign VRSN 200.75 0.03 (877) 998-2265 (480) 281-8200 ArcherDaniels ADM 50.11 0.34 Citigroup C 55.47 0.40 lululemon LULU 377.52 7.30 RealPage RP 68.88 -0.11 VeriskAnalytics VRSK 200.14 1.83 AresMgmt ARES 45.87 0.82 CitizensFin CFG 33.62 0.96 G H I LumenTech LUMN 10.55 0.10 RealtyIncome O 60.37 0.40 Verizon VZ 60.58 0.17 Three-month CD Five-year CD s arGEN-X ARGX 289.38 2.56 CitrixSystems CTXS 125.59 1.67 Lyft LYFT 39.61 1.44 RegencyCtrs REG 46.55 0.97 VertxPharm VRTX 230.30 2.55 AristaNetworks ANET 273.00 2.30 Clarivate CCC 27.92 0.48 s GCI LibertyA GLIBA 92.95 1.83 LyondellBasell LYB 85.76 0.66 RegenPharm REGN 514.07 -1.96 ViacomCBS A VIACA 37.40 0.92 BrioDirect 0.50 Connexus Credit Union 1.01 ArrowElec ARW 92.68 1.03 Clorox CLX 203.21 0.25 GDS Holdings GDS 90.99 0.96 RegionsFin RF 15.87 0.60 ViacomCBS B VIAC 36.36 1.08 (877) 369-2746 (800) 845-5025 AscendisPharma ASND 168.62 -0.11 s Cloudflare NET 72.29 -2.79 GFLEnvironmental GFL 27.65 0.52 M N ReinsGrp RGA 121.33 6.05 Viatris VTRS 17.01 0.19 AspenTech AZPN 133.82 -0.63 Coca-Cola KO 52.04 0.44 GSXTechedu GSX 64.38 0.09 RelianceSteel RS 120.24 2.44 Vipshop VIPS 25.40 -0.14 M&T Bank MTB 120.89 4.40 Goldwater Bank 0.35 Ally Bank 1.00 Assurant AIZ 131.36 2.24 Coca-Cola Euro CCEP 45.62 0.94 Galapagos GLPG 127.19 4.58 RenaissanceRe RNR 168.07 3.43 Visa V 211.20 0.85 MGMGrowthProp MGP 31.55 0.98 AstraZeneca AZN 52.98 0.04 s Cognex CGNX 76.07 0.93 Gallagher AJG 116.71 1.30 Repligen RGEN 193.86 4.19 Vistra VST 18.78 0.10 (480) 281-8200 (877) 247-2559 MGM Resorts MGM 28.81 0.56 Athene ATH 45.05 0.70 s CognizantTech CTSH 78.66 0.53 Gaming&Leisure GLPI 41.89 0.35 RepublicSvcs RSG 97.15 0.43 VMware VMW 140.75 0.86 s MKS Instrum MKSI 140.00 2.02 Lone Star Bank 0.25 First Internet Bank of Indiana 0.96 Atlassian TEAM 224.06 -0.99 ColgatePalm CL 86.26 0.62 Gap GPS 21.65 0.69 ResMed RMD 211.61 2.01 Vodafone VOD 16.84 0.26 MPLX MPLX 21.27 0.23 AtmosEnergy ATO 96.64 0.75 Comcast A CMCSA 51.02 0.78 Garmin GRMN 119.80 3.04 RestaurantBrands QSR 57.37 0.41 VornadoRealty VNO 39.30 0.39 (713) 358-9400 (888) 873-3424 Comerica CMA 51.16 1.96 Gartner IT 153.95 1.95 MSCI MSCI 414.50 5.08 RingCentral RNG 305.85 8.80 VoyaFinancial VOYA 59.51 1.88 Autodesk ADSK 279.11 -1.12 MagellanMid MMP 41.15 ... Autohome ATHM 92.39 -2.03 CommerceBcshrs CBSH 63.12 0.56 Generac GNRC 213.02 -2.58 RioTinto RIO 67.51 2.54 VulcanMatls VMC 143.35 3.70 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of ConagraBrands CAG 36.29 -0.27 GeneralDynamics GD 151.76 2.41 MagnaIntl MGA 62.09 0.67 RitchieBros RBA 69.54 -2.27 Autoliv ALV 90.59 1.54 ManulifeFin MFC 17.21 0.15 compounding and rate stated for the lowest required opening deposit to earn interest. CD ADP ADP 174.67 0.79 ConchoRscs CXO 56.91 -0.57 GeneralElec GE 10.15 -0.03 RobertHalf RHI 64.78 0.60 W X Y Z ConocoPhillips COP 39.27 -0.29 GeneralMills GIS 61.31 0.49 MarathonPetrol MPC 39.45 0.57 RocketCos. RKT 20.19 -0.53 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of AutoZone AZO 1164.84 27.19 MaravaiLifeSci MRVI 27.79 -0.36 WEC Energy WEC 95.60 0.65 Avalara AVLR 169.79 -1.96 ConEd ED 76.91 0.66 GeneralMotors GM 44.68 0.84 Rockwell ROK 246.96 -8.60 which may be checks. Rates are subject to change. s ConstBrands A STZ 205.74 -0.10 Genmab GMAB 38.24 -0.37 Markel MKL 994.65 20.82 RogersComm B RCI 46.38 -0.74 WEX WEX 179.12 5.88 Avalonbay AVB 167.45 0.86 MarketAxess MKTX 546.61 7.43 W.P.Carey WPC 70.15 0.94 Avangrid AGR Cooper COO 334.04 -1.18 Genpact G 40.67 0.02 Roku ROKU 285.71 -7.86 Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 47.28 0.74 s Marriott MAR 128.52 1.65 Rollins ROL WPP WPP 50.29 1.96 Avantor AVTR 27.15 -0.13 Copart CPRT 115.25 -0.20 Gentex GNTX 33.49 0.89 57.54 0.36 Internet: www.bankrate.com Marsh&McLen MMC 116.34 1.70 RoperTech ROP 424.00 -3.00 Wabtec WAB 72.30 -1.00 AveryDennison AVY 151.75 3.03 s Corning GLW 37.38 -0.04 GenuineParts GPC 101.67 3.30 GileadSciences GILD 61.12 0.45 MartinMarietta MLM 275.47 9.84 RossStores ROST 111.54 4.02 WalgreensBoots WBA 38.46 0.45 AxonEnterprise AAXN 125.26 -0.43 s Corteva CTVA 38.31 -0.01 GSK GSK 37.52 0.73 s MarvellTech MRVL 46.64 0.35 RoyalBkCanada RY 82.66 0.68 s Walmart WMT 152.64 -0.15 BCE BCE 43.30 -0.06 CoStar CSGP 888.88 -21.69 GlobalPayments GPN 195.98 0.79 Masco MAS 53.83 0.16 RoyalCaribbean RCL 78.29 -0.52 WarnerMusic WMG 29.30 -0.43 BHP Group BHP 57.75 1.96 Costco COST 387.56 5.79 Globant GLOB 189.53 0.85 Masimo MASI 253.07 -1.42 RoyalDutchA RDS.A 35.06 1.22 WasteConnections WCN 103.21 -0.77 BHP Group BBL 47.15 1.69 CoupaSoftware COUP 328.56 -0.35 ADVERTISEMENT GlobeLife GL 94.44 1.34 Mastercard MA 338.88 2.37 RoyalDutchB RDS.B 33.70 1.25 WasteMgt WM 119.64 0.51 BP BP 20.24 0.68 Credicorp BAP 157.30 3.39 GoDaddy GDDY 81.55 2.01 s MaximIntProducts MXIM 84.22 1.18 RoyalGold RGLD 112.50 2.03 Waters WAT 234.19 2.18 Baidu BIDU 140.26 1.27 CreditSuisse CS 12.89 0.42 McCormick MKC 93.64 0.15 RoyaltyPharma RPRX 42.78 0.18 Watsco WSO 226.21 -1.15 BakerHughes BKR 19.23 0.51 Cree CREE 89.70 -0.69 GoldFields GFI 9.52 0.81 McCormickVtg MKC.V 93.28 1.28 Ryanair RYAAY 105.86 2.09 Wayfair W 248.22 -6.14 Ball BLL 96.82 0.81 CrowdStrike CRWD 147.50 -5.78 GoldmanSachs GS 232.08 2.75 The Marketplace CrownCastle CCI 170.80 3.23 GoodRx GDRX 36.81 -0.89 McDonalds MCD 216.14 -1.30 SAP SAP 123.02 1.86 Weibo WB 41.80 -0.45 BancoBilbaoViz BBVA 4.79 0.21 Graco GGG 67.47 -0.27 McKesson MCK 179.00 -0.91 S&P Global SPGI 334.32 -17.46 WellsFargo WFC 28.06 0.71 BancoBradesco BBDO 4.29 0.24 CrownHoldings CCK 98.32 4.07 To advertise: 800-366-3975orWSJ.com/classifieds Cummins CMI 230.36 -0.81 s Grainger GWW 413.14 -5.16 MedicalProp MPW 19.71 0.31 SBA Comm SBAC 288.78 1.60 Welltower WELL 63.49 0.51 BancodeChile BCH 18.52 1.13 Grifols GRFS 19.25 0.72 Medtronic MDT 112.14 -1.56 SEI Investments SEIC 54.47 1.72 WestPharmSvcs WST 272.01 -3.15 BancSanBrasil BSBR 7.94 0.66 CureVac CVAC 97.13 -8.04 CyrusOne CONE 70.30 0.39 s GuardantHealth GH 121.23 0.11 MelcoResorts MLCO 18.19 0.06 SK Telecom SKM 23.61 0.10 WesternDigital WDC 47.27 2.39 BcoSantChile BSAC 18.21 1.00 Guidewire GWRE 123.96 1.48 s MercadoLibre MELI 1521.66 -31.67 s SS&C Tech SSNC 69.78 0.89 WesternUnion WU 22.60 0.04 BcoSantMex BSMX 5.39 0.16 D E F HCA Healthcare HCA 151.91 1.80 Merck MRK 81.55 1.16 StoreCapital STOR 32.39 -0.17 WestlakeChem WLK 76.94 1.79 AUCTIONS CAREERS BancoSantander SAN 3.06 0.24 s HDFC Bank HDB 70.23 1.23 MetLife MET 46.91 0.74 SVB Fin SIVB 355.17 10.31 WestpacBanking WBK 15.06 0.32 BanColombia CIB 32.30 1.85 DISH Network DISH 36.14 0.27 HD Supply HDS 55.79 0.01 MettlerToledo MTD 1160.09 10.05 Salesforce.com CRM 241.35 -4.45 WestRock WRK 43.09 0.88 BankofAmerica BAC 28.69 0.53 DTE Energy DTE 126.24 0.43 HP HPQ 22.38 0.45 s MicrochipTech MCHP 136.97 2.58 Sanofi SNY 50.93 0.73 Weyerhaeuser WY 29.27 0.23 222=(@#'!%*5&7$@!:=&@" BankofMontreal BMO 74.59 1.87 s DadaNexus DADA 56.41 -1.54 HSBC HSBC 27.29 1.40 s MicronTech MU 67.08 2.99 SareptaTherap SRPT 145.94 5.08 WheatonPrecMet WPM 40.95 1.81 BankNY Mellon BK 39.46 0.34 Danaher DHR 225.00 0.37 Halliburton HAL 17.08 0.49 Microsoft MSFT 216.21 2.14 Schlumberger SLB 21.07 0.41 Whirlpool WHR 193.80 -0.81 3.(*'%2,% !-/-.1-' +%) "$/%0*, [AE^=$ 7AE+;-= _F&!F**A BkNovaScotia BNS 50.25 1.49 Darden DRI 110.51 2.53 HartfordFinl HIG 45.43 1.23 MidAmApt MAA 124.59 -1.57 SchwabC SCHW 50.02 1.24 Williams WMB 20.90 -0.08 $/[email protected]+ 72.6/. 488 (/??/ %260@/ :7,/,3 8D=!G!Y*`!GDAE9* -EGDKFZ6? ;?*A K-C;!?!N BectonDicknsn BDX 238.65 3.81 DeckersOutdoor DECK 264.45 9.86 Heico A HEI.A 117.08 6.33 MizuhoFin MFG 2.60 0.04 Seagen SGEN 177.41 7.10 Wix.com WIX 249.73 -5.70 BeiGene BGNE 246.49 -9.20 MobileTeleSys MBT 8.50 -0.13 s Woodward WWD (.69;/, 791 [email protected]@./-.6<7!69+ #,?791 &,B7B/ =!EF (;FF*a?M4*C6GF=?b>K-$*aEA6?EA*C;!9!F Deere DE 255.13 -6.49 Heico HEI 128.81 5.23 SealedAir SEE 46.10 1.04 113.51 1.68 AF= *FN @"H [)H CZB E"(+ &FJ %] &&DC? 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THE WALL STREET JOURNAL. We dnesday, December 2, 2020 | B9 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 29823.92 s185.28, or 0.63% Trailing P/E ratio 29.60 20.47 3662.45 s40.82, or 1.13% Trailing P/E ratio * 41.34 24.58 12355.11 s 156.37, or 1.28% Trailing P/E ratio *† 37.92 26.21 High, low, open and close for each P/E estimate * 24.58 18.67 High, low, open and close for each P/E estimate * 25.95 19.12 High, low, open and close for each P/E estimate *† 31.45 23.17 trading day of the past three months. Dividend yield 2.00 2.25 trading day of the past three months. Dividend yield * 1.65 1.85 trading day of the past three months. Dividend yield *† 0.74 0.99 All-time high 30046.24, 11/24/20 All-time high 3662.45, 12/01/20 All-time high: 12355.11, 12/01/20

Current divisor 0.15198707565833 31700 3750 12300 Session high DOWN UP Session open Close 11900 t 30500 3625 Close Open t 29300 3500 11500 Session low

28100 3375 11100

26900 3250 10700 65-day moving average 65-day moving average 65-day moving average 25700 3125 10300

Bars measure the point change from session's open 24500 3000 9900 Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,044,951,764 27,885,776 Industrial Average 30083.31 29797.50 29823.92 185.28 0.63 30046.24 18591.93 8.4 4.5 7.2 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 716,026,212 21,189,094 Transportation Avg 12685.49 12485.70 12493.74 43.57 0.35 12715.38 6703.63 19.0 14.6 7.0 Most-active issues in late trading Decl. volume* 322,939,235 6,230,935 Utility Average 879.18 867.35 868.25 6.51 0.76 960.89 610.89 2.1 -1.2 4.2 Volume After Hours Issues traded 3,219 275 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 38121.26 37889.84 37967.70 386.08 1.03 37967.70 22462.76 19.9 14.9 11.5 Advances 2,198 150 Slack Technologies WORK 7,418.3 43.76 -0.08 -0.18 45.73 41.74 Barron's 400 814.31 807.80 810.51 7.81 0.97 813.45 455.11 15.3 10.7 4.7 Declines 923 118 FuelCell Energy FCEL 7,160.7 7.46 -1.59 -17.57 9.22 7.28 Unchanged 98 7 SPDR S&P 500 SPY Nasdaq Stock Market 6,947.4 366.01 -0.01 -0.003 366.12 361.94 New highs 162 5 Nasdaq Composite 12405.79 12263.93 12355.11 156.37 1.28 12355.11 6860.67 45.0 37.7 21.7 Intel INTC 6,226.3 49.48 -0.080 -0.16 49.74 49.40 New lows 30 Nasdaq 100 12510.02 12338.36 12455.33 187.01 1.52 12455.33 6994.29 50.9 42.6 25.3 Apple AAPL 5,767.9 122.84 0.12 0.10 123.15 122.32 Closing Arms† 1.30 0.30 iShares Russell 2000 ETF IWM 4,701.1 182.62 -0.080 -0.04 182.88 181.02 S&P Block trades* 6,096 314 Salesforce.com CRM 4,665.3 231.69 -9.66 -4.00 251.34 230.20 500 Index 3678.45 3645.87 3662.45 40.82 1.13 3662.45 2237.40 18.4 13.4 11.5 Nasdaq NYSE Arca Invsc Actively Mgd ETC PDBC 4,379.4 14.48 0.04 0.28 14.48 14.48 MidCap 400 2206.56 2183.66 2194.50 26.00 1.20 2217.84 1218.55 10.6 6.4 5.0 Total volume*6,452,546,859 283,154,685 SmallCap 600 1054.30 1040.76 1046.75 12.24 1.18 1069.41 595.67 7.1 2.5 3.7 Percentage gainers… Adv. volume*3,082,076,604 228,030,297 Decl. volume*3,333,636,743 54,694,220 Other Indexes fuboTV FUBO 791.6 29.60 2.86 10.70 31.00 26.60 Issues traded 3,733 1,430 Russell 2000 1848.02 1822.92 1836.05 16.23 0.89 1855.27 991.16 14.6 10.0 6.1 Mesoblast ADR MESO 58.5 16.66 1.54 10.19 17.52 15.12 Advances 2,118 1,102 NYSE Composite 14233.46 14131.33 14146.64 140.18 1.00 14249.50 8777.38 5.8 1.7 3.9 Vapotherm VAPO 112.5 26.80 1.70 6.77 29.44 25.10 Declines 1,528 315 NetApp NTAP 630.5 57.00 2.84 5.24 58.59 54.16 Value Line 548.04 539.16 544.93 5.77 1.07 562.05 305.71 3.2 -1.3 -0.7 Unchanged 87 13 Moderna MRNA 1,172.9 148.00 6.99 4.96 148.75 69.59 NYSE Arca Biotech 5596.85 5531.66 5566.48 61.50 1.12 6142.96 3855.67 11.3 9.8 9.4 New highs 319 277 NYSE Arca Pharma 681.24 672.83 675.58 5.85 0.87 675.64 494.36 8.9 3.4 7.5 ...And losers New lows 12 31 KBW Bank 93.47 92.18 92.53 2.18 2.41 114.12 56.19 -13.9 -18.4 -4.0 Ovid Therapeutics OVID 1,202.0 3.48 -3.17 -47.67 6.69 3.19 Closing Arms† 1.50 1.06 § PHLX Gold/Silver 140.18 136.63 139.91 5.19 3.86 161.14 70.12 42.8 30.9 20.7 FuelCell Energy FCEL 7,160.7 7.46 -1.59 -17.57 9.22 7.28 Block trades* 55,531 1,352 § PHLX Oil Service 41.24 40.02 40.72 1.41 3.59 80.99 21.47 -38.5 -48.0 -33.4 ReneSola ADR SOL 148.0 6.70 -1.19 -15.08 7.82 6.21 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2724.62 2679.41 2709.73 46.24 1.74 2709.73 1286.84 62.7 46.5 29.1 DIRTT Envtl Solutions DRTT 85.1 2.00 -0.22 -9.91 2.29 1.94 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 20.92 20.00 20.77 0.20 0.97 82.69 12.10 30.1 50.7 22.0 ROOT Root Cl A 157.5 15.33 -1.67 -9.82 17.50 14.52 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 1.36 World The Global Dow 3397.45 45.71 4.5 Corp America Airports CAAP 4.49 1.35 42.99 6.50 1.61 11.7 Oblong OBLG 6.96 -2.54 -26.74 12.25 0.87 505.2 1.17 DJ Global Index 478.54 5.54 10.3 Concentrix CNXC 105.00 25.00 31.25 114.00 80.00 ... Titan Pharmaceuticals TTNP 3.76 -1.34 -26.27 16.35 2.82 -30.8 DJ Global ex U.S. 276.90 3.69 1.35 5.0 Arlo Technologies ARLO 6.90 1.64 31.18 7.75 1.20 103.5 Minerva Neurosciences NERV 2.89 -1.00 -25.71 15.22 1.81 -53.8 Americas DJ Americas 862.25 9.29 1.09 13.3 Koss KOSS 2.80 0.64 29.63 2.81 0.80 93.1 QuantumScape QS 35.42 -11.58 -24.64 52.80 9.74 ... Brazil Sao Paulo Bovespa 111399.91 2506.59 2.30 –3.7 Collplant Biotech ADR CLGN 10.23 2.30 29.00 14.55 4.90 99.0 Tuniu ADR TOUR 2.14 -0.68 -24.11 4.51 0.73 -6.1 Canada S&P/TSX Comp 17296.93 106.68 0.62 1.4 Codiak BioSciences CDAK 16.41 3.40 26.13 18.68 7.90 ... Cocrystal Pharma COCP 1.65 -0.51 -23.61 3.04 0.39 230.0 Mexico S&P/BMV IPC 42895.63 1116.76 2.67 –1.5 Priority Technology Hldgs PRTH 6.12 1.24 25.41 6.50 1.33 91.3 Dogness International DOGZ 1.95 -0.58 -22.92 3.42 0.78 18.2 Chile Santiago IPSA 2823.73 53.38 1.93 –15.4 Mogo MOGO 3.24 0.59 22.26 3.49 0.55 15.7 Medigus ADR MDGS 2.29 -0.63 -21.58 5.15 0.83 30.1 Optical Cable OCC 3.23 0.53 19.63 4.62 2.05 1.3 India Global Cap IGC 1.81 -0.48 -20.96 4.50 0.26 144.6 EMEA Stoxx Europe 600 391.90 2.54 0.65 –5.8 BlackBerry BB 7.00 1.13 19.25 9.69 2.70 30.1 Ideanomics IDEX 2.20 -0.57 -20.58 4.75 0.28 143.2 Eurozone Euro Stoxx 392.72 3.00 0.77 –2.8 Belgium Bel-20 3717.68 50.52 1.38 –6.0 AdaptHealth AHCO 35.47 5.61 18.79 36.03 9.30 249.5 Ashford Hospitality Trust AHT 2.11 -0.54 -20.38 29.44 1.27 -92.2 Denmark OMX Copenhagen 20 1392.14 –12.65 –0.90 22.6 Inhibrx INBX 32.68 5.16 18.75 32.88 15.20 ... ENGlobal Corp ENG 1.66 -0.42 -20.19 4.32 0.46 50.9 France CAC 40 5581.64 63.09 1.14 –6.6 Powerbridge Technologies PBTS 3.12 0.46 17.29 4.00 1.75 3.0 China Recycling Energy CREG 4.17 -1.02 -19.65 7.40 1.84 97.5 Fathom Holdings FTHM SCWorx WORX Germany DAX 13382.30 91.14 0.69 1.0 26.03 3.83 17.25 26.50 8.62 ... 1.70 -0.40 -19.05 14.88 1.00 -37.0 Digimarc DMRC 49.23 7.20 17.13 51.20 9.92 47.5 DPW Holdings DPW 4.48 -0.98 -17.95 10.94 0.53 392.6 Israel Tel Aviv 1458.38 –3.67 –0.25 –13.4 Italy FTSE MIB 22099.92 38.94 0.18 –6.0 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 611.41 5.39 0.89 1.1 Russia RTS Index 1311.05 29.08 2.27 –15.4 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 57509.72 417.83 0.73 0.7 Spain IBEX 35 8140.78 63.83 0.79 –14.7 Sundial Growers SNDL 1,254,380 981.6 0.65 -10.54 3.88 0.14 Aaron's AAN 8,759 36666 18.41 -4.06 31.00 16.74 Sweden OMX Stockholm 760.81 1.07 0.14 11.8 BlackBerry BB 328,286 7314.6 7.00 19.25 9.69 2.70 CF Finance Acqn II CFII 12,363 9722 10.35 3.66 10.92 9.60 Auris Medical Holding EARS BlackBerry BB Switzerland Swiss Market 10449.21 –27.22 –0.26 –1.6 303,490 14360.2 5.23 371.17 6.60 0.65 328,286 7315 7.00 19.25 9.69 2.70 Zomedica ZOM 283,710 645.8 0.18 21.42 0.50 0.06 Tuscan Holdings II THCA 1,702 6771 10.67 4.61 10.90 9.02 Turkey BIST 100 1325.29 41.71 3.25 15.8 Jaguar Health JAGX 267,302 3079.5 0.46 30.89 1.08 0.19 iSh iBonds Dec 2030 Corp IBDV 311 4877 26.10 -0.46 26.90 25.17 U.K. FTSE 100 6384.73 118.54 1.89 –15.3 U.K. FTSE 250 19844.81 508.49 2.63 –9.3 NIO ADR NIO 244,761 55.3 45.36 -10.23 57.20 2.11 Geospace Technologies GEOS 2,856 4136 5.90 -4.99 17.66 4.61 HEXO HEXO 139,675 1108.7 1.07 -4.46 2.30 0.35 iShares MSCI Belgium ETF EWK 529 3713 19.78 3.02 20.21 11.94 Asia-Pacific Onconova Therapeutics ONTX 133,686 898.9 0.37 28.45 1.56 0.19 Collplant Biotech ADR CLGN 521 3199 10.23 29.00 14.55 4.90 Australia S&P/ASX 200 6588.50 70.69 1.08 –1.4 Apple AAPL 127,236 -11.3 122.72 3.08 137.98 53.15 Invsc DWA Dev Mkts Mom PIZ 1,004 3190 32.69 1.36 33.08 18.78 China Shanghai Composite 3451.94 60.18 1.77 13.2 Moderna MRNA 124,338 912.4 141.01 -7.68 178.50 17.68 Arlo Technologies ARLO 27,352 2967 6.90 31.18 7.75 1.20 Hong Kong Hang Seng 26567.68 226.19 0.86 –5.8 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 1.15 India S&P BSE Sensex 44655.44 505.72 8.2 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 26787.54 353.92 1.34 13.2 Singapore Straits Times 2814.12 8.17 0.29 –12.7 Track the Markets South Korea Kospi 2634.25 42.91 1.66 19.9 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 13885.67 1.19 15.7 global stock indexes, bond ETFs, 162.78 currencies and commodities at Currencies Thailand SET 1420.87 12.56 0.89 –10.1 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Tues YTD chg Tues YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004323 23130 –0.2 Argentina peso .0123 81.4337 36.0 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1921 5.2065 29.5 Czech Rep. koruna .04593 21.771 –4.0 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7731 1.2935 –0.4 Denmark krone .1622 6.1665 –7.4 notes and bonds major U.S. trading partners Chile peso .001316 760.00 2.8 Euro area euro 1.2072 .8284 –7.1 A consumer rate against its New car loan Colombiapeso .000282 3548.50 8.1 Hungary forint .003386 295.34 0.01 Ecuador US dollar 11unch Iceland krona .007639 130.90 8.1 benchmark over the past year 2.50%

Bankrate.com avg†: 4.04% 10% Mexico peso .0499 20.0354 5.8 Norway krone .1136 8.8055 0.3 s Uruguay peso .02351 42.5350 14.5 Poland zloty .2714 3.6848 –2.9 First Command Bank 2.75% 2.00 Euro New car loan Asia-Pacific Russia ruble .01319 75.798 22.1 4.60% Fort Worth, TX 888-763-7600 t One year ago 5 Sweden krona .1179 8.4800 –9.5 t 1.50 Australian dollar .7371 1.3567 –4.8 Switzerland franc 1.1115 .8997 –7.0 First Savings Bank of Hegewisch 2.75% s China yuan .1522 6.5723 –5.6 4.20 0 Yen Turkey lira .1278 7.8252 31.5 Chicago, IL 773-646-4200 Tradeweb ICE 1.00 Hong Kong dollar .1290 7.7518 –0.5 Ukraine hryvnia .0350 28.5500 20.6 Tuesday Close t India rupee .01357 73.700 3.3 3.80 Cambridge Savings Bank 3.24% UK pound 1.3420 .7452 –1.2 0.50 –5 s Indonesia rupiah .0000708 14130 1.8 Cambridge, MA 888-418-5626 WSJ Dollar index Japan yen .009585 104.33 –4.0 Middle East/Africa Prime rate 3.40 t PNC Bank 3.34% 0.00 –10 Kazakhstan tenge .002349 425.80 11.5 Bahrain dinar 2.6518 .3771 0.02 Macau pataca .1252 7.9885 –0.4 Egypt pound .0639 15.6594 –2.4 Washington, DC 888-PNC-BANK 1 3 6 1 2 3 5 7 10 20 30 2020 3.00 month(s) years Malaysia ringgit .2449 4.0825 –0.2 Israel shekel .3039 3.2903 –4.7 D J F M A M J J A S O ND Chase Bank 3.84% New Zealand dollar .7068 1.4148 –4.8 Kuwait dinar 3.2794 .3049 0.6 maturity 2020 Highland Park, IL 800-CHA-SE24 Pakistan rupee .00627 159.540 2.9 Oman sul rial 2.5974 .3850 ... Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0208 48.041 –5.3 Qatar rial .2699 3.706 1.7 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7478 1.3372 –0.7 Saudi Arabia riyal .2666 3.7507 –0.02 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0009040 1106.22 –4.2 South Africa rand .0656 15.2476 8.9 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.50 -1.00 Sri Lanka rupee .0053735 186.10 2.6 Yield (%) 52-Week Total Return (%) Taiwan dollar .03505 28.528 –4.6 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 4.75 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03306 30.250 1.6 WSJ Dollar Index 86.23 –0.59–0.68 –3.73 Libor, 3-month 0.23 0.23 0.20 l 1.96 -1.26 U.S. Treasury, Barclays 2450.250 0.620 0.590 1.860 0.400 7.011 5.060 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.21 0.20 0.19 l 0.58 -0.12 Five-year CD, annual yield 0.58 0.58 0.58 l 1.42 -0.91 U.S. Treasury Long, Barclays 4690.920 1.540 1.470 2.340 0.980 13.619 9.769 Commodities 30-year mortgage, fixed† 2.94 3.05 2.90 l 4.22 -0.96 Aggregate, Barclays 2280.300 1.190 1.190 2.380 1.020 6.905 5.228 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.39 2.58 2.38 l 3.57 -0.93 Fixed-Rate MBS, Barclays 2225.030 1.280 1.320 2.690 0.930 3.869 3.682 Jumbo mortgages, $510,400-plus† 2.96 2.93 2.90 l 4.36 -1.34 DJ Commodity 689.53 -0.88 -0.13 694.81 433.70 12.72 7.35 High Yield 100, ICE BofA 3281.583 3.953 3.873 10.740 3.589 5.177 4.760 Five-year adj mortgage (ARM)† 3.21 3.20 2.85 l 4.61 -0.47 TR/CC CRB Index 158.94 -1.12 -0.70 187.39 106.29 -10.50 -14.45 Muni Master, ICE BofA 592.532 0.956 0.965 3.441 0.838 4.958 4.469 New-car loan, 48-month 4.04 4.04 4.04 l 4.50 0.86 Crude oil, $ per barrel 44.55 -0.79 -1.74 63.27 -37.63 -20.59 -27.04 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 918.038 4.488 4.502 7.480 4.487 6.096 4.531 Natural gas, $/MMBtu 2.880 -0.002 -0.07 3.354 1.482 17.98 31.57 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. 1814.10 38.40 2.16 2051.50 1459.10 22.72 19.39 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com P2JW337000-1-B01000-1------XA

B10 | We dnesday, December 2, 2020 * THE WALL STREET JOURNAL. BANKING & FINANCE Credit Suisse Taps Lloyds Chief As Next Chairman

BY MARGOT PATRICK it has takena$300 million provision in the case.Credit Credit Suisse Group AG Suisse said it believes it has named António Horta-Osório strong grounds to appeal such as itsnextchairman,marking a judgment. achanging of the guardafter a Thepotential provision decade under current Chair- adds to an unexpected $450 man UrsRohner punctuated million fourth-quarter charge by fines and scandal. announced by the bank last Mr.Horta-Osório said in July week to reflect changes at a he wasleaving his job as chief U.S. asset manager York Capi- S executiveatBritain’s Lloyds talManagement, in which it

NEW Banking Group PLC.Itnamed holds a 30% stake. G hissuccessor on Monday. The At Lloyds, Mr.Horta-Osório Portuguese executiveisone of carried out asweeping overhaul OOMBER Europe’smost highly regarded in the wake of the financial cri- /BL bankers afteraturnaround at sis.The bank narrowedits fo- MAJ Lloyds,and Mr.Rohner said he cus largely to the U.K.,shedding bringsan“impressiverecordof most of itsinvestment banking

GABRIELA accomplishments.” Shareholders and investment unitsand sim- BTA Bank alleges that the stolen money ended up in hidden bank accounts and assets around the world. will vote on the appointment at plifying operations.Most of his the bank’sannual meeting in banking experience, which in- April. Mr.Rohner had said he cludes stintsatCitigroup Inc. would leave Credit Suisse when and Goldman Sachs Group Inc., Billions in Assets Frozen he hitsa12-year board-term has been in retail and commer- limit at that meeting. cial banking. Under Mr.Rohner,Credit In the U.K.,Mr. Horta-Os- U.K. civil court seizes maintained BTA’saccusations money stolen from the bank, takenoverbythe Kazakh gov- Suisse’srun-in with regulators ório became regarded as a arefalse and based on apoliti- the court documentsshowed. ernment, which alleged he and included a$2.6billion settle- moreacceptable faceofbank- property tied to calvendetta that pitspolitical Mr.Utemuratov denied the his associates stole billions ment andguilty plea with the ing aftermanybankerswere alleged Kazakhstan and businesselites against each allegations.“Theclaim was through aseries of fraudulent U.S. JusticeDepartment in vilified forhelping cause the other in Kazakhstan, an oil- and basedonfalse documentspro- loans. 2014for conspiring to aid tax financial crisis.Shortly after bank theft gas-rich ex-Soviet state. vided by BTABank JSCand its AFacebook post under Mr. evasionbywealthyAmericans, starting as LloydsCEO in 2011, Both sides have spent tens lawyers,” said OlgaAbdra- Ablyazov’s name on Saturday and a$5.3billion settlement in he playedapivotal role in get- BY BRADLEY HOPE of millions of dollarsontop khmanova, spokeswoman for responded to the freezing or- 2017with U.S. authorities over ting the country’sbanks to lawyersand privateinvestiga- Mr.Utemuratov and Verny der,denying the money-laun- toxic mortgagesecurities sold voluntarily start compensating AU.K.civil court froze as tors over morethan adecade. Capital,one of the defendants dering allegations and saying beforethe 2008 financial crisis. millions of customerswho had much as $5 billion in assets— BTAalleged that the stolen in the freezing order,whereMr. that atop Kazakh intelligence Earlier this year,the bank been mis-sold insurance. The includingstakesinluxuryho- money endedupinhidden Utemuratov is alead investor. official wastrying to “destroy ousted former CEO Tidjane industry initially thought the tels,cash in bank accountsin bank accountsand assets “Wewill makeanapplication to Utemuratov physically and fi- Thiam forfailing to contain bill would be around £5bil- half adozencountries and a around the world including a have this claim discharged.” nancially.” the reputational fallout from a lion,equivalent to $6.66bil- BurgerKing franchise—as part shopping mall in Cincinnati. Aspokeswoman forBTA Mr.Khrapunov,who BTAhas scandal that involved bank lion,but it spiraled as more of an international legal saga AU.K.court in 2012 ruled in Banksaid it welcomed the alleged playedapivotal role in staff being followedbyprivate claims came in, and Lloyds that ensnared Kazakhstan’s BTA’sfavor,issuing a$4.9bil- court’sdecision but declined to laundering money forMr. investigators. TheWall Street alone has paid out £22 billion richest businessmen, according lion civil judgment against the comment further. Ablyazov,said in astatement Journal on Mondayreported to affected customers. to court documents. former bank chairman, Thenew order seeks to provided by his lawyer that the that lawyershired by Credit On Tuesday, Moody’s Inves- TheBusinessand Property Mukhtar Ablyazov,and Iliyas freeze assetsincluding bank ac- newallegations were “ridicu- Suisse found two incidents of tors Serviceliftedthe bank’s CourtsofEngland and Wales Khrapunov,his son-in-law. Mr. countsatinstitutions including lous and fictional” and based the bank putting employees credit rating one notch to issued the asset freeze on Nov. Ablyazov refused to engage UBS Group AG, Credit Suisse on “fabricated documents.” He under observation by investi- Baa1, citing its“improved and 13,based on apetition from Ka- with the British courts, leading Group AG, EFGInternational said BTABank wasbringing the gators,predating two others morestable profitability” from zakhstan’sstate-owned BTA to him being held in contempt. AG and DBS Group Holdings case against Mr.Utemuratov to in 2019 that the bank had that restructuring. Bank,which has alleged for He resides in France. Ltd., and companies that own take him out as apolitical op- blamed on an executive who yearsthat itsformer bank Messrs. Ablyazov and Khra- stakes in the Ritz-Carlton- ponent. wasfired. Switzerland’sfinan- chairman stole morethan $6 punov denythe allegations,ac- branded hotels in Moscow,Vi- “There is no betterway in cial regulator started enforce- billion and laundered it cording to their lawyers. enna and Nur-Sultan, Kazakh- Kazakhstan to do so than by ac- ment proceedings on how the through shell companies U.K. JudgeNeil Calver or- stan. TheBurgerKing franchise cusing someone of assisting the bank controls and documents around the world. Thefreezeis dered the newasset freeze of Kazakhstan, owned by a regime’senemyNo. 1, Mr. such activities in September. among the biggest granted by based on fresh allegations from companycontrolled by Mr. Ablyazov,” Mr.Khrapunov said. Those proceedingsare con- the court, according to lawyers BTA. Thebank said Bulat Utermuratov,isalso included. BTA’sfocus on Mr.Utemura- tinuing and Credit Suisse says who work there. Utemuratov,afinancier,former Representatives of the banks tov, ahigh-profile businessman, it is cooperating.Mr. Thiam Thecase is part of aset of Kazakhstan government adviser declined to comment. is the latest twist in acase that wassucceeded by Thomas S civil-court disputes involving and boardmember of the Inter- Mr.Ablyazov took control of brought together powerful Gottstein, who had runCredit NEW

BTAinthe U.S.,U.K.and more national Tennis Federation, BTAin2004 afterhis business players in Kazakhstan’sbusi- Suisse’s domestic Swiss unit. G than adozenother jurisdic- worked with 11 other individu- partner died in awolf-hunting ness and political spheres. Credit Suisse separately

tions. Defendantshavelong als and companies to help hide accident. Thebank waslater Mr.Ablyazov has said for- said on Tuesdayitcould take a OOMBER merKazakh President Nursul- provision in the fourth quarter

tanNazarbayev,who leftoffice to reflect apotential $680 mil- ON/BL Exchange-Traded Portfolios | WSJ.com/ETFresearch afternearly three decades in lion judgment fordamages be- WS DA Closing Chg YTD powerin2019,persecuted him ing sought in aNew York civil Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)

forhis effortstopush demo- court over amortgage-backed SIMON Tuesday, December 1, 2020 Closing Chg YTD PIMCOEnhShMaturity MINT 101.96 –0.01 0.4 craticreforms in Kazakhstan. security it sold in 2007.Itsaid António Horta-Osório SPDR BlmBarcHYBd JNK 107.54 0.41 –1.8 Closing Chg YTD ETF Symbol Price (%) (%) SPDRBloomBar1-3MTB BIL 91.51 –0.01 0.1 ETF Symbol Price (%) (%) iShGoldTr IAU 17.29 2.01 19.2 SPDR Gold GLD 170.18 2.11 19.1 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks CommSvsSPDR XLC 66.60 1.83 24.2 iShiBoxx$InvGrCpBd LQD 137.68 –0.38 7.6 SchwabIntEquity SCHF 35.38 2.20 5.2 CnsmrDiscSelSector XLY 158.43 0.74 26.3 iShiBoxx$HYCpBd HYG 86.20 0.26 –2.0 SchwabUS BrdMkt SCHB 88.40 0.94 15.0 CnsStapleSelSector XLP 67.50 0.88 7.2 iShJPMUSDEmgBd EMB 114.14 0.25 –0.4 SchwabUS Div SCHD 63.64 1.31 9.9 December 1, 2020 FinSelSectorSPDR XLF 28.31 1.54 –8.0 iShMBSETF MBB 109.90 –0.05 1.7 Money Rates SchwabUS LC SCHX 88.70 1.03 15.5 FT DJ Internet FDN 207.17 –0.14 48.9 iShMSCI ACWI ACWI 88.57 1.42 11.8 SchwabUS LC Grw SCHG 124.55 1.14 34.1 HealthCareSelSect XLV 110.66 0.84 8.6 iShMSCI EAFE EFA 71.80 2.35 3.4 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a iShMSCIEmgMarkets EEM 49.69 10.7 SchwabUS SC SCHA 83.28 1.18 10.1 IndSelSectorSPDR XLI 87.81 –0.25 7.8 1.97 guide to general levels but don’t always represent actual transactions. iShMSCIJapan EWJ 65.71 2.05 10.9 Schwab US TIPs SCHP 61.31 –0.20 8.3 InvscQQQI QQQ 303.46 1.28 42.7 iShNatlMuniBd MUB 116.54 –0.05 2.3 SPDR DJIA Tr DIA 298.44 0.61 4.7 Week —52-WEEK— Week —52-WEEK— InvscS&P500EW RSP 124.02 0.93 7.2 Inflation Latest ago High Low Latest ago High Low iSh1-5YIGCorpBd IGSB 55.00 –0.06 2.6 SPDR S&PMdCpTr MDY 400.81 1.27 6.8 iSh3-7YTreasuryBd IEI 132.64 –0.21 5.5 Oct. index Chg From (%) iShPfd&Incm PFF 37.66 0.21 0.2 SPDR S&P 500 SPY 366.02 1.09 13.7 High 0.1000 0.1000 1.6500 0.1000 iShCoreDivGrowth DGRO 44.10 0.94 4.8 Commercial paper (AA financial) iShRussell1000Gwth IWF 233.56 1.00 32.8 SPDR S&P Div SDY 104.66 0.83 –2.7 level Sept. '20 Oct. '19 Low 0.0500 0.0500 1.5800 0.0100 iShCoreMSCIEAFE IEFA 67.85 2.43 4.0 90 days 0.18 n.a. 2.53 0.04 iShRussell1000 IWB 206.24 0.98 15.6 TechSelectSector XLK 125.06 1.28 36.4 Bid 0.0800 0.0800 1.6000 0.0100 iShCoreMSCIEM IEMG 59.76 1.94 11.2 U.S. consumer price index iShRussell1000Val IWD 133.63 0.93 –2.1 UtilitiesSelSector XLU 63.28 0.70 –2.1 Offer 0.1000 0.1000 1.6300 0.0500 iShCoreMSCITotInt IXUS 65.59 2.15 6.0 Libor iShRussell2000 IWM 182.70 0.93 10.3 VanEckGoldMiner GDX 35.96 3.69 22.8 All items 260.388 0.04 1.2 iShCoreS&P500 IVV 367.32 1.10 13.6 iShRussellMid-Cap IWR 66.29 0.88 11.2 VangdInfoTech VGT 338.11 0.83 38.1 Core 269.328 0.10 1.6 Treasury bill auction One month 0.14763 0.14300 1.80475 0.12663 iShCoreS&P MC IJH 219.16 1.22 6.5 Three month 0.23200 0.23225 1.96050 0.20488 iShS&P500Growth IVW 62.26 1.22 28.6 VangdSC Val VBR 135.98 1.49 –0.8 4 weeks 0.080 0.070 1.620 0.000 iShCoreS&P SC IJR 86.08 1.10 2.7 International rates Six month 0.25875 0.25450 1.92438 0.23375 iShS&P500Value IVE 125.66 0.82 –3.4 VangdSC Grwth VBK 248.68 0.44 25.2 13 weeks 0.085 0.085 1.560 0.000 iShS&PTotlUSStkMkt ITOT 83.81 1.06 15.3 One year 0.33313 0.33563 2.01200 0.32763 iShShortTreaBd SHV 110.51 0.00 0.0 VangdExtMkt VXF 155.15 0.68 23.1 26 weeks 0.090 0.090 1.570 0.080 iShCoreUSAggBd AGG 117.84 –0.32 4.9 VangdDivApp VIG 139.33 0.70 11.8 Week 52-Week iShSilver SLV 22.30 5.94 33.7 Euro Libor iShSelectDividend DVY 95.05 1.26 –10.0 iShTIPSBondETF TIP 126.00 –0.23 8.1 VangdFTSEDevMk VEA 46.06 2.15 4.5 Latest ago High Low Secondary market iShESGAwareUSA ESGU 83.98 0.99 17.8 iSh1-3YTreasuryBd SHY 86.33 –0.05 2.0 VangdFTSE EM VWO 48.55 2.08 9.2 One month -0.586 -0.580 -0.360 -0.621 iShEdgeMSCIMinEAFE EFAV 72.06 1.14 –3.3 iSh7-10YTreasuryBd IEF 119.67 –0.53 8.6 VangdFTSE Europe VGK 59.18 2.53 1.0 Prime rates Fannie Mae Three month -0.550 -0.548 -0.142 -0.552 iShEdgeMSCIMinUSA USMV 67.14 0.74 2.3 iSh20+YTreasuryBd TLT 157.50 –1.47 16.3 VangdFTSEAWxUS VEU 56.86 2.19 5.8 U.S. 3.25 3.25 4.75 3.25 30-year mortgage yields Six month -0.517 -0.519 -0.052 -0.526 iShEdgeMSCIUSAMom MTUM 156.34 0.06 24.5 iShRussellMCGrowth IWP 196.74 0.30 28.9 VangdGrowth VUG 246.31 1.08 35.2 One year -0.479 -0.471 0.008 -0.479 Canada 2.45 2.45 3.95 2.45 30 days 1.848 1.886 3.362 1.751 iShEdgeMSCIUSAQual QUAL 114.01 1.38 12.9 iShUSTreasuryBdETF GOVT 27.33 5.4 VangdHlthCr VHT –0.52 217.22 0.72 13.3 Japan 1.475 1.475 1.475 1.475 60 days 1.875 1.916 3.370 1.804 iSh5-10YIGCorpBd IGIB 61.43 –0.26 6.0 JPM UltShtIncm JPST 50.76 0.02 0.7 VangdHiDiv VYM 90.16 0.97 –3.8 Secured Overnight Financing Rate VangdIntermBd BIV 93.16 –0.33 6.8 Policy Rates Other short-term rates 0.09 0.05 1.64 0.01 VangdIntrCorpBd VCIT 96.72 –0.28 5.9 Euro zone 0.00 0.00 0.00 0.00 Value 52-Week VangdLC VV 171.50 1.19 16.0 Switzerland 0.00 0.00 0.50 0.00 Week 52-Week Latest Traded High Low Dividend Changes VangdMC VO 201.05 0.69 12.8 Britain 0.10 0.10 0.75 0.10 Latest ago high low VangdMBS VMBS 54.04 –0.02 1.6 DTCC GCF Repo Index Dividend announcements from December 1. Australia 0.10 0.10 0.75 0.10 Call money VangdRealEst VNQ 85.08 1.29 –8.3 Treasury 0.100 51.650 1.720 0.002 Amount Payable / VangdS&P500ETF VOO 336.30 1.10 13.7 Overnight repurchase 2.00 2.00 3.50 2.00 MBS 0.116 53.700 1.763 0.011 Company Symbol Yld %New/Old Frq Record VangdST Bond BSV 82.75 –0.07 2.7 U.S. 0.10 0.08 1.65 -0.07 VangdSTCpBd VCSH 82.99 –0.06 2.4 Notes on data: Stocks VangdSC VB 183.65 0.96 10.9 U.S. government rates U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Titan Pharmaceuticals TTNP 1:30 /Dec01 VangdTotalBd BND 88.08 –0.30 5.0 and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary VangdTotIntlBd BNDX 58.28 –0.33 3.0 Discount widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is Foreign as of November 30, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted VangdTotIntlStk VXUS 58.70 2.26 5.4 Xinyuan Real Estate ADR XIN 9.5 .025 Q Jan08 /Dec18 0.25 0.25 2.25 0.25 average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- VangdTotalStk VTI 189.07 1.27 15.6 Federal funds funds rates are Tullett Prebon rates as of 5:30 p.m. ET. KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: VangdTotlWrld VT 90.08 1.49 11.2 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; spin-off. VangdValue VTV 116.74 0.90 –2.6 Effective rate 0.0900 0.0800 1.6200 0.0600 Tullett Prebon Information, Ltd.

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 EdgewoodGrInst 52.92 +0.48 37.4 InvGrBd 11.85 -0.02 9.1 JPMorgan I Class PIMCO Funds I2 CapOpAdml r187.08 +1.82 18.6 ValAdml 45.53 +0.43 -0.3 WndsrII 39.98 +0.49 NA Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Fidelity LowP r 49.07 +0.93 5.3 CoreBond NA ... NA Income NA ... NA DivAppIdxAdm 37.79 +0.24 13.3 WdsrllAdml 70.95 +0.87 NA VANGUARD INDEX FDS e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese 500IdxInstPrem127.35 +1.42 15.3 Magin 12.78 +0.11 25.3 EqInc NA ... NA PIMCO Funds Instl EMAdmr 40.28 +0.70 NA WellsIAdml 69.59 +0.17 7.5 IdxIntl 18.84 +0.33 NA and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Contrafund K6 18.55 +0.19 28.2 OTC 16.97 +0.27 41.4 JPMorgan R Class IncomeFd NA ... NA EqIncAdml 78.32 +0.76 0.9 WelltnAdml 80.29 +0.67 9.2 SmValAdml 58.39 +0.78 NA 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r ExtMktIdxInstPre 79.10 +0.46 24.0 Puritn 26.04 +0.13 18.1 CoreBond NA ... NA Price Funds ExplrAdml 118.84 +0.78 NA WndsrAdml 74.50 +1.07 NA TotBd2 11.53 -0.03 NA apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not FidSerToMarket 12.68 +0.13 16.8 SrsEmrgMkt 24.24 +0.50 17.5 Lord Abbett A BlChip 165.24 +1.75 32.9 ExtndAdml 117.60 +0.68 NA VANGUARD FDS TotIntlInstIdx r126.02 +2.16 NA available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; IntlIdxInstPrem 45.02 +0.76 4.8 SrsGlobal 14.05 +0.24 6.7 ShtDurIncmA p 4.20 ... 2.5 DivGro 58.81 +0.54 11.3 GNMAAdml 10.72 +0.01 NA DivdGro 33.36 +0.24 NA TotItlInstPlId r126.04 +2.16 NA data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. 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THE WALL STREET JOURNAL. **** We dnesday, December 2, 2020 | B11 MARKETS S&P 500, Nasdaq Advance to Records

BY KAREN LANGLEY canget back to quote-unquote Indexperformance, Tuesday major indexeslessreliant on a ing investors. AND ANNA HIRTENSTEIN normal.” few highflying companies to lift Overseas,the pan-continen- Advances toward protecting 1.6% them. talStoxxEurope 600 rose 0.7%. TheS&P 500 and Nasdaq populations against the corona- Thebroadening of market Surveysonmanufacturing ac- 1.4 Compositerose to records, as virus continued to be afocus. Nasdaq participation is ahealthysign, tivity in many major European Composite the optimism behind the No- The European Union’schief 1.2 said Lauren Hill,portfolio man- economies showedabroad con- vember market rally extended medicines regulator said that +1.3% ager at Westwood Holdings tinued expansion in the euro- intoanew month. Pfizer partner BioNTech and 1.0 S&P500 Group.“Ithink that means that zone. Investorshavebeen heart- drugmakerModerna both ap- +1.1% morepeople believethat the “The manufacturingsector ened in recent weeks by prom- plied fortheir coronavirus vac- 0.8 recovery is taking shape with is one part of the European ising reportsonthe effective- cines to be approved in the EU. the vaccine announcements economythat is actually man- 0.6 DowJones ness of coming In another potential positive Industrial that we’vehad in the last few agingtoretain some degree of TUESDAY’S vaccines in sign formarkets, negotiations Average weeks,” she said. “People are resilience,” said Michael 0.4 MARKETS protecting peo- in Washingtonoveradditional +0.6% looking ahead to 2021 with op- Hewson, achief marketsana- ple from coronavirus relief showedsigns timism.” lyst at CMCMarkets. Covid-19.The strong results of resuming.Investorshavefol- 0.2 Amongindividual stocks, In Asia, most major bench- have raised hopes that indus- loweddevelopmentsthat could Tesla shares rose $17. 16,or3%, marksrose by the close Tues- 0 tries hurt by the pandemic may lead to moreeconomic stimu- to $584.76 afterS&P DowJones day. TheShanghai Composite recovermorequickly than pre- lus. 9:30 10 11 noon 1234 Indices said it would add the Indexadded 1.8%, Hong Kong’s viously thought. TheS&P 500 gained 40.82 Source:FactSet carmaker’s full weight to the Hang Seng advanced 0.9% and “That news wassomuch points, or 1.1%, to 3662.45,its S&P 500 in one movebeforethe Japan’sNikkei 225climbed morepositivethan Ithink peo- 27th record close of 2020.The closing out itsbest month since their recent gains,with the start of trading on Dec.21. 1.3%. Aprivategaugeofmanu- ple expected,” said ElliottSav- tech-heavy Nasdaq Composite 1987. Russell 2000 indexrising 0.9% Shares of Zoom Video Com- facturing activity in China hit age, portfolio manager of YCG advanced 156.37points, or 1.3%, Despitethe tumult of 2020, afterposting itsbest monthly munications dropped $72.05, itshighest level in adecade in Enhanced Fund. “Tohavetwo to 12355.11, its46th record theS&P 500 is up 13% forthe gain yetinNovember. or 15%, to $406.31. Thevideo- November.AtmiddayWednes- come out that were 90 and 95% close of the year.The Dow year,while asurge in technol- Tuesday’sgains were broad, conferencing companyonMon- dayinTokyo,the Nikkei was effective, Ithink that just wasa Jones Industrial Averageadded ogyshares has helped the Nas- with 10 of the S&P 500’s11sec- daysignaled that higher sales down 0.1% and the Hang Seng very big changeinexpectations 185.28 points, or 0.6%, to daq soar 38%. tors rallying.Arangeofstocks in recent months have come wasdown0.2%. U.S. stock fu- forhow quickly the economy 29823.92, afteronMonday Small stocks also extended haspoweredthe rally,leaving with higher costs, disappoint- tures were off 0.3%. Hospital Treasury Stocks Yields Rally Rise on

ContinuedfrompageB1 Aid Talks down again, we think these companies can deliver on ex- BY SEBASTIAN PELLEJERO pectations and even exceed them. And that should be suf- U.S. government-bond yields ficient to at leastrelatively climbed to athree-week high outperform the market over- following arenewedcongres- all.” sional effort to send aid to Driving the optimism businesses and municipalities around hospital and health- hurt by thepandemic. care facilities,analystsand in- Theyield on the benchmark vestors say, is increased clar- 10-year Treasurynotefinished ityabout the months ahead. the session at Although two key Senateseats CREDIT 0.933%, up from in Georgia won’t be decided MARKETS 0.845% Monday until the January runoff elec- andits highest tion, many traders are antici- close sinceNov.10, according pating that the government to Tradeweb. The30-year will remain divided—an out- Treasurybond yield rose to come that reduces the chances 1.675% from 1.574%

of amajor health-careover- O’HARE/REUTERS Yields,which rise when haul. bond prices fall, rose aftera And statements from some GHAN bipartisan group of U.S. law-

of theSupreme Court’scon- CALLA makersproposed a$908 bil- servative justices suggest the Healthcare personnel in a room for patients with the coronavirus in Kansas. Shares of hospital systems have risen this year. lion relief bill that would fund Affordable Care Act may sur- measures through the end of vive itslatesttest,acase ar- One of the biggest chal- faster-than-expected rebound Share-priceand indexperformancethis year March. gued last month by Republi- lenges forhospital systems in in hospital visitsfor non-coro- S&P500 Higher government spend- can-leaning states seeking to the months ahead will be the navirus patients. That—along 10% ing tends to push up Treasury challenge it. sharp climb in Covid-19 cases, with cutting expenses,includ- yields by boosting economic 0 HCA which public-health officials ing via furloughs and reducing Healthcare growth and inflation, making expect will worsen in the com- salaries at some companies— fixedpaymentsfrombonds Increased clarity ing weeks as more Americans has helped turn around hospi- –10 Universal less attractive. test positiveafter traveling for tals’ financial landscape. Health Previousstimulus efforts Services about the months Thanksgiving.The U.S. re- Federal assistanceearlier –20 pegged potential packages at ahead is helping the ported morethan 135,000 new this year,including $175 bil- Tenet more than $1 trillion.InNo- coronavirus infections Sunday, lion in direct aid approved by Healthcare vember, the Treasury Depart- –30 sector. according to the Covid Track- Congress for health-care pro- ment dialed back its estimates ing Project, and hospitaliza- vidersacrossthe U.S.,has also forgovernment borrowing tions surgedtomorethan delivered relief. –40 through the end of the year. 93,000—a record. “I do think investorsare be- Yields have climbed in recent Thesurvival of the Afford- Thejump in cases threatens coming comfortable with the –50 sessions,though they remain able CareAct—combined with to overtax hospital systems fact that hospitals canoperate near historic lows. agridlocked government— again. But this time,investors in aCovid environment and –60 One factor suppressing are- would makeitunlikely that and analystsexpect hospital that everything doesn’t have bound is the Federal Reserve, health-carepolicywill sub- systems to betterweather the to go intoacompleteshut- –70 which has committedtoaiding stantially change. That in Covid-19 influx,thanks to a down,” said Frank Morgan, a the economybyholding bor- JFMAMJ JASOND turn, analystssaid, will be ad- deeper understanding of how research analyst at RBC Capi- rowing costslow:keeping vantageous forhospitals, to treat the virus and how to tal Markets. Source:FactSet short-term interest ratesnear whichhavebenefited from managehospital capacity.And Still, even with vaccine op- zero and buying up billions of greatervolumes of insured unlikeinthe spring,when timism, some analystsnote Even so,investor sentiment Health in November,com- dollarsofbonds. patients. states across the country im- that the Covid-19 landscape on hospital companies and the pared with the month before, AUCTION RESULTS “The [election] outcome posed restrictions on elective could shiftsharply if out- overall health-care sector re- said Michael Khouw,chief in- Here are the results of Tuesday's Treasury auction. All bids are awarded at a single price at the market- probably is as good as we procedures,analystsanticipate breaks significantly worsen in mains positive. In itslatest vestment officer of Optimize clearing yield. Rates are determined by the difference could have hoped,” said Whit that local governmentswill in- the coming weeks. survey released in November, Advisors. Activityinthe op- between that price and the face value. Mayo,managing director of stead leave those decisions to Some nonprofit hospitals BankofAmericasaid that tionsmarket implies that, on 52-WEEK BILLS Applications $131,770,818,100 equity research at UBS.“The hospital systems. have begun putting elective health care remains the most average, tradersexpect a Accepted bids $38,987,756,200 [chance] of seeing morecover- Already,manyhospitals surgeries on pause,and overweight sector among fund nearly 7% increase in share " noncompetitively $275,794,500 " foreign noncompetitively $0 ageisprobably greater than seem morewilling to push health-careworkersare anx- managers. pricefor HCAbymid-March Auction price (rate) 99.888778 lesscoverage. And that’sal- ahead with the profitable pro- ious about what could be a Recentoptions activity, andanalmost 12% increase (0.110%) Coupon equivalent 0.112% most always a good thing for cedures that hospitals rou- sustained influx of patientsaf- meanwhile,has indicated that forUniversal Health by mid- Bids at clearing yield accepted 82.59% everyone in health-careser- tinely conduct, especially after ter already enduring an unre- investorsbecame increasingly April, according to his data Cusip number 9127965G0 vices.” many systems have enjoyed a lenting year. bullish on HCAand Universal analysis. The bills, dated Dec. 3, 2020, mature on Dec. 2, 2021. Global Stock-MarketFeverSpursReluctant Brazilians to Invest

BY VINOD SREEHARSHA two yearsago. Thenew inter- Performance, year to date have allowedthe central bank handle Rich Cousin and is a known that organizersata est in the market has paved to gradually chip away at the partner at the São Paulo bro- rock concert last year up- S&P500 RIO DE JANEIRO—Sincethe the way for a flurry of public 10% interest rate,transforming kerageXPInc., has amassed graded her to the VIP section coronavirus pandemic hit, offerings, with 25 companies Brazil’s investment culture. four million followers on You- upon recognizing her.“Brazil- manyBrazilians have fled to a going public so far this year, Thepandemic accelerated Tube covering themes such as ians are not used to investing place they don’t normally go: the most in 13 years. The 0 that trend, prompting the cen- whether astock is cheap or their money.” the country’s stock market. SãoPaulo-based B3 exchange’s Bovespa tral bank to cut the rate to 2% not. Wearing aT-shirt and Investing in stocks is risk- Markets are up around the benchmark index, the Ibove- –10 in August. In 2016 it was seated in front of a laptop, he ier and morevolatile than world despitethe pandemic spa, is up morethan 60% since 14.25%, then one of the walks viewers through finan- bonds, since their returns are and economic concerns, its March low. –20 world’s highest. cial scenarios while perform- closely linked to the health of buoyed by low interest rates. “The growth surprised us a Despiteconcerns about Bra- ing calculations on spread- the economy. When Brazil’scentral bank lot,” said Gilson Finkelsztain, zil’sdeteriorating fiscal sheets. In one 21-dayseries of Right now, equity returns pushed interest ratesdownto chief executive of the B3. –30 health,the government has videos,tens of thousands aresoaring—not just in Brazil, ahistoric low of 2% amid Thetrend accelerated as rolled out stimulus amid the woke up at 5a.m. forasort of but globally,boosted by coun- Covid-19,itsparked aparticu- stocks plunged in March but –40 pandemic, amounting to 8.3% investing boot camp. tries’ pandemic stimulus pack- larly largeshiftamong Brazil- has continued even as the of output, which has helped Another XP part- ages. ians, who are swapping their Ibovespa recovered—the index buoythe economyand in- ner,Ana LauraMagalhães, Yet Brazil’s initial package –50 dwindling fixed-income invest- wasupabout 16% in Novem- jected confidenceintothe who is 29,takes on topics that was“so high it’snot some- ments for stocks for the first ber,its best month in four Jan. April July Oct. stock market. maysound impenetrable— thingyou cansustain,” said time. years. Forthe year through Source:FactSet Manynew investorsare from defining debentures to Claudio Ferraz, an economist Fueling the trend aresocial- Nov.30, it wasstill down getting their information from howtoanalyze corporatebal- and Brazil expert at Canada’s media starswho have boosted about 6%. exchangehas also traditionally social-media accountscen- ance sheets. Vancouver School of Econom- the market by giving younger Brazil’sstock market has offered little diversity,with teredonfinance, with fund Prospectiveinvestorsso ics. Brazilians theconfidenceto long struggled to attractlocal miner Vale SA and oil com- managers, academics and ama- value her advice that she has Thereisalso the risk of try their luck with equities. investors. With interest rates panyPetrobras accounting for teur investorsoffering guid- nearly acombined 250,000 fraudand misinformation, Amillion newinvestorsen- as high as 14% here only four alittle morethan afifth of all ance from tips on the latest followers on Instagram and with alargely novice investing teredBrazil’sstock market years ago, investors had little shares in the Ibovespa. stock to how to invest for the YouTube. classand brokerages and sinceMarch and thereare now reason to abandon profitable But acombination of low first time. “Talking about money was banks bombarding people with three times as manyinvestors fixed-income investmentsto inflation and law that capped ThiagoNigro, 30 yearsold, ataboo before,” said commercials and social-media in the market as therewere ventureintostocks.The stock federal government spending who goes by the social-media Ms.Magalhães,who is so well content. P2JW337000-0-B01200-1------XA

B12 | We dnesday, December 2, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY OPEC, Allies Face Lose-Lose Equation

The group of oil producers will encounter risks no matter which route they choose to take on output

The arrival of a vaccine is a OPECmembersand Russia's blessing for oil producers. Hopes estimatedchange in real GDP in for a vaccine, however, are causing 2020,change from ayearearlier a massive headache for members of the global oil cartel and its Rus- –80% –60 –40 –20 0 sian-led partners. Some of its Libya members—financially battered and Venezuela facing internal turmoil—are reach- ing the end of their ropes. Iraq The Organization of the Petro- Kuwait leum Exporting Countries met Monday and was scheduled to Congo meet with Russian-led producers Tuesday to decide whether to go UAE along with their next scheduled Equatorial Guinea production increase of two million barrels a day, delay it for a few Algeria months or opt for a smaller boost. S Saudi Arabia

The market had priced in a delay. NEW In April, so-called OPEC+ agreed G Iran to cut production collectively by Nigeria 9.7million barrels aday,with grad- OOMBER BL

ual production increases everysix V/ Russia months.Tuesday’smeeting was KO DA Angola

postponed until Thursday as the RU countries trytoironout their dif- Gabon

ferences.Talks have become more ANDREY complicated as Brent crude prices The organization and its Russian-led partners have postponed a meeting until Thursday. A oil field in Russia. Source:International Monetary Fund approached $50 abarrel on vaccine optimism. While that isn’t high enough to coverpublic salaries,ben- Despite differences, OPEC+ is tions.Dashing them, even at the Thelatestuncertainty comes at a enough forOPEC memberstoavoid efitsand other essential expenses, likely to work hard to come up margin, could cause market turmoil. time of precarious demand recovery fiscal deficits, it makes some feel according to S&P Global Platts.All of with a unified message, according But if the group extends itscuts as coronavirus cases climb globally. antsy about forgoing revenue.After that comes with the backdrop of an- to Helima Croft, global head of as the market expects, or even Complicating matters,supply is briefly breaking above$49 abarrel tigovernment proteststhat have commodity strategy at RBC, noting deepens them, the group risks com- quickly recovering in war-torn last week,Brent crude slipped be- erupted sincelate2019. similar tensions haven’t been un- plianceissues from membersthat Libya, an OPEC member exempt low$48 afterthe group failed to Iraq indicated last week that the common ahead of these meetings. arehaving trouble sticking to pro- from current cuts, and drilling ac- reach consensus on Monday. countryislosing patiencewith the Whatever decision they arrive at duction quotas.Iraqand Nigeria re- tivity is slowly resuming in the U.S., Take Iraq,OPEC’ssecond-largest OPEC+ imposed production cuts. It carries itsown risks.Ifthey go peatedly exceeded agreed levels.If wherelocal benchmark crude prices producer,which depended on oil for isn’t alone.The countryisone of against expectations,opting not to OPEC+ membersmake70% of their areabout $4 away from apricethat 92% of itsrevenue in 2019,accord- seven forwhich RBC Capital Mar- moderatethe cutsorchoosing to agreed cutsin2021 and 2022, then makes newdrilling profitable for ing to the World Bank.The country’s kets has raised itsgaugeofgeopo- slowly increase production, it risks averageoil prices could fall as much the averageproducer. grossdomestic product is expected litical risk.The restlessgroup in- undoing the pricerecoverythe as $7 abarrel next year compared Herding exporters into agree- to shrink this year to an extent not cludes Nigeria, which slipped into group helped engineer sincethe with full compliance, noted Bassam ment was much easier when seen since2003,the year of the U.S. recession and faces protestsat spring.The fact that OPEC+ has Fattouh and Andreas Economou of Covid-19 plunged all of them into invasion. As of October,the govern- home as well, and even the rela- been predictable so far this year the OxfordInstitutefor Energy crisis. Discipline is fading now that ment’soil export revenue wasn’t tively well-off United Arab Emirates. has heightened traders’ expecta- Studies in arecent post. a recovery is in sight. —Jinjoo Lee Restaurants Have Less Under the Tree Production Spurt Weak gift-card sales could be an obstacle to full recovery for chains like Cheesecake Factory Has Room Casual dining stocks have almost ing options have made buying gift fully recoveredfromthe pandemic. cards on the web or via an app One hurdle they still have to face: an much easier. Running a promotion To Run uncertain holidayseason. is also easier: Chili’s, for example, A resurgence in coronavirus GES is offering diners a $10 gift card cases is hitting the industry cur- IMA free with a $50 gift card purchase. The economy is in for a tough

rently. Seated diners at U.S. res- ETTY Many rivals have similar deals. winter. But the manufacturing sec- taurants were down 48% from a /G What is more, revenue from a tor appears to have the where- year ago as of Sunday, according /UIG card can be recognized if a restau- withal to push through it. to data from OpenTable. Many in- GES rant concludes it is unlikely to The Institute for Supply Man- dependent restaurants closed as fi- IMA ever be redeemed. Management agement said Tuesday that its in-

nancial pressures intensify. TION has wide latitude to set assump- dex of manufacturing activity came Publicly traded sit-down restau- tions on expected redemptions, es- in at 57.5 in November—a bit below rant chains arehardly worsefor EDUCA pecially since business conditions the two-year high of 59.3 it regis- G/ wear: shares of Darden Restau- and consumer behavior have tered in October, but still a signal rants,which owns OliveGarden and clearly changed this year. That that the sector is swinging higher.

other brands,are down about 9% GREENBER should give some wiggle room if Anything above 50 indicates a rise sinceahigh in February, while sales or redemptions are lighter in manufacturing activity.

CheesecakeFactory stock is down JEFFREY than expected. TheISM’sgaugeisadiffusion in- 8% over that same period. Brinker More than half of annual gift-card sales for chains occur around the holidays. With safeand effectiveCovid-19 dex, based on howmanymanufac- International,which owns Chili’s, is vaccines on the way,the industry turerssay activity is expanding ver- up about 22%sofar in 2020. rantsbook revenue from the gift or missing sales and profit expec- outlook is bright. Pent-up demand sus contracting,soitdoesn’t directly But the arrival of the holidaysea- card when it is redeemed. tations. This year, with reduced fordining out should be very measuremanufacturing output. A son means abig question forinves- In 2019, according to Mr. Tower, foot traffic in malls, pharmacies strong,and the bleak outlook forin- Federal Reserveindexdoes and it tors:Will shoppersbuy giftcards redemptions accounted for 14% of and other stores that sell cards, dependent restaurantsmeans less shows that as of October manufac- forthe chains at the same rate? first-quarter restaurant sales at there is a high risk that gift-card competition fordinersand opportu- turing production wasabout 4.6% Morethan half of annual gift-card Outback Steakhouse parent sales will disappoint. What’s more, nities to expand on favorable terms. belowits level in February. sales forthe industryoccur around Bloomin’ Brands, and 9% at with virus cases up, an evening Thecoming year should be avery That is somewhat curious con- the holidays,according to Wells Cheesecake Factory. out at the local restaurant may not good one forthe industry, as long sidering that, adjusted for infla- FargoSecurities analyst JonTower. Hanging onto those sales could make for an appealing gift. as the holidaygift-giving season is tion, consumer spending in Octo- Under U.S. accounting rules,restau- be the difference between meeting At the same time, digital order- close to normal. —Charley Grant ber was 2.2% shy of its February mark, according to the Commerce Department. And consumer spend- ing on goods was 8.4% higher. Areason forthis disconnect is Bank Mergers Are No Panacea probably that manufacturers’ cus- OVERHEARD tomershavebeen drawing down in- ventories to keep up with demand. Indeed, aseparateindexinTues- Bankers love to think about Share-priceperformance Italy and Spain. However, rationaliz- day’sISM report showedmanufac- As China’sheft grows, other mergers, but they aren’t a simple Intesa Sanpaolo ing branch networks canbeveryex- turersbelievetheir customers’ in- nations have become concerned solution to the problems of Eu- BancoBilbao Vizcaya Argentaria pensiveand integrating aweb of ventorylevelsare “too low” to the overits efforts to set the techni- rope’s lenders, even within the CaixaBank Bankia UniCredit legacysystems is achallenge, par- most extreme degree in over ade- cal standards foremerging tech- same country. BancodeSabadell ticularly as customersincreasingly cade.Soeveniffinal demand didn’t nologies like5G. UniCredit shares plunged Tues- 20% expect to bank online. rise anyfurther,manufacturers Also,pickled vegetables. day after Chief Executive Jean Valuation is abarrier to getting would still need to step up output to In November,global industry Pierre Mustier said he was step- deals over the line. They aregen- bring inventories back intobalance. standards body ISOpublished a ping down over a disagreement 0 erally all-shareexchanges,and the That dynamic could help insulate documentcertifying the unique about the strategic direction of It- poor stock-market performanceof them from what is looking likea properties of “pao cai,” atype of aly’s second-largest bank. A widely –20 banks this year has muddied the tough winter.With Covid-19 cases Chinese fermentedvegetable respected figure, Mr. Mustier had relativeweight of different players. rising and government support fad- similar to the Korean dish kim- pushed back against board pres- –40 Thereisalso alot of uncertainty ing,itlooks as if consumer spending chi. AfterChinese statemedia sure to do deals, favoring capital about what loan books will be is starting to falter.With vaccines labeled the achievementaChina- returns to shareholders. –60 worth in apost-pandemic world. unlikely to become widely available led international standardfor Last week, talks between Span- Therehad been speculation that until the spring at the earliest, some kimchi, South Korea’sagriculture ish lenders Banco Bilbao Vizcaya –80 UniCredit might do adeal with economistsare forecasting gross ministry said Sundaythatinter- Argentaria and Banco de Sabadell Germany’sCommerzbank, France’s domestic product to register aslight national standards forkimchi collapsed due to disagreements Jan. 2020 Société Générale or troubled do- contraction in the firstquarter. were agreed upon by the United over pricing, also highlighting the Source:FactSet mestic lender BancaMontedei Pas- Furthermore, while manufactur- Nations in 2001 and thatitwas shaky case for deals. chi di Siena. However, during his ers’ customerscould be in fora inappropriate to lump in kimchi Bank mergers have long been summer,Intesa Sanpaolo bought 4½ yearsincharge,Mr. Mustier fo- difficult spell in the firstquarter, with pao cai. seen as a way for European lend- UBI BancatocreateItaly’s largest cused on making the bank leaner. they will have to consider the jump China and South Koreahave ers to boost profitability in the bank.Plus,CaixaBank agreed in Sep- Mergers clear ahalf-plausible in demand they arelikely to experi- close tried ties, but relations are face of persistent ultralow interest tember to merge with Bankia to cre- path to profit growth. That is enceafter vaccines become widely often contentious. When it rates, sluggish growth and fierce ateSpain’slargest domestic lender. enough forsome European banks, available.Evenifbusinessslows, comes to symbols of national competition from larger U.S. rivals. Thelogic even fordomestic Euro- but the latest ructions serveasa they might want to start stocking pride, Chinese and South Kore- Apatchwork of European and na- pean banking mergers isn’t straight- warning that the strategyisfraught shelves alittle morenow.Winter ans seem prone to get into a tional regulations all but block forward. Deals offer potential for with difficulties.Success is far from will be adark season forthe econ- pickle. cross-border mergers,but domestic cost-cutting and market-sharegains, guaranteed, even forthose deals omy, but manufacturing could be a tie-ups have been possible.This particularly in overbanked Germany, that go ahead. —Rochelle Toplensky bright spot. —Justin Lahart