Jobless Claims Swell by 4.4 Million

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What’s Jobless Claims Swell by 4.4Million News Labor market’shistoric Joblessbeneﬁtsapplications,asashareofworkforce March 22 to April 4April 5toApril 18 drop comes as paceof Wherenew applications have risen Wheretheyhave slowedthe most U.S. layoffseases, but 12% Business&Finance businessactivityfalls 8

4 bout 4.4million people BY SARAH CHANEY Ain the U.S. sought job- AND GWYNN GUILFORD 0 lessbenefitslast week as the pandemic continued to About 4.4million people in W.Va.Conn. Fla. Colo.Ga. S.C. Miss. Pa.Ohio Calif.Maine Vt.Hawaii Mich. hurt the labor market, the U.S. sought unemployment Note:Labor Force sizeisbased on February data. Source:Labor Department though the paceoflayoffs benefitslast week as the coro- appeared to be easing. A1 navirus pandemic continued to weeks to morethan 26 million, “Therewas an immediate datacame as surveysofpur- in services activity that were hurt the labor market, though theLabor Department said on wave of layoffs as aresult of chasing managersshowed unprecedented in the history  U.S. grocersare struggling the rapid paceoflayoffs ap- Thursday.Joblessclaims,which the crisis,” said Daniel Zhao, businessactivity in the U.S., of the reports. Manufacturing to securemeat, looking for peared to be easing. arelaid-off workers’ applica- senior economist at Glassdoor. Europe and Japan collapsed in activity is also contracting, newsuppliersand selling dif- Themillions of workerswho tions forunemployment-insur- “Even though people mayhave April during global restric- though not quite as severely. ferent cuts, as the pandemic sought unemployment benefits ancepayments, had reached been laid off weeks ago, we tions on movement and social PleaseturntopageA2 cutsintodomestic output and last week continued ahistoric nearly seven million at the end might only be seeing the im- interaction aimed at limiting raises fearsofshortages. A1 labor-market decline, bringing of March as the coronavirus led pact now in the numbers.” the spread of the virus.  Greg Ip: Low interest rates  Amazon employees have the totalclaims forthe past five to widespread businessclosures. TheU.S.unemployment The surveys showed drops take sting out of deficit...... A2 used dataabout independent sellersonthe company’s platform to develop compet- Live From the Commissioner’s Basement, the NFL Draft ing products, apracticeat U.S. Urges odds with stated policies. A1  J.C. Penneyisin advanced talks forbankruptcy Public funding with agroup of lenders, asign the troubled retailer is about to succumb Companies to the economic crisis. B1  Intel reported ajump in To Repay first-quarter earnings, buoyedbysales in itsdata- center business, but the firm SBALoans pulled full-year guidance. B1  Crude-oil prices jumped, TheTreasuryDepartment extending astring of wild askedpublicly traded compa- moves that arericocheting nies to repayloans they re- around financial marketsand ceived from afederal program roiling the energy industry. B1 intended to aid small busi-  TheDow gaveupmost of nesses,aspublic scrutinyofthe a400-point rally to end 0.2% coronavirus rescue intensifies. higher.The S&P 500 and Nasdaq slipped 1.51 pointsand By Peter Rudegeair, 0.63 point, respectively. B11 Heather Haddon  Morethan half of arecord and Ruth Simon $1 trillion deposited in U.S. Ruth’sHospitality Group banks in the firstquarter Inc.,the owner of the Ruth’s amid pandemic fearswent to ChrisSteak House chain, said the four largest lenders. B1 Thursdayitwould refund $20  Gap warned that it had S million. It wasamong 150 pub- burned through half itscash PRES lic companies that received

savingsand would need to TED nearly $600 million in forgiv- raise moremoney to fund CIA able loans this month from the SO

itsoperations this year. B3 AS federal Paycheck Protection

NFL/ Program. Theprogram wascre- World-Wide HOME TEAM: With the pandemic forcing the National Football League to cancel its plans in Las Vegas, Commissioner Roger Goodell ated to help struggling small hostedthe eventfromwhathecalls his ‘man cave.’ LSU quarterback Joe Burrow wasselected firstoverall by the Cincinnati Bengals. A12 businesses coverpayroll and keep people employedduring  TheTreasuryDepartment thecoronavirus pandemic. asked publicly traded com- Public companies have been panies to repay loans they criticized by some lawmakers received from a federal China Medical-Goods Meat-Shortage Fears and consumersfor tapping into program intended to aid the $350 billion rescue program, small businesses, as public which ranout of funds two scrutiny of the coronavi- Market Is ‘Wild West’ Rise as Plants Close weeks afteritstarted accepting rus rescue intensifies. A1 applications.ShakeShack Inc., a  The House approved a companywith amarket capof bill providing $484 billion about $1.7billion and morethan in fresh relief funding.Bat- BY LIZA LIN vance payments in full, while U.S. grocersare struggling supplies of some products 7,000 employees,said this week AND EVA XIAO buyersmust quickly vetnewly to securemeat, looking for could runshort just as demand PleaseturntopageA6 tles loom in thenation’s minted vendors—sometimes newsuppliersand selling dif- is surging. capital over what should be Urgent late-night inspec- by video from the other side ferent cuts, as the coronavirus “I have not seen beef sales in the next aid package, and tions at Chinese mask factories. of the world. pandemic cutsintodomestic and all protein behave this whether it is needed at all. A4 THE  States across the coun- Hurried million-dollar wire Thedisarray in China, ama- production and raises fearsof way sincethe Atkins Diet transferstosecureventilator jor producer of personal protec- shortages. days,” when shoppersbought tryfaceanincreasingly CORONAVIRUS deals. Middlemen lurking out- tiveequipment, or PPE, under- up meat as part of the low- grim financial outlook, side aShanghai factoryoffering scores howdesperateU.S.and carb diet, said Jeff Lyons,se- PANDEMIC with no near-term sign that By Jacob Bunge, masks of unknown provenance. other buyershavebecome to nior vicepresident of fresh the federal government Sarah Nassauer China’ssupply chain for securemedical gear as the coro- food forCostco.The ware- will come to the rescue. A4 and Jaewon Kang When is it safetogo medical goods is devolving into navirus pandemic engulfs them. house chain is considering new back to normal? A3  Thedailycoronavirus afree-for-all as foreign govern- “In this environment, the Covid-19 outbreaks among supplierstoshoreupits meat death toll in California ments, hospitals and busi- key is doing all youcan to get employees have closed about a supplies,hesaid. Governors push for reached anew high as New nesses—and all their middle- your goods,” said Jeffrey Bern- dozenU.S.meatpacking facili- Last week U.S. beef produc- moreaid to states, A4 York revealed resultsofa men—descendonthe country stein, who heads the China op- ties this month, including tion fell 24%compared with a Doctor takes his oath to study suggesting that over 1 to secureventilatorsand masks erations of the University of three Tyson Foods Inc.plants month earlier,with pork off homelessshelters, A7 in 5people in NewYork City and other protectivegear. Pittsburgh Medical Center. this week.Other plantshave 20% and poultrydown10%, ac- mayhavebeen infected. A6 Inundated with prospective “It’sverymuch awild, Wild slowedproduction as workers cording to estimates from Co- SPECIAL REPORT PleaseturntopageA6 Navigating the Coronavirus:  China’s medical-goods buyers, Chinese factories are West scenario.” stay home forvarious reasons. taking advantageoftheir plum Left with few alternatives, Groceryexecutives at retail- WhatImightdoonmy supply chain is devolving summer vacation, R1-8 intoafree-for-all as foreign position, dictating buying con- buyersnow payfor almost ev- ersincluding Walmart Inc.and  Heard on the Street: Grocery ditions and demanding ad- PleaseturntopageA8 Costco Wholesale Corp.worry surge can outlast virus...... B12 customersand their middlemen trytosecureventila- tors,masks and other gear. A1 Zoom Fatigue ComestoIsolated  European leadersbegan AmazonTapped Sellers’ Data debateoveracrisis-recovery People With Packed Social Diaries fund forthe region’secon- omythat would likely total iii To Launch Competing Products at leastatrillion euros. A16  TheSupreme Court,in Far from having nothing to do during a5-4 ruling,widened the the lockdown, the opposite is happening grounds fordeporting Employees consulted sales information to create private-label goods lawful immigrantswith criminal records. A2 BY JOANNA SUGDEN jobs has proved empty,be- BY DANA MATTIOLI current employee and some former employ-  The U.S. is providing cause coronavirus quarantines ees who participated in it. Greenland with apackageof When governmentstold cit- didn’t put social lives on ice. Amazon.comInc. employees have used In one instance, Amazon employees ac- development aid as part of a izens to adopt ahermit life- They put them online. data about independent sellers on the com- cessed documentsand dataabout abestselling strategytocounter Russian style in March, Jess Cripps Pausing physical contact pany’s platform to develop competing prod- car-trunk organizer sold by athird-party ven- and Chinese influenceinthe made a lockdown bucket list. hasmade some social lives ucts, a practice at odds with the company’s dor.The information included totalsales,how Arctic, officials said. A16 “Finally,Ican sit down and busier,and social engagements stated policies. much the vendor paid Amazon formarketing learntocrochet,” harder to avoid. The online retailing giant has long as- and shipping,and howmuch Amazon made on CONTENTS Markets...... B11 the 30-year-old li- To getout of yet serted, including to Congress, that when it each sale.Amazon’sprivate-label arm later in- BusinessNewsB3,5-6 Opinion...... A13-15 Capital Account.... A2 Sports...... A12 braryassistant another FaceTime makes and sells its own products, it doesn’t troduced itsown car-trunk organizers. Crossword...... A11 Technology...... B4 from North Wales call, Ms.Cripps use information it collects from the site’s in- “Likeother retailers, we look at sales and Heard on Street.B12 U.S. News...... A2-3 recalls thinking. says,“Youcan’t dividual third-party sellers—data those sell- storedatatoprovide our customerswith the Life & Arts...... A10-11 Weather...... A11 Andshe planned say‘Ireally need a ers view as proprietary. best possible experience,” Amazon said in a Mansion...... M1-10 World News...... A16 to pickle onions. night at home.’ ” Yet interviews with more than 20 former writtenstatement. “However, we strictly pro- She hasn’t Colleagues who employees of Amazon’s private-label busi- hibit our employees from using nonpublic, > liftedacrochet were previously ness and documents reviewed by The Wall seller-specific datatodetermine which pri- hook,and the on- Time sink kept at arm’s Street Journal reveal that employees did just vate label productstolaunch.” ions remain un- length nowinvite that. Such information can help Amazon de- Amazon said employees using such data pickled. Her webcam has made themselves intoliving rooms cide how to price an item, which features to to inform private-label decisions in the way sure of that. for after-work drinks on copy or whether to enter a product segment the Journal described would violate its poli- s 2020 Dow Jones & Company, Inc. All Rights Reserved Thepromise of using lazy Zoom.Collegefriends suggest based on its earning potential, according to cies, and that the company has launched an lockdowns to tick off rainy-day PleaseturntopageA9 people familiar with the practice, including a PleaseturntopageA9 P2JW115000-0-A00200-1------XA

A2 | Friday, April 24, 2020 THE WALL STREET JOURNAL. U.S. NEWS

CAPITAL ACCOUNT | By Greg Ip Low Rates Take Sting Out of a Big Deficit

TheTrump bonds,sending interest rates terest will still be just about The boosttothe debtfromnew spending due to efficiencyand adds costs. administration skyhigh, which simply adds 2%. Never rule out adebt cri- the pandemic is offsetbylowerinterestrates. Right now, the Fedwould has compared to the burden of the debt. sis,but it looks no likelier lovealittle moreinflation, the pandemic But right now, the oppo- nowthan beforethe pan- Deﬁcit swells...... pushing debttorecords... which has persistently fallen to awar,soit siteishappening.The Fed’s demic. Deﬁcit as percentage of GDP Debt held by the public as short of its2%target. But seems fitting target federal-funds rate is Thethreat of debt crises percentage of GDP what if it’sheaded well past it is overseeing levels of bor- effectively zero,and 10-year has oftenbeen invokedto 2%? TheFed knows what to 2000-2019 Currentforecast 2000-2019 Currentforecast rowing last seen in World Treasuryyields arebelow1% justifycutting spending or do: raise ratesand cool the Forecast beforepandemic Forecast beforepandemic WarII. forthe firsttime.Don’t ex- raising taxes, even when the economy. With afourth pandemic pect this to quickly reverse economyisweak.But it’s 3% 110% relief package,this one worth when the pandemic is over. based on flimsy evidence: 0 ut with debt so high, $484 billion, passing the Privateinvestment relativeto There’slittle precedent of an 80 that would dramatically –6 House on Thursday, this saving wasweak prior to the advanced economythat con- B boost the cost of ser- year’s budget deficit should pandemic,and that imbal- trols itsown currencybeing –12 50 vicing the debt. TheWhite hit $3.8 trillion, or 18.6%of ancecould worsen. Five years unable to borrow (eurozone House could pressurethe Fed grossdomestic product, the from now, marketsexpect the memberslikeGreecedon’t –18 20 to keep rateslow.There’s highest since1945, according fed-funds rate will be just 1%, control their currency). 2000 ’05 ’10 ’15 ’20 ’25 2000 ’05 ’10 ’15 ’20 ’25 precedent. Beginning in 1942 to the Committeefor aRe- half of what it expected in So long as the Fedcan the Fedput aceiling on Trea- sponsible Federal Budget, a early 2019,according to Cor- print dollars, it canlend as ...but ratesare lower...... holding down debtservice suryyields to help finance nonpartisan watchdog group. nerstone Macro, an invest- manyofthem as it needs,en- Futurepathoffederal-funds rate Interest on federal debtas the war. It took nine yearsto It predictsthe federal debt, ment firm. suring the federal govern- impliedbybond market percentage of GDP exit the arrangement. Then, the net totalofprevious defi- This doesn’t mean all that ment canalways borrow.So from 1966 to 1973, it was cits, will hit 106% of GDP in added debt is necessaryor far this year,the Fedhas Jan. 1, 2019 Feb. 14,2020 2000-2019 Currentforecast slowtoraise ratesinpart be- 2022, matching the record being put to itsbest possible bought about $1.6trillion in April 21,2020 Forecast beforepandemic cause of opposition from set in 1946. use.Itdoes mean it’snot do- Treasurydebt to tamp down PresidentsJohnson and That’sstarting to worry ing much harm. “Interest stressinthe markets, in the 2.5 2.5% Nixon, and inflation took off. some in Washington. The rateshavebeen trending processeffectively financing 2.0 Could it happen again? 2.0 added debt could “threaten down for30years,” said 40% of this year’s deficit. (It 1.5 “Aslong as people like the futureofthe country,” Doug Elmendorf, aformer di- doesn’t payfor this with pa- 1.0 [current FedChairman] Jay SenateMajority Leader Mitch rector of the Congressional per money; it pays by issuing 1.5 Powell areincharge,Idon’t 0.5 McConnell said Wednesday. Budget Officewho is now reserves—electronic money— worrytoo much,” said Olivier dean of the HarvardKennedy to commercial banks.) 0.0 1.0 Blanchard, former chief econ- he usual fear is that School. “That doesn’t just This delightssome on the 36 12357102000 ’05 ’10 ’15 ’20 ’25 omist at the International T high government debt makeitmanageable to have leftwho think the Fedshould months years MonetaryFund. “But suppose leads to acrisis or ex- moredebt. It’sasignal that financeall deficitsthis way, Sources: Congressional Budget Office(historical and pre-pandemic projections), Committeefor a [President] Trump is re- cessiveinflation. But there’s the economic costsofthat obviating the need forhigher Responsible Federal Budget (currentprojection), Cornerstone Macro(expected federal-funds rate) elected and he putssomeone little risk of the first, and debt, in terms of crowding taxes. It horrifies some on in charge at theFed who is nothing inevitable about the out privateborrowers,ispar- the right who think it elimi- spending and investment to rently suggest inflation will moreinclined to yield to second. It depends on choices ticularly low.” nates anyrestraint on gov- reach the point that the be just 1.5% in five to 10 pressure. Youcould see how to be made by the Federal In early March, the CBO ernment spending and will economyoverheats, sending years. But it can’t be ruled the Feddoes not increase in- Reserveand, indirectly,Mr. predicted the debt would be lead to inflation. prices and wagesup. Or the out. Businesses need to alter terest ratesenough, we get McConnell, sincehehas some 89% of GDP in 2025 and in- Both attach toomuch sig- public has to expect higher domestic operations to re- overheating,inflation, de-an- sayinwho sitsonthe Fed. terest on that debt would nificancetoFed bond buying. inflation, which canbeself- duceCovid-19 risk and recon- choring of inflation expecta- In adebt crisis,investors cost about 2% of GDP.The It doesn’t save the Treasury fulfilling. figure supply chains over tions.The probability of all worrythe debt reaches levels Committeefor aResponsible much money.And printing Right now, there’snot concerns the U.S. depends these thingshappening is the countrymay be unable to Federal Budget nowprojects money by itself doesn’t cause much evidenceofit. Infla- toomuch on foreignersfor very small. But it’snot quite repay. They refuse to buy its the debt will be 107%, yetin- inflation. That requires tion-protected securities cur- vital supplies.That reduces zero.”

Initial joblessclaims, 7.5 Millions in millions Global Economy Hit File Jobless By Pandemic Fight 5.0 Claims APRIL 12-18: 4.4million BY PAUL HANNON going back to July 1998.The AND JEFFREY SPARSHOTT lowest level reached after the global financial crisis was36.2 ContinuedfromPageOne Businessactivity in the U.S., in February 2009. In the U.K.,

House lawmakers, mean- S Europe and Japan collapsed in the compositePMI fell to 12.9, 2.5

while,approved the next infu- PRES April as governmentstight- arecordlow,from36.0in sion of aid forsmall busi- ened restrictions on movement March. Japan’scomposite TED nesses and hospitals grappling and social interaction aimed at measure also hit a record low OCIA

with the outbreak’stoll, a SS limiting the spread of the new of 27.8.

$484 billion bill the Senateap- /A coronavirus,according to sur- Thedeclines were largerthan LIS

proved on Tuesday. SO veys of purchasing managers. expected, suggesting economic

Forty-three states reported V. 0 The surveys, out Thursday, contractions in the second quar- joblessclaims declined from a 2019 ’20 suggest governmentshaveef- terof2020 might be largerthan GELIO

week earlier,though they re- RO fectively closed partsofthe economistshad expected. Note:Seasonally adjusted, latest ﬁgure mained at high levels.While People waited outside a job center in Pearl, Miss., on Tuesday, where is preliminary economywhereface-to-face “While we knewlockdowns California continued to see the staff provided paper unemployment-benefits applications to clients. Source:Labor Department interaction is unavoidable— were shutting down large most claims,with 530,000,that such as restaurantsand bar- parts of the economy and ex- marked a19% decline from the self-employed individuals. she wasable to getin,” he said. wasdesigned to blunt the eco- bers—and activity has tum- pected the PMIs to decline previousweek.New claims in “These unbelievable num- Thecouple’sbiggest immedi- nomic damagefromthe corona- bled in partsofthe economy from March, the scale of the NewYork and Missouri fell 50% bers aremasking alot of the ateconcern is losing his health virus.Labor SecretaryEugene less directly affected. falls in today’srelease was compared with the week earlier. true demand, and that’s what insuranceatthe end of April—a Scalia said on Thursday44 Thedropinservices-sector staggering,” said Rosie Colt- Afew states that had earlier we’regoing to continue to see worrymade even moreacuteby states were paying recipientsan activity is unprecedented in horpe, an economist at Oxford reported smaller filing rates playout over the next month,” the fact that his 14-year-old additional $600 aweek in en- the historyofthe surveys, Economics. noted sharp rises last week.Ini- said Maria Flynn, president of daughter suffersfromarare, in- hanced unemployment benefits even afterthe global financial J.P. Morgansees GDP in the tial claims in West Virginia and Jobs forthe Future, awork- curable disease.“Imostly on topofusual statepayments. crisis. Manufacturing activity U.S. falling at an annualized Connecticut morethan tripled. force-development nonprofit. worked forthe loveofthe job.It Theextra$600 could lead is also contracting though not rate of 40% in the three Florida’s volume increased 180% Thenumber of workersre- wasn’t forthe great money,so to alargerweekly paycheck quite as severely. months through June,the eu- as morethan 500,000 workers ceiving unemployment insur- we’vealways budgeted. But just than manylower-wageworkers According to data firm IHS rozone tumbling 45%, with the filed forunemployment. ancecontinues to rise as looking at the summer ahead, would typically earn. Foroth- Markit,the compositepur- U.K. economyexpected to con- U.S. stocks wavered on states processapplications.In the health insurance—that’sgo- ers, likeJoshua Price, of Syra- chasingmanagersindexfor tract by 59.3%, and Japan by Thursdayafter the datashowed the week ended April 11, are- ing to getreally pricey,” he said. cuse,N.Y., it amountstomuch the U.S.—a measureofactivity 35%. Some forecastsare fora weekly unemployment claims cord 16 million people received Thesteepest employment lessthan they were making. in the privatesector—fell to relatively quick rebound, hadeased slightly.The Dow unemployment payments, up losses appeared to occur be- Mr.Price, 46,began receiv- 27.4 in April from 40.9 in though the outlook depends on Jones Industrial Averageadded from 12 million the prior week. tween mid- and lateMarch, ing unemployment benefitsin March. Areading below50in- howquickly and thoroughly the 39 points, or lessthan 0.2%, Thedatadateback to 1967.So- when the economyshed about lateMarch afterhelost his dicates that activity has fallen, coronavirus canbecontained. paring gains of morethan 400 called continuing claims are 13 million jobs,largely in lei- homebound math teaching job and the lowerthe figure,the Thesurveyssuggest it is al- pointsearlier in the session. reported with aone-week lag. sureand hospitality,according because of government-man- larger the fall. most certain the global econ- TheS&P 500 and Nasdaq Com- Dennis Fithian, 49 yearsold, to Federal Reserveresearch. By dated public school closures. TheApril reading wasthe omy has entered a recession, positeended little changed. of Detroit, wasable to register comparison, about nine million He gets atotal of $1,104 in lowest in data dating back to with figuresfor the firstthree Some economistsexpect a forunemployment insurance jobs were lost over the course weekly benefits, including the October 2009. months of the year pointing to fresh surge of claims in future benefitsrelatively quickly after of the 2007-09 recession. extra$600 aweek,which works “The scale of the fall in the widespread drops in economic weeks as workerswho were he waslaid off from his job at OxfordEconomics estimates out to 56% of his previous in- PMI adds to signs that the sec- output. previouslyunable to file be- sports-radio station 97.1 The that the pandemic will result come.Mr. Pricesaid he nor- ond quarter will see an histor- TheU.S.and the eurozone cause of backloggedstate sys- Ticket in early April. in 27.9 million lost jobs,in- mally tries to save $750 aweek, ically dramatic contraction of will release estimates for the tems arecounted, and as Despitehigh claims volume cluding between eight million but with taxbills and insurance the economy,” said Chris Wil- firstquarter next week that states begin to accept applica- in Michigan, Mr.Fithian said his and 10 million in industries bills,heisnow saving very lit- liamson, chief businessecono- areexpected to showlarger tions from people who are wifewas persistent in helping such as manufacturingand tle.“Idon’t believeIshould mist at IHS Markit. falls,but they will likely be newly eligible under a$2tril- himapply online.“She would construction that most states have to go intomysavingsto In theeurozone,the index modest compared with the lion stimulus package,such as getupat2or3inthe morning haven’t ordered to close. paybills when it’sagovern- dropped to 13.5 in April from contractions predicted forthe independent contractorsand and keep hitting ‘refresh’ until Thefederal stimulus package ment-mandated work stoppage.” 29.7 in March, alow fordata April-June period. CORRECTIONS AMPLIFICATIONS U.S. WATCH

Readers can alert The Wall Street Journal to any errors in news articles by emailing [email protected] or by calling 888-410-2667. WASHINGTON, D.C. ticeJohn Roberts and Justices PHILADELPHIA with evidenceand obstruction. ClarenceThomas, Samuel Alito She waspresentwhen the High Court Widens and Neil Gorsuch. “Congressmade ParentsofChild Shot shooting occurred. THE WALL STREET JOURNAL Deportation Grounds achoice, however, to authorizere- At Home AreCharged The charges stemfromthe (USPS 664-880) (Eastern Edition ISSN 0099-9660) movalofnoncitizens—even lawful fatal shooting of 4-year-old Kas- (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) The Supreme Court widened permanentresidents—who have The parents of a4-year-old tari ‘Star’Nunez inside her fam- Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 the grounds fordeporting lawful committedcertain serious crimes.” girl who died after she wasshot ily’shome on Mondaynight. Published daily except Sundays and general legal holidays. immigrants with criminal records JusticeSonia Sotomayordis- inside aNortheastPhiladelphia Authorities have said the girl Periodicals postage paid at New York, N.Y., and other mailing offices. in aruling on Thursday. sented, joined by Justices Ruth home this week were charged wasshotinthe abdomen and Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. The court split 5-4 along ideo- Bader Ginsburg, Stephen Breyer Thursdaywith involuntary man- wastaken to ahospital, where All Advertising published in The Wall Street Journal is subject to the applicable rate card, logical lines, with conservatives in and Elena Kagan. She argued that slaughter, prosecutors said. she waspronounced dead early copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., the majority, in interpreting a the majoritydisregarded Con- Alhakim Nunez and Iris Rodri- Tuesday. 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to 1996 lawlaying out the condi- gress’sintention to allowgreater guez, both 29 years old, also face Philadelphia District Attorney accept an advertiser’s order. Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. tions fordeportation. The result leniency fornoncitizens already counts of child endangerment, Larry Krasner said Mr.Nunez, Letters to the Editor: Fax: 212-416-2891; email: [email protected] means AndreBarton, alawful im- living in the U.S. than forforeign- obstruction of justiceand corrup- Ms. Rodriguez, Ms. Gushue and migrantwho has lived in the U.S. ers seeking admission to the tion of minors. another adult were present Need assistance with your subscription? By web: customercenter.wsj.com; By email: [email protected] sincechildhood, facesmandatory country. Bail wasset at $1 million for when the shooting occurred, but By phone: 1-800-JOURNAL (1-800-568-7625) removaltohis nativeJamaica. The case turned on whether Mr.Nunez and $500,000 forMs. he didn’tprovide further details Reprints &licensing: “Removalofalawful perma- the term “inadmissible,” as it ap- Rodriguez. It wasn’tknown if ei- or saywho allegedly fired the By email: [email protected] nentresidentfromthe United pears in the statute, can referto ther of them had retained an at- shotthatkilled the child. By phone: 1-800-843-0008 States is awrenching process, es- agreen-cardholder who already torney. A.357 revolver wasrecovered WSJback issues and framed pages: wsjshop.com pecially in lightofthe conse- lives in the U.S., as the govern- AshleyGushue, 31, who au- from the living room sofainthe Our newspapers are100% sourcedfromsustainably certified mills. quences forfamily members,” mentargued, or only to someone thorities said wasn’trelatedto home, along with fiveliverounds GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS JusticeBrett Kavanaugh wrote seeking admission to the U.S. the child, is charged with un- and one spentcartridge casing. forthe court, joined by Chief Jus- —Jess Bravin sworn falsification, tampering —Associated Press P2JW115000-5-A00300-1------XA

THE WALL STREET JOURNAL. ***** Friday, April 24, 2020 | A3 U.S. NEWS Obstacles Severe Weather Carves a Path of Destruction Through the South Delaying Some IRS Checks

BY RICHARD RUBIN

WASHINGTON—Most Americans have received their stimulus money but millions are still waiting as an under- staffed IRS contends with electronic paymentsbouncing back and taxpayers griping about difficulties using the agency’s website.

People who closed old bank S

accountsorused tax-prepara- PRES

tion companies arehaving TED

troubledetermining when CIA they will get the payments of SO AS $1,200 per adult and $500 per child.Othersstruggle with er- rormessages on the Internal ONICLE/ CHR

Revenue Service website. N “When youthink you’re TO getting the money and you /HOUS don’t, youneed it worse,” said

Lori Carstensen of Pipestone, OMER Minn., who hasn’t been able to CO

figure out when and how her BRETT payment is coming. Severe storms blewthrough the South on Thursdayafter killing at leastseven people in Oklahoma, Texas and Louisiana. Morethan 150,000 businesses and homes from Thegovernment has al- Texas to Georgia were without power. Above,residents of Onalaska, Texas, sifted through the rubble of ahome after atornado ripped through the area on Wednesday. ready sent out most of the $292 billioninthe program approved by Congress in late March to help Americans weather the coronavirus-in- duced economic decline. States Weigh Criteria to Reopen Americanswith direct-deposit information on file at the IRS gottheir money first. Millions of tests, tenthe curve, dataonhospital- waii—could fall belowthat processed nationwide has ering around 20%. Morethan 80 million deposits izations and deaths show. If threshold and start easing re- stagnated between 130,000 At least 500,000 testsaday totaling $147 billion hit bank contact tracing and current physical-distancing restrictions May4ifthey have and 160,000 since April 6, ac- areneeded to identifymost accountslast week,though places to quarantine strictions were liftednation- testing,contact tracing and cording to the Covid Tracking cases of Covid-19,the illness TreasuryDepartment datain- wide May1,animmediatesurge other containment strategies Project, which collectsdaily caused by the newcoronavi- dicatethat morethan $2.6bil- new cases are needed in cases would follow, accord- in place. testing numbersfromstate rus, in the U.S. and tracetheir lion has been returned since, ing to infectious-disease model- Resolve to Save Lives,a health departments. That contacts, said Ashish Jha, di- likely because payments BY BETSY MCKAY ersatColumbia University. health-careinitiative, proposes number roughly doubled to rector of the HarvardGlobal bounced back when they hit AND BRIANNA ABBOTT a threshold of 40 new cases a just over 300,000 testson Health Institute. incorrect or closed accounts. Setting aThreshold dayfor everyone million peo- Wednesday but dropped back Taxfilerswho don’t have The Trump administration Beforeeasing restrictions,a ple.Beyondthat, outbreaks down to 193,000 Thursday. Need forWorkers direct-deposit information at laid out athree-phase plan for state’snumber of newcases would be difficult to control, Administration officials say Even oncetransmission of the IRS will getchecks mailed reopening the country, and should fall below a threshold said Cyrus Shahpar,adirector shortages of testing chemicals the virus has slowed, U.S. pub- to them. Thefirst batch of states such as Georgia, Texas level, epidemiologists say. So at VitalStrategies,the non- and nasal swabs are being re- lic-health departmentshave more than five million checks and Ohio have moved to far,the Trump administration profit behind the initiative. solved. nowherenear enough workers has been going out already,ac- loosen restrictions.But lifting hasn’t set such a threshold. ManyU.S.statescurrently Public-health authorities to track down all exposed peo- cording to the Treasury. lockdowns tooearly will bring TheInstitutefor Health Met- have between 80 and 100 new consider the percentageof ple,expertssay.Reportsfrom Morebig chunks will go the coronavirus roaring back, rics and Evaluation at the Uni- cases aday forevery million positivetest resultstobea Johns Hopkins,the Associa- soon. Social Security recipi- health experts say. versity of Washington, whose people, he said. marker forwhether enough tion of State and Territorial entswho don’t file taxreturns Thecountrystill lacks a work has oftenbeen cited by testsare being given. Ahigh Health Officials and otherssay should gettheir money by number of measures that must the administration, setsa Questfor Tests percentageofpositives means between 100,000 and 300,000 Wednesday. People who get be in place before it is safe to threshold of one case per day Each statehas to test some infected people arelikely workers are needed, depend- Supplemental Security Income go back to some new version forevery million people.The widely to determine howmany being missed. If the portion of ing on howmanycontacts benefitsand veterans benefits of normal, experts say. These group calls it “a conservative cases it has.Despiteimproved positivetestsissmall, authori- each infected person has. but don’t file taxreturns include enough testing to estimate” based on the as- capacity,though, the nation is ties are likely casting a wide- Thenation’s local public- should gettheirsbyearly May. identify new cases quickly, an sumption that astate would be still behind where it needs to enough nettocatch most of health departments employ Therest will dribble out as armyofpublic-health workers able to identifyand traceinfec- be,inpart due to shortages of the cases,public-health ex- between 130,000 and 160,000 checks aremailed over the to find and help those who tions to prevent widespread supplies such as nasal swabs perts say. people,according to the Na- next few months, unless peo- have come intocontact with transmission at that level. and the chemical mixture TheWorld Health Organiza- tional Association of County ple cansuccessfully update the newcases,and places to The institutesays five needed to transport samples, tion’sbenchmark foradequate and City Health Officials,or theirdirect-deposit informa- quarantine newcases to choke states—Montana, West Vir- public-health experts say. testing is apositivetest rate Naccho,and only afraction do tion. off nascent outbreaks as re- ginia, Vermont, Alaska and Ha- Thedaily number of tests of about 10%. The U.S. is hov- contact-tracing work.These strictions lift. departmentshavelost more “Wedon’t want to open than 50,000 workerssincethe thingsup, have ahugesurge 2008 recession, or nearly 25% Detroit Suit in cases and have to lock ev- of their workforce. erything down again,” said Public-health officials are Over School CrystalWatson, asenior asking Congressfor $3.6 bil- scholar at the Johns Hopkins lion in federal funding to hire Center forHealth Security and the workers. The CDC is pro- Conditions an author of several reports viding expertsand $631 mil- on conditions forreopening. lion to public-health depart- Is Revived “That would be even more mentsfor contact tracing and detrimental to our society and other response activities. BY TAWNELL D. HOBBS our economyifwehaveto keep yo-yoing back and forth.” Places to Isolate A federal appeals court on Theadministration’splan People who have been ex- Thursdayrevivedacase largely leaves it to governors posed are“the leading edgeof brought by a group of Detroit to decide howand when to lift the pandemic” because they

studentsalleging that the stay-at-home ordersintheir S maybenexttoget sick,and

city’s worst-performing public states,asofficials look to min- PRES services areneeded to help

schools had deprived them of imizeeconomic damage. Older TED them self-isolate voluntarily,

a minimum education, violat- people and othersatgreater CIA said TomFrieden, president ingtheir constitutional right risk of seriousillnessshould SO andCEO of ResolvetoSave AS to literacy. remain sheltered even after Lives.

Thesuit, filed in 2016 restrictions start to ease, ac- URKE/ Exposed or infected people against the state of Michigan, cording to the administration. RO may need temporary housing TT

alleges that studentswere Stay-at-home orders have MA so they don’t risk infecting subject to inadequateteaching had ahugeimpact, helping flat- Covid-19 testing in the parking lot of Pinn Memorial Baptist Church in Philadelphia this week. others, Dr. Frieden said. and unsafe buildings with in- festations of miceand cock- roaches. The suit was filed as a class action on behalf of all Break on Mortgages Offers Limited Relief students in those schools. In the ruling Thursday, the Sixth U.S. Circuit Court of Ap- BY PAUL KIERNAN him on April 14 that it would hold beforegetting through to customersbeforetheir for- Mortgagefirms saythey are peals said areview of Supreme assesshis situation aftera arepresentativeatJPMorgan bearanceperiod ends and give just following guidancepro- Court education cases “demon- WASHINGTON—Agovern- three-month forbearancepe- Chase &Co. She wasoffered them extensions if necessary, vided by the Federal Housing strates that we should recog- ment effort to giveAmericans riod butthat aballoon pay- threemonths of forbearance Ms. Burns said. FinanceAgency, which oversees nizeabasic minimum educa- abreak on their mortgage ment waspossible.“Isaid, if and told she might then have Unlikeatypical bank,many Fannie Mae and Freddie Mac. tion to be afundamental right.” paymentsduring the coronavi- someone doesn’t have income, to makea$9,000 payment for mortgagefirms lend to home Fannie and Freddie last Theruling overturned a ruspandemic hasn’t provided howdoyou expect them to pay the months she had missed. buyersand quickly sell the week advised mortgageser- 2018 decision by aU.S.district the relief manyhomeowners three or four months all in one “They told me that if Ican’t mortgages to Fannie Mae and vicerstotell borrowers they judgedismissing the lawsuit were hoping for. big chunk?” Mr.Russo recalled. payitall at once, then Ican do Freddie Mac,the government- will have to repaytheir loans and rejecting the students’ The stimulus package that AmeriHome didn’t com- some kind of loan modification sponsoredfinancecompanies. allatonceonly if they canaf- claimthat access to amini- Congress passed in March al- ment on Mr. Russo’s case. wherethey—I don’t knowwhat So-called servicing firms con- ford to.Otherwise,servicers mum level of education to at- lows homeowners with feder- Thesituation is causing ex- tinue to collect money from canwork with borrowers to set tain literacy is a fundamental ally backed loanstosuspend traanxiety forU.S.households borrowers and passthe pay- up repayment plans or change right. monthly paymentsfor up to a dealing with job losses and the Borrowers say they mentsontoinvestorsinmort- theterms of aloan. Servicers Thelawsuit will nowhead year without penalty,ifthey struggles of lifeunder lock- gage-backed securities. saythe lack of aone-size-fits- back to the district court. face financial hardship. down.Ifmortgageservicers are being told they Thecoronavirus-relief pack- allapproach—and the recom- TiffanyBrown, presssecre- Butthe lawdoesn’t specify follow through with demands will have to make agepassed by Congresscre- mendation that they emphasize tary forMichigan Gov. what happens afterthe so- for lump-sum payments, bor- ated no mechanismtotest that forbearanceisn’t forgive- Gretchen Whitmer,said in a called forbearanceperiod rowers could be pushed into balloon payments. whether homeownersfacefi- ness—allows scope formiscom- statement that the court’sde- ends.Manyborrowers say default, damaging their credit- nancialhardship and leftser- munication between call-center cision is being reviewed. She they arebeing told they will worthiness and compounding vicersonthe hook forpay- employees and borrowers. said that the governor believes have to makelump-sum bal- the financial pain inflicted by mentsskipped by borrowers An FHFAspokesman said that thereisaresponsibility loon payments. the downturn. that means,” she said. during the forbearanceperiod. borrowers with aFannie- or to teach every child to read. “They want to makeitas “I am incredibly fearful,” Keosha Burns,aspokes- “It’sadestructiveincentive Freddie-backed mortgage Tacy Flint,alawyer forthe difficult as possible forpeople said ShiraKlahr,a45-year-old woman, said Chase has since that’sgoing to encouragethem aren’t required to payback plaintiffs,said the case can not to givethem their money,” single mother in Long Island, allowedpeople to request and to try to scare people or at a their forbearanceinalump nowmoveforwardwith the said Vincent Russo,a43-year- N.Y. “I don’t knowhow I’m go- obtain forbearance via an on- minimum tell them that sum. Theagencyencourages goal of making sure students old waiter at a steakhouse in ing to provide formykids.I’m line form. Most Chase borrow- they’re going to repay that in anyborrowerwho believes are properly educated. Tampa who waslaid off last worried about my home.” erscan makeupmissed pay- aballoon,” said David Stevens, their mortgageservicer is mis- “It empowers them to be month. Ms.Klahr waslaid off from mentsatthe end of the an industryconsultant and representing repayment op- full participants in American His mortgageservicer, her sales job in mid-March. She mortgageorwhen their home former head of the Federal tions to contact the Consumer democratic society,” she said. AmeriHome MortgageCo.,told said she spent four hourson is sold. The bank will contact Housing Administration. Financial Protection Bureau. P2JW115000-5-A00400-17FFFF5178F

A4 | Friday, April 24, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC Battles Loom Over Next Relief Package

BY NATALIE ANDREWS In commentslateThursday, AND LINDSAY WISE Mr.Trump said he has spoken to Mr.McConnell and other WASHINGTON—With the senatorsabout the issue.“We’ll passageofthe latest coronavi- see what happens.But it’scer- ruseconomic-relief bill, law- tainly the next thing we’rego- makersare nowturning to the ing to be discussing,” he said. next round. But Democrats, Sen. PatRoberts(R.,Kan.) Republicans and the Trump said aboost in funds forstate administration have sharp pol- and local governmentsissome- icydifferences over what thing that both Democratsand should be in the package—and Republicans could agree on, but whether it is needed at all. it is importanttomakesurethe Sincethe beginning of money will be fairly allocated March, Congresshas approved to ruralareas as well as more bills forcoronavirus research, populous states,such as New expanding paid leave and $2.2 York and California. Kansas is trillion foreconomic aid, facing abudget shortfall of topped off with $484 billion in $653 million in the coming fis- additional relief focused on calyear,the stateestimates.

small businesses and hospitals S “Kansasisnot alone in that on Thursday. President Trump respect....Prettymuch every- is scheduled to sign the legis- PRES body in the Congressknows lation Friday at noon. TED therehas to be some assis-

Theunprecedented string of OCIA tancetostate and local gov- SS

bills wasdriven by consensus /A ernments,” Mr. Roberts said.

among party leaderswho AK Previouscoronavirus aid tamped down dissent within DEJ packages have been largely ne- NY

their caucuses as they worked TO gotiated by leadership,with out deals with the WhiteHouse. ScottEubankshelps out at aCleveland food-bank distribution area. About 3,000 pounds of food were given to the needy on Thursday. rank-and-file memberssubmit- This next round of talks ting proposals or legislation. promises to be tougher,with SenateMajority Leader Americans,ontop of the avoid laying off firstrespond- in federal law to allow states Afteragreeing to support sev- lawmakersraring forafight Mitch McConnell (R., Ky.) and $1,200-per-person checks in ers and cutting services. to file for bankruptcy. eral bills by unanimous consent over morestate,local and House Speaker NancyPelosi the bill that passed last month. While some Republicans sup- “Because of the extraordi- or voicevote, due to the con- tribal aid money,paymentsto (D., Calif.) agree that negotia- “We’dliketosee another port stateand local funding,as nary nature of this pandemic, straintsoflegislating during a households and businesses, tions on the “phase four” pack- direct payment go forward,” well as potential further aid for we have added $2.7trillion to pandemic,some membersof mail-invoting,workplace- agewill getunder way in ear- Mrs. Pelosi said, without out- small businesses,Mr. McConnell the national debt on voice Congresssay their concerns safety standards and other nest afterCongressresumes lining how much she thought has called forapause in new votesinthe House and Sen- need to be heardthis time. contentious issues,amid re- full legislativeactivities in it should be. spending as the initial rounds of ate,” Mr.McConnell said in an Rep.Alexandria Ocasio-Cor- emerging concerns about defi- Washington. Both chambersare At the topofthe list for funds go out and Congresstries interview. “That’snot the ideal tez, whose NewYork district cit spending.Complicating slated to return May4,though Democratsisthe aid forstates to return to normal business. way to function.” has seen alarge number of matters:Mr. Trump is eager to Washingtonisunder astay-at- and localities, hard hit by the He has cited concerns about His stancecould put him at Covid-19 cases,said Democrats expand the stimulus menu, home order until May15, which declines in local sales and in- the deficit impactsofthe tril- odds with the WhiteHouse, must play“hardball” with the backing measures such as in- could complicatematters. come tax amid store closures lions of dollarsapproved so which has assured Democrats next relief bill and push for frastructurespending and a Mrs. Pelosi said in an inter- and job losses.The bipartisan far and questioned the wisdom that states and localities moredirect aid to individuals, payroll tax cut. view that the Democratswill National GovernorsAssocia- of having the federal govern- would be apriority in the next such as $2,000 amonth for “This is awar,and we need prioritizemoney forstate,local tion—led by Maryland Gov. ment fill the growing budget round. Mr.Trump has stated adultsand $1,000 forchildren. to win this war, and we need and tribal governments, fund- LarryHogan, aRepublican, holes of states and cities, cit- his support, and Mr. Mnuchin She wasthe only Democrat to spend what it takes to win ing forfood-aid programs and andNew York Gov.Andrew ing their power to raise their said Congress and the admin- to vote against Thursday’said the war,” said TreasurySecre- worker-safety regulations. Cuomo,aDemocrat—have ownrevenue andtackle pen- istration plan to addressthe bill, which passed the House tary Steven MnuchinonFox Democratswill also push to asked for$500 billion to cover sion shortfalls.Mr. McConnell need forthe funds in the next 388-5,with one lawmaker vot- Business Network. send money directly to many the costsofthe pandemic and said he would support changes coronavirus legislation. ing “present.” Strapped States Won’t GetImmediateAid Public

BY SCOTT CALVERT thelast recession,” MarcNi- Colleges AND DAVID HARRISON cole,the association’spresident, wroteinaletterWednes- Statesacrossthe country daytoPresident Trump and Lose State face an increasingly grim fi- congressional leaders. States nancial outlook because of the project declines of as much as coronavirus pandemic shut- 20%, as the pandemic ham- Funding down—with no near-term sign merstheir biggest revenue the federal government will sources, income and sales BY MELISSA KORN come riding to the rescue. taxes, Mr.Nicole said, whereas House lawmakersonThurs- totalgeneral-fund revenue fell Some public colleges and dayapproved another round of 11.6% over two yearsduring universities arestarting to see aid, but therewas no direct the 2007-09 recession. their budgetscut with surpris- help forstates. The$484 bil- Mr.McConnell also suggested ing speed, as states reckon lion bill,which the Senateap- states could raise taxestobring with the economic fallout of proved on Tuesday,replen- in morerevenue.Unlikethe fed- the pandemic.

ishes two depleted small- S eral government, almost all Thecutsare deep and

businessrelief programs,offers NEW states arerequired to balance swift—and taking effect imme- additional assistancetohospi- G theirbudgets. That meansthat diately,not next fiscal year. tals and funds an expansion of anynew spending has to come They will hitstudent programs

testing capacity nationwide. OOMBER from taxrevenue or federal aid, as well as capital projectsand Statesare hemorrhaging rather than from borrowing. staff salaries,university ad- money responding to the pub- Allowing states to file for ministrators said. lic-heath crisis at the same bankruptcy would requirecon- Montclair State University,in time tax revenue is cratering GLANZMAN/BL gressional action and would NewJersey,said it has been AM

because of widespread stay-at- AD almost certainly facelegal told not to expect $12.3million home ordersand businessclo- Arestaurantsat closed in Provincetown, Mass., on Wednesday. Lockdowns have taken atoll on statebudgets. challenges,said David Skeel,a of statefunding it had been sures.Some governorshave University of Pennsylvania law counting on forthe rest of the already frozen or cut billions ing more federal aid. any desire on the Republican $150 billion forstate and local professor.For one thing,it currentfiscal year,after Gov. of dollars in spending. Aid to stateand local gov- side to bail out statepensions governments, but the money could be seen as violating a Phil Murphyslashed funding in The nation’s governors are ernmentswill likely be ahotly by borrowing money from fu- canbeused only forcoronavi- constitutional provision bar- light of the coronavirus’stoll on pushing Congresstogive debated aspect of the next ture generations,” he said. rus-related expenses.States ring states from interfering in the local economy. That is about states $500 billion to makeup round of coronavirus legislation State officials called the idea saythey need additional fund- contracts. It could also run 25% of the university’s annual for lost revenue. The biparti- on Capitol Hill. House Speaker of filing forbankruptcy anon- ing to plug budget holes, and afoul of provisions protecting stateappropriations forthe fis- san National Governors Asso- NancyPelosi said Democrats starter.“Youwant to see the some want greater flexibility state sovereignty, he said. calyear that ends in June. ciation is also asking Congress will push to include money for market fall through the cellar?” when it comes to spending the David Adkins, executive di- Thestate’s officeofman- to help with health-carecosts, local governmentswhen law- NewYork Gov.Andrew Cuomo $150 billion already approved. rector of the Council of State agement and budget has de- unemployment-insurancepay- makers return in early May. said during his daily briefing TheNational Association of Governments, said he thought tailed nearly $138 million that ments and access to test kits Mr.McConnell said he on Thursday. “Let NewYork State Budget Officerssays a Mr.McConnell’scomments wasearmarked forcommu- and protective equipment. didn’t want to subsidizethe statedeclarebankruptcy.Let cash influx would help the na- were aposturing tactic in con- nity-collegeand public-univer- SenateMajority Leader high statepension obligations Michigan declarebankruptcy. tional economyrebound and tinuing negotiations with Cap- sity operations and nowhas Mitch McConnell poured cold that predatethe coronavirus LetIllinois declarebankruptcy. warns states might have to cut itol Hill Democrats. Sooner or been put back intoreserves. water on the pleas this week. crisis.Inmanycases,those LetCalifornia declarebank- essential services if Congress later, he said, Congress is go- The New Jersey Treasury De- TheKentuckyRepublican said obligations were negotiated ruptcy.You will see acollapse doesn’t approve more aid. ing to have to direct signifi- partment didn’t respond to a he supports letting states use yearsago by governorsand of this national economy.” “Statesare currently facing cant funds to stateand local request for comment. bankruptcy protection to cut state-employee unions. Congresspreviously passed revenue impactsthat could governmentstoprevent a “This is not asmall number their debtsrather than provid- “There’snot going to be a $2 trillion aid package with dwarfwhat wasobserved in wave of public-sector layoffs. forus. And coming when it did, exactly when we have so many unanticipated and very The centralbank’s assets have substantial expenditures,isre- Fed Turns Focus to Lending Programs sharply expandedasitramps ally difficult,” said Montclair up bond purchases and lending State President Susan Cole. programs. Montclair State,with more BY NICK TIMIRAOS be unveiled Wednesday, at the “The principal focus nowis Officials arealso likely to than 21,000 students, has an Federal Reserveasset portfolio conclusion of their two-day not on adjusting what we see expand the Fed’s $600 billion operating budget of $437 mil- Afterseveral frenzied policymeeting. is quiteanappropriatestance Main Street Lending Pro- Securities holdings lion. To makeupfor the unex- weeks creating araftofemer- But big questions loom that of monetarypolicy, at leastfor gram—in which it will extend Lending programs pected lossoffunds,the univer- gency lending programs, Fed- will dominatedeliberations the next few months,” Fed loans of up to four yearsto Other sity instituted ahiring freeze, eral Reserveofficials turn next next week and in the weeks to Chairman Jerome Powell said small and midsizebusi- $6 trillion eliminated temporaryand con- week to planning and imple- follow, including howtoman- during amoderated discussion nesses—toallownonprofits, RECESSION tingent positions including non- mentation rather than an- agethe central bank’sbond- earlier this month. “The prin- including hospitals and univer- 5 tenure-track instructors, de- nouncing new initiatives. buying effortsand howlong to cipal focus is on these lending sities, to participate. 4 ferred capital projectsand is Fedleadershavesuggested extend those easy-money poli- programs and making sure Theprogram is designed to planning to offer fewer, larger they arecomfortable with their cies,with announcementsstill that credit does flow in the reach firms toosmall to access 3 classes come fall, she said. current policystance, meaning likely several weeks away. economy.” corporatedebt marketson The Nevada System of major changes areunlikely to One step the Fedcould take One of those programs will Wall Street but toolarge to re- 2 Higher Education’sboardofre- in the days ahead is expanding buy cities’ and states’ debtsof ceiveassistancefromthe gentsrecently proposed an the scope of its support for up to two yearsand is likely to Small BusinessAdministration. 1 across-the-boardcut of 4% to municipal bond markets. be expanded to include more Recessionshavetypically university budgetsinfiscal 0 Thecentral bank cut rates municipalities,according to been caused by asharp rise in 2020,and offered options of Order by 2008 ’10 ’12 ’14 ’16 ’18 ’20 May 6th for to near zero at two unsched- people familiar with the matter. oil prices or economic and fi- 6%,10% and 14%cutsfor next Mother’s Day! uled meetingslast month as When the Fedfirst an- nancial imbalances that trig- Source:Federal Reserve fiscal year,atthe governor’s the coronavirus pandemic nounced the Municipal Lending geranabrupt increase in in- request. They arestill awaiting spread rapidly in the U.S. It Facility two weeks ago, it said terest rates. Fed leaders have indicated word on which levels of cuts also announced open-ended such loans would be open to 76 Thecurrent downturn is in recent remarks they see lit- will be implemented. purchases of Treasuryand borrowers,including the 50 different, andits unusual tle chanceofaswifteconomic State funding covers about mortgagesecurities aftercore states,the District of Columbia, cause—forcedshutdowns of rebound because,evenafter 70%ofthe $1 billion totalbud- financial marketsseized up in counties of at least two million commercial activity to slow infection ratessubside and getfor Nevada’spublic univer- mid-March amid aflight to residentsand cities of at least thespread of ahighly conta- states andcities liftstay-at- sities, which include the Uni-

Your Children’sNames hand-craftedin cash by investors stunned by onemillion. Lawmakershave gious virus—has upended the home orders, consumer behav- versity of Nevada campuses in sterling silver with brilliant Swarovski crystals set in solid gold -$390 the mounting uncertainty and encouraged the Fedtoinclude traditional recession-fighting ior could change in ways that LasVegas and Reno and the JOHN-CHRISTIAN.COM 888.646.6466 deteriorating outlook. smaller cities and counties. playbook. hold down spending. College of Southern Nevada. P2JW115000-0-A00500-1------XA

THE WALL STREET JOURNAL. Friday, April 24, 2020 | A5

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A6 | Friday, April 24, 2020 ***** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC S PRES TED CIA SO AS /REUTERS A/ NCY SA WILKING UL PA RICK Respects arepaid at aDenvernursing home forGeorge Trefren, a90-year-old veteranwho died of Covid-19. In suburban Detroit, workers producemasksataGMplantwheretransmissions used to be made. 21% Infection Rate Seen in New Yo rk City

Thedaily coronavirus death World-wide,thereweremore Coronavirus Daily Update Dr.Hanagealso said the toll in California reached anew than 2.7million confirmed cor- study showed“startling dispar- high as NewYork statere- onavirus cases and 190,000 As of 9:31 p.m. EDT April 23 ities” by race and ethnicity. vealed resultsofastudy sug- deaths. Nearly one in four African- gesting that morethan 1in5 Expertssay alack of wide- Americans and Latinos people in NewYork City may spread testing and differences 868,395 49,861 80,174 throughout NewYork state have been infected. in reporting standards could be tested positiveinthe study. masking the extent of the virus. U.S. cases U.S. deaths U.S. recoveries Nine percent of Asians tested By Talal Ansari, Thestudy out of NewYork of- positiveand 9% of whites Joseph De Avila feredalook at the potential tested positive. Nearly 23% of and Laurence Norman gapbetween the rate of re- 2,707,356 190,743 738,274 those surveyed said they were ported infections and the ac- multiracial, other or didn’t say. California Gov.Gavin tual rate of infection. World-wide cases World-wide deaths World-wide recoveries Statewide,whites makeup Newsom said 115 people died Thestudy of 3,000 New 55% of the population, while from complications from the Yorkers, tested at grocerystores Source: Johns Hopkins University Center for Systems Science and Engineering African-Americans are14%, ac- virus Wednesday, the state’s and other retailersaround the cording to census figures. deadliest daysincethe pan- state, found that 13.9%tested though the governor said the ies forthe coronavirus,isun- highestsignal of infection in Asians makeup8%and Hispan- demic began. positivefor coronavirus anti- rate is higher because the calcu- clear, and he noted the tests the placewhereweknowwhere ics are19% of the population. Thereported death toll in bodies,Gov.Andrew Cuomo lations exclude people who died mayalso generatefalse posi- the most hospitalizations have Thefederal Bureau of Pris- the U.S. climbed to morethan said at apress conference. In at home. tivesresults. been occurring,” Dr.Hanage ons said Thursdaythat at least 49,759,anincrease of 3,176be- hard-hit NewYork City,the fig- Mr.Cuomo said the study’s However, he said, false-posi- said. That “gives me confidence 620inmates and 357 staff had tween 8p.m. Wednesdayand urewas 21.2%. findingssupported making deci- tive resultsseem to be lessofa that this is something that tested positivefor the corona- thesame time Thursday, ac- Mr.Cuomo,aDemocrat, cau- sions about reopening the state concern forthe NewYork study should be takenseriously.” virus.The numbersrepresented cording to aWall Street Jour- tioned that the figureswere economyonaregional basis. given that downstatewas much Thestudy’s finding that New an increase from the daybe- nal analysis of datafromJohns preliminaryand from only one William Hanage, associate morelikely to have positivere- York City’s rate of infection was fore,which the agencyattri- Hopkins University.That was study,but he said the resultsin- professor of epidemiologyat sultscompared with the rest of 21.1% is also “indicativeofa buted in part to moretesting in the thirddeadliest dayofthe dicated that about 2.7million the HarvardT.H. Chan School the state. largerfraction of people having some hard-hit facilities,includ- pandemic in theU.S., behind people had been infected state- of Public Health,said the reli- “This passes the smell test in the infection than we know,” ing aprison in Oakdale,La. The Thursdayand Fridayoflast wide.Based on that figure,the ability of serological tests, the away that some of these other Dr.Hanagesaid. Thecity had bureau said Wednesdaythat at week.Confirmed infections stateestimates the NewYork kind used in the NewYork serological surveyshavenot, in 141,754confirmed cases as of least 566 inmates and 342 em- reached morethan 868,000. death rate to be about 0.5%, al- study which check forantibod- the sense that it indicates the Thursday. ployees had tested positive.

sury’sannouncement. Shake chicken, which the chain re- Companies Shack received a$10 million Shipments quires to be raised and pro- loan, while Kura Sushi received cessed to certain specifica- $6 million. tions.Those industries Urged to When ShakeShack applied Of Meat inherently have lessroom for forthe loan, it wasn’t clear the closures or surgesinsales in program’sfunds could be ex- theirsupply chains because Repay Aid hausted beforeall applicants Interrupted animalsare bred in precise S were approved, Chief Executive quantities to meet expected

NEW Randy Garutti said in astate- demand,hesaid. Costco is ContinuedfromPageOne G ment. Thecompanyinstead ContinuedfromPageOne meeting demand now, he said, it would return the $10 million raised funds through an equity Bank, an agricultural lender. but is considering working

loan it received. OOMBER offering. Tyson, the biggest U.S. meat with newsupplierstofill or- “Multimillion-dollar compa- /BL Even some nonpubliccom- companybysales,onThursday dersifneeded, with some of nies aregetting millions of dol- panies said they were returning temporarily closed aWashing- itsU.S.suppliers’ plantsex-

lars, it just doesn’t make HARRER the funds. tonstate beef plant, afterclos- pected to be down forabout sense,” said Sabir Mujtaba, “Assoon as we realized it ing two Midwestern pork plants two weeks,Mr. Lyons said.

president of Veloc Inc., asmall ANDREW ranout and so manypeople on Wednesdaythat produce Forchicken, whereCostco staffing companyinIrvine, The burger chain said earlier this week it would return the $10 didn’t getfunding,werealized millions of pounds of meat, to- specializes in boneless, skin- Texas,with 18 employees that million loan it received. it wasn’t worth it. We immedi- gether slaughtering nearly less breaststhat are99% fat- wasn’t able to apply forapay- ately returned it,” said Jona- 35,000 hogsdaily.Smithfield free,the companyisworking check loan beforethe initial than Neman, chief executive Foods Inc., Cargill Inc., JBS USA with plantstotemporarily funds forthe program ranout. Rubio Questions priate guidancetoadminister and co-founder of Sweetgreen HoldingsInc.and Hormel Foods supply those productsfor ad- In updated guidanceissued the program, it is important Inc.The restaurant chain re- Corp.haveclosed plantsover ditional days each week,Mr. Thursday, the TreasuryDepart- Banks on Loans forsmall businesses and non- ceived a$10 million loan. the past month, leading to sig- Lyons said. ment said it was“unlikely that profits of various sizes, re- Privately owned It Works,a nificant declines in overall U.S. Walmart is buying more apublic companywith substan- gional locations, and missions direct-sales outfitwith annual meat production. productsordinarily destined tial market value and access to WASHINGTON—Sen. Marco to have equal access to PPP revenue of morethan $300 mil- Some meat ordersare arriv- forrestaurants, working to capital markets” would be able Rubio is asking bankstoad- assistance,” said Mr.Rubio, lion, according to itsCEO Mark ing incompleteassuppliers help convert plantsused for to demonstratethat agovern- dresswhether theyfavored who chairs the Senate Small Pentecost,canceled its$2.7 pull back on variety and major food servicetoretail, as well ment-backed loan wasneces- certain borrowers in process- BusinessCommittee, in the million paycheck loan. “It was plantsremain closed, grocery as narrowing meat assortment sary forittosupport itsbusi- ing applications forgovern- letter. the right thing to do to help executives said. Ground-beef to focus on the fastest-selling ness. Public companies that ment-backed small-business Among those getting let- others” that need the money supplies aredeclining,are- items such as basic steak cuts received the loans must repay loans, in violation of the pro- ters were the CEOs of Bank more,Mr. Pentecost said. The gional groceryexecutivesaid, to simplifythe supply chain, a thefunds by May7toremain gram’smandate fortreating of America Corp., JPMorgan Palmetto,Fla., companyhas and wholesale prices are person familiar with the situa- in good standing. applications on afirst-come, Chase &Co. and Wells Fargo about 160 employees. creeping up afteradecline tion said. Sales of vacuum-seal Twodozenofthe public first-served basis. &Co.,who areall major par- ThePaycheck Protection that occurred when restau- bagsare also rising at Wal- companies that received loans In letters sentto12bank ticipants in the federal govern- Program had abumpy rollout rantsclosed, clipping demand. mart, asign shoppersare buy- employedmorethan 500 peo- chief executives, Mr.Rubio (R., ment’sPaycheck Protection in early April afterthe govern- Meat inventories arelikely ing food they intend to pre- ple,according to aWall Street Fla.) asked foradetailed ex- Program to provide forgivable ment gavelendersfinal rules to become tight within two serve, this person said. Journal analysis of securities planation on howtheir institu- loans to small businesses. on making the loans just hours weeks because of the recent Todd Allen, director of meat filings. tions set up their application JPMorgan declined to com- beforeitstarted accepting ap- processing-plant closures,and and seafood at the Raley’s gro- Aboutathirdreported more processes forthe loan pro- mentonMr. Rubio’sletter plications. Funds ranout less temporaryshortages arepossi- cery chain in West Sacra- than $100 million in annual gram to help businesses hurt specifically,but referenced a than two weeks later. ble,said PatLaFrieda,chief ex- mento, Calif., said the company revenue fortheir last fiscal by the coronavirus pandemic. response to Frequently Asked Some small-businessowners ecutiveofhis namesakemeat is receiving about 80% of its year. Banksthatprioritized cer- Questions on its website, in have complained their applica- wholesaler,based in NewJer- chickenorderswhile itsmeat On Thursday, the House ap- tain borrowerapplications over which the bank says it didn’t tions languished while banks sey.The companytypically sales have increased about 67% provea$484 billion packageto others would have been in vio- prioritizebigger clients over focused on largercustomers supplies food to ShakeShack sinceMarch. It recently re- deliver aid to small businesses lation of the congressional in- smaller customers. with existing lending relation- Inc.and other restaurants, but moved purchase limitson and hospitals and expand tent of the program, according Bank of America confirmed ships.Sen. Marco Rubio (R., nowisselling most of itsin- chicken items and has been Covid-19 testing.The Senate to an aide forMr. Rubio. thatitreceived the letterand Fla.) sent letters to 12 bank ventorytogrocers,hesaid. able to keep moreinventoryin approved the bill earlier this “While Irecognizethe chal- said it planned to respond. CEOs on Thursdayasking Thespread of Covid-19,the itswarehouses to meet the de- week,and President Trump is lenges of setting up apro- Wells Fargodidn’timmediately whether banks favoredcertain disease caused by the newcor- mand, but it is paying higher nowexpected to sign it. gram of this size, processes to provide comment. borrowers in processing PPP onavirus,among U.S. meat- wholesale prices forsome Manysmaller businesses handle applications, and appro- —Amara Omeokwe applications. plant workershas thrownthe products, including 30% more complained they didn’t receive Among the public companies $213 billion industryintodis- forbeef shouldersand around anyassistancebeforethe initial that disclosed receiving aPPP array.Meat companies are 80% higher forinside leg parts. funding ranout. to access other sourcesofli- million in two loans.Itsaid on loan this month is Legacy trucking poultryand livestock “Ifwehavetolose money to Theprogram had a$10 mil- quidity. Thursdayithad applied forthe Housing Corp., abuilder of mo- to be processed at other be competitive, we do,” he said. lion loan limit but big hotel and “The intent of this money funds to keep as manyofits bile homes based in Bedford, plants, and bringing in welders Afew closed plantsre- restaurant businesses were able wasnot forbig,public compa- morethan 5,000 workersem- Texas.LegacyHousing recently to install shields between pro- opened this week.Cargill’sHa- to apply through multiple sub- nies that have access to capi- ployed as possible and cover increased itsborrowing capac- cessing-line work stations.On zleton, Pa., plant closed on sidiaries as long as each loca- tal,” TreasurySecretarySteven their health benefits. ity from $45 million to $70mil- farms,some pigsnow arebe- April 7after nearby Covid-19 tion employed500 or fewer Mnuchin said. Chief ExecutiveCheryl lion on acredit line with Capi- ing euthanized because slaugh- cases spiked. Over the past people.One hotelier received Returnedfunds will be recy- Henrysaid the companyalways talOne Financial Corp.Legacy terhouses have closed, farmers two weeks the companyin- approval fornearly $60 million cled to makeloans to additional intended to repaythe loan but Housing declined to comment. said. In Iowa,Gov.Kim Reyn- stalledplastic PVCsheeting in loans by applying through businesses that qualifyfor aid returned it nowgiven that the When Congresswrote the olds dispatched this week as between stations on the pro- three public companies. under the program, aTreasury fund dried up so quickly. PPP legislation, it said compa- many as 1,000 National Guard cessing line,set up plans to Theapplication form re- spokesman said. Companies “It is our hope that these nies could qualifyfor aforgiv- memberstohelp deliver check employees’ tempera- quires businesses to attest to that return the funds before funds areloaned to another able loan if they had 500 or Covid-19 teststomeat plants. tures in the middle of shifts, the Small BusinessAdministra- May7will be treated as though companytoprotect their em- feweremployees,orfell within “Wehaven’t seen asitua- and laid out one-way en- tion, which guarantees the they acted “ingood faith” in ployees,just as we intended,” existing sizestandards fortheir tion in our lifetime wherethe trances and exitsfor cars and loans,that “current economic certifying they needed the Ms.Henrysaid. particular industry. Amanufac- industryhas contracted as workers. uncertainty makes this loan re- funds.The Treasuryhas previ- Ahandful of public compa- turer of mobile homes that has quickly as we have seen in the Early this week,about 60% quest necessary” to support ously said it would pursue nies,including ShakeShakeand 1,250 employees or feweris last month,” said Will Sawyer, of day-shiftemployees had re- ongoing operations. criminal chargesiffunds from Kura Sushi USAInc.,which re- considered asmall businessun- aCoBank economist who returned to work,and 70%for In itsThursdayupdate, the the program areused forfraud- ceived $6 million, said they der SBAcriteria, which enabled searches meat production. thenight shifthad done so, Treasury said borrowers must ulent purposes. planned to return PPP funding Legacy to qualifywith its800- At Costco,Mr. Lyons is fo- aboveexpectations,Cargill take intoaccount their ability Ruth’sChris received $20 they received even beforeTrea- person workforce. cused on supplies of pork and said. P2JW115000-0-A00700-1------NS

THE WALL STREET JOURNAL. NY Friday, April 24, 2020 | A7 THE CORONAVIRUS PANDEMIC Doctor Takes Oath to Homeless Shelters

Dr. Thomas Huggett Dr. Huggett, who is single and has no children, lives on treats at-risk patients Chicago’sWest Side.Hegoes in a Chicago hotel— to his house to do laundryand tend to his roses,but has been and lives there too otherwise staying at the hotel sincethe beginning of April. BY JOE BARRETT In his hotel room, Dr.Hug- gett answeredemails,chimed CHICAGO—At 10 a.m. on a in on conferencecalls and con- recent day, Dr. Thomas Hug- sulted with other staff,who gett squared his shouldersand regularly came through his un- waded intoacrowd of home- locked door.Tasks landing in lesspeople at adimly lit shel- his lap include finding metha- teronthis city’s West Side. done foraman on the vergeof Most were elderly or suf- withdrawaland helping an- feredfromavariety of ail- other man with paperwork on mentsthat made them partic- permanent housing. ularly vulnerable to Covid-19, Around 4:30,Dr. Huggett fi- the disease caused by the new nally had achancetocheck in coronavirus.His only protec- with afew patients. tion wasathin surgical mask He donned afaceshield and as he delivered apitch he has gloves and laid out asterile been making almost daily at sheet on the hall floor to as- different shelters. JOURNAL semble his equipment. Then he

“Because youare at risk of REET knocked on the door of Jack getting really sick,weare of- ST Hall, 69,aformer factory fering you a hotel room, but LL worker who had tested posi- WA youhavetostayinside.You tive forthe coronavirus. THE

can’t go in the hallway.You R Inside,hechecked Mr. can’t go out forasmoke. You’ll FO Hall’stemperature, blood oxy- TT

have your ownTVand remote LO genlevel andpulse.“Let’sjust control. You’ll have anicebed A put that under your tongue SHU

and we’ll bring youthree JO and hold it up there,” Dr.Hug- meals aday.We’ll bring your Dr. Thomas Huggett, center, and shelter operations director Luwana Johnson, left, speaking with a homeless man earlier this month. gett said. When Mr.Hall medication to you,” he said. reached up, Dr. Huggett cau- Then he threw out his final For the homeless, the dis- diseases doctor at Boston floor at 5:30 a.m., by reading a 282 people,but would be tioned: “Nowdon’t…don’t sweetener. “I’ll be staying in parities areevenstarker,since Medical Center. meditation from Father Rich- down to 75 by the end of the touch me.” thehotel too.” the crowded sites wherethey Dr.Huggett grew up on a ardRohr,the Franciscan priest day, so thereismoreroom for Mr.Hall’sreadingswereall The 60-year-old physician shelter in placecan be hotbeds farm in Wisconsin, the first and author.Hethen did some social distancing,said Luwana normal and his appetite was with Lawndale Christian of infection. member of his family to go to stretching and 60 push-ups Johnson, director of shelter back, though he said he still Health Center heads amedical Nationwide,cities and college. Aftergetting adegree and 60 sit-ups.“You’resup- operations. had some difficulty breathing. team that has helped the city states arecrafting different in biochemistryatthe Univer- posed to do your age,” he said. Thehotel whereDr. Huggett Mr.Hall had recently asked convert aformer boutique ho- solutions to control the virus sity of Wisconsin, he went on Around 9:30, after a quick works had been facing apro- Dr.Huggett foravacuum tel just steps from the fancy among their homelesspopula- to medical school at the Uni- breakfastofcold cereal and longed labor disputeand was cleaner so he could tidy up his shopsonthe city’s Magnifi- tions.Inwarmer states,where versity of Chicagoand later some paperwork and phone closed when the city negoti- room. He showedthe dustpan cent Mile intoashelter forthe manyhomelesspeople live gotamaster’s in public health calls,hehopped in his 10-year- ated to take it over last and broom he gotinstead. The most at-risk homelesspeople. outdoors, some cities areset- at Johns Hopkins University. old Toyota Corolla forthe month. Thecity has set up five room was spotless. “It’s very The target is those over age ting up makeshiftshelters After practicing for a few drive to the Franciscan Out- sheltersinlarge spaces like comfortable.Nonoise,” he 60,or55with underlying med- with morepersonal spaceand yearsinWisconsin, he joined reach shelter,wheresome 20 field houses and is using two said. ical conditions.Right now, access to hygiene. San Fran- the PeaceCorps and rana people were lined up waiting. hotels,including Dr.Huggett’s, Still, Mr.Hall washoping to they have 137 residentsand cisco’s Board of Supervisors 200-bed hospital in Malawi in Theshelter,inalong,low for- to help ease crowding and getsome French dressing and they aim to have 174. last week ordered the city to East Africaduring the AIDS mer factorybuilding,was treat different categories of more saltine crackers. “I eat a Thehotel is one way Chi- rent 7,000 hotel rooms for crisis. filled with beds,each about far homelesspeople during the lot of crackersand Idrink a cago MayorLori Lightfoot’s homelessresidents. “I understand risks,” said enough apart for a person to crisis. lot,” Mr.Hall said. Grape soda administration is trying to In Boston, driversinfull Dr.Huggett,achurchgoing walk by. Initially,Dr. Huggett’s hotel is his favorite, so the staff got close the gapbetween rich and gear runvans back and forth Catholic, who says everyone Thecoronavirus spreads took in people from shelters two cases.Dr. Huggett also en- poor that the pandemic has to homelessshelterstomove can’t be Mother Teresa, but likewildfireincrowded shel- who were suspected of having couraged him to tryplunging a exposed. Thevirus is taking an out people who areeither pos- we can aspire to do our part ters.Asmanyas40% of resi- the virus.But aftermoretest- balkytoilet—which took care outsize toll in black and mi- itiveorhavebeen exposed, based on our talents. “Wehave dentsatsome sheltershave ing,itbecame clear that there of the problem. nority communities.Some 60% andare isolating them in a to help our brothers and sis- tested positive for the novel wouldn’t be enough room. “We’regoing to meet these of reported deaths have been rangeofpop-up medical tents ters;that’skind of whereI’m coronavirus,evenifthey have So the hotel began focusing people wherethey are, among African-Americans in a and wards. “We’rehonestly coming from.” no symptoms,Dr. Huggett instead on the people who whetherit’sfixing their toilet city wherethey makeup30% making this up as we go,” said Dr.Huggett started his day said. would be at most risk if they or getting them grape soda,” of the population. Joshua Barocas,aninfectious in his suiteonthe hotel’s28th Theshelter normally holds gotCovid-19. Dr.Huggett said. P2JW115000-0-A00800-1------XA

A8 | Friday, April 24, 2020 THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC Ventilator Hunt Spurs No-Frills Innovation

With the coronavirus pan- ical-devicemaker in Medellín. tors to treat pneumonia pa- demic bearing down on Latin Across the world, from tients and prematurebabies America and ventilatorsin Chile to Mexico, Britain to re- must nowtry to provide one for short supply,engineers, entre- moteMalawi, countries are each Covid-19 patient in critical preneursand physicians are racing to find—or build—their condition. In countries such as

coming together with an auda- ownventilators.The coronavi- Spain and Italy, the ventilator S cious goal: building their own ruspandemic has sparked a shortage forced doctorstore- PRES breathing machines from fivefold rise in demand and a servethe machines forthose scratch in a matter of weeks. global bidding warfor the deemed most likely to survive. TED CIA

breathingdevices, with the At intensive-careunits, the SO AS

By Juan Forero unit priceonsome models now ventilators pump oxygen into A/ doubling to about $45,000,in- the lungsofCovid-19 patients

in Bogotá, Colombia, GAR dustryexecutives said. with respiratoryfailureby

and Santiago Pérez VER in Mexico City Factories that typically pro- mimicking the respiratoryrate duce ventilators in China, the of the person.

In Colombia, they started in U.S. and Europe areover- Thequandaryhas led tech FERNANDO mid-March, using open-source whelmed.Wealthier countries geeks and biomedical engineers Colombian engineering professors in Bogotá calibrate the prototype of a low-cost ventilator. specs from the Massachusetts areable to outbid poorer ones, to trytoassemble their own InstituteofTechnology. Their leaving developing nations contraptions with the goal of Theno-frill models use 78,000. than 40 industrial and bio- partners, manufacturersin that have fewerventilators winning regulatoryapproval as fewerand lesscostly compo- Thecountryfaces apara- medical engineers, designers Medellín, began to retool auto- scrambling for options. quickly as possible.InColom- nents, some of them adapted dox: Itsplantsalong the U.S. and physicians worked on the motive and applianceplantsto “Even if governments have bia, Mr.Toro’steam and two auto parts. Manyprototypes border areramping up to meet final details of aprototype, makeless-expensiveventila- the money,there’snosupply,” othersinMedellín areworking under development also require demand—but that production which he hopes will soon lead tors, with production costs at said Luis Villa, head of innova- together,having requested reg- closer supervisionfrommedical is forthe U.S. market. Despite to production of 1,000 ma- roughly $1,500 apiece, a fraction at the National Polytech- ulatorypermission to start hu- staff at hospitals or aren’t in- being a top exporter of venti- chines. tion of the market price. They nic Institute, a public univer- man trials as soon as possible tended forintensive-careunits. lator components to the U.S., “The goal is to trytomake have started testing on pigs sity in MexicoCity.His team is fortheir ventilators. In Mexico, acountryof127 Mexicohas no factories forfi- them at an affordable,not and hope to run clinical trials also using the MIT specs for Making the breathing de- million, thereare morethan nal assembly. speculative,cost,” said Mr. on people soon. one of several prototypes,in vices is no easy task. Modern 9,500 confirmed cases of coro- JorgeHabib’sfactoryin Habib,whose company, Air “We’ve still gotalot to do, addition to 80 no-frills venti- ventilatorsinhospitals have navirus and morethan 850 Mérida in southeastern Mexico Temp,isdependent on foreign the clinical testswith humans. latorsmade at the university’s close to 200 electronic,me- deaths from Covid-19,the dis- is going from making air-con- supplies of key parts, such as But we’vetaken abig step,” 3-D printing farms. chanical and pneumatic com- ease caused by the new coro- ditioner systems forleading sensors. Theidea is to charge said Mauricio Toro,amechani- Ill-equipped hospitals across ponentsproduced in several navirus,but the government carmakerstocomplexmodels between $1,000 and $1,500 a calengineer who oversees in- poorer countries that usually countries through complex estimates the true number of of ventilators in his state, Yu- unit, just enough to covercosts novation forSampedro, amed- have just ahandful of ventila- supply chains. infections could be close to catán. On arecent day, more and book amoderateprofit. Chaos in Japan Supply Challenges Market Olympic

ContinuedfromPageOne Expenses erything up front, with Chi- nese manufacturers demanding as much as 50% upon BY ALASTAIR GALE signing the contract and the other50% beforethe goods TOKYO—Japan and the In- arehanded over,buyersand ternational Olympic Commit- sellers said. tee need further discussion In the red-hot ventilator about the financial burden of market,wheresome models the postponement of the Tokyo cancost morethan $50,000,a Olympics, a senior Japanese Western medical institution official said, highlighting ten- wasasked to wiretransfer a sion over whoshoulderssev-

40% deposit before even see- S eral hundred million dollarsin

ing the product. Another pro- PRES expected costsfromthe delay. spectivebuyer,aU.S.state,re- Signs of disagreement be- TED

countsbeing asked to put CIA tween the local organizers of

down 100,000 yuan ($14,120) SO theGames,which have been AS

beforebeing provided with an S/ delayed until summer 2021 be- addressfor afactorywhere AY cause of the pandemic,and

the vendor said it washolding AIRW theIOC surfaced this week

the ventilatorsfor inspection, ON when the Japanese demanded

people familiar with these NIPP achangetoanIOC statement. transactions said. TheIOC said in an online ALL Typically,institutional buy- Transporting medical supplies from China is challenging. Passenger seats held boxesonanAll Nippon AirwaysflightfromShanghai to Tokyo. Q&A about the TokyoOlym- ersconduct extensivevetting pics published on Tuesday and paysuppliersabout a PPEfromChina wassent an This month, China introduced ing—describedbyone middle- ume has produced even more that Prime Minister Shinzo month afterreceiving the official-looking certification tighter customs regulations af- manasthe “Louis Vuitton” of headaches. China began limit- Abehad agreed to coverthe goods.But in the current health purporting to be from the U.S. tercomplaintsabout low-qual- masks forthe company’shigh ingforeign airlines to one in- costsofthe Games next year crisis,manyare having to bal- Food and Drug Administration, ity Chinese PPE exportsto product-quality standards—told bound flight aweek last month, under the existing Games ancetheir traditional standards with the words“Insert Num- some European countries. prospectivecustomersthis significantly reducing the agreement, suggesting Japan with the need to act quickly. ber here” on the document, by Private-sector buyers have month that it couldn’t supply amount of cargothat canbe would be responsible for any State governments, used to a prospective supplier. also had to find creativework- masksuntil October. flownout of China in passenger newcostsrelated to hosting abidding processthat can Thecertification wasfabri- arounds. Mr. Bernstein’s Uni- Even so,aJournal visit to the planes.Bulk freight prices have the Olympics, such as fees to take months, have been espe- catedand the supplier had for- versity of Pittsburgh China facility one recent April after- also risen dramatically. rebook venues and rehirestaff. cially hamstrungbythe race gotten to replacethe words team has connected via Zoom noon found anearby tree-lined Thescramble has highlighted Japanese officials said Mr. to navigateChina’sopaque, with numbers, said John Ev- forvideo inspections of Chi- side street bustling with dozens the West’srelianceonChina for Abe had made no deal and sent complexand fast-changing ans, the Bangkok-based man- nese suppliers’ plants. To se- of men doing abrisk trade in critical medical supplies. acomplaint that asked the IOC supply-chain network. aging director of management- cureone urgent order of masks they said were from “Americans arelearning not to publicly detail talks about “You areoften dealing with consulting companyTractus masks lateonaSunday, his Dasheng’sproduction lines. from the crisis of our overde- costs. TheIOC deleted the claim middlemen or ashell [com- Asia Ltd. employees reached out to a Twomen claimed to have pendenceonChina,” said Wil- from itswebsitethe same day. pany]within ashell within a In another case, Mr. Evans Chinese hospital group part- five million masks secured liam Buckley, chairman of the On Thursday, Tokyo 2020 shell,” said Illinois Deputy Gov. recounted, Chinese suppliers ner.The hospital group sent a through acontact inside the local government boardinMil- Chief ExecutiveOfficer Toshiro Christian Mitchell, who has turned over addresses of doctor out to the factory plant, whichthey offered to ford,Mass.,which ordered Mutosaid the question of how approved the purchase of warehouses that supplierssaid around 10 p.m.; the doctor resell at 18.50yuan ($2.62) 30,000 isolation gowns in new costs would be handled morethan 10 million pieces of were filled with masks avail- sent back avideo of himself per mask.Their cut: 2yuan March from aChinese supplier would requiremoredebate. PPE from China for the state. able forsale.Upon further in- donning the Chinese equiva- per mask.Dasheng couldn’t be he said canceled the shipment IOC officials have said they To grab hold of critical face spection, the facilities turned lent of a coveted N95 filtered reached for comment. days later. expect coststorise by several masks,the U.S. government has out to be empty. mask—with two thumbs up. Landing the products “Hopefully,therewill be a hundred million dollars, while committeditself to $110 million AChinese government Further complicating the doesn’t guarantee that they dayofreckoning…and [we] re- indicating their responsibility is in ordersathigh prices and spokesman said this week that processisasprawling and un- will makeitacrossthe Pacific. align the supply chain,” Mr. to support struggling interna- with unproven vendors, The the countryprovides urgently ruly black market. Regulatoryhurdles in both Buckley said. “That’swhat ev- tional sporting federations and Wall Street Journal reported. needed medical supplies to Sales staff at aShanghai area countries have made the prod- ery country should do.” local Olympic committees.Some One adviser to U.S. state morethan 150 countries and factoryoperated by Dasheng ucts’ export a minefield. —Trefor Moss and Yin Yijun federations depend heavily on governmentstrying to procure international organizations. Health Products Manufactur- Areduction in airfreight vol- contributed to this article. financial support from the IOC. Call-Center Owner Improvises to Keep Phone Lines Open

As the new Access BPO,acompanythat from Manila where many year-old faces in keeping the coronavirus countsaU.S.food-delivery call-center workers live. company’s phone lines open forces big serviceand amajor hospital “We can’t have roosters in is compounded by increased changes in system among itscustomers. the background,” he said. responsibilities at home. He how we As clientsmanagethe crisis, “That immediately sends a is now taking care of his 25- work, The Wall Street Journal they rely on hisFilipino staff- red flag to a customer.” year-old son, Harry Davidow- is looking at how different erstofield questions about About 200 of his employ- itz, who has autism, full time people are coping with the insuranceand deliveryorders. ees continue to work from because school is closed. stresses and risks. For earlier Twoofhis company’slarg- the offices because there Mr. Davidowitz’s extended articles in the series, visit est call centersare based in isn’t enough space in their family also has been affected. wsj.com/makingitwork. the Philippines’ capital, Ma- residences, internet connec- Two of his brothers in Penn- nila, which has been locked tivity is poor or the sur- sylvania tested positive for

BY JON EMONT down sincemid-March.While Z roundings are too noisy. Covid-19. One got better

askeleton crew works in the WIT In offices,staffersare quickly, while the other bat- Ben Davidowitz moved to office, most of his 1,200 em- seated far apart, and the tled the illness for weeks be- VIDO

the Philippines in 2010 to ployees set up makeshiftcall DA companyrented housing units fore recently recovering.

open call centersthat al- centersathome. BEN and hotel rooms near the call Mr. Davidowitz thought lowedglobal companies to Open Access BPO’s reve- BenDavidowitz is nowtaking full-time careofhis son, Harry centerswherethey canstay. about flying home, but most movetheir customer-support nue is down 12% since the Davidowitz, who has autism, while keeping his businessrunning. Food is provided to those commercial flights to and services offshore. Thecoro- start of the pandemic. And working from the office. from the Philippines have navirus pandemic has forced the new staff procedures net connections. He dis- than quality equipment. A Once every two weeks, Mr. been canceled. He looked the American entrepreneur to come with additional costs. patched technicians to each quiet environment also is es- Davidowitz stops by his Ma- into chartering a private find away forhis workersto Many members of Mr. Da- of the homes where employ- sential. This is where Mr. Da- nila call centers and makes flight to see his brothers, but serveglobal customersfrom vidowitz’s young workforce ees needed support. vidowitz faces a problem. sure employees are following was concerned that if he got their metro-Manila homes. live in small apartments Answering customer que- Roosters are abundant in social-distancing procedures. sick, there would be no one Mr.Davidowitz runs Open without desks or even inter- ries, however, requires more the areas a few hours’ drive The complexity the 57- to take care of Harry. P2JW115000-0-A00900-1------XA

THE WALL STREET JOURNAL. Friday, April 24, 2020 | A9 FROM PAGE ONE

ranging from her sons’ play- behave ontothese video calls.” the fans who is based in Amer- Zoom dates to chatswith her mom, During his firstforay on the icaset up this virtual presi- 69,and grandmom, 93,have Houseparty app, which letsus- dent’slounge,” he says.“We all moved online.She has started ersgotovideo-call parties had achat about the football Fatigue declining invites,telling wheretheir contactsare,he that we’renot watching.” friends: “I just don’t want to be found himself inside afriend’s That weekend, he checked on aZoom happy hour right video call with her mom and out Handel’s“Acisand Galatea” Is Real now. Ihope youunderstand.” brother. “I couldn’t work out streamed by London’sRoyal Op- Each Fridayat6p.m., Ms. what the etiquette was, eraHouse and enjoyedagig by Dreizler’s mother and her whether it wasthen rude to musical group Stone Foundation ContinuedfromPageOne friends log on to aZoom happy leave straight away or if I while texting friendsdoing the online quiz teams.Book groups hour.The firsttime,everyone should stay forabit.” same.Aweek of so manyevents and ballet classes,canceled for muted, then spokeinturn. “It He made excuses and left. under normal circumstances the coronavirus,are born again wasbeautiful,” says Bella Much video-call awkward- would wipe him out, he says, via videoconference. Dreizler,living in Sacramento. nesslies in the format that lets but nowitgives him “some de- As museum tours, zoos,lan- “The following week,wedidn’t yousee your faceand your in- gree of an ability to switch off.” guageschools,choirsand yoga do the mutething and it was terlocutor’s,says Rhiannon Ev- Howtoswitch off video courses migrateonline,at-home frigging chaos.” DREIZLER ans, asocial scientist at Cardiff gatheringsisproving tough for

idlenesshas become virtually Her 4-year-old grandson BELLA University in Wales.Thereisa Mr.Ioannou, the IT consultant. impossible.“Idon’t feel Ihave Leon Schinske has become a Bella Dreizler has a Zoom happy hour with friends each Friday. ‘It lot of performanceinvolved, Work calls cangoon, and no the capacity to even read all of video-call refusenik.“No,I was frigging chaos’ one day when people didn’t mute, she says. says Dr.Evans,35, who now one wantstobethe one to the suggested brilliant things don’t want to be on Zoom, my does around seven hoursofcon- close them. “Everyone’slooking we candowith our kids,” says friends interrupt me,and they his bedroom. Even those with eveningduring the firstlock- ferencecalls aday,then virtual at each other, like, uh it’sabit Sonya Dreizler,40, aconsultant don’t go on mute,” he told his busy social calendarsnormally, down week and back-to-back- coffees and cocktails.“All day, I awkward.” living in SanFranciscowith her mother,Sonya Dreizler,when likeMr. Ioannou, arefinding to-back drinks Fridaynight. “At see myself interacting with peo- Then there’sthe excruciating husband and sons aged 9and 4. sheasked if he wanted to join the demands of lockdown first, Iwas anxious to get ple,” she says.“It definitely con- seconds while the host finds “I saythis from averyprivi- storytime with his classfor the drinks overwhelming.“You plans,” says Ms.Witczyk,a sumes alot moreenergy.” the buttontoadjourn. That si- leged placewherewe’renot thirdday in arow. wouldn’t socializethat much on manager at adigital-marketing Forsome likeWill Ricketts lenceneeds aname,says Rob worried about putting food on Old waysofflaking have anormal week,” he says. agency, “then Iwas anxious who still work outside,access Ralston, acareer development the table,” she says. evaporated,says Mark Ioannou, Natalia Witczyk,29, worried about those plans.” to social contact and culture fellowatthe School of Social Thefamily’s initial excite- 27,anITconsultant in North her social lifeliving in Barce- Mitch Adams,40, who works online hasn’t palled.Dr. Rick- and Political Scienceatthe Uni- ment aboutvideo chat is fad- London. “No excuses,are lona would suffer during lock- forabeer importer,knows from etts,40, aconsultant chest phy- versity of Edinburgh. “Every- ing, she says.“Zoom fatigue is there?” All that’sleft, he says:“I down. Instead, it went berserk. bitterexperiencethe transition sician at St.Bartholomew’s one’sdesperately looking for real,” she says.Before Califor- just don’t want to talk to you.” “I had to runanonline calendar has created asocial minefield. Hospital in London working on the leave-meeting button,” says nia’sshelter-in-placeorder,Ms. He moved his work-leaving with all the meetingsbecause I “The difficultthing,” he says, acoronavirus ward,spent are- Mr.Ralston, 34. “There’samad Dreizler used Zoom frequently drinks from abar to aMicro- waslosing track.” “isthat we aretrying to put our cent weekend with supporters scramble not to be the last per- with clients. Nowencounters softTeams meeting hosted in She had eventsalmost every normal social cues and howwe of his local soccerteam. “One of son on the call with the host.” ON/REUTERS CKS JA S CA LU

accessing dataonspecific sell-

Amazon ersinits Marketplace, where JOURNAL; millions of businesses from REET

around theglobe offer their ST Tapped goods.Ininterviews,former LL employees and acurrent one WA said those rules weren’t uni- Seller Data formly enforced. Employees found waysaround them, ac- TTIOLI/THE cording to some former em- MA NA

ContinuedfromPageOne ployees,who said using such DA internal investigation. datawas acommon practice : Nate Sutton,anAmazon as- that wasdiscussed openly in LEFT OM

sociategeneral counsel, told meetings they attended. FR CongressinJuly:“We don’t use “Weknewweshouldn’t,” Amazon’s private-label business offers more than 243,000 products. Fortem co-founders Yuriy Petriv, above left, and Oleg Maslakou. individual seller data directly to said one former employeewho compete” with businesses on accessed the dataand de- Online Giant itsAmazonBasics private-label the company’splatform. scribed apattern of using it to brand. Amazon accounts formorethan one-thirdofall U.S. e-commerce,and it sells nearly 20,000 It is acommon business launch and benefit Amazon TheFortem trunk organizer private-label products. strategyfor grocerychains, products. “But at the same detailed in the documentsis drugstores and other retailers time,weare making Amazon U.S. e-commerce sales Percentage of Amazon's private-label products by category† still abestseller in the category, to makeand sell their own branded products, and we want Amazon noted. Fortem spends productstocompetewith brand them to sell.” Amazon Other e-commerce as much as $60,000 amonth on Clothing, shoes and jewelry 51.7% names.Such private-label items $600 billion Amazon advertisementsfor its typically offer retailershigher Access to data Home, garden and pets 31.5% items to come up at the topof profit margins than either well- 500 searches,said Mr.Maslakou. known brands or wholesale Some executives had access Electronics, computersand office 6.5% Pulling dataoncompetitors, items.While all retailerswith to datacontaining proprietary 400 even individual sellers, was theirown brands use datato information that they used to Sports and outdoors 3.6% “standardoperating procedure” some extent to inform their research bestselling items they 300 when making productssuch as 39% Beautyand health 3.3% product decisions,they have far might want to compete 38% electronics,suitcases,sporting lessattheir disposal than Ama- against, including on individual 200 36% goods or other lines,said the 34% Food and grocery 1.7% zon, according to executives of sellersonAmazon’swebsite. If 31% person who shared the Fortem 100 private-label businesses,given access wasrestricted, manag- Toys,kids and baby 1.1% documentation. Such reports Amazon’senormous third-party erssometimes would ask an were pulled beforeAmazon’s 0 marketplace. Amazon businessanalyst to Automotiveand industrial 0.6% privatelabel decided to enter a Thecoronavirus pandemic createreportsfeaturing the in- 2016 ’17 ’18 ’19 ’20* product line,the person said.

has enabled Amazon to posi- formation, according to former *projection †Data captured March 7–11 “Customers’ shopping be- tion itself as anational re- workers, including one who Sources: eMarketer (e-commerce); DataWeave (privatelabel) havior in our storeisjust one source capable of delivering called the practice“going over of manyinputstoAmazon’s needed goods to Americans the fence.” In other cases,sup- ries have been told to create acrossplatforms. slight number of itsown dam- private-label strategy,” said sheltering in place,garnering it posedly aggregated datawas $1 billion businesses for their Early last year,anAmazon aged goods and returns sold Amazon. Other factorsinclude goodwill in Washington. The derived exclusively or almost segments, they said. private-label employeeworking through Amazon’sWarehouse fashion and shopping trends companycontinues,however, entirely from one seller,former Amazon has ahistoryofdif- on newproductsaccessed a Deals account accounted for and suggestions from manufac- to faceregulatoryinquiries employees said. ficult relationships with sell- detailed sales report on acar- nearly 100% of the more than turers, it said. intoits practices that predate Amazon drawsadistinction ers, especially those that trunk organizer manufactured 33,000 sales of the unit during Amazon employees also ac- the crisis. between the dataofanindivid- choose not to sell their prod- by athird-party seller called the period, the data show. cessed sales datafromAustin- Last year,the European ual third-party seller and what ucts on itssite.While some of Fortem, afour-person, Brook- Thedatainthe report re- based Upper Echelon Products, Union’stop antitrust enforcer it calls aggregated data, which the issues have involved coun- lyn-based companyrun by two viewedbythe Journal showed according to the datareviewed said that it was investigating it defines as the dataofprod- terfeit goods or frustration 29-year-olds.That employee the product’saverage selling by the Journal. Itsoffice-chair whether Amazon is abusing its uctswith two or moresellers. about lack of pricing control showedthe report to the Jour- price during the preceding 12 seat cushion is apopular seller dual role as aseller of itsown Because of the sizeofAma- on their products, another con- nal. Morethan 33,000 unitsof months wasabout $25,that on Amazon. An Amazon pri- productsand amarketplace zon’smarketplace, most prod- cern forsome is that Amazon the organizer were sold during Fortem had sold morethan vate-label employeepulled a operator and whether the com- uctshavemanysellers. View- would use datathey accumu- the 12 months coveredinthe $800,000 worth in the period year’s worth of Upper Echelon panyisgaining acompetitive ing the dataofaproduct with late to copy the productsand report, according to acopy re- specified, and that each item datawhen researching develop- advantagefromdataitgathers anumber of sellerswouldn’t siphon sales. viewedbythe Journal. There- generated nearly $4 in profit ment of an Amazon-branded on third-party sellers. giveitinsight intoproprietary port has 25 columns of de- forAmazon. Thereport also seat cushion, according to the TheJusticeDepartment, seller information because the tailed information about detailed howmuch Fortem person who shared the data. Federal Trade Commission and figureswould showlotsofdif- ‘We knew we Fortem’ssales and expenses. spent on advertising per unit An Amazon employeepulled Congress also areinvestigating ferent seller behavior. Fortem accounted for and the cost to ship each the dataearly last year.Last large technologycompanies, Amazon said that if thereis shouldn’t,’ said one 99.95% of the totalsales on trunk organizer, according to September,AmazonBasics including Amazon, on antitrust only one seller of an item, and former employee Amazon forthe trunk orga- the documentsand former launched itsown version. matters.Amazon is facing Amazon is selling returned or nizer forthe period the docu- Amazon employees who ex- Afterthe Journal disclosed scrutinyoverwhether it un- damaged versions of that item who accessed data. mentscover,the dataindicate. plained their contents. the contentsofthe sales report fairly uses itssizeand plat- through itsAmazon Warehouse Oleg Maslakou, one of Fortem’s to Travis Killian,CEO of seven- form against competitorsand Deals clearanceaccount, Ama- founders, said “no one is sell- person Upper Echelon, he said: other sellersonits site. zonconsidersthat “aggregate” ingthe Fortem organizer be- ‘Work backwards’ “It’snot acomfortable feeling On Thursday, afteraversion data—and henceispermissible Because 39% of U.S. online sidesusand Amazon Ware- “Wewould work backwards knowing that they have people of this article waspublished forits employees to review. shopping occursonAmazon, house deals,” aresale clearance in terms of the pricing,” said internally specifically looking online,House JudiciaryCom- Amazon’sprivate-label busi- according to research firm account of returned or dam- oneofthe people who used to at us to competewith us.” mitteeChairman Jerrold Na- nessencompasses morethan eMarketer,manybrands feel aged goods from Fortem. “You obtain third-party data. By Amazon said therewere dler (D., N.Y.)said in the 45 brands with some 243,000 they can’t afford not to sell on hit us with abig surprise,” he knowing Amazon’sprofit-per- morethan two dozensellersof memo: “This report raises deep products, from AmazonBasics the platform. In arecent sur- said afterreviewing the data unit on thethird-party item, the Upper Echelon seat cushion concerns about Amazon’sap- batteries to Stone &Beam fur- veyfrome-commerce analytics Amazon’sprivate-label em- they could ensurethat pro- during the period, but declined parent lack of candor before niture. Amazon says those firm Jungle Scout,morethan ployeehad on his brand. spectivemanufacturerscould to specifyhow manyunitsthose the Committeeregarding an is- brands account for1%ofits half of over 1,000 Amazon Amazon said that therewas deliver ahigher margin on an sellerssold. Mr.Killian said if suethat is central to our inves- $158 billion in annual retail Marketplacesellerssaid Ama- one other seller of Fortem’s Amazon-branded competitor that were the case,heisn’t sure tigation.” sales, not counting Amazon’s zonsells itsown productsthat trunk organizer during the pe- productbeforecommitting to howthe private-label dataon Amazon disputes that it devices such as itsEcho speak- directly competewith the riod of the datathe Journal it, said another person who ac- his seller account provided to abuses itspowerand size, not- ers, Kindle e-readersand Ring seller’s products. reviewed. It wouldn’t com- cessed the data. the Journal matched his internal ing that it accountsfor asmall doorbell cameras. “Wehad abrand saythey ment on how many days that Fortem launched itstrunk sales datasoperfectly. proportion of overall U.S. re- Former executives said they wanted to sell exclusively on seller wasactiveorhow many organizer on Amazon’sMarket- Amazon started making its tail sales, and that the use of were told frequently by man- Walmart,and when we pro- sales it made.The Journal placeinMarch 2016,and it ownproductsin2007 with its private-labelbrands is com- agement that Amazon brands posed Amazon, they said they reached the other seller of the eventually became the No.1 Kindle e-reader.Investment mon in retail. should makeupmorethan don’t want to risk private-label Fortem trunk organizer,who seller in the category on Ama- firm SunTrust Robinson Hum- Amazon has said it has re- 10% of retail sales by copying their product,” said said forthe period of time,he zon. In October 2019,Amazon phrey estimates Amazon is on strictions in placetokeep its 2022. Managersofdifferent Kunal Chopra, the CEO of sold only 17 units of the item. launched three trunk organiz- track to post $31 billion in pri- private-label executives from private-label product catego- etailz, which helps vendorssell Fortem’sown sales and a erssimilar to Fortem’sunder vate-label sales by 2022. P2JW115000-2-A009A0-1------NS

A9A | Friday, April 24, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK Nursing Home Was Desperate for Help Brooklyn executive says his facilitygot little outside support as virus claimed patients

BYLESLIE BRODY

At aBrooklyn nursing home whereatleast 50 people have died who were suspected of being infected with the newcoronavirus,atop administrator says his facility had to go it alone forweeks during the out- S

break,with little support from PRES the stateorother authorities. Cobble Hill Health Center ZUMA

Chief ExecutiveDonnyTuch- BLE/ man said some staff wore gar- LE bagebagsfor protection. MARIE

Some worked 16-hour shifts. S; And at times,patients were dying so quickly that the cen- PRES ter’s refrigerated storage was TED CIA

beyond capacity,forcing work- SO erstorotatebodies in and out AS O/ as they waited forspaceatfu- neral homes or morgues. With dozens of symptom- MINCHILL aticpatients and almost no JOHN

gowns in early April, Mr. P: Tuchman beggedfor moreper- TO OM

sonal protective equipment. FR “There is no way forusto At least 50 people have died at Cobble Hill Health Center in Brooklyn who were suspected of being infected with the new coronavirus. ‘There is no way for us to prevent the spread under these prevent the spread under these conditions,’ said the facility’s Chief Executive Donny Tuchman. Below, he recently paid tribute to medical workers battling the disease. conditions,” he wrotetostate health officials on April 8, in an email reviewedbyThe Wall New York Steps Up ing homes to inform families Street Journal. “Is thereany- of virus cases or related thing morewecan do to pro- Facility Inspections deaths in their facilities, Mr. tect our patientsand staff?” Cuomo said. State officials emailed guid- The governor has said ance on how to conserve sup- New York Gov. Andrew nursing-home patients are plies, and a reminder to sub- Cuomo on Thursday announced among the most vulnerable, mit requestsdaily to NewYork a push to inspect nursing and his team is working to City’s OfficeofEmergency homes to verify compliance help these facilities get sup- Management, a review of the with standards for staffing and plies and staff to battle the email chain shows. Mr. Tuch- infection control during corona- crisis. The state has sent the man said his appeal to the virus pandemic. facilities hundreds of thou- state to send suspected virus If the state Department of sands of pieces of protective patientstonew hospitals on a Health finds a violation, a facil- equipment in the past two U.S. Navy ship and at the Ja- ity must immediately submit a weeks, his team said. cobK.JavitsConvention Cen- plan to correct it and could be On Thursday, Mr. Cuomo ter didn’t yield results. fined $10,000 for each viola- said he knows nursing homes Aspokeswoman forthe tion or possibly lose its license, are under intense pressure stateDepartment of Health the Democratic governor said. from a virus that hits the el- said it actedquickly and ag- The health department also derly particularly hard, but they gressively to givenursing is joining the state Attorney still have to do their job. “No- homes guidance. Theagency General to investigate viola- body is to blame” for the situ- will continue “todoeverything tions of the governor’s April 15 ation, he said, “but they have possible to protect the health, executive order requiring nurs- to deal with the situation.” well-being and privacy of the residentswho call these facilities home,” she said. Thecity’s Wednesday, 3,505 people had 364 beds usually arenearly full, said. “Ifthey had, Iwould have based group that represents patients, but his facility has Office of Emergency Manage- died of Covid-19 in nursing but nowithas about 250 resi- takenhim to the hospital.” nursing homes.“It’sour popu- limited private rooms. ment referred questions to the homes and adult-carefacilities dentsafter halting newadmis- GerardEmer said he took his lation, staff shortages,the lack AMarch 19 form forrequest- city’s health department. in NewYork state, or about sions, aspokesman said. Con- 94-year-old father,Joseph, out of PPE and testing.” ing resourcesfromthe city said “We’ve distributed PPE to 23% of the state’sreported fa- sidering their infirmities,itwas of Cobble Hill last Fridayafter Richard Mollot,executive nursing homes—such as Cobble Cobble Hill Health Center as talities, state data show. common to have eight to 12 learning the virus had hit his fa- director of the Long Term Care Hill Health Center—that didn’t part of our weekly routine PPE Cobble Hill’sdeath count deaths among residentsa ther’s floor.“They never in- Community Coalition, anon- have patientsonventilators deliveries,” a spokesman for topped astate list of nursing- month, he said, but this April it formed me of one death,” he profit that advocates fornurs- could apply forsurgical masks. the city health department home fatalitiesreleased last predictsabout 40.The non- said. “Webasically rescued him.” ing-home residents, said many However, hospitals had priority said Wednesday, referring to week.Ten other centershave profit has an overall quality rat- Mr.Tuchman said his staff centerswereill-prepared for forN95 respirator masks,gog- personal protectiveequipment. had at least 30 presumed or ing from Medicareofthree stars did what it could to update thepandemic.Healso blamed gles,gowns and gloves,the Mr.Tuchman said he got confirmed deaths,the list families.Supportersofthe fa- years of lax rule enforcement memo said. In April, city offi- some PPE from the city,but shows.Meanwhile,families of cility have turned out to cheer by state and federal agencies. cials listed nursing homes not enough. residentsatsome nursing forstaff.Daniel Arbeeny, who Cobble Hill Health Center re- among the high-priority groups. On Thursday, MayorBill de homes have accused the facili- said he brought his 89-year-old stricted visitorsbeforeauthori- Manynursing home leaders Blasio said he would send addi- ties of withholding information 55 father,Norman, home from ties on March 13 suspended vis- expressed frustration with a tional supplies and staff to 169 about infections and deaths. Cobble Hill this month, said he its; organized family visitsby March 25 statedirectiveaimed nursing homes citywide this The state’s list of nursing- Presumeddeaths from the virus donated masks forits ex- videoconference; and intensi- at boosting hospital capacity week.Hesaid this would in- home fatalities says Cobble at Cobble Hill Health Center hausted workers. “I’m sympa- fied disinfection efforts, accord- to handle apredicted surge of crease thecity’s weekly ship- Hill Health Center has had 55 thetic because Iknowwhat ing to Mr.Tuchman. He said he patients. Thedirectivesaid ment by at least 50%, adding to presumed deaths from the cor- they’vebeen through,” he said. believes the firstcases emerged nursing homes must take back the morethan 40,000 N95 res- onavirus.Mr. Tuchman says Leadersofnursing homes in his facility in March. residentsmedically stable pirator masks,40,000 face that tally is inaccurateand un- out of five,anaverage score. acrossthe NewYork City area Manyemployees began call- enough to return from hospi- shields,1.5 million gloves and at fair because his center used a Some families of patients sayhealth authorities have put ing in sick as the outbreak tals,and couldn’t denyadmis- least 105,000 gowns or cover- lowthreshold forpresuming sayCobble Hill didn’t tell them afar higher priority on sup- spread. At times,about one- sion solely due to apatient alls that went to nursing homes residentshad the virus.He the full extent of the virus plying hospitals.“What is hap- thirdofthe roughly 350 staff- having Covid-19. acrossthe city last week. said 49 deaths were presumed problem. That includes Joey pening in our nursing homes ers were out, he said. Some Mr.Tuchman said that Cobble Hill Health Center by the center to be tied to Gutierrez,who said his 88-year- is not the result of shortcom- workersresigned.Effortsby didn’t makesense. “We’ve and other nursing homes have Covid-19, and another patient old father died thereonSunday ingsinour facilities,” says Ste- the Journal to reach staff inde- been fighting forweeks to keep been under scrutinyasdeaths who died wasconfirmed by aftersuffering from arespira- phen Hanse,president of the pendently were unsuccessful. this out of our building,” he at thefacilities have mounted testing to have it. tory infection. “They didn’t tell New York State Health Facili- Mr. Tuchman said he tried said he told staff.“Nowwe’re during the pandemic.By Cobble Hill Health Center’s me Covid wasrampant,” he ties Association, an Albany- to isolate suspected Covid-19 rolling out the redcarpet.” Port AuthorityProjects Unemployment Claims Flood States

In Doubt Amid Crisis BY KATE KING assistanceare the hardest-hit industries,the department said BY PAUL BERGER mally carryhundreds of thou- Thenumber of people re- Thursday. NewYork has paid sands of commuters between ceiving unemployment bene- $2.2 billion in unemployment The coronavirus pandemic New Jersey and Manhattan. fits in the tri-stateregion con- benefits to 1.1 million people is threatening billions of dol- Libby McCarthy, the au- tinues to climb as workers sincethe pandemic began, the lars earmarked forNew York thority’s chief financial officer, remain sidelined by the coro- department said Monday. City’s airportsand other major said this year began well, with navirus pandemic,with nearly Thestate Department of infrastructure projects. revenues up across most Port 450,000 filing initial claims in Labor has tapped Google,Veri- Rick Cotton, executivedirec- Authority facilities in January NewYork,New Jersey and zon Communications Inc. and torofthe Port Authority of and February. Connecticut last week. Deloitte to upgrade the sys- NewYork and NewJersey,said Theauthority budgeted for In total, the three states have S tem’swebsiteand call centers

Thursdaythat without federal annual grossrevenuesthis paid out morethan $3.4 billion PRES as it struggles to process the assistancethe agencymay sig- year of $5.8 billion. Thebig- in unemployment benefitssince crushofclaims.The depart- nificantly scale back its10-year, gest profit makers are its air- mid-March, when businesses ZUMA ment nowhas 3,100 represen- $37 billion spending plans. ports and six toll bridges and began shedding workersas PEZ/ tatives answering the phones LO Mr.Cotton, speaking during tunnels, which generated an- fearsoverthe virus grew.The seven days aweek,upfrom

and afteravirtual boardmeet- nual income from operations unprecedented surge in demand NALD 400 before the pandemic. RO

ing,didn’t specifywhich proj- last year of $525 million and is straining labor departments, G. Also this week,New York ects are threatened. He said $915 million, respectively. whereofficials arestruggling to Residents gather outside a food pantry in the South Bronx. released anew application that renovations at LaGuardia Ms.McCarthysaid that by answerthe phones and process that officials hope will makeit Airport, which began several theend of March, in the wake claims using decades-old com- benefitsfor the firsttime last Jersey Department of Labor easier forfreelanceand con- yearsago, remain on schedule. of shutdowns,average weekday puter systems. month. Afterreceiving checks andWorkforce Development tract workerstoapply forun- The Port Authority is mid- traffic at vehicular crossings In NewJersey,whereabout fortwo weeks in early April, Ms. said abouthalf of newclaims employment benefits. way through renovations at wasdown60%, while passenger 19% of the workforce has filed Lincereceived anotification that arefiled go through with- In Connecticut, morethan Newark Liberty International numbersatthe airportsand on forunemployment benefits that therewas aproblem with out issue.For applications that 100,000 initial claims were Airport and is still in the early Path were down about 95%. sincemid-March, residents herclaim. She has emailed and requireanagent’sreview,the filed last week compared with stages of amassiveoverhaul Last month, ahead of the continue to report problems called everyday but hasn’t been department is adding phone about 34,000 the prior week. of John F. Kennedy Interna- firstfederal coronavirus bailout, filing claims.About 140,000 able to getthrough. capacity and staff. In total, morethan 400,000 tional Airport. the Port Authority requested people applied forfirst-time “You either getabusy sig- In NewYork,morethan applications have been sub- ThePort Authority’s spend- $1.9billion from the govern- benefitsinthe week ended naloryou gettransferred or 200,000 people filed first-time mitted to the stateDepart- ing plan also includes a comment. Mr.Cottonsaid the April 18,roughly the same thecalls getdropped,” said unemployment claims last ment of Labor sinceMarch 13, plete overhaul of its Midtown agencyreceived $450 million, number as the prior week. Ms.Lince, 58 yearsold, who week,downfromnearly about 81% of which have been Manhattanbus terminal and whichwas earmarked by the AnitaLincehas worked in At- lives in Ocean City,N.J.“Mean- 400,000 the week before. Res- processed, said Commissioner an expansion of capacity on Federal Aviation Administration lantic City casinos for30years while,mybills aremounting.” taurantsand hospitality,retail Kurt Westby,who described it the Path rail system. Both nor- to coverlosses at itsairports. and filed forunemployment Aspokeswoman forthe New trade and health care and social as a “tsunami of claims.” P2JW115000-2-A009B0-1------NS

THE WALL STREET JOURNAL. ** NY Friday, April 24, 2020 | A9B GREATER NEW YORK Funds Not Available To Cremate Victims

BY KATIE HONAN

AfterFernando Pena-Lopez died from the newcoronavirus on April 6, his family immediately beganlooking forways N

to properly bury him. TO

His son-in-lawRamon Hen- ALS

ríquezcalled 20 funeral homes ON beforehefound one in Brook- BRITT lyn,far from their home in East CK;

Elmhurst, Queens,totakecare TO of Mr.Pena-Lopez, 59 yearsold. When he called NewYork SHUTTERS

City’s Human ResourcesAd- A/ ministration earlier this month to apply foragrant to help LANE/EP payfor burial services,hewas TIN told twicehedidn’t qualifybe- JUS

cause Mr.Pena-Lopez, like P: thousands of other NewYork- TO OM

ers, wasgoing to be cremated. FR “We tried having a regular The Rikers Island jail complex houses more than 4,000 inmates. Quinsey Simpson, shown with his son Ayden, was the first Rikers correction officer to die of Covid-19. funeral,” Mr.Henríquezsaid. A lack of spaceand abacklog at funeral homes influenced the family’s decision to cremate Infections Soar Among Rikers Guards Mr. Pena-Lopez. NewYork City’s high death toll from the coronavirus has BY DEANNA PAUL cupationalSafety and Health Thecity has set up Covid-19 overwhelmed funeral homes and AND BEN CHAPMAN Administration and professor testing sites forRikersem- cemeteries,often leaving fami- at George WashingtonUniver- ployees,said PeterThorne,the lies with few options forburial When Quinsey Simpson re- sity’s School of Public Health. city’s chief correction spokes- other than cremation. This lieved acolleague at NewYork Mr.Michaels is tracking work- man. month, regulatorsallowed cre- City’s RikersIsland jail com- placecases and deaths caused On Saturday, the Depart- matoriums to operate24hoursa plexinearly March, he had no by the coronavirus. ment of Correction Chief Hazel day to handle the demand. Some idea his fellowcorrection offi- “Correctional officersand Jenningssent amemo—re- bodies areevenbeing takenout cerwas infected with the cor- others working on the island, viewed by the Journal—to all of statefor cremations. onavirus. as well as its prisoners, were commanding officers, ordering But as moreNew Yorkers Beforelong,Officer Simp- no doubt exposed and then that all employees get“an ad- choose to cremate loved ones son had an unrelenting cough. brought it home to their fam- equateamount of personal who have died from the virus, When his chest began feeling ily andcommunity,” Mr.Mi- protective equipment.” they hit aroadblock in receiv- tight, he went to the emer- chaels said. Officers transporting posi- ing financial help from a pro- gencyroom and wasdiagnosed NewYork City’s jail system tive or symptomatic inmates, gram designed to aid families with Covid-19, the disease is the second largest in the na- or whoare assigned to their who couldn’t otherwise afford caused by the virus.“We had tion, with RikersIsland housing housingunits, also must be a funeral. the hope of him getting better, morethan 4,000 inmates in given N95 and faceshields,the Thecity’s HRAoffersupto until he gotonthe respirator,” eightjails.The outbreak has order said. It further required $900 toward the cost of fu- said BrittonAlston, his friend stretched staffing and added a acurrent list of housing units neral services that don’t exceed and onetime co-worker. frightening newelement of un- with positive or symptomatic On March 27, Officer Simp- certainty to the already danger- inmates be posted at all times. son, 62 years old, died. ous job of guarding inmates. “Do your damn job,” Elias ‘There’s not a lot of He wasthe firstofficer to Correction officerswork closely Husamudeen, president of the die of Covid-19 complications with infected inmates. union, said of the Department people with $2,000, during arapidly spreading City officials ignored warn- of Correction and its top offi- $3,000 in savings outbreak in NewYork City’s ingsthat Rikerswould become cials.“Protect correctional of- jail system, overwhelming its adangerous incubator forthe ficers, protect the inmates.” right now.’ largest facility, Rikers Island. coronavirus if measures Officer Simpson, an 18-year Coronavirus cases among weren’t takentoproactively veteran, typically worked in- Rikers employees are now on combat the contagion, said take at Rikers, one of the busi- par with levels seen in the correction officersand defense est divisions,interacting with $1,700, according to aspokes- most infected American work- lawyers. cleaning housing unitsand ad- regular Covid-response meet- anynewly arrested inmates or man. It is intended to help the places,such as the USS Roose- The Department of Correc- vising inmates to keep aphysi- ingssinceearly March and those coming or going from city’s low-income residents velt and a pork plant in South tion didn’t provideaccessto cal distance from each other, that it took extensivemea- the facility. meet expenses foradeceased Dakota. Covid-19 testing or protective officers said. sures to prevent transmis- Both hisfriend Mr.Alston indigent family member or Morethan 800 city correc- gear,such as masks,face “Therewereinexplicable sion—such as sanitizing com- and arepresentativefor the friend who lived in NewYork tion employees had tested pos- shields and gloves,until re- delays and feet-dragging while monareas daily and offering unionsaid Officer Simpson City.Typically,these grants, itiveasofMonday, city offi- cently,officerssaid. Rikers a lot of our officers were get- soap andcleaning supplies to washealthyuntil he took a which areadministered and cials said, and eight have died. employees said they weren’t ting really sick and died,” said inmates free of charge—and temporaryassignment work- regulated by NewYork state, City officials wouldn’t break immediately told if they were Michael Skelly,spokesman for informs stafferswithin 48 ing in ajail security booth a areavailable to those with a down howmanyinfected offi- exposed to aco-worker who the Correction Officers’ Benev- hoursifthey were exposed to few weeks beforehis death. Social Security or taxidentifi- cers work at Rikers, but their had tested positive, creating olent Association, the union someone with aconfirmed According to the union, Officer cation number,officials said. union says it accountsfor 70% therisk they would silently representing 20,000 active case. Simpson relieved an officer Another restriction is on to 80% of the cases. and asymptomatically spread and retired officers. The Department of Correc- wholater became the first cremations. The burial allow- Including inmates,there the virus. In response to questions tion took additional steps in worker to test positivefor ancedoesn’t payfor the act of have been 10 deaths and more The city waited too long to from TheWall Street Journal, April to addressofficer con- Covid-19. cremation; the money canonly than 1,200 confirmed cases in suspend visitation forinmates theDepartment of Correction cerns as city officials, includ- Correction officersatRikers be used to cover a funeral or the city’s jails. and open aseparateunit to said there has been “a dedi- ing MayorBill de Blasio,began said they have become fearful service for someone who has “It’s a devastating number, house newinmates,officers cated, coordinated and focused advising all NewYorkersto of contracting the virus since been cremated. the most I’ve heard of at any said. Fewnew rules were departmental response to this wear protectiveequipment Officer Simpson’sdeath. He Isaac McGinn, aspokesman one facility,” said David Mi- launched in March, when the from the beginning.” Thede- outside,and alawsuit was leftbehind elderly parents, two forHRA,said Wednesdaythe chaels,former head of the Oc- disease wasspreading,beyond partment said that it has held filed by the officers’ union. siblingsand a6-year-old son. city is introducinganemer- gencyrule to double the maxi- mum cost allowedfor funerals, from $1,700to$3,400.The For One New Yo rk Theater, the Show Must Go Online amount of money directly provided forafuneral is dictated by the state, but by increasing BY CHARLES PASSY the online curriculum. The the cap, moreNew Yorkerscan students can view the perfor- seek the allowance, he said. Days after the Roundabout mance at no cost. Representatives forNew TheatreCompanyopened its Educatorssay they are York state’s Office of Tempo- off-Broadway production of grateful that Roundabout was rary and Disability Assistance, “72Miles to Go” in March, the still able to offer the opportu- which administersand over- nonprofit troupe learned it nity,particularly given the sees the grants, didn’t respond would have to shut it down play’s subject matter and the to requests for comment. because of state-mandated large number of studentsfrom Although the city has re- pandemic restrictions. immigrant families in the New ceived asignificant increase in Of course,Roundabout York City system. phone calls about itsfuneral- wasn’t alone among theatrical Danielle Jelley-Rettman,as- assistanceprogram, applica- producersinNew York City in sistant principal at the Brook- tions were down compared facing this harsh reality.But the lyn School forMusic &The- with last year,Mr. McGinn said. blowseemed morecruel, said atre, apublic high school in Therewere70applications companyofficials,because the the Crown Heights neighbor- forburial allowancethrough stagingofHilaryBettis’snew hood, said the playiseven HRAinMarch, compared with playhad just garnered positive morerelevant during the pan- 120 in March 2019.The city reviews and wasset to be seen demic because it also speaks shifted to taking applications by thousands of theatergoers. It to the issues of physical sepa- over email and fax in late also figuredheavily intoRound- ration from loved ones. March, as the number of New about’seducational outreach, “That’s something our kids Yorkers dying from coronavi- with studentsfromschools can tap into,” she said. rus began to grow. citywide slated to attend. Roundaboutisn’t entirely Mr.Henríquezsaid his family Most critical of all, officials alone among theater compa- could have used anyfinancial noted, wasthe work’stimeli- nies in exploring streaming NIEL

help as they struggled to pro- nessbecause it speaks to the DA possibilities.Afew acrossthe vide arespectfulway to say continuing immigration debate. Y countryare trying similar ini-

goodbyetoMr. Pena-Lopez, a Theplay, set from 2008 to JEREM tiatives during the pandemic. former chef at an IHOP restau- 2016,tells the storyofafamily The Roundabout Theatre’s‘72 Miles to Go’ tells the story of afamily split by the U.S. southern border. In NewYork,off-Broadway rant in Queens.The neighbors split by the U.S. southern bor- theatersare staying busy online. in their hard-hit community der,with the deported mother production, via itswebsite, chival and marketing purposes. has had restrictions on the TheAtlantic Theater Company could use the aid, too. living in Mexicoand the father free to those who already had Mr.Haimes said the record- streaming of shows,new tem- has master classes and other “WeliveinEast Elmhurst, a and children in Arizona. purchased tickets. Other the- ing wasn’t necessarily the porary deals were made with training opportunities through neighborhood of immigrants,” So,instead of writing off the atergoerscan access it fora most ideal, particularly be- theatricalproducersnation- itsAtlantic Acting School. MCC he said. “There’snot alot of production as alost opportu- one-time priceof$20.Itbegan cause the drama wasstill being wide that allowedfor the pos- Theater is hosting virtual events, people with $2,000,$3,000 in nity,the Roundabout team streaming earlier this month tweaked in previews.But the sibility during the crisis. including acoming reading of savingsright now, and they’re quickly regrouped and figured and ends Friday. companywas neverthelessable Roundaboutalso had to Alan Bowne’s play“Beirut” with out of work.” out away to make“72 Miles to Bringing the showtolifeon- to quickly edit aversion that tweak itsapproach with Marisa Tomei and Oscar Isaac. Assemblywoman Catalina Go” available through astream- line wasanother matterbecause worked foradigital audience. schools.Typically,the com- Ultimately, nothing can re- Cruz,who representsneigh- ing platform. “This is aplay the shutdown wasannounced Other issues were resolved panybringstheater profes- placelivetheater,said Mr. borhoods in Queens, plans to that should be seen,” said Todd on shortnotice. Roundabout in different ways. While Ac- sionals intoclassrooms in ad- Haimes,but he sees streaming introduceabill that would ad- Haimes, Roundabout’sartistic wasfortunateinthat it had tors’Equity Association, the vance of students attending a productions and other digital dress eligibility for funds and director and chief executive. taped the production during laborunion that represents performance. Now, it has efforts potentially continuing increase the amount of money. Roundabout is offering the previews,though strictly forar- actorsand stagemanagers, switched to doing so as part of after the crisis. P2JW115000-0-A01000-1------XA

A10 | Friday, April 24, 2020 THE WALL STREET JOURNAL. LIFE&ARTS (2) HBO

TELEVISION REVIEW |JOHN ANDERSON A Scandal With Smarts

The real-lifestory of malfeasanceinside asuburban NewYork school systembrings ahuman perspectivetofinancial crime

he rise and fall of quitethe im- Hugh Jackman the girl when Rachel starts asking Frank Tassone as told pression on and Rafael questions that let Pam know she’s in HBO’sblackly co- screenwriter Casal, above; about to be found out. Frank medic “Bad Educa- MikeMa- Mr. Jackman doesn’t threaten Rachel, he just Ttion” is mostly about kowsky, who with Allison lets her know how wrong these his fall and hinges, wasastudent Janney, left kinds of things can go when inno- ever so Greekly,onhis ownhubris. in Roslyn when cent people are smeared—her own Early on, Frank,the wildly popu- Frank wasin- name, every- dad has been unjustly accused, and lar,handsome and successfulsu- dicted in 2004. one’s child, fired, as part of an insider-trading perintendent of the Roslyn, N.Y., Mr.Makowsky’s even people he prosecution. But she plugs away, in school system on Long Island, is storytelling hasn’t had as a virtual vacuum. interviewedaboutanoverly ambi- isn’t just true- students for 15 “Bad Education,” which got lau- tious building project by astudent crime.It’strue- years—like datory reviews when it played last journalist, who gets her quoteand human. Kyle (Rafael year at the Toronto Film Festival, prepares to go. “It’sjust apuff Corruption Casal), the doesn’t feel like a theatrical film. piece,” explains Rachel Bhargava is,among dancer/bar- It feels perfect for a Saturday (Geraldine Viswanathan), but Frank other things, tender he takes night on the couch (which works stops her in her tracks.“It’sonly a inconvenient. up with during out well). There’s a scene late in puff pieceifyou let it be apuff When Bob a boondoggle the story when Frank goes on a piece,” he admonishes.“Areal jour- Spicer (Ray Ro- in Las Vegas. rant before one of Roslyn’s clue- nalist canturn anyassignment into mano)and the No one pays lessly privileged parents about the astory.” What youfeel then is just rest of the attention to unappreciated educator and the atremor,but the foundation of Roslyn board the price of his ungrateful taxpayer, but it’s diffi- Frank’smeticulously fabricated life of education suits or his cult to tell exactly what’s up—is is beginning to turn to sand. start losing surgeries, be- Frank trying to convince himself? Which it famously did. Frank their minds cause Frank, It’s a delicate and memorable per- Tassone and his assistant, Pam over the outra- like a human formance by Mr. Jackman. Ms. Gluckin—playedwith an actorly geous intramural pilfering—it’s aresoaring compared with other pyramid scheme, just keeps paying Janney does the whole Long Island joybyHugh Jackman and Allison discovered that Pamhas been towns on the North ShoreofNas- off. Until he doesn’t. And the re- thing as well as anyone ever has. Janney,directed by CoryFinley— putting thousands in personal ex- sau County.Pam’sexposuremight sourceful Rachel—inspired by The most resonant character, were eventually indicted andcon- penses on her school-district well undo it all—would Harvard Frank—starts digging into the though, might be Rachel, whom victed in an $11.2-million embez- credit card—the boardimmedi- think twiceabout accepting kids school system’s accounts. Ms. Viswanathan imbues with the zlement scheme that involved ately wantstocall the cops.But from ascandal-plagued school “Bad Education,” like the film indignation of youth—something houses in theHamptons,vaca- Frank—so sage, so political—reins system? No one wantstofind out. “Spotlight,” is a journalism story: the rest of the characters have tions,plastic surgery,morevaca- them in: Thehigh school has just But no one knows the extent of No one really wants Rachel’s ex- long outgrown, but which the tions and Frank’sPark Avenue been ratedNo. 4inthe country; the thievery either, and as por- posé, no one wants the dirty laun- story was always going to need. apartment. It wascertainly the the rate of IvyLeague acceptances trayed by Mr. Jackman, Frank is a dry aired—not even the school pa- biggest crime of itskind that is phenomenal and, most impor- tightrope walker. He has political per that she’s writing for. Ms. Bad Education Roslyn had ever seen and made tant, property values in Roslyn gifts, remembering everyone’s Janney looks like she might eat Saturday, 8 p.m., HBO

THEATER REVIEW |TERRYTEACHOUT natural playwright, and I’m eager to hear all the other stories she has in mind to tell. iii Queen BeeGets Stung Brian Dennehy, who died last week at the ageof81, wasagreat stagestarbest known forthe character roles he playedinfilms.Burly Anew arrival threatens apopular student’sreign and open-faced, he wasinstantly recognizable and invariably made an ONE REASONWHY I cover re- edy, but this staging, directed by impression in the smallest of screen gional theater is to see promising Lili-Anne Brown and performed by parts: Ifirst noticed him in 1979 as shows that Icouldn’t shoehorn into an ensemble of women actors that the bartender in BlakeEdwards’s my NewYork schedule.Jocelyn I can’t imagine being bettered, is “10,” an ungrateful little part out of Bioh’s“School Girls; Or,the African the kind of small-scale ensemble which he made magic.Itwas on- Mean Girls Play” has been at the show for which webcasting was stage, though, that he scaled the topofthat list sinceitopened off made. I’m sure it’ll be a treat to heightsoftragedy,never higher Broadway in 2017. An African varia- see in the theater, but to watch than in RobertFalls’smasterly pro- tion on the “Mean Girls”/“Heathers” “School Girls” at home is a com- duction of Eugene O’Neill’s“TheIce- movie genre, it struck me at the pletely convincing experience in its UREN man Cometh,” which Isaw at the LA

time as afabulous premise forsa- own right. LIZ Goodmanin2012. “All he has to do,” tiricalplaymaking,and I’vebeen At firstglance, “School Girls” Adia Alli, Katherine Lee Bourne, Ashley Crowe, Ciera Dawn and Tiffany Renee Iwrote,“is stareintospace, his face waiting ever sincetocatch are- plays likesomething similar to a Johnson in Jocelyn Bioh’s ‘School Girls; Or, the African Mean Girls Play’ askull-likemask of anguish, and gional staging.Indeed, Berkeley rewriteof“Mean Girls” moved to your eyes flick to him likeflies to a RepertoryTheatre’sproduction was Ghana’sAburi Girls’ Boarding actually…I am alittle pale—really, cent snobbery into something far corpse.” No one privileged to have one of the firstshows closed by the School circa 1986.Therein lies the I’vebeen missing some of that tougher and more hurtful. Ms. seen Mr.Dennehy, whether in the coronavirus outbreak to resurface source of the toplayer of humor good African sun.” Bioh manages this transition with- theater or on screen, will soon for- as atheatrical webcast, and I’dhave in the show, which is initially As that last line indicates, much out so much as a hint of heavy- gethim. reviewedithad Iheardabout it dominated by Paulina (Ciera of the satire in “School Girls” handedness, and Ms. Brown’s stag- soon enough. Dawn), queen bee of the popular- arises from the once-unmention- ing is identically light in touch. Fortunately, a preview of the girl clique.When not bossing able subject of intra-racial preju- “School Girls” takes place on a School Girls; Or, the African Mean Goodman Theatre’s Chicago pre- around her acolytes, Paulina brags dice: In Ghana as in so many other unit set attractively designed by Girls Play miere of “School Girls,” which also about her American cousins,who dark-skinned communities, the Yu Shibagaki. A small audience Goodman Theatre, Chicago (viewable fell victim to the pandemic, was shop at such “trendy American lighter your skin tone, the higher was present for the preview, and it online only,$15 and up). Forelec- taped just in time to be turned boutiques” as Walmart and eat at your social status in certain cir- is clearly audible, which always tronic “tickets,” go to goodmanthe- into a webcast. The difference is “high-class” restaurantslike cles. That ugly reality is made enhances the effect of a theatrical atre.org or call 239-332-4488.Tickets that the Goodman plans to put its WhiteCastle (“Acastle with even more brutally clear when a webcast, though I wish it had been mustbepurchasedbythe end of Fri- production onstage when Chicago’s food!”). Then Paulina’sreign is hoity-toity organizer from the mixed a bit more loudly. That, dayand the showcan be viewed theaters reopen. In the meantime, threatened by the arrival of Er- Miss Ghana pageant (Lanise An- however, is my sole quibble: This through Sunday the video version has been given icka (Kyrie Courter), who has toine Shelley) comes to the Aburi is a first-class production of a an online run that ends this week- moved to Ghana from the U.S. and Girls’ Boarding School in search of first-class play, one that I expect end, and I recommend it very whose explanation of her past and a possible contestant. It is at this will continue to be staged all over Mr. Teachout, the Journal’s drama strongly. Not only is “School Girls” present is amortal threat to the point that the play’s emotional the country after the pandemic re- critic, is the author of “Satchmo at a stiletto-sharp piece of social dark-skinned Paulina: “Oh, my dad stakes soar, turning “School Girls” laxes its hold on American theater, the Waldorf.” Write to him at commentary disguised as a com- has acompany—acocoa factory, from an ingenious spoof of adoles- as well it should be. Ms. Bioh is a [email protected]. P2JW115000-0-A01100-1------XA

THE WALL STREET JOURNAL. Friday, April 24, 2020 | A11 LIFE & ARTS

FILM REVIEW |JOE MORGENSTERN ‘Circus of Books’: XXX and XOXO

The filmmaker tells the surprising storyofher parents,who wound up running one of California’s moststoriedgay porn shops

‘CIRCUSOFBOOKS,” afascinat- ing documentarynewly on Netflix, chronicles the rise and fall of a family businessthat wasamys- tery to the three children in the family it sustained—as schoolkids they thought it wasjust alocal bookstore. Which it was, among other things, with itsstock of books and magazines—the New York ReviewofBooks never sold very well, although Hustler flew off the shelves.But therealso were the racks of VHS tapes,and later DVDs,aswell as displays of sexaccessories.Infact, Circus of Books wasapurveyor of hardcore

A study of living with irreconcilable ideas while working to overcome prejudice

porn and acenter of gaylifein West Hollywood, Calif., until the internet swept it away.Every good film reveals unexpected dimen- sions as it goes.The revelations hereconcern Barryand KarenMa- son, the straight, plain-spoken and

otherwise conventional parents (3) who owned the store—especially

Karen, aperson with an excep- NETFLIX tional giftfor living with contra- diction, and forresolving it. Justin Andrew Honard, above; Karen Mason, one of the owners of the store, “I would never call myself a below; the historic Stonewall Inn as seen in the film, right soccermom,” she says cheerfully. No,but no one would ever have takenher to be apornographer. On one level the film, directed by Rachel Mason, the Masons’ daughter, is atale of professional drift and accidental entrepreneurship. Barryhad studied film at UCLA, and Karenhad been anewspaper reporter—she gother start, she says,with TheWall Street Journal in Chicago, then went to the Cin- cinnati Inquirer.But she burned out as ajournalist and he wasn’t setting the world on fire as an in- ventor of medical devices that he developed caring forhis father,a kidney patient with adialysis machine at home.Until something bettercame along they decided to take over afoundering porn shop called Book Circus,modified the sign to read Circus of Books and, starting in 1982, built abusiness that established asecond location film’svital center has no connec- wasaccepting,but Karenwas not, only disapproved, but sawit, she be censors; Karenwas,inher in LosAngeles,expanded into tion with historyorpolitics,and to saythe least. AdevoutJew suddenly realized, as God’sjudg- heart of hearts, one of them. adult-film production and became everything to do with anti-gay throughout her life, she’dbeen ment against her fortrafficking in If this were the end of her the country’slargest distributor of prejudicevisited on the younger taught in Hebrew school that ho- porn. story, the documentarywould gayporn. Mason son, Josh, by—astonish- mosexuality wasanabomination, Vieweddispassionately,this is a qualifyasacautionarytale with a In itsleisurely,episodic fash- ment of astonishments—his and believed it. Howshe recon- study of someone living success- dismal outcome,and therewould ion, “Circus of Books” functions as mother. ciled that conviction with her fully,uptoapoint, with two irrec- be no compelling reason to watch ahistoryofthe LGBTQ movement, Thecircumstances,asthe fam- working lifeseems to have in- oncilable attitudes.That’snot so it. But Karen’srealization wasthe Western division, and of the im- ily recalls them forRachel’scam- volved herown kind of repression; remarkable; people do it all the beginning of anew erainher life, pact of the AIDS epidemic on the era—and sometimes with Rachel the bookstorewith itsmanyoff- time.Inthe contextofthe film, adramatic if belated turnabout store’sloyal staff.It’sequally an joining them, sinceit’sher story shootswas simply abusiness, one though, it’sastartling demonstra- that makes “Circus of Books” an account of censorship efforts, dur- too—wereanguishingly familiar. to which she brought no moral tion of howirrational and seem- unlikely source of inspiration. Peo- ing the Reagan administration, Josh, who had long felt himself to judgments, and she wasfine with ingly intractable prejudicecan be. ple canindeed liveatwar with that threatened to put Barryin be gayand struggled to repress gaypeople in general, or so she Never mind that Karenand Barry themselves and not knowit. prison and relented only afterBill his feelings, came out on avisit believed. Yetwhen her ownchild Mason were constantly beset by Here’sacase of great thingshap- Clinton came to office. Yetthe home from collegein2000.Barry revealed himself to be gay, she not moralizing politicians and would- pening oncepeaceisdeclared.

Weather TheWSJ DailyCrossword | Edited by MikeShenk Shown aretoday’snoon positions of weather systems and precipitation. Temperaturebands arehighs for the day. 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A12 | Friday, April 24, 2020 **** THE WALL STREET JOURNAL. SPORTS The NFL’s AlmostPerfect Prospect

The best way to understand the hype around the Bengals’ Joe Burrow is by looking at his flaws. There aren’t many.

BY ANDREW BEATON “I think it’sanon-factor,” Burrow said when he had to facethe music herewasn’t atechnical and publicly addressthe sizeofhis glitch or unforeseen mittens. stunner that threw the In all likelihood, despitemost start of this year’s NFL NFL quarterbacks having larger T hands than him, he’sright: it won’t draftintochaos.The Cincinnati Bengals began this un- be aproblem. But the moment he precedented, remotedraft dayby coughs up his firstprofessional selecting the playerwho has spent fumble,itwill surely be raised. months anointed as the No.1pick Thefirst reason NFL teams in waiting: JoeBurrow. sometimes obsessoverthis particu- TheBengals had the No.1pick lar pieceofminutia is because they because they were aterrible team pride themselves on whipping last season, and teams that stink at themselves intoatizzy over every football tend to need anew quar- pieceofminutia. Thesecond reason terback.Burrow,most expertssay, is that they believesmaller hands is the best one available.He’sa canlead to decreased ball security. transcendent talent with the poten- Biggerhands makeiteasier to grip tial to resurrect amoribund fran- the ball firmly. chise that hasn’t wonaplayoff Burrow,though, has never had a game sincebeforehewas born. problem with that: He fumbled only But the immense intrigue around four times during his last season at Burrow is that some believehe’s LSU. even morethan simply the topguy available in this year’s class. They The Arm Strength sayhe’sthe most flawlessquarter- It doesn’t take long to realize back prospect in recent memory. Burrow canmakeevery type of “It’sthe cleanest film I’veever throw.Hethrew seven touchdowns seen from acollegequarterback,” in the CollegeFootball Playoff semi- former NFL quarterback and NBC final against Oklahoma. And then Sportsanalyst Chris Simms said re- the teams took their break forhalf- cently. time.Hehitsreceiversonslants, It isn’t hardtounderstand why crosses,outsand bombs. people feel this way: Burrow just Joe Burrow had But when evaluatorshavecom- had arguably the greatest college one of the pared the sheer strength of his arm season ever.Heled LSUtoana- greatest seasons to other young quarterbacks,some tional championship.Hewon the in college history. believeitleavesabit to be desired. Heisman Trophy. He put up unfath- “He does not have ahugearm,” omable numbers—60 touchdowns said NFL Network analyst Daniel with only six interceptions—while room likehe’sbeen endowedwith petitorsincollege. It’sthe same finished his second season. Lamar Jeremiah. playing in the best league in college the bravado of JoeNamath. reason whycollegebasketball play- Jackson showedjust howmuch a Jeremiah watched him throw in a football. He made the best defend- So perhaps the best way to un- ersmay perform betterasseniors players’performancecan leap at workout with Darnold and Buffalo ersinthe SEC look likethe worst derstand the breadth of his abilities but the freshmen arestill the top such ayoung agewhen he wonthe Bills quarterback Josh Allen, two defendersinthe Big 12. is by looking forthe minuteholes in picks in the draft. Teams see more MVP and led the Ravens to an NFL- young quarterbacks who arearound But the funnything about the his résumé—the ones that will be growth potential in someone who’s best record.And Jackson is a his age, and he said Burrow came NFL draftisthat even can’t-miss revisited if he somehowdoesn’t younger. month younger than Burrow. up atick short. He said Burrow prospectssometimes do just that. find his way to stardom. Thereare acouple of waysof doesn’t have the same sort of natu- They miss.Players,including and viewing Burrow’s age. One is by Those Hands ralcannon that otherslikePatrick perhaps especially quarterbacks,are The AgeFactor comparing him to the playerwho’s Themost dramatic moment at Mahomesand Carson Wentz pos- praised as sublime talentsand Burrow is an outlier in manyre- projected to be takensecond: Ohio this year’s NFL combine occurred sess. eventually getlabeled as the nasti- spects. One of those is when he was State defensiveend Chase Young when JoeBurrow had his hands But none of these thingsmat- est four-letterwordinsports: a born: He’salready 23 yearsold. And turned 21 last week.The other is by measured.They came in at 9 teredfor the Cincinnati Bengals. bust. the reason that could be important looking at current NFL players.Jets inches—from pinkie to thumb— They hadthe chancetotakethe Burrow seemingly has the ability is that this places him further along quarterback SamDarnold has been which is seen as slightly lessthan closest thing in the drafttothe per- to escape that fate. He canthrow adevelopmental curvethan other in the NFL fortwo years—and he’s optimal foranNFL quarterback.Fi- fect quarterback prospect. So did short passes and long passes.He players.The logic would go that his six months younger than Burrow. nally,scoutsfound aflawwith Joe just that and took JoeBurrow. canrun. He canevenget away with performancewas boosted because Amoretelling example maybe Burrow:his hands were fractions of —Joe Flint smoking acigar inside the locker he wasolder than most of his com- another NFL quarterback who just an inch toosmall. contributed to this article.

A study found that home-court advantage is driven by referee bias.

Thereare some people who might not let these scholarly find- ingspast their peer review: the referees themselves. “I think the fans actually believe they have influence,” said retired NBAofficial Joey Crawford,“and we as referees knowthat they don’t.” Thereare few people on earth with abetterunderstanding of ref- TuaTagovailoa wasthe No.5pick. erees.Inthe past 25 years, nobody officiated moreNBA Finals games than Crawford,whose father and Tagovailoa brother were both Major League Baseball umpires.Onthis matter, he Is Picked is adamant. “It’satotal fallacy,” he said. “I knowreferees,and Iknowwhat we By Dolphins talk about, and Iknowwhat perme- ates our profession. Nobody ever talks about the fans.” BY ANDREW BEATON But not manyofficials know what it’sliketocall big-time games There was one question without tens of thousands of hanging over this year’s NFL screaming lunatics in their ears. draft: Where would Tua Ta- Which is whereacouple dozenItal- govailoa go? ian soccerrefs come in. He didn’t have to wait long Their performances beforeempty to find the answer: the Miami The Big WinnersofSports stands in 2007 delivered the key Dolphins with the fifth pick. finding of the Swedish economists’ Drafts are defined by their study: Referee bias,the biggest fac- quarterbacks, and after Joe torinhome-field advantage, all but Burrow went No. 1 to the Cin- Without Fans:The Refs disappeared in games behind closed cinnati Bengals, there was mys- doors. “Soccerreferees aresup- tery and intrigue. Tagovailoa posed to be neutral,” they wrote. was transcendent at Alabama, “Yet we find evidencethat Italian leading the team to a stunning THE WORLD’S GREATEST athletes ing itsjob than under anyother cir- the only feasible option that public- referees changetheir behavior in national championship come-

arejust likeus: When they go back cumstance. Those eliteperformers: health expertscan see until thereis games playedwithout spectators.” back off the bench as a fresh- S

to work,their offices will be unrec- the referees. widespread testing or avaccine. In most soccermatches,their man. But his final college sea- PRES ognizable.The next time thereare Thestudy’s authorsnoticed that Thereisreason to believethat study found, home-field advantage son ended with a gruesome hip TED

games to watch, they will almost in stadiums without fans,the be- these eventswill have dramatic im- holds true.The referees call fewer injury. In the eyes of some, he CIA

certainly be playedinempty arenas, havior of the games’ supposedly plications on the games themselves. fouls and givefeweryellowand red went from a sure thing to a SO areality that went from unrealistic neutral arbitersshifteddramati- This is the firsttime in the modern cardstothe home team. But not in question mark. AS to optimistic over the course of the cally.And only by playing games in historyofsportsthat they won’t the Italy sample.Home teams were The draft, which took place ON/

silencecould the researchersdeter- have drunk fans calling them blind, penalized so much moreand road amid unprecedented conditions CARLS By Joshua Robinson, mine howofficiating calls were in- telling them howtodotheir jobs teams were penalized so much less because of the coronavirus, be- Ben Cohen herently biased by the merepres- and generally trying to influence that it created aswing of 3.96 fouls gan much as planned on Thurs- CHRIS and Andrew Beaton enceofother human beings. their decision-making. per match. day night. S; But even afterthey published Fordecades the question of Subsequent papersonthis effect Burrow led things off. Defen- PRES

most disruptivesix weeks in sports their results, they wished they had home-court advantagehas pulled at in soccerwereable to geteven sive end Chase Young went to TED history. But it turns out this kind of moredata. It would take apan- researchers, but only recently have moregranular. One study of the the Redskins at No. 2 and he CIA SO

workplacedisturbancehappened demic forthem to getwhat they they discovered that it’slargely a German Bundesliga found that was followed by cornerback AS

oncebefore. wanted. “Our little study is becom- function of psychology. In their 2011 home-field effectsweremost pro- Jeff Okudah to the Lions. Then NFL/

It all started with another mor- ing relevant again,” said Mikael book “Scorecasting,” Toby Moskow- nounced in stadiums that didn’t the Giants took offensive tackle S;

bid event, a2007 soccerriot in Sic- Priks, who wrotethe paper with Per itz and L. JonWertheim presented have arunning track between the Andrew Thomas at No. 4. PRES ily,wherehundreds of supporters Pettersson-Lidbom, his University compelling evidencethat it’smostly field and the stands.The closer fans After that, the Dolphins TED

were injured and Italian authorities of Stockholm colleague. amatterofreferee bias.Inaworld were to the action, the morelikely made Tagovailoa the face of CIA

took the extraordinarystepofban- Nowsportsleagues around the without fans,that bias might de- they were to sway their calls. their rebuild. The Chargers fol- SO AS

ning fans from matches.But two world areconfronting the bleak re- crease.“Isuspect they will make Crawford said this theorydidn’t lowed at No. 6 with the quar- T/ Swedish economistsspottedoppor- ality of playing behind closed doors much fairer decisions,” said match his reality.“Youdon’t even terback some believed could

tunity in disaster.This wasarare to come out of hibernation. Major Moskowitz,aYale economist. hear the fans,” he said. But in the leapfrog Tagovailoa, Oregon’s HERBER

chancetoansweraquestion of hu- League Baseball is considering a This makes sense.Imagine you spirit of scientific exploration, he Justin Herbert. ALD

man behavior that is nowbeing plan that would put teams in abub- worked foracompanythat invited offered ahypothesis of his own: The early run on quarter- GER

asked in the dystopian sportsland- ble to playgames in Arizona. The thousands of strangerstoheckle He’sguessing that NBAplayers and backs made sense: in a league P: scape of the coronavirus pandemic. NBAand NHL areweighing similar yourelentlessly all dayevery day, coaches might not lobby forso increasingly dominated by TO OM

What changesatmajor sporting proposals to stagetheir postsea- so much that it became part of your manycalls in asilent, empty arena. passing, it was the third time in FR eventswhen thereare no crowds? sons.German soccerishoping to routine.But then one day, the office Why? the common draft era that Theansweristhat one popula- resume playinempty stadiums in bans them. Would youget betteror “Because everybody canhear three quarterbacks went in the WISE OCK

tion gets closer to perfection in do- early May. Afuturewithout fans is worseatyour job? you,” he said. top six picks. CL P2JW115000-0-A01300-1------XA

THE WALL STREET JOURNAL. Friday, April 24, 2020 | A13 OPINION Congress’s Coronavirus Mess BOOKSHELF | By Colman Andrews

“Thereisal- ised this week’slegisla- Rep.Warren Davidson Now Serving waysawell- tion wasmerely an “in- proposes to turn at known solu- terim measure” and least some of those tion to every declared that “in the dollarsfromgrants

humanprob- weeks ahead Congress CK intoloans—as the gov- Number One lem—neat, must prepareanother TO ernment is doing with POTOMAC plausible,and major bill in similar other businesses.This

wrong,” H.L. sizeand ambition to HUTTERS makes sense,especially

WATCH /S How to Feed a Dictator Mencken ob- the Cares Act”—last as hospitals will among By Kimberley

served. Con- month’s $2.2 trillion THEW the firstindustries to By Witold Szabłowski A. Strassel

gresshas law. Joining him—un- WN reopen and arewell- (Penguin, 267 pages, $17)

found itsown fortunately—is the SHA positioned to recover. neat andplausible answerto WhiteHouse,which Speaker Pelosi and Minority Leader Schumer Other Republicans call thas always seemed curious to me,” Ford MadoxFord the Covid-19 pandemic: spend, senses an opportunity foracloser look at all ‘I oncewrote,“that the four fiercest of all animals,the spend some more. Thankfully, to realizelong-stalled priori- even in financial distressto the dollarsCongressthrew in bull, the stallion that is more terrible than the bull, afew elected leadersare start- ties.President Trump seems tapthe fund, which is helping itspanic,wondering if it isn’t the rhinoceros that is acharging castle,and Mr.Hitler, ing to realizeit’swrong. unaware that Speaker Nancy to runitdry—a problem now prudenttoclawback some of should all be vegetarians.” Theworld’sleast delibera- Pelosi will see his plans forin- being flaggedbySen. Ron the morewasteful or unneces- In fact, Hitler wasnot avegetarian, at least not consis- tivebody wasatitagain this frastructurespending and Johnson of Wisconsin. Yet saryhandouts. tently.Various accountsmention the Führer’s fondnessfor week,asthe Senatewaved raise him abailout forevery those same rules bar smaller, Congresshas an obligation Bavarian sausages,liver dumplingsand stuffed pigeon, and through by unanimous con- mismanaged blue state, aU.S. moredesperatebusinesses at leasttoensurethe money he banned vegetarian organizations.Why does that matter? sent another $484 billion for Postal Servicerescue,acom- from obtaining loan forgive- it is shovelingout—whether Whyshould we care what Hitler did or didn’t eat—or,for loan programs,hospitals and pleterevampofvoting rules nessifthey use even 26% of in grantsorloans—remains that matter, what music he listened to,what he hung on his testing.The House at least in time forNovember,and ex- themoney on expenses be- with thosefor whom it is in- living-room walls,orwhat his favoritecolor was? bothered to gather and hold panded unemployment bene- yond payroll. Texas Rep.Chip tended. Itsfailuretoinclude But people obviously do care about the ephemeraof an actual vote Thursday, fits foreveryone,forever. Roy, amember of the Free- anymeaningfulliability pro- autocracy. Countlessarticles have been writtenabout dictators’ though it forswore amend- On the other side areRe- dom Caucus,put together an tection in itslegislation en- cars and the quirks of dictator fashion. There’sevenawhole ments. This wasthe fourth publican lawmakersrealizing amendment to loosen the sures that ahugechunk of aid book dedicated to the interior decor of tyrants’ homes. aid packageCongresshas Democratsare using each of 75%-on-payroll requirement, money is destined forthe And then there’sfood. Polish journalist and author Witold whipped along sinceMarch. these bills to take them—and but Democratsbarred him trial bar,which is already ac- Szabłowski’slively “HowtoFeed aDictator,” rendered into the country—foraride.Sen- from offering it to this week’s tively soliciting plaintiffs for English by Antonia Lloyd-Jones, isn’t the firstvolume to ateMajority Leader Mitch legislation. cases against hand-sanitizer addressthe subject. Victoria Clark and Melissa Scott’s A pandemic doesn’t McConnell indicated an end to Then thereare the Demo- manufacturers, hospitals,vac- “Dictators’ Dinners: ABad TasteGuide to Entertaining anymoreunanimous-consent crats’ “turbocharged” unem- cine makers, nursing-home Tyrants” drawsonsecondarysourcestorevealthe eating excuse lawmakers spending and voiced his oppo- ployment benefitsfromthe operators—you name it. Dem- habitsofsome 25 despots(Hitler included) and includes from performing their sition to Democratic schemes Cares Act. Four Republican ocratsare fine with this,since recipes forsome of their favoritedishes.Mr. Szabłowski, in to bail out badly managed senators—South Carolina’s the trial bar’s profitshelp contrast, devoted three yearstotracking down and person- most basic duties. statepensions.Hewantsa Lindsey Graham and Tim elect Democrats. But conser- ally interviewing the cooks forjust five former leaders— pause,thank the Lord. Scott, Nebraska’sBen Sasse vativegroups arepushing for Iraq’sSaddam Hussein, Uganda’sIdi Amin, Albania’sEnver Republicans arealso realiz- and Florida’sRick Scott— Republicans to take a hard, if Hoxha, Cuba’sFidel Castroand By some estimates,law- ing the virus has not caused warned at the time that bene- belated stance. Cambodia’sPol Pot. He doesn’t makershavealready pushed voters to abandon basic prin- fits so generous would dis- Howabout any stance? bother with recipes,but with this year’s budget deficit to ciples.Their constituentsex- courageable-bodied people TheBeltway storyof the help of locals he meets, he $4 trillion—quadruple the pect conservatives to care from returning from work. Covid-19 has been one of does provide historical context previrus estimate. Theonly about debt and the sizeof They were generally treated Democratsholding hostage forthe worlds in which these good news is that this number government, as well as to ad- like the skunks at the spend- everyaid bill to pet priori- tyrantsoperated and makes is finally pinging afew alarm dressthe ballooning list of ingparty,but we nowknow ties,and the GOP caving in. sureweremember howevil they bells.Socue the next itera- mistakes and unintended con- they were right, and the pro- Republicans need to make were,evenasweread about tion of Congress’svirus de- sequences in all these pack- visions could contributeto clear—toDemocratsand the their fondnessfor grilled cheese bate—a battle between those ages.There’sagrowing Re- yetmorebankruptcies.See WhiteHouse alike—that not with honey or refusal to eat intent on moremindless publican consensus that this theJournal piece this week anotherdime will leave the dried elephant meat. blowouts and those belatedly must nowbethe priority. from ChefStable owner Kurt government’scoffersuntil He also warns us—though only determined to clean up the That includes changesto Huffman, whocan’t gethis Congressbetteraccountsfor at the end of the book,after we’ve messes Congresshas already the Paycheck Protection Pro- employees back on the job. the programs it has already ingested what his chefs have made. gram, the Small Business Ad- This week’sbill throws$75 enacted. Aglobal pandemic served—that he wasn’t able to verify On the mindless side, we ministration’s newlending fa- billion moreathospitals on doesn’t excuse lawmakers much of what he has been told. “Wesimply have find SenateMinority Leader cility.The current rules allow topofthe morethan $100 bil- from their basic duties. to trust the cooks,” he proposes,abit ingenuously,“just as Chuck Schumer, who prom- biggerbusinesses that aren’t lion in the Cares Act. Ohio Write to [email protected]. we would trust them if we met them and they cooked forus.” Those cooks,itturns out, have modest origins.Unlike, say, Russia’sNicholas II, who imported renowned French chefs to preparehis meals,Mr. Szabłowski’sdespotsaimed low. Dying Gives Us a Chance to Confront Truth None of the five men and one woman he talks to (he finds two of Castro’scooks) were polished professionals when they HOUSES OF Yearsago I moriendi holdsthe opposite “He liftedmeout of the deso- Covid-19 is notablessing. were recruited to serve. Hoxha’schef—identified hereonly WORSHIP preached a view: It’s a good thing to see latepit, out of the mireand It is one more obvious, terri- as “Mr.K”—had been working in aconstruction-sitekitchen By C. Kavin sermon on death coming and to have clay”;“Tasteand see that the ble instanceofabroken when “the party” sent him to cook at the Albanian leader’s Rowe death to a time to prepare. Time and Lord is good.” And in the world. But amid all the rea- holidayvilla. Yong Moeun, who served PolPot, wasascout relatively habitprovide the chanceto wordsofJesus: “Let not your sonable concern, we shouldn’t in ajungle encampment when she wasenlisted to makea young con- livefully and—even at the last heart be troubled; and do not lose sight of the deeper cause sweet-and-sour soup,thereby launching her cooking career. gregation. As Igreeted con- hour—become amature hu- be afraid”;“Iamthe resurrec- of our anxiety—our mortal Otonde Odera, Idi Amin’schef,seems to be the most gregantsafter the service, man being, one who tells the tion and the life.” And, when fear—and the unprecedented passionateofthe lot about his métier.Born in atribal village manysmiled the Southern truth. my wifehas breath enough, chance within this life to be- in Kenya, he crossed the border intoUganda as ayoung man smile that means,“We know Iknowthis firsthand be- we also sing the Kyrie eleison. come fuller,richer and more and ended up working as a gardener for an English couple our mannersbut don’t like cause my dying wife tells the Lord, have mercy. joyful human beings. in Kampala, the capital. One dayhewas asked to help pre- what yousaid.” Yetone el- truth. When she was referred When we accept the truth pareameal. “Right from the start,” he tells Mr.Szabłowski, derly couple stopped to talk. to hospice some time ago, af- aboutour mortality,wecan “I felt as if Iwereborn in the kitchen. ...Ihad found some- “We’venever heardasermon teralong and painful decline, Since my wife entered also experienceremarkable thing God wanted me to do.” AfterUganda declared indepen- on death here,” Irecall the she simply noted, “I don’t freedom: to take the time to dencein1962, Mr.Oderagot ajob cooking forMilton Obote, wife saying. “We needed one. want to die.Iwant to finish hospice, we’ve grown say“Iloveyou”;tostopnurs- who wasUganda’sprime minister and then president. When We’reold and we knowwhat’s raising our son.” closer together and ing resentments, thinking that Obotewas deposed by Idi Amin in 1971, Mr.Oderastayedon. coming.” Through attentivecare, forgivenesscan always wait TheCovid-19 pandemic has hospicehas extended her deeper in our faith. foranother day; to cease pre- swept away the illusions that life—and with it the chanceto tending that little annoying A Polish journalist tracks down and talks to led the congregation—and talk about our successes,fail- thingsmattersomuch; to pick the chefs of ﬁve despots who ate well despite much of the world—toignore ures, hopes, sorrows, beliefs, And he has had mercy: Je- up our heads and look at the death. The virus will kill only and doubts. Thedemand to sus teaches that the way to a beauty of the world; to exam- the privations faced by their citizenry. asmall minority of the world. facedeath created anew full lifeisthrough facing ine our beliefs about what re- Yetits prevalencehas re- chancetogrowcloser to- death. That teaching holds up. ally,really countsinlife; to minded people everywhere gether and deeper in our faith. My wifehas not been healed mend relationships; and, for What do we learn from these chefs,byway of Mr. that if Covid-19 doesn’tkill We don’t have time to argue and will never get better. But those who’venever trieditbe- Szabłowski, about the dictatorsthey served? Probably not them,something else will. about what a“messy kitchen” somehow we are on the path fore, even to pray. much we didn’t already suspect. They atewell, regardlessof This realization recalls atruth meanswhen we’refocused on of life.Telling the truth and No sane person would the privations faced by their citizenry. They were paranoid central to the Christian tradi- sharing the truths we need to training fordeath is agoniz- ever give thanks forapan- (Hoxha’ssecret-policeagentsnot only doggedhis chef’s tion: No one will getout of life hear: Iloveyou. Iwish we ing,but it also has provided demic.But if we take the footsteps but stood by while farmersmilked the cowsand alive. could grow old together.I consolation. Death no longer chanceitgives us to become fishermen landed their catchfor the Albanian dictator’s Over time Christians devel- wanted to knowour son’swife seems far away;training forit truth-tellers, loversand rec- meals). And they were capricious. oped aset of practices to help and our grandchildren. Iwill and experiencing itscloseness oncilers, we maywell wind If Saddam didn’t likeadish one night, he would make us tell this truth and to pre- be with you until the end. has brought certain gifts. up giving thanks forwhat we his cooks pay for the cost of the ingredients. A few days pare for death. In the Middle We have long read the Bi- These gifts of clarity of pur- have become. later, if he was better pleased, he would give the money Ages this wascalled the ars ble.But facing death has pose and loveare what human back twofold. Amin spontaneously almost tripled Mr. moriendi,the art of dying.To- brought it near,and itswords beingsspend much of their Mr. Rowe is a professor at Odera’s salary one day after a couple of British officers day, aquick death oftenis now speak directly to us. We lives longing forand failing to Duke University Divinity praised a steak-and-kidney pie he’d prepared—but on seen as ideal. Yetthe ars find comfort in the Psalms: find. School. another occasion, he raged against the kitchen staff and threatened to kill them when his 13-year-old son got indigestion and Amin was convinced he’d been poisoned. Mr.Oderaiscertain that, contrarytorumor,Amin never Coronavirus as a Sequel to ‘Jaws’ dined on human flesh. “I never sawany meat of unfamiliar origin, or that Ihadn’t bought myself,” he assures us. By Lee Siegel outthere. Youknewitwas ticularly dislikes Hooper,accus- tin, my kids were on that Howdothese chefs feel todayabout having nourished men dangerous.But youlet people ing him of exaggerating the beach, too,” he says,racked who arenow so widely reviled? Yong Moeun, who cooked for nspired by current events, go swimming anyway.” shark’ssizeto“getyour name with guilt and fear.Hehires an PolPot, expresses akind of admiration forhim that suggests I manypeople arestreaming Thecameracloses in on the intothe National Geographic.” eccentric seaman, Quint, to aschoolgirl crush, calling him “a beautiful man” and “pure old pandemic movies like faceofMattHooper,the “It’sall psychological,” find and kill the shark. goodness.” His nickname wasBrother Mattress, she reports, “Panic in the Streets” (1950), oceanographer,ashereactsto Vaughn tells Brody.“Youyell “The summer’s over,” Brody “because he always did his best to calm thingsdown. He was “Outbreak” (1995) and “Conta- this scene of rage and grief.It ‘Barracuda,’everybody says tells Vaughn, implying that the soft.” (He also conducted acampaign of massgenocide that gion” (2011). Another relevant is an unforgettable moment. ‘Huh? What?’You yell ‘Shark!’ beaches will be locked down as exterminated aquarter of Cambodia’spopulation.) One of classic is the 1975summer But it wasn’t Brody who had andwe’vegot apanic on our the frightened townspeople take Castro’schefs tells Mr.Szabłowski: “I have no reason to be blockbuster “Jaws.” kept the beaches open. It was handsonthe Fourth of July.” shelter and wait forthe chief, ashamed. No one ever did as much good forCuba as Fidel.” Themayor of afictional Eventually the men reach a thescientist and the hunter to Castro’sother chef,who,Mr. Szabłowski is told, “has lost his NewEngland resort town, Am- compromise.The beaches stay eradicatethe menacethat has wits,” says of the lateCuban leader: “He’severything to me. ity Island, has to decide A deadly threat forces open but with heavy police transformedtheir lives. He’smyentirelife.” whether to followthe adviceof presence, posted warnings “Jaws” is aonly amovie, Hoxha’schef is obviously lessproud of his service. He his policechief and an ocean- reluctant politicians about the shark,and aerial ob- and today’sreal-lifetrade-offs insistsonkeeping his real name secret, says Mr.Szabłowski, ographer and close the town’s to order a shutdown servation. But Vaughn gets in aren’t as simple as afictional because “hedoesn’t want to keep explaining on adaily basis beaches afteragreat white his ownway and thwartsthis plot. Americans have an unpre- what he wasdoing foraliving while most Albanians were shark kills two swimmers—a of the economy. precarious plan when he im- dictable political leader who is starving.” As forMr. Odera, while he doesn’t defend his decision that would devastate pulsively circulates among far morecomplicated than former bossIdi Amin, he gives himself apass: “You ask how thetown’seconomy. anxiousbeachgoers, hinting LarryVaughn, and whose op- Icould cook forsuch amonster.Well, Ihad four wives and Themother of ayoung boy MayorLarryVaughn, who that the shark has been caught ponents, including asubstan- five children.” who has gone missing after from the beginning plays down and urging them to enjoya tial segment of the press, seem last being seen playing in the the threat forfear of driving swim. Thesplashing attracts determined to demoralizethe Mr. Andrews is asenior editor at 24/7 Wall St. and the surf—the audienceknows he away people who flock to the theshark,which claims an- public to bring him down. Still, author of nine books on food. wasthe shark’ssecond vic- town everyFourth of July,now other victim in an unguarded the scene of agrieving tim—confronts the police aday or two off. part of the water. mother’s rage against the offi- chief,Martin Brody,and slaps “Look,” Vaughn says at one Brody’s teenageson, who cials who failed to protect her Coming in BOOKSthis weekend him in the face. point, as he tries to dissuade wasswimming nearby,istaken sonresonates 45 yearslater. Lucy S. Dawidowicz&the politics of Jewish history• “I just found out,” she says, Brody and Hooper from publicly to the hospital in astate of Odetta:Alifeinmusic &protest •The other ‘MissAusten’ “that the girl gotkilled here announcing the danger,“we de- shock.The mayorrealizes his Mr. Siegel is author, most •Epidemics &society: From the Black Death to today• last week,and youknewit! pend on the summer people error as he waitswith the po- recently, of “The Draw: A Children’sverse: Acelebration •Fiction, mysteries &more Youknewtherewas ashark herefor our very lives.” He par- licechief at the hospital. “Mar- Memoir.” P2JW115000-0-A01400-1------XA

A14 | Friday, April 24, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Stopping a Lawsuit Epidemic Coronavirus Helps to ReanimateFederalism

illions of Americans will lose their jobs governors, including NewYork’sAndrew Cuomo, William Galston’s“Trump Flunks icy—governorswho have blamed and tens of thousands will die from Illinois’sJ.B.Pritzker and Michigan’sGretchen Federalism 101” (Politics &Ideas, Washingtonfor alack of supplies, M Covid-19.Leave it to the plaintiff bar to Whitmer, forusing emergencyexecutivepowers April 15) is excellent as far as it goes. equipment and testing,and who have He notes that Supreme Court deci- wildly overstated the numbersofven- makemoney off the misery. to protect providersintheir sions construing the Constitution’s tilatorsand hospital beds they need. “The WHO is telling health Trial lawyers are states from trial lawyers. Spending Clause permit the federal Fewbeds areoccupied in NewYork care facilities to take all nec- massing to loot medical Other governorsshould do the government to offer states grantsfor City’s JavitsCenter or aboardthe essarysteps in dealing with same. purposes that arethe exclusivere- USNS Comfort sitting in itsharbor.It patients to detect, isolate and providers and employers Those actions by Democrats sponsibility of the states,solong as it seems all patientswho needed venti- limit the spread of Coronavi- in response to Covid-19. arealso an opening forRepub- doesn’t coerce them intoaccepting latorshavebeen able to getthem. rus,” says the law firm Cogan licans to pressliability reform them and all their attendant baggage. Nowthose same governorsare saying &Power, P.C. Advises per- in Congress. Nebraska Sen. Experiencehas demonstrated that the to the president: “We’regood; we’ve sonal injuryattorney Steven Ben Sassehas introduced leg- states find it enormously difficult to gotthis.” Heisler: “If you or a family member has become islation shieldinghealth-careworkersfor test- decline them, whatever their condi- With afew honorable exceptions, seriously ill or someone has died from corona- ingortreating coronavirus patients. Congress tions.That is true even though 14 most of those governorsappealed to states refused to participatein Washingtonfor anational policy and virus due to someone else’s negligence or fault, last month legislated liability protection forN95 ObamaCare’sexpansion of Medicaid decried its“lack of leadership” be- you should seek legal advice to see if you have mask manufacturersthat feared lawsuitsif coverage,but that is an exception that cause they didn’t want to makethe acoronavirus malpracticelawsuit.” health-careworkerswearing masks gotsick.Li- proves the rule.Having experienced harddecisions that Mr.Trump has,in Most businesses areadvertising less,but trial ability concerns discouraged manufacturers the very substantial collateral costsof fact, made.Gov.Andrew Cuomo’s lawyersare taking advantageofAmerica’shome whodon’t usually makemasks from assisting their existing Medicaid programs, daily fireside chatshavemade him a confinement to recruit clientsonTV. Consumer against the coronavirus. those states declined to compound celebrity.But Ihavetrouble recalling Attorney Marketing Group notes that “media It will getworse.Plaintiff firms arealso tar- them. Thus the practical effect of the one really harddecision the avuncular consumption in the U.S. is already at historical geting employers if they reopen forbusinessand court’sSpending Clause decision has governor has made over the past highs” and “staying put in our homes canlead workersorcustomersget sick.Cruise companies been to empowerCongresstoinduce month. to almost a60% increase in the amount of con- have been sued fornegligence, and the American the states intoadopting Washington’s JAMES DAMRON tent we watchinsome cases.” Legalfinance Federation of Government Employees has filed approach to matters that remain the North Potomac, Md. states’ exclusiveresponsibility. firms arealso capitalizing by lending money for aclassaction against the federal government for These programs,which areladen Mr.Galston utterly ignores the virus lawsuitsoncondition they receiveadivi- not providing enough protectiveequipment in with the most detailed instructions, Constitution’sCompact Clause (Arti- dend from the eventual payout. prisons and veterans hospitals. nowprovide federal subsidies forvir- cle I, Section 10,Clause 3), which pro- Most health-careprovidershavemalpractice All of this will hamper the recovery.The virus tually everyactivity in which states hibitsstatesfromreaching agree- insurance, and insurersare directing them to canspread easily among workersinconfined areengaged. They distortstate priori- mentsamong themselves without the establish explicit treatment protocols as apro- spaces,and infections have forced some meat- ties,impose ponderous regulations on consent of Congress. Thegovernorsof phylactic.But it’sunclear whether insurerswill packing plantsand food facilities to close.Most myriad stateand local activities and NewYork and California recently an- coversome coronavirus legal claims.Hospitals employers areadopting practices recommended deprivetheir citizens of effectivecon- nounced acompact negotiated by were inundated with lawsuitsafter Hurricane by public health including keeping workersat trol over howtheir owntaxes areto each of them with other states to end Katrina, so nowmost areprepared fornatural least six feet apart and areregularly sanitizing be used. In sum, they have converted the shutdowns previouslyordered by the states in toomanyways intomere the governorsinvolved. Congress disasters. their facilities.Statesneed to grant them legal administratorsofprograms created in hasn’t consented to those compacts. But apandemic likethe coronavirus hasn’t protection if they do. Washingtonand overseen by bureau- Mr.Galston gives the president no occurred in acentury. Hospitals and workers Employers arealso worried about wage-and- cratswho arethe furthest removed credit, however, forrefusing to order aremanaging asurge of patientsthat nobody hour lawsuitsbyworkerswho mayclaim they from wherethe money is to be spent. anationwide shutdown at atime could have predicted. They aren’t responsible weren’t allowedtotakerest breaks or weren’t As one former Democratic governor when the president’sopponentswere foralack of protectiveequipment. Health-care paid overtime while working remotely.Small put it: “I honestly wondered if Iwas complaining that the president pro- providershavetomaketreatmentdecisions businesses also saynew federal paid sick and actually elected governor or just duced a“patchwork” by allowing indi- against adisease we still knowtoo little about, family leave mandates could leave them vulnera- branch manager of Nebraska forthe vidual governorstodecide howeach and they shouldn’t be sued unlessthey are ble to worker lawsuits. federal government.” statewould respond to the Covid-19 grosslynegligent. If CongresswantsAmericatorecover with In practical effect, these grants pandemic.That is precisely the sys- Congresslast month provided liability pro- anyspeed from this pandemic recession, we have effectively nullified the Constitu- temthat the Constitution establishes. tion’sfederalism—itsreservation to PATRICK MCSWEENEY tection forhealth-carevolunteersbut should ex- can’t have alawsuit epidemic too. Employers op- the states of all powers not assigned Powhatan, Va. tend them to all providers. Credit Democratic erating in good faith need asafeharbor. by it to the federal government. JAMES L. BUCKLEY By Mr.Galston’slogic,the presi- Bethesda, Md. dent has the authority under the Com- Big Oil to the Rescue merce Clause to shut down interstate Ithink that President Trump’sas- commerce,but lacks the authority to nti-carbon activistsdon’t sleep even climateimpact, which finally ended last Decem- sertion of “total” authority over the open it back up.That is anon sequi- during apandemic,and earlier this ber when astate judgetossed the statelawsuit states likely reflectshis irritation at tur,particularly sincethe purpose of A week New York City Council members as entirely without merit. governorswho have forweeks com- the Commerce Clause is to facilitate, introduced a resolution to di- Exxon is also increasing plained about the “lack of leadership” not hinder,interstatecommerce. vest from banks invested in Look whose products production of aspecialized coming from Washingtonand the RICK MILLER need forauniform nationwide pol- Wallingford, Pa. fossil fuels.Perhaps they don’t are crucial for fighting polypropylene that is used in know that hand sanitizer and medical masks and gowns by personal protectiveequip- off the coronavirus. about 1,000 tons per month, ment come from hydrocar- which is enough to manufac- Med School, Social Awareness and Good Care bons synthesizedbytheir tureupto200 million medical arch-villain Exxon Mobil. masks or 20 million gowns. At the same time, In “Med School Needs an Over- cerns that physicians arefaced with, Exxon’s predecessor Standard Oil invented it is applying its expertise in material science haul” (op-ed, April 14), Dr. Stanley including Covid-19.Emerging data isopropyl alcohol (IPA), the key ingredient in to develop newfaceshields that utilizeafiltra- Goldfarb bemoans the present focus demonstrates that mortality associ- disinfectantsand hand sanitizer,in1920.Its Ba- tion fabric. in the curriculum for educating future ated with Covid-19 is disproportion- ton Rouge chemical plant is now the world’s Working with Boeing,Exxon plans to manu- doctors. Fifty years ago, when I was a ately higher in socially vulnerable medical student, we were exposed to populations.The same canbesaid for largest producer of IPA. While refineries have facture as many as 40,000 masks an hour. Ac- public-health issues, epidemiology, aslewofother conditions,including been throttled back, Exxon has ramped up IPA cording to an Exxon engineer, this new design biostatistics and community health. heart disease,cancer,asthma, diabe- production by 3,000 tons per month, which is and production method won’t be vulnerable to The most productive day of my medi- tes, pregnancy, obesity and even os- enough to produce 50 million four-ounce bot- the supply-chain hiccups that have led to wide- cal education was the one I spent teoarthritis.Adequately treating our tles of sanitizer. spread mask shortages.NoDefense Production with a visiting nurse as she made patientsrequires that physicians un- The oil giant recently noted in a press re- Act coercion necessary. rounds in poor areas of the South derstand the contextinwhich those lease that the state of New York has turned to As forthe cries to divest from fossil fuels,oil Bronx. It taught me that all of the ad- patientslive. They cannot do that the Baton Rougeplant forcritical supplies.Gov. and gas generate energy but are also the feed- vances in the science of medicine will without being taught about the im- Andrew Cuomo should be grateful Exxon isn’t stock for an inestimable number of essential be of no avail if our patients don’t fol- pact of these social issues on medi- holding agrudgeafter the state’sfour-year in- products. Do liberals want to divest from using low our recommended treatments. If cine.The best placefor this is medical quisition forallegedly deceiving itself about its those to fight off the coronavirus? doctors understand how our patients school—whereall physicians aregiven live, we can improve their medical abroad education on the fundamen- outcomes. In my four years of medical tals of medicine. school, the hours we medical students Along those same lines,undergrad- Watch Out in the South China Sea devoted to our studies far exceeded uatemedical education only provides the demands on the time of friends the foundation foracareer in medi- ith the world preoccupied by the the coronavirus crisis.Chinese propaganda who were studying for M.B.A.s or cine.Itisthe basis forfurther training coronavirus pandemic,China has has also amplified the virus troubles aboard other graduate degrees. Given that and not intended to be the endpoint W been looking to exert moremilitary the USS TheodoreRoosevelt aircraftcarrier, time is finite, if we add an item to the of our learning. control in the South China apremier American navalas- curriculum, something else will have Preparation formajor public-health Sea. This week three war- As U.S.-China tensions set in the Pacific,tosuggest to be reduced. crises is important, but not at the ex- ships from the U.S. Seventh increase, the chance of U.S. vulnerability. As physicians,wenot only know pense of learning about the social de- Fleet,joined by an Australian Anotherpotential flash- what we know, we also knowhow terminantsofhealth that impact our a miscalculation grows. much we don’t know. My medical edu- patientsevery single day. Students frigate, responded by sailing point is Taiwan, which has cation has prepared me forunder- should enter the field of medicine into the disputed waters in a wondeserved international standing items that maybeout of my with aclear understanding that they showofforce.The danger is recognition forits handling field. But understanding is afar way not only mayfaceapublic-health ca- that Chinese navalofficersmisread America’s of the coronavirus.That’salso infuriated from expertise.Iamneither astatisti- tastrophe likethe one that we arecur- public mood and think they canembarrassthe China, which has increased militaryflyovers cian nor am Ianepidemiologist. When rently in (as Dr.Goldfarb says), but U.S. without escalation. closetothe island. needed, they canbefound at the also that the work they do maybe TheSouth China Sea is acritical waterway U.S.-Chinese tensions arealso increasing, nearby university medical complex. greatlylimited by the social chal- in the Western Pacific,bordered by Taiwan, as Americans blame China forits deceptions ELLIOT DAVIDOFF, M.D. lenges that our patientsfaceintheir Vietnam, Singapore, the Philippines,Indonesia about the coronavirus in an election year.Chi- Granville, Ohio daily lives.Weneed socially conscious and Brunei. Beijing has long claimed control nese propagandistshaveclaimed the U.S. may physicians who candoboth. Social determinantsofhealth are MUYIBAT A. ADELANO, M.D. over it, and during the Obama Administration have created the virus. critical to understand because they Washington University it moved on itsclaim by militarizing islands Under these circumstances the chanceof arethe undercurrent of most, if not School of Medicine despiteinternational protests. amilitarymiscalculation increases.Even all, individual and public health con- St. Louis This month Vietnam said aChinese ship something likethe Hainan Island incident, deliberately rammed and sunk aVietnamese when aU.S.and Chinese plane collided in fishing boat. Indonesia’sfishermen arealso 2001, would requirecareful de-escalation. Should Gender, Race Rules Pepper ... reporting escalating harassment, and in re- Thecoronavirus is consuming most of Amer- Apply to the Vice President? And Salt cent weeks Chinese government and militia ica’spolitical oxygen, but Chinese military ships have been tailing Malaysian oil-explo- commandersshould not think this is amo- Regarding the letters of April 21 THE WALL STREET JOURNAL ration boats. ment to tangle with the U.S. if they encounter about Democratic presidential nomi- U.S. freedom of navigation exercises arein- each other at sea. China’sgeopolitical oppor- nee Joe Biden saying he would choose a woman for vice president. Why is it tended to affirm that Beijing cannot unilaterally tunism amid the pandemic has turned opinion that political jobs can be filled by sex seizecontrol of the waterway.Some waters of against Beijing. or race while jobs in the private sec- theSouth China Sea areclaimed by multiple Freedom of navigation exercises areimpor- tor cannot? Isn’t it time to apply the neighboringcountries,but China is the stron- tant but not enough to securethe Western Pa- same rules to the politicians who gest powerinthe region and last week it an- cific from Chinese domination. TheU.S.has re- make the laws as those followed by nounced itssovereignty over moreislands over mained neutral on territorial claims,but it may the people who live under them? objections from Vietnam and the Philippines. need to start recognizing claims of countries BRIAN GREIG China wantstoassert itsdominance, chasing likeVietnam to makeChina payapricefor fur- Austin, Texas other countries’ commercial maritime traffic out ther expansion. TheU.S.should also trytomain- of waters even near theirown coasts. tain itsdefense pact with the Philippines under Lettersintended forpublication should It’swidely believed that Chinese military mercurial President RodrigoDuterte. be addressed to:The Editor,1211 Avenue of the Americas, NewYork, NY 10036, officersare morehawkish and anti-American China’srecent behavior has badly damaged or emailed to [email protected]. Please than Beijing officialdom claims to be.While itsclaims to be aglobal stakeholder that plays includeyour cityand state. All letters the militaryhas historically been reined in, by the rules.The U.S. is right to makeclear aresubject to editing,and unpublished “Helen, Don, you’re probably wonder- President Xi Jinping has been doubling down that it remains aPacific powerand that the letters canbeneither acknowledged nor ing why I called you. The answer is returned. on nationalism to consolidatehis control amid coronavirus hasn’t lessened itsresolve. achingly simple—I can’t get down.” P2JW115000-0-A01500-1------XA

THE WALL STREET JOURNAL. Friday, April 24, 2020 | A15 OPINION Get Ready for the Return of Inflation

By Tim Congdon money growth no longer matters deficit could reach $4 trillion. It is much, but they’rewrong.After all, certainly likely to hit $3 trillion. To he economistsMilton the 2007-09 recession showedthat alarge extent the gaps will be fi- Friedman and Anna Ja- the ever-changing fortunes of the nanced by the banking system, with cobson Schwartz demon- bankingsystemhaveasignificant such monetaryfinancing of the T strated in “A Monetary effect on demand, output and em- budget deficit adding to the amount Historyofthe United ployment. From 2010-18,growth of money in the economy. States” that acollapse in the quan- ratesofthe quantity of money and It’sreasonable to assume that by tity of money wasthe main cause nominal grossdomestic product spring 2021 the quantity of money of the Great Depression. Hoping to were virtually identical at 4% a will have increased by 15% and pos- avoid arepeat, the Federal Reserve year. sibly by as much as 20%. That in recent weeks has poured money TheFed publishes weekly data wouldn’t quitematch thepeak rates intothe economyatthe fastest rate on the U.S. commercial banking sys- of expansion seen during and im- in the past 200 years. Unfortu- tem’sbalancesheet, allowing what mediately afterthe two world wars nately,this overreaction could turn amountstoreal-time diagnosis and of the 20th century, but it could outjust as poorly; historysuggests prognosis of the money supply. surpasspeacetime records, outpac- the U.S. will soon see an inflation Even in lateFebruarythe Fed ing the previous peaks in the infla- boom. wasn’t making major newdecisions tionary1970s. in response to the coronavirus’s E Policymakershaverepeatedly OW

spread, but that changed suddenly CR called the battle against the novel Fedactions have increased with President Trump’sannounce- coronavirus awar.Asinwartime, ment of anational emergencyon CHAD federal expenditures arerising thequantityofmoneyin March 13.Overthe next two weeks, hyperactivity,when the quantity of in U.S. history. TheFed might de- sharply while taxrevenuesare be- theU.S.economyata the central bank introduced arange moneyhas climbed by nearly 2% in fend itself by saying that its“shock ing hit by the lockdown. Both World of radical and unprecedented new asingle week,could hardly be and awe” tactics have given finan- WarIand World WarII—and, in- blistering rate. policies intended to ease the pain of greater. If the recent rate of in- cial marketsconfidencethat the cor- deed,the Vietnam War—werefol- the lockdown measures. crease continued forayear,com- onavirus won’t cause along and lowedbynasty boutsofinflation. If From March 11-18, depositsat poundinterest would cause bank deep recession. And itsmassive that happens again, policymakers Friedman and Schwartz used a U.S. banks rose by 2.2%. In the next deposits to swell by 175%. Since bond purchases—morethan $500 todaybeing cheered fortheir swift, broaddefinition of the quantity of seven days they rose 2.5%. And in bank depositsdominatethe measure billionbetween March 11 and April decisiveaction will instead have to money that included allbank de- following week they rose 1%. In of money described by Friedman 1—surely won’t continue at the same answerfor their gravelack of fore- posits, and found that U.S. money other words, in amerethree-week and Schwarz,the quantity of money rate forthe rest of the year. sight. stock shrank by 38% between Octo- period they increased by almost 6%. would soar at asimilar rate. Nevertheless, the problem now ber 1929 and April 1933.Some Thecontrast between the Fed’spas- Excluding the yearsimmediately becomes financing the much-en- Mr. Congdon CBE is chairman of prominent economists—including siveresponse to the Great Depres- afterthe RevolutionaryWar,the larged budget deficit. Some com- the Institute of International Mone- Princeton’sPaul Krugman and Co- sion,when the quantity of money past few weeks have seen by far the mentatorshavespeculated that tary Research at the University of lumbia’sJoseph Stiglitz—claim that fell by 1% amonth, and itsrecent highest rate of monetaryexpansion over the next year or so the federal Buckingham,England. Maybe the Experts Were Right About Covid-19 the First Time

It’stime to con- about the pandemic that remains po- focus on the question of health-sys- they arereopening in stages.The vi- atemuch moreenforcement. Rule- front an awfulpos- litically impossible to say. Thetrou- temcapacity. rus’s second surges in China, Singa- loving Germans comply lessand less sibility about the ble started in mid-March when “herd Sweden’sfans areperhaps too poreand Hong Kong serveasawarn- with social distancing,tojudgebya lockdowns in which immunity,” previouslythe tacit or ac- quick to overlook the human tragedy ing.The original conventional University of Mannheim tracker poll manyofthe world’s knowledged endgame formost of the of the resulting higher death toll. wisdom acknowledged the reality that found that morethan 50% of re- economies now world, became atoxic phrase.Critics But itscritics should be morecuri- that draconian lockdowns merely de- spondentshad violated rules against POLITICAL find themselves: pointed out that allowing the virus ous about whether,ifpermanent layedthe inevitable spread and that visiting friends at least once in the ECONOMICS Theexpertsmight to spread in acontrolled manner suppression of the virus is impossi- sheltering populations rather than week ending April 21, up from have been right the would cost lives.They presented a ble, this approach might staveoff slowly cultivating herd immunity around 30% in the last week of By Joseph C. firsttime. stark alternativeoftotal lockdown or subsequent disaster by moderating would lead to quickly rising infection March. Protestshaveerupted in the Sternberg “The firsttime” the disaster of Italian hospitals,with futurepeaks of the virus—with rates once countries reopened. U.S.,and near-riotsinsome of Paris’s wasnot so long no middle ground. fewerofthe human costsassociated • We can’task the public to lock volatile suburbs. ago—Februarytomid-March—when But if those experts have a more with alockdown. down indefinitely. This wasarticu- Leadersare asking us to do the official opinion on howbest to grap- plausible plan than taking acon- lated most forcefully in the U.K., impossible—cut off almost all so- ple with the newcoronavirus pan- trolledpath to herdimmunity,the wherePrime Minister Boris Johnson cial contact indefinitely—at often demic wasverydifferent. Thedistin- world is waiting to hear it. Experts They originally wanted took merciless flak for trying to de- incalculable individual cost, and guishing characteristic wasmodesty. propose instead either that we await laythe sternest pandemic-mitigation then belittling those who object as Thestatedgoal wasnot to van- the arrival of avaccine or that we herd immunity, realizing effortsonthe grounds that the pub- antisciencerubes.Atthe start of quish the virus but merely to try to ramp up testing and contact tracing lockdowns would incur the lic would find it hard to comply for this pandemic some leadersseem- control its spread so as not to over- of the infected. Good luck.Avaccine long. ingly understood howdestructive whelm health-caresystems.Officials is ayear or moreinthe future, if one disasters we’re seeing. Mr.Johnson’scritics promptly fell the resulting lossoftrust between also understood public patiencewith ever emerges. An effectivemasstest- down the rabbit-hole of investigating rulersand citizenrywould be.They draconian measures would wear thin and-traceregime would requirea the scientific basis forthat insight abandoned that insight at their,and quicklyand demanded politicians ex- level of competenceand focus that We’d betterhope Sweden’sap- within the field of behavioral studies our,peril. ercise caution when asking the pub- typically eludes modern govern- proach works, because the alterna- (turns out thereisn’t alot) while iii lic to take on burdens. ments—not to mention an invasion tive gives little cause for optimism. overlooking its obvious truth in ob- We’veall placed our betsnow and Those opinions noware widely of privacythat, at least in the U.S., We can’t lock down our economies served human nature. Sustained, se- canonly hope forthe best. But it will derided, oftenininsulting terms.Yet might be unconstitutional. waiting foravaccine that maynever vere curtailment of daily liberties be well worth it for voters and stu- subsequent eventssuggest they’re Eventswill provide two testsof arrive. And as Germany, Denmark, has only ever been enforceable at the dentsofpublic policyaliketoask in mainly correct. Let’stakeeach in whether the expertswereright the Austria and other European coun- point of a spear or a gun. coming yearswhether policymakers’ turn. firsttime.Sweden is conspicuous tries emerge from their lockdowns, Sure enough, nearly five weeks first instincts were their best—and, • We can’t stop the virus, we can not only forits lack of aformal lock- officials all but admit the virus will intoBritain’slockdown, itspolice if so,why we made it so difficult for only slow it. This is the biggest fact down but also forits leaders’ laser start spreading again. That’swhy forces worry the public won’t toler- them to follow those intuitions. The Coronavirus Could Imperil Putin’s Presidency

By Leon Aron SergeiSobyanin of Moscow,where Adding to the malaise is the disas- Theworst of the auguries by Rus- them neither powernor resourcesto more than half the infections and trous oil-pricewar Russia entered in sian observers—“the destruction of accomplish much, Mr.Putin leftMos- he path of thecoronavirus deaths have occurred. “Weare at the early March with the Saudis.Neither thesystem,” or even the “greatest cow.This is bound to deepen the peo- T pandemic in Russia has been foothills of the peak,not even in the the economynor the ruble is likely to shake-up since1917”—arestill not ple’ssense of abandonment and re- similar to that of other coun- middle.” recoversoon. In 2009,after the fi- likely,atleast in the short run. There sentment. His chosen refuge—Stalin’s tries: Denial givesway to fear,even Russiaentered the crisis in a nancial crisis,Russia’sgross domes- is enough resilienceinthe Russian former dacha outside the town of despair.Covid-19 has exacerbated weakened state. Itslongest stagna- tic product shrank by almost 8%—the politicalsystem, and people aretoo Valdai—evokes the Soviet dictator’s tensions and exposed political and tion in modern history—an average largest contraction among Group of preoccupied with surviving to take to escape to adifferent dacha afterthe economic inadequacies,testing the of about 1% growth between 2009 20 economies—and the countryis the streets. Thereislittle doubt, Nazi invasion on June 22,1941. strength and legitimacyofinstitu- and 2019—has eroded incomes.In likely to bear the brunt of the coming though, that this is going to be the Thetools that have served Mr.Pu- tionsaswell as confidenceinna- the thirdquarter of 2019,byofficial global recession too. So far the gov- toughest challengePresident Vladi- tin so well in previous crises—televi- tional leadership.Inthis regard,the ernment has promised to givethose mir Putin has faced in his 20 yearsin sion propaganda, bribes to opinion pandemic could hardly have come at “who abide by the self-isolation re- power. leadersand politicians,selectivere- aworse time forthe Kremlin. Russia entered the crisis gime” aone-time payment of 4,000 In 2019 his approval ratings pression and, most of all, the people’s Thedays when an overconfident rubles ($53): half now, and half after dipped close to the lowest in his trust in his luck—arenot likely to be Russiadispatched planeloads of med- with a stagnant economy, the quarantine is lifted. reign, according to the independent as effectivethis time.Only about half ical supplies to Italy,Serbia and the and its oil-price war with In the next few months,the coro- Levada Center.InMarch his popular- of Russians nowbelievethe state- U.S. nowseem likeancient history. navirus dislocation maybring in- itywas only acouple of pointsabove controlled television, down from al- As of Thursdaytherehavebeen more the Saudis isn’t helping. comes down as much as an average the November 2013 nadir of 61%— most 80% in 2009.EvenifMr. Putin than 57,999 confirmed cases,upmore of 18%, and up to eight million Rus- three months beforethe invasion and dropped his longstanding reluctance than 5,000 from Wednesday, and 57 sianscould lose their jobs.Though occupation of Crimea. His brazen to dip intoRussia’sforeign-exchange moredeaths foratotal of 513.Those estimates,almost 18 million Rus- the highest unemployment benefit March10self-coronation speech to reserves and WelfareFund, theremay numbersare proportionatetoabout sians, or 12%, were belowthe sub- hasbeen raised, it’sstill only 12,130 the Duma, in which he endorsed the not be enough gold, dollars, euros 131,731infected and roughly 1,165 sistenceminimum—which this year rubles,or$161. Thesmallest payout proposal to “zeroout” his previous and yuan in the Treasurytosupport dead in the U.S.—numbersAmerica the government defines as about is 1,500 rubles,oralittle under $20. four presidential terms and allow Russians through the crisis and pre- hit beforethe end of March. 11,000 rubles amonth, or $146.Most Even thesebeggarly sums areout of him to runagain in 2024, wasimme- vent the economyfromsliding intoa Theindependent Russian medical of the impoverished were working. reach foranestimated 25% to 40% of diately seen forwhat it wasbyal- deep recession. Most important, only union AllianceofDoctorscharges TheRussian State Statistical Russians, especially in small towns most half of the nationallysurveyed 35% of Russians trust Mr.Putin the that the government is covering up Agency, Rosstat, reported last year andthe countryside,who areem- Russians. Forty-six percent told poll- most out of their national leaders, ac- theactual number of infections,so that 80% of families were regularly ployedfull- or part-time in the sters they didn’t want to see him in cording to asurvey the Levada Cen- worsemay be coming.Evenofficials unable to buy a“minimal assort- shadoweconomy, and thus not enti- theKremlin afterhis current term terconducted in January. aresaying it. “I cantell youfor sure ment of goods,” and 35% couldn’t af- tled to anyassistance. In all, accord- expires in 2024. Repression remains available,but that therehas been no peak [in Covid ford two pairsofshoes foreach ing to aRussian expert, tens of mil- Aftertelling provincial governors forthe firsttime core supporters cases] yetwhatsoever,” said Mayor family member. lions of people will need support. to do the best they can, and ceding to could turn on Mr.Putin. In the words of leading political economist Evgeny Gontmakher,they may“soon be driven to desperation” by the lack of PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Notable  Quotable: Texas money even forthe barenecessities. Rupert Murdoch Robert Thomson Violent incidentscould lead to na- Executive Chairman, News Corp Chief Executive Officer, News Corp From “‘Paycheck Protection’ Is clients. Without capital to stay in tional crisis,and even the 340,000- Matt Murray William Lewis Editor in Chief Chief Executive Officer and Publisher KillingRestaurants” by Rep. Chip business, owners are left to choose strong National Guard, which Mr.Pu- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: Roy (R., Texas) and Emily Williams between firing their employees and tin cobbled together four yearsago Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; Knight, CEO of the Texas Restau- furloughing them. from the policeand the Internal Af- Natalie Cerny, Chief Communications Officer; Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; rant Association, on theJournal’s If youterminateworkers, you fairsMinistry’stroops,may have News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; website, April 23: cut expenses.But to qualifyfor trouble restoring order. Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer loan forgiveness, PPP requires that Mr.Putin is likely to save himself Features &Special Projects; Andrew Dowell, OPERATING EXECUTIVES: Last week funding forthe Payroll youhirethem back.Ownershave and his regime.Yet anger will linger Asia; AnthonyGalloway, Video &Audio; Kenneth Breen, Commercial; AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; Protection Program dried up.Our es- no idea, however, when they’ll be and likely resurfacein2024when the Features &Weekend; Emma Moody, Standards; TracyCorrigan, Chief Strategy Officer; timateisthat 50% of restaurantsin allowedtoreopen. They also won- Russianswill have to participatein Shazna Nessa, Visuals; MatthewRose, Enterprise; Frank Filippo, Print Products &Services; Texas weren’t able to getcapital. derifcustomerswill be eager to an election charade to lend him legit- Michael Siconolfi, Investigations; Nikki Waller, Live Kristin Heitmann, Chief Commercial Officer; Journalism; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; One reason is that manysmall come back.That means most res- imacy. Covid-19 maynot destroy Mr. Thomas SanFilippo, Customer Service; restaurantsdon’t have relationships taurantscan’t gamble on staffing Putin’spresidency, but it has placed GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; with bigbanks,inpart because res- back up to prepandemic levels.... atime bomb under it. Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International taurantsaren’t ahigh-receivables Thereare other hurdles.The PPP Barron’s Group: Almar Latour, Publisher industry.This makes it morediffi- requirement that 75%ofthe forgiv- Mr. Aron is director of Russian WALL STREETJOURNAL MANAGEMENT: Professional Information Business: cult to obtain funding.Manysmall able loan be spent on payroll puts studiesatthe American Enterprise Joseph B. Vincent, Operations; Christopher Lloyd, Head; LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head banks were hesitant to getin- restaurantswith expensiverent in Institute and author of “Roads to the

EDITORIAL AND CORPORATEHEADQUARTERS: volved,fearing they’d be lefthold- an untenable position. That re- Temple: Truth, Memory, Ideas and 1211 Avenue of the Americas, New York, N.Y., 10036 ingthe bag when funding ranout quirement doesn’t account fordif- Ideals in theMaking of the Russian Telephone 1-800-DOWJONES and large lendersprioritized their ferences in businessstructures. Revolution 1987-1991.” P2JW115000-0-A01600-1------XA

A16 | Friday, April 24, 2020 THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC Drop in Tourism RocksSouthern Europe

Regional economies million ($325 million) just over the three-dayEaster weekend, dependent on sector according to industrylobby face a long summer as Confindustria Alberghi. While Italy’s beach and visitors cancel trips mountain destinations stand to lose the most if travel dur- Located on the cusp of Va- ing the summer is heavily cur- lencia’s biggest beach and its tailed, the country’smajor cit- marina, Hotel Neptuno would ies are already reeling. normally be bustling in late Via Savona, in the heart of AprilasSpain’stourism sea- one of Milan’sdesign districts, son firesup. This year,the ho- would normally be teeming in tel is just trying to survive. mid-April with people who come forthe city’s furniture By Maria Martinez anddesign fair.Onarecent in Barcelona and morningitwas largely de- Eric Sylvers in Milan serted, with the silencebroken only by the occasional car or In the past month, the hotel food-deliverybiker.Nearby in Spain’sthird-largest city hotels,restaurantsand apop- has suffered 95% cancellation ular museum are shut.

of itsbookingsfor this sum- CK ForGreece, the hit to one of mer.Director Massiel Garcia TO its most important industries hasfurloughed 32 of her 40 comes just as the country’s employees.Those still working economyhad begun to im- SHUTTERS

arepainting the hotel and A/ prove. Thecountryhas con-

making preparations forwhat /EP tained itscoronavirus out-

she hopes will be an uptick in SIDIS break better than many other

reservations as Spain and TO countries in Europe, with 123 other countries begin to roll deaths recorded up to Thurs-

back their lockdown measures DIMITRIS day, compared with morethan in the coming weeks. Lockdowns in southern Europe, including in Thessaloniki, Greece, above,have taken atoll on the region’seconomy, especially in tourism. 20,000 in Italy and Spain. “Thisyear will be acatas- Elena Athanasiadou has had trophe,” said Ms. Garcia. restrictions will continue, in- Travel and tourism as ashareofGDP,2018 jobs,according to the WTTC. all reservations canceled Hotels,restaurants, souvenir cluding rules affecting travel. Theblowtothe sector could through July forthe eight shops,ferryservices and myr- Consumers aren’t expected to Greece help push Spain’sunemploy- apartmentsshe rentsthrough iad other tourism-linked busi- return to their previous vaca- ment rate even higher than the Booking.com and Airbnb in nesses acrosssouthern Europe tion habits for some time. Portugal 27% mark recorded during the Thessaloniki, anormally lively faceasimilar fateassummer “Fear of traveling will prob- eurozone debt crisis if the gov- city in northern Greece. She approaches and the coronavi- ably last longer than the pan- Spain ernment doesn’t step in with hasn’t hadasingle guest or ruspandemic continues. demic itself.It’sdifficult to ex- support, said Antonio Garcia newbooking sincemid-March, Tourism will fall acrossthe pect an immediaterecoveryof Italy Pascual, avisiting professor at even for public holidays. world this summer,and south- tourism oncethe lockdown the Johns Hopkins School of “It’sadisaster,” she said. ern Europe will be among the measures arelifted,” said Ste- France Advanced International Studies. “Wemissed March 25,ana- hardest-hit regions.Traveland venTrypsteen,aneconomist International arrivals to Eu- tional holiday in Greece, Eas- tourism account forarelatively at Dutch bank ING. Germany ropean countries will fall by ter, and now May 1.” large portion of the economy: Partsofsouthern Europe 40% this year, according to a At Valencia’sHotel Neptuno, 15% of grossdomestic product are also starting from a weak U.S. forecast from consulting firm Ms.Garcia is hoping moredo- in Spain, 13% in Italy and 21% economic position.The Italian Tourism Economics published mestic tourism canmakeup 0% 5 10 15 20 in Greece, according to the and Greek economies still ha- this month. Italy will take the forthe drop in international World Travel and Tourism ven’t recoveredtowherethey Source:World Travel and Tourism Council largest hit with international tourists, who normally account Council,while also providing a were beforethe 2008 global arrivals falling 49%. forabout 80% of her guests. high percentageofjobs. financial crisis.The Interna- In an optimistic scenario, search at the European Travel AcrossItaly,which has been Relianceoninternational trav- Although most lockdowns tional Monetary Fund is fore- nearly one-thirdofjobs in the Commission, an association of under anationwide lockdown elersistypical acrossSpain, areexpected to end in Europe casting GDP drops this year of European tourism sector will be national tourism organizations. sinceMarch 10,morethan 95% wherethey accounted for56% and other continents by sum- 9.1% forItaly,10% forGreece lost, at least in the short term, Spain’stourism industry of hotels areclosed, with the of spending last year,accord- mer, manysocial-distancing and 8% for Spain. said Jennifer Iduh,head of re- generates close to three million sector incurring alossof€300 ing to the WTTC. Merkel Warns Against EU Leaders Wrestle With Recovery

Lifting Rules Too Fast European leadersbegan de- bating a crisis-recoveryfund BY BERTRAND BENOIT about aquarter of the levels in that will likely total at least a Spain, Italy,Franceand the trillion euros,asborrowing BERLIN—German Chancellor U.K.,similar-sized countries costsrise forItaly andSpain Angela Merkel urgedthe coun- with comparable case numbers. as aresult of fearsthat Ger- try’s16statesnot to be hasty Expertsattribute the low manyand the bloc’sother in lifting economic restrictions fatalities in part to the rela- wealthycountries won’t suffi- following aslowdowninnew tively young ageofpatients— ciently help harder-hit nations coronavirus infections. currently around 50 on aver- avoid a surge in debt levels. While the number of new age—itself alegacyofthe fact Covid-19 cases has slowedin that Germany’sepidemic ini- By Laurence Norman recent weeks,going toofast in tially sprang from skiers who in Brussels and relaxing lockdowns could trig- became infected while on va- Anna Isaac in London gerarebound in infections, cation in Italy and Austria. setting the countryback in its Therelativemildnessofthe Afterdiscussions,held by fight against the pandemic,Ms. German outbreak has allowed teleconferenceonThursday, OL PO

Merkel warned on Thursday. the countrytoimpose a European Union leaders com- S Thephasing out of lock- lighter lockdown than else- mitted to doing what it takes down measures in Germany whereinEurope.This week, to rebuild the region’secon- and harder-hit European coun- most states began loosening omy.However, differences re-

tries is being closely watched the measures,gradually letting main over the scale,funding LANGSDON/PRES in theU.S.asanindicator of stores and schools reopen, and focus of initiatives needed IAN howquickly life—and business while keeping restaurants, to liftEurope from the eco- French PresidentEmmanuel Macron said apackage mustinclude budgetary transfers to hard-hit nations. activity—can go back to nor- barsand large public venues nomic crisis brought on by the mal as the paceofinfections closed and making facemasks coronavirus.Some leaders gotiated by eurozone finance next few yearsand is seen as iar with the talks said. slackens and the economic mandatory in some settings. warned it could take months ministers to help hard-hit eu- responding to southern coun- European Commission Presi- cost of confinement rockets. Thefederal government led to agree on a package. rozone countries.Leaders tries’ concerns by locking in dent Ursula vonder Leyensaid “Nobody wantstohear it but by Ms.Merkel, who has played German Chancellor Angela committedtostart implement- common EU funding forthe re- the sizeofthe recovery fund we arestill at the beginning of largely a coordinating role in Merkel has sought to allayfears ing the packageofcredit lines, covery stage, allowing them to would need to be upwardofa this pandemic,” Ms.Merkel told fighting the crisis,iscon- of adeep split within the EU. loans and unemployment sup- increase spending nowtoad- trillion euros and that the EU’s parliament.“We will have to cerned that apush by some Afterthe talks,she acknowl- port by June 1. dressimmediatecosts. executivebody would present a livewith it foralong time.” states to accelerate what was edged that leadershad different Asecond pillar of the re- On the call, European Cen- formal proposal by May6. Germanyhad 150,729 con- conceived as agradual loosen- views on apackagebut agreed sponse is envisaged as entailing tral Bank President Christine French President Emmanuel firmed cases by Thursday ing could undermine the fight that common action is needed. hugeinvestmentsand spending Lagardesaid the eurozone Macron said apackagemust morning,according to figures against the virus and pave the Theleaderssigned off on a forthe worst-hit economies af- economycould shrink as much include budgetarytransfersto compiled by Johns Hopkins wayfor adeadly second wave €500 billion ($542 billion) cor- terthe virus is contained. It as 15% this year in aworst- the worst-affected economies, University and 5,315 deaths, of infections this summer. onavirus response already ne- would be rolled out during the case scenario,aperson famil- and “not only loans.” WORLDWATCH WORLD NEWS

GERMANY ISRAEL CLIMATE CHANGE Syrians Face Trial EU Warns Against Pandemic Forces U.S. Aids Greenland to Counter Rivals For State Torture Annexation Plan Youth Protest Online BY JESSICA DONATI letting Washingtonboost its and in Denmark. Mr. Trump’s militarypresenceonthe island. attempts to buy the island of- The first trial on Syrian state The European Union on Youth groups are moving a WASHINGTON—The U.S. is “This shouldn’t be a barter fended residents. Greenland torture began Thursday in Ger- Thursday issued a warning long-planned global climate pro- providing Greenland with a where the Americans may in- won the right to limited self- many, in what lawyers and hu- against the incoming Israeli gov- test online Friday to skirt restric- packageofdevelopment aidas vest in businesses in return government in 2008,after cen- man-rights groups see as a test ernment’s intention to annex tions on public assemblies dur- part of astrategytocounter forpermission to build new turies of Danish colonial rule, case for the role European parts of the occupied West ing the coronavirus pandemic, Russian andChinese influence militarybases,” Aaja Chemnitz and polls suggest amajority of courts can play in accountability Bank, saying that such a move though some symbolic stunts in the Arctic, focusing on en- Larsen from Greenland’soppo- its residents would like to de- for war crimes committed in the “would constitute a serious vio- will take place offline too. ergy,education and tourism, sition Inuit Community party clarefull independencefrom Syrian conflict. lation of international law.” The student group Fridays for officials said Thursday. told the Danish daily Politiken. Denmark.Tosecurethat inde- The main defendant, Anwar The EU’s foreign-policy chief, Future, whose Greta Thunberg- Asenior State Department The State Department offi- pendence, Greenland would Raslan, led an investigations unit Josep Borrell, said the 27-mem- inspired street protests have in official said the $12.1 million cial said itsGreenlandic affairs need to firstbuild an economy of the Syrian intelligence service ber bloc does not recognize Is- the past drawn huge crowds packagetothe autonomous officer is expected to moveto that could sustain itself with- and is charged with committing raeli sovereignty over the Pales- world-wide, said it would use Danish territoryispart of aU.S. Greenland by the summer. out Danish government aid. crimes against humanity, 58 tinian territory. online streaming and videos on response to the challenging Theisland drew interna- U.S. aid is meant to show counts of murder, rape and Earlier this week, Israeli Prime social media to demand more geopolitics in the Arctic.Den- tional attention last year after Greenland that it canreach grave sexual assault. The other Minister Benjamin Netanyahu action from leaders to curb mark approved the opening of a President Trump expressed in- that level of development defendant is a lower-ranking and his main rival Benny Gantz global warming. U.S. consulateinthe Greenland terest in purchasing it from withoutinvestment from officer who, according to the signed a coalition agreement Ms. Thunberg said Wednes- capital of Nuuk in December. Denmark.Greenland’sforeign- China. Greenland has sought German charges, helped that includes a clause to ad- day during an online event for “It’sachangethat’sdriven affairsministrysaid the island closer economic ties with the catch antigovernment demon- vance plans to annex parts of Earth Day that the climate crisis by the desireofRussia and the wasopen forbusiness, not for U.S. sinceopening adiplo- strators. The two men remain in the West Bank, including Israeli “may not be as immediate as People’sRepublic of China to sale.Greenland’spopulation of matic office in Washington in jail and haven’t yet entered a settlements, starting on July 1. the corona crisis but we need to challengethe United States about 56,000 people decides on 2014. But the U.S. courting ef- plea. Israel captured the West tackle this now otherwise it will and the West,” the official said. most domestic matters,though fortshavecomplicated the re- There has been nearly no ac- Bank during the 1967 Mideast be irreversible.” Greenland’spremier,Kim foreign and security policyis lationship with Denmark, one countability for war crimes com- war. Since then, more than Hundreds of thousands of Kielsen, said the aid packageis handled by Copenhagen. The of itsclosest NATO allies. mitted during Syria’s more than 700,000 Israelis have moved people took to the streets for “good news” forthe country. Danish Embassy in Washington Some Danish politicians have nine-year conflict, which has left into settlements in the West the last global climate protest in But membersofthe opposition, declined to comment. said they feel the Trump ad- nearly half a million dead. Bank and east Jerusalem. November. who said they learned about it TheU.S.focus has found ministration is trying to divide —Raja Abdulrahim —Associated Press —Associated Press from the media, warned against mixed reception in Greenland Greenland from Denmark. P2JW115000-5-B00100-1------XA BUSITECHNOLNEOGY: E-CIGARETTESSMAKERS GET&FMORE TIME INBEFORE FDAANREVIEW B4 CE

S&P 2797.80 g 0.05% S&P FIN g 0.43% S&P IT g 0.69% DJ TRANS À 1.42% WSJ $ IDX À 0.01% LIBOR 3M 0.991 NIKKEI (Midday) 19272.42 g 0.81% See more at WSJ.com/Markets Penney in Bankruptcy Loan Talks Oil Climbs 20% With Package of up to $1 Wells Fargo &Co., Bank of Abankruptcy filing could andunlikely to reopen any Feb. 1. Neiman Marcus Group America Corp.and JPMorgan take placewithin the next few time soon, the companyhas Inc.isplanning to file for billion would fund Chase &Co. foradebtor-in- weeks,the people said. been forced to put aside its bankruptcy anyday,according Optimism retailer’s operations in possession loan that would Thecompanyentered intoa latest turnaround strategyand to people familiar with the keep thedepartment-store 30-daygrace period after faceits creditorsatthe nego- matter. a reorganization chain’soperations funded dur- missing an interest payment tiating table. Retailers arefar from alone On China ing acourt-supervised bank- due to bondholdersonApril Department stores were in seeing their businesses wal- BY CARA LOMBARDO ruptcy,according to people fa- 15.Itispossible creditorsen- struggling beforethe pan- loped by the pandemic and the AND ALEXANDER GLADSTONE miliar with the matter. terintoaforbearanceagree- demicforcedthe closureof collapse of businessactivity. Crude-oil prices jumped Theloan packagecould to- ment if the companyneeds most U.S. stores. SearsHold- Energy companies have been Thursday, extending astring of J.C. PenneyCo. Inc.isin talroughly $800 million to $1 additional time to iron out ne- ings Corp.filed forbank- pummeled in recent weeks by wild moves that arericocheting advanced talks forbankruptcy billion, with some of that gotiations beforefiling. ruptcy in 2018 and has contin- the combination of amarket acrossfinancial marketsand funding with agroup of lend- money potentially including Along with Sears, J.C. Pen- ued to close stores and sell downturn and plummeting oil roiling the global energy indus- ers, asign the troubled re- existing debt. ney wasone of the dominant assetssinceleaving court pro- prices,leading several to seek try. tailer is about to succumb to Thefacility would likely be department-storechains of tection. Macy’s Inc.plans to restructuring adviceorbank- the economic collapse caused syndicated so that other lend- thelast century. But the 118- close 125 locations over the ruptcy protection. By Joe Wallace, by thecoronavirus pandemic. erscould participate, the peo- year-old companyhas been next three years. Kohl’s David Hodari Penney is in discussions ple said, with one cautioning losing money foryears.With Corp.’ssales fell forthe most  Gap’s cash pile gets and Amrith Ramkumar with existing lendersincluding the amount could change. itsmall-based stores closed recent fiscal year,which ended dangerously low...... B3 While prices have clawed back ground over thepast two MoreCooking, Less Shampooing sessions,oil nowtrades at a Virus Outbreak fraction of whereitstarted the year and is well belowlevels Year-over-year sales growth forthe latest four weeks* that makeitprofitable forcom- Selection of U.S. in-store items panies to produce. Thelonger AltersAmerican most of the world practices so- Baking yeast cial distancing due to the coro- 410% navirus,the biggerthe global glut of crudegrows. Spiral hams 409 Shopping Lists Manyanalystsare skeptical that the large percentagere- Oatmilk 356 bound from the past few days will persist, noting that such BY SAABIRA CHAUDHURI the pandemic is affecting con- Fresh meat 272 big gains tend to cluster around AND SHARON TERLEP sumersaround the world as alternatives long-term declines.Tradersare they aretold to stay home and bracing formoregyrations in Consumersare cooking and work remotely if possible. Baking powder 180 thecoming weeks. cleaning morewhile spending Chief Financial Officer U.S. crude-oil futures forde- lesstime and money on Graeme Pitkethly said people Aerosol 155 liveryinJune rose to $16.50a grooming and makeup,con- are using personal-care prod- disinfectants barrel. Thebenchmark started sumer-products companies uctssuch as shampoo and de- the year above$60 and is still Powdered milk Quarterly organic sales growth, quarterly say, as apictureemergesof odorant less, estimating 11 155 near itslowest level in more howthe coronavirus is reshap- feweruses in atypical week. than two decades.Brent crude Kimberly-Clark ing lifestyles. Makeup giant L’Oréal last Cannedmeat 135 futures,used to set prices for The question now is which week said the global cosmetics Professional Consumer Personal oil throughout global energy behaviorswill stick and which market wasdown8%inthe Hand sanitizer 129 15% Tissue Care markets, rose 4.7% to $21.33. will fade when restrictions to firstquarter as consumerspull Helping prices regain some fight the pandemic are lifted. back on skin care and beauty Chickpeas/ lost ground: signs of arecovery “People we know will con- products. garbanzos 109 10 in demand foroil in China, tinue to wash their hands On the flip side, people are which is emerging from corona- Rice more. Probably they’ll have cooking more at home, buoy- 106 5 virus lockdowns,and tensions more concern for surface hy- ing demand forbrands such as between the U.S. and Iran. The giene in homes,” said Unilever Knorr soup cubes,Hellmann’s Pasta 104 two nations engaged in anew PLC Chief ExecutiveAlan Jope mayonnaise and PotNoodle 0 round of antagonism Wednes- on Thursday. “That whole hy- instant noodles,Unilever said. 2Q 1Q day,when Tehran said it had Soup giene thing will carry on.” “Weunderestimated ini- 100 2019 2020 launched itsfirst militarysatel- Procter & Gamble Co. last tially the positive impact this liteintospace. Multi-purpose Procter&Gamble week said Americans were do- would have on our business cleaners 94 Earlier in the day, President ing more laundry loads every forat-home cooking,” said Mr. Fabric & Health Beauty Trump threatened to destroy week,washing garmentsafter Jope.“Those center-of-the- Frozenpizza 84 10% Home Care care PleaseturntopageB11 each wearing.The company grocery-store businesses that also reported higher demand have been a bit flat for many Potatoes for disposable cleaning prod- years, all of those areseeing a 83 5 uctslikepaper towels and rejuvenation.” BanksGain plastic wipes rather than Spending time at home has Chicken eggs 65 0 sponges or cloths. driven up demand fortoilet pa- 2Q 1Q P&GChief Financial Officer per,propelling Cottonelle Toilet paper 65 2019 2020 ARecord JonR.Moeller flaggedwhat owner Kimberly-Clark Corp.to he said “will likely become a start repurposing itsmanufac- Unilever Paper towels 59 foreveraltered health, hygiene turing capacity to makemore Foods & Home Beauty& $1 Trillion and cleaning focus” for shop- of thesofter, thicker toilet pa- Refreshment Care Personal persinthe U.S. “Theremay be perused at home versus what Meat 59 10% Care an increased focus on home, is typically used in offices. In Deposits moretime at home,more One changeseen as likely to Frozen 54 meals at home,morecleaning be long-lasting is the shift to 5 at homes.” online shopping.Online BY DAVID BENOIT Cow's milk 28 Unilever,the maker of Dove sales—which makeupabout 0 soap and Ben &Jerry’sice 6% to 7% of Unilever’s busi- Call it a reverse run on the cream, offered abroad look in ness—grew 36% in the quarter, *ending April 11 2Q 1Q bank. itsresultsThursdayathow PleaseturntopageB2 Sources: Nielsen (in-store items); organic sales (the companies) 2019 2020 Companies and consumers flooded U.S. banks with arecord $1 trillion of deposits in thefirst quarter,when mar- Work-at-Home EconomyHelpsIntel INSIDE kets went haywire and Amer- icawent dark to stop the spread of the new coronavirus. BY ASA FITCH “Wesee some of those dy- boosted the first-quarter fig- in the firstquarter,and is Morethan half of it went to namics continuing in the sec- ures.While Intel’sresults likely to affect sales of chips the four largest banks in Chip maker Intel Corp.re- ond half as well,” he said. topped Wall Street forecasts, to the automotiveindustry, America—JPMorganChase & ported ajump in first-quarter Sales in the company’sdi- itsdecision to withdraw pre- wherecar sales areexpected Co., Bank of America Corp., earnings, buoyedbysales in vision that includes chips viously issued full-year guid- to drop this year. PC demand, Wells Fargo &Co. and Citi- itsdata-center businessasthe powering personal computers ancesignaled it isn’t insulated while strong in the firstquar- group Inc.The $590 billion in work-from-home economy came in ahead of Intel’sex- from the uncertainty affecting ter, mayfall off as consumers’ depositsthey gained in the spursdemand forcomputing pectations,rising 14%ascon- manycompanies acrossthe buying powersinks in tandem first quarter is nearly double power, but it joined many sumersbought machines to U.S. with global economies. the previous quarterly record companies in pulling full-year work remotely. Thecoronavirus slump is “We’renot entirely immune of $313 billion forthe entire guidancebecause of business Asharp jump in sales of already hitting Intel’sinter- from these sortsofeffects,” U.S. banking industry, accord- uncertainty. memorychips,also used net-of-thingsdivision, which Mr.Davis said. ing to Federal Deposit Insur- TheSantaClara, Calif., heavily in datacenters, reported a3%fall in revenue Intel’sstock fell morethan ance Corp. data. company, the U.S.’s largest 5% in after-hourstrading. BUSINESS The biggest bank in Amer- chip maker,reported sales of Thecompanysaid it ex- Domino’s U.S. sales ica, JPMorgan, took in $273 $19.83 billion forthe March pected grossmargins in the accelerated in April as billioninthe firstquarter. quarter,a23% increase over current quarter to fall by That is akin to swallowing an- the same period last year. morethan 5percentagepoints consumersstayed other top-10 bank,said Bar- Earningsper sharerose 51% to 53%—lowerthan analysts at home. B3 clays PLC analyst Jason Gold- to $1.31. hadforecast—on increased berg. “It’staken some of those With the pandemic forcing production of new, high-end banks 100 yearstoget intothe millions of people to work processorsthat come with top 10,” he said. from home,Intel said itsdata- lowermargins. Much of the $1 trillion center division, already grow- Intel, likeothers, faces un- S flowedintothe banks in a

ing beforethe health crisis, certainty over whether the PRES two-week span in March, ac-

sawsales increase 43%. Pro- data-center buying that TED cording to aWall Street Jour-

vidersofdatacenters, the pushed resultshigher in the CIA nal analysis of Federal Reserve hugeserver farms that store firstquarter will be sustained SO data. During that time,compa- AS dataand powerthe internet, through the rest of the year. nies were frantically drawing have been accelerating up- Those sales arecyclical even down on their credit lines and ANKLIN/

grades and adding hardware, in normal times and could fal- FR stockpiling cash in preparation including Intel processors, to terlater this year if custom- D. for a severe recession. GES SS

cope with growing demand. ersdecide they don’t need ex- RO Thegrowthindeposits IMA Intel Chief Financial Officer trahardware. Intel is most shows howdifferent this crisis George Davis said the cloud- ETTY anxious about apotential TECHNOLOGY is from the last one. In 2008, /G computing giantsthat rent waning in demand from com- Google to require America’s biggest banks were CKER

outcomputing poweraren’t BE panies and governmentsin advertiserstoidentify the bad guys that nearly de- the only ones showing in- the latterpart of the year, stroyed the economy. Now, VID themselves to combat creased appetitefor itsdata- DA Chief ExecutiveBob Swan told they arearefugefor jittery center chips,but also govern- Chief Executive Officer Bob Swan is most anxious about a potential analysts. misinformation. B4 consumersand businesses ment and corporatebuyers. waning in demand from companies and governments later this year. PleaseturntopageB4 PleaseturntopageB10 P2JW115000-4-B00200-1------XA

B2 | Friday, April 24, 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 Facebook...... B2,B4 P AbCellera Biologics.....B4 G Pfizer...... B4 Advanced Micro Devices Gap...... B3,B11 Procter & Gamble...... B2 ...... B4 Gilead Sciences...... B11 R Alphabet...... B4 H - I Altaf Kassam...... B11 Regeneron Pharmaceuticals...... B4 Amazon.com...A1,B2,B12 Hershey...... B5 Renault...... B5 Apollo Global Hilton...... B10 Management...... B3 Inphi...... B4 S B Intel...... B1 Sears...... B1 Bank of America...... B1 J Slack Technologies...B12 BioNTech...... B4 J.C. Penney...... B1 Sycamore Partners.....B3 Blackstone Group.....B10 Johnson & Johnson....B4 T JPMorgan Chase...... B1 C Target...... B2,B11 Juul Labs...... B4 China XD Electric...... B12 Texas Instruments.....B4 Citigroup...... B1 K Tractor Supply...... B2 Citrix Systems...... B12 Kohl’s...... B1 Twitter...... B2 Clorox ...... B2 Kraft Heinz...... B5 21Vianet Group...... B12 Coca-Cola...... B5 Kroger...... B12 Tyson Foods...... A1,A6 Conagra Brands...... B5 L U - V S Costco WholesaleA1,B12 L Brands...... B3 Credit Suisse.....B10,B12 Unilever...... B2 NEW G CSX...... B6 M Union Pacific...... B6,B11 D Macy’s...... B1 US Foods...... B11 MGM Resorts Virtuoso...... R1 OOMBER Darden Restaurants...B3 International...... B11 W

Diamond Eagle ON/BL

Micron Technology...... B4 LL Acquisition...... B3 Walmart...... A1,B2,B12 N FA Domino's Pizza....B3,B11 Wells Fargo...... B1 T. DraftKings...... B3 Neiman Marcus...... B1 Wood Mackenzie...... B6 E - F Netflix...... B12 Z TRICK PA Eli Lilly...... B4 O Zoom Video The retail chain’s online sales have jumped more than 275% so far in April, but fewer shoppers are venturing out to stores. Expedia Group...... B3 Ovation Travel Group.R1 Communications.....B12 INDEX TO PEOPLE Target’s Margins Shrink as Traffic

A Grove, Chris...... B3 N - P H In Stores Falls, Digital SalesLeap Allen, Todd...... A6 Neman, Jonathan...... A6 Allison, Richard...... B3 Hart, Eric...... B3 Neugarten, Jesse...... R2 B Henry, Cheryl...... A6 Pentecost, Mark...... A6 Bancel, Stephanie...... B4 Henshall, David...... B12 Pitkethly, Graeme...... B1 BY SARAH NASSAUER 20%,the companysaid last said it would suspend share heating fuel up morethan Belles, Misty...... R1 J - K Pontis, Victor...... R2 month. So far in April compa- repurchases.Atthe time,Tar- 20%, offsetting declines in Bergstein, Joey...... B2 Jones, Handel...... B4 R Target Corp.said sales rable sales areupmorethan getsaid it expected to spend other categories such as Blanchette, Ray...... B3 Jope, Alan...... B1 Ricks, David...... B4 from stores weakened signifi- 5%, the company said. Digital an additional $300 million clothing and footwear. C - D Kern, Peter...... B3 Roberts, Wyman...... B3 cantly in lateMarch and early comparable sales have risen during the current quarter on Walmart Inc., the country’s Canfield, John...... B4 Kirsch, Jason...... B2 Robins, Jason...... B3 April, while online sales morethan 275% during that virus-related changes to labor, largest retailer by revenue, Cornell, Brian...... B2 L S surged, squeezing profitsas period. cleaning routines and supply- has about 150,000 of its1.5 Davis, George...... B1 LaFrieda, Pat...... A6 Sacks, Adam...... R1 shoppersgrewincreasingly re- Throughout, Target has ex- chain demands. million U.S. workers out on Delbos, Clotilde...... B5 Loew, David...... B4 Sawyer, Will...... A6 luctant to ventureoutside perienced asurge in sales of Some trends,especially the leavedue to coronavirus-re- Diller, Barry...... B3 Lyons, Jeff...... A1 Schleifer, Leonard...... B4 amid thecoronavirus pan- food, household goods and, shifttoward digital fulfill- lated issues,The Wall Street G M Shamra, Samrat...... B2 demic. more recently, office supplies ment, arelikely to be long- Journal reported last week. Garutti, Randy...... A6 Metselaar, Paul...... R1 Sloan, Harry...... B3 Consumersflocked to and cooking appliances,while lasting,Mr. Cornell said on Other sectorshaveseen Gray, Jonathan...... B10 Moeller, Jon...... B1 Swan, Bob...... B1 stores to stock up in lateFeb- sales of higher-margin goods thecall. Longer-term, shop- partsoftheir businessgrow ruaryand early March, but such as appareland accesso- perswill “embraceroutines and other partshurt by the traffic slowedconsiderably ries have fallen. That dynamic, developed during these weeks broader impact of the pan- would likely remain in place and buying shiftedonline along with higher labor costs at home with theirfamilies,” demic.For example, Facebook Virus Alters through the end of the year in through home delivery, store andthe shifttodigital sales, he said. Target’smodel of us- Inc., Twitter Inc.and several many countries, which would pickup and other services, which arelessprofitable than ing stores as online delivery news websites have reported continue to cap sales. said Target Chief Executive storesales,are eating into andpickup hubs “will con- rising use of their products Consumer Another shift has been the BrianCornell on acall with margins, the company said. tinuetoserveuswell,” he butalso warned about the declineinice cream sales at reporters. Those factors, as well as said. “Today, it’sproving crit- sharp pullback in advertising. parks,beaches and other loca- “Asexpected, as millions write-downs associated with ical.” Target said it would extend Priorities tions that aren’t grocery sheltered in place, sales trends reducing itsinventories of ap- Manyretailersdeemed the added benefitsand payit stores. These make up 40% of in stores started to soften,” parel and accessories,will nonessential by local govern- offered hourly workersstart- Unilever’s icecream business, said Mr.Cornell. “The con- lowerthe company’sfirst- mentshaveclosed and fur- ing last month. Target will ContinuedfrompageB1 the world’slargest, with €6 sumerislistening to direc- quarter operating margin by loughed workers. Forthe oth- nowtemporarily payworkers as consumersunder lockdown billion ($6.5 billion) of annual tion.” morethan 5percentage ers, staying open has brought at least$15 an hour through ordered morevia the internet. sales.The companyreported a SinceFeb.1Target’scompa- points, the company said. itsown set of challenges. the end of May, as well as ex- Unilever said it plans to ramp 1.7% drop in underlying sales rable sales, those from stores Target shares fell 2.8% Tractor Supply Co.said tend backup child-carebene- up investmentsinselling di- for its food-and-refreshments and digital channels operating Thursday. earlier this month that com- fits and a30-daypaid leave rectly to consumers. unit. It is ramping up partner- foratleast 12 months,rose Last month Target with- parable sales grew 12% in forworkerswho are65and “I think we will be able to ships with food-deliverycom- 7%. In the firstthree weeks of drew itsfinancial forecast for March, with consumable older,pregnant or have under- look back and see this as a panies to allow consumers to March, comparable sales rose the quarter and full year and goods such as animal feed and lying medicalconditions. point of inflection foronline order icecream along with groceryshopping,” said Mr. their takeout. Jope. Evianowner Danone SA on Target Corp. said traffic to Thursday said its bottled wa- ShortagesBenefit Green Cleaning Products stores had slowedconsider- tersales forthe quarter had ably as states imposedlock- dropped7.4%asit, too, was down orders, with consumers hurt by similar closures. BYSHARON TERLEP shifting to online buying.Tar- Overall, Unilever said sales gethas seen strong sales of forthe firstthree months of MoreAmericans arebuying food, household goods and, the year were flat, at €12.4bil- cleaning productsmarketed as more recently, office supplies lion. eco-friendly or all-natural, but and cooking appliances,while Unilever’s performancecon- not necessarily because they sales of apparel and accesso- trastswith that of P&G, which want to. ries have fallen. last week reported organic Cleaning mainstays such as Longer-term, shopperswill sales growth of 6% as stockpil- Clorox wipes and Lysol sprays

“embrace routines developed ing of laundrydetergent, toilet areinshort supply in stores S

during theseweeks at home paper and other essentials in and online amid the coronavi- PRES with their families,” said Tar- the U.S. morethan offset a ruspandemic,leading shop- TED

getChief ExecutiveBrian Cor- slump in China. perstoseek alternatives such CIA

nell. Target’smodel of using What companies sell and as the green brands they once SO AS

stores as online deliveryand wherethey sell it explains passed over,retailersand ana- A/ pickup hubs “will continue to some of that diversion in per- lysts say. US A

serve us well,” he said. formance. Unilever sells food, “Thereare no mainstream SIP Domino’s PizzaInc.on while the others don’t. It also productsavailable,soasare- Y/ AC

Thursday reported arise in makes most of itssales from tailer you look to satisfy con- TR U.S. sales in recent weeks as emerging marketswherecon- sumers’ needs with whatever

consumersordered pizza to sumershaven’t stockpiled like products youcan find,” said MILAN eat at home rather than go they have in the West. Jason Kirsch,who operates ALEX out. Last month, it said it Unilever reported strong theCorner Market &Phar- U.S. sales of eco-friendly cleaners jumped 71% forthe four-week period ended April 4fromayear ago. would hiremorethan 10,000 salesinNorth America, with macy, outside Washington, workerstomeet rising de- underlyinggrowthof4.8%, D.C. still-small sliceofthe market, brand arebuying out of neces- to laundrysoap,inrecent mand amid the pandemic. driven by stockpiling. Forweeks,hesaid, he has had a71% bump in the same sity, many people are seeking years. They have been slower Lockdowns have forced res- “People have gotbigger been unable to securemain- period. out natural products as home to makethe shiftwhen it taurantstoclose in many houses,biggerpantries,every- stream cleaning products, so Chemists and brands say cleaning becomes abiggerpri- comes to household cleaners. countries.That has hurt sales thing’sbiggerinthe States, he began to order any brands productsmade with milder or ority.“Thevolume of calls we Ecocleanersare aniche forUnilever’s food-services and they certainly went for that hadproductsavailable, natural ingredientsare just as get from people asking where market in the U.S.,comprising arm, which sells ingredientsto household stocking in the big- such as Seventh Generation, effectiveastraditional prod- to buy our productsisthrough roughly 4% of sales in the cat- restaurants, and executives at gest way around the world,” an ecobrand. “Typically,there uctsinfighting coronavirus. the roof,sothat’snot just peo- egory, according to Nielsen. the companysignaled they said Mr. Pitkethly. is available supply of these al- Manycustomersfeel more ple looking foranything,” he Americans spent morethan thinksales could be slowto “Thereisnosuch thing yet ternative products,” he said. comfortable with afamiliar said. “People arecleaning so $200 milliononmainstream return. as anew normal,” said Mr. Store shelves with a hand- brand right nowbecause of much now, they are trying to cleaning brands during the In China, 70%ofclosed res- Jope.“Businesses and com- fulofgreen cleaning products the perception they aretried- make good choices.” week ended April 4, and just taurantshavereopened but mentatorswho have professed sitting next to empty shelves and-tested or include morepo- Procter &Gamble Co., over $7 million on green alter- arerunning at between 50% too much wisdom and insight that onceheld big-brand wipes tent chemicals, analysts say. maker of Tide detergent and natives. and 70%capacity because of on what the world will look and sprays have become an in- Forhome cleaning,the Cen- Pampersdiapers, has lost con- Roughly half of consumers social-distancing protocols, likeonthe other side of coro- creasingly common sight. ters forDisease Control and sumerstorival brands in aretrying newbrands,accord- said Mr.Pitkethly.Hesignaled navirus have come to eat hum- On Amazon.com Inc.and Prevention recommends cleaning to a PricewaterhouseCoo- some form of social distancing ble pie.” Target Corp.’swebsite, Clorox ing frequently touched sur- persLLP survey of 1,600 adult and Lysol products are rarely faces, such as doorknobs and Sales of mainstream consumersconducted March available. While even alterna- light switches,throughout the 27 to April 1. In manycases, tive brands have limited sup- daywith productsthat meet cleaning brands were they areswitching because ply,items from brands such as the Environmental Protection $200 million forthe theirtypical product isn’t Mrs. Meyer’s and BabyGanics Agency’scriteria foruse available or because they are are often in stock. against SARS-CoV-2,the virus week ended April 4. buying from adifferent re- Some businesses that have that causes Covid-19. tailer which has different of- used green productsare “Weare seeing unprece- ferings, but morethan 60% of switching to traditional clean- dented demand in our prod- thosesurveyed said they plan ers, as well, cutting into sup- ucts, I wish it were under dif- cases whereits productsare in to stick with anew brand, plies. Last month, Santander ferent circumstances,” said short supply,said JonMoeller, PwCpartner Samrat Sharma S Bank, in an email to custom- Seventh Generation Chief Ex- the company’sfinancechief. said.

PRES ers, said it was“reverting ecutive Joey Bergstein. “Thereare consumersthat are Mr.Kirsch, the market

TED back to traditional disinfectant Thebrand, owned by Uni- trying products that they ha- owner,said in recent weeks

CIA cleaning products.” lever PLC,has aline of house- ven’t tried beforebut they even many smaller and natural SO

AS U.S. sales of mainstream hold cleaners, baby and per- aren’t necessarily ours,” he brands aren’t available.His

S/ householdcleanersjumped sonal-careproducts. Its said, referring to the unit that advicetocustomers: “I’ve Y’ 77% for the four-week period disinfectant productsmeet the makes Charmin toilet paper tried to steer people to JERR

& ended April 4compared with a EPA’scriteria, the company and Bounty paper towels. bleach,” he said. “It’sstill

BEN year ago, according to Nielsen. says on its website. Consumershaveincreas- readily available and, when Unilever, owner of Ben & Jerry’s, is ramping up partnerships to Sales of cleanersbranded as Mr.Bergstein said that ingly demanded more natural used properly, it’s very effec- allow consumers to order ice cream along with their takeout. environmentally friendly,a while some newcomerstothe products, from food to makeup tive.” P2JW115000-4-B00300-1------XA

THE WALL STREET JOURNAL. **** Friday, April 24, 2020 | B3 BUSINESS NEWS Expedia Gap’sCashPile Is DangerouslyLow Taps CEO, BY SUZANNE KAPNER Clinches AND MICHAEL DABAIE Gap Inc.warned it had burned through half itscash Stake Sale savings, even afterdrawing down itsentirecredit line and skipping April rent payments, BY CARA LOMBARDO and would need to raise addi- AND DAVE SEBASTIAN tional money to fund itsoperations this year. Expedia Group Inc.named a Theapparel chain, likemost newchief executiveasthe online retailers,closed itsNorth travel-booking companycon- American stores morethan a firmed it will raise billions to month agoand furloughed shoreupabusinessthat has been most of itsworkersinthe re- devastated by the pandemic. gion because of the coronavi- Thecompany, which had ruspandemic.Othersincluding

been without achief executive J.C. Penney Co.and Neiman S and permanent financechief Marcus Group Inc. have sinceDecember,named Vice skippedinterest payments PRES

Chairman PeterKern as CEO owedtobondholders. ZUMA and gaveacting Chief Financial Gap said Thursdayitexpects

Officer Eric Hart the role per- to have $750 million to $850 LEVINE/

manently,the Seattle-based million of cash and equivalents B. companysaid Thursday. at theend of the quarter end-

Expedia agreed to sell a ing May2.Ithad $1.7billion as RICHARD roughly $1.2 billion equity stake of Feb. 1. On March 26,the The retailer, which also owns Old Navy and Banana Republic, was struggling before the shutdowns. to Silver Lake and Apollo companydrewdownits entire Global Management Inc.and $500 million credit line and nancing or other short-term ating with landlordstomodify default under the leases and Navy and Banana Republic to giveeach private-equity firm said it wassuspending divi- credit facility.Italso expectsto the terms of leases afterthe attempt to terminatethe lease chains,had been struggling aseat on itsboard. Expedia dends. further cut expenses,reduce stores reopen, or in some cases and acceleratefuturerents with slowing sales beforethe also said it would issue $2 bil- In asecurities filing,the re- head count, and extend pay- terminatethe leases and per- due. coronavirus outbreak.Earlier lion of additional debt and take tailer said itsexisting cash and ment terms. manently close some of the Other big retailers have this year it abandoned plans to other steps,including halting expected cash flow maynot be Thecompanysaid it skipped stores. skipped April rents including break up the business by carv- dividends, cutting executive sufficient to fund operations. April rent paymentstotaling Gap said if it is unable to re- Staples Inc.and discount fash- ing out Old Navy as aseparate salaries and furloughing some Gap said it would need to raise about $115 million in North negotiatethe leases,landlords ion seller BurlingtonStoresInc. companyand in March ap- employees,astravelremains at cash through anew debt fi- America. Gap said it is negoti- could allegethe companyisin Gap,which owns the Old pointed anew CEO. avirtual standstill. Expedia said in asecurities filing Thursdaythat gross bookingsdropped roughly 40% Victoria’s Secret Owner Assails Former Suitor in the firstquarter from ayear earlier,according to prelimi- naryresults. BY KHADEEJA SAFDAR “In reality,Sycamore’scur- mination of the transaction is moves and assured LBrands as themarketsfaltered over the TheWall Street Journal re- AND CARA LOMBARDO rent position is puregames- invalid and would continue to recently as aweek agothat it past six weeks,therehavebeen ported Tuesday that the buyout manship,” LBrands said in its work toward closing the deal. intended to go forwardwith few examples of agreed-to firms were nearing adeal with Theowner of Victoria’sSe- complaint. Thecompanyformally re- the deal, according to the suit. deals falling apart or appearing Expedia, which operates brands cret said aprivate-equity firm’s SycamoreonWednesday sponded on Thursday, filing a LBrands said the actions were in jeopardy.New deal discus- including Travelocity,Orbitz attempt to back out of an said it wanted to scrap itsplans complaint against Sycamoreac- also consistent with those sions have mainly takenthe hit. andVrbo. agreement to buy the lingerie to take control of Victoria’sSe- cusing the private-equity firm takenbyother retailers, includ- With little precedent to go Theprivate-equity firms’ in- chain is aploytolowerthe cret. Sycamoreargued that L of turning to the courtstoex- ing Talbotsand Belk,which are on,deal lawyershavebeen por- vestment, aso-called privatein- priceofthe deal. Brands’decision to close the tractmorefavorable terms. owned by Sycamore. ing over mergeragreementsfor vestment in public equity,or LBrands Inc.said Sycamore lingerie brand’sU.S.stores, fur- In itslegal response Thurs- LBrands is asking the court vulnerabilities that could give PIPE, is away forcompanies to Partnersrevealedits motiva- lough the majority of itswork- day, LBrands said the parties to enforce the terms of the Feb- regretfulbuyersaway out—or efficiently raise capital by sell- tions earlier this month when it ersand skip April rent pay- were already aware of the coro- ruarydeal, under which Syca- leveragetotry to recut adeal ing big stakes to established in- sent LBrands aletterstating it mentswereviolations of the navirus pandemic when they moreagreed to pay$525 mil- foralowerprice, given that vestorswho oftentakeboard wanted to buy Victoria’sSecret, proposed transaction, accord- negotiated the deal and agreed lion foracontrolling stake in most targets’ shareprices have seatsand getinvolved in set- but at adifferent price, citing ing to alawsuit filed by Syca- that Sycamorewould bear the the Victoria’sSecret and Pink sunk.They have found few ting business strategy. While the pandemic’simpact, accord- moreinaDelaware court. The risk of anyadverse impact.L brands. loopholes, partly because sell- therehavebeen ahandful of ing to acomplaint filed Thurs- firm is seeking the court’s Brands said it was“completely Sycamoredidn’t immedi- ersbegan making it harder for PIPE deals lately,this is one of day. Sycamorefiled alawsuit blessing to break the $525 mil- transparent” with Sycamore ately respond to arequest for buyerstoback out following the largest. afterLBrands declined to rene- lion deal. about the steps it wastaking in comment. the financial crisis when many Theinvestmentssignal a gotiatethe purchase price, the LBrands later issued astate- response to the pandemic. As widespread stay-at-home private-equity firms tried to vote of confidenceinacom- complaint said. ment saying it believes the ter- Sycamoreagreed with the orderswereput in placeand walk away from deals. pany’sprospects, but come at a cost. In Expedia’scase,itissell- ing preferred shares that will paydividends at asteep fixed rate of 9.5% and warrantsto purchase common stock. Expedia stock rose 3.2% Thursday. READY, SET, Vote Clears The Way for S

DraftKings PRES TED CIA

To Be Listed SO AS WASH! RREN/ BY KATHERINE SAYRE WA

S. Makecar washing abreeze with our WeatherTech®all- DraftKings Inc.isset to be- TED in-one Ready to Wash™Bucket System. With aﬁve gallon gin public trading Fridayafter Same-store sales rose 7.1% sincemid-March compared with lastyear. shareholdersofaspecial-pur- wash bucket, rolling dolly,vented lid seat, GritGrate™ and pose acquisition company MittSaver™, it’ssoeasy to use even your kids will help! votedtoapproveits takeover of Wide Lockdowns Give the sports-betting operator. ShareholdersofDiamond Eagle Acquisition Corp., which Domino’sSalesaLift trades on the Nasdaq,on Thursdayapproved the merger with DraftKings, the online BY MATT GROSSMAN Same-storesales grew by sportswagering and daily fan- 1.6% in theU.S.inthe first tasy sportsoperator.Diamond Domino’s Pizza Inc.said its quarter. Eagle,backed by former MGM U.S. sales accelerated in April Last month, Domino’s said HoldingsInc.movie studio as consumersstayathome be- it would hiremorethan 10,000 Chief ExecutiveHarrySloan,is cause of the coronavirus pan- workerstomeet demand for known as ablank-check com- demic. itspizza during the pandemic. panythat is formed to find Thepizza chain, based in Domino’s hiring plans con- other companies to merge with AnnArbor,Mich., said U.S. trastedwith broad layoffs in or acquire. same-storesales increased the servicesector during the Thenew DraftKingswill 7. 1% compared with last year coronavirus pandemic, which trade on the Nasdaq Global Se- between March 23 and April helped push U.S. joblessclaims lect Market under the ticker 19. to record highs sincemid- symbol DKNG.The company’s Overall U.S. retail sales March. trading debut comes even as were 10.7%higher during that Domino’s first-quarter thesports-betting industryis period, the companyreported. profit grew to $121.6 million, upended by most sportsbeing Order sizes also grew dur- or $3.07ashare, compared called off in response to the ing the period, possibly re- with $92.7 million, or $2.20 a coronavirus pandemic. flecting ahigher desirefor share, a year ago. Wall Street DraftKings, adominant leftovers at home,Chief Exec- wasexpecting an adjusted playerinthe U.S. sports-betting utiveRichardAllison said on a profit of $2.32 a share. market, expected the combined call with analystsonThursday. Domino’s U.S. stores are companytohaveamarket He said the higher sales nearly all open, though their value of $3.3 billion at closing. could also be tied to consum- dining rooms areclosed to Theagreement also includes a ers’ receipt of federal stimulus promotesocial distancing dur- mergerwith gambling-technol- checks and their desirefor a ing the pandemic,the com- Ready to Wash™ ogyprovider SBTech Global changeofpaceasstay-at- pany said. World-wide, about Bucket System Limited, which provides online home directives in some parts 1,750Domino’s locations are betting platforms and odds- of the countryentered their temporarily closed. making services. second month. Domino’s has morethan Sportsbetting has been ex- “Astime goes forward, peo- 17,000 global locations,includ- panding in the U.S. afterthe Su- ple start to getabit tired of ing amix of company-owned preme Court in 2018 cleared the cooking and eating the same restaurants and franchises. way forstatesbeyondNevada thing,” Mr. Allison said. In China, wherethe Auto.Home.Pet. Find your fit. to legalizesportswagering. Forthe quarter ended Covid-19 outbreak began, Before the coronavirus pan- March 22,Domino’s revenue Domino’s stores faced pressure 1-800-441-6287 or 1-630-769-1500 demicshut down virtually all rose 4% to $873.1million, earlier in the year, but began organized sports, DraftKingses- compared with $836 million in to see improvementsoverthe MADE IN THE USA ©2020 MacNeil IP LLC timated that the market foron- the year-earlier period. past several weeks,Mr. Allison line sports-betting and casino Analysts polled by FactSet said. games could reach about $40 had expected revenue of $869 Domino’s shares fell 3.7% to billioninthe U.S. million. $369.64 in trading Thursday. P2JW115000-5-B00400-1------XA

B4 | Friday, April 24, 2020 ***** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Google Sets Ad Transparency Rules FDA Puts Off Review BY PATIENCE HAGGIN third-party websites around the world’slargest seller of will help the company crack cation process, each advertiser theworld. digital advertising.Its ad busi- down on actors who maybe must provide legal documenta- Google said it would require Thepolicywas in the works nesses,including YouTube, purchasing ads containing po- tion, such as an Internal Reve- Of Va ping all advertiserstoverifytheir forseveral months before the search and third-party website litical content without regis- nue Servicetax document identities to purchase ads outbreak of the novel corona- ads, brought in nearly $135 tering them as such. showing the organization’s through the company’sad- virus and the crisis didn’t ac- billion last year. The Google spokeswoman name, address and employer Products buying software,amovethat celeratethe process, aGoogle Google introduced itsverifi- said that further regulating identification number.Anindi- would help it crack down on spokeswoman said. cation processfor advertisers political ads wasn’t part of the vidual from the organization BY JENNIFER MALONEY ads purveying misinformation Google’s move is intended purchasing political ads in motivation for the policy an- must present agovernment-is- or productsrelated to the cor- to “help support the health of 2018.The company’spolitical nouncedThursday. sued photoIDtoverifyhis or Juul Labs Inc.and other e- onavirus. the digital advertising ecosys- ad policing has faced criticism Facebook Inc., the world’s her identity. cigarette makersnow have un- Adshaveproliferated online tembydetecting bad actors forrelying on ad buyersto second-largest seller of digital Existing advertiserswill be til early September to either promoting fake vaccines and and limiting their attemptsto self-designatetheir ads as po- ads, requires political adver- notified in phases of the re- submit their vaping products other misleading products. misrepresent themselves,” litical. Google says it has sys- tisers to verifytheir personal quirement and will have 30 forfederal reviewortake Google’s policy will apply to wroteJohn Canfield,Google’s tems to detect political ads and organizational identities, days to completethe verifica- them off the U.S. market. ads purchased through itsad- director of product manage- from buyerswho don’t classify but it doesn’t requirecommer- tion processoncenotified, or Afederal court granted the buying software Display& ment forads integrity,ina them properly. cial advertiserstodoso. Face- see their accountssuspended. Food and Drug Administration Video 360 on Google searches, blog post. Extending the verification book declined to comment. Theprocess will take afew permission to extend the Google-owned YouTube and Alphabet Inc.’sGoogle is requirement to all ad buyers To completeGoogle’sverifi- yearstocomplete, Google said. deadline from May12because the coronavirus pandemic had disrupted laboratorywork required forthe manufacturers’ Drugmakers Scale Up for Virus Treatments applications.The FDAalso said some of itsstaff had been redeployedtowork forthe BY PETER LOFTUS U.S. Public Health Servicedur- AND JOSEPH WALKER ing the outbreak. “Requesting this extension Drugmakersare reconfigur- wasnot an easy decision for ingmanufacturing plantsand the FDA,” the agency’scom- hiring hundreds of newworkers missioner,Stephen M. Hahn, to be ready to make coronavirus said Thursday. He added that drugsand vaccines should they “the public health is better proveintesting to be effective protected by not having these in fighting off the virus. firms compromise their em- Johnson &Johnson, Pfizer ployees’ health” or risk Inc. and othersare gearing up spreading Covid-19 to others so they canmakehundreds of by trying to meet the previous millions of doses of coronavirus deadline. pills and shotsasquickly as TheFDA has already barred possible if studies support their the sale of fruit- and mint-fla- worth. Forsome,the effortsin- vorede-cigarette cartridges to volveshifting production of ex- combat asurge in underage isting drugstoother factories, vaping.Juul and itsrivals rejiggering supply chains and have removed manyoftheir partnering with rivals. productsfromthe U.S. market.

Companies, which typically JOURNAL No remaining vaping product make only enough doses of de- canstayonstore shelves after REET

velopmental drugsfor studies, ST the new deadline of Sept. 9 if

don’t usually start readying for LL it hasn’t been submittedfor

full-scale production this early. WA review by the agency.

This ramp-up is part of the in- THE When the FDAasserted reg- R

dustry’sspeedy mobilization to FO ulatory authority over e-ciga-

deal with the pandemic even as GE rettes in 2016, the agency al-

they could lose tens of millions JOR lowedproductsalready on the of dollarsinmanufacturing in- market to stay there during a

vestmentsifadrugorvaccine MONICA grace period of several years candidatefails during testing. Researchers at a Pfizer lab in Groton, Conn. The company aims to begin testing four vaccine candidates by the end of the month. so that manufacturerscould Regeneron Pharmaceuticals prepare application materials Inc.plans to shiftproduction of use against Covid-19.Asoflate starting to makelarge quanti- mentsand nonprofitsare trying and other organizations to help beforesubmitting them for eye-diseasetreatmentEylea and March, Gilead produced more ties.The unpredictable natureof to help companies reducetheir financethe expansion of vaccine agency review. other drugstofacilities in Ire- than 30,000 treatment courses. pandemics has wound up cost- financial risks. production.The U.S. Biomedical In their applications,the land to devoteits Rensselaer, It aims to produce140,000 ing drugmakersinprevious out- Sanofi SA is talking with Advanced Research and Devel- companies must present scien- N.Y.,plant to making aCovid-19 treatment courses by the end of breaks of viruses likeEbola, governmentsand nonprofits opment Authority recently tificstudies showing that their drug.“By the end of the sum- May, and morethan one million whichsubsided beforedrugs about getting help to payfor agreed to give Moderna Inc. up productsare safer than ciga- mer,I’d likeour plant to be by the end of December. finished testing. making hundreds of millions of to $483 million partly to payfor rettes.They also must demon- completely operational to pro- Findingsfromanearly,un- Drugmakerswould likely dosesofits vaccine candidate, scaling up capabilities to makea stratethat their e-cigarettes duce large quantities,” Regen- completed trial in China re- have abig market forproducts said David Loew,who leads the vaccine candidate. Moderna, present anet benefit to public eron Chief ExecutiveLeonard cently posted online suggested that aresuccessful, but profits company’svaccine business. which has about 850 employees, health—in other words, that Schleifersaid in an interview. the drug performed poorly, maybelimited because some TheBill and Melinda Gates plans to hireanadditional 150 thebenefit of helping adult Thereisno approved treat- sending the stock about 4% companies said they’ll sell on a Foundation said last week it by the end of the year,Chief Ex- cigarette smokers switch to a ment or vaccine forCovid-19, lowerThursday, while other renot-for-profit basis.Govern- plans to work with governments ecutiveStephane Bancel said. safer alternativeoutweighs the disease caused by the virus. portsshowmorepromise. J&Jaims to makemorethan the potential harm of hooking Drugmakersand public-health In apandemic,“youcan’t Medicine Manufacturing one billion doses of itsexperi- young people on nicotine. officials arehoping adrugto wait to start making your in- mental vaccine,Chief Scientific Juul,the market leader,is TheU.S.pharmaceutical industrygearsupfor coronavirus-related treat symptoms could clear test- vestment in the manufacturing Officer Paul Stoffels said. It will still preparing itsapplication. production, but it has lesssparecapacitythan ﬁveyearsago. ing and be approved forwide- until you’resureyou have a start making the shotssoon at a Itstwo biggest rivals,Reyn- spread use within months,and a product,” said BruceGellin, 100% plant in the Netherlands.J&J olds American Inc. and NJOY vaccine by early 2021. president of global immuniza- planstoproducethe vaccine at HoldingsInc., already have To be ready to makelarge tion at theSabin Vaccine Insti- Quarterly manufacturing capacityutilization plantsinthe U.S.,hesaid, and is made submissions. 80 volumes of the products, com- tute, which promotes vaccine talking with contract manufac- Theprevious deadline of panies must beginpreparing adoption and trains immuniza- turersinEurope and Asia. May12was set by ajudgein their plantsnow.They need to tion professionals. 60 Pfizer aims to begin testing U.S. District Court in Maryland securesupply chains forkey in- Preparing plantstomakea four vaccine candidates in de- as aresult of alawsuit filed by gredientsinstall newequip- newvaccine cancost anywhere 40 velopment with Germany’s Bi- the American Academy of Pe- ment, and find contract manu- from $50 million to $700 mil- oNTech SE by month-end. diatrics. Industry representa- facturerswho canhelp. lion,according to a2017paper 20 Pfizer has been buying rawma- tives asked the FDAfor a180- Gilead Sciences Inc. began in the medical journal Vaccine. terials forthe vaccines and dayextension,citing the ramping up manufacturing of its Companies typically wait until a 0 plans to tapplantsthat make impact of the coronavirus out- experimental antiviral drug drug or vaccine is in the ad- 2015 ’16 ’17 ’18 ’19 sterile injectable productsor break.The FDArecommended remdesivir in January, when re- vanced stages of testing,and vaccines,said MikeMcDermott, pushing the date back by 120 searchersbegan exploring its looks likeitwill succeed,before Source:U.S. Census Bureau global-supply president. days to September. Eli Lilly Speeds Experimental Covid-19 Antibody Therapy

BY PETER LOFTUS early fall, Lilly Chief Executive In this case,its experimental vide a“bridging approach” to of clinical trial datathat ap- 8.5% in intradaytrading on AND JOSEPH WALKER David Ricks said in an interview drug is composed of antibodies, battling the virus until avaccine peared to cast doubt on the ef- Thursdayfollowing the reports, Thursday. which areproteins in human is developed, Mr.Ricks said. fectivenessofthat drug. but rebounded somewhat Drugmaker Eli Lilly &Co. Thetreatmenthas the poten- blood that canneutralizepatho- Lilly expectstoask the FDAin TheWorld Health Organiza- through the afternoon and were said it expectstobegin human tial to “dramatically reduceviral gens such as the coronavirus. Mayfor permission to begin hu- tion posted abrief description down 4.3% through the close of testing as soon as next month load in people either about to Thebig drugmaker is co- man testing of the antibody drug, on itswebsiteofdatafroma regular trading. foranexperimental Covid-19 getsick,orwho aresick or even developingthe antibodies with with testing soon thereafter. trial in China indicating the drug Gilead ChiefMedical Officer treatment that uses antibodies hospitalized,” Mr.Ricks said. AbCelleraBiologics Inc., of Van- Lilly is studying other possi- wasnobetterthan placebo in Merdad Parsey said thedescrip- derived from the blood of peo- “That could be available,ifwe’re couver,British Columbia, under ble Covid-19 treatments. Its improvingpatients’symptoms tion on the WHO site, which was ple who have recoveredfrom expecting afall surge,tohelp rean agreement announced in rheumatoid arthritis drug Olumi- or fatality rates, according to the later takendown, “included in- the viral disease. ally knock down the disease in March. Thecompanies areshar- ant will be tested in aNational Financial Times and STAT. appropriatecharacterizations of Thetesting could yield re- thefall.” ing initial development costs, af- Institutes of Health trial that is TheChinese study was the study.” Thefailureofthe sultsbylatesummer and, if Lilly is among anumber of terwhich Lilly will be responsi- also testing Gilead Sciences stopped early because aslow- study to recruit enough patients successful, potential emergency drug companies racing to find ble forfurther development, Inc.’sclosely watched remdesivir. down in the outbreak therecre- limitedits ability to makesound authorization by the U.S. Food treatments forCovid-19 patients manufacturing and distribution. Shares of Gilead fell Thursday ated ashortageofpatients. statistical conclusions about the and Drug Administration by or vaccines to prevent infections. An antibody drug could pro- following the accidental release Gilead shares fell as much as drug, Dr.Parsey said.

ADVERTISEMENT will likely be pushed further Likeother tech companies, sales globally forthe full IntelProfits out, he said,adding the com- Intel has been juggling a mix- year.Chip revenue will most TheMarketplace panyremains committedto tureofcostsand benefits likely decline by around 10% spending on itsengineering from the pandemic but has this year,said Handel Jones, To advertise: 800-366-3975orWSJ.com/classiﬁeds From Work goals. held up well relativetomany CEO of consulting firm Inter- Intel is also dealing with corporatepeers. national BusinessStrategies stiff competition from rival Intel’sresultsprovide the Inc. BUSINESSOPPORTUNITIES At Home Advanced MicroDevices Inc. latest indication of howthe Chip makersare dealing and lingering manufacturing virus could hit the bottom with slowedmanufacturing in issues that have prevented it lines of high-tech American Asia in the early part of the #%+%%% /&' !( $!", (!. )-"* THE ContinuedfrompageB1 from taking full advantageof manufacturers. year,which set back testing W$D&? A4N7 N=4 8SC7VCJ7 M4+ 59))V MARKETPLACE Another effect of the virus demand spikes forits per- On Tuesday, Texas Instru- and assembly operations.And -SC!?7 Q!6# &BFBBB =4>-)7 =' <9=3)> is likely lowercapital spend- sonalcomputer chips.Intel ments Inc., adiversified semi- with consumersparing back %=S+ 9)7)93)7 C>+ C,&U );4!6N !> =49 ing by Intel this year,Mr. Da- said supply anddemand for conductor companythat is spending in response to the 6)+ %9))>E?!>!>% <9=-)77 6= ?!>) ADVERTISE TODAY N=49 &BFBBB =4>-)7 =' %=S+D 1)) vis said. That spending nowis itsprocessorswerestrong in seen as an industrybell- economic downturn from the QQQD497C%=S+D-=? '=9 6#!7 );4!6N expected to come in belowthe the firstquarter. wether,reported better-than- virus,global sales of smart- !>3)76?)>6 =<<=964>!6N Q#!-# !>-S4+)7 C (800)366-3975 $17billion the companypro- Although thechip-making forecast resultsand said it phones andautomobiles that W*? 7)-49)+ >=6) )P6 (N)C97D /)JSS ?!>) because coronavirus-related guidance, it provided asales ning at their current levels to chip industryare looking ane- N=49 &BFBBB =4>-)7 C>+ =49 shutdownsinsome countries outlook forthe current quar- be ready foraneconomic mic. <9=7<)-67 !> 5C>C+C C>+ 018D 5=>6C-6 whereitoperates have stalled terof$18.5 billion that came bouncewhen the pandemic Intel is expected to do bet- LK=?) O=S+ 5=9<=9C6!=>2T H&(.G$,.E construction projects. in abovethe $17.79 billion an- subsides. terthan manyother compa- ,$&"@ R?C!ST #!-)6:#!-)%=S+D-=? ©2020Dow Jones &Company,Inc. All Rights Reserved. Theimpact would be six to alystssurveyed by FactSet Nevertheless, analystshave nies,though, given itsdomi- eight weeks of spending that were expecting. adim viewofsemiconductor nant position in datacenters. P2JW115000-0-B00500-1------NS

THE WALL STREET JOURNAL. NY Friday, April 24, 2020 | B5 BUSINESS NEWS Renault Lines Up State-Backed Loans

Auto maker nears operations that were idled in second wave of the virus. March.The automaker has re- Renault also had a€3.5bil- accord with banks and started some of itsoperations lion credit line that it has yet Paris as it looks to in Russia, Portugal and Spain to draw. and is planning to restart Theslide in sales comes af- restart its plants plantsinFranceinthe coming teratumultuous period forthe days. carmaker.Itspent much of BY NICK KOSTOV Ms.Delbos said production 2019 embroiled in conflict with at itsassembly plantsin itspartner Nissan Motor Co., PARIS—Renault SA is nego- Francewas likely to start at afterthe late2018 arrest in tiating forbillions of euros in around 25% of previous levels Japan of Carlos Ghosn,who state-backed loans as the as newsafety measures areput wasousted afterforging the French automaker startstore- in place. It would then ramp up alliancedecades ago. Mr. open plantsworld-wide and depending on demand but Ghosn has denied anywrong-

slash coststoweather the eco- could remain at 50% of capac- S doing and has fled to Lebanon.

nomic crisis caused by the new ity or belowfor some time,she NEW Renault namedLucadeMeo coronavirus. said. G as itsnew chief in lateJanuary, Thecar maker aims to reach “We’reverycautious not to but the executive won’t take an agreement with banks and restart toofast. We don’t know OOMBER over until July due to anon- BL

the French stateinthe coming what the demand will be,” Ms. V/ competeagreement with his weeks to secureacredit facil- Delbos said. KO former employer, Volkswagen DA

ity in the rangeof€4billion to Likemanyofits competi- RU AG. €5 billion ($4.3billion to $5.4 tors’, Renault’s sales have Meanwhile,the French car

billion), said the company’sin- plunged as the coronavirus has ANDREY maker is working on acost- terim chief executive, Clotilde led to nationwide lockdowns The companyislooking to cut coststoweather an economic downturn. AplantinMoscowlastyear. cutting plan that it plans to an- Delbos. and closed dealerships and nounceinthe second half of “It’sasafety net which plantsaround the world. The French carmaker has fur- panyhad already slashed mar- capital, Ms.Delbos said. The May. Ms.Delbos has said the should be put in place,” Ms. companysold 672,962vehicles loughed staff around the world keting expenses by half but is companysaid it had €10.3 bil- companywould aim to cut Delbos said. in the firstquarter,down26% and cut marketing expenses.In working to cut more. Itsboard lion of liquidity reserves at the structural costsbyatleast €2 TheFrench government is from theyear-earlier period. the Paris region, Renault has decided this month to cancel end of March. That is €5.5 bil- billion, or 20%, over thenext in talks with companies across Thenumber of vehicles sold placed 16,000 workers—most itsproposed 2019 dividend and lion lessthan at the end of three years. Franceoverhow much in bank fell 51% in China and 36% in of them white-collar workers— Renault executives and board 2019.The firstquarter is tradi- Much of the planned savings loans it will back.The state Europe,whereRenault sells on apaid-leave program that is membershavetaken tempo- tionally aperiod when car will come from closer collabo- has said it would guarantee up around half of itsvehicles. heavily subsidized by the gov- rary paycuts. makersuse cash to increase ration with Nissan. Renault to 90% forloans totaling up to Thecompanyhas suspended ernment. Thecompanyhas “Weare saving costsevery- their stocks. aims to morethan double the €300 billion. guidanceand said it wasim- also used government subsidy wherewecan,” Ms.Delbos Car makersaround the percentageofpartsitshares On Thursday, Renault re- possible to predict howfar the programs in other countries said. world areshoring up their bal- with Nissan to up to 80%. As ported a19% decline in first- carmarket will fall or what the likeSpain to idle nearly all of Despitethe cost cuts, Re- ancesheets, in part to prepare part of the plan, Renault said it quarterrevenue,to€10.13 bil- recovery will look like. itsassembly lines. nault is burning around €600 forthe possibility of further would pull itsnamesakebrand lion, as it scrambles to revive To cushion the blow, the Ms.Delbos said the com- million amonth in nonworking shutdownsinthe event of a out of the Chinese market. Hershey Misses Expectations as Pandemic Pressures Sales

BY ANNIE GASPARRO scale,” Chief ExecutiveMichele stores rose about 38% in the But the shifttofewervisits advertising and related costs Hershey reported $2.04 bil- Buck said on aconferencecall four weeks ended April 4, ac- to conveniencestoresand gro- rose 6.9% in North Americain lion in sales forthe firstquar- Hershey Co.said the coro- to discussthe quarterly results. cording to market research cery stores—even though shop- the firstquarter.But the com- ter, up from $2.02 billion a navirus pandemic is changing Hershey’s stock dropped firm Nielsen. Hershey’s retail persare buying morewhen panysaid it is adjusting itsad year earlier but belowanalysts’ theway people shop and eat, 4.5% to $136.91Thursday. sales were up nearly 11% in they go—is bad forHershey’s spending and promotions for projection of $2.08 billion, ac- as the chocolatier reported Effortstoslowthe spread of that time,ananalysis of the business. Thecancellation of the rest of the year,and will cording to FactSet. It had a lower-than-expected sales and the virus led restaurants, malls, datashowed. Ms.Buck said school, vacations and most makesureithas lower-priced first-quarter profit of $271.1 profit forthe firstquarter. movietheatersand manyother that when thevirus began other social gatheringsisalso candy options. million, down from $304.4mil- Themaker of Hershey’s businesses to close around the spreading earlier this year, cutting intosome prime occa- “We’veseen ashifttolower lion.Onanadjusted basis,Her- Kisses,Reese’speanut butter countryinMarch. Consumers Hershey stockpiled inventory sions to consume the com- price-per-ounceofferingsas shey’s per-shareprofitof$1.63 cups and other snacks on responded by stocking up on to meet the higher demand it pany’scandy. manyconsumersexperiencefi- asharefell short of analyst Thursdaypulled itsfinancial groceries and hoarding staples anticipated in the U.S. In the U.S. and Canada, Her- nancial constraints,” Ms.Buck consensus of $1.71. Hershey guidancefor the year,saying such as canned food and toilet Other food makersincluding shey’s largest market, first- said. “Their shopping priorities also said Thursdaythat unre- that it wasn’t surehow long paper. KraftHeinz Co.and Conagra quarter sales rose 2.1% from a have changed.” lated to the pandemic,ithas thechanges to consumer be- Food makersinthe U.S. Brands Inc.recently raised year earlier,helped by the Coca-Cola Co.said Tuesday decidedtoshed its Kravebeef havior would last. have ramped up manufacturing their earningsforecastsfor the company’sdecision entering it reduced itsmarketing spend- jerkybrand,asmall business “Wehavenever seen so over the past six weeks to try year because of arise in de- the newyear to raise wholesale ing as itsglobal sales volume that it bought in 2015. many factorsatplayatthe to meet the unprecedented demand as aresult of the pan- prices. had fallen 25% sincethe begin- —Micah Maidenberg same time on such aglobal mand. Overall food sales in demic. Formarketing,Hershey’s ning of April. contributedtothis article. P2JW115000-0-B00600-1------XA

B6 | Friday, April 24, 2020 THE WALL STREET JOURNAL. BUSINESS NEWS South Korea to Aid Shipping Coal Powers Down Rescue fund will back As Pandemic Curbs industry as major carriers cut capacity to deal with slowdown ElectricityDemand

BY COSTAS PARIS BY KATHERINE BLUNT trial customersand has reduced overall energy produc- South Korealaunched the As Americans consume less tion,inpart by running fewer world’sbiggest container ship electricity during the coronavi- coal units. Nelson Peeler,Duke’s Thursdayatatime when car- ruspandemic,manyutilities chief transmission officer,said riersare drastically cutting arecutting back on coal power the companyhas deployeda capacity to deal with acol- first. morecost-efficient mix of natu- lapseinglobal trade caused That bodespoorly forthe fu- ralgas,nuclear and renewable by the coronavirus pandemic. tureofcoal powerinthe U.S., generation. “Wedispatch our South Korean President which has already been in a fleet on economics,” he said. Moon Jae-in attended the steep decline.The slowdownis It is toosoon to tell howthe christening of the Algeciras,a expected to accelerateclosures drop in demand will affect utili- vessel as long as four football of plantsalready challenged to ties’ coal-retirement plans, fields with capacity for24,000 competewith natural gas, wind whichtakemonths to revise. containers. It is the firstofa and solar sources, all cheaper Independent powerproducers, dozennew-generation vessels forms of powerthan coal. however, arefacing immediate called megamaxes that will be Beforethe pandemic,anum- challenges. delivered over the next year ber of companies were already Within PJMInterconnection, and operated by the country’s planning to retireatleast some apower-grid and wholesale- flagship carrier, HMM. of their coal plantstoreduce electricitymarket that serves Thechristening came aday generation costsand carbon 13 states from Virginia to Illi- afterMr. Moon launched a emissions. nois,coal-fired plantsac- $33 billion rescue fund to pro- Southern Co., which pro- counted for16% of the total tect seven sectorsthat Korean vides electricity and natural gas generation mix in March, down officials consider the coun- throughout much of the South 10 percentagepointsfroma try’smainstay industries— and Midwest, said that the per- shipping,shipbuilding,air- centageofits totalpowergen- U.S. electricity generated lines,automotive eration coming from coal has from coal manufacturing,machinery fallen intothe teens recently,as manufacturing,powergener- it relies moreheavily on hydro- 1,500 terawatt hours ation andtelecommunica- electric,naturalgas and renew- 2020 forecast tions—from the economic fall- able power. It has been steadily 1,250 out of the coronavirus retiring itscoal assetsoverthe 723.9twh restrictions. past decade and last year relied “The government will be on coal forabout 22%ofits 1,000 with companies till the end so powergeneration, down from that the shipping industrycan 70%in2007. ride out the coming wave,” “Coal is kind of what’son 750 Mr.Moon said. “Wewill cer- the margin,” said Jeff Burleson, tainly prevent the collapse of Southern’senvironmental and 500 the global supply chain.” system-planning vicepresident. CK

Lineroperatorshavecan- TO “You’dprobably see an acceler- celed around 400 sailings ated retirement of coal unitsif 250 sinceFebruaryacrossthe load levels don’t come back world’sbusiest trade routes, SHUTTERS up.” A/ 0

according to maritime trade /EP Energy consulting firm research group Sea-Intelli- Wood Mackenzie had expected 2015 ’16 ’17’18 ’19 ’20 NHAP

genceConsulting,asdemand YO U.S. coal generation to decline Sources: Energy Dept.; Wood Mackenzie in Western countries has President Moon Jae-in and his wife, Kim Jung-sook, center, at the launch of the world’s largest container 3.5% this year but recently (projection) plummeted amid the coronavi- ship Thursday. The government is providing $33 billion to help key sectors of the economy. upped itsforecast to 25%. Since ruslockdowns.Shipping ana- 2015,U.S.coal generation, year earlier.Overall generation lystsexpect morecancella- which accountsfor most of the wasdownaround 7%. Longview tions as rising unemployment Asian Nations Build for seven expansion projects serves to the limit by the mid- country’scoal usage, has de- PowerLLC,which operates a and weakening manufacturing capable of holding 26 million dle of May, according to an of- clined between 2% and 16% an- West Virginia coal plant that and retail marketsseverely Their Oil Stockpiles barrels combined. They were ficial at the ministry of nually.Analyst Greg Marmon sells electricity in the PJM curtaildemand. the first such applications since petroleum and natural gas. said that the precipitous drop powerpool, sought bankruptcy “The HMM timing is totally October, suggesting a rush to Even then, it would have only could serveasafinal blowfor protection earlier this month, unfortunatewith so manybig China, India, South Korea increase capacity in response to 10 to 11 days of supply, said coal plantsonshakyfinancial citing the lowerpowerprices container ships idled,” said and Australia are taking steps the plunging oil price. Amit Bhandari, a fellow at footing,particularly ones that from the pandemic and other Basil Karatzas, who runs New to boost their national stock- “Nowisagolden opportu- Gateway House, an Indian need upgrades.“This could challenges. York-based Karatzas Marine piles of oil used to safeguard nityfor large consuming na- council on global relations. forcethem to close earlier than Theshiftisaccelerating de- Advisors. “Ultra-large box- domestic industries during tions in Asia thathave always Wood Mackenzie estimates previouslyexpected,” he said. spitethe Trump administra- ships on the main trade routes times of crisis, after oil prices been intent on increasing their that India has a little more Thepandemic has changed tion’seffortstostabilizethe are the hardest hit, departing fell to historically low levels. petroleum reserves,” said Su- than 10 million barrels of space theeconomics of U.S. power coal industrybyrolling back FarEast portslessthan half Since those nations collectively shantGupta, adirector at en- left in its reserves. generation. Coal plants, now environmental regulations and empty when Chinese manufac- have hundreds of millions of ergy research companyWood Australia’s government said among the costliest generation easing barrierstobuilding new turing came to ahalt and now barrels of spare capacity, ana- Mackenzie. Wednesday it would establish sources, aretypically used to powerplants. Utilities and facing acollapse in demand lysts say their demand could For Asia’s leading industrial its first government-owned oil supply the grid with large other power-plant ownersre- from theU.S.and Europe.” help stabilize the oil market in powers—China, Japan and reserves for domestic fuel se- amountsofpowerwhen elec- tired morethan 12,500 mega- HMM, formerly known as coming months. South Korea—reliance on oil im- curity, spending about $59 mil- tricity demand increases.But wattsofcoal-fired generation Hyundai Merchant Marine,is Oil prices recovered on ported from distant nations has lion. “The new measures will with manyfactories,store- capacity last year,according to especially challenged. Thecar- Thursday after the price on one long been seen as a major vul- take advantage of the current frontsand officecomplexesoff- the Energy Information Admin- rier has posted morethan $1.6 futures contract hit negative nerability. Japan experienced low prices for oil,” said energy line due to coronavirus shut- istration, the third-highest an- billioninlosses over the past territory on Monday, but prices the fear first in its “oil shock” minister Angus Taylor. downs,thereislessofaneed nual amount since2010.About five yearsand has been bailed are still down by about two- of 1973-74 prompted by an Japan is the exception forthat power. 79,700 people worked in U.S. out repeatedly by the South Ko- thirds since the beginning of Arab embargo. It has built up a among the buyers: It already Already,utilities had been coal generation last year,down rean government through state the year. war chest of nearly seven has enough oil and doesn’t plan relying more heavily on gas- 8% from 2018,according to the lender KoreaDevelopment In China, state-owned oil months’ supply. to increase national reserves firedgeneration afteramild U.S. Energy and Employment Bank, HMM’smain creditor. companies won approval this Others are less prepared. soon, an industry ministry winter droveprices down.Nat- Report. Utilities accounted for “HMM is facing an uncer- month from the Shanghai In- India plans to fill up its 39 spokesman said. ural-gas prices have plummeted nearly half of those jobs. tain future,” aKDB executive ternational Energy Exchange million barrel strategic oil re- —River Davis, Trefor Moss alongside crude-oil prices, John Bear, Chief Executive said, asking not to be named which have fallen as aresult of of the Midcontinent Indepen- because he isn’t authorized to asupply glut caused by ahis- dent System Operator,another talk to the press. “The me- cording to research group Al- of Germany’sHapag-Lloyd AG, gaships and another eight toric drop in demand. Wind and regional powergrid stretching gaships were ordered two phaliner.That is on par with Singapore-based Ocean Net- smaller ships that canmove solar powerhavealso become across 15 states,said MISOis yearsago in the hope that several regional carriersbut work Expressand Taiwan’s 15,000 boxes each in an order increasingly cost competitive in studying howthe longer-term HMM would be able to com- farbehind the biggest opera- Yang Ming Marine Transport signed with Korean yardsin recent years, putting pressure effectsofthe pandemic could pete with biggercarriersand tors,including Denmark’s A.P. Corp. 2018. on carbon-emitting sources. change the generation sources turn thecorner.But the virus Moller-Maersk A/Sand Swit- Alliancemembership allows HMM narrowly escaped de- DukeEnergy Corp., which needed to meet demand. “We’re has changed everything and it zerland-based Mediterranean carrierstosharecapacity on fault in 2017thanks to a$660 provides electric andgas ser- trying to look at this 20 years will be hardutilizing these Shipping Co. vessels,helping them reduce million statebailout and re- vice in the Carolinas,the Mid- down the road,” he said. “How vessels effectively.” HMM last July joined a operating costs. ceived a further $5 billion last west, Florida and Tennessee, much is permanent, andhow HMM holds 1.9% of the group of shipping companies HMM committedatotal of year to financethe ship order has seen adropindemand much is asign of the situation global container market, ac- called the Alliance, made up $2.8billion forthe dozenme- and invest in port assets. from itscommercial and indus- we’rein?” Railroads Keep Workers on Standby for Quick Turnaround

BY PAUL ZIOBRO they work one week a month. U.S., railroads have been able Benefitsare paid under either to cut costsfurther.CSX and Afterhaving afront-row choice. Union Pacific both reported seat to the economyseizing Thearrangement allows higher first-quarter profitsas up,freight railroads arekeep- CSXtorecall workerstoser- coststied to labor and fuel ex- ing their workersand locomo- vice in as little as 48 hours, penses dropped faster than tives on standby to quickly whereas returning from fur- thedecline in shipmentsand help get things moving again. loughs has a 15-day window. revenue. When that happens is any- CSXChief ExecutiveJim They maynot be able to cut one’s guess. Footesaid that such asetup is costsenough to match the Railroads have retrenched needed because of the uncer- steeper shipping-volume de- during the coronavirus pan- tainty around howlong the clines in the second quarter, demic as they faceadropof downturn would last. If it when overall shipping volume

around 25% in their near-term knewtherewould be apro- S is down around 20% or more. shipping volumes,which have longed slump, CSX could wait Both railroads withdrew NEW

been roiled by factoryclo- to figure out when it would G most of their forecastsfor the sures,declines in businessac- need moreworkerstorun year,asthe duration of the

tivity and another sharp slump trains. OOMBER downturn remains unclear.

in coal shipmentsdue to the “I don’t have the luxury of /BL “Our collectivebelief at this oil-price rout. worrying about that in 12 TIS point is it’ssharp and deep,” CSX Corp.and Union Pa- months,” Mr. Foote said in an CUR Mr.Fritz said. “It’sgoing to cific Corp.havetaken hun- interview Wednesday. “I have last for a while, and recovery

dreds of locomotives offline in to be thinking that it canturn WHITNEY is going to be some kind of recent weeks,reduced the around in two months.” Union Pacific locomotives and railcars in Kansas City, Mo. Companies prepare for a recovery in demand. ramp but probably not terribly number of trains being runto Union Pacific has set up a steep.” betteralign with plunging de- similar work status in lieu of back on and put them out to tions quickly during the pan- “Wehavefor along time Mr.Fritz said Union Pacific mand and sent workershome. furloughs so that the railroad the fleet if we need to,” Union demic and set them up fora thoughtand worried about has alot of extrashipping ca- That could reverse quickly. cancall back workersquickly. Pacific Chief Operating Officer rebound. CSX, Union Pacific trying to build agility intoour pacity that can be filled if the Instead of laying off or fur- Locomotives arealso being Jim Vena said on an earnings and other railroads have all decision making and reaction economyweretorebound loughing itstransportation parked but maintained so that call Thursday. been focused on running fewer time,” Union Pacific CEO faster. workers, CSXhas worked with they canget back to hauling Railroad executives saythat and longer trains that stick to LanceFritz said in an inter- “Ifthe economywereto its unions to allow employees more freight quickly.“They an overhaul of operating strat- tight schedules while cutting viewThursday. “Weare way snap back, we can respond to to take unpaid time off or areinastate wherewithin egiesinthe past few yearshas costsand jobs to improve better at that today.” that pretty darn quickly,” he switch to aschedule where hours, we could turn them helped them contract opera- profitability. As the pandemic hit the said. P2JW115000-0-B00700-1------XA

THE WALL STREET JOURNAL. Friday, April 24, 2020 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 23515.26 s39.44, or 0.17% Trailing P/E ratio 18.55 18.41 2797.80 t1.51, or 0.05% Trailing P/E ratio * 22.10 21.78 8494.75 t 0.63, or 0.01% Trailing P/E ratio *† 26.86 23.75 High, low, open and close for each P/E estimate * 20.61 16.67 High, low, open and close for each P/E estimate * 20.75 17.62 High, low, open and close for each P/E estimate *† 25.77 21.34 trading day of the past three months. Dividend yield 2.81 2.17 trading day of the past three months. Dividend yield * 2.13 1.91 trading day of the past three months. Dividend yield *† 1.00 1.01 All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 All-time high: 9817.18, 02/19/20

Current divisor 0.14579812049809 30000 3575 10500

65-day moving average 27500 3325 9750

25000 3075 9000

Session high 22500 2825 8250 DOWN UP Session open Close t 65-day moving average Close Open 20000 2575 7500 t 65-day moving average Session low 17500 2325 6750

Bars measure the point change from session's open 15000 2075 6000 Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,057,294,046 24,985,206 Industrial Average 23885.36 23483.35 23515.26 39.44 0.17 29551.42 18591.93 -11.1 -17.6 4.6 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 700,164,632 20,442,667 Transportation Avg 8093.42 7915.78 7951.66 111.07 1.42 11304.97 6703.63 -26.7 -27.1 -4.5 Most-active issues in late trading Decl. volume* 351,755,164 4,501,620 Utility Average 809.19 788.60 790.75 -13.66 -1.70 960.89 610.89 1.3 -10.1 3.9 Volume After Hours Issues traded 3,019 268 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 28577.07 28069.64 28110.29 16.84 0.06 34631.28 22462.76 -6.6 -14.9 4.9 Advances 1,817 153 Intel INTC 9,489.8 55.97 -3.07 -5.20 60.40 55.26 Barron's 400 580.74 570.36 572.37 3.97 0.70 746.64 455.11 -19.7 -21.8 -3.0 Declines 1,135 109 Bausch Health BHC 5,250.3 16.40 0.08 0.49 16.44 16.30 Unchanged 67 6 SPDR S&P 500 SPY Nasdaq Stock Market 3,712.5 278.30 -0.78 -0.28 279.18 277.39 New highs 21 5 Nasdaq Composite 8635.22 8475.20 8494.75 -0.63 -0.01 9817.18 6860.67 4.8 -5.3 12.9 iShares MSCI Japan ETF EWJ 3,611.2 50.68 0.18 0.35 50.68 50.50 New lows 18 2 Nasdaq 100 8796.49 8624.63 8641.50 -23.13 -0.27 9718.73 6978.02 10.5 -1.0 16.7 Cnsmr Staples Sel Sector XLP 3,263.0 58.00 -0.09 -0.15 58.77 58.00 Closing Arms† 0.69 0.28 General Electric GE 3,186.2 6.52 unch. … 6.55 6.50 S&P Block trades* 6,193 181 iShares Russell 2000 ETF IWM 2,198.0 120.28 -0.06 -0.05 120.49 119.75 500 Index 2844.90 2794.26 2797.80 -1.51 -0.05 3386.15 2237.40 -4.4 -13.4 6.0 Nasdaq NYSE Arca Industrial Select Sector XLI 2,012.7 61.08 unch. … 61.09 60.96 MidCap 400 1551.33 1520.75 1529.01 16.15 1.07 2106.12 1218.55 -21.8 -25.9 -3.8 Total volume*3,739,915,096 385,132,284 SmallCap 600 717.88 700.86 707.49 8.75 1.25 1041.03 595.67 -26.6 -30.7 -5.5 Percentage gainers… Adv. volume*2,256,677,710 187,034,860 Decl. volume*1,464,917,927 184,934,292 Other Indexes NexTier Oilfield Solns NEX 282.6 2.50 0.33 15.21 3.00 2.15 Issues traded 3,299 1,390 Russell 2000 1232.59 1203.66 1214.06 12.54 1.04 1705.22 991.16 -22.9 -27.2 -4.2 World Wrestling WWE 124.9 44.20 5.13 13.13 44.50 38.50 Advances 1,937 783 NYSE Composite 11099.00 10905.84 10916.68 8.11 0.07 14183.20 8777.38 -15.5 -21.5 -1.4 People's United Finl PBCT 81.4 12.05 0.87 7.73 12.50 11.19 Declines 1,277 583 Inovio Pharmaceuticals INO 1,253.6 12.85 0.82 6.82 12.88 12.00 Value Line 384.71 374.18 378.92 4.74 1.27 562.05 305.71 -30.6 -31.4 -9.9 Unchanged 85 24 Chesapeake Energy CHK 121.0 29.30 1.81 6.58 29.99 27.25 NYSE Arca Biotech 5320.07 5196.12 5208.46 25.79 0.50 5313.05 3855.67 10.1 2.8 14.4 New highs 38 7 NYSE Arca Pharma 655.42 643.01 646.35 3.33 0.52 670.32 494.36 12.1 -1.1 9.0 ...And losers New lows 24 4 KBW Bank 68.99 67.30 67.58 0.40 0.60 114.12 56.19 -32.6 -40.4 -9.0 Limelight Networks LLNW 378.4 5.41 -0.40 -6.88 6.00 4.75 Closing Arms† 0.98 1.02 § PHLX Gold/Silver 120.28 114.11 115.25 3.19 2.85 115.25 66.14 63.2 7.8 9.9 Intel INTC 9,489.8 55.97 -3.07 -5.20 60.40 55.26 Block trades* 27,678 1,691 § PHLX Oil Service 28.94 27.16 28.65 2.09 7.88 96.55 21.47 -70.3 -63.4 -43.3 Otis Worldwide OTIS 141.8 45.01 -2.46 -5.18 47.47 45.01 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 1700.21 1661.45 1664.67 -17.45 -1.04 1979.50 1286.84 6.7 -10.0 18.8 eHealth EHTH 119.7 121.03 -5.22 -4.13 129.00 112.00 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 42.47 39.06 41.38 -0.60 -1.43 82.69 11.54 212.3 200.3 41.4 SOXL Direxion Dly SCOND 3 BL 73.8 112.95 -4.58 -3.90 119.00 112.00 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 0.65 World The Global Dow 2557.24 16.59 –21.3 Lightbridge LTBR 3.50 1.01 40.74 13.44 1.71 -69.3 INVESCO IVZ 7.24 -1.94 -21.13 22.18 7.20 -67.0 0.41 DJ Global Index 358.10 1.48 –17.5 Chesapeake Energy CHK 27.49 7.31 36.22 615.00 12.30 -95.3 Liberty TripAdvisor B LTRPB 27.11 -5.98 -18.06 134.00 2.10 88.7 DJ Global ex U.S. 207.88 1.88 0.91 –21.1 Natl Energy Svcs Reunited NESR 5.80 1.48 34.26 10.80 4.04 -45.3 NETGEAR NTGR 21.66 -4.36 -16.76 36.87 15.01 -27.0 Americas DJ Americas 643.07 0.15 0.02 –15.5 QuickLogic QUIK 4.01 0.98 32.34 12.03 2.12 -62.8 Crocs CROX 19.45 -3.85 -16.52 43.79 8.40 -28.7 Brazil Sao Paulo Bovespa 79673.30 –1013.85 –1.26 –31.1 Cassava Sciences SAVA 7.31 1.77 31.95 10.95 1.00 546.9 Hoth Therapeutics HOTH 3.42 -0.66 -16.18 9.07 2.60 -35.1 Canada S&P/TSX Comp 14251.09 –37.07 –0.26 –16.5 Select Energy Svcs Cl A WTTR 4.04 0.97 31.60 12.75 2.22 -66.0 Key Tronic KTCC 3.36 -0.64 -16.00 6.99 2.51 -38.5 Mexico S&P/BMV IPC 34240.60 16.75 0.05 –21.4 Sleep Number SNBR 29.70 6.66 28.91 61.00 15.27 -15.6 InfuSystems Holdings INFU 10.90 -1.96 -15.24 13.25 4.11 148.3 Chile Santiago IPSA 2640.89 49.31 1.90 –20.8 Liberty Oilfield Services LBRT 3.49 0.75 27.37 17.39 2.17 -78.3 Coeur Mining CDE 3.65 -0.65 -15.12 8.29 1.98 2.2 CounterPath CPAH 2.81 0.60 27.15 6.00 0.83 38.1 VelocityShares 3x Lg Nat UGAZ 29.73 -5.17 -14.81 277.00 19.26 -87.4 EMEA Stoxx Europe 600 333.24 3.10 0.94 –19.9 DCP Midstream DCP 8.53 1.81 26.93 33.45 2.20 -73.0 DB Crude Oil Double Shrt DTO 232.83 -38.84 -14.30 372.95 42.00 414.5 Eurozone Euro Stoxx 313.38 2.94 0.95 –22.4 Belgium Bel-20 3017.76 67.39 2.28 –23.7 Amira Nature Foods RYCE 19.00 4.00 26.67 30.87 3.64 -32.1 Molecular Data ADR MKD 2.15 -0.35 -14.00 11.90 0.57 ... Denmark OMX Copenhagen 20 1174.49 16.30 1.41 3.4 Patterson-UTI Energy PTEN 2.89 0.59 25.65 15.70 1.61 -80.5 CONSOL Energy CEIX 5.02 -0.78 -13.45 34.33 3.35 -84.9 France CAC 40 4451.00 39.20 0.89 –25.5 Apergy APY 8.61 1.68 24.24 41.80 2.89 -78.7 Immunic IMUX 9.47 -1.39 -12.80 19.05 4.19 -38.6 ETRACS S&P GSCI Crude Oil OILX Sonnet BioTherapeutics SONN Germany DAX 10513.79 98.76 0.95 –20.6 8.00 1.53 23.65 38.71 4.36 -79.3 5.30 -0.77 -12.69 76.70 4.61 -86.8 Capital Product Partners CPLP 9.56 1.82 23.51 14.20 5.18 -12.1 Benitec Biopharma ADR BNTC 10.75 -1.53 -12.46 30.45 4.14 -58.5 Israel Tel Aviv 1368.15 24.51 1.82 –18.7 Italy FTSE MIB 17011.11 245.82 1.47 –27.6 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 512.73 3.11 0.61 –15.2 Russia RTS Index 1099.67 33.66 3.16 –29.0 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 49601.82 1493.33 3.10 –13.1 Spain IBEX 35 6746.50 26.70 0.40 –29.4 Oasis Petroleum OAS 336,205 1648.1 0.67 134.68 6.60 0.24 iShares MSCI Colombia ETF ICOL 960 3174 7.71 1.85 14.12 5.65 Sweden OMX Stockholm 587.87 7.14 1.23 –13.7 Whiting Petroleum WLL 294,897 1691.3 1.68 100.72 28.86 0.25 FinTech Acqn Corp. III FTAC 1,056 2096 10.13 0.00 10.27 9.75 Callon Petroleum CPE Collier Creek Hldgs Cl A CCH Switzerland Swiss Market 9625.48 –5.08 –0.05 –9.3 116,438 351.1 0.59 35.91 8.47 0.38 2,693 1468 10.42 2.01 11.10 9.75 Abraxas Petroleum AXAS 108,950 2950.4 0.29 122.91 1.49 0.09 SPDR Em Mkts Div ETF EDIV 1,431 1359 23.17 0.48 33.31 19.81 Turkey BIST 100 98170.98 … Closed –14.2 Denbury Resources DNR 108,302 544.9 0.31 41.99 2.49 0.16 Torm TRMD 640 1219 8.75 0.92 48.86 6.80 U.K. FTSE 100 5826.61 55.98 0.97 –22.7 U.K. FTSE 250 15794.04 207.90 1.33 –27.8 SPDR S&P 500 SPY 103,583 -38.2 279.08 -0.01 339.08 218.26 Leo Holdings Cl A LHC 3,099 1171 10.35 0.00 10.79 9.22 Seanergy Maritime Hldgs SHIP 102,818 695.4 0.16 4.58 4.37 0.12 CF Finance Acquisition CFFA 1,369 1068 10.33 0.00 10.50 9.69 Asia-Pacific Inovio Pharmaceuticals INO 91,562 186.3 12.03 2.73 19.36 1.92 FlexShares Intl Qual Div IQDE 235 1059 17.36 0.25 23.36 14.84 Australia S&P/ASX 200 5217.10 –4.15 –0.08 –21.9 Snap SNAP 88,951 175.2 16.06 -5.58 19.76 7.89 Duff Phelps Utl Cp Bd DUC 1,089 959 9.00 1.00 9.49 7.97 China Shanghai Composite 2838.50 –5.48 –0.19 –6.9 General Electric GE 82,534 -12.2 6.52 1.40 13.26 5.90 Immunic IMUX 641 932 9.47 -12.80 19.05 4.19 Hong Kong Hang Seng 23977.32 83.96 0.35 –14.9 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 1.54 India S&P BSE Sensex 31863.08 483.53 –22.8 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 19429.44 291.49 1.52 –17.9 Singapore Straits Times 2542.37 –7.67 –0.30 –21.1 Track the Markets South Korea Kospi 1914.73 18.58 0.98 –12.9 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 10366.51 0.57 –13.6 global stock indexes, bond ETFs, 58.77 currencies and commodities at Currencies Thailand SET 1272.53 10.72 0.85 –19.5 WSJ.com/TrackTheMarkets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Thurs YTD chg Thurs YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004258 23486 1.4 Argentina peso .0151 66.2454 10.6 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1806 5.5365 37.7 Czech Rep. koruna .03916 25.535 12.6 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7106 1.4073 8.3 Denmark krone .1445 6.9198 3.9 notes and bonds major U.S. trading partners Chile peso .001163 860.00 16.3 Euro area euro 1.0779 .9278 4.0 A consumer rate against its 30-year mortgage, Rate Colombiapeso .000249 4021.99 22.6 Hungary forint .003010 332.21 12.5 Ecuador US dollar Iceland krona benchmark over the past year 11unch .006797 147.13 21.5 Bankrate.com avg†: 3.62% 4.00% 8% Mexico peso .0403 24.8108 31.1 Norway krone .0940 10.6366 21.2 Uruguay peso .02312 43.2500 16.5 Poland zloty .2373 4.2144 11.1 Cambridge Savings Bank 3.25%

One year ago 3.00 Yen Asia-Pacific Russia ruble .01337 74.797 20.5 4.00% Cambridge, MA 888-418-5626 4 s Sweden krona .0993 10.0673 7.5

t Australian dollar .6370 1.5699 10.2 t Switzerland franc 1.0247 .9759 0.9 First National Bank 3.38% China yuan .1415 7.0667 1.5 30-year ﬁxed-rate 3.00 2.00 0 Turkey lira .1440 6.9462 16.8 Waverly, IA 319-266-2000 Hong Kong dollar .1290 7.7504 –0.5 mortgage Ukraine hryvnia .0370 27.0472 14.2 India rupee .01318 75.850 6.3 2.00 Charter Bank 3.50% Tradeweb ICE Thursday Close 1.00 s UK pound 1.2345 .8100 7.4 –4 s Indonesia rupiah .0000649 15400 10.9

Eau Claire, WI 715-832-4254 t WSJ Dollar index Middle East/Africa t Euro Japan yen .009293 107.61 –1.0 10-year Treasury 1.00 East Boston Savings Bank 3.50% 0.00 –8 Kazakhstan tenge .002315 431.97 13.1 Bahrain dinar 2.6426 .3784 0.4 note yield Macau pataca .1253 7.9804 –0.5 Egypt pound .0633 15.7880 –1.6 Boston, MA 800-657-EBSB 1 3 6 1 2 3 5 710 30 2019 2020 0.00 month(s) years Malaysia ringgit .2293 4.3603 6.6 Israel shekel .2835 3.5273 2.1 M J J A S O N D J F M A TBK Bank, SSB 3.50% New Zealand dollar .6009 1.6642 12.0 Kuwait dinar 3.2194 .3106 2.5 maturity 2019 2020 Dallas, TX 214-365-6900 Pakistan rupee .00625 159.905 3.2 Oman sul rial 2.5959 .3852 0.1 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0197 50.700 –0.02 Qatar rial .2750 3.636 –0.2 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7020 1.4245 5.8 Saudi Arabia riyal .2660 3.7599 0.2 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008107 1233.54 6.8 South Africa rand .0523 19.1089 36.5 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.25 -0.75 Sri Lanka rupee .0051830 192.94 6.4 Yield (%) 52-Week Total Return (%) Taiwan dollar .03325 30.076 0.5 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.50 3.25 -0.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03092 32.340 8.7 WSJ Dollar Index 94.38 0.01 0.01 5.37 Libor, 3-month 0.99 1.14 0.74 l 2.58 -0.16 U.S. Treasury, Barclays 2485.360 0.520 0.500 2.470 0.490 14.96 5.78 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.32 0.32 0.31 l 0.78 ... Five-year CD, annual yield 0.86 0.86 0.86 l 2.01 -0.45 U.S. Treasury Long, Barclays 5013.460 1.150 1.140 2.910 0.980 40.49 13.68 Commodities 30-year mortgage, fixed† 3.62 3.59 3.52 l 4.24 -0.36 Aggregate, Barclays 2235.390 1.410 1.400 3.020 1.320 11.27 5.11 Thursday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 3.22 3.16 2.95 l 3.69 0.03 Fixed-Rate MBS, Barclays 2217.050 1.290 1.230 3.200 0.930 7.81 3.93 Jumbo mortgages, $510,400-plus† 3.70 3.66 3.54 l 4.71 -0.83 DJ Commodity 453.46 6.75 1.51 647.86 433.70 -27.73 -29.40 High Yield 100, ICE BofA 2854.529 7.796 7.211 10.740 4.516 –5.819 1.056 Five-year adj mortgage (ARM)† 3.26 3.29 3.26 l 4.78 0.01 TR/CC CRB Index 113.49 2.38 2.14 187.39 106.29 -38.97 -38.91 Muni Master, ICE BofA 564.227 1.783 1.625 3.441 0.959 3.857 3.353 New-car loan, 48-month 4.27 4.28 4.26 l 4.81 1.16 Crude oil, $ per barrel 16.50 2.72 19.74 65.21 -37.63 -74.70 -72.98 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 782.731 6.558 6.407 7.480 4.523 –4.473 0.209 Natural gas, $/MMBtu 1.815 -0.124 -6.40 2.862 1.552 -27.80 -17.09 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. 1733.30 4.60 0.27 1756.70 1269.70 35.86 14.07 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Plus, deeper money-flows data and email delivery of keystock-market data. Available free at WSJMarkets.com P2JW115000-0-B00800-1------XA

B8 | Friday, April 24, 2020 THE WALL STREET JOURNAL.

COMMODITIES WSJ.com/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures July 2,365 2,387 2,352 2,363 –12 78,988 June .9289 .9324 .9262 .9301 .0008 129,401 Coffee (ICE-US)-37,500 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD Contract Open Agriculture Futures May 112.00 113.60 110.65 111.05 .45 910 May .7044 .7144 .7044 .7121 .0071 1,343 Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. July 112.50 114.85 111.75 112.40 .35 76,469 June .7061 .7146 .7044 .7122 .0070 112,973 Copper-High (CMX)-25,000 lbs.; $ per lb. May 317.00 323.50 315.00 319.25 1.75 172,075 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £ April 2.3210 2.3210 2.3130 2.3240 0.0065 818 July 324.50 331.00 322.25 326.00 1.25 600,171 May 9.93 10.00 9.75 9.84 .01 92,360 May 1.2326 1.2414 1.2310 1.2355 .0036 1,562 July 2.3010 2.3495 2.2895 2.3180 0.0090 83,147 Oats (CBT)-5,000 bu.; cents per bu. July 10.10 10.18 9.93 10.01 …344,162 June 1.2337 1.2419 1.2311 1.2358 .0036 157,083 Gold (CMX)-100 troy oz.; $ per troy oz. May 302.00 305.00 292.25 295.00 –8.25 815 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF April 1734.00 1745.10 1734.00 1733.30 4.60 546 July 276.75 283.00 274.00 281.50 4.75 1,634 July 25.90 25.90 t 25.90 25.95 .05 1,836 June 1.0303 1.0320 1.0248 1.0259 –.0044 35,005 June 1736.50 1764.20 1730.60 1745.40 7.10 338,973 Soybeans (CBT)-5,000 bu.; cents per bu. Sept 26.00 26.00 t 26.00 26.00 …2,996 Sept 1.0351 1.0341 1.0285 1.0289 –.0045 68 Aug 1738.00 1767.40 1734.80 1748.80 7.40 72,807 May 834.75 848.75 833.75 839.25 4.50 116,146 Cotton (ICE-US)-50,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Oct 1745.20 1765.00 1739.20 1750.60 7.60 12,876 July 842.50 856.75 841.75 846.75 4.25 297,579 May 56.54 57.95 56.01 56.88 .60 1,865 May .6292 .6404 .6285 .6387 .0065 649 Dec 1741.40 1769.20 1736.00 1751.00 7.50 49,603 Soybean Meal (CBT)-100 tons; $ per ton. July 56.40 57.65 55.65 56.37 .23 104,802 June .6323 .6407 .6283 .6388 .0065 124,942 Feb'21 1741.10 1765.00 1741.10 1751.70 7.60 8,043 May 288.60 290.90 286.10 288.70 .40 34,960 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Palladium (NYM) - 50 troy oz.; $ per troy oz. July 293.00 295.40 t 290.30 293.10 .20 163,834 May 110.00 111.95 109.50 111.00 .95 2,276 May .04067 .04093 .04011 .04037 –.00014 1,022 April 2029.50 108.80 4 Soybean Oil (CBT)-60,000 lbs.; cents per lb. July 107.85 110.00 106.75 107.75 .50 6,538 June .04054 .04078 .03988 .04020 –.00014 103,673 June 1852.10 2046.80 1852.10 2001.00 108.80 6,362 May 25.58 26.29 25.57 25.61 .04 46,113 Euro (CME)-€125,000; $ per € Sept 1906.80 1990.00 1895.50 1992.60 109.60 813 July 26.00 26.70 25.98 26.04 .05 166,086 Interest Rate Futures May 1.0824 1.0852 1.0762 1.0791 –.0035 1,955 Platinum (NYM)-50 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. June 1.0836 1.0860 1.0768 1.0798 –.0035 541,232 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% April 787.60 22.70 1 May 1575.00 1667.50 s 1575.00 1667.50 85.00 2,504 June 227-000 229-110 226-150 227-160 14.0 1,041,403 July 1489.50 1548.00 t 1482.00 1536.50 47.00 6,269 Index Futures July 773.70 814.30 766.70 788.00 22.70 41,876 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Silver (CMX)-5,000 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. June 181-010 182-000 180-180 181-130 14.0 988,325 Mini DJ Industrial Average (CBT)-$5 x index April 15.430 15.665 15.360 15.348 0.071 23 May 542.00 551.50 538.50 547.00 4.00 35,017 Sept 179-110 180-120 179-080 180-000 14.0 167 June 23375 23772 23231 23337 –19 61,379 July 542.50 552.00 539.00 544.75 1.00 173,075 July 15.450 15.885 15.355 15.526 0.023 80,674 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 23295 23690 23163 23262 –15 696 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Wheat (KC)-5,000 bu.; cents per bu. June 139-010 139-055 138-275 139-005 –1.0 3,186,843 S&P 500 Index (CME)-$250 x index June 14.20 18.26 13.35 16.50 2.72 379,358 May 490.00 495.00 482.75 485.50 –4.50 23,256 Sept 138-280 138-300 138-215 138-260 –1.0 51,282 June 2786.40 2806.20 2773.30 2780.80 –7.60 97,998 July 20.99 23.40 20.32 21.44 0.75 376,595 July 497.75 502.75 490.25 493.25 –4.50 126,164 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept …… …2773.10 –8.00 11 Aug 23.99 26.12 23.42 24.12 0.36 156,007 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 125-127 125-140 125-090 125-115 –1.2 3,632,463 Mini S&P 500 (CME)-$50 x index Sept 25.96 27.92 25.44 25.89 0.12 180,866 April 118.250 121.200 118.050 119.425 .950 1,238 Sept 125-057 125-095 125-047 125-072 –1.2 31,255 June 2790.50 2836.75 2772.75 2780.75 –7.75 3,349,174 Dec 29.30 31.02 28.54 28.66 –0.32 286,686 Aug 126.675 127.100 124.650 126.375 –.825 15,416 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Sept 2781.00 2828.25 2766.00 2773.00 –8.00 28,350 Dec'21 34.14 35.60 33.63 33.71 –0.54 104,470 Cattle-Live (CME)-40,000 lbs.; cents per lb. June 110-061 110-064 110-052 110-056 –.5 2,546,154 Mini S&P Midcap 400 (CME)-$100 x index NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. April 88.750 88.750 85.950 85.950 –3.000 2,250 Sept 110-107 110-110 110-097 110-100 –.5 13,842 June 1508.30 1548.10 1496.60 1523.10 16.50 74,881 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. May .7370 .8144 .7225 .7345 .0034 28,220 June 83.075 83.875 82.100 82.925 –1.000 118,077 Sept 1434.70 1540.40 1505.10 1530.50 16.50 1 April 99.9500 99.9525 s 99.9475 99.9475 –.0025 225,528 June .7920 .8632 .7794 .7910 .0077 86,516 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini Nasdaq 100 (CME)-$20 x index May 99.9200 99.9250 99.9200 99.9200 .0000 266,230 May 47.975 50.975 47.975 50.975 3.750 2,523 June 8636.25 8786.50 8580.50 8598.75 –39.25 174,796 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% May .6660 .7455 .6340 .6436 .0052 35,139 June 48.700 51.650 48.475 51.625 3.725 80,550 Sept 8608.00 8773.00 8574.00 8587.25 –39.75 1,787 June 105-260 106-055 105-235 106-010 9.5 68,487 Mini Russell 2000 (CME)-$50 x index June .7150 .7798 .6723 .6821 –.0054 102,794 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Eurodollar (CME)-$1,000,000; pts of 100% June 1197.10 1233.10 1185.40 1204.80 9.90 551,395 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. May 329.20 333.30 324.70 325.20 –4.20 554 May 99.3825 99.4100 99.3825 99.3975 .0150 462,816 Sept 1189.80 1230.40 1185.60 1203.00 9.40 3,051 May 1.910 1.953 1.806 1.815 –.124 36,563 July 323.00 323.40 315.60 317.00 –6.00 1,352 June 99.5500 99.5650 99.5400 99.5550 .0150 1,567,038 Mini Russell 1000 (CME)-$50 x index June 2.041 2.071 1.931 1.942 –.111 252,808 Milk (CME)-200,000 lbs., cents per lb. Sept 99.6550 99.6650 99.6450 99.6500 … 1,542,306 June 1551.30 1555.30 1527.80 1530.40 .70 7,820 April 13.18 13.21 t 13.18 13.19 –.22 3,096 July 2.231 2.262 2.148 2.155 –.081 166,509 Dec 99.6450 99.6550 99.6350 99.6350 –.0050 1,064,115 U.S. Dollar Index (ICE-US)-$1,000 x index June 10.98 11.59 10.87 11.32 .27 4,787 Sept 2.361 2.386 2.285 2.292 –.062 114,714 June 100.60 100.85 100.12 100.54 .01 31,218 Oct 2.426 2.450 2.353 2.363 –.056 100,458 Cocoa (ICE-US)-10 metric tons; $ per ton. Currency Futures Sept 100.58 100.77 100.18 100.53 .02 672 May 2,343 2,343 2,343 2,343 –12 6 Jan'21 3.085 3.110 3.034 3.039 –.054 75,382 Japanese Yen (CME)-¥12,500,000; $ per 100¥ May .9283 .9319 .9260 .9296 .0008 490 Source: FactSet

Cash Prices WSJ.com/commodities Thursday, April 23, 2020 Bonds | WSJ.com/bonds These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— separate from the futures price on an exchange, which reflects what the commodity might be worth in future Tracking Bond Benchmarks months. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Thursday Thursday Thursday highs and lows for different types of bonds Aluminum, LME, $ per metric ton *1461.5 Wheat,No.1soft white,Portld,OR-u 6.1350 Energy Total Total Copper,Comex spot 2.3240 return YTD total Yield (%) return YTD total Yield (%) Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.200 Iron Ore, 62% Fe CFR China-s 83.7 Food close return (%) Index Latest Low High close return (%) Index Latest Low High Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.550 Shredded Scrap, US Midwest-s,m 236 Beef,carcass equiv. index Mortgage-Backed Bloomberg Barclays Steel, HRC USA, FOB Midwest Mill-s 474 Broad Market Bloomberg Barclays Metals choice 1-3,600-900 lbs.-u 211.51 2217.05 3.2 Mortgage-Backed 1.290 0.930 3.200 Fibers and Textiles select 1-3,600-900 lbs.-u 198.57 2235.39 5.0 U.S. Aggregate 1.410 1.320 3.020 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.5000 U.S. Corporate Indexes Bloomberg Barclays 2169.12 3.3 Ginnie Mae (GNMA) 1.050 0.490 3.160 Burlap,10-oz,40-inch NY yd-n,w 0.5700 Engelhard industrial 1726.00 Butter,AA Chicago 1.1000 Cotton,1 1/16 std lw-mdMphs-u 0.5312 3186.05 1.4 U.S. Corporate 2.720 2.220 4.580 1307.58 3.2 Fannie mae (FNMA) 1.390 1.110 3.220 Handy & Harman base 1736.25 Cheddar cheese,bbl,Chicago 104.00 Cotlook 'A' Index-t *63.10 Handy & Harman fabricated 1927.24 Cheddar cheese,blk,Chicago 105.00 2901.57 0.4 Intermediate 2.340 1.760 4.400 2008.98 3.2 Freddie Mac (FHLMC) 1.360 1.080 3.230 LBMA Gold Price AM *1702.65 Hides,hvy native steers piece fob-u 25.000 Milk,Nonfat dry,Chicago lb. 81.50 Long term 564.23 -0.3 Muni Master 1.783 0.959 3.441 Wool,64s,staple,Terr del-u,w n.a. 4693.60 3.2 3.360 2.950 4.930 LBMA Gold Price PM *1710.55 Coffee,Brazilian,Comp 1.0831 397.59 -0.3 7-12 year 1.731 0.924 3.447 Krugerrand,wholesale-e 1791.30 Grains and Feeds Coffee,Colombian, NY 1.5924 665.78 3.9 Double-A-rated 1.910 1.670 3.360 Maple Leaf-e 1808.52 Eggs,large white,Chicago-u 1.4250 Triple-B-rated 450.81 -0.5 12-22 year 2.165 1.224 3.690 Barley,top-quality Mnpls-u n.a. 820.44 -1.1 3.330 2.570 5.350 American Eagle-e 1808.52 Flour,hard winter KC 14.55 Bran,wheat middlings, KC-u 108 High Yield Bonds ICE BofA 428.65 -2.7 22-plus year 3.038 1.765 4.123 Mexican peso-e 2084.70 Hams,17-20 lbs,Mid-US fob-u n.a. Corn,No. 2 yellow,Cent IL-bp,u 3.0350 Austria crown-e 1691.30 Hogs,Iowa-So. Minnesota-u 50.00 419.74 -10.1 High Yield Constrained 8.320 5.151 11.400 Global Government J.P. Morgan† Corn gluten feed,Midwest-u,w 117.9 Austria phil-e 1808.52 Pork bellies,12-14 lb MidUS-u 0.5601 Global Government Corn gluten meal,Midwest-u,w 503.8 346.72 -20.8 Triple-C-rated 16.190 10.558 19.071 609.84 4.6 0.610 0.390 1.430 Silver, troy oz. Pork loins,13-19 lb MidUS-u 1.3479 Cottonseed meal-u,w 278 High Yield 100 858.35 6.8 Canada 0.860 0.590 1.860 Engelhard industrial 15.2800 Steers,Tex.-Okla. Choice-u 93.00 2854.53 -10.6 7.796 4.516 10.740 Hominy feed,Cent IL-u,w 110 Handy & Harman base 15.2890 Steers,feeder,Okla. City-u,w 148.50 Global High Yield Constrained 396.20 -1.0 EMU§ 0.661 0.109 0.987 Meat-bonemeal,50% pro Mnpls-u,w 345 378.57 -10.2 8.350 4.893 11.310 Handy & Harman fabricated 19.1110 Oats,No.2 milling,Mnpls-u 3.2750 Fats and Oils 295.03 -10.2 Europe High Yield Constrained 5.912 2.464 8.183 763.01 0.5 France 0.290 -0.160 0.610 LBMA spot price *£12.0600 Rice, Long Grain Milled, No. 2 AR-u,w 28.50 U.S Agency Bloomberg Barclays 546.46 2.0 Germany -0.320 -0.740 0.140 (U.S.$ equivalent) *14.9100 Sorghum,(Milo) No.2 Gulf-u 7.6200 Corn oil,crude wet/dry mill wtd. avg.-u,w 45.7500 Coins,wholesale $1,000 face-a 14243 SoybeanMeal,Cent IL,rail,ton48%-u 292.10 Grease,choice white,Chicago-h 0.3000 1850.54 4.6 U.S Agency 0.770 0.730 2.570 297.59 -0.2 Japan 0.210 -0.070 0.260 Other metals Soybeans,No.1 yllw IL-bp,u 8.2800 Lard,Chicago-u n.a. 1611.17 3.1 10-20 years 0.620 0.620 2.460 603.83 1.3 Netherlands -0.120 -0.540 0.250 LBMA Platinum Price PM *764.0 Wheat,Spring14%-pro Mnpls-u 6.2550 Soybean oil,crude;Centl IL-u 0.2491 20-plus years U.K. Platinum,Engelhard industrial 768.0 Wheat,No.2 soft red,St.Louis-bp,u 5.7000 Tallow,bleach;Chicago-h 0.3350 4261.79 11.7 1.530 1.170 3.050 1105.73 10.0 0.460 0.390 1.540 Palladium,Engelhard industrial 2000.0 Wheat - Hard - KC (USDA) $ per bu-u 4.9550 Tallow,edible,Chicago-u n.a. 2726.57 -0.1 Yankee 2.220 1.920 3.500 782.73 -11.2 Emerging Markets ** 6.558 4.523 7.480 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co; ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 4/22 Source: Dow Jones Market Data Global Government Bonds: Mapping Yields Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Exchange-Traded Portfolios | WSJ.com/ETFresearch selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Closing Chg YTD Country/ Spread Under/Over U.S. Treasurys, in basis points Largest 100 exchange-traded funds, latest session Yield (%) ETF Symbol Price (%) (%) Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Thursday, April 23, 2020 Closing Chg YTD Schwab US TIPs SCHP 59.06 0.05 4.3 0.375 U.S. 2 0.221 s l 0.217 0.318 2.366 SPDR DJIA Tr DIA 235.07 0.13 –17.5 Closing Chg YTD ETF Symbol Price (%) (%) 1.500 10 0.609 t l 0.626 0.788 2.569 SPDR S&PMdCpTr MDY 278.45 1.24 –25.8 ETF Symbol Price (%) (%) iShMSCI EAFE SC SCZ 46.86 0.60 –24.8 SPDR S&P 500 SPY 279.08 –0.01 –13.3 2.000 Australia 2 0.214 s l 0.211 0.293 1.478 -0.7 -0.6 -88.8 CnsmrDiscSelSector XLY 110.38 –0.03 –12.0 iShMSCIEmgMarkets EEM 35.63 –0.36 –20.6 SPDR S&P Div SDY 84.04 ... –21.9 CnsStapleSelSector XLP 58.09 –0.89 –7.8 iShMSCIJapan EWJ 50.50 0.14 –14.8 2.500 10 0.881 s l 0.844 0.920 1.905 27.2 21.8 -66.4 TechSelectSector XLK 86.79 –0.69 –5.3 FinSelSectorSPDR XLF 21.43 –0.42 –30.4 iShNatlMuniBd MUB 111.88 –0.48 –1.8 UtilitiesSelSector XLU 57.96 –1.68 –10.3 0.000 France 2 -0.506 t l -0.426 -0.480 -0.506 -64.3 -287.2 FT ValDivFd FVD 28.69 –0.59 –20.4 iShPfd&Incm PFF 33.70 0.69 –10.3 -72.7 VanEckGoldMiner GDX 33.42 2.80 14.1 HealthCareSelSect XLV 98.96 0.55 –2.8 iShRussell1000Gwth IWF 165.67 –0.11 –5.8 0.000 10 0.075 t l 0.125 0.115 0.396 -50.1 -217.3 VangdInfoTech VGT 229.38 –0.51 –6.3 -53.4 InvscQQQI QQQ 210.52 –0.21 –1.0 iShRussell1000 IWB 153.61 0.12 –13.9 VangdSC Val VBR 92.02 1.09 –32.9 t l InvscS&P500EW RSP 90.15 0.09 –22.1 iShRussell1000Val IWD 105.63 ... –22.6 0.000 Germany 2 -0.673 -0.673 -0.708 -0.570 -89.4 -89.0 -293.6 VangdSC Grwth VBK 164.31 0.93 –17.3 InvscS&P500LowVol SPLV 48.80 –1.47 –16.4 iShRussell2000 IWM 120.34 0.98 –27.4 0.000 10 -0.422 t l -0.407 -0.378 0.044 -103.3 -252.5 VangdDivApp VIG 110.92 –0.43 –11.0 -103.0 iSh3-7YTreasuryBd IEI 133.33 ... 6.0 iShRussell3000 IWV 160.48 0.02 –14.9 VangdFTSEDevMk VEA 34.33 –0.17 –22.1 iShCoreDivGrowth DGRO 34.88 0.06 –17.1 iShRussellMid-Cap IWR 46.73 0.19 –21.6 1.000 Italy 2 0.901 t l 1.051 0.525 0.586 68.0 83.4 -178.0 VangdFTSE EM VWO 35.14 –0.40 –21.0 iShCoreMSCIEAFE IEFA 50.98 –0.23 –21.9 iShRussellMCValue IWS 68.24 0.47 –28.0 l VangdFTSE Europe VGK 44.12 –0.61 –24.7 1.350 10 1.991 t 2.099 1.625 2.678 138.2 147.3 10.9 iShCoreMSCIEM IEMG 42.45 –0.21 –21.0 iShS&P500Growth IVW 180.96 ... –6.5 VangdFTSEAWxUS VEU 42.31 –0.21 –21.3 iShCoreMSCITotInt IXUS 48.62 –0.06 –21.5 iShS&P500Value IVE 102.70 0.07 –21.1 0.100 Japan 2 -0.158 t l -0.143 -0.201 -0.150 -37.9 -36.1 -251.6 VangdGrowth VUG 172.70 –0.17 –5.2 iShCoreS&P500 IVV 279.98 –0.03 –13.4 iShShortCpBd IGSB 53.53 0.15 –0.2 VangdHlthCr VHT 186.59 0.65 –2.7 0.100 10 -0.008 t l -0.007 0.069 -0.030 -61.7 -63.3 -259.9 iShCoreS&P MC IJH 152.40 1.10 –26.0 iShShortTreaBd SHV 110.90 –0.02 0.4 VangdHiDiv VYM iShCoreS&P SC IJR 58.01 1.26 –30.8 iShTIPSBondETF TIP 121.50 –0.06 4.2 75.61 –0.03 –19.3 0.400 Spain 2 0.115 t l 0.163 -0.184 -0.272 -10.6 -5.4 -263.8 iShS&PTotlUSStkMkt ITOT 61.84 –0.08 –14.9 iSh1-3YTreasuryBd SHY 86.63 –0.01 2.4 VangdIntermBd BIV 91.18 0.11 4.5 0.500 10 1.037 t l 1.137 0.757 1.113 42.8 51.1 -145.6 iShCoreUSAggBd AGG 117.42 0.24 4.5 iSh7-10YTreasuryBd IEF 122.11 0.07 10.8 VangdIntrCorpBd VCIT 91.00 0.25 –0.4 iShSelectDividend DVY 76.95 –0.29 –27.2 iSh20+YTreasuryBd TLT 170.44 0.53 25.8 VangdLC VV 128.59 –0.09 –13.0 0.500 U.K. 2 0.061 t l 0.094 0.071 0.785 -16.0 -12.3 -158.1 iShEdgeMSCIMinEAFE EFAV 63.29 –0.61 –15.1 iShRussellMCGrowth IWP 134.60 0.12 –11.8 VangdMC VO 143.73 0.14 –19.3 t l iShEdgeMSCIMinUSA USMV 57.95 –0.75 –11.7 iShUSTreasuryBdETF GOVT 28.20 0.14 8.7 VangdMBS VMBS 54.30 0.26 2.1 4.750 10 0.294 0.326 0.418 1.227 -31.4 -30.0 -134.2 VangdRealEst VNQ 72.44 –0.84 –21.9 iShEdgeMSCIUSAMom MTUM 115.53 –0.27 –8.0 JPM UltShtIncm JPST 50.15 –0.06 –0.6 Source: Tullett Prebon iShEdgeMSCIUSAQual QUAL 87.03 –0.10 –13.8 PIMCOEnhShMaturity MINT 100.43 0.11 –1.1 VangdS&P500ETF VOO 256.42 –0.02 –13.3 iShFloatingRateBd FLOT 49.85 0.18 –2.1 SPDR BlmBarcHYBd JNK 97.26 –0.18 –11.2 VangdST Bond BSV 82.62 0.08 2.5 Corporate Debt iShGoldTr IAU 16.57 1.04 14.3 SPDRBloomBar1-3MTB BIL 91.56 0.01 0.1 VangdSTCpBd VCSH 80.83 0.07 –0.2 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in iShiBoxx$InvGrCpBd LQD 129.99 0.42 1.6 SPDR Gold GLD 163.34 1.00 14.3 VangdSC VB 122.58 0.82 –26.0 iShiBoxx$HYCpBd HYG 79.06 –0.05 –10.1 SchwabIntEquity SCHF 26.45 –0.15 –21.3 VangdTotalBd BND 87.60 0.16 4.5 that same company’s share price. iShIntermCorpBd IGIB 57.68 0.51 –0.5 SchwabUS AggrBd SCHZ 55.80 0.34 4.4 VangdTotIntlBd BNDX 56.81 0.32 0.4 Investment-grade spreads that tightened the most… iShJPMUSDEmgBd EMB 98.38 0.48 –14.1 SchwabUS BrdMkt SCHB 65.51 0.18 –14.8 VangdTotIntlStk VXUS 43.59 –0.23 –21.7 Spread*, in basis points Stock Performance iShMBSETF MBB 110.60 0.26 2.4 SchwabUS Div SCHD 48.65 0.06 –16.0 VangdTotalStk VTI 139.55 0.01 –14.7 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg iShMSCI ACWI ACWI 66.22 –0.11 –16.4 SchwabUS LC SCHX 66.43 0.03 –13.5 VangdTotlWrld VT 66.57 –0.08 –17.8 iShMSCI EAFE EFA 54.58 –0.31 –21.4 SchwabUS LC Grw SCHG 87.40 –0.16 –5.9 VangdValue VTV 95.20 0.18 –20.6 Citigroup C 5.350 May 15, ’49 470 –113 n.a. 42.46 0.52 Noble Energy NBL 7.250 Oct. 15, ’23 886 –90 n.a. 7.80 7.59 Royal Bank of Canada RY 2.550 July 16, ’24 120 –69 n.a. 58.42 –0.02 Borrowing Benchmarks | WSJ.com/bonds Park Aerospace Holdings AVOL 5.500 Feb. 15, ’24 826 –59 655 ...... Barclays BACR 8.000 June 15, ’49 747 –43 709 ...... Money Rates April 23, 2020 Marathon Oil MRO 4.400 July 15, ’27 862 –43 790 4.84 6.84 Micron Technology MU 4.640 Feb. 6, ’24 201 –36 240 43.77 –0.32 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Enable Midstream Partners ENBL 4.400 March 15, ’27 882 –33 915 3.59 10.80 guide to general levels but don’t always represent actual transactions. …And spreads that widened the most Week —52-WEEK— Week —52-WEEK— Deutsche Bank AG DB 7.500 April 30, ’49 1177 85 n.a. 6.18 1.48 Inflation Latest ago High Low Latest ago High Low March index Chg From (%) National Rural Utilities Cooperative Finance NRUC 4.750 April 30, ’43 406 57 n.a. 26.84 0.34 level Feb. '20March '19 Federal funds Libor Expedia EXPE 5.000 Feb. 15, ’26 589 49 528 63.37 3.17 Effective rate 0.0600 0.0800 2.4800 0.0600 One month 0.48725 0.71825 2.48588 0.48725 Avolon Holdings Funding AVOL 3.625 May 1, ’22 765 42 637 ...... U.S. consumer price index High 0.1500 0.1500 3.0000 0.1400 Three month 0.99138 1.13525 2.58275 0.74050 Anheuser–Busch Inbev Finance ABIBB 3.300 Feb. 1, ’23 95 38 85 ...... All items 258.115 –0.22 1.5 Low 0.0300 0.0300 2.4400 0.0200 Six month 0.96525 1.12500 2.63850 0.73538 Nordstrom JWN 6.950 March 15, ’28 738 37 720 17.54 7.48 Core 267.312 0.02 2.1 Bid 0.0400 0.0500 2.4400 0.0100 One year 0.96025 0.98125 2.74550 0.74350 Fedex FDX 3.200 Feb. 1, ’25 171 36 122 120.88 1.97 Offer 0.0700 0.0800 2.5000 0.0500 International rates Boeing BA 2.700 May 1, ’22 395 34 n.a. 137.74 2.05 Treasury bill auction Euro Libor Week 52-Week High-yield issues with the biggest price increases… 4 weeks 0.090 0.150 2.390 0.000 One month -0.378 -0.360 -0.360 -0.621 Latest ago High Low Bond Price as % of face value Stock Performance 13 weeks 0.125 0.280 2.400 0.000 Three month -0.193 -0.142 -0.539 -0.148 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg Prime rates 26 weeks 0.145 0.290 2.400 0.080 Six month -0.062 -0.119 -0.052 -0.491 U.S. 3.25 3.25 5.50 3.25 Secondary market One year 0.001 -0.015 0.008 -0.441 Continental Resources CLR 4.500 April 15, ’23 84.500 8.00 78.000 13.23 6.61 Canada 2.45 2.45 3.95 2.45 Occidental Petroleum OXY 3.400 April 15, ’26 66.000 5.00 66.470 13.87 6.53 Fannie Mae Value 52-Week Mercer International MERC 6.500 Feb. 1, ’24 4.25 n.a. 8.43 Japan 1.475 1.475 1.475 1.475 Latest Traded High Low 94.250 4.59 30-year mortgage yields Netflix NFLX 4.875 June 15, ’30 106.813 3.81 107.000 426.70 1.25 Policy Rates DTCC GCF Repo Index 30 days 2.374 2.341 3.802 2.281 EQT EQT Euro zone 4.875 Nov. 15, ’21 98.250 3.75 n.a. 12.50 –12.28 0.00 0.00 0.00 0.00 60 days 2.440 2.409 3.824 2.341 Treasury 0.091 34.924 6.007 0.002 Switzerland 0.50 0.50 0.50 0.50 Oasis Petroleum OAS 6.875 March 15, ’22 10.500 3.75 14.000 0.67 134.68 MBS 0.073 46.710 6.699 0.011 Britain 0.10 0.10 0.75 0.10 Other short-term rates Weatherford International WFTLF 11.000 Dec. 1, ’24 72.500 3.55 71.750 4.50 –9.46 Australia 0.25 0.25 1.50 0.25 Clear Channel Worldwide Holdings CCO 9.250 Feb. 15, ’24 84.875 3.38 85.500 … … Week 52-Week Weekly survey Overnight repurchase Latest ago high low …And with the biggest price decreases Latest Week ago Year ago U.S. 0.10 0.09 3.40 -0.07 Call money Revlon Consumer Products REV 5.750 Feb. 15, ’21 50.000 –8.25 62.000 10.36 –0.38 Freddie Mac Staples SPLS U.S. government rates 2.00 2.00 4.25 2.00 10.750 April 15, ’27 47.500 –6.87 65.000 ...... 30-year fixed 3.33 3.31 4.20 Brand Industrial Services BRANDI 8.500 July 15, ’25 74.500 –6.50 83.250 ...... Discount Commercial paper (AA financial) 15-year fixed 2.86 2.80 3.64 L Brands* LB 5.250 Feb. 1, ’28 68.000 –5.50 75.950 10.63 4.32 0.25 0.25 3.00 0.25 90 days n.a. n.a. 2.58 0.58 Five-year ARM 3.28 3.34 3.77 Macy's Retail Holdings M 4.500 Dec. 15, ’34 59.000 –5.00 n.a. … … Realogy RLGY 9.375 April 1, ’27 67.000 –5.00 80.250 3.36 –1.47 Notes on data: Ladder Capital Finance Holdings LLLP LADR 4.250 Feb. 1, ’27 75.000 –3.75 n.a. … … U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. DTCC GCF Repo Index is Depository Trust Taylor Morrison Communities TMHC 5.750 Jan. 15, ’28 88.854 –2.90 92.000 … … & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. *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. Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more Tullett Prebon Information, Ltd. Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data P2JW115000-0-B00900-1------XA

THE WALL STREET JOURNAL. Friday, April 24, 2020 | B9 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, NYSE s-New 52-week high. FleetCorTech FLT 218.61 4.92 KSCitySouthern KSU 128.83 -0.51 s NovoNordisk NVO 63.98 -0.61 SensataTechs ST 33.18 0.94 Teleflex TFX 334.43 0.40 Verizon VZ 57.59 -0.40 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. listed securities. Prices are composite quotations dd-Indicates loss in the most recent four FlirSystems FLIR 38.73 -1.11 Kellogg K 64.50 -0.18 Novocure NVCR 73.06 0.74 ServiceCorp SCI 37.11 0.16 Ericsson ERIC 8.26 -0.14 s VertxPharm VRTX 267.91 -1.46 that include primary market trades as well as quarters. FlowersFoods FLO 22.12 -0.48 Kemper KMPR 65.65 -1.17 NuanceComms NUAN 18.54 0.27 ServiceNow NOW 297.31 -2.30 t TelefonicaBras VIV 8.79 -0.24 ViacomCBS A VIACA 17.61 0.32 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. FomentoEconMex FMX 56.53 0.27 KeurigDrPepper KDP 26.17 -0.37 Nucor NUE 37.72 1.32 ShawComm B SJR 15.93 0.01 Telefonica TEF 4.34 -0.10 ViacomCBS B VIAC 15.52 0.59 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing FordMotor F 4.89 0.12 KeyCorp KEY 10.63 0.40 Nutrien NTR 34.37 0.07 SherwinWilliams SHW 498.70 -1.59 TelekmIndonesia TLK 19.71 -0.37 Vipshop VIPS 16.21 -1.34 Nasdaq ISE. standards The list comprises the 1,000 largest companies lf-Late filing Fortinet FTNT 100.59 -3.72 KeysightTechs KEYS 95.76 0.49 NVIDIA NVDA 284.01 -2.14 ShinhanFin SHG 22.26 -0.12 10xGenomics TXG 73.94 -2.06 Visa V 166.38 -0.21 based on market capitalization. q-Temporary exemption from Nasdaq Fortis FTS 37.81 -0.40 KilroyRealty KRC 61.75 0.59 Shopify SHOP 620.49 -6.07 Tenaris TS 12.61 0.35 VistraEnergy VST 17.50 -0.14 Underlined quotations are those stocks with requirements. Fortive FTV 58.60 0.86 KimberlyClark KMB 140.36 -2.44 O P Q Sibanye-Stillwater SBSW 7.59 0.59 TencentMusic TME 10.94 -0.18 VMware VMW 126.42 -1.58 large changes in volume compared with the t-NYSE bankruptcy FortBrandsHome FBHS 43.80 0.72 KinderMorgan KMI 14.21 -0.46 SignatureBank SBNY 90.52 4.55 Teradyne TER 61.20 -1.58 Vodafone VOD 13.21 -0.05 issue’s average trading volume. v-Trading halted on primary market. OGE Energy OGE 30.70 0.01 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being FoxA FOXA 24.86 0.09 s KinrossGold KGC 6.87 0.17 ONE Gas OGS 85.74 -1.23 SimonProperty SPG 53.15 0.69 Tesla TSLA 705.63 -26.48 VornadoRealty VNO 37.48 0.27 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, FoxB FOX 24.45 -0.14 KirklandLakeGold KL 41.79 1.97 ONEOK OKE 29.20 1.89 SiriusXM SIRI 5.37 0.32 TevaPharm TEVA 10.18 0.34 VoyaFinancial VOYA 41.18 -0.27 s previous closing price was $2 or higher. or securities assumed by such companies. Franco-Nevada FNV 133.26 2.16 Knight-Swift KNX 35.32 0.07 OReillyAuto ORLY 374.53 6.27 Skyworks SWKS 92.79 -0.15 TexasInstruments TXN 110.46 -1.52 VulcanMatls VMC 101.20 -3.70 FranklinRscs BEN 15.86 -0.27 KoninklijkePhil PHG 42.29 -0.55 OccidentalPetrol OXY 13.87 0.85 SlackTech WORK 26.53 0.37 Textron TXT 27.82 1.21 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and FreeportMcM FCX 7.81 0.17 W X Y Z KoreaElcPwr KEP 9.31 0.27 Okta OKTA 152.01 0.37 Smartsheet SMAR 49.04 -3.48 ThermoFisherSci TMO 320.51 -15.08 changes in the closing prices from 4 p.m. the previous day. FreseniusMed FMS 37.19 0.45 KraftHeinz KHC 28.53 -0.23 OldDomFreight ODFL 141.25 13.00 SmithAO AOS 39.64 0.87 ThomsonReuters TRI 70.40 -0.67 WABCO WBC 135.22 -0.13 Kroger KR 32.88 0.57 Smith&Nephew SNN 38.31 -0.36 3M MMM 144.33 0.72 Thursday, April 23, 2020 Net Net OldRepublic ORI 14.83 -0.41 WEC Energy WEC 94.39 -2.01 G H I Line LN 48.98 0.22 Smucker SJM Tiffany TIF 127.06 -1.01 Stock Sym Close Chg Stock Sym Close Chg OmegaHealthcare OHI 28.14 -0.22 116.81 -1.75 WEX WEX 106.06 0.51 Net LKQ LKQ 20.47 0.32 Snap SNAP 16.06 -0.95 Toro TTC 63.30 1.05 Stock Sym Close Chg GCI LibertyA GLIBA 60.81 -0.18 Omnicom OMC 51.49 0.80 W.P.Carey WPC 58.05 -1.17 L3HarrisTech LHX 189.43 -2.33 BectonDicknsn BDX 265.08 -1.68 Corning GLW 20.03 0.05 GDS Holdings GDS 59.20 -1.12 ON Semi ON 13.92 -0.19 SnapOn SNA 113.67 -0.09 TorontoDomBk TD 38.66 -0.01 WPP WPP 33.86 0.45 LabCpAm LH 159.67 5.54 A B C BeiGene BGNE 161.00 0.32 Corteva CTVA 25.40 0.46 GFLEnvironmental GFL 15.46 0.09 OpenText OTEX 36.90 -0.08 SolarEdgeTech SEDG 100.70 5.19 Total TOT 34.61 0.24 Wabtec WAB 52.01 1.01 LamResearch LRCX 263.96 -7.82 Berkley WRB 50.15 -1.13 CoStar CSGP 587.27 6.65 GSXTechedu GSX 32.78 -1.03 Oracle ORCL 51.97 -0.30 SolarWinds SWI 15.72 ... ToyotaMotor TM 121.68 0.25 WalgreensBoots WBA 43.50 0.19 LamarAdv LAMR 50.32 0.78 ABB ABB 17.06 ... BerkHathwy B BRK.B 185.63 -0.95 Costco COST 305.40 -4.02 Galapagos GLPG 209.32 -0.16 Orange ORAN 12.18 -0.13 SonocoProducts SON 46.88 -0.16 TractorSupply TSCO 95.08 -0.35 Walmart WMT 128.53 -3.06 ACADIA Pharm ACAD 49.14 -0.27 BerkHathwy A BRK.A 278750-910.00 Coty COTY 5.93 0.34 Gallagher AJG 74.82 -2.77 LambWeston LW 56.69 0.36 Orix IX 55.34 -0.39 Sony SNE 62.06 -0.62 TradeDesk TTD 253.97 9.78 WasteConnections WCN 85.51 -0.48 AECOM ACM 33.16 0.91 BerryGlobal BERY 36.23 -0.13 CoupaSoftware COUP 159.87 -2.07 Gaming&Leisure GLPI 24.91 0.02 LasVegasSands LVS 45.96 4.93 Oshkosh OSK 63.43 0.97 Southern SO 56.80 -0.25 Tradeweb TW 52.52 1.27 WasteMgt WM 97.79 -0.97 AES AES 12.69 0.01 BestBuy BBY 69.60 0.62 Credicorp BAP 137.04 -1.58 Garmin GRMN 79.30 0.34 Lear LEA 85.13 2.27 OtisWorldwide OTIS 47.47 0.42 SoCopper SCCO 30.88 0.75 TraneTech TT 83.69 1.85 Waters WAT 190.77 0.43 Aflac AFL 35.04 -0.43 BeyondMeat BYND 99.78 11.32 CreditAcceptance CACC 265.87 11.36 Gartner IT 107.58 2.32 LeggMason LM 49.43 -0.14 PG&E PCG 11.00 ... SouthwestAir LUV 30.14 0.43 TransDigm TDG 314.28 10.02 Watsco WSO 151.51 2.33 AGNC Invt AGNC 12.36 0.16 Bilibili BILI 28.01 -2.19 CreditSuisse CS 7.88 -0.01 Generac GNRC 96.97 0.29 Leidos LDOS 98.86 1.25 PLDT PHI 24.00 -0.07 SouthwestGas SWX 76.96 0.46 TransUnion TRU 71.22 -0.52 Wayfair W 104.63 8.26 Ansys ANSS 258.95 -4.32 Bio-Techne TECH 209.73 1.88 CrowdStrike CRWD 68.91 0.84 GeneralDynamics GD 130.49 -2.88 Lennar A LEN 41.25 0.19 PNC Fin PNC 99.43 0.53 Splunk SPLK 131.69 0.41 Travelers TRV 100.45 -1.34 Weibo WB 35.95 0.01 ASETech ASX 4.18 0.02 Bio-RadLab A BIO 423.35 1.88 CrownCastle CCI 160.55 -2.62 GeneralElec GE 6.52 0.09 Lennar B LEN.B 31.37 0.12 POSCO PKX 34.61 0.07 Spotify SPOT 138.71 -1.03 Trex TREX 84.34-0.94 WellsFargo WFC 26.53 -0.27 ASML ASML 289.40 -5.57 Biogen BIIB 292.25 -5.76 CrownHoldings CCK 59.33 -0.26 GeneralMills GIS 59.71 -0.48 LennoxIntl LII 177.54 6.82 PPD PPD 23.08 0.55 Square SQ 61.82 0.86 Trimble TRMB 32.91 0.73 Welltower WELL 43.11 -1.18 AT&T T 29.50 0.03 BioMarinPharm BMRN 93.12 0.65 CubeSmart CUBE 25.50 -1.00 GeneralMotors GM 21.52 0.22 LeviStrauss LEVI 12.36 -0.15 PPG Ind PPG 90.52 0.45 StanleyBlackDck SWK 105.83 -1.54 Trip.com TCOM 23.70 0.70 s WestPharmSvcs WST 187.42 17.30 AbbottLabs ABT 93.94 -1.54 BioNTech BNTX 50.00 -3.50 Cummins CMI 145.43 0.50 Genmab GMAB 23.49 0.06 LibertyBroadbandC LBRDK 124.41 0.80 PPL PPL 25.19 -0.12 Starbucks SBUX 75.15 -2.30 TruistFinl TFC 34.29 0.29 WesternDigital WDC 39.39 -0.54 AbbVie ABBV 82.04 0.57 BlackKnight BKI 68.74 1.14 CyrusOne CONE 71.24 1.27 Genpact G 32.05 1.14 LibertyBroadbandA LBRDA 121.41 0.56 PRA HealthSci PRAH 88.32 -2.14 StarsGroup TSG 24.53 -0.07 TurkcellIletism TKC 5.07 0.02 WesternUnion WU 19.04 0.13 Abiomed ABMD 170.76 4.03 LibertyGlobal C LBTYK 17.38 0.30 StateStreet STT 57.05 -0.42 BlackRock BLK 471.20 -9.80 D E F Gentex GNTX 23.23 0.11 PTC PTC 64.33 -0.44 Twilio TWLO 107.51 -0.38 WestlakeChem WLK 39.86 1.27 AcceleronPharma XLRN 94.47 -0.21 Blackstone BX 48.43 2.10 GenuineParts GPC 73.10 0.20 LibertyGlobal A LBTYA 18.17 0.30 Paccar PCAR 65.91 -0.23 SteelDynamics STLD 24.07 1.23 Twitter TWTR 27.86 -0.58 WestpacBanking WBK 9.73 -0.09 Accenture ACN 172.90 0.59 LibertyFormOne A FWONA 26.04 2.18 Steris STE 149.45 -1.43 TylerTech TYL 319.36 1.14 Boeing BA 137.74 2.77 DISH Network DISH 22.88 0.50 GileadSciences GILD 77.78 -3.53 PackagingCpAm PKG 86.14 0.59 WestRock WRK 28.88 0.41 ActivisionBliz ATVI 65.88 -1.10 LibertyFormOne C FWONK 27.50 1.70 STMicroelec STM 23.64 0.34 TysonFoods TSN 60.90 0.98 BookingHldgs BKNG 1360.00 5.00 DTE Energy DTE 101.01 -1.35 GSK GSK 42.21 0.30 PagSeguroDig PAGS 22.03 0.50 Weyerhaeuser WY 18.98 -0.04 Adobe ADBE 335.37 -1.40 LibertySirius B LSXMB 32.96 1.49 StoneCo STNE 23.18 0.18 UBS Group UBS 9.33 0.10 BoozAllen BAH 75.43 0.79 Danaher DHR 160.65 0.40 GlbBloodTherap GBT 71.78 -0.56 PaloAltoNtwks PANW 192.09 0.23 s WheatonPrecMet WPM 38.79 1.94 AdvanceAuto AAP 113.39 0.37 BorgWarner BWA 26.65 1.00 LibertySirius A LSXMA 30.99 0.97 Stryker SYK 182.48 0.56 UDR UDR Darden DRI 66.87 -1.43 GlobalPayments GPN 147.26 -0.36 PanAmerSilver PAAS 21.48 0.46 36.20 -0.46 Whirlpool WHR 102.25 2.90 AdvMicroDevices AMD 55.90 -0.02 BostonBeer SAM 434.78 8.45 LibertySirius C LSXMK 30.81 0.52 SumitomoMits SMFG 5.04 0.11 Datadog DDOG 40.15 -0.14 GlobeLife GL 74.86 1.64 ParkerHannifin PH 132.45 -0.15 UGI UGI 28.05 0.10 Williams WMB 17.51 -0.15 Aegon AEG 2.35 0.02 BostonProps BXP 88.92 -1.75 s EliLilly LLY 159.93 3.22 SunComms SUI 121.46 -0.24 DaVita DVA 73.35 0.94 GlobusMedical GMED 46.53 1.50 Paychex PAYX 66.91 0.09 Uber UBER 28.33 0.09 WillisTowers WLTW 177.00 -8.86 AgilentTechs A 75.09 -0.08 BostonSci BSX 36.40 0.91 LincolnElectric LECO 74.57 0.66 SunLifeFinancial SLF 30.63 -0.26 Deere DE 137.11 0.90 GoDaddy GDDY 66.26 1.03 PaycomSoftware PAYC 211.67 -6.07 Ubiquiti UI 153.59 -1.70 Wipro WIT 3.00 0.06 AgnicoEagle AEM 59.98 3.44 BrightHorizons BFAM 109.33 -1.62 LincolnNational LNC 28.70 -0.34 SuncorEnergy SU 15.69 0.17 DellTechC DELL 38.91 0.16 s GoldFields GFI 7.98 0.70 Paylocity PCTY 86.91 -0.53 UltaBeauty ULTA 210.68 1.97 Wix.com WIX 132.66 -3.02 AirProducts APD 211.27 -3.17 Bristol-Myers BMY 60.95 0.02 Linde LIN 181.30 -0.30 Suzano SUZ 6.66 0.18 DeltaAir DAL 22.48 0.01 GoldmanSachs GS 175.05 -0.93 PayPal PYPL 115.24 0.05 UnderArmour A UAA 9.81 0.22 WooriFin WF 18.99 -0.13 AkamaiTech AKAM 102.26 -2.03 BritishAmTob BTI 36.29 0.25 LiveNationEnt LYV SynchronyFin SYF 16.10 0.05 DentsplySirona XRAY 38.70 -1.21 Graco GGG 44.52 -1.02 39.45 3.10 Pegasystems PEGA 76.20 -0.14 Unilever UN 49.10 -1.46 Workday WDAY 143.60 -2.22 Albemarle ALB 60.66 1.21 Broadcom AVGO 258.93 -1.04 LloydsBanking LYG 1.44 0.03 SyneosHealth SYNH 50.10 0.77 DeutscheBank DB 6.18 0.09 Grainger GWW 258.43 -17.70 Peloton PTON 29.89 -1.29 Unilever UL 51.53 -1.41 WynnResorts WYNN 76.05 6.02 Alcon ALC 52.63 0.24 BroadridgeFinl BR 110.25 0.84 LockheedMartin LMT 376.73 -3.67 Synopsys SNPS 151.99 1.27 DexCom DXCM 322.04 1.41 Grifols GRFS 20.51 -0.04 PembinaPipeline PBA 19.92 0.63 UnionPacific UNP 152.29 5.19 XP XP 25.75 -0.27 AlexandriaRlEst ARE 147.96 -2.98 BrookfieldMgt BAM 31.83 -0.17 Loews L 32.92 -0.85 Sysco SYY 49.75 -1.60 Diageo DEO 131.98 -0.38 GuardantHealth GH 75.10 -0.08 Pentair PNR 30.60 0.56 UnitedAirlines UAL 25.72 -0.16 XPO Logistics XPO 64.06 3.71 AlexionPharm ALXN 104.14 0.23 BrookfieldInfr BIP 37.65 -0.43 LogitechIntl LOGI 46.68 -0.25 UnitedMicro UMC 2.58 0.12 DiamondbkEner FANG 37.10 2.86 Guidewire GWRE 86.87 -1.47 Penumbra PEN 187.00 6.26 T U V XcelEnergy XEL 64.38 -0.94 Alibaba BABA 205.24 -4.72 Brown&Brown BRO 34.59 -1.11 Lowe's LOW 94.90 -0.05 DigitalRealty DLR 148.53 -0.65 HCA Healthcare HCA 104.74 0.22 People'sUtdFin PBCT 11.19 0.23 UPS B UPS 99.45 1.84 Xilinx XLNX 87.13 -3.47 AlignTech ALGN 188.57 -1.46 Brown-Forman B BF.B 60.46 0.55 lululemon LULU 211.64 -0.45 DiscoverFinSvcs DFS 34.82 -0.33 HDFC Bank HDB 40.88 0.10 PepsiCo PEP 130.26 -2.36 TAL Education TAL 49.79 -0.93 UnitedRentals URI 103.73 3.11 Xylem XYL 68.00 -1.18 Alleghany Y 519.35 -0.06 Brown-Forman A BF.A 55.93 0.36 Lumentum LITE 76.86 1.86 DiscoveryB DISCB 33.99 4.89 HD Supply HDS 27.52 -0.02 PerkinElmer PKI 87.20 1.65 TC Energy TRP 45.46 0.82 US Bancorp USB 33.37 0.12 s YamanaGold AUY 4.72 0.07 Allegion ALLE 95.13 2.16 Bruker BRKR 36.91 1.51 Lyft LYFT 30.09 -0.61 DiscoveryA DISCA 20.39 0.02 HP HPQ 14.62 -0.17 Perrigo PRGO 50.99 1.37 TD Ameritrade AMTD 37.17 -0.35 UnitedTherap UTHR 109.99 1.92 Yandex YNDX 35.25 0.30 Allergan AGN 185.55 0.21 Bunge BG 39.13 1.33 LyondellBasell LYB 49.37 1.26 DiscoveryC DISCK 18.60 0.04 HSBC HSBC 25.01 0.04 PetroChina PTR 35.02 0.20 TE Connectivity TEL 68.15 0.87 UnitedHealth UNH 285.33 8.31 YumBrands YUM 85.61 -1.18 AlliantEnergy LNT 50.09 -0.94 BurlingtonStrs BURL 171.02 -3.28 Disney DIS 101.00 0.01 Haemonetic HAE 114.00 3.94 PetroleoBrasil PBR 6.31 -0.03 Telus TU 15.84 0.02 UnivDisplay OLED 137.65 -0.26 YumChina YUMC 45.68 0.02 Allstate ALL 99.45 -2.54 CACI Intl CACI 239.90 2.61 M N DocuSign DOCU 102.19 0.40 Halliburton HAL 8.92 0.69 PetroleoBrasilA PBR.A 6.17 -0.04 TIM Part TSU 12.16 -0.25 UniversalHealthB UHS 101.20 3.10 ZTO Express ZTO 28.79 -0.18 AllyFinancial ALLY 14.30 0.28 CBRE Group CBRE 39.99 0.22 DolbyLab DLB 58.05 1.18 HartfordFinl HIG 35.93 0.25 M&T Bank MTB 103.56 -0.50 Pfizer PFE 36.69 0.44 TJX TJX 45.74 -0.64 VEREIT VER 4.56 -0.18 s ZaiLab ZLAB 65.80 1.10 AlnylamPharm ALNY 141.64 1.53 CDW CDW 100.86 -0.88 DollarGeneral DG 176.50 -2.65 Hasbro HAS 72.76 -1.39 MDU Rscs MDU 21.94 -0.01 PhilipMorris PM 71.78 -1.28 T-MobileUS TMUS 90.34 0.18 VF VFC 54.35 0.08 ZebraTech ZBRA 200.97 1.56 Alphabet A GOOGL 1271.17 12.76 CF Industries CF 27.85 0.54 DollarTree DLTR 74.93 -2.32 HawaiianElec HE 39.46 -0.38 MGM Resorts MGM 13.78 0.49 Phillips66 PSX 59.97 1.79 TRowePrice TROW 99.16 -1.47 VICI Prop VICI 15.28 -0.22 Zendesk ZEN 71.62 -0.48 Alphabet C GOOG 1276.31 13.10 CGI GIB 60.10 0.93 DominionEner D 76.91 -1.83 HealthcareAmer HTA 23.28 -0.25 MKS Instrum MKSI 91.28 0.17 PilgrimPride PPC 19.94 1.00 TaiwanSemi TSM 52.64 -0.31 VailResorts MTN 156.33 0.35 Zillow C Z 38.34 -0.38 Alteryx AYX 111.89 -4.16 CH Robinson CHRW 70.48 -1.10 Domino's DPZ 369.64 -14.11 HealthpeakProp PEAK 24.32 -0.56 MPLX MPLX 17.00 1.79 Pinduoduo PDD 49.17 -2.98 TakeTwoSoftware TTWO 124.55 -2.89 Vale VALE 7.86 -0.11 Zillow A ZG 37.84 -0.17 AlticeUSA ATUS 25.77 0.40 CME Group CME 178.48 -0.91 Donaldson DCI 41.40 0.60 Heico HEI 77.48 0.32 MSCI MSCI 317.44 -3.18 PinnacleWest PNW 75.82 -1.76 TakedaPharm TAK 17.14 0.06 ValeroEnergy VLO 52.07 1.50 ZimmerBiomet ZBH 112.99 3.73 Altria MO 38.45 0.64 CMS Energy CMS 59.24 -0.75 DouglasEmmett DEI 29.54 0.08 Heico A HEI.A 67.93 -0.31 MagellanMid MMP 39.23 -0.34 Pinterest PINS 18.85 -0.41 TandemDiabetes TNDM 75.40 4.25 VarianMed VAR 107.95 0.73 ZionsBancorp ZION 29.19 0.29 Amazon.com AMZN 2399.45 35.96 CNA Fin CNA 29.92 -0.66 s Dover DOV 88.01 1.69 HenrySchein HSIC 51.63 -0.08 MagnaIntl MGA 34.47 -0.49 PioneerNatRscs PXD 79.31 -1.35 Target TGT 103.86 -2.98 VeevaSystems VEEV 184.70 0.75 Zoetis ZTS 123.64 -2.17 Ambev ABEV 2.12 -0.05 CNH Indl CNHI 6.34 0.28 s Dow DOW 32.56 0.72 Herbalife HLF 33.16 0.67 ManulifeFin MFC 11.44 -0.13 PlainsAllAmPipe PAA 7.72 0.50 TechData TECD 137.09 -0.04 Ventas VTR 28.12 0.31 ZoomVideo ZM 169.09 18.84 Amcor AMCR 8.21 -0.15 CNOOC CEO 109.11 1.03 DrReddy'sLab RDY 52.77 -0.07 Hershey HSY 136.91 -6.37 MarathonPetrol MPC 25.94 1.25 PlanetFitness PLNT 57.04 -0.39 s TeladocHealth TDOC 187.73 8.08 VeriSign VRSN 213.00 -2.66 Zscaler ZS 66.24 -0.67 Amdocs DOX 61.69 -0.84 CRH CRH 27.67 -0.33 Dropbox DBX 19.84 -0.13 HessHES 41.67 2.29 Markel MKL 881.43 2.39 Pool POOL 204.40 13.98 TeledyneTech TDY 314.55 3.38 VeriskAnalytics VRSK 147.70 -3.50 Zynga ZNGA 7.45 -0.03 Amedisys AMED 191.03 -1.47 CSX CSX 61.47 0.58 DukeEnergy DUK 85.12 -2.03 HewlettPackard HPE 9.27 0.24 MarketAxess MKTX 417.78 -6.46 PortlandGenElec POR 48.43 -1.16 Amerco UHAL 256.99 2.35 CVS Health CVS 61.28 0.93 DukeRealty DRE 33.44 -0.72 Hill-Rom HRC 113.93 2.38 Marriott MAR 81.10 1.08 PostHoldings POST 90.91 -0.12 Ameren AEE 74.19 -2.59 CableOne CABO 1745.77 28.78 Dunkin' DNKN 58.47 -0.43 Hilton HLT 71.94 1.15 Marsh&McLen MMC 92.59 -1.49 PrincipalFin PFG 29.47 0.42 AmericaMovil AMX 10.86 -0.05 CabotOil COG 20.04 -0.68 New Highs and Lows | WSJ.com/newhighs DuPont DD 41.20 1.33 HollyFrontier HFC 28.57 1.69 MartinMarietta MLM 177.74 0.69 Procter&Gamble PG 119.40 0.79 AmerAirlines AAL 10.25 -0.02 s CadenceDesign CDNS 79.83 0.03 Dynatrace DT 27.55 0.26 Hologic HOLX 45.38 2.50 MarvellTech MRVL 26.42 -0.23 Progressive PGR 81.61 -0.88 AmCampus ACC 30.01 -1.09 CaesarsEnt CZR 8.07 0.01 ENI E 18.25 0.04 HomeDepot HD 202.32 -1.85 Masco MAS 39.68 0.43 Prologis PLD 86.75 -1.12 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American AEP AEP 83.02 -1.98 CamdenProperty CPT 83.04 -1.22 EOG Rscs EOG 44.22 1.07 HondaMotor HMC 22.48 0.62 Masimo MASI 204.05 3.10 Proofpoint PFPT 118.76 -1.13 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest AmerExpress AXP 82.46 -0.08 CampbellSoup CPB 50.54 -0.26 session. %CHG-Daily percentage change from the previous trading session. EPAM Systems EPAM 204.75 3.94 Honeywell HON 134.68 1.65 Mastercard MA 255.86 -1.05 ProsperityBcshs PB 49.34 0.99 AmericanFin AFG 60.97 -1.31 CIBC CM 55.47 -0.18 E*TRADE ETFC 38.22 -0.41 HorizonTherap HZNP 33.52 -0.33 MatchGroup MTCH 80.38 0.35 PrudentialFin PRU 53.24 -0.37 AmHomes4Rent AMH 22.97 -0.43 CanNtlRlwy CNI 77.24 0.38 Thursday, April 23, 2020 EastmanChem EMN 56.00 2.13 HormelFoods HRL 47.20 -1.20 MaximIntProducts MXIM 52.44 0.08 Prudential PUK 25.29 0.07 AIG AIG 22.66 0.40 CanNaturalRes CNQ 13.79 0.47 52-Wk % 52-Wk % 52-Wk % Eaton ETN 78.15 0.50 DR Horton DHI 39.18 0.29 McCormickVtg MKC.V 150.89 -1.03 PublicServiceEnt PEG 50.37 -0.73 AmerTowerREIT AMT 248.60 -4.38 CanPacRlwy CP 226.96 1.63 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg eBay EBAY 37.91 -0.34 HostHotels HST 10.81 0.19 McCormick MKC 151.62 -1.75 PublicStorage PSA 187.50 -5.51 AmerWaterWorks AWK 124.68 -3.21 Canon CAJ 19.63 -0.43 Ecolab ECL 175.04 0.28 HowmetAerospace HWM 11.00 0.17 McDonalds MCD 182.04 -4.44 PulteGroup PHM 23.87 -0.20 NordicAmTankers NAT 5.88 4.4 CementosPacasm CPAC 6.36 -4.4 AmericoldRealty COLD 31.81 -1.57 CanopyGrowth CGC 14.82 -0.20 Highs NovaGoldRscs NG 12.85 -1.0 Check-Cap WtC CHEKZ 0.04 -0.1 Ecopetrol EC 9.84 0.37 Huazhu HTHT 30.66 -0.54 McKesson MCK 136.57 1.35 Qiagen QGEN 41.87 -0.09 Ameriprise AMP 104.35 -0.56 CapitalOne COF 52.61 1.09 NovoNordisk NVO 65.15 -0.9 CheetahMobile CMCM 1.85 -2.6 EdisonInt EIX 58.23 -0.76 Hubbell HUBB 118.69 0.73 MedicalProp MPW 15.66 0.11 Qorvo QRVO 85.95 -0.63 AlamosGold AGI 8.03 4.8 AmerisourceBrgn ABC 87.26 0.76 CardinalHealth CAH 49.32 0.28 OraSureTechs OSUR 15.93 5.0 DoverMotorsports DVD 1.06 1.4 HubSpot HUBS 139.78 -1.25 Qualcomm QCOM 73.81 -0.87 AndinaAcqnIII ANDA 10.21 0.4 EdwardsLife EW 221.04 4.52 Medtronic MDT 95.83 -0.25 OverseasShip OSG 2.81 -1.5 DunxinFinl DXF 0.42 -4.0 Ametek AME 75.68 -0.21 Carlisle CSL 121.36 1.48 AngloGoldAsh AU 26.86 4.6 ElancoAnimal ELAN 23.81 -0.19 Humana HUM 366.07 -1.10 MelcoResorts MLCO 15.30 0.85 QuantaServices PWR 33.37 0.28 ParamountGoldNV PZG 1.10 3.0 1stConstBncp FCCY 9.01 -4.7 Amgen AMGN 232.49 3.20 Carlyle CG 22.20 0.51 ArcturusTherap ARCT 20.97 6.0 Elastic ESTC 59.99 -0.29 JBHunt JBHT 100.87 0.62 QuestDiag DGX 100.66 1.08 PetMedExpress PETS 34.13 1.8 FirstGuarBcshs FGBI 11.29 -4.8 Amphenol APH 83.98 2.31 CarMax KMX 65.99 1.08 MellanoxTech MLNX 124.81 0.01 AsankoGold AKG 1.28 -5.0 PluristemTherap PSTI 10.88 15.2 FirstSeacoastBncp FSEA 5.07 0.5 ElbitSystems ESLT 127.27 2.05 HuntingtonBcshs HBAN 7.92 -0.12 MercadoLibre MELI 586.71 -14.34 s Quidel QDEL 125.07 1.36 B2Gold BTG 5.50 3.6 AnalogDevices ADI 101.81 -0.31 Carnival CCL 12.17 0.53 Quidel QDEL 130.50 1.1 Flexsteel FLXS 8.25 -5.5 ElectronicArts EA 114.46 -0.11 HuntingIngalls HII 186.77 0.54 Merck MRK 80.88 0.90 BarrickGold GOLD 28.50 1.0 Anaplan PLAN 38.86 0.34 CarrierGlobal CARR 15.72 0.93 Repligen RGEN 115.37 0.6 FourSeasonsEduc FEDU 1.06 4.0 HyattHotels H 53.29 -0.73 R S CadenceDesign CDNS 81.43 ... EmersonElec EMR 52.91 0.80 MercurySystems MRCY 79.82 0.24 SeattleGenetics SGEN 145.94 1.3 FulingGlobal FORK 1.40 -1.9 s AngloGoldAsh AU 26.30 1.15 CaseysGenStores CASY 153.62 -0.23 ChembioDiagn CEMI 15.89 5.6 Enbridge ENB 28.87 0.22 IAAIAA 34.74 1.99 MetLife MET 31.90 0.14 RELX RELX 22.01 -0.61 ShenandoahTel SHEN 53.93 3.1 GalileoAcqnWt 0.16 -15.6 AB InBev BUD 41.93 0.32 Catalent CTLT 58.65 0.39 ChromaDex CDXC 5.37 7.7 GLEO.WS EncompassHealth EHC 68.09 0.37 IAC/InterActive IAC 222.17 0.93 SilganHoldings SLGN 34.09 1.5 GlobalIndemnity GBLI 22.37 -2.6 AnnalyCap NLY 5.87 -0.16 Caterpillar CAT 112.91 2.27 MettlerToledo MTD 703.30 -0.90 RPM RPM 63.97 -0.03 ClarivateAnaly CCC 24.80 -1.3 EnelAmericas ENIA 7.75 0.01 ICICI Bank IBN 9.04 0.04 SimulationsPlus SLP 43.10 0.9 HalladorEnergy HNRG 0.65 3.2 Anthem ANTM 261.55 -1.41 Celanese CE 78.02 2.52 MicrochipTech MCHP 78.80 -0.23 RalphLauren RL 68.95 1.92 CueBiopharma CUE 25.69 6.9 TeladocHealth TDOC 189.97 4.5 Hexcel 27.07 4.5 EnelChile ENIC 3.60 -0.06 ICU Medical ICUI 221.99 7.70 MicronTech MU 43.77 -0.14 EastStoneAcqn ESSC 9.77 0.7 HXL Aon AON 174.77 -6.82 Centene CNC 69.24 0.89 RaymondJames RJF 61.35 -0.79 21 Vianet VNET 17.14 5.1 IDACORP IDA 91.67 -1.73 Envela ELA 3.77 6.6 Invesco IVZ 7.20 -21.1 ApartmtInv AIV 35.14 -1.80 EnergyTransfer ET 7.05 0.57 Microsoft MSFT 171.42 -2.10 RaytheonTech RTX 63.29 -0.16 VeevaSystems VEEV 189.56 0.4 CenterPointEner CNP 16.42 0.23 Equinix EQIX 698.99 0.1 InnSuitesHosp IHT 0.95 3.8 EnphaseEnergy ENPH 39.48 1.24 IdexxLab IDXX 268.41 0.29 MidAmApt MAA 104.98 -3.33 RealPage RP 59.44 -0.79 Verastem VSTM 4.67 -5.0 ApolloGlbMgmt APO 38.05 1.93 CentraisElBras EBR 4.54 -0.43 Exelixis EXEL 26.48 6.7 LIVCapAcqnWt LIVKW 0.11 -20.8 Entegris ENTG IHS Markit INFO 64.99 1.52 MitsubishiUFJ MUFG 3.87 0.08 Vermillion VRML 1.47 8.1 Apple AAPL 275.03 -1.07 CenturyLink CTL 9.94 0.24 50.46 -0.59 RealtyIncome O 49.32 -0.86 Five9 FIVN 97.83 0.4 LendingClub LC 6.45 -1.9 ING Groep ING 5.16 0.09 VertxPharm VRTX 277.80 -0.5 Entergy ETR 96.97 -2.51 MizuhoFin MFG 2.29 0.04 ReataPharm RETA 154.46 1.81 Franco-Nevada FNV 138.56 1.6 LongevityAcqnWt LOACW 0.02 -72.3 ApplMaterials AMAT 50.90 -1.21 CeridianHCM CDAY 51.50 -0.19 WeisMarkets WMK 47.84 0.8 EnterpriseProd EPD 17.19 0.91 t InvescoIVZ 7.24 -1.94 MobileTeleSys MBT 8.30 0.17 RegencyCtrs REG 35.62 0.18 GAIN Capital GCAP 6.60 7.0 NaborsIndustries NBR 9.79 13.6 Aptargroup ATR 105.02 -1.28 Cerner CERN 71.15 0.37 WestPharmSvcs WST 190.27 10.2 IPG Photonics IPGP 116.34 -0.17 GenMarkDiagn GNMK 10.70 18.3 NaborsIndsPfdA NBRpA 2.00 -4.6 Aptiv APTV 60.73 0.23 CharlesRiverLabs CRL 135.45 -1.67 Equifax EFX 131.32 -1.17 Moderna MRNA 47.44 -3.76 RegenPharm REGN 565.52 7.44 WheatonPrecMet WPM 39.39 5.3 GoldFields GFI 8.48 9.6 NanoVibronix NAOV 1.42 7.8 s Equinix EQIX 685.49 0.70 IQVIA IQV 127.67 2.12 MohawkInds MHK 77.32 2.26 RegionsFin RF 9.42 0.33 Wingstop WING 114.37 -2.7 Aramark ARMK 23.09 0.04 CharterComms CHTR 499.12 3.04 HalozymeTherap HALO 22.48 4.2 NatlBankshares NKSH 26.24 -0.3 IcahnEnterprises IEP 47.22 0.62 ReinsGrp RGA 97.61 -1.30 YamanaGold AUY 4.95 1.5 ArcelorMittal MT 9.81 0.32 CheckPoint CHKP 103.84 -0.04 Equinor EQNR 12.51 -0.07 MolinaHealthcare MOH 167.22 3.85 Immunomedics IMMU 29.67 19.2 9F JFU 6.02 0.2 Icon ICLR 148.90 -9.23 ZaiLab ZLAB 66.91 1.7 Equitable EQH 15.33 -0.03 MolsonCoorsB TAP 41.87 -0.23 RelianceSteel RS 85.91 2.08 Incyte INCY 104.20 0.9 OportunFin OPRT 5.60 -4.9 ArchCapital ACGL 24.26 -0.64 Chegg CHGG 37.82 1.02 ZentalisPharm ZNTL 29.33 6.2 EquityLife ELS 59.51 -1.81 IDEX IEX 152.36 0.70 Mondelez MDLZ 51.33 -0.89 RenaissanceRe RNR 144.39 -4.10 Inseego INSG 13.47 0.4 OspreyTechWt SFTW.WS 0.52 -1.6 ArcherDaniels ADM 35.74 0.34 Chemed CHE 437.99 20.57 ZoomVideo ZM 169.75 12.5 IllinoisToolWks ITW 155.12 -0.42 IovanceBiotherap IOVA 39.00 -5.5 OttawaBncp OTTW 9.41 2.8 arGEN-X ARGX 143.85 0.40 CheniereEnergy LNG 41.20 0.44 EquityResdntl EQR 63.81 -1.85 MongoDB MDB 158.09 -0.24 s Repligen RGEN 113.15 0.64 PerformantFin PFMT 0.60 -5.1 ErieIndemnity A ERIE 171.65 -5.38 Illumina ILMN 312.71 1.15 MonolithicPower MPWR 181.27 -3.51 RepublicSvcs RSG 76.50 -1.37 J&J JNJ 157.00 1.6 Lows AristaNetworks ANET 209.23 -2.14 CheniereEnerPtrs CQP 33.02 1.02 KinrossGold KGC 7.25 2.5 ProfessionalHldg PFHD 12.32 -2.8 EssentialUtil WTRG 42.62 0.17 s Immunomedics IMMU 26.18 4.21 MonsterBev MNST 59.63 -0.49 ResMed RMD 158.73 -2.19 AscendisPharma ASND 126.89 -2.86 Chevron CVX 86.80 2.36 LightpathTech LPTH 2.28 -8.8 AMN Healthcare AMN 45.00 -4.8 RBB Bancorp RBB 11.17 -2.2 ImperialOil IMO 12.96 0.25 AspenTech AZPN 95.83 -0.13 Chewy CHWY 43.35 -1.47 EssexProp ESS 241.25 -3.47 Moody's MCO 240.00 0.17 RestaurantBrands QSR 46.18 0.93 EliLilly LLY 162.56 2.1 AkazooWt SONGW 0.07 -2.2 SteelConnect STCN 0.65 0.2 s Incyte INCY 101.90 0.93 Assurant AIZ 101.25 -1.75 ChinaLifeIns LFC 10.31 0.14 EsteeLauder EL 162.75 -3.23 MorganStanley MS 37.47 -0.34 RexfordIndlRealty REXR 38.73 -0.72 Luminex LMNX 34.52 3.0 AlbertonAcqnRt ALACR 0.09 -40.7 SunCokeEnergy SXC 2.57 1.5 Infosys INFY 8.79 0.24 TelecomArgentina 6.83 -6.0 AstraZeneca AZN 50.39 0.03 ChinaMobile CHL 39.34 -0.39 Etsy ETSY 62.85 0.10 Morningstar MORN 135.49 -0.40 ReynoldsCnsmr REYN 31.06 0.39 MudrickCapA MUDS 10.58 1.5 AmerEagle AEO 6.58 3.9 TEO IngersollRand IR 27.36 0.54 NIC EGOV 25.37 0.3 AmVirtualCloud AVCT 1.52 -5.8 TelefonicaBras VIV 8.70 -2.7 Atlassian TEAM 149.39 0.19 ChinaPetrol SNP 48.85 -0.18 EuronetWorldwide EEFT 82.82 0.87 MotorolaSol MSI 153.61 2.02 RingCentral RNG 238.91 -5.25 Nautilus NLS 6.85 5.7 ArchCoal ARCH 24.04 -12.1 TimkenSteel TMST 2.16 9.3 Everbridge EVBG 120.28 -1.77 Ingredion INGR 78.80 1.44 Mylan MYL 15.30 0.39 RioTinto RIO 46.04 -0.25 AtmosEnergy ATO 101.33 -0.99 ChinaTelecom CHA 32.91 0.17 Newmont NEM 64.65 1.2 BelFuse B BELFB 6.30 -2.0 TremontMortgage TRMT 1.68 -1.7 Inphi IPHI 96.68 -0.06 Autodesk ADSK 175.55 0.18 ChinaUnicom CHU 6.37 0.09 EverestRe RE 177.09 -2.29 NICE NICE 165.94 1.50 RitchieBros RBA 42.79 0.29 Insulet PODD 206.16 6.15 Autohome ATHM 74.58 -1.20 Chipotle CMG 867.02 -15.24 Evergy EVRG 57.79 -1.76 NRG Energy NRG 31.23 0.14 RobertHalf RHI 43.78 2.43 Intel INTC 59.04 -1.06 Autoliv ALV 56.60 1.88 Chubb CB 104.08 -2.14 EversourceEner ES 86.56 -1.45 NVR NVR 2746.33-101.27 Rockwell ROK 169.34 3.15 ICE ICE 88.50 -0.69 ADP ADP 135.92 -2.78 ChunghwaTel CHT 36.40 0.11 ExactSciences EXAS 74.70 0.65 NXP Semi NXPI 88.08 -0.98 RogersComm B RCI 40.69 -0.25 Dividend Changes InterContinentl IHG 42.55 -0.19 AutoZone AZO 1005.71 6.16 Church&Dwight CHD 70.66 -0.75 s Exelixis EXEL 26.37 1.65 Nasdaq NDAQ 103.85 -0.78 Roku ROKU 123.06 0.87 IBM IBM 121.35 2.04 Avalara AVLR 82.35 0.53 Ciena CIEN 44.76 0.03 Exelon EXC 36.32 -0.88 NationalGrid NGG 57.23 -0.50 Rollins ROL 37.55 -0.15 Dividend announcements from April 23. IntlFlavors IFF 123.16 -1.12 Avalonbay AVB 157.45 -2.39 Cigna CI 184.28 1.69 Expedia EXPE 63.37 1.95 NatlInstruments NATI 36.85 -0.33 RoperTech ROP 314.01 0.37 IntlPaper IP 30.54 0.57 Avangrid AGR 44.98 -0.39 CincinnatiFin CINF 78.40 -1.29 ExpeditorsIntl EXPD 70.22 -0.15 NatlOilwell NOV 12.42 0.62 RossStores ROST 82.63 -1.24 Amount Payable / Interpublic IPG 14.70 0.66 Company Symbol Yld %New/Old Frq Record Avantor AVTR 13.71 -0.06 Cintas CTAS 199.42 1.98 ExtraSpaceSt EXR 87.92 -3.58 NatlRetailProp NNN 29.01 -0.60 RoyalBkCanada RY 58.42 -0.01 Intuit INTU 258.06 -5.79 AveryDennison AVY 106.73 1.36 CiscoSystems CSCO 41.62 -0.14 ExxonMobil XOM 43.45 1.32 Natura&Co NTCO 12.47 -0.31 RoyalBkScotland RBS 2.63 0.05 Increased F5Networks FFIV 124.02 0.81 IntuitiveSurgical ISRG 513.22 1.09 NetApp NTAP 41.04 1.36 RoyalCaribbean RCL 36.88 2.87 AxaltaCoating AXTA 18.25 0.25 Citigroup C 42.46 0.22 DKL Q InvitatHomes INVH 21.59 -0.49 Delek Logistics Partners 23.9 .89 /.885 May12 /May05 AxonEnterprise AAXN 70.75 -2.58 CitizensFin CFG 20.25 0.67 FMC FMC 87.37 3.26 Netease NTES 342.86 -5.81 RoyalDutchA RDS.A 35.16 0.30 IonisPharma IONS 56.96 2.29 Healthcare Services Group HCSG 3.5 .2025 /.20125 Q Jun26 /May22 BCE BCE 40.10 -0.22 CitrixSystems CTXS 141.56 -10.13 FTI Consulting FCN 134.97 3.27 Netflix NFLX 426.70 5.28 RoyalDutchB RDS.B 34.23 0.49 s IovanceBiotherap IOVA Nasdaq NDAQ 1.9 .49 /.47 Q Jun26 /Jun12 BHP Group BHP 38.35 0.60 s ClarivateAnaly CCC 23.68 -0.32 Facebook FB 185.13 2.85 35.70 -2.09 Neurocrine NBIX 94.90 0.53 RoyalGold RGLD 122.97 6.31 iQIYI IQ 18.14 -0.29 NextEra Energy Partners NEP 4.4 .555 /.535 Q May15 /May07 BHP Group BBL 31.66 0.51 Clorox CLX 189.92 -2.01 FactSet FDS 273.39 0.97 NewOrientalEduc EDU 110.69 -3.09 Ryanair RYAAY 54.36 -1.16 IronMountain IRM Northern Trust Pfd. E NTRSO 4.7 .2937 /.11913 Q Jul01 /Jun15 BP BP 23.38 0.05 Cloudflare NET 23.73 -0.88 FairIsaac FICO 302.26 -1.62 24.43 -0.07 NY CmntyBcp NYCB 9.61 -0.24 SAP SAP 115.15 -1.95 Qualcomm QCOM 3.5 .65 /.62 Q Jun25 /Jun04 s B2Gold BTG 5.19 0.18 Coca-Cola KO 45.07 -0.61 Farfetch FTCH 12.21 -0.34 IsraelChemicals ICL 3.46 -0.02 NYTimes A NYT 30.19 0.79 S&P Global SPGI 279.56 3.55 RiverNorth Spec Pfd. A RMPLp 6.4 .3672 /.36719 Q May15 /May01 BWX Tech BWXT 51.92 0.62 Coca-Cola Euro CCEP 39.28 -1.01 Fastenal FAST 34.92 0.08 ItauUnibanco ITUB 4.00 -0.12 NewellBrands NWL 12.60 0.54 SBA Comm SBAC 306.67 0.11 UGI UGI 4.7 .33 /.325 Q Jul01 /Jun15 Baidu BIDU 99.85 -1.90 CogentComm CCOI 89.88 -0.80 FederalRealty FRT 70.19 2.24 J K L NewMarket NEU 412.17 15.86 SEI Investments SEIC 48.40 -0.70 BakerHughes BKR 13.57 0.58 Cognex CGNX 47.77 -1.29 FedEx FDX 120.88 2.34 s Newmont NEM 62.44 0.71 SK Telecom SKM 19.34 0.02 Reduced Ferrari RACE SS&C Tech SSNC 50.58 -0.48 Ball BLL 64.90 -1.72 CognizantTech CTSH 52.65 0.39 157.02 -1.00 JBG SMITH Prop JBGS 31.97 0.53 NewsCorp B NWS 8.82 0.17 Anworth Mortgage Asset ANH 25.5 .05 /.09 Q May29 /May12 FiatChrysler FCAU 7.94 0.13 NewsCorp A NWSA SVB Fin SIVB 171.00 3.50 BancoBilbaoViz BBVA 2.83 0.07 ColgatePalm CL 71.23 0.02 JD.com JD 44.94 -0.05 8.68 0.24 DCP Midstream DCP 18.3 .39 /.78 Q May15 /May01 ColumbiaSportswr COLM FidNatlFin FNF 25.85 0.48 JPMorganChase JPM 89.39 0.05 NextEraEnergy NEE 241.14 -6.03 Salesforce.com CRM 151.72 -2.42 BancoBradesco BBDO 3.25 -0.16 67.29 -1.18 FR STRATSs 2006-2 GS Grp GJS 3.4 .0247 /.027 M May15 /May14 BancodeChile BCH 16.07 -0.08 Comcast A CMCSA 36.09 0.36 FidNatlInfo FIS 121.18 -1.37 JackHenry JKHY 156.20 -3.44 NielsenHoldings NLSN 12.36 0.50 Sanofi SNY 48.37 0.18 BancSanBrasil BSBR 4.52 -0.14 CommerceBcshrs CBSH 55.54 0.74 FifthThirdBncp FITB 16.86 0.36 JacobsEngg J 79.75 0.24 Nike NKE 87.35 -1.42 SantanderCons SC 12.73 0.36 Stocks BcoSantChile BSAC 14.40 -0.15 SABESP SBS 7.61 -0.36 58.com WUBA 51.13 -0.81 JamesHardie JHX 11.78 0.07 NiSource NI 25.85 -0.16 SareptaTherap SRPT 115.31 0.97 United States Oil Fund USO 1:8 /Apr29 BancoSantander SAN 2.08 0.03 ConagraBrands CAG 33.98 -0.32 51job JOBS 66.76 -0.57 JazzPharma JAZZ 104.74 2.30 Nokia NOK 3.39 0.01 Schlumberger SLB 16.52 1.18 BankofAmerica BAC 21.87 0.07 ConchoRscs CXO 53.98 0.85 FirstAmerFin FAF 42.26 1.65 s J&J JNJ 155.51 2.52 NomadFoods NOMD 20.75 -0.07 SchwabC SCHW 35.64 -0.23 Foreign BankofMontreal BMO 47.57 0.12 ConocoPhillips COP 36.18 1.20 FirstIndRlty FR 35.01 0.88 JohnsonControls JCI 27.85 0.10 NomuraHoldings NMR 4.01 0.01 ScienceApplicat SAIC 81.98 1.79 ASML Holding ASML 0.8 1.27177 A May06 /Apr27 BankNY Mellon BK 35.32 -0.20 ConEd ED 81.78 -2.34 FirstRepBank FRC 99.08 0.96 JonesLang JLL 101.55 3.18 Nordson NDSN 155.41 2.58 ScottsMiracleGro SMG 122.04 1.87 Cango ADR CANG .23 May18 /May04 BkNovaScotia BNS 37.54 0.12 ConstBrands A STZ 153.05 -2.17 FirstSolar FSLR 42.29 2.06 JuniperNetworks JNPR 23.13 -0.07 NorfolkSouthern NSC 155.86 2.08 Sea SE 53.63 -0.41 Eaton Corp. PLC ETN 3.7 .73 Q May29 /May14 Barclays BCS 4.39 0.12 ContinentalRscs CLR 13.23 0.82 FirstEnergy FE 43.03 -1.19 KB Fin KB 24.66 -0.81 NorthernTrust NTRS 75.61 -0.56 Seagate STX 47.89 -2.85 Rogers Commun RCI 3.5 .3519 Q Jul02 /Jun10 s BarrickGold GOLD 26.74 0.26 Cooper COO 290.27 -3.83 Fiserv FISV 94.61 -0.79 KKR KKR 23.10 0.93 NorthropGrum NOC 335.83 -6.18 SealedAir SEE 28.18 -0.05 BauschHealth BHC 16.32 -0.04 Copart CPRT 68.84 0.76 FiveBelow FIVE 78.42 -3.35 KLA KLAC 159.45 0.77 NortonLifeLock NLOK 20.21 0.30 s SeattleGenetics SGEN 140.88 1.86 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: BaxterIntl BAX 91.32 0.78 Coresite COR 119.91 1.11 s Five9 FIVN 96.06 0.42 KT KT 9.43 0.09 Novartis NVS 88.10 -0.20 SempraEnergy SRE 125.50 1.84 spin-off.

Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Dodge & Cox Contra 12.97 +0.02 -4.8 TotRtnBdFdClInst 28.26 +0.05 5.0 TotalReturnBond NA ... NA VANGUARD ADMIRAL TxMCapAdml143.28 ...-13.2 WellsI 26.27 +0.01 -3.1 NOTICE TO READERS Balanced 83.42 +0.53-16.3 ContraK 12.99 +0.02 -4.8 Harbor Funds PIMCO Fds Instl 500Adml 258.51 -0.13-12.9 TxMIn r 11.07 +0.01-21.4 Welltn 39.18 -0.07 -9.0 Mutual-fund statistics were delayeddue to aproduction issue at the Income 14.21 +0.05 2.3 CpInc r 8.73 +0.01-13.7 CapApInst 73.82 -0.17 -2.5 AllAsset NA ... NA BalAdml 36.37 +0.04 -6.5 USGroAdml 109.53 +0.03 -1.7 WndsrII 29.36 +0.03-19.4 source.Prices displayedinthis table reflect Friday’sclosing values.Up- Intl Stk 30.82 +0.32-29.3 GroCo 21.48 -0.01 0.6 Harding Loevner TotRt 10.65 +0.02 3.9 CAITAdml 11.92 -0.03 -0.7 ValAdml 37.15 +0.04-19.9 VANGUARD INDEX FDS SmValAdml 39.59 +0.42-32.5 to-date mutual-fund data canbefound online at WSJMarkets.com. Stock 144.54 +1.12-23.9 GrowCoK 21.52 -0.01 0.6 IntlEq NA ... NA PIMCO Funds A CapOpAdml r132.68 +0.19-15.9 WdsrllAdml 52.09 +0.05-19.4 DoubleLine Funds InvGrBd 11.83 +0.03 3.1 Invesco Funds Y IncomeFd NA ... NA DivAppIdxAdm 30.10 -0.14-10.6 WellsIAdml 63.63 +0.03 -3.1 TotBd2 11.45 +0.02 4.8 CoreFxdIncmI NA ... NA LowP r 38.46 +0.29-23.1 DevMktY 36.63 +0.02-19.7 PIMCO Funds I2 EMAdmr 29.43 -0.09-20.2 WelltnAdml 67.66 -0.12 -8.9 TotIntl 14.03 ...-21.2 TotRetBdI NA ... NA Magin 9.60 -0.02 -5.9 JPMorgan I Class Income NA ... NA TotSt 67.94 +0.04-14.3 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. EqIncAdml 64.73 -0.04-17.9 WndsrAdml 54.87 +0.23-24.1 Edgewood Growth Instituti OTC 12.21 -0.01 -4.5 CoreBond 12.24 +0.03 4.2 PIMCO Funds Instl ExplrAdml 77.94 +0.57-19.8 VANGUARD FDS VANGUARD INSTL FDS e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese EdgewoodGrInst 37.61 -0.10 -2.4 Puritn 21.48 ... -5.2 EqInc 15.54 -0.03-19.6 IncomeFd NA ... NA ExtndAdml 74.11 +0.55-22.3 DivdGro 26.79 -0.06-12.2 BalInst 36.37 +0.04 -6.6 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Fidelity SAIUSQtyIdx 13.34 -0.04 -9.1 JPMorgan R Class Price Funds GNMAAdml 10.82 +0.01 3.3 INSTTRF2015 21.97 +0.02 -4.4 DevMktsIndInst 11.09 +0.01-21.3 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r 500IdxInstPrem 97.05 -0.04-12.9 SrsEmrgMkt 16.53 -0.05-19.9 CoreBond 12.25 +0.02 4.1 BlChip 118.88 -0.09 -4.4 GrwthAdml 88.90 -0.16 -5.0 INSTTRF2020 22.38 +0.02 -7.2 DevMktsInxInst 17.33 +0.01-21.3 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not Contrafund K6 13.71 +0.02 -5.2 SrsGlobal 10.44 -0.01-20.7 CorePlusBd 8.59 +0.01 2.4 DivGro 45.90 -0.20-13.6 HlthCareAdml r 84.06 +0.04 -1.5 INSTTRF2025 22.51 +0.03 -9.0 ExtndInst 74.10 +0.54-22.3 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; GrwthInst 88.91 -0.15 -5.0 ExtMktIdxInstPre 49.52 +0.35-22.4 SrsGroCoRetail 17.99 -0.01 1.4 Lord Abbett A EqInc 23.99 +0.08-24.8 HYCorAdml r 5.44 ... -7.2 INSTTRF2030 22.47 +0.02-10.5 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. InPrSeIn 11.00 ... 4.4 IntlIdxInstPrem 33.92 -0.02-21.0 SrsIntlGrw 15.15 -0.10-13.5 ShtDurIncmA p 4.03 ... -3.3 EqIndex 74.38 -0.03-12.9 InfProAd 27.01 +0.02 4.4 INSTTRF2035 22.42 +0.02-12.1 InstIdx 249.81 -0.12-12.9 MidCpInxInstPrem 18.65 +0.04-21.1 SrsIntlVal 7.22 +0.01-27.1 Lord Abbett F Growth 68.49 +0.12 -6.6 IntlGrAdml 93.56 -0.87 -9.0 INSTTRF2040 22.37 +0.02-13.6 InstPlus 249.83 -0.11-12.9 Thursday, April 23, 2020 SAIUSLgCpIndxFd 15.05 ...-13.0 TotalBond 11.05 +0.02 2.1 ShtDurIncm 4.03 +0.01 -3.3 HelSci 79.84 +0.23 -2.0 ITBondAdml 12.34 +0.02 5.3 INSTTRF2045 22.25 +0.01-15.0 InstTStPlus 58.14 +0.04-14.3 Net YTD Net YTD Net YTD SeriesOverseas 8.99 -0.04-16.6 Fidelity SAI Lord Abbett I InstlCapG 42.02 +0.06 -4.6 ITIGradeAdml 10.16 +0.01 2.6 INSTTRF2050 22.29 +0.02-15.0 MidCpInst 39.30 +0.06-19.0 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SmCpIdxInstPrem 15.37 +0.14-26.9 TotalBd 10.56 +0.02 1.5 ShtDurInc p 4.03 +0.01 -3.3 IntlStk 15.28 -0.07-18.0 LTGradeAdml 11.68 +0.08 8.5 INSTTRF2055 22.37 +0.01-15.0 Metropolitan West MidCpIstPl 193.80 +0.26-19.0 American Century Inv NEcoA p 41.40 +0.11 -9.4 CorePlusBond 10.31 +0.02 2.2 TMktIdxInstPrem 77.28 +0.04-14.4 First Eagle Funds MidCap 80.53 +0.22-15.5 MidCpAdml 177.89 +0.25-19.0 IntlVal 28.45 -0.05-24.2 TotRetBd 11.36 +0.02 4.5 SmCapInst 58.84 +0.56-25.6 Ultra 50.16 ... -3.8 NwWrldA 58.52 +0.18-17.1 Intl Eq 9.67 -0.02-19.3 USBdIdxInstPrem 12.47 +0.03 5.5 GlbA 49.86 +0.25-14.0 N Inc 9.58 +0.02 -0.5 MuHYAdml 11.12 -0.04 -4.3 LifeCon 19.94 +0.03 -4.8 TotRetBdI 11.36 +0.02 4.7 STIGradeInst 10.70 +0.01 0.5 American Funds Cl A SmCpA p 49.79 +0.28-15.4 LargeCapValue 10.64 +0.01-21.9 Fidelity Advisor I FPA Funds NHoriz 57.77 +0.18 -2.7 MuIntAdml 14.25 -0.04 -0.8 LifeGro 31.44 +0.02-13.0 TRBdPlan 10.68 +0.01 4.5 STIPSIxins 24.72 -0.01 0.1 AmcpA p 30.39 +0.12 -9.5 TxExA p 12.97 -0.04 -1.9 Dimensional Fds NwInsghtI 29.39 +0.06-10.1 FPACres 27.57 +0.10-18.5 OverS SF r 8.70 -0.01-22.3 MuLTAdml 11.63 -0.04 -1.3 LifeMod 26.28 +0.03 -8.9 MFS Funds Class I TotBdInst 11.53 +0.01 5.2 AMutlA p 37.59 -0.11-13.1 WshA p 40.40 -0.06-15.6 5GlbFxdInc 10.78 ... 0.5 Fidelity Freedom Franklin A1 R2020 19.90 +0.02 -9.9 MuLtdAdml 10.97 -0.02 -0.4 PrmcpCor 22.58 +0.03-19.1 ValueI 36.08 -0.11-18.8 TotBdInst2 11.45 +0.02 4.8 BalA p 26.48 +0.02 -6.7 Baird Funds DFARlEst 32.53 -0.32-20.1 FF2020 14.77 +0.02 -8.9 CA TF A1 p 7.42 -0.03 -2.1 R2025 15.78 +0.01-11.2 MuShtAdml 15.77 -0.01 ... STAR 25.12 +0.02 -8.1 MFS Funds Instl TotBdInstPl 11.53 +0.01 5.2 BondA p 13.77 +0.03 6.0 AggBdInst 11.59 +0.02 4.0 EmgMktVa 20.83 +0.04-27.4 FF2025 12.86 +0.01-10.2 IncomeA1 p 2.00 ...-13.3 R2030 22.66 +0.03-12.5 PrmcpAdml r121.09 -0.04-16.0 TgtRe2015 14.50 +0.02 -4.5 IntlEq 22.71 -0.01-18.5 TotIntBdIdxInst 34.12 +0.12 0.8 CapIBA p 54.66 -0.02-12.8 CorBdInst 11.82 +0.03 2.9 EmMktCorEq 16.62 ...-23.5 FF2030 15.69 +0.02-12.0 FrankTemp/Frank Adv R2035 16.45 +0.02-13.6 RealEstatAdml102.68 -0.97-21.4 TgtRe2020 30.19 +0.04 -7.2 Nuveen Cl I TotIntlInstIdx r 93.85 -0.03-21.2 CapWGrA 43.87 +0.01-15.6 BlackRock Funds IntlCoreEq 10.37 +0.05-24.7 Freedom2020 K 14.75 +0.01 -9.0 IncomeAdv 1.98 ...-13.4 R2040 23.15 +0.02-14.4 SmCapAdml 58.84 +0.56-25.6 TgtRe2025 18.05 +0.02 -9.0 HYMunBd 15.87 -0.05-10.4 TotItlInstPlId r 93.87 -0.03-21.2 EupacA p 45.69 +0.13-17.9 HiYldBd Inst 6.86 -0.01-10.1 IntSmCo 13.94 +0.14-26.2 Freedom2025 K 12.84 +0.01-10.2 FrankTemp/Franklin A Value 29.94 -0.08-21.1 SmGthAdml 57.80 +0.49-17.2 TgtRe2030 32.61 +0.03-10.5 Oakmark Funds Invest TotStInst 67.98 +0.05-14.3 FdInvA p 52.67 +0.17-14.7 BlackRock Funds A IntSmVa 13.53 +0.23-30.1 Freedom2030 K 15.67 +0.02-12.0 Growth A p 102.34 +0.01 -8.8 PRIMECAP Odyssey Fds STBondAdml 10.81 ... 2.9 TgtRe2035 19.80 +0.01-12.1 OakmrkInt 15.94 +0.16-36.1 ValueInst 37.15 +0.04-19.9 GwthA p 47.96 +0.12 -6.2 GlblAlloc p 17.73 ... -7.7 LgCo 21.46 -0.01-12.9 Freedom2035 K 12.84 +0.02-14.8 RisDv A p 59.61 +0.01-14.1 Growth r 33.43 +0.12-18.3 Old Westbury Fds STIGradeAdml 10.70 +0.01 0.5 TgtRe2040 33.82 +0.02-13.6 WCM Focus Funds HI TrA p 8.82 -0.02-10.7 BlackRock Funds Inst US CoreEq1 21.01 +0.07-18.5 Freedom2040 K 8.86 +0.01-16.3 FrankTemp/Franklin C Schwab Funds LrgCpStr 12.78 ...-15.2 STsryAdml 10.84 ... 2.9 TgtRe2045 21.00 +0.01-15.0 WCMFocIntlGrwIns 16.85 -0.11-10.9 ICAA p 34.42 +0.02-12.6 MultiAstIncome 9.98 +0.01 -7.8 US CoreEq2 18.85 +0.08-20.0 Fidelity Invest Income C t 2.03 ...-13.3 S&P Sel 43.03 -0.02-12.9 Parnassus Fds TotBdAdml 11.53 +0.01 5.2 TgtRe2050 33.82 +0.01-15.0 Western Asset IncoA p 20.08 -0.01-12.8 StratIncOpptyIns 9.51 ... -3.8 US Small 24.50 +0.28-29.8 AMgr50% 17.17 +0.02 -7.6 FrankTemp/Temp Adv TSM Sel r 47.88 +0.03-14.4 ParnEqFd 41.80 -0.12-10.9 TotIntBdIdxAdm 22.73 +0.07 0.7 TgtRet2055 36.72 +0.02-15.0 CoreBondI NA ... NA Bridge Builder Trust Balanc 22.44 +0.04 -8.3 TIAA/CREF Funds IntBdA p 13.97 +0.01 4.4 US SmCpVal 21.67 +0.35-36.9 GlBondAdv p 9.99 ... -4.8 PGIM Funds Cl Z TotIntlAdmIdx r 23.47 -0.01-21.2 TgtRetInc 13.55 +0.02 -3.2 CorePlusBdI NA ... NA N PerA p 41.76 +0.01-11.6 CoreBond 10.73 +0.02 3.8 USLgVa 28.01 +0.14-27.0 BluCh 103.52 -0.08 -3.9 Guggenheim Funds Tru BdIdxInst 11.58 +0.02 5.0 TotStAdml 67.97 +0.05-14.3 TotIntBdIxInv 11.37 +0.04 0.8 CorePlusBdIS NA ... NA P2JW115000-7-B01000-1------XA

B10 | Friday, April 24, 2020 ******* THE WALL STREET JOURNAL. BANKING & FINANCE Blackstone Results Battered by Selloff

BY MIRIAM GOTTFRIED and debt, but it held off on big- 8.8%and 3.9%. Relatively low Schwarzman emphasized the two yearsraising nearly $250 gerdeals because it believes exposuretohotels and retail importance of being patient billion, partly fornew private- Blackstone Group Inc.’s theeconomic recovery will be real estatehelped the firm, as during acrisis.Hepointed to equity and real-estatefunds. first-quarter resultswerehit gradual. “We’recertainly not in didits significant holdingsof the firm’sexperiencewith Hil- That hasleftitwith $151.1 bil- hard by the coronavirus-led the ‘V’ camp.We’vebeen de- e-commerce warehouses,which tonWorldwide Holdings Inc., lion in unspent cash to invest market selloff,and the firm’s bating what theshape is,” Mr. makeupmorethan athirdof whichitbought just beforethe in new opportunities. president, Jonathan Gray,said Gray said. “I think it’sanelon- itsreal-estateportfolio and financial crisis and whose value Blackstone’sfundraising he sees the economic recovery gatedrecovery. That’swhy benefited from the quarantines. fell to 31 centsonthe dollar. machine showed few signs of taking some time to gain steam. we’renot rushing to invest.” Blackstone’sassetsunder Thefirm and itsinvestors slowing, despite pressures on S Theprivate-equity firm Thefirm posted alossof management were $538.01bil- reaped aprofitof$14 billion some investors’ finances and NEW

swung to alossasdeclining $1.07 billion, or $1.58 ashare, lion, down from $571.12 billion oncethe economyrecovered. G the inability to travel to meet markets forced it to writedown forthe quarter.That compares at theend of the previous quar- “With an asset-light model with them. Thefirm raised

the value of itsinvestment with aprofitof$481.3million, ter, asetback to the firm’sgoal andthird-party capital, typi- OOMBER $27.3 billion in the quarter,in- portfolio.Its assetsunder man- or 71 centsashare, ayear ear- of reaching $1 trillion in assets cally under very long-term con- cluding $12 billion in March.

agement fell from the prior lier. by 2026.Itwas the thirdtime tracts, we do not facethe same ON/BL On Thursday’scall, Mr. quarter forjust the thirdtime Thevalue of Blackstone’spri- since2009 that Blackstone’sas- pressures to sell as othersdo WS Schwarzman described meeting DA sincethe 2008 financial crisis. vate-equity portfolio tumbled setsdeclined from quarter to when values arelow,” he said. with investorsvia Zoom video

Theresultscome amid a 21.6%inthe quarter,driven by quarter,according to datafrom While net income and assets SIMON calls.“One of the advantages of pandemic that ravagedthe the effect of plunging oil prices S&P Global Market Intelligence. under management areasnap- ‘We’re certainly notinthe “V” being in businessfor 35 years global economy.Travel, retail, on itsenergy holdings. Exclud- Fee-earning assetsunder shot of the on-paper value of a camp,’said Jonathan Gray. is that everybody on our side of sporting eventsand liveenter- ing energy,the portfolio’s value management climbed roughly private-equity firm’sportfolio, the table knows everybody well tainment ground to ahalt, oil fell 11.1%. TheS&P 500 fell 20% 4% quarter-over-quarter,dem- distributable earningsrepresent morethan $700 million through on the other side of the table at prices plummeted and unem- over the period, itsbiggest onstrating the importanceof the amount of cash that could dividends and sharerepur- virtually everyinstitution in ployment surgedascompanies quarterly decline since2008. locked-in capital in steadying be returned to shareholders. chases during the quarter. the world,” he said. “That bond cut coststoremain afloat. Blackstone’sreal-estate Blackstone’s results. ForBlackstone,that metric Blackstone shares rose 4.5%. of trust that youhavethat gets Blackstone took advantage businessheld up better, with On acall with analysts climbed 4% year over year to Themarket’sdropcould developed over decades really of some resulting opportuni- the value of the portfolios of Thursdaytodiscussthe results, $557.1 million, or 46 centsa work to Blackstone’sadvan- becomes exceptionally useful in ties to invest in public equities itstwo strategies falling by Chief ExecutiveStephen share. Thefirm distributed tage. The firm spent the past asituation likethis.”

U.S. banksaddedarecord$1trillion in depositsinthe ﬁrst quarter. Big Banks Morethan half of thatwenttothe four biggestbanks, Fintech Yieldstreet Got Even whoseloan booksalsogrew. Fields Complaints $1.0 Total deposits 4Q 2019 Bigger 1Q 2020 From Customers JPMorgan Chase

ContinuedfrompageB1 Bank of America waiting out the shutdown. BY DAWN LIM successfulbut wasthen faced “Webelievecompanies Wells Fargo with themarket environment viewedusasasafehaven in Citigroup 0.8 Afintech firm that pitches caused by Covid-19.” Thefund, this period of stress,” Bankof individualsaccesstoinvest- known as the Yieldstreet Prism America Chief Financial Offi- $0 TRILLION 0.5 1.0 1.5 2.0 mentsnormally limited to Fund, wasannounced in Febru- cerPaul Donofrio said on a large institutions is under fire ary. “Weare going to look at a conference call with analysts Total loans *Surpassed $1 trillion in loans Commercial, from dozens of customers. different sub-advisor strategy last week. forthe ﬁrst time. industrial loans Thecustomersare calling and will be transitioning out of TheFDIC had assured com- 4Q 2019 on digital-wealth management our relationship with Black- panies and businesses that the JPMorgan Chase* 1Q 2020 platform Yieldstreet Inc.for a Rock in an orderly fashion.” banking system is asafeplace 0.6 full explanation on whytheir BlackRockhas never man- to park money during the cri- Bank of America* investmentshaven’t paid out aged anyassetsonbehalf of sis, and Congressadded more as expected. Yieldstreet, said aperson fa- protection forbank accounts Wells Fargo* Launched in 2015 with back- miliar with thematter. in its$2trillion stimulus.The Citigroup ing from billionaireGeorge So- Yieldstreet, one of awaveof FDIC insures accountsupto rosand venture-capital firms, startups fueled by looser $250,000,but the newlaw $0 TRILLION 0.5 1.0 $0T 0.5 Yieldstreet has built an online crowdfunding regulations,now temporarily expands what superstorebypackaging manages roughly $500 million types of accounts qualify. 0.4 loans—backed by everything in assets. Buyersare typically Typically, a little over half Deposits at U.S. commercial banks, $590 billion in deposits went from shipstoartwork to legal given afew days to think over of all depositsfall intoinsured change from previous quarter to the four largestbanks settlements—and allowing cus- potential investments. Some accounts, according to FDIC tomerstobuy in through what deals were snapped up in just data. But the vast majority of it calls “borrowerpayment de- seconds when opened on the deposits in the firstquarter pendent notes.” Yieldstreet firm’swebsite. flowedintocorporateac- sells those notes to accredited Thefirm’scustomer griev- counts, manyofwhich exceed investorswhose paymentsare ancescenter around invest- the FDIC cap. $0.2 trillion tied to complexloan pools. mentslinked to five pools of Banks’loan books grew It is rare forindividual in- loansfor ship breaking,the sharply in March, largely are- vestorstomakecollectivede- businessoftaking older vessels sult of companies draining their mands against investment apart to sell scrap metal. credit lines.Commercial loans firms.Now morethan 30 cus- Yieldstreet told investors at Bank of America, Citigroup, billion tomershavesigned aletter that adozenships acrossinter- JPMorganand Wells Fargoin- 90 that asks Yieldstreet fordetails national waters that backed $5 creasedbyanaggregate $235 0 on howthe companyinsured loans essentially disappeared, billion in the firstquarter,more 0 against losses and monitored according to aMarch call with than the industry’smedian an- $100 million acrossfiveship- investors. nual gain since1984, according ping-loaninvestmentsand an Thefirm is nowtrying to to the FDIC.JPMorgan, Bank of oil-and-gas deal. Those invest- recovercollateral forabout Americaand Wells Fargoall mentseither haven’t delivered $90 million worth of maritime surpassed$1trillion in loans 2010 ’12 ’14 ’16 ’18 ’20 interest paymentsorreturned loan portfolios.Yieldstreet al- forthe firsttime. Sources: Federal Deposit InsuranceCorp. (deposits); WSJcalculations of Federal Reserveweekly data (1Q2020deposits); the banks(banks’ total principal by Yieldstreet’starget leges in court that the loans Thebanks also helped the deposits, loans, commercial and industrial loans) due dates,according to docu- went to companies,tied to a biggest investment-grade com- mentsand people familiar with prominent shipping family, panies raise hundreds of bil- lines in the first quarter. The their credit lines ended up in nies have never stockpiled the matter. that defrauded itsinvestment lions of dollarsincorporate- corresponding rise in deposits deposit accounts at the bank. cash quitelikethis before, “The natureand cause of bond sales. accounted for roughly a third JPMorgan credited itsde- banks aren’t surehow long the these defaultsalong with the Much of the borrowed of the $92 billion in corporate posit surge to the $55 billion money will stick around. lack of forthrightnessand Grievances center funds ended up in deposit ac- depositsthe bank added in in credit draws its customers Banks make money on the equivocation by Yieldstreet counts at the same banks, ex- March, said Chief Financial Of- made andthe $380 billion in spread between what they can calls intoquestion the quality around investments ecutives said last week when ficer Mark Mason. investment-grade bonds it pay depositors and what they of the due diligencebehind linked to five pools the banks reported first-quar- BankofAmericaChief Ex- helped sell in the quarter. can charge lenders. If the de- these offerings,” according to ter earnings. ecutiveBrian Moynihan said Figuring out what to do positsaren’t stable,they can’t the lettersent Mondayto of loans. Citigroup borrowers drew 75% of the $67 billion corpo- with all the newdepositsis lend them out for fear of get- Yieldstreet executives and down $32 billion on credit rate borrowers drew down on the problem. Because compa- ting squeezed. companyadvisers,which was reviewedbyThe Wall Street Journal. vehicles. Yieldstreet is feuding in Yieldstreet has been in legal Credit Suisse Girds for Soured Loans courtswith companies tied to proceedingstoseizeanother the soured maritime and en- vessel in Malaysian waters and ergy loans behind those invest- freeze assetsconnected to that BY MARGOT PATRICK largest U.S. banks braced fora Credit provisions,byquarter role on Feb. 14,said the bank’s ments. It is trying to reclaim shipping family,the latter recession by taking billions of wealth management-focused assets afterships that were which aLondon court recently Credit Suisse Group AG dollarsinnew credit provisions. 600 million Swissfrancs business model “proved to be collateral behind the maritime ordered. Family members joined U.S. banks in sharply Net revenue at Credit Suisse resilient oncemore,” in the loans went missing. didn’t respond to an emailed raising provisions against po- rose to 5.78 billion francs from challenging conditions. Yieldstreet’spresident, Mi- request forcomment. tential losses from borrowers 5.39 billion francs ayear ear- Credit Suisse executives said chael Weisz, said the firm com- Theinvestor group is also affected by the coronavirus lier,thanks mainly to aone- provisions on itscorporateloan municates regularly with inves- demandinginformation and shutdown,inthe firstreport of time gain of 268 million francs 400 book were comparable to those tors,but added, “weare always documentsonhow Yieldstreet first-quarter earningsbyama- related to itstransfer of an in- takenbyU.S.peersonthat type mindful that our communica- decided to offer those shipping jor European bank. vestment platform to Allfunds of lending,while noting that tion doesn’t impede our recov- investmentsinthe firstplace, Thebank,Switzerland’ssec- Group last year.Net profit rose the bank doesn’t sharethe ex- eryefforts.” what steps the firm took to ond-largest by assets, set aside to 1.3billion francs from 749 posureofmanyofthose rivals “I am just as upset, frus- track the collateral and whyit 568 million Swissfrancs ($584 million francs ayear earlier. 200 to U.S. consumers. trated and disappointed as our failed to detect the alleged million) to coverpotential loan European banks areex- In Switzerland, the bank has investors,” he said. “Wefeel fraud, among other details. losses from global corporations pected to take lowerprovisions a“very secure, lowrisk loan confident that we have the Theinvestorshavealso and Swissborrowers who than their American rivals be- book,” said Chief Financial Offi- right team in placetoprotect asked formoreinformation, might struggle to bounceback cause they followdifferent ac- cerDavid Mathers. our investors, and we are such as howYieldstreet valued 0 following the shutdown. First- counting rules and have been He and Mr.Gottstein said working diligently and aggres- assets tied to an oil-and-gas fi- quarter2019 provisions were urgedbyregulatorstolook be- 1Q 2018 1Q ’19 1Q ’20 Credit Suisse is benefiting from sively toward recovery.” nancing vehicle,and what in- 81 million francs.Credit Suisse yond short-term risks.How- Note:1million Swissfrancs=$1.03 million itsstrategic shiftoverthe past Theinvestor concerns re- suranceittook out against said the credit provisions re- ever,Credit Suisse uses U.S. ac- Source:Credit Suisse several yearstobank the flect alack of confidencein those assets. “Notes connected flected the deteriorating eco- counting rules. world’srich, an area where Yieldstreet’sloan vetting sys- with that loan” haven’t made nomicoutlook,though it re- Thebulk of the credit provi- morestocks and bonds in vola- profit has held up and loan tem. At stakeisbroader faith expected monthly paymentsfor ported asurge in first-quarter sions reported Thursdaycame tile markets. Credit provisions losses arerelatively low. in whether the startup canlive ayear,said aperson familiar trading revenue from higher from Credit Suisse’sglobal cor- were 150 million francs.Inin- Mr.Gottstein, formerly head up to itsmessageofunlocking with thematter. Yieldstreet client activity. porateloan book within invest- vestment banking and capital of Credit Suisse’sSwissunit, cash streams from highly illiq- told investorsithas sued the Credit Suisse’sresultsare be- ment banking,with arelatively markets, revenue fell sharply, took the helm afterformer CEO uid investments. firm that arranged the loan for ing closely watched because it is small portion related to its reflecting the mark-to-market Tidjane Thiam was forced to re- Meanwhile,the world’slarg- fraud. the firstbig European bank to largerSwisslending business. losses on the leveraged loan sign over aspying scandal.Since est money manager is cutting “Yieldstreet aggressively disclose howits performance Thebank said it also marked book andlowerfee income in March, Mr.Gottstein has been ties with Yieldstreet. BlackRock marketsthe experienceand re- has been affected by the corona- down the value of leveraged advisoryand underwriting. running the bank from his home Inc.recently gaveYieldstreet cord of itsdeal team, the qual- virus crisis.The region’sbanks loans and other assetsonits That division booked 155mil- in aZurich suburb.Hesaid 90% noticethat it waspulling out ity of itsdue diligence, the fact entered the crisis in worse books by 444 million francs,a lion francs in credit provisions. of bank staff membersare also of managing afund with the it works with ‘best in class shape than U.S. rivals after figure that comes off itsre- In privatebanking,revenue working from home.Credit firm, according to aperson fa- originators,’and that itsloans yearsoflow profitsfromweak ported revenue. rose to 2.36 billion francs from Suisse said astrong Swissfranc miliar with the matter. The are‘asset backed,’” the inves- economic conditions and lowin- Revenue rose in the bank’s 2.16 billion francs,also driven had an effect on itsresults. partnership had been acredi- torlettersaid. terest rates, and some analysts global marketsbusinessby11% by an increase in client transac- bility boost forYieldstreet. Yieldstreet said itsability to fear weaker lenderscould need to 1.63 billion francs from 1.47 tions.Chief ExecutiveThomas  Heard on the Street: Europe’s AYieldstreet spokeswoman payinvestorsrelies on the bor- bailouts. Earlier this month, the billion francs,asclientstraded Gottstein,who started in the banks need caution...... B12 said the fund’slaunch “was rowers behind the loans. P2JW115000-5-B01100-1------XA

THE WALL STREET JOURNAL. ***** Friday, April 24, 2020 | B11 MARKETS

NewSales Share-priceand indexperformance, Thursday Addto 10% 5 Junk Bond Union Paciﬁc

0 Tally S&P500

BY SAM GOLDFARB -5 Gilead Sciences A rush to raise cash in the

high-yield bond market picked /REUTERS RD

up momentum,with US Foods FO -10

Holding Corp., Gap Inc.and OX 9:30 a.m. noon 4:00 p.m.

MGM ResortsInternational NICK among the latest companies to Trading in Gilead Sciences shares was briefly halted after reports cast doubt on a Covid-19 drug. Source:FactSet complete new bond sales. At least seven businesses ratedbelowinvestment-grade by amajor ratingsfirm began StocksGiveUpGains in Wild Ride marketing newbonds on Thursday—looking to add to a growing tally of businesses BY CAITLIN OSTROFF lateMarch but remain down easedslightly. About 4.4mil- the lowerthe figure,the larger rose 3.5% afterthe railroad that have taken advantage of AND JOANNE CHIU more than 13% forthe year. lion Americans applied forjob- the fall. TheApril reading was reined in coststohelp offset a investors’ improved demand TheNasdaq Composite, on the lessbenefitsinthe week ended the lowest in datadating back drop in revenue and withdrew for riskier debt. U.S. stocks swung sharply other hand, is off 5.3% in 2020 April 18,bringing the totalfor to October 2009. much of itsfinancial guidance Beforethe newsales were Thursday, with the DowJones as big technologystocks pow- the past five weeks to more “We’relooking at manufac- forthe year. unveiled, this week’sprojected Industrial Averagegiving up ered much of the recent re- than 26 million. That was turing and services activity Theyield on the 10-year high-yield bond issuancewas most of a400-point rally on bound. slightly morethan the 4.3mil- collapsing,” said James Knight- Treasury notefell to 0.613% expected to exceed $6 billion, reportsthat apotential treat- “The marketscompletely lion economistsexpected, but ley,chief international econo- from 0.618% Wednesday. Yields according to LCD,aunit of S&P ment forCovid-19 disap- lack direction,” said Agnes Be- down from 5.237 million and mist at ING Bank.“When rise as bond prices fall. Global Market Intelligence. pointed in aclinical trial. laisch,chief European strate- morethan 6million in the pre- you’vegot it down to just 27 Overseas,the pan-continen- That comes aftercompanies Major indexestraded higher gist at BaringsInvestment In- vious two weeks. you’vegot an almighty percent tal Stoxx Europe 600 rose issued $15.8 bil- formost of the stitute. “There’sjust no ground “The key is we’renow look- of the economysaying things 0.9%. Preliminarysurveysof CREDIT lion last week— THURSDAY’S daybut ended on which to anchor your fore- ing at the reopening of the U.S. aregetting worse.” French and German purchasing MARKETS the eighth-larg- MARKETS the session castsbecause the sizeofthis economyand the assumption With first-quarter resultsin managersshowedgauges hit- est weekly total largely flat af- shock is completely unknown.” that when it reopens,these from about 20% of the compa- ting record lows in April,sug- on record, according to LCD. terthe Financial Times and TheDow climbed 39.44 claims will starttoreverse nies in the S&P 500,earnings gesting astark drop in activity The pandemic is a catalyst other media reported that points, or 0.2%, to 23515.26,af- themselves,” said PeterBoock- are expected to drop more in the manufacturing and ser- formanyofthe bond sales,as remdesivir,aGilead Sciences terrising as much as 409 var, chief investment officer at than 15% from ayear earlier, vicessectors. companies facing a sharp de- drug,flopped in itsfirst ran- pointsearlier in the session. Bleakley AdvisoryGroup.“This according to aFactset analysis “We’vehad this incredible clineinrevenue trytoavoid domized, clinical trial. Gilead TheS&P 500 slipped 1.51 is going to be averyuneven of analysts’ estimates.Those rebound, but Ithink we’rego- running out of cash. shares dropped 4.3% and were points, or lessthan 0.1%, and gradualprocess.” projections continue to drop as ing to see asecond wave of Afterholding acall with in- briefly halted forvolatility. the Nasdaq Compositefell 0.63 Meanwhile,surveysofU.S. numbershavecome in. weaknessaspeople take in vestorsinthe morning,Gap is- Many investorshavebeen point to 8494.75. purchasing managersshoweda Retailer Target reported what these economic figures sued $2.25 billion of newse- hopeful aquick remedy forthe All three indexes are on sharp decline in April activity Thursdaythat sales from its mean,” said Altaf Kassam, cured bonds in the afternoon virus would allowthe economy course formodest weekly as lockdowns remain in place, stores weakened significantly head of investment strategy forgeneral corporatepurposes to open morequickly and help losses,following asharp selloff with the services sector suffer- in lateMarch and early April, forState Street Global Advi- and repayexisting debt, ac- spur aV-shaped recovery—a to start the week when turmoil ing falls in output while busi- pulling itsshares down 2.8%. sorsinEurope,the Middle cording to LCD.The apparel sharpslowdownand then a in the oil market pulled U.S. nesses cut payrolls. Meanwhile, Domino’s Pizza East and Africa. chain—which likemost retail- quick bounceback. crude prices negativefor the According to datafirm IHS said itsU.S.sales accelerated At middayFridayinTokyo, ershas closed itsNorth Amer- Volatility in the stock mar- firsttime ever. Markit, the compositepurchas- in April as consumersstayat Japan’sNikkei 225Stock Aver- ican stores—warned on Thurs- ketsurgedsincethe pandemic Stocks initially rallied after ingmanagersindexfor the U.S. home.But itsshares pulled agewas down 0.8% and Hong day that it burned through effectively brought the country theLabor Department said the fell to 27.4 in April from 40.9 in back 3.7% afterrallying Kong’sHang Seng Indexwas half its cash savings, even af- to ahalt. TheDow and S&P weekly number of Americans March. Areading below50in- sharply over the past month. down 0.2%. U.S. stock futures terdrawing down itsentire 500 rebounded sharply since applying forjoblessbenefits dicates that activity fell, and Shares of Union Pacific were also down. credit line and skipping April rent payments. MGM Resorts, which also closed properties,sold $500 Oil Bets Burn Investors in China, South Korea millionofunsecured bonds Thursdaytobolster itsliquid- ity,according to LCD,while US Oil derivatives sold to Main Foods issued $1 billion of se- Street investors, including cured notes. some that could be bought Investors’ appetitefor high- with afew clicks on abank yield bonds is significantly app,haveproduced hundreds greater than it was a month of millions of dollarsoflosses ago. Theaverage extrayield, in South Koreaand China. or spread, investorsdemand to hold speculative-grade bonds By Xie Yu, over U.S. Treasurys was7.61 Frances Yoon percentagepointsonWednes- and Jing Yang day, according to Bloomberg Barclays data. That wasdown Their plight echoes losses from 11 percentagepointson suffered by individual inves- March 23,though still up from tors in the U.S.,who were also around 3.5percentagepoints burned by this week’sextraor- in mid-February. dinarypriceaction, in which Theyield on the benchmark onefutures contract forWest 10-year U.S. Treasurynoteset- Texas Intermediatecrude tled at 0.613%, according to plunged belowzero.

Tradeweb, compared with In China, an investment S 0.618% on Wednesday. Yields product known as “crude oil fall when bond prices rise. treasure” could saddle both PRES

the bank behind it, Bank of ZUMA China Ltd., and end-investors S/ AUCTION RESULTS with losses. NEW Here are the results of Thursday's Treasury auctions. All bids are awarded at a single price at the market- In nearby South Korea, this

clearing yield. Rates are determined by the difference NHAP

between that price and the face value. week’sturmoil added to adif- YO FOUR-WEEK BILLS ficult year forthe country’s One analyst estimates South Koreans have lost $1.6 billion this year on products linked to U.S. oil futures. A Korean refinery. Applications $266,653,239,200 mom-and-pop investors, who Accepted bids $93,873,062,000 areavid buyersofcomplexin- management products, which showed. That timing effec- could ultimately incur alossof market forcomplexinvest- " noncompetitively $1,061,271,400 " foreign noncompetitively $855,000,000 vestment vehicles. do not requiresavvy financial tively resulted in holdersbeing roughly $28 million to $71mil- ment vehicles tied to the Auction price (rate) 99.993000 HyoSeob Lee, senior re- knowledgeoraminimum in- cashed out at minus $37.63a lion, given the possibility of prices of assetssuch as stock (0.090%) Coupon equivalent 0.091% search fellow at the Korea vestment threshold,” he said. barrel—meaning whatever lawsuits, arbitration and fines, indexesorcommodities.This Bids at clearing yield accepted 92.22% Capital Market Institute, esti- Theoil investment product they had invested waswiped the Jefferies team said. Bank is one leg of aglobal trade Cusip number 9127962N8 The bills, dated April 28, 2020, mature on May 26, mated local investorshavelost sold by Bank of China was out. of Chinadidn’t respond to a based around market volatility 2020. the equivalent of about $1.6 marketed to individuals large BankofChina’sclients request seeking comment. In a that is known as “risk recy- EIGHT-WEEK BILLS billionthis year on products and small, who could buy or might also be on the hook for filing,itsaid it would handle cling.” Applications $180,457,064,600 linked to U.S. oil futures. sell it with afew taps of the moremoney than they put into “follow-up matters” in accor- “Investors in Korea and Accepted bids $73,010,774,600 " noncompetitively $158,334,600 Chinese banks have de- bank’smobile app.The mini- the investments. Theproduct’s dancewith laws and regula- Hong Kong seem to have alot " foreign noncompetitively $246,000,000 signed commodity-linked prod- muminvestment amount was contract terms sayBank of tions. of appetitefor risk,” said Mr. Auction price (rate) 99.981333 (0.120%) uctsfor afew years, as they the equivalent of about $61, China candip intoinvestors’ Rivals such as Industrial & Lee, the capital-marketsre- Coupon equivalent 0.122% innovatetomakeupfor falling according to amarketing doc- otheraccountswith the bank Commercial Bank of China and searcher. Bids at clearing yield accepted 96.58% Cusip number 9127962W8 profitsontraditional lending, ument, and investorscould to makeupany shortfall. China Construction Bank offer Theequivalent of morethan The bills, dated April 28, 2020, mature on June 23, said Wang Hong Ying,director placebetsonpricemoves in Jefferies analysts, citing a similar productsbut avoided $1.1 billion of structured notes 2020. of the China Financial Deriva- either WTIcrude or Brent. The screenshot published by Chi- the same problem because primarily linked to WTIand to FIVE-YEAR TIPS tives Investment Institute. The bank collected fees forfacili- nese media, calculated that their productshad earlier set- Brent crude, the global oil Applications $48,065,526,000 banks mainly benefit from tating various transactions. 3,261 investorsowedBank of tlement dates,according to benchmark,wereoutstanding Accepted bids $18,476,364,300 " noncompetitively $75,153,900 trading commissions. Thetrouble forBank of Chinacollectively the equiva- Jefferies as well as amessage at end-March, according to Ko- Auction price (rate) 102.366204 “Although manyofthese China’sinvestorscame because lent of about $52.2 million. from ICBC viewedbyThe Wall reaSecurities Depositorydata. -(0.320%) Interest rate 0.125% productsare linked to compli- the lifeofone of itsproducts Theanalystssaid this figure Street Journal. Themajority of those notes Bids at clearing yield accepted 61.18% catedderivatives likefutures, ended Monday, as futures for wasalso consistent with trad- In South Korea, some en- were linked to WTI. Cusip number 912828ZJ2 they arepromoted among indi- Maydeliverywent negative, a ers’ estimates. ergy-backed investmentsare —Grace Zhu The Treasury inflation-protected securities, dated April 30, 2020, mature on April 15, 2025. vidual investorsaswealth- statement from the bank However, the bank itself part of abooming,broader contributed to this article.

Rücker, head of economics at Manyanalystsare still reel- with storagefull—likely would weeks and near capacity. Brent crude-oil futures price, Crude Swissprivatebank Julius Baer. ing from Monday’schaos in oil. have nowheretogo. One gaugeofhow volatile daily change “Don’t forget the geopolitical That day, afutures contract for That allowedcounterparties U.S. crude prices areexpected side,too.” deliverynextmonth tumbled on the other side of the trades to be over the next 30 days,the 20% Prices Thursday’sadvance contin- below$0abarrel, afirst in to send futures prices plunging Cboe Crude Oil ETFVolatility ues aperiod of outsizemoves crude-market history. The well below$0. Index, has risen roughly 730% in oil that is rippling to stock, plungemeant traderseffec- “It wasthe perfect storm,” this year to itshighest level on 10 Rise 20% bond and currencymarkets. In- tively had to paybuyerstotake said Donald Morton,asenior record.Likethe better-known vestorsare concerned that oil off their hands due to alack vicepresident at Herbert J. VIX gaugethat tracks volatility damped spending,bankruptcies of available storagefor crude Sims &Co. who oversees an en- in the stock market, the index 0 ContinuedfrompageB1 and layoffs in the energy indus- around theworld. ergy trading desk in Haverhill, uses options prices to calculate Iranian boatsthat harassthe trycould makethe economic That futures contract ex- Mass. howfar tradersexpect prices to U.S. Navy,boosting oil prices. damagefromthe coronavirus pired in positiveterritoryon Global inventories also con- moveoverthe next month. Such barbs canliftcrude be- pandemic even more severe. Tuesday, but analystsare wary tinue to climb,highlighting the Theoil-volatility options –10 cause tradersare very sensitive Thepriceofthe most ac- of arepeat with supply over- growing glut collapsing the aren’t tied to oil futures prices to tensions in the region that tively traded U.S. crude futures whelming demand. Traderssay market. U.S. stockpiles rose 15 directly but instead to United could disrupt the movement of contract has moved up or down investorsunfamiliar with oil millionbarrels last week,En- States Oil Fund LP,anex- –20 oil through the Strait of Hor- about 10%, on average, on each marketswerelikely stuck hold- ergy Information Administra- change-traded fund that aims Saudis launch muz,avital shipping channel trading daysincethe start of ing some of the Mayfutures tion datashowedWednesday, to match U.S. crude prices.The pricebattle fortankers. March. That compares with an contractsnear expiration, not continuing aseries of large in- fund recently accumulated a –30 “When youlook at China, averagemoveineither direc- realizing that they would either creases.Manyanalystsproject hugeposition in the futures road traffic and refineryopera- tion of 1.5% in 2019 as awhole, have to sell them or accept de- inventories to break through market,thanks to arush of Jan. Feb. March April tions areback up,” said Norbert according to FactSet data. liveryofphysical barrels that— record levels in amatterof cash from individual investors. Source:Dow Jones Market Data P2JW115000-0-B01200-1------XA

B12 | Friday, April 24, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Grocery Surge Can Outlast Virus Citrix Keeps History suggests consumers’ preferencefor home-cooked meals mightpersistwell afterthe initial shock Home-Field Large grocers have done very Share-priceand indexperformance, well during the coronavirus pan- year to date demic amid newfound enthusiasm Advantage for making bread and collecting 20% toilet paper. The benefit is likely to be more than temporary. Kroger loggedasurge in same- Even after runup, stock storesales—excluding itsfuel busi- 10 is modestly valued ness—of roughly 30% in March, a jump from the 2% growth in the fourth quarter,its chief executive Citrix Systems has much in said last week.Inthe five-week pe- 0 common with Netflix at the mo- riod ended April 5, Costco Whole- ment, beyond just similar-sounding sale Corp.posted an increase in net names.They shareacommon ad- sales of 11.7% from the same period vantageinaglobal pandemic—and

last year.Sales at Walmart’s U.S. S acommon problem as well. stores rose nearly 20% in March. –10 Leading up to itsfirst-quarter re- That is reflected in share prices PRES sultsThursdaymorning,Citrix was

as investors flock to what they see UMA the hottest tech stock on the S&P /Z Kroger as pandemic-proof companies. 500 benefiting from the stay-home Kroger, Costco and Walmart shares GES –20 Walmart trade.Its shares were up 37% for are up 13.4%, 3.9% and 10.7% this IMA Costco the year,compared with 34% for PA

year, respectively. SO S&P500 Netflix.The company’sWorkspace The double-digit leaps in sales servicehelps businesses enable re-

aren’t likely to last beyond the HOGAN/ –30 moteworking foremployees and panic-stockpiling period that was Y wasalready popular enough to be Jan. Feb. March April

March. But analysts do believe JEREM distributed by all the major cloud sales growth is likely to hover Kroger’s same-store sales increase roughly 30% in March. Source:FactSet serviceproviders, including Ama- above normal levels. Oppenheimer zon.com, Microsoftand Google. analysts forecast that Kroger’s an- 2007-09 recession. But it also to newand durable habitsofthrift. services practically didn’t exist ade- Thecoronavirus pandemic gave nual sales growth will be 5.2% this shows that changes in consumer Additionally,itisn’t just people cade ago. Asurvey conducted by Citrix amajor shot in the arm. year, and Evercore ISI pegs that habits can be “sticky” and persist with reduced incomes who areeat- Evercore ISI showedthat in 2018, First-quarter revenue jumped 20% number at 7%, above last year’s 2% well after an initial shock. ingathome,but virtually the entire consumersreported buying 16% of from ayear earlier to nearly $861 and the previous year’s 1.8%. This time around, the recovery population. This includes manypeo- their groceries online.That number million—blowing past Wall Street’s Alook back at Americans’ behav- could well come sooner,depending ple who arebeing forced to learn to grew to 22%in2019 and this year target of $734 million. That is the ior during and afterthe recession on howquickly the virus is brought cook forthe firsttime.These skills, wasexpected to climb to 30%—and strongest growth the companyhas that followedthe financial crisis under control and howeffectivegov- oncelearned, will last alifetime. that forecast is from beforethe pan- loggedineight years. It wasalso shows whythe bump could last. ernment programs provetobeinre- In the week ended March 21, al- demic hit. Oncenew customersdis- the firsttime since2004 that first- Spending on food away from storing confidence. But other as- most 80% of kitchen electric cate- coverthe convenienceofhome de- quarter revenue grew sequentially. home declined by 18%, or $47bil- pectsofthe disruption could gories that research firm NPD liveryand relatively lowprices from Citrix,likemost other enterprise lion, from 2006 to 2010,according generatelingering impacts. Just as Group tracks showed year-over- the likes of Amazon.com and Wal- software companies,typically closes to astudy from the U.S. Department households learned about the haz- year growth, with more than two- mart, they arelikely to stick around. the largest portion of itsbusiness of Agriculture.Evenmorestrikingly, ards of excessivemortgagedebt in thirds—including hot plates, coffee Consumerswon’t be stockpiling at the end of itsfiscal year. this spending didn’t fully recoverto the last crisis,manyare getting a makers and waffle irons—growing canned beans forever, but it is afair But also likeNetflix,Citrix faces its2005 levels until 2016. painful reminder nowwhy it is im- by double-digit percentages. bet they will be spending moretime the question of just howmuch of its That is partly due to the weak portant to have cash savedupfor Another key differenceisthat on- in the kitchen forquiteawhile. current growth has been pulled for- and slow recovery from the emergencies.That could lend itself line groceryshopping and pickup —Jinjoo Lee ward from futureperiods.The company’sforecastsfor the second quarter and full year were modest in that regard—projecting only a small upside to analysts’ current China’s New Europe’s Banks Risk Being TooOptimistic projections.Citrix shares fell 6.7% Thursdayfollowing the results. Asober outlook is the right ap- Spending proach. In an interview, Chief Exec- European banks were tooopti- were relatively quick to take big utiveDavid Henshall correctly mistic during the last crisis,setting write-downs and clean up their bal- noted that “nobody really knows investorsupfor yearsofpain. ancesheets, freeing themselves to the depth and breadth of economic Push Isn’t Judging by Credit Suisse’s first- getonwith rebuilding businessand disruption that will happen” in the

quarter results, thereisarisk that GES profitability.European banks were months to come.

they will also provetoo optimistic IMA much slowertoact and much Importantly,Citrix shares are All New in the current one. slowertoreturn to profitability. still modestly valued by cloud stan-

NewChief ExecutiveThomas GETTY Morethan adecade later,some are dards,trading around six times for-

Gottstein set aside 568 million SE/ still working to clear out their non- ward sales—a fraction of the multi- As China prepares to accelerate Swissfrancs ($584 million) for performing loans. ples commanded by other hot work- public investments to kick-start its credit losses in quarterly numbers Beyond the loan provision, from-home names such as Slack economy following the shutdowns, released Thursday.That amountsto ANCE-PRES Credit Suisse delivered areasonable Technologies and Zoom Video FR “new infrastructure” has become a just 0.2% of Credit Suisse’soverall set of resultsinthe circumstances, Communications.That should

buzzword for brokers to sell in- loan book—much lowerthan the al- ENCE flatteredbyafew one-off items.It leave room forfurther upside,even vestment ideas. lowances booked by U.S. rivals, AG has arespectable 12.1% core Tier 1 if some folks return to the office Beijing has suggested it could which ranged between 0.5% capital ratio.The bank is following this summer. —Dan Gallagher FFRINI/

take the opportunity to push fora and 0.9%. CO the European Covid-crisis playbook: technology-driven structural up- Abig portion of the hit comes deferring dividends,suspending Citrix quarterly revenue BRICE

grade of itseconomy, boosting pro- from newaccounting rules requir- FA buybacks,donating part of execu- Reﬂects GoTo divestiture ductivity and innovation. So-called ing banks to makeanupfront allow- Credit Suisse CEO Thomas Gottstein tives’ salaries to charity and sup- $900 million newinfrastructureencompasses a ancefor the expected loss over a plying smaller domestic businesses 800 rangeofsectors, from 5G to data loan’slife. Theeconomic shutdowns lesslikely to default, but the bank with state-backed crisis loans. centers. Theidea has merit: The implemented to control the spread has also optimistically assumed a Thebank did warn that it might 700 newareas seem likely to offer abet- of Covid-19 have meant massiveal- shallowerrecession in Switzerland have to makeadditional provisions terreturn on investment than build- lowances in U.S. banks. European than the rest of Europe or the U.S. if the economic situation deterio- 600 ing moreroads and bridges on top accounting rules aren’t quiteso Another potential concern is the rates. It currently predictsreces- 500 of China’sexcellent infrastructure. harsh, but Credit Suisse,uniquely bank’s$7.7billion in loans to the oil sions in the eurozone and the U.S., It is true China will likely ramp among itslocal peers, uses Ameri- and gassector,which is currently whereitforecastsdouble-digit un- 400 up infrastructurespending this year, canrules,making itsnumberscom- grappling with extremely lowoil employment. afteralull as it tried to contain debt parable with those of U.S. rivals. prices.Ofthose loans,$2.9billion Having takentheir medicine 300 growth. Localgovernmentshaveis- Mr.Gottstein defended the lower aretojunk-rated borrowers. early in the last crisis,U.S.banks 200 sued morethan 1trillion yuan ($141 rate on the basis that Swisscon- Forlong-suffering European have massively outperformed Euro- billion) of “special bonds” this year, sumersare much lesslikely to stop bank investors, optimism about pean ones over the past decade. 100 with most of the money likely ear- paying their loans than U.S. ones. loan losses creates an uncomfort- Credit Suisse and itsbrethren need marked forinfrastructurespending. Excluding the Swissloans,Credit able flashback to the 2008 global to be wary of making the same mis- 0 However, investorsneed to treat Suisse’srateisacomparable 0.88%. financial crisis. take twice. 2010 ’12 ’14 ’16 ’18 ’20 the new-infrastructurepitch with It maybetruethat the Swissare Last time around, U.S. banks —Rochelle Toplensky Source:S&P Global Market Intelligence caution. While spending on the newareas will likely grow at a faster rate,conventional infrastruc- turewill still do the heavy lifting. Goldman Sachs estimated totalin- A Business Drought Is the Other Jobs Threat vestment in newinfrastructure would reach 2.3trillion yuan by OVERHEARD next year,but would makeup10% Thenumber of people losing Change in applications for That matters because thereisal- of totalinfrastructurespending. their jobs as aresult of the novel businesseswith planned waysatremendous amount of Moreover,abig chunk of the There is a vital question be- coronavirus crisis is beyond stun- wages from ayearearlier churn among businesses each year, new-infrastructurespending will ing asked during the first com- ning.Lessvisible aremanyofthe with hundreds of thousands of go on projectsthat previously pany earnings season covering thingsthat aren’t getting off the 20% firms opening,and creating millions counted as conventional infrastruc- the time of the pandemic: “Can ground—the newcorner cafesand 10 of jobs,evenasthousands of other ture, likesubways,intercity rail you hear me?” dentist offices,and the businesses firms shut down. So when fewer and ultrahigh voltageelectricity Working from home led to a that start small and grow into 0 firms open, it canweigh heavily on transmission. Forareas likedata big rise in connectivityconcerns. household names.These missing the job market. centersand artificial intelligence, So farthis season, thatquestion startups could cast apall over the –10 Theother danger,says University the government mayoffer favor- has been asked on 15 S&P 500 economylong afterthe threat from of Maryland economist John Halti- able policies,but privatecompa- earnings calls, according to an the pandemic recedes. –20 wanger,who has been working with nies will playacrucial role in de- analysis of FactSet transcripts. Thursday’sreport from the Labor the Census on the businessapplica- termining the level of investments. That puts it on track to be Department that 4.4million Ameri- –30 tion data, is that therewill be some Newornot, the scale of projects asked about 60 times, more canworkersfiled newclaims for lost gems—the startups that go on –40 will still be limited by stretched than 40% jump over the aver- joblessbenefitsinthe week ended to become juggernauts. “High- household and bank balancesheets. age of the past four seasons. last Saturdaywas another stunner. –50 growth startups playavital role,” Nevertheless, the theme has Still, the experience so far In just the past five weeks,initial he says.“They have an outsized role been good for investors so far. CSI isn’t too bad with respect to joblessclaims have totaled over 26 Feb. March April in job creation.” Indeed, one of the New Infrastructure Theme Index, virtual meetings. In fact, during million, far abovethe previous five- Source:Census Bureau reasons the job market took so long launched last month, rose 13% this Citigroup’s virtual annual share- week record of 3.3million set in to recoverafter the last recession year. Some of the stocks did much holder meeting this week, early 2009. ness, down 20% from 70,820 ayear wasadearth of startup activity. better: Nasdaq-listed data-center Chairman John Dugan said But an off-the-radar report earlier.For businesses with planned Anotherblowtoentrepreneur- services provider 21Vianet surged they should consider it for fu- Thursdayfromthe Census Bureau wages—in other words, ones that ship in Americacould makeiteven 124%, while Shanghai-listed China ture annual meetings. on businessapplications mayde- arelooking to hireworkersbeyond harder forthe job market to climb XD Electric gained 82%. Surely every companywill be servejust as much notice. TheCen- theirproprietor—the drop wasan out of the deep hole it has fallen Investors trying to play China’s excited about morequestions sus only began releasing dataona even starker 31%to6,610.Overthe into, leaving the U.S. economyaless latest infrastructure push need to from farawayshareholders. weekly basis earlier this month. past five weeks,the applications for vibrant placeevenafter the crisis be good at seeing through hope Last week,therewere56,550 ap- businesses with wagesweredown has passed. and hype. —Jacky Wong plications filed to start anew busi- 35% from the same period last year. —Justin Lahart P2JW115000-0-M00100-1------XA

THE GREAT OUTDOORS

$43 Million $17 Million Bill and Melinda Two adjacent Gates buy beach apartments list house in Del Mar., on N.Y.’s Fifth Calif. M3 MANSION Avenue. M10

Miralon, Palm Springs, Calif. $730,000, three-bedroom, 2,800 square feet YER MO WHIT JIM ON; AL MIR ; APHY GR TO PHO G /A OUP GR CIFIC PA ODBRIDGE WO : LEFT OM FR Bruce Juenger and Jim Whitmoyer, inset, are the first to buy in a Palm Springs community, where an olive grove is replacing a golf course. At left, a photo of a model home similar to theirs. Golf Communities ChangeCourse

As the sport becomes less popular, developers are switching their focus to lakes, nature preserves, bike paths and a variety of more environment-friendly amenities

Hampton Lake, Bluffton, S.C.

$1.4 million, four-bedroom, 3,800 square feet ONARD LE GI PE ; APHY GR TO PHO RIVER CK MOORE/BA C. YNE WA A; VELK PA JENNIFER : LEFT OM FR The home of John and Pegi Leonard, inset, is on a freshwater lake. The couple’s new community was planned as a golf club but was redesigned. At left, the shared boathouse.

BY CELILIE ROHWEDDER something different,” says Mr.Dill, 69 yearsold tion of 22,000 that grows in the winter months— and aretired corporateattorney.With his wife, 66, had enough golf courses, according to Heather Jim and Wanda Dill had lived in a aCPA,hedivides his time between the 2,100- Thompson, marketing director at Naples Reserve. golf-course community in Naples,Fla., square-foot house in Naples and asummer home Instead, their research showed many home buy- for14yearswhen they decided on Lake Geneva, Wis.,near his nativeChicagoarea. ers preferred water and a casual, community- to movenearby to adifferent Real-estate developershavelong lured home geared lifestyle over the formal, exclusive feel of a master-planned community, buyerswith houses along the rolling greens of golf golf- or country-club setting. In 2015, the first res- wherethe main draw is water. courses,and some still do.But as golf slips in pop- idents moved in. Their current home, Naples ularity,manyare replacing golf with attractions Ms. Thompson says the community, which pro- Reserve, is built around a 125- such as lakes and farms,biking and hiking trails, motes sustainable living, saves more than one mil- acre lake and woos home buyers trendy amenities likemicrobreweries,food-truck lion gallons of water a day with a sophisticated with waterfront living, boating, courts, and lifestyle directorswho plan mixology water-management system that includes using wa- fishing and a tiki bar. The $500,000, classes and pickleball leagues. ter from the lake rather than from the city, to irri- three-bedroom house the Dills bought Naples Reserve, a 688-acre, $70 million project, gate green spaces. in 2015 overlooks the lake and a na- was originally zoned as a golf community when In 2019,90% of the 50 bestselling master-planned ture preserve. From there, they go iStar, a New York-based real-estate investment, fi- communities in the U.S. included significant water- kayaking, bike on lakeside paths nancing and development firm, changed course. based amenities,according to Irvine,Calif.-based and take their Goldendoodle, Chelsea, to the dog The company took the land in 2012 as collateral on John Burns Real EstateConsulting.Along with re- park. a defaulted loan but concluded that Naples—an af- sort-style pools,they offer lazy rivers, fishing ponds, “I playgolf.Ilovegolf,but we were ready for fluent city on Florida’s gulf coast with a popula- PleaseturntopageM6

ASliceofHeavenFar ) IONS AT

From theCrowd TR US ILL NICAL Social distancing is the current status quo, but these owners have been TA (BO embracing a super-remote lifestyle for years WEILER D SY ); BY CANDACE TAYLOR (MAP

Paciﬁc LEE In winter, it isn’t un- Ocean ON

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spanning FIJI HN about 18 acres RA on the Green HN/TIM

River in Wyoming,islo- RA

catedoff adirt road surrounded TIM FIJI PRIVATE ISLAND by the Bridger-Teton National For- (3); est. She canmakethe hourlong List Price: $4.2 million

drivetothe nearest town by carin Purchase Price: $1.5 million CTIONS

1 bedroom main house AU summer,but when thereissnow Y and staff quarters on the ground her property canbe XUR reached only by snowmobile,said 32 acres LU Ms.Dutton, a66-year-old artist Access to nearest town by Larry Claunch, right, on his seaplane, bought an island, above, 15 years TINUM PleaseturntopageM4 1.5-hour boat trip or seaplane ago. He renovated its one-bedroom cabin, top right and bottom right. PLA P2JW115000-0-M00200-1------XA

M2 | Friday, April 24, 2020 THE WALL STREET JOURNAL. MANSION | THE GREAT OUTDOORS

BALANCE SHEET AModern Home That WorksWithNature

A developer and his wife build a modern concrete home in a ‘new brutalist’ style that incorporates techniques to bring the outside in

BY NANCY KEATES and go up to the ceiling, allowing the roof to visually SOME When dealing float by filling in the space COSTS with the sum- between the top of the mer sun in walls and the bottom of the Dallas, it’s roof with a transparent Concrete Walls: best to take a band of glass. The section worst-case- of the roof over the exte- $720,000 scenario ap- rior courtyard has a large proach. square hole, below which is Windows: That is a receptacle for collecting what archi- rainwater that is used for $360,000 tect Scott Specht decided the property’s landscaping. when designing an 8,826- The house, which cost Water Feature: square-foot, single-story, around $6 million to build, modern home in the city’s has four bedrooms and six $120,000 Preston Hollow neighbor- bathrooms and sits on 1.5 hood. Mr. Specht, founding acres. Further blocking the Floating Roof: principal of Austin-based intrusion of excess light Specht Architects, used a and sound are two massive, $480,000 computer modeling device concrete walls—one 220 to track where the sun feet and the other 217 Pool: would hit the house during feet—that separate the every day of the year. house from the road. Mr. $240,000 That showedhim which Specht says such protection partsofthe interior of the was especially important Note: All figures are estimates. home would be most di- because of the home's rectly affected by the sun. floor-to-ceiling glass walls. Then he designed cantile- Water plays a large part veredoverhung sections of in the design as well. Begin- The Gehans’ home the roof to createshade ning at the entry, a narrow, features concrete whereneeded. pebbled fountain runs along throughout, which To eliminateaneed for a wall, with several small both reduces noise columns to hold up the waterfalls. It stops at the and creates privacy. overhangs, Mr.Specht de- house and then picks up signed alarge,floating,pa- again in back, flowing along vilion roof,made of ahighly the edge of the rectangular sations about that,” engineered steel with an ex- pool. says Mrs. Gehan. tremely thin edge, that hov- “It is quiet and calm, like The house’s over- ersoverboth the interior a private oasis,” says all style is what Mr. sections of the house and Brandie Gehan, 39, who Specht calls “new the courtyard. built the house with her brutalist.” It is a “The best green strate- husband Tim Gehan, 58. nod to the architec- gies are passive,” he says. The design and construc- tural movement View of the pool. “That has the highest im- tion was a three-year pro- known as Brutalism pact on energy use.” cess, starting with a tour of that gained a fol- The part of the floating several homes Mr. Specht Mr. Gehan started Gehan “It’s a completely differ- surprises—something that lowing in the 1950s, most roof that hangs over the in- designed in Connecticut Homes with his two broth- ent kind of project,” says took seven months to com- famously practiced by terior spaces is connected and ending when the con- ers and his father in Dallas Mr. Gehan. plete. “We didn’t want any Swiss-born architect Le to the home’s walls with crete walls were finally fin- in 1991. The company was The experience of work- change orders or ambigu- Corbusier and by Paul Ru- clerestory windows, which ished. The couple moved in acquired in 2016. Two years ing with an architect on his ity,” she says. dolph, former chairman of start at the top of the walls last June. later, Mr. Gehan started an- own home taught him a lot The only element that the architecture depart- other home-building com- about modern houses. He took the couple off guard ment at Yale University. pany called UnionMain was amazed by the level of was just how long and in- But in this project, the Homes. detail required and the volved a process it was to raw, grounded heaviness of The houses Mr. Gehan complication involved in get the two large exterior the concrete is lightened by builds for a living are noth- creating a clean and simple walls exactly right. They the floating steel roof and ing like the home he built aesthetic. That less-clut- had considered using stone the walls of glass windows. for himself. They come tered, simpler look will and stucco, but Mr. Specht “It has a distinct mod- from stock plans, take start to make its way into convinced them that the ernist style,” says Mr. about seven months to con- his production houses, he most arresting effect would Specht. struct and sell for anywhere says. only come from concrete. from $288,000 for a three- Mrs. Gehan says her hus- “It’s a real material,” he bedroom, two-bathroom, band’s experience helped in says. He wanted the surface 1,874-square-foot brick their approach to the proof the concrete to be house to $373,000 for a cess. They had every detail, ribbed, to create a spar- five-bedroom, three-bath- material and cost nailed kling effect that comes room, 3,615-square-foot, down before construction from catching the sun in A ribbed concrete wall in the living room. two-story house. began so that there were no different directions. What resulted was a complicated process of making the right mold to create the perfect form and then ensuring there was a continuous, on-site pouring to avoid any breaks. The On Call walls took seven months The sunken tub in the and cost around $720,000. master bathroom. With WSJ “We had a lot of conver-

Hear directly from WSJreportersand editors as theyprovide liveanalysis and insighton what’shappening in the world today.

WSJ.COM/ONCALL

The kitchen is adjacent to the living and dining rooms. 18 74 DJ .4 ed serv re ION) ts AT TR righ US ll .A ILL Inc y, NICAL TA ompan (BO &C Jones WEILER D ow SY 0D (6); 02 ©2

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water for the courtyard plants. SEY CA P2JW115000-0-M00300-1------NS

THE WALL STREET JOURNAL. NY Friday, April 24, 2020 | M3 PRIVATE PROPERTIES

Bill GatesBuysonthe Y OMETR PICT OceaninDel Mar S; PRES TED CIA

Tech entrepreneur Bill Gates SO and his wife Melinda Gates have AS paid $43 million for an oceanfront ON/ home near San Diego in one of the largest deals recorded in the THOMPS area. ELAINE SOLD TheDel Mar : property was LEFT

The home was listed for $48 million. OM most recently $43 FR MILLION on the market for$48 million to the listing. It has a 10-person primary home. In 2014, he bought 5,800 sq. ft., and the deal Jacuzzi overlooking a fire pit, a weight-loss guru Jenny Craig’s 6 bedrooms, closed in late long oceanfront deck, limestone Rancho Santa Fe, Calif., equestrian 10-person March, accord- flooring, and a swimming pool. estate for $18 million, The Wall Jacuzzi ing to listings Mr. Gates, one of the world’s Street Journal reported at the websiteReal- richest people and the co-founder time. tor.com. TheGateses bought the of Microsoft, has been in the pub- Listing agent Brian Guiltinan of home from MadeleinePickens,the lic eye recently due to his early the Guiltinan Group declined to former wifeofTexas billionaireT. warnings about the global pan- comment. Boone Pickens.When reached by demic. This purchase adds to the The buyers were represented phone,Ms. Pickens said she couple’s already sprawling real-es- by Bruce V. Howard of Krone & wished the newownerswell. tate portfolio, although Mr. Gates Bushard, who couldn’t be reached The six-bedroom home spans has historically treated his com- for comment. Bill Gates, one of the world’s richest people, and his wife Melinda Gates. about 5,800 square feet, according pound in Medina, Wash., as his —Katherine Clarke

The home’s facade has cedar The property listed for $70 million in 2017. panels with custom stains. TEIN) SENS RO ANNE LIZ AND Y (BARR ENCY AG MCMULLAN RICK AT SE/P RO RA RO

AU Mr. Rosenstein bought the site

(3); for $19.2 million in 2005. N TO LIVINGS DUNCAN VID DA Barry Rosenstein Unloads A Hamptons House

Hedge-fund chief Barry Rosenstein is Theoceanfront property is located Mr.Rosenstein, the founder of Jana SOLD selling one of his Hamptons homes for just off Lily Pond Lane,inone of the Partners, bought the sitefor $19.2 million $37 million, according to people familiar area’spriciest and most exclusiveen- in 2005,records show. He replaced a $37 with the deal. claves. Designed by Rick Cook of Cook- 1920s-eracottage with the current house. MILLION While the East Hampton sale is one of FoxArchitects, the main house spans al- Then, in 2014, he purchased amuch the largest of the year so far in the most 14,000 squarefeet with seven largernearby property for$137 million, 14,000 sq. ft., Hamptons, the property fetched far less bedrooms.Its unusual facade has cedar setting arecordfor the Hamptons. 7 bedrooms, than its original asking price of $70 mil- panels with custom stains. —Katherine Clarke 62-ft. lap pool, lion in 2017. The property wasn’t pub- Theroughly 1.5-acreproperty also in- two-bedroom licly listed at the time of the sale. cludes a62-foot lap pool, atwo-bedroom guest cottage Clinton Adviser Lists Pair of NYC The identity of the buyer couldn’t be guest cottageand aseparatebuilding Apartments for $17 million M10 determined. with an office, garage and exercise room. TWOAUCTIONS WITHOUT RESERVE VERMONT FAMILYRETREAT Minutes to Mount Snow Ski Resort

NEW CONSTRUCTION |521 NEAPOLITAN LANE,NAPLES,FL AUCTION APRIL 25, 11AM,ONSITE

Vermont Gentlemen’sFarm on 197 acres of pristine beauty. Meticulously restored farmhouse and barns. 21/2 hrs to Boston, 31/2 hrs to New York. Hunting, fishing, hiking, farming, snowmobiling.

This property is listed for sale by licensed real estate agents Kyle Ciampa (LIC #SL3265987) of MVPRealty (LIC #BK3055055), PH:781-910-2760 and Vincent Napoleon (LIC #BK3034926) Call: 802-365-1964 of Compass Real Estate (LIC #BL1049215), PH:239.919.2742 Elite Auctions is amarketing service provider for auctions and is not alicensed real estate broker.The auction services referred to herein arenot available to residents of any state whereprohibited by applicable state law.Elite Auctions, its agents and affiliates, broker partners, auctioneer,and sellers do not warrant or guarantee the accuracy or completeness of any information and shall have no liability for errors or omissions or inaccuracies under any circumstances in this or any other property listings or advertising,promotional or publicity statements and materials. This is not meant as asolicitation for listings. Brokers areprotected and encouraged to participate. All bidders arerequired to pre-register for each property auction in accordance with the Terms and Conditions. Equal Housing Opportunity.James Gall, Jr., is alicensed FL auctioneer (#AU-2). Elite Auctions is alicensed Florida auction business AB3687. P2JW115000-0-M00400-1------XA

M4 | Friday, April 24, 2020 THE WALL STREET JOURNAL. MANSION | THE GREAT OUTDOORS

Far Away Big Sur, Calif. From it All CALIFORNIA

ContinuedfrompageM1 BIG SUR who has lived therealone forthe past two years. CA Paciﬁc “I’m probably the poster child Ocean for social distancing,” she said with a laugh. “It’s the way of life I’ve chosen.” ACalifornia native, Ms.Dutton moved to Wyoming 16 yearsago BIG SUR RETREAT with her then-husband. Both avid List Price: $1.298 million fly-fishermen, the Cost Acquire/ Renovate: $570,000 couple were drawn 2 bedrooms, 1 bathroom, to the trout- outdoor shower laden Green 25 acres River,wherethey Access only via ATV on 1/4-mile trail bought apiece of land so raw It took him ayear to remodel the they had to one-bedroom wooden bungalowon install awell, the island, transporting the lumber septic system and by boat. He nowhas afast boat driveway.With help that canreach the town of Labasa from experienced lo- in 1.5hours, but when he first cals,they built their bought the island, “itwas atwo-or one-bedroom three-daything to getgroceries,” house mostly by he said. So he’dsupplement his diet hand, felling with the fruit that grew wild on his lodgepole pine trees with chain property.“Ilived manydays on co- saws.“Chain saws arealot of fun,” conut and pineapple,” he recalled. Ms.Duttonsaid. Single at the time, Mr. Claunch Thereare no utilities in the Na- divided his time between Oregon tional Forest, so the property is en- and Fiji, spending months at a tirely off the grid with asatellite time on the island. He once lived phone and internet. In winter,a there for an entire year. “It was snowmobile is required to bring all very peaceful,” he said. “I never supplies to the house.“Ihavealit- got lonely,” he said, in part be- tle sled that Ipull behind me like cause he employs caretakers, two Santa,” said the now-divorcedMs. Jerel Glassman and Harry Friedman bought this cabin in the woods, above and below, as a retreat for their couples who live full-time on the Dutton. “I haul all my food, and families. The access trail is only 6-feet-wide in places and crosses a bridge over a 40-foot-high waterfall. island in their own quarters. whatever else needs to come in As Fiji became moredeveloped, and out, on the sled.” When the hisisland has come to feel lessre- couple firstmoved to the cabin, mote. Moreroads have been built they even brought their 400-pound to the villages so getting groceries wood stovetothe house on the is easier.And about six yearsago, sled. She tries to stock up before (2) cell servicecame to his little piece

winter to minimizesnowmobile TIES of paradise.Beforethat, he recalls

trips.“Youbecome an amazing list OPER typing emails on his BlackBerry, maker,” she said. PR then hopping intohis seaplane to Her mailbox is 6 miles away at TER flyhigh enough to send them. the end of the dirt road, with mail WA Mr. Claunch planned to make delivered three days a week. LIVE the island his primary home, but

When she visits her daughter and ON); that changed a few years ago

sees mail being delivered to the (DUTT when he fell in love and got mar- door daily, she said, “it’s kind of ried. Now that he and his wife shocking to me.” have a 2-year-old daughter, they MORELLI Despitethe inconvenience, being have decided to sell the island and LM

alone “getsaddictiveonceyou get CO relocate to Europe to be closer to

the hang of it,” she said. “I wish MAL his wife’s family.

everyone could experiencethis. (2); Previously on the market for L

Privacyinthis dayand ageissuch TA $4.2 million, the island is slated YS

aluxury. It’sthe biggest luxury.” CR to be sold at auction by Platinum

In exchangefor solitude,the MC Luxury Auctions. Originally sched- ownersofdifficult-to-access prop- SE uled for May, the auction has been CHA

erties faceunique and oftenexpen- P: delayed by the pandemic and will sivechallenges that deter most TO likely take place in June, a buyersinnormal times.But agents OM spokesman for Platinum said. FR said the newcoronavirus pandemic Having acaretaker is one of the has lent anew alluretohomes that expenses that oftencome with alloweffortlesssocial distancing, many of these interested buyers Jarry of Live Water Properties, Ms. Dutton isn’t the only home- owning aremoteproperty.Jerel and real-estateagentssaid they are will actually pull the trigger on said downloads of brochures for owner who views privacy as a lux- Glassman, who owns ahome in a seeing aspikeininquiries about repurchases, agents said, at a time her property and other large rural ury. Larry Claunch wanted a se- secluded California canyon reach- moteproperties likeMs. Dutton’s. when economic and social-dis- listings have increased by roughly cluded retirement home when he able only on foot or ATV, said hav- “Suddenly it’s hip to be private, tancing concerns present obsta- 20% in recent weeks, and he’s started looking about 15 years ing acaretaker livethereisneces- spacious and quiet,” said John cles to home buying. fielding many questions from ago. “I went to Florida, but there sarytokeep out the field miceand Downs, a real-estate agent at Ms. Dutton’s property has been seemingly interested buyers. At were just too many people for “discourageamountain lion from Berkshire Hathaway HomeSer- listed at $1.35 million since Au- the same time, however, some in- me,” said Mr. Claunch, 64, who deciding to take up residence.” vices New England Properties in gust. She said she’s selling be- person showings have been can- lived in Oregon at the time. The 25-acre property is located rural Woodstock, Conn. Since the cause, at an elevation of 7,000 celed. “We’ve had a spike in inter- When he found a private island on a rugged stretch of coastline in pandemic hit, he said, he’s noticed feet, the property doesn’t allow est because everybody’s for sale in Fiji, “it just took my Big Sur. A 68-year-old San Fran- a significant uptick in calls from much gardening, and she wants to quarantined at home—they’re breath away,” said Mr. Claunch, a cisco doctor, Dr. Glassman bought city dwellers looking for proper- return to California where she can dreaming from their couches,” he retired real-estate developer. He the property with longtime friend ties with lots of land. do more of that. said. “Will that translate into a bought the roughly 32-acre island Harry Friedman in 1991 for about It remains to be seen how Her real-estate agent, Tate sale? I don’t know.” for about $1.5 million. $270,000, and the two have used it over the years as a retreat with their families. Thequarter-mile trail to the property crosses abridgeovera 40-foot-high waterfall and winds WYOMING through anarrow rock opening into the canyon. “It’slikewalking into your ownprivateYosemite,” Dr. Glassman said. Old-growth redwood CORA trees surround the house,which they gut-renovated using fallen redwood. Thehouse has two bedrooms and one bathroom, plus an outdoor WY shower. They have put about $300,000 into the property,hesaid. GREEN RIVER HIDEAWAY All supplies List Price: $1.35 million forthe home Bridger-Teton National Forest, Wyo. 1 bed, 1 bath main house, have to be 2 bed, 1 bath barn driven into 18 acres the property One hour by car to nearest town by ATVand can’t Access by snowmobile in the winter be toowide for the trail, which narrowsto6feet in places,Dr. Glassman said. The house has a landline phone but no internet,

) cell, or electric service, so it has

IONS solar powerand generators. AT

TR “You have to be kind of ahearty

US person—a person who enjoys surf- ILL ing and hiking—tobeable to fully

NICAL appreciateit,” Dr.Glassman said. TA “This is not aproperty an 80-year- (BO old would buy.” The property is listed for WEILER

D $1.298 million. One of the listing SY

); agents, Kat McCrystal of Douglas Elliman, said she’s gotten more (MAPS calls than usual about the prop- LEE erty since the pandemic hit, but it ON is even more difficult than it nor- JAS Holland Dutton, top left, built the main house with her former husband by hand, using lodgepole pine cut near their property along the Green River. mally is to show it right now. P2JW115000-0-M00500-1------NS

THE WALL STREET JOURNAL. NY Friday, April 24, 2020 | M5 MANSION | THE GREAT OUTDOORS

COUNTING HOUSE | BETH DECARBO Goldstein, editor of BioCycle,an FOOD SCRAPS CANBE… online magazine that focuses on • mixed with yard waste to op- organics recycling. timize decomposition. The re- Tworecycling programs—one sult is nutrient-rich compost old and one new—shed light on WasteNot, Wa nt Not that can fertilize crops, vegeta- some of the successes and chal- ble gardens and flower beds. lenges in getting residentstopar- ticipate. In 2017, the city of Sunny- • taken to specially equipped vale,Calif., rolled out aresidential landfills that capture Food-scrap recycling is helping to reduce the flow of waste into landfills, but food-scrap recycling program. methane, a byproduct it doesn’t catch on until people understand how it works Residentsare given acoun- of decomposition tertop bin forfood scraps, linked to global as well as alarge garbage warming. The canthat is split intotwo methane is con- sides—a yellowside for verted into bio- food scraps and ablack for gas, which can other household waste. This be used to gener- allows garbagetrucks to col- ate electricity and lect all wasteinone pass. fuel vehicles. After food scraps are collected, • put through an anaerobic di- they are pre-processed into a liq- gester, where waste is broken uid mash that is sent to the down to create biogas to gen- nearby water-treatment plant. erate electricity and fuel vehi- The sludge is put through an an- cles and create fertilizer. aerobic digester, which uses mi- croorganisms to break down the • turned into a mash that is material in the absence of oxygen. sterilized, dehydrated and pro- The methane created from this cessed to become food for decomposition is converted into hogs, poultry and fish. ION) biogas, which is used to power AT

TR the wastewater-treatment plant. US

ILL Before the program was imple- curb participation. “Make it more mented, 8,000 tons of food waste convenient, remind people to keep NICAL were sent to the landfill each their bins clean, [increase] mes- TA

(BO year, according to Karen Gissibl, saging about what can go in.” the city’s environmental programs King County,Wash., whereSeat-

WEILER manager. After implementation, it tle is located, has been recycling D

SY dropped to 4,000 tons. food scraps and other organics for

(2); “We are at a 50% diversion years. Todayabout 79% of resi-

SE rate, which we are very pleased dentswith garbagepickup service AU

KR with,” she says in an email. To up have organics recycling,which in- the tonnage, the city plans to cludes yard waste, food scraps and JON launch another communications food-soiled paper,says Andy Smith, campaign—25% of residents still aprogram manager with the King Vermont’s new ban formation coming our way.What’s that generates electricity and fu- don’t participate, she says. County Solid WasteDivision. But on food scraps in the point of going through this pro- els vehicles. Last year, the city surveyed only 27% of organic wastecollected landfills goes into cess if we’renot doing it right?” But thereare obstacles to over- 3,200 households to better under- forrecycling is food scraps,accord- effect on July 1, States and cities are increas- come beforefood-scrap recycling stand what keeps people from re- ing to areport last year. but residents like ingly implementing residential programs become the norm in cycling food scraps. Residents’ top Still, about 220,000 tons of or- Irene Nadler are food-scrap recycling pro- homes acrossAmerica. concerns dealt with hygiene— ganic wastewas recycled in 2018.In still in the dark grams, often with curbside Chief among them is alack dirty garbage cans, odors and addition to increasing participation about how it will work. pickup. The programs help of understanding by resi- pests, says Kaitlin Phelps, senior rates, county officials areworking “There’s so much going into the reduce the amount of dentsabout what’sin- project manager at Action Re- to reduce“contamination” in food- landfill and I feel good about re- waste that goes into land- volved.In2017, food-scrap search, which conducted the sur- recycling bins.Something as small ducing that,” says Ms. Nadler, a fills, which in turn reduces recycling diverted only vey. There was also confusion as asticker on apieceoffruit de- 74-year-old retired school admin- the emission of methane, a about 6% of the 40 million over whether things like tea bags, grades the quality of the compost, istrator who lives in Sunderland. byproduct of decomposi- tons of food wastefrom coffee filters and cooking oil are Mr.Smith adds. But she’s not sure how the pro- tion that contributes to landfills and incinera- recyclable. “Fromspeaking to people, gram—which may be delayed due the greenhouse effect. tors,according to the Despite the downsides, most there’sthe desiretodothe right to the pandemic—will work and Some facilities create and sell Environmental Protection Agency. residents had positive views of thing.But the right thing has to be what she’ll be able to recycle. compost made from residential “The programs need to educate the program because of its envi- clearly communicated,” he says. “The biggest factor is we need to food scraps. Others use food left- morehouseholds about wasted ronmental benefits, Ms. Phelps “Taking asticker off of apieceof be educated about it. I’m sureI’m overs to create fertilizer for agri- food and makethem aware of what says. But, she adds, municipalities fruit isn’t ahugefactor.Itjust not alone.Ihaven’t seen much in- cultural use, animal feed or biogas they’rethrowing away,” says Nora need to address the barriers that needs to be part of the daily habit.”

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What help cantelehealth provideand what will it cost? Uncertain Whichstatesare in lockdown? TimesCallfor TrustedFacts.

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M6 | Friday, April 24, 2020 THE WALL STREET JOURNAL. MANSION | THE GREAT OUTDOORS

Lennar at Minnetonka Country Club the sitewas an Shorewood, Minn. opportunity to About $950,000, four-bedroom, 5,200 square feet build newhouses in an established community near Minneapolis,with stores,restaurants and good schools but aging housing stock. “While there are typically many in- tricate entitlement and development issues that need to be care- fully resolved, old golf courses create great new home communities,” said chief executive officer Rick Beckwittin an email. In Prairie Village, Kan., Kansas City-based developer VanTrust Real Estatebought the struggling Mead- owbrook Golf and CountryClub for $4.2 million in 2010 and operated it forfour yearswhile working with the city,county and community on aplan forthe 136-acresite. Today, thereisapublic park on 84 acres that has an activity center, sledding hill and adventureplay- ground. VanTrust and county officials agreed on acreative financing plan: Thepublic purchase of the park and infrastructurewould be (3) paid forbythe taxesgenerated by

APHY the housing,senior-living unitsand GR Dan and Nikki Witowski with their daughters, Amelia, 11, and Addison, 8. boutique hotel that VanTrust would TO

PHO develop on the other 52 acres. “The result was one-third pri- TINE vate development and two-thirds MAR public green space,” says Justin

EVEN Duff, senior director of develop- ST ment at VanTrust. (3); Local residents Judi and Elvin

APHY Knight attended all the public GR

TO meetings on the future of the site

PHO and then built a 3,700-square-

AS foot, three-bedroom house at the DA community, now called Meadow-

GAN brook Park. Their three-bedroom ME

P: house has a ground-floor living TO room with a cathedral ceiling and OM is big enough for a large French FR farm table that fits the whole family, including two grown Golf Homes’ daughters, their spouses and four grandchildren. Naples Reserve, Naples, Fla. At Meadowbrook Park, which New Course $500,000, three-bedroom, 2,100 square feet provides residents with a pool, a fitness center and all maintenance ContinuedfrompageM1 work included in monthly home- canoe courses,party pools and owners’ fees, single-family homes swimming lagoons with sandy cost $1 million to $3 million. The beaches. Knights, both in their 70s, say the “Water is abig draw and devel- price of theirs was in the middle opersare creativeinhow they use of that range. it,” says research manager Devyn Mr. Knight, a tax and estate Bachman. lawyer, and Ms. Knight, a commu- For all the complications with nity volunteer, bought the house redevelopment—from zoning rein 2017 and moved in May 2019. strictions to pushback from exist- Ms. Knight likes Meadowbrook ing homeowners—demand for Park’s variety of building styles, land is strong and the new com- now increasingly common in new munities can be more profitable subdivisions as developers create than maintaining golf operations. choices for buyers. “It doesn’t “Sometimes, the dirt is worth look like a cookie-cutter develop- more than the grass,” says Joe ment that way,” she says. Beditz, president and chief execu- In Bluffton, S.C., near Hilton tive of the National Golf Founda- Head, John and Pegi Leonard built tion. a $1.4 million house with a Scan- In Palm Springs, Calif., Bruce dinavian vibe in the Hampton Juenger and Jim Whitmoyerfrom Lake community initially con- Aliso Viejo arethe firstbuyersina Jim and Wanda Dill lived in a golf community for 14 ceived as a golf community. newgated community,Miralon, years before moving to a water-focused development. By 2003,local developer Reed which is turning an abandoned golf Group found that golf wasn’t sell- course intoanolivegrove with ing.Retiring baby boomers, espe- 1,150 homes.Former golf-cart paths cially women, were looking forac- will be walking trails and water tivities such as yoga and paddle hazards have been converted to boarding,outdoor living and a decorativelakes at the develop- sense of community,says Christo- ment, which also has citrus trees pher England, vicepresident of and community gardens. businessdevelopment at thegroup. After research on sustainable The Leonards’ four-bedroom, agriculture and potential buyers, 3,800-square-foot house comes the developer, Boston-based Free- with its own dock on a freshwater hold Communities, settled on the lake. Since they moved in last target group’s interest in sustain- year, they have made friends play- ability, food and a healthy outdoor Mr.Whitmoyer, 56,and Mr. Witowski moved into a four-bed- lia, 11, and Addison, 8, ride their ing pickleball and tennis, joining lifestyle. “The Coachella Valley is Juenger,68, bought athree-bedroom, 5,200-square-foot home bikes on neighborhood trails that the community’s wine, book and chock-full of golf courses,” says room, 2,800-square-foot house they bought in late 2018 for about connect to alocal trail system. kayak clubs, and attending din- Brad Shuckhart, president of the with amodernist design and aview $950,000 on the grounds of the “The big oaks and the large ners and Friday Happy Hour. company’s California division. of olivetrees for$730,000. former Minnetonka Country Club willows are still there,” says Mr. “It was astounding how easy it “We saw this as an opportunity to Mr. Juenger, a sales manager at in Shorewood that had shut down Witowski. “You can tell it’s a ma- was to meet other people,” says do something different.” a real-estate financial-services in 2014 after 98 years. ture piece of land. We enjoy that Ms. Leonard, 61, a retired reading Freehold Communities studied firm, is planning to use the com- Mr.Witowski, a39-year-old quite a bit.” specialist. annual waterconsumption and munity kitchen and gardens. His commercial-airline pilot and inves- Thedeveloper of Lennar at “It’s so outdoorsy. It’s like sum- suitability forthe desert habitat husband, Mr. Whitmoyer, an in- tor, and Ms.Witowski, a36-year- Minnetonka CountryClub,Miami- mer camp for adults,” adds Mr. beforedeciding on 7,000 oliveand structor with the Automobile Club old pediatric nurse practitioner, based Lennar Corp., has redevel- Leonard, 63, a retired manager at citrus trees.The companycommis- of Southern California, says they picked a0.4-acrelot with old trees. oped golf courses in other states, Procter & Gamble. sioned atechnical study from awa- also are looking forward to taking They walk the family beagle, including California, Florida and Both agree they don’t need to ter-engineering firm that showed their 13-year-old bichon-poodle Henry, among the former fairways Colorado.In2018,itstarted sell- liveonagolf course to play. In Jan- the trees would use about 23% less mix, Elton, to the three dog parks. and natural wetlands preserved as ing homes on the 118-acreplot uary, they signed up foralimited waterthan the existing golf course. In Minnesota, Dan and Nikki green space. Their daughtersAme- near Lake Minnetonka. ForLennar, membership at anearby golf club.

Meadowbrook Park, Prairie Village, Kan. About $2 million, 3 bedroom, 3,700 square feet ION) AT TR US ILL NICAL TA (BO WEILER D SY (2);

MCBRIDE Judi and Elvin Knight bought in a once-struggling golf area that the developers and local X government worked to convert to part private development and part public green space. MA P2JW115000-0-M00700-1------XA

THE WALL STREET JOURNAL. Friday, April 24, 2020 | M7 MANSION

HOUSE CALL | VALKILMER AWild‑WestHideout Forthe Good and Bad

The actor recalls his cowboy exploits, Roy Rogers and the Manson ranch

younger, and we were a handful. I spent my 20s thinking about how was closest to my brother Wes. I’d play Hamlet. Finally, when I

S He was remarkable. He was funny was 28, I was asked to play the

PRES and, at a young age, wrote and di- role at the Colorado Shakespeare rected plays and 8mm films. Festival. It was a creative break- UMA

/Z We had five cousins, all girls. through for me. One time when they were over, we Today, I live in the Hollywood

PICTURES all walked over to the ranch Hills, near the Hollywood Bowl. where Roy Rogers lived with his My house has a Mediterranean wife, Dale Evans. I was elected to feel and dates back to 1923. INMENT

TA knock on the front door. Dale an- My throat cancer has healed. swered. She had a pronounced As you can hear, a procedure in Southern accent, which was sur- 2015 left my voice raspy. prising since you didn’t hear it on Val Kilmer, left, at his Hollywood Growing up, I was shy and ALBUM/ENTER their TV show. Hills, Calif., home in March, and, more introverted than Wes. To I asked Dale if Roy could come above, with brothers Mark, on left, help me overcome that, he’d grab KILMER; L out and play. Dale laughed. She and Wesley, right, at their home in me to be in his little plays and VA said, “Well, honey, he might be a Chatsworth around 1965. movies. I still miss him. ON;

TT little busy.” —As told to Marc Myers RA

ST Inoticed Trigger, his horse on M their old TV show, wasstuffed and theater company. I loved acting. Val Kilmer, 60, is an actor who has TO : up on his hind legs. Iworried Roy After eighth grade, I went to starred in “The Doors,” “Top Gun” LEFT would stuff Dale that way when Chatsworth High School. Their and “Batman Forever.” He is the OM she died. She outlived him. My fa- drama department was second author of the memoir “I’m Your FR ther later bought his ranch. only to that of Beverly Hills High. Huckleberry” (Simon &Schuster). We never saw Manson, but be- In my last year, I went to the Hol- ollywood shot hun- all the time, living the life of a fore that ranch’s notoriety, we lywood Professional School for a dreds of Westerns cowboy. rented horses up there for trail year. Then I wanted to study act- where I grew up. But forall itscinematic charm, rides. Shorty, the guy who put me ing in New York. VALONHOLLYWOOD The scenery was Chatsworth wasisolated. We lived on my horse, was later murdered Juilliardwas on my list, so in Favorite film of yours? “Tomb- Hright outside our in what seemed to be the witness by Manson’s followers. September 1977, Mom, my stepdad, stone” (1993) front door. protection program of culture. As devout Christian Scientists, Bill, and Idrove to NewYork to We lived in Chatsworth, Calif., What my father, Eugene, did we were encouraged to turn from look at schools.Westopped Favorite actor? in the northwestern corner of the for a living was a mystery to me. the material to the spiritual. As over at Bill’shouse in  Marlon Brando. San Fernando Valley. I didn’t have When I was little, I asked my kids, we were discouraged from Pittsburgh. Early the next His artistic courage to go far to see rattlesnakes, ta- mother. She said he was an engi- thinking about or celebrating our morning,the phone rang. was unmatched. rantulas and wild peacocks. Our neer. I asked on which train. birthdays. Still, our family spent Everyone wasasleep so I faux-Tudor house looked some- Everyone laughed, and a come- most weekends at Disneyland. answeredit. Brando lesson? what out of place. dian was born. I eventually found When Iwas 8, in 1968,mypar- It was Mark. Wes suf- He told me the Roy Rogers’s ranch was next out he worked in aerospace and in entsdivorced. Iwas relieved. They fered an epileptic seizure only thing an actor door, the Nitty Gritty Dirt Band real estate. My mother, Gladys, argued and hated each other with in the Jacuzzi and drowned. is obligated to do is lived nearby, and Charles Manson was a homemaker. apassion. My father wound up Mom was beside herself. I was not bore an audience. and his “family” were up the road Dad washighly driven. Mom, by with custody.But in all fairness, strangely calm. I knew Wes was in Big challenge as Jim Morrison in at the Spahn Ranch. contrast, wasoften distracted and we spent equal amountsoftime good hands. “The Doors”? Idid my ownsinging. The sandstone bluffs and brush detached. She didn’t keep track of with both of them. We returned home,and Idecided that dominated the landscape be- me or my two brothersmuch. I attended Berkeley Hall, a to apply to Juilliard. Iwent there Howdid youpull thatoff? I came part of me. I was a hard- The three of us were born Christian Science private school in but found the school confining. spentnine months listening to charging kid. In that terrain, you within four years of each other. Beverly Hills, until eighth grade. Early in my career, I favored Doorsalbums and working with a had to be fearless. I was outside Mark was older and Wesley was The best part about school was its the stage over the movies and voicecoach.

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M8 | Friday, April 24, 2020 THE WALL STREET JOURNAL. MANSION | THE GREAT OUTDOORS

ANNOTATED ROOM ASpace With Room to Grow

Inside a $225,000 conservatory in Minnesota built for a pair of green thumbs

BY ADRIENNE GAFFNEY 7 When a Min- 1 netonka, Minn., 4 couple wanted to garden all year long, they considered adding a conservatory to their home. They 2 reached out to Conservatory Craftsmen, a Minneapolis-based building firm. ION)

“She’s very ambitious, grows AT TR

a lot of plants, but she US grows them in pots on The ILL her deck. They’re conservatory is NICAL vegetarians and like not attached TA eggplant and okra to the home, a decision (BO and spinach and based on both WEILER

kale. Her husband convenience and design. D encouraged her to It is accessed via a SY get involved with glass walkway. (4);

something that could TIVE

grow edible plants CREA 5 throughout the year,” says company owner Jim Hewitt. SIEVERS Mr.Hewitt’sconservatories are prefabricated, which allows him to build them all over the country. 1. The construction costs from Conservatory Crafts- change at different times January or egg- Theprocess of prefabrication gen- includedthe basics, as well men; $10,000 for architec- of day, as do the watering 6 plant in December.” erally takesbetween eight and as heating and cooling and ture work from Craft systems,” says Mr. He- // Price: $800 for twelveweeks,while construction acustompowder coating DesignBuild witt. // Price: $5,000 for 10, from Northern lastsfromtwo to four weeks.“Our thatgave the structurea greenhouse automation, Tool conservatories areliving spaces as distinct color specifiedby 3. “We automate these from Control4; $7,500 for well as growing spaces,and we the owners, who arein rooms, so they are able to automation design and in- 6. “Thereisone canadapt them both ways. Isaw their 50s. // Price: self-manage. The blinds stall, from Conservatory solid wall in the these rooms as an opportunity for $167,000 forthe conserva- will go up at night in the Craftsmen room thatweused people to enjoyextending their tory,the installation and winter, or go up when a as aliving wall for season,” Mr.Hewittsays. the powder coating room’s too hot. The lights 4. The room utilizes aero- herbs and small Forthe couple—she’sadoctor ponic towers,which allow plants,” says Mr. and he’sanaccountant—the con- 2. “One of the things that plants to grow vertically. Hewitt. // Price: servatoryhas become abeloved was a bit challenging 3 // Price: $850 each for $750,for greenwall space. “The husband follows in- about the house is that it eighttowers from FarmTek from GrowUp structions very well and does ev- is Prairie-style in its con- erything by the book,” says Mr. struction and design. Obvi- 5. “If the plants are larger 7. The automated Hewitt. “He writes me every ously we couldn’t add than their growth habi- LED lighting is spe- week and tells me howmany something to the house tats, then we grow them There are wires that go up cifically designedtopro- plantshe’sgrowing.” Hereare that was Victorian in de- in these Dutch buckets,” and the plants then just mote horticultural growth. some of the design elementsthat sign,” says Mr. Hewitt. // says Mr. Hewitt. “The grow up the wire and // Price: $1,000fromFlu- went intothe room, which cost Price: $2,500 for design whole structure is soilless. you’ve got tomatoes in encebyOsram around $225,000.

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3>2$<7@';A1 @;"'> 32$;<=A2 PLAYA GARZA, COSTARICA 92+2(20,8 -/2.*

7,4 54''*'- "&3!4 #$%26% + 0*$-3*, 08'((6, A%.2 +, '@!9426G+.<6 Perched above the breaking wavesofGarza Bay, this lot is the crown 3,9 6924 (!904 #)%+'9 1+))0-9$ "'. !<88;(. ,3 ";6;?;7: <= 3'. 8;3.=3 ;11<3<-3 +4526G &9227 $2E:E!4 @+126E? "@:6 GF9.72C8@:6G+9:;!44C !.5 !9;@:G2;GF9!44C jewel of The Vista RoyalGated Community.Lot #4 features sublime ocean 3- 3'. ?.3-23.1 ";6;?;7: #.=-?3)&-7;3.1 0H 6<8.= 3-?3'-**-<=. <3 3'. $;..33. 6:B.:*;!.G )4!.G!G:+. 26G!G2:6@:B@4C 242E!G258 >+!6G:.B 5+F>42 B!6 4:G views to the west stretching from Ostional to PlayaSamara, as well as #<5.? %-233;<3= ,"'<= *-2?>=.;=-3 ?.=-?3 <= <1.;8 *-? 3'-=. =..:<3( 6-233;<3 ):!BB!6 !.5 !4!9B2 4+GE#G922G )9262.;2 !.5 D!47=G+=G+D.;+.E2.:2.;2 G+ 360° views of the Guanacaste mountains. 3+AC lot (12189.95m²) Property 82/2?. 2<3';323'2??<.1 +;7. -* 8<*.) %-233;<3 6-1.?3 ?.=<1.37.= ?;3(. *?-6 !44 +, '@!9426G+.<6926G!F9!.G68 @+G2468 2.G29G!:.12.G :6 F.:DF2/ comes complete w/ private access, professional security,private well water, 7-6*-?3;98. =321<-= 3-=+;7<-2=+.33'-2=.=4 ;88 <3 3'. '.;?3 -* ";6;?;7:@= &the best infrastructure avail. Perfect location for an estate getaway. .78.73<7 ;8+<3. 5<88;(.) #.=<1.33=.69?;7. =266.? -3 3'. ?.=-?3@= 6-233;<3 9<:. .0"?1?"??? ///$0?*,$#)&88498#448$#&( $475,000 https://vimeo.com/406366044 ;31 =:< 3?;<8 =.=3.6 -? -3 3'. 2;3.?= -* 3'. 9.;23<*28&;:. ';=7;1.) #)%+'9 597+!9'/97 7!&(4,9;5.."71+))0-9#430(0!0/*$/&( (#% -0'!%*'.& +0$/'") Jeffrey International &NWRE Brokers |LIC #01064545 (.%", 5',!'"& JefferyButscher )($(!('% *&#"!+ &/(),0 *1%%%('%:##*,0"$,)&3"$,)&#!&-4).%2(+ phone: 310.462.0200 [email protected] <"+-#% 0,!;20$;),,) #6/(-1%*#(1+74(4#')(/(9(&,*#(14.;&+/

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THE WALL STREET JOURNAL. Friday, April 24, 2020 | M9

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M10 | Friday, April 24, 2020 THE WALL STREET JOURNAL. PRIVATE PROPERTIES Hillary Clinton Adviser Lists in NYC

Longtime HillaryClinton adviser Iscol and her husband, KenIscol, 2000, then added the second unit Jill Iscol is listing apair of side- stay in the largerapartment, just over a year ago. The smaller by-side prewarManhattanapart- which spans roughly 2,800 square unit was furnished decades ago by mentsfor acombined $17million. feet with aliving room, adining the late interior designer Jay Thetwo apartmentscomprise room and alibrarywith two wood- Spectre and still contains a unique the entire burning fireplaces.Overlooking puffy lounging sofa that he de- FOR SALE eighth floor of Central Park,itiscurrently config- signed to wrap around the views the cooperative ured as two bedrooms and ahome of Central Park, Ms. Iscol said. $17 955 FifthAve- office, but could be converted to Ms.Iscol said she fell in love nue.The 1930s- three bedrooms,according to the with the views when she firstvis- MILLION erabuilding listing agent, KathySloane of ited the main unit and submitted Central Park wasdesigned BrownHarris Stevens. Thesmaller an in-person offer on the spot, con- views, library, by Rosario apartment, which the Iscols use as tingent on the ownersturning away 2 wood-burning Candela, acele- aguest suite, is approximately another couple who were waiting fireplaces brated archi- 1,700squarefeet with two bed- to see the apartment downstairs. tect known for rooms.The unitscould be physi- “The views are our Picassos,” designing some of NewYork City’s cally combined pursuant to co-op she said. “You can watch things The two units total roughly 4,500 square feet. priciest prewarbuildings. boardapproval, but they arealso bloom and the leaves turn red.” When they areinthe city,Ms. available separately,asking $14.7 Ms. Iscol has been an adviser million and Florida. She said she’s not con- lives,” said Ms. Sloane. “A lot of to Mrs. Clinton since 1999 and $3.3 million. cerned about the coronavirus pan- people feel that from now on they served on the campaign finance Ms. Iscol demic affecting overall demand are going to be working remotely committee for Mrs. Clinton’s said she is sell- for New York homes. a great deal of the time. If the failed 2008 run for the White ing because “New York is New York,” she space you’re working in is insuffi- House. Mr. Iscol was an early pio- she and her said. “It will be New York again. cient, people are thinking of how neer in the cellular telephone husband plan People from all over the world they could live and work more business, she said, owning and op- to spend more still want to be here.” comfortably.” erating systems in New York City

(2) time traveling Indeed, Ms. Sloane said the vi- Ms. Sloane said Ms. Iscol’s two and Texas. and at their rus has prompted a number of her apartments could provide the per- —Katherine Clarke

MENTIS homes in wealthy clients to evaluate their fect combination for living and S

SIO Pound Ridge, real-estate holdings and start eye- working from home.  See more photos of notable AS

ST N.Y., Martha’s ing new homes online. Ms. Iscol bought the first homes at WSJ.com/RealEstate. Vineyard and “People are redefining their apartment in the building around ANA Email: [email protected]

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