P2JW323000-5-A00100-17FFFF5178F

***** WEDNESDAY,NOVEMBER 18,2020~VOL. CCLXXVI NO.119 WSJ.com HHHH $4.00

DJIA 29783.35 g 167.09 0.6% NASDAQ 11899.34 g 0.2% STOXX 600 388.82 g 0.2% 10-YR. TREAS. À 10/32 , yield 0.872% OIL $41.43 À $0.09 GOLD $1,884.50 g $2.80 EURO $1.1863 YEN 104.18 In Wake of Peace Deal, Armenians Mourn Their Losses Retail What’s News Sales Growth Business&Finance Loses .S. retail sales rose in UOctober at their slow- est pace since the spring, Steam another sign the economic recovery is losing steam as coronavirus cases surge October’s rise of 0.3%, across the country. A1 other U.S. data signal  Amazon is adding aphar- macy counter to its virtual aconsumer pullback store, along-anticipated push as virus cases surge deeper intohealth care that sent shares of traditional BY HARRIET TORRY drugstores tumbling. A1 S  Senate Republicans failed U.S. retail sales rose in Octo- to secureenough votesto PRES ber at their slowest pacesince

advanceShelton’sconfirma- ZUMA the spring,another sign the na-

tion to the Fed’sboardastwo S/ tion’seconomic recovery is los- GOP senatorswereabsent AS ing steam as coronavirus cases because of coronavirus-re- surge acrossthe country. UMIN/T

lated health precautions. A2 RY Consumer spending data from privatecompanies sug-  The Dow and S&P 500 ANDER gest shoppersturned morecau- fell a day after setting re-

ALEX tious this month, too, as last cords, closing down 0.6% SOMBER NIGHT: Armenians at a military cemetery mourn the deaths of soldiers killed in Nagorno-Karabakh during the month’sjump in virus cases ac- and 0.5%, respectively. The six-week conflict with Azerbaijan. Turkey on Tuesday approved plans to deploy peacekeepers to Azerbaijan. A8 celerated in November,prompt- Nasdaq retreated 0.2%. B1 ing some officials to impose  RogerFerguson,the long- newrestrictions,mask man- serving CEO of TIAA and dates and other mitigation one of Wall Street’s most- strategies to slowits spread. prominent Black executives, “We’regoing intoadifficult will retire in March. B1 AmazonTakes On Pharmacies winter,” said James Sweeney, chief economist at Credit Suisse,  Walmart registered pointing to rising Covid-19 in- strong sales for the latest fections,new local businessre- quarter, but they rose at a strictions and dimming pros- slower pace than earlier in By Selling Medications Online pectsfor afresh government the coronavirus pandemic. B1 relief packagethis year.  Home Depot reported Slowing payroll gains and strong sales growth, con- BY SHARON TERLEP with the Covid-19 pandemic, accustomed to trips to the day, erasing $12 billion in mar- waning government assistance tinuing to thrive as people AND ALLISON PRANG which has kept manyconsum- corner pharmacist. ketvalue.Smaller rival Rite mean “howeveryou cut it, we spendmoretime on home- ersathome moreoften and re- CVSHealth Corp.and Wal- AidCorp.’sshares fell 16%. should have weaker consumer improvement projects. B3 Amazon.comInc. is adding sorting to online ordering. greens BootsAllianceInc.have Those companies,plus Wal- spending over the next quarter apharmacycounter to itsvir- Thee-commerce giant’sad- been bracing forthis moment, mart Inc., account forthe much or two than we had this sum-  About 300 companies tual store, a long-anticipated vanceintothe pharmacybusi- rolling out their ownsame-day of the 3.8 billion prescriptions mer,” Mr.Sweeney said. that received as much as push deeper into health care nesswill test itsability to deliveryorexpanding into filled each year in the U.S. TheCommerce Department half abillion dollarsinpan- that sent shares of traditional crackamarket wherenational medical services.But investors “Pharmacyisnot just a said Tuesdaythat retail sales,a demic-related government drugstores falling. chains and big insurancecom- feared they might suffer the shopping transaction,” said PleaseturntopageA2 loans have filed forbank- Amazon’sdecision to start panies oftencontrol how same fateastraditional book- Jim Peters,RiteAid’schief op- ruptcy,ananalysis found. A3 selling prescription medicines drugs are dispensed. Amazon stores or toyshops afterAma- erating officer, adding that the  Walmart sales rise but pace  Twitterislaunching anew comes about two yearsafter the hopes to use the convenience zonencroached on their turf. chain’spharmacistsinteract eases up...... B1 feature that will allowusersto companyacquired online phar- of itsPrime shipping program Shares of CVSfell 8.6% and with customersupto30times  Heard on the Street: Retailers post text, audioand video that macyPillPack Inc.and coincides to wrest the loyalty of patients Walgreens shed 9.6% on Tues- PleaseturntopageA7 face a Grinch...... B14 disappear after24hours. B4 World-Wide INSIDE Covid Va ccines  Biden named aslateof key WhiteHouse staff membersamid acontinued Usher In New Way standoff with the Trump

administration over coop- QUE/REUTERS BHANI/REUTERS erating with the president- MAR SO LA To Fight Disease

elect’stransition effort. A4 AN KEVIN C-SP  Trump fired the DHS cy- OMAR bersecurity official who over- WORLD NEWS U.S. NEWS U.S. NEWS Thestrong early resultsfor An mRNA vaccine has never saweffortstosafeguardthe election and had disputed un- The Pentagon detailed Trump fired Chris Trump’s Fednominee, two leading Covid-19 vaccines been cleared by regulators. It have implications that go far is now the basis for Covid-19 substantiated claims of fraud plans to draw down Krebs,who oversaw Judy Shelton, fell short beyond the current pandemic: vaccines from Moderna Inc. advanced by the president. A4 U.S. forces from Iraq efforts to safeguard of votesneeded in and Pfizer Inc.and itspartner  The CEOs of Facebook and Afghanistan. A9 the election. A4 Senate. A2 By Peter Loftus, BioNTech SE. and Twittertold lawmakers Jared S. Hopkins Both have shown in recent they did betterinfending off and Bojan Pancevski days to be more than 90% ef- election interferencein2020, fectiveatpreventing symp- while acknowledging mis- China Urges NewMigration Era— They suggest the time has tomatic Covid-19.That perfor- takesand signaling an open- come foragene-based tech- manceisinline with some nesstomoreregulation. A3 nologythat could provide new oldervaccines even though treatmentsfor cancer,heart the newshotsweredeveloped  Thenumber of newly re- Back to the Countryside disease and other infectious in a fraction of the time. ported Covid-19 cases in the diseases. “It’s 21st-century science,” U.S. climbed and hospital- izations hit a fresh record, Theunproven technology, said William Schaffner,profes- PleaseturntopageA6 as the latest surge of the Xi wants to repopulate rural towns with entrepreneurs, consumers named messenger RNA after the molecular couriersthat pandemic accelerated. A7 delivergenetic instructions,  Number of patients in  TopDemocratic lawmak- BY JAMES T. AREDDY push to create new opportunities for China’s has long eluded researchers. hospitals skyrockets...... A7 erssent alettertoMcCon- nell requesting that talks on have-nots, Ms. Wang is back in her hilltop another coronavirus relief For decades, just about the only way for hometown. Last year, she and her family re- bill restart this week after someone born in Dawan to make money was turned and plowed their modest savings into to follow the winding dirt road down from a guesthouse they named “Meet Come En- months of stalemate. A2 the mountain village and move to one of joy.”  ThePentagon announced China’s big cities. China’s rural poor have been a tool of Salesforce. adrawdownofU.S.forces That is what Wang Liangcui did in the Communist Party strategy since Mao Zedong from Iraq and Afghanistan, early 1990s, when she was 20. She landed in rallied them in his revolution, then herded instituting ordersgiven by Shanghai, where she worked in factories, them into communal farming, with disas- #1 CRM. Trump to reducethe American drove a taxi and hawked pancakes. All over trous results. Decades later, Deng Xiaoping militarypresencetheredays China, people just like her moved to the city sent them to urban construction sites and beforeBiden takesoffice. A9 from similar hardscrabble hamlets, supplying factories. Mr. Xi is pressing them into ser- Ranked #1 for CRM Applications basedon IDC 2020H1 Revenue Market ShareWorldwide.  TheJusticeDepartment the inexpensive labor that got the nation’s vice for a third time. To narrow the gulf be- economy sizzling. tween China’s urban rich and rural poor, he 19.8% said it would drop charges Now, thanks to President Xi Jinping’s PleaseturntopageA10 against aformer Mexican defense minister accused of taking bribes from drug gangs and return him to Mexicoto Video Looky-Loos See Perils of Virtual Home Tours facepossible prosecution. A8 iii  ThePalestinian Authority said it would resume coop- Open houses on FaceTime don’t always give the full picture eration with Israel aftercut- ting off contact in May. A9 BY DEREK HALL starting aprofessorship for 5.3% the fall semester in Nashville, 4.8% CONTENTS Personal Journal A11-12 Marques Jerrell Ruff didn’t Tenn. Aleasing agent in Nash- 3.9% Arts in Review... A13 Property Report... B6 3.8% Business News.. B3,5 Sports...... A14 think house hunting in a pan- ville hoisted an iPad to live Crossword...... A14 Technology...... B4 demic would be easy,but all it stream views of an apartment Heard on Street.B14 U.S. News...... A2-7 took wasaFaceTime tour to that checked everybox—two 2016 2017 2018 2019 2020H1 Markets...... B13 Weather...... A14 find what looked like the per- bedrooms,washer,dryer,dish- Source: IDC, Worldwide Semiannual Opinion...... A15-17 World News...... A8-9 fect apartment. washer. SoftwareTracker,October 2020. Virtual home visits, already By chance, Mr.Ruff also got > agrowing sales tool, gotabig Virtual vacancy aglimpse of the parking lot boost this year after Covid-19 andsaw what looked likean tainted the funofanopen commerce and online dating, abandoned sedan with aflat salesforce.com/number1CRM house.While ascreen’s-eye what yousee isn’t always whitewall tire. Thejalopy CRM market includesthe followingIDC-defined functional markets:Sales ForceProductivity andManagement, view is convenient, Mr.Ruff what you get. prompted Mr.Ruff to ask MarketingCampaign Management, Customer Service, Contact Center,Advertising,and Digital Commerce s 2020 Dow Jones & Company, Inc. Applications. ©2020salesforce.com, inc. Allrightsreserved.Salesforce.comisaregisteredtrademark of All Rights Reserved and othershavelearned the Mr. Ruff, 34 years old, was about neighborhood crime. salesforce.com, inc.,asare other namesand marks. usual caveatsapply.Asine- living in Columbia, Mo., and PleaseturntopageA10 P2JW323000-2-A00200-1------XA

A2 | We dnesday, November 18, 2020 ** THE WALL STREET JOURNAL. U.S. NEWS SenateVoteMuddlesShelton’s FedCandidacy

BY NICK TIMIRAOS 53-47 majority in the Senate, they wouldn’t support Ms. quarantine,adevelopment Mr.Trump railed at the Fed onavirus pandemic.Itdecides they could marshal no more Shelton, citing both her un- that would likely derail Ms. and itschairman, Jerome Pow- on the emergencyprograms WASHINGTON—SenateRe- than 48 votesinher favoron orthodoxpolicyviews and ap- Shelton’scandidacy. ell, from the middle of 2018 the Fedhas created to lend to publicans failed to secure Tuesday. Afteritbecame clear parent inconsistencies in those Ms. Shelton’s path was al- until the coronavirus pan- companies, cities and states enough votes Tuesday to ad- that Tuesday’svoteonafinal views as Mr. Trump weighed ready set to narrow.Sen.-elect demic hit in March, first for sincethe crisis began, as well vancethe confirmation of procedural hurdle would be selectingher forthe seven- Mark Kelly (D., Ariz.) could raising interest ratesand later as on bank regulation. Votesto Judy Shelton to aseat on the defeated, SenateMajority member Fedboardlast year. succeed Sen. Martha McSally fornot cutting them moreag- establish such emergency- Federal Reserve’sboardof Leader Mitch McConnell (R., Mr.Alexander wasn’t in (R., Ariz.) as soon as Nov. 30 gressively.The president failed lending programs or to change governorsastwo GOP sena- Ky.) effectively suspended the Washington to vote Tuesday after winning a special elec- to win backing forfour earlier existing ones requirefivegov- tors were absent because of vote, leaving open the possi- due to afamily matter, a tion this month. OnceMr. picks, including two who were ernorstovoteinfavor. coronavirus-related health bility of another vote before spokesman said. Twoother Kelly takesoffice, Ms.Shelton never formally nominated, to Sen. Marco Rubio (R., Fla.) precautions. senatorsleave town for Republicans,Sens.Rick Scott would lack the votesneeded to fill the two vacancies on the said he voted to advance Ms. Ms. Shelton, an outspoken Thanksgiving at the end of of Florida and Chuck Grassley win confirmation. TheSenate Fed’sboard. Sheltonout of concern that critic of the central bank and a this week. of Iowa,didn’t attend the vote isn’t scheduled to meet next As asingle vote on the the Fed “plays too much of a close friend of President “Weremain confident that because they were quarantin- week because of the Thanks- seven-member board, Ms. role shaping our economy.” Trump’seconomic adviser Judy Shelton will be con- ing afterpossible exposureto giving holiday. Shelton’simpact on the Fed’s Party-line votesfor Fed LawrenceKudlow, faces oppo- firmed upon reconsideration,” the coronavirus. “She and the GOP are now decision-making would be lim- boardpositions haven’t oc- sition from three senators in said WhiteHouse spokesman Mr.Grassley said later fighting the Senatecalendar,” ited, especially without Mr. curred before, reflecting the her ownparty,further setting Judd Deere. Tuesdayhetested positive. said Carl Tobias,who teaches Trump in the WhiteHouse. institution’sapolitical DNA.If back her prospectsasthe win- ThreeRepublicans,Sens. Because Mr.Grassley attended constitutional lawatthe Uni- TheFed boardofgovernors she were ultimately confirmed, dow for a confirmation vote Mitt Romney of Utah, Susan afloor vote on Monday, it versity of Richmond’s School has played an especially im- Ms.Shelton would have re- narrows. CollinsofMaine and Lamar wasn’t clear whether that of Law. “Her confirmation may portantrole in combating the ceived fewervotes than any Though Republicans have a Alexander of Tennessee, said could forceother senatorsto be over.” economic fallout from the cor- governor sinceatleast 1980. U.S. WATCH DemocratsPress McConnell to Hold Virus-Relief Talks

BY ANDREW DUEHREN maintained should be roughly the size that Senate Republi- WASHINGTON—TopDemo- cans favor. Democratshave cratssent alettertoSenate rallied around a$2.4trillion Majority Leader Mitch McCon- plan, itself areduction from a nell requesting that negotia- $3.5 trillion proposal offered tions on another coronavirus in the spring.

S relief bill restart this week af- “I sharethe viewofmycol- termonths of stalemate. leaguesthat’sbeen expressed PRES In the letter, House Speaker herethat amorenarrowly tar- TED NancyPelosi (D., Calif.) and getedproposal such as we laid CIA

SO SenateMinority Leader Chuck out in September and October AS Schumer (D., N.Y.)citethe here in the Senatedeals with

GLE/ surge in Covid-19 cases nation- the actual problem,” Mr. EA wide as an impetus forquickly McConnell said. crafting another relief bill. Democratshaverepeatedly Several aid measures passed rejected the Republican ap- BERKSHIRE in the spring have already ex- proach, calling it insufficient.

/THE pired or areset to expire at President-elect JoeBiden has

VER the end of the year. said he supportedthe House

GAR “It is essential that this bill Democrats’ plan.

BEN have sufficient funding and President Trump,who has UP IN FLAMES: Firefighters worked Tuesdaytoextinguish afireatJacob’sPillowdancecenterinMassachusetts. The blazebroke out delivers meaningfulrelief to challenged theresultsofthe at the Doris DukeTheatre, one of twoindoor theaters on the grounds. Therewerenoinjuries and the cause of the fireisundetermined. the many Americans who are presidential race in court after suffering,” the Democrats it wascalled by the Associ- CHINA TRADE TIES The Biden transition team de- without exposing themselves to ing at a fast rate, the next few wrote. “For the sakeofthe ated Pressand major net- clined to comment. The Chinese insider-trading charges. months may be very challeng- country, we ask that youcome works forMr. Biden, signaled Biden Is Urged to Embassy in Washington didn’tre- The system has come under ing,” Mr. Powell said during a vir- to the table and work with us over the weekend that he con- Begin Easing Tariffs spond to arequesttocomment. scrutiny in recent weeks as ex- tual question-and-answer ses- to produceanagreement that tinued to support amajor new —Bob Davis ecutives at Pfizer Inc., Moderna sion Tuesday. “We’ve got a long meetsAmerica’sneeds in this round of aid. The head of the Business Inc. and other drug companies way to go.” critical time.” He tweeted Saturday: “Con- Roundtable, a trade group of the SEC REGULATION have sold millions of dollars in While recent news about suc- Talks on arelief bill stopped gressmust nowdoaCovid Re- nation’s largest companies, called shares around the same time cessful vaccine trials was “cer- beforethe election aftersput- lief Bill. Needs Democratssup- on the incoming Biden adminis- Clayton SeeksShift their firms have announced key tainly good news, particularly in tering along formonths.As port. Makeitbig and focused. tration to start rolling back tar- In Insider Stock Sales results of Covid-19 vaccine trials. the medium term, in the near TreasurySecretarySteven Get it done!” iffs as part of a new round of —Paul Kiernan term there are significant chal- Mnuchin and Mrs. Pelosi dis- Because of the stubborn trade negotiations between the Securities and Exchange Com- lenges and uncertainties,” Mr. cussed aroughly $2 trillion bill, differences over the sizeofan- U.S. and China. mission Chairman JayClayton ECONOMIC OUTLOOK Powell said. “Even in the best SenateRepublicans pushed for other bill, lawmakersand “Unwinding the tariffs, espe- called forcompanyinsiders to case, widespread vaccination is afar smaller package, instead aides are now looking toward cially with China, shouldn’t be a avoid immediately trading after FedChief Says Virus months into the future.” proposing$650 billioninaid. must-passspending bills as unilateral act,” said Josh Bolten, theyset up plans to sell shares Poses Risk to Growth Promising reports about the Mr.McConnell, who has the last opportunity to try to the BRT’s chief executive. “It theyhave accumulated, following efficacy of new vaccines have called the Democrats’ propos- provide more relief this year. should be an opening to begin a aspate of big-ticket stock sales Federal Reserve Chairman Je- propelled stocks to records this als bloated, has nowtaken over Government funding runs serious negotiation that the by pharmaceutical executives. rome Powell said the increased week. But the pace of improve- from Mr.Mnuchin as the GOP’s out afterDec.11, and lawmak- Trump administration attempted Mr. Clayton called for a “cool- spread of the coronavirus posed ment in the labor market has lead in the negotiations,leav- ers are hoping to pass spend- but in many respects made diffi- ing-off period” for so-called an important risk to the econ- slowed in recent months and a ing the two sides even farther ing legislation that covers the cult through overly aggressive 10b5-1 plans, which allow com- omy in the months ahead and report on October sales at U.S. apart than they were before. rest of the fiscal year.They measures.” Speaking at a news pany executives to sell stock at said it was too soon to say how retailers showed growth posted Mr.McConnell, aRepublican mayalso trytopair that legis- conference, Mr. Bolten urged a predetermined time—even if a potential vaccine would change the smallest monthly rise since from Kentucky, said Tuesdayhe lation with coronavirus mea- China to also start withdrawing they are in possession of impor- the outlook. May. hasn’t spoken with Democrats sures, including funding for a its tariffs on U.S. goods as well. tant nonpublic information— “With the virus now spread- —Nick Timiraos about arelief bill, which he vaccine.

Total retailand Change sincefirstweekof coverfromearlier this year. Fridaydeals online to reduce spending data, said he expects Retail food servicesales January,byregion TheFederal Reservesaid on crowds—posing potential chal- decent holidayretail sales as Tuesdayits indexofindustrial lenges during the key holiday consumerswho aresaving on $550 billion October 30% production—a measureofout- season foraneconomythat services liketravelspend those $553.3 billion Sales Lose put at factories,mines and util- leans heavily on shoppers’ will- dollarsonother things. 525 20 ities—rose aseasonally ad- ingnesstoconsume. —Matt Grossman, North- east justed 1.1% in October.Output Still, Jonathan Silver,chief Sarah Nassauer, Jennifer Momentum remains 5.6% belowwhereit executiveofAffinity Solutions, Calfas, David Harrison 500 10 South wasinFebruary, the Fedsaid. afirm that aggregates con- and Nick Timiraos West Some sectorsofthe economy sumercredit- and debit-card contributed to this article. ContinuedfromPageOne 475 0 Mid- areprofiting from lowinterest measureofpurchases at stores, west ratesand consumer demand for restaurantsand online, rose a improved residential and work THE WALL STREET JOURNAL 450 -10 CORRECTIONS seasonally adjusted 0.3% in Oc- spaces. Thehousing market, (USPS 664-880) tober from amonth earlier. home-improvement businesses AMPLIFICATIONS (Eastern Edition ISSN 0099-9660) April (Central Edition ISSN 1092-0935) That waswell belowa1.6%in- 425 -20 and online retailershavebeen (Western Edition ISSN 0193-2241) crease in September,and it $412.8 particularly robust.Home De- billion Editorial and publication headquarters: marked the smallest monthly pot Inc. reported strong sales TheCenter forthe Study 1211 Avenue of the Americas, rise in retail sales sinceMay, 400 -30 growth in itslatestquarter. of Hate &Extremism is based NewYork, N.Y. 10036 when spending rebounded from 2013 '15'20 Feb. Oct. Home-builder confidencein at California State University, Published daily except Sundays and sharp declines in the early the U.S. rose in November for SanBernardino.AU.S.News general legal holidays.Periodicals postage Notes: Total spending is seasonally adjusted. Regional retail sales data from morethan 90 million paid at NewYork, N.Y.,and other mailing phase of the pandemic. cardtransactions and excludes motorvehicles and parts. the seventh straight month, hit- article Tuesdayabout homi- offices. While spending on vehicles, Sources: Commerce Department(total) and WSJanalysis of AffinitySolutions Inc. data (regions) ting afresh record,according cides classified as hatecrimes Postmaster:Send addresschanges to electronics and at home-im- to ameasurefromthe National incorrectly said the center is The Wall Street Journal, 200 BurnettRd., provement stores rose last “I have to spend wisely be- that e-commerce sales in the Association of Home Builders based at the University of Cal- Chicopee, MA 01020. month, sales dropped in cate- cause we’reinapandemic,” U.S. jumped 79% in the quarter released Tuesday. ifornia, Santa Barbara. AllAdvertising published in The Wall gories likegrocery store, cloth- said Michelle L. Busch, owner that ended in lateOctober.Peo- Still, other dataindicatethe Street Journal is subject to the applicable ing and restaurant spending. of Washington, D.C.,events ple aremaking fewertrips to broader recovery remains on StanleyKubrick’s 1968 rate card, copies of which areavailable from the Advertising Services Department, JPMorganChase &Co.’s companyEvent Solutions DC. Walmart stores,shifting more fragile ground. Consumer senti- movie “2001: ASpaceOdyssey” DowJones &Co. Inc.,1211 Avenue of the tracker of 30 million credit- Ms.Busch’sspending has spending online andstocking ment fell in early November, featuredaspace-to-Earth video Americas, NewYork, N.Y. 10036. The and debit-cardholdersre- mostly been focused on her up when they do go to stores, according to the University of call from an AT&T-branded Pic- Journal reserves the rightnot to accept an corded a4%decline in spend- business, with occasional luxu- thecompanysaid. Michigan’s preliminaryindex turephone booth onboarda advertiser’s order.Only publication of an advertisementshall constitutefinal ingfromayear earlier in the ries likeworking out with aper- Theretail giant’scomparable forthe month. Americans’ out- spacestation. The“Backin acceptanceofthe advertiser’s order. week through Nov.13. sonal trainer,subscriptions to U.S. sales,those at stores or look on the economysoured in Business” column in Saturday’s Letters to the Editor: Formuch of October,the new fitnessapps and buying fresh digitalchannels operating for the two weeks straddling the Exchangesection incorrectly Fax: 212-416-2891; email: [email protected] coronavirus cases reported each fruitand vegetables.The 42- at least12months,rose 6.4%— national elections,asRepubli- said thecall wasmade from Need assistancewith your subscription? dayrose faster on averagethan year-old plans to stay home for aslowerpacethan earlier in cans grew morepessimistic and the DiscoveryOne spacecraft. By web: customercenter.wsj.com; during the week prior,according the holidays this year.“It kind the pandemic even as shoppers Democratsworried about the By email: [email protected] By phone: 1-800-JOURNAL to aWall Street Journal analysis of makes me sad,” she said. continued to buy up food and rise in virusinfections. Noticetoreaders (1-800-568-7625) of Johns Hopkins University Online shopping continues to cleaning supplies and it pushed Federal ReserveChairman Wall Street Journal staff Reprints &licensing: data. By the middle of the month, flourish. Sales increased 3.1% in early holidaydeals. Jerome Powell said Tuesday membersare working remotely By email: [email protected]; the averagenumber of newcases October from the prior month Retailsales canbevolatile that the increased spread of the during the pandemic.For the By phone: 1-800-843-0008 reported each dayincreased to at nonstore retailers, according from month to month and sub- virus posed asignificant risk to foreseeable future, please send WSJback issues and framed pages: morethan 50,000.That more to Tuesday’sCommerce report. ject to large revisions.Other the economyand that it was reader comments only by wsjshop.com than tripledinthe following Retailers pushed an early start data—which include declining toosoon to sayhow positive email or phone,using the con- Our newspapers are100% sourcedfrom weeks to morethan 166,000 new to the holidayshopping season joblessclaims in the week ended developmentsabout avaccine tactsbelow, not via U.S. Mail. sustainably certified mills. cases reported Monday. TheU.S. in October with promotional Nov.7and rising employment would influencethe outlook. has nowreported morethan 11.2 events likeAmazon.comInc.’s andmanufacturing and service Manyretailersplan to close Readers can alert The Wall Street Journal to any errors in news articles GOTATIP FORUS? million confirmed infections, Prime Day. activity in October—point to an stores on Thanksgiving and by emailing [email protected] or SUBMIT IT AT WSJ.COM/TIPS Johns Hopkins datashow. Walmart Inc.said Tuesday economythat continues to re- have been offering earlier Black by calling 888-410-2667. P2JW323000-0-A00300-17F7DF7178F

THE WALL STREET JOURNAL. We dnesday, November 18, 2020 | A3 U.S. NEWS Tech CEOs Defend Election Actions

BY JOHN D. MCKINNON cific election-related content. the hearing points the way to AND RYAN TRACY JudiciaryChairman Lindsey action on tech issues in the Graham (R., S.C.)said the next Congress, characterizing WASHINGTON—Thechief companies should preparefor the companies’ effortstocom- executives of Facebook Inc. modifications to federal legal bat false information “baby and TwitterInc.told lawmak- protections shielding them steps” and adding, “You must ers they did better in fending from liability for user-posted do much more…to meet this off election interferencein material. Those protections moment andput your power 2020,while acknowledging also give the platforms wide and money on the right side of mistakes and signaling an latitude in policing content. history.” openness to more regulation. “When youhavecompanies Mr.Zuckerbergtouted Thetough tone of questions that have the powerofgov- Facebook’seffortstocombat from both parties at acon- ernments…something has to misinformation and votersup- gressional hearingTuesday give” in the legal shield known pression. He noted that the suggested that social-media as Section 230,Mr. Graham companypartnered with elec- giantsfacehigher risks of new said.“[Section] 230 as it ex- tion officials to removefalse regulation in the next Con- ists today has got to give.” claims about polling informa- gress that begins in January. Republicans also com- tion and put warningsonmore At the SenateJudiciary plained that the platforms than 150 million pieces of con- Committeehearing conducted continue to censor conserva- tent following reviews by over more than four hours by tive speech, a charge that the third-party fact checkers. The videostream, Facebook’sMark platforms and Democratsgen- company also attached infor- Zuckerbergand Twitter’sJack erally reject. mational labels to content that Dorsey touted improvements “While we strivetodoas sought to undermine the legit- their companies made in well as possible and be as pre- imacyofthe election, Mr. blocking or reducing mislead- cise as possible, we will make Zuckerberg said. ing information in the 2020 mistakes,” Mr.Zuckerbergsaid Mr.Dorsey told senators election. That ledtolessinter- after Sen. Mike Lee(R., Utah) that Twitter’s newpolicies for OL PO

ference, the CEOs said. By con- read alist of actions taken labeling or removing false and S trast, the 2016 election was against content adopting a misleading information marred by meddling from Rus- conservative point of view. marked abig step forward, /PRES

sia aimed at helping elect “They maybemistakes,but even though thosemeasures CLARK

Donald Trump. they aremistakes that rhyme,” drew complaintsfromMr. BILL “I am proud of the work we Mr. Lee said. Trump after some of his own Twitter’s Jack Dorsey testified remotely before the Senate Judiciary Committee on Tuesday as have done over the past four Democratsraised their own tweets were labeled mislead- Sen. John Kennedy (R., La.) looked on. Facebook’s Mark Zuckerberg also testified before the panel. yearstoprevent election in- concerns,including that some ing. Those tweetsaddressed terferenceand support our de- of the platforms’ current con- mail-invoting,violent pro- criticized the labeling practice mocracy,” Mr.Zuckerbergsaid tent restrictions could hinder tests, the coronavirus and as turning Twitterintoapub- d.

in his opening statement. them in acrucial Georgia run- claims that he won the presi- lisher making editorial deci- ve er

“Millions of Americans used off election in Januarythat dential election. sions. He pointed to one label es sr

our servicetotalk about the likely will decide control of When Sen. Dianne Feinstein directing userstoapagestat- ht ig

campaigns,accesscredible in- the Senate. (D., Calif.) suggested Twitter ing,“Voterfraud of anykind is lr

formation about voting and “I’m concerned that both of had done toolittle by labeling exceedingly rare in the United Al a.

register to vote.” your companies areinfact Mr.Trump’stweetsbut not States.” ur rd

Thepitch didn’t appear to backsliding or retrenching” in taking them down, Mr.Dorsey Mr.Dorsey said Twitter’s Ve persuade lawmakers, who re- effortstocombat misleading said the platform is “focused pagewas “pointing to a © newedconcerns about the information in the Georgia on providing more context to broader conversation with platforms’ powerand reach as race,said Sen. RichardBlu- people.” tweetsfrompublishersand well as their handling of spe- menthal(D.,Conn.). He said Sen. TedCruz(R.,Tex.) people all around the country.” Federal Dollars Couldn’t Stave Off Bankruptcy for Hundreds of Firms

BY SHANE SHIFFLETT Nearly 300 companies filedfor bankruptcy 300 cases ing forachancetofully re- sinceeconomic shutdowns began, with open, he said. About 300 companies that half doing so sinceAugust. Revenue this year fell to received as much as half abil- $567,000,down90% from $6 lion dollarsinpandemic-re- Cumulativebankruptcycases filed 200 million in 2019,according to latedgovernment loans have by the biggestPPP loan recipients court documents. filed forbankruptcy,according “In order to reorganizeand to aWall Street Journal analy- keep going,you have to say 100 sis of government dataand when we’regoing to be open,” court filings. Mr.Clark said. “Wehad plenty Manyofthe companies, of bookings but no foreseeable which employatotal of about 0 datewherewecould getgoing 23,400 workers, saythe funds April Aug. Nov. again. It just wasn’t practical.” THECRISS CROSSCUFF from the Paycheck Protection Mr.Clark put Waterford Verdura’ssignature bracelet,woven in 18kgold Program weren’t enough to Top10stateswherecompanies intochapter 7bankruptcy to 43 Yellow gold,$19,000 • Rose gold,$19,950 thatreceived the biggestPPP loans keep them going as the coro- 37 38 repay creditors by selling the navirus and lack of additional went bankrupt company’s assets. Because he Whitegold, $20,950 stimulus paymentsweighed on Number of companies personally guaranteed a$1.5 their businesses. 25 millionloan from the Small Thetotal number of compa- Business Administration last nies that failed despitegetting 13 year,Mr. Clark,68, expectsto 745FIFTH AVENUE,12THFLOOR PPP loans is likely far higher. 7 8 8 9 9 file forpersonal bankruptcy 212.758.3388 •VERDURA.COM TheJournal analyzedonly the Colo. Pa. Tenn. N.J. Ariz. Ill. N.Y. Fla. Texas Calif. and auction off his home to big borrowers from the pro- pay creditors. Original gouachebyDukeFulco di Verdura gram,which accounted for PPP loans,byvalue,awarded to companies thatwent bankrupt Theoperator of the 121- abouthalf of the overall loans year-old Martinique NewYork though only about 13.5%ofthe $150,000–$350,000 hotel on Broadway closed its totalparticipants. Manysmall $350,000–$1M doorsand furloughed staff on businesses simply liquidate March 18 because of the pan- when they runout of cash $1M–$2M $2M– $5M– demic, according to court re- $5M $10M rather than file forbankruptcy. 125 cords. Thecompanyreceived a Thegovernment awarded a companies 81 37 22 20 $3.9 million PPP loan in April total$525 billion in PPP loans to pay most employees and is to 5.2million companies since in court attempting to renego- April, according to the Small Source:Wall Street Journal analysis of Treasury Departmentdata, federal court records tiateits lease,modifyamort- Business Administration. The gage and seek relief from a SBAhas only released dataon primaryreason forentering people, we couldn’t pay utili- collectivebargaining agree- the largest borrowers,which bankruptcy. ties, and it takes a pretty de- ment with union employees. theJournal linked to bank- Keith Clark ranWaterford cent amount of money to keep With $420,000 of the gov- ruptcy filings. Receptions, apopular wedding two buildings going.” ernment loan remaining,the Thetotal amount lent to and eventsvenue operator Mr. Clark used a $500,000 hotel operator filed for bank- companies that went bankrupt with two locations in Northern PPPloan awarded in April to ruptcy in late September. is between $228 million and Virginia, for20years. He is pay45salaried employees “The PPP money has helped, $509 million—the government closing forgood, losing his over the summer while Water- but the PPP loan is not enough publishes arangefor the loan business as well as his house ford’s two buildingsremained to getitthrough the pan- amounts. Half of the 285 firms because of the pandemic. largely unused because of a demic,” said ScottMarkowitz,a identified by the Journal have “It hit, we had to shut statewide ban on large gather- partner at lawfirm Tarter Krin- filed forbankruptcy sinceAu- down, and cash-wise it ings, he said. Waterford sky&Drogin LLP representing gust. Dozens of recipients, couldn’t have been worsetim- hosted ahandful of small out- the hotel operator. which come from nearly every ing,” Mr.Clark said. “Not only door eventsfor 20 or fewer —Jean Eaglesham state, cited the pandemic as a could we not keep employing masked individuals while wait- contributed to this article. SEC Pursues Audit Plan for Chinese Firms

Total fundsraised by Chinese BY DAVE MICHAELS tors violateakey investor pro- Nasdaq Stock Market to re- companies through U.S. initial AND ALEXANDER OSIPOVICH tection: China hasn’t allowed quirecompliancewith the au- public offerings their work to be inspected. dit inspections—or bar a new WASHINGTON—Chinese Auditor supervision is over- Chinese companyfromlisting. $12 billion companies with shares traded seen by a special watchdog— Those with shares already in Americawould be required the Public Company Account- traded here would have a few 10 to use auditorsoverseen by ing Oversight Board. The years to comply before possi- U.S. regulatorsorfacebeing Securities and ExchangeCom- bly losing their listing. 8 kicked off exchanges under a mission has takendifferent TheSEC is moving fast to plan being drafted by regula- tacks to try to get China’s co- propose key elementsofthe 6 tors,according to people fa- operation with the PCAOB, plan beforethe departureof It’s our goal to create affordable timepieces miliar with the matter. from suing itsaudit firms to Chairman JayClayton,who of quality.Honest, functional and to the point. 4 Theproposal, which is likely getinformation on fraudulent announcedMondaythat he Little Treasury Jewelers -Gambrils, MD 410-721-7100 |Midwest to be issued forpublic com- companies,tonegotiating with planstoleave by the end of Estate Buyers -Zionsville, IN 317-733-0099 |Old Northeast 2 ment in December,would ad- Chinese regulatorsand issuing December.China has said it is Jewelers -St. Pete, FL 727-898-4377 &Tampa 813-875-3935 | dressthe disparatetreatment public warnings to U.S. inves- worried about auditorsreveal- 0 that applies to Chinese compa- tors about the problem. ing strategic secretsheld by Orlando Watch Company -Winter Park, FL 407-975-9137 | 2015 ’16 ’17 ’18 ’19 ’20 nies going public in the U.S. Now, the SEC’sproposal domestic firms,some of which Right Time -Highlands Ranch, CO 303-862-3900 | Stonehaven Jewelry -Cary, NC 919-462-8888 Note:2020figureiscalendar year to date. Thefirms have been able to would put the onus on the aremajority-owned by the Source:S&P Global Market Intelligence sell shares here, yettheir audi- NewYork Stock Exchangeand Chinese government. P2JW323000-6-A00400-17FFFF5178F

A4 | We dnesday, November 18, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL. U.S. NEWS Election Security Watchdog Fired

BY DUSTIN VOLZ curefromtampering or rigging

S and, while he never mentioned WASHINGTON—President Mr.Trump,hewas vocalinre- PRES Trump fired the top cyberse- futing disinformation about TED curity official at the Depart- the resultsthat had been CIA

SO ment of Homeland Security, shared by Mr.Trump and some

AS Chris Krebs, who oversaw ef- conservatives who haven’t rec- TE/ fortstosafeguardthe presi- ognized President-elect JoeBi- CA

VO dential election from foreign den’selectoral victory. Mr.

AD interferenceand in recent Trump hasn’t conceded. weeks disputed unsubstanti- As thefirst director of the ated claims of fraud advanced recently established Cyberse- ORLEANS by Mr. Trump. curity and InfrastructureSecu- NEW “The recent statement by rity Agency, Mr.Krebs became

/THE Chris Krebs on the security of the public faceoffederal elec- the 2020 Election was highly tion security effortsand arare

ANGER inaccurate, in that there were Trump appointee to enjoybi- GR massiveimproprieties and partisan backinginCongress.

CHRIS fraud—including dead people Lawmakersviewedhim as apo- Rep. Cedric Richmond, a national co-chair of Joe Biden’s campaign, will leave Congress to serve as a senior adviser. voting,Poll Watchersnot al- litical and an honest broker lowedintopolling locations, whosometimes brought for- ‘glitches’ in the voting ma- chines which changed…votes Biden Names Senior Staff from Trump to Biden, latevot- Theofficial disputed ing,and manymore,” Mr. Trump said Tuesday on Twit- unsubstantiated Top advisers are elect’s team. In lieu of official classified briefing material. staff. MikeDonilon, achief ter. “Therefore, effectiveim- claims of fraud classified briefings, Mr.Biden Some officials at the Penta- strategist on the campaign, mediately,Chris Krebs has selected as standoff met TuesdayinWilmington, gonsaid they would be willing will be asenior adviser to the been terminated as Director of advanced by Trump. over presidential Del., with outside diplomatic to meet off-sitewith members president. SteveRicchetti, Mr. the Cybersecurity and Infra- and intelligence experts. of the Biden team should the Biden’scampaign chairman, structure Security Agency.” transition continues “You knowthat I’vebeen standoff extend intoDecem- will join theWest Wing as a Last week,Mr. Krebs’s unable to getthe briefings ber.These officials said that counselor to the president. agencyand organizations rep- ward urgent warningsabout BY SABRINA SIDDIQUI that ordinarily would have waiting past mid-December Theannouncement also resenting secretaries of state the threatsfacing the country’s AND ELIZA COLLINS come by now….And, to state and intothe holidayseason confirmed that Rep.Cedric and other topelection officials election infrastructure. the obvious, there’s no presi- wouldn’t givethe incoming Richmond, anational co-chair acrossthe countrysaid in a Mr.Krebs’sdeputy,Matthew WASHINGTON—President- dential responsibility moreim- team enough time to learn of Mr. Biden’s campaign, will joint statement therehad been Travis,resigned Tuesdayafter elect Joe Biden named a slate portant than protecting the aboutjobs that could affect leaveCongresstoserveasa no evidencethat voting sys- the WhiteHouse made clear he of key WhiteHouse staff mem- American people,” Mr.Biden thesafety of deployedU.S. senior adviser to the president tems were tampered with dur- wouldn’t be taking the helm of bers amid a continued stand- said at Tuesday’s meeting. service members. In that sce- and director of the White ing the presidential election, the agency, aperson familiar offwith the Trump adminis- The transition delays have nario,officials still couldn’t House OfficeofPublic Engage- rebuking Mr.Trump’sclaims with themattersaid. tration over cooperating with prompted some U.S. national shareclassified information ment. Mr. Richmond (D., La.), without naming him directly. ExecutiveDirector Brandon his transition effort. security officials to consider with the transition team. aformer chair of the Congres- Mr.Krebs didn’t respond to Wales,the third-highest rank- President Trump has yetto unofficially meeting at off-site Mr.Biden hasn’t yetnamed sional Black Caucus,isex- a request for comment on his ing CISAofficial, is expected to concede that he lost the elec- locations with membersofMr. his topnational security aides, pected to be one of the high- firing but posted on his per- be acting director of the tion and key agencies, includ- Biden’s team. but did name several other key est-ranking Black officials in sonal Twitter account: “Hon- agencybeginning Wednesday, ingthe Pentagon and intelli- Pentagon officials said WhiteHouse advisersTuesday. Mr. Biden’s White House. ored to serve. We did it right.” the person said. Mr.Wales is a genceagencies,are Tuesdaythey haven’t formally JenO’Malley Dillon, Mr.Bi- Last week,Mr. Biden ap- Mr.Krebs in recent weeks career official, making it more withholding resourcesand begun the transition process, den’s campaign manager, will pointed longtime adviser Ron hadrepeatedly said the presi- difficult forthe WhiteHouse briefings from the president- but have started providing un- serveashis deputy chief of Klain as his chief of staff. dentialelection had been se- to removehim. Giuliani Appearsfor FirstTime in Fraud Case Detroit Results BY CORINNE RAMEY the campaign’slegal challenges AND DEANNA PAUL last week and joined the case on Tuesdaymorning. Certified RudyGiuliani appeared in Last week,representatives court forthe firsttime on be- forMr. Giuliani asked the cam- half of the Trump campaign paign to paythe former New After Flap Tuesday, claiming that the York City mayor$20,000 aday, presidential election had been an unusually high sum, accord- In alate-nightreversal, a marred by voterfraud, particu- ing to aperson familiar with canvassing boardfor the larly because of the prevalence thematter. Therequest was Michigan county that includes of mail-in ballots. made to several campaign offi- Detroit unanimously voted to Mr.Giuliani appeared on cials,the person said. certify the Nov. 3 election re- shortnoticeafter joining the Thecampaign didn’t agree sults, officials said, hoursafter case earlier in the dayand tak- to the request, the person said. the bipartisan panel dead- ing over the campaign’slegal It isn’t known whether the locked on the matterand strategylast week.Hesaid the campaign will payMr. Giuliani briefly sent the state’selection

alleged fraud in Pennsylvania LARICH/REUTERS or howmuch. into uncertainty.

wasthe result of voting accom- UZ Mr.Giuliani and his lawyer modations stemming from the KA didn’t respond to requestsfor By Rebecca Davis

pandemic,which favoredPresi- MARK comment. Mr.Giuliani told the O’Brien, Alexa Corse dent-elect JoeBiden in several Rudy Giuliani, shown early this month in Philadelphia, has taken overPresidentTrump’slegal strategy. NewYork Times,which earlier and Maya Goldman counties that areheavily Dem- reported the payment request, ocratic. as an opportunity to createa No evidenceofwidespread JudgeBrann to block certifica- that he had never asked for Unofficial resultsinWayne “This is one of those situa- wide-scale mail-in ballot pro- fraud has emergedinthe elec- tion of the vote count in Penn- that amount and that the pres- County helped providePresi- tions whereyou never let acri- cess and engageinfraud. tion, and Pennsylvania officials sylvania, one of the campaign’s ident said he would ensurehe dent-elect JoeBiden’s145,000 sis go to waste,” he told U.S. He asked thejudgetorule have defended the election as few legal avenues outstanding waspaid oncethe cases had winning margin in Michigan— District JudgeMatthew Brann the lawsuit could continue “so fair.OnTuesday, they asked to delaycompletion of the concluded. he wonmorethan 68% of the on Tuesday, claiming that we canquickly movetoshow- JudgeBrann to throw out the election results. In recent weeks,hehas been vote in Wayne County,with Democratsused the pandemic ing the proof that we have.” case. Thelawsuit argues voters in one of the few advisersurging morethan 587,000 votestoMr. “Thereisnoclaim anyqual- Republican- and Democratic- the president to continue to Trump’s264,149.But Detroit’s ified Pennsylvania votercast majority counties received dif- pursue the legal challenges to elections operations have been morethan one ballot,” said ferent treatment during the the election outcome.Most of the subject of lawsuitsand par- Daniel Donovan, alawyer for election, and that mail-in and the president’sadvisers say tisan fights sincethe election, KathyBoockvar, the state’stop in-personballotsweregiven privately they don’t see apath with Republicans claiming mis- election official. “Thereis differentscrutiny. to victoryfor the president. conduct and possible fraud in SAVE nothing unequal about the TheTrump campaign filed TheAssociated Pressde- the city’s elections operations. $ ability to cast avoteinthis thesuit on Nov.9against Ms. clared Mr.Biden the winner of At around 6p.m. Tuesday, 100 case.” Boockvar, Pennsylvania’ssecre- the election afteritcalled the four-member Wayne Mr.Giuliani’sarguments tary of the commonwealth, and enough states to givehim a County BoardofCanvassers USE PROMO came in acase in which the seven county boards of elec- majority in theElectoral Col- deadlocked 2-2 in aparty-line CODE W100 Trump campaign has asked tions. Mr.Giuliani took over lege. vote,with Republicans voting On ZVOX.com against certification. News spread swiftly,with Democratic officials and President Trump House Republicans Re-Elect tweeting about the results. Following the board’sinitial vote, public comment poured in via Zoom to the boardhear- LeadersMcCarthy, Scalise ing.Morethan 300 people di- aled in virtually,and many who looked in denounced the BY KRISTINA PETERSON dent, regardlessofwhether in part because they were Republicanboardmembersfor he’spresident again or he’s wary of pushing out the only their votes. Can’tHear House Republicans re- citizen Trump, I think he will woman in House Republican At around 9p.m., the board elected their topleadersin continue to playapart in this leadership,according to GOP votedagain. This time,itunani- Voices On TV? Tuesday’sinternal races, keep- nation.” lawmakers and aides. mously approved the resultson ing in placeateam that Rep. Liz Cheney (R., Wyo.), Ms.Cheney also drawssup- the condition that the Michigan New AccuVoice® AV157 Speaker uses largely championed President who has sometimes broken port from GOP lawmakerswho SecretaryofState’s officecon- patented hearing aid technology to create 12 levels of dialogue clarity. Trump, who lost his bid for a with Mr.Trump on foreign appreciateher forthrightness. duct an audit of unbalanced second term but was credited policyand the handling of the Four months aftersome GOP precincts—locations wherethe Flat-screen TVs use tiny speakers with tinny sound. So many with boosting GOP turnout. lawmakersdirected attacks at number of ballotscast doesn’t people have to use closed-captioning to watch amovie or sporting TwoofMr. Trump’sclosest her in ameeting and Rep.Matt match the number of people event. Our patented hearing aid technology lifts voices out of the allies on Capitol Hill, Minority Minority Gaetz(R.,Fla.) called forher to who signed intothe polling lo- soundtrack and clarifies them. The result is remarkable. The AV157 has 12 levels of voice boost –incase you need extra clarity.Only 17" Leader Kevin McCarthy(R., Leader Kevin step down, she ranunopposed. cations to vote.Such precincts wide, it fits just about anywhere. Hookup is simple –one connecting Calif.) and Minority Whip McCarthysaid All three topleaderswere were one reason that Republi- cord. Use promo code W100 at checkout and save $100! SteveScalise (R., La.), easily Mr.Trump ‘will re-elected unanimously by ac- canboardmembersgavefor wonre-election to their posts, continue to clamation, aides said. voting not to certifythe ballots. buoyedbyHouse Republicans’ playapart in Mr.McCarthy, aprolific Beforethe boardreversedits “It’sLike AHearing Aid YouPlug Your TV Into.” Techhive strong election showing in this nation.’ fundraiser,saw his perch ce- decision,Michigan Secretaryof which they narrowedthe Dem- mented when House Republi- State Jocelyn Benson,aDemo- $ 99 Reg. $299.99 NOW 199 Use Promo Code W100 at checkout. ocrats’ majority. cans unexpectedly stacked up crat, said the statecanvassing “This is the most united coronavirus pandemic,also re- Election Nightwins.Coming boardcould use the Michigan and energized Republican con- tained her position as chair- into the vote, he was already Bureau of Elections to review ference I’ve ever been associ- woman of the House GOP con- seen as well-positioned to stay the numbersofvotersand bal- Great Sound. Made Simple. ated with,” Mr.McCarthysaid ference, despite pushback on as the GOP leader, barring lotscast in Wayne County. 866-367-9869 afterthe Tuesdayelections.He from Republicans over her di- landslide losses in the House. It is common forsome pre- 60-Day Home Trial |FreeShipping made clear that the House vergences from Mr. Trump. Republicans defied poll- cinctsto“be out of balanceby ®ZVOX &AccuVoice areregistered trademarks of ZVOX Audio. GOP wasn’t preparing to Some Republicans dis- sters’ predictions and have so asmall number of votes,” Ms. ORDER THE AV157 AT ZVOX.COM changedirection afterMr. cussed trying to find someone far wonabout adozenseats Benson said,suggesting any Trump’sdefeat. “The presi- to challengeher,but held back held by Democrats. errorswereclerical in nature. P2JW323000-0-A00500-1------XA

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A6 | We dnesday, November 18, 2020 THE WALL STREET JOURNAL. U.S. NEWS Florida Stays Open As New Cases Climb

cording to the Centersfor Dis- or interact with others by ne-

Republican governor CK

ease Control and Prevention. cessity,and unchecked spread TO embraces herd But the numbersofnew cases of the virus can quickly over- immunity, opposes and hospitalizations in Florida whelm hospitals. have been steadily climbing for “What would seem to make SHUTTERS A/ renewed restrictions weeks,based on datacompiled the most sense based on the by the Covid Tracking Project. scienceright nowwould be to BY ARIAN CAMPO-FLORES On Saturday, the daily case trytomaintain adegree of count reached nearly 10,000, control over the transmission SHKEVICH/EP MIAMI—As newcoronavi- thehighest sincelateJuly. of this virus so that we don’t ULA A- ruscases soar to records “Wehavestarted another reach extreme levels,” said J. around the U.S.,manystates surge,” said MaryJoTrepka, Glenn Morris, director of the HERRER arereimposing restrictions on an epidemiologist at Florida Emerging Pathogens Institute BAL

daily life. Not Florida. International University. “It’s at theUniversity of Florida. TO

RepublicanGov.Ron DeSan- much easier to go up quickly The state’s approach “puts us CRIS tis is sticking to one of the than to go down quickly. in a very difficult position.” People lined up to get tested for Covid-19 at the Miami Beach Convention Center last Friday. most permissiveapproaches We’vefound this nowtwice While manyFlorida resi- to the pandemic—allowing [in Florida].” dentswear masks and follow ing restrictions in early May, by locals anymore,” Mr.De- Pensacola MayorGrover bars, restaurants, theatersand Mr.DeSantis says blanket social-distancing guidelines, ahead of most states.Inthe Santis said on the eveofthe Robinson, aRepublican, theme parks to operateatfull restrictions in astate as large some barsare crowded with pa- summer, Florida experienced a order. praised Mr.DeSantis’shan- capacity.Hehas vowedthe and diverse as Florida are blunt trons and beaches arebusy.Dis- surge of cases that taxedhos- Miami Beach MayorDan dling of the pandemic overall statewould never again imple- instrumentswith destructive ney World and other theme pitals. After the numbers de- Gelber,aDemocrat, wrotetwo and said he favors opening the ment lockdowns. economic consequences.Be- parks areopen, but voluntarily clined—though not to the level letters to Mr.DeSantis in Octo- economy. But he called the Localgovernments’ ability to cause younger people areless limiting the numbersofvisitors. wherethey were in May—he ber—one urging reconsidera- governor’s elimination of local enforce mask mandates and prone to serious effectsof Florida is theonly statewith fully reopened the state with tion of that prohibition and an- leeway on issues likemask en- other restrictions is constrained Covid-19,heargues,safeguards no Covid-19 mandates in place an executive order Sept. 25. other criticizing the statefor forcement counterproductive. under an executiveorder he is- should be aimed at elderly and amongalist of seven restric- Mr.DeSantis had allowed embracingaherd-immunity Florida’s mortality rate sued in September.And he has medically fragile people. tions—such as mask require- local governmentstoimpose approach. Thecity had been from Covid-19 is lowerthan spotlighted researcherswho ad- “Focusing protections on mentsand businesslimita- mandates they considered nec- among the most aggressivein that of some states,likeIlli- vocate pursuing herdimmunity the folks who aremost vulner- tions—tracked by the University essaryinthe spring and sum- the stateinissuing mask cita- nois,that adopted lockdowns, by allowing younger and less- able to disease is our top pri- of Washington’sInstitutefor mer. In the Sept. 25 order, he tions beforethe order. said Jay Bhattacharya, a pro- vulnerable people to move ority,” he said in October. His Health Metrics and Evaluation. forbade local governments “It’stotally hamstrung us,” fessor of medicine at Stanford about normally and expose officedidn’t respond to re- Early in the pandemic, Mr. from preventing businesses Mr.Gelber said in an inter- University who supports pur- themselves to infection. quests to comment. DeSantis faced criticism for from operating andfromim- view. “Not only did [the gover- suing herd immunity. Florida had27new corona- Manypublic-health special- resisting a statewide stay-at- posing fines or penalties nor] reduceour ability to cre- Manypublic-health special- virus cases per 100,000 people istssay aherd-immunity ap- home order forweeks and against individuals for violat- ateasafer environment, istsoppose the ideas espoused in the past week,compared proach is misguided. Isolating never implementing amask ing Covid-19 rules. through masks and social dis- by Dr. Bhattacharya. Pursuing with 198.9inNorth Dakota— fragile people is unworkable, mandate. He put in placesome “We can’t have these busi- tancing, but also the message herdimmunity through natural currently the hardest-hit they say, when manylivein restrictions,such as closing nesses dying,sothey’renot he sent out wasunmistakably, infection would lead to thou- state—and 46.2 nationally, ac- multigenerational households barsand gyms,and began eas- going to be able to be closed ‘It’s over.’ ” sands moredeaths,critics say.

start producing the desired Vaccines protein. Drs. Weissman and Karikó patented their work,and Penn Take New later licensed the technology to both Moderna and BioN- Tech, including through inter- Approach mediarycompanies.In2014, Dr.Karikó joined BioNTech and serves as asenior vice ContinuedfromPageOne president. sor of preventive medicine at Moderna spent several Vanderbilt University School yearshoning itstechnology. A of Medicine.The positivedata hurdle wasfinding the right formRNA-based Covid-19 vac- shell that could carrymRNA cines bodes well for the tech- toward their target in human nology’s potential to combat cells without getting de- futureoutbreaks of infectious stroyed by the body’s natu- diseases, he said. rally occurring enzymes dur- Since the new coronavirus ing the journey. emergedasaworld-wide Thecompanyencloses its threat, health authorities have mRNA into a protective enve-

eyed vaccines as the antidote JOURNAL lope made of fatty substances needed forthe world to begin called lipid nanoparticles.The REET

returning to normal. They are ST companybegan testing mRNA

crucial to ensure that enough LL in humans in 2015. people areprotected against WA Modernaalso started col-

the virus so it can’t spread THE laborating several yearsago R

easily,eventothose who FO with researchersatthe Na-

aren’t immune. Nearly 50 can- TZ tional Institutes of Health on didates, based on different making shotsagainst certain technologies,are in clinical SKUBA infectious diseases. That col- trials. laboration paved the way for

Vaccines normally take MARZENA teams at both organizations to yearstobring to market. With Inside a lab at BioNTech in Mainz, Germany. The company is working on potential mRNA vaccines to treat cancer. quickly begin collaborating in older technologies,research- JanuaryonaCovid-19 vaccine. ersspend time developing and flexible vaccine platform. sponses from T-cells,white tivethe vaccines areincertain “It didn’t integrateintothe ThemRNA vaccines’ early growing avirus or proteins Starting from gene sequence, blood cells that recognizeand high-risk populations such as genome.Therewas no chance success “gives us some en- from the virus,which generate mRNA vaccines canbepro- eliminate infected cells. the elderly. youcould have an adverse ge- couragement for the technol- an immune response when in- duced in a few weeks.” “The mRNA platform is es- Both Moderna and Pfizer nomic event,” Dr.Weissman ogy for other vaccine targets jected. Measles, shingles and Moderna, founded in 2010 sentially fully synthetic. It’s a arewaiting formoresafety said.Incontrast, he said, a in thefuture,” said Dr.Mark other older vaccines use an in- to focus on mRNA,made more defined molecule that can be dataonthe shots. TheU.S. differenttype of gene-based Mulligan, director of the Vac- activeorweakened virus to than enough doses forabout made very,veryquickly,so Food and Drug Administration therapy was found in a study cine Center at NYU Langone coax the body to build up pro- 45 people to start the firsthu- youdon’t need anything live— wantstosee if anyserious in Franceinthe early 2000s to Health. tection. man study of itsCovid-19 vac- no live virus, no live cell cul- side effectsarise during the cause leukemia-type illnesses Themanufacturing process, cine within two months of ture, no eggs, no anything,” two months afteravaccine in patientswho had immune oftenineggsorlarge bioreac- learning the sequence for the Dr. Jansen said. was given. system disorders. Early studies tors, is laborious and time in- so-called spike protein found ThemRNA vaccines have Dr.Karikó,who started Moderna is testing several tensive. Successful shotstypi- on the surfaceofthe coronavi- other limitations that aren’t working on mRNA in her na- preventive mRNA vaccines in cally take morethan adecade rus. Other vaccines common among widely used tiveHungaryinthe late1970s, human studies, including one to develop,according to a With aplatform in place, Messenger RNA is one of a vaccines for other diseases. said peerswereskeptical of against cytomegalovirus,a 2013 study published in the Moderna could quickly design number of newtechnologies Thevaccines must be her work for more than three common virus that can cause journal PLOSOne. newdrugs or vaccines by in- drug companies areusing in stored at subzero tempera- decades. health problems in babies Messenger RNA promises to serting the relevant snippet of what is emerging as aonce-in- tures, which has sent some At her first research insti- whose mothers caught it dur- cut that time by taking advan- mRNA,said Moderna Chief Ex- a-generation test of human in- health authorities and hospi- tuteinthe city of Szeged, then ing pregnancy. Thevaccine tage of the body’s ownmolec- ecutiveStéphane Bancel.He genuity. tals racing to find special behind the Iron Curtain, she wasgenerally safeand in- ular machinery, essentially calls mRNA “the software of Vaccines from AstraZeneca freezers.Pfizercreated aspe- had to frequent local abattoirs duced the desired immune re- teaching cells howtomakea life.” PLC and from Johnson & cial container to keep shots to extract biological material sponses in early studies.Test- protein similar to one found Ugur Sahin, co-founder of Johnson are based on a tech- cold during distribution and from bovine brains because ing continues. on the virus, which then trig- Germany’sBioNTech,was able nology that uses acommon- set up itsown supply chain for her agency lacked funding. Moderna is also testing gers the body’s immune re- to sketch out aversion of 10 cold virus to deliver genetic distribution. “The technologyhas not with Merck whether an mRNA- sponse. possible mRNA vaccines on instructions that teach the hu- hadachancetoprove itself based therapeutic vaccine can his home computer on Jan. man immune system to mount until now—but nowitisprov- treat cancer.The treatment is 25,days beforethe illness adefense.The common-cold The new technology ing itself,” Dr. Karikó said. custom-made foreach patient Fast development wasfirst seen in Germany, af- viruses aremodified so they Dr.Weissman gotmRNA based on mutations found in Messenger RNA,one type terreviewing the freshly de- don’t cause infections. promises to cut the material from Dr.Karikó,who their tumor cells. of RNA found in cells,isanat- coded genome of the newcor- This type of vaccine tech- time it takes to had been testing it in tumor The shot, when given with urally occurring substance. It onavirus.One served as the nologyforms part of J&J’sEb- cells.Hetested the samples in Merck’scancer drug Keytruda, is a kind of molecular worker basisfor the current Covid ola vaccine regimen that was develop a vaccine. certain immune cells.“There- showedpromise in some pa- bee, carrying instructions en- vaccine. cleared by European regula- sultswereoff the wall,” he tientswith head and neck can- coded in DNA for cells to fol- He turned to Pfizer,which tors this year.The J&Jand As- said. cerinasmall, early-stage low. Given itsrole,scientists had firstjoined with BioNTech traZenecavaccines arein study,Moderna said this had long theorized it could be in 2018 to work on an mRNA- large, late-stage clinical trials Thevaccines requiretwo month. repurposed to turn cells into based fluvaccine that’sstill in that could yield results in the doses three to four weeks Testing issues BioNTech continues advanc- miniaturedrugorvaccine fac- development. Mr.Sahin and coming weeks or months. apart to createthe right im- Problems emergedwhen ing potential mRNA vaccines tories. his wife, Özlem Türeci, started Merck &Co. is taking a mune response,sosubjects the researchers began testing to treat cancer,including tu- With mRNA,vaccine devel- BioNTech in 2008,and have more traditional approach by will need to be tracked to mRNA in animals,wherein- mors for breast, skin and the opment becomes an engineer- spent morethan 25 years pursuing vaccines with proven makesurethey getboth doses. jecting it triggeredimmune re- pancreas.The companyhas ing issue,rather than ascien- studying mRNA. technologies that employa Effortstoengineer mRNA sponses that in turn caused in- several cancer shots in devel- tific challenge. Companies can Pfizer was drawn to mRNA weakened virus that multiplies to fight diseases began de- flammation. In testing,high opment, including one fora design mRNA vaccines rela- forhow quickly anyvaccines to generateanimmune re- cades ago, pushed by rapid ad- doses would kill mice. type of skin cancer in mid- tively quickly once they know using the technologycould be sponse.Merck said itsvac- vances in genetics. Drs. Weissman and Karikó stage testing. the genetic sequenceofthe manufactured, and for its po- cines could producemore-last- Drew Weissman, an immu- setout to overcome the in- One of the advantages of pathogen. Researchersuse the tential forgenerating stronger ing protection against the nologist, and Katalin Karikó,a flammation problem by mak- mRNA vaccines,Dr. Sahin said, genetic sequenceofatargeted immune responses than tradi- coronavirus than other tech- molecular biologist, started ing modifications to mRNA. is that they canbequickly ad- virus to program the mRNA tional vaccine platforms, said nologies,but itsresearch takes working on mRNA more than They found that making a justed so vaccines canbetter that can fight it. Kathrin Jansen,who leads longer to develop than mRNA 20 yearsago in laboratories at changetoanucleoside—a respond to an eventual decline In the journal NatureRe- Pfizer’s vaccine research. versions. the University of Pennsylvania. building block of RNA—could in immunity or virus muta- viewsImmunologylast No- Dr.Jansen said RNA ap- Despitethe positiveearly Dr.Weissman said he was help RNA injected intothe tions,which could render vember,the National Institute pears to provide more stimu- resultsfor the Pfizer and Mod- intrigued not only by RNA’s body sidestep the immune re- other vaccines less effective. of Allergy and Infectious Dis- lationofthe immune system erna vaccines,alot remains potential to triggerthe pro- action that would cause in- Dr.Sahin said that regula- eases’ AnthonyFauci and John than other vaccine technolo- unknown, including how long duction of disease-fighting flammation, while still allow- torauthorization could poten- Mascola wrote, “MRNA has gies both by generating anti- any apparent protection from proteins but also its potential ing the RNA to getintohuman tially lead to a“whole new the potential to be arapid and bodies and by inducing re- Covid-19 lasts and how effec- safety. cells to deliver instructions to category of medicines.” P2JW323000-2-A00700-1------XA

THE WALL STREET JOURNAL. ** We dnesday, November 18, 2020 | A7 U.S. NEWS Number of As Cases Surge, Doctors Refine Treatments Patients in BY SARAH KROUSE whether and howemerging treatmentsare working,public- Hospitals When aman in his 40s with health officials,hospitals and Covid-19 and lowoxygensatu- doctorsare monitoring how ration arrived at the Boston much patient hospital stays are Skyrockets hospital whereBrittany Bank- shortening as treatment op- head-Kendall treated patients tions expand. BY ADAM MARTIN in April, he wasquickly put on Acrucial differenceinhospi- aventilator,astandardfirst re- taltreatmenthas stemmed Thenumber of newly re- sponse at manyAmerican hos- from abetterunderstanding of ported Covid-19 cases in the pitals at the time. howtoapproach respiratory U.S. climbed higher and hospi- She relied on WhatsApp problems.Instead of rushing to talizations hit a fresh record, messages and video calls from put patientswith lowoxygen as the latest surge of the pan- doctorsoverseas,who were saturation on ventilators, which demic accelerated. also using trial and error to bringsrisks,doctorsnow know Thecountryreported treat aspreading virus few that people with lowoxygen 158,453 newcases forMonday, knewmuch about.Incoming levels canremain that way lon- according to datacompiled by patients at herhospital were gerthan previouslythought, Dr. Johns Hopkins University, up randomly assigned to antiviral Bankhead-Kendall said. Forthe from morethan 133,000 aday and other drug trials to see most critically ill who do re- earlier. what might stem the disease. quireventilation, hospitals are The U.S. has now reported “Wewerereally flying blind,” expanding the use of technol- morethan 11.2 million con- shesaid. ogytomonitor those patients. firmed infections,Johns Hop- In West Texas,whereDr. Ben Daxon, acritical-care kins data show. The country’s Bankhead-Kendall took anew physician at Mayo Clinic in death toll has topped 248,000. job at Texas Tech University Doctorssuch as BrittanyBankhead-Kendall, above,and BenDaxon, below, areapplying lessons learned. Rochester,Minn., arrived in Thenumber of newly re- Health Sciences Center,the NewYork to volunteer in April ported infections each day conditions of her Covid-19 pa- hospital stays and fewer when protectivegear was tends to be loweratthe begin- tients seven months later are deaths. scarce.Hedonned ascuba ning of the week, as fewer similar to what she had seen Several doctorssaid they mask with aviral filter held in people aretested on weekends. back in Boston, yetshe treats nowthink of Covid-19 as atwo- N placebyapart made on a3-D XO

Monday’sfigureisn’t only an them differently.When a phase disease.First they aim to DA printer. increase from aday earlier,but woman in her mid-40s showed combat the virus itself with an- DoctorsinNew York at the BEN aweek-over-week increase, lowblood-oxygenlevels, Dr. tiviral drugs, then address time debated when to tryun- from 119,944 on Nov.9. Bankhead-Kendall gaveher problems caused by the usually tested therapies,hesaid. He

Thenumber of coronavirus- high-flowoxygentherapy outsizeimmune response.The JOURNAL; wassurprised to find one pa- related hospitalizations as of rather than putting her on a doctorsalso said they were tient on an uncommon mode of REET

Mondayalso jumped, to ventilator,avoiding the invasive learning howtotailor treat- ST breathing support known as

73,014,according to the Covid risks of ventilation. mentsfor each patient. LL airway pressurerelease ventila- Tracking Project. That number Thetwo patientsspent a “We’vestopped throwing WA tion. Evidencesuggestssome

has stayed above61,000 for similar amount of time in inten- the kitchen sink at everybody,” THE benefit from it, but thereisn’t a R

the past week,hitting arecord sive-careunits, but the woman said Roger Shapiro, an associ- FO lot of evidence, said Dr.Daxon. everyday but one.BeforeNov. in Texas wasable to avoid seda- ateprofessor of immunology LE One evening,asthe patient 10,the U.S. hadn’t reported tion and pain medication, with and infectious diseases at Har- CO struggled to breathe,Dr. Daxon morethan 60,000 hospitaliza- lesspressureonher lungsfrom vard T.H. Chan School of Public LAN gavehim paper to writeon. He DY

tions in aday sincethe start the treatment. “We’vegot bet- Health who has treated corona- P: scrawled the word “scared.” of the pandemic. terdatanow,” Dr.Bankhead- virus patients. TO Thephysician sat with him, OM

Thenumber of people with Kendall said. Memories of work He helped craftCovid-19 re- FR telling him stories.“Theair is Covid-19 in intensive-care earlier in the year,when she sponse guidelines at Beth Israel good now,” wrotethe patient. unitsincreased from aday feared forher health during 12- DeaconessMedical Center in around the world, clinical trials Co.totreat people with Dr.Daxon returned aftera earlier to 14,313, according to to-14-hour shifts and rewrote Boston in the early days,when and the Food and Drug Admin- Covid-19 in earlier stages, fill- week to Minnesota, one of the Covid Tracking’sdata, anum- herwill, arefresh. evidence-basedtreatment istration’semergencyclearance ing agap in treatment forpa- states nowseeing hospitaliza- ber not seen sincelateApril, Doctorswho have been strategies didn’t exist. of some treatments. Promising tients who aren’t hospitalized. tions rising.Hesaid he would when the U.S. wasseeing its treating coronavirus patients Early treatment protocols at treatmentsfor hospitalized pa- Thenumber of people hospi- liketosee the ventilation mode first surge of cases. from the earliest days said they manyhospitals included giving tientsinclude the antiviral rem- talized with Covid-19 in the U.S. studied further,but he is now At least 10 states loggedre- arenow betterequipped to face patientsthe antimalaria drug desivir and convalescent and itsterritories reached are- focused on well-researched cord numbersofnewly re- anew rise in hospitalizations, hydroxychloroquine,which was plasma. Steroids such as dex- cord 73,014 on Monday. With therapies.Studies have shown, ported infections forMonday, with evidenceondrugs that later found not to be beneficial, amethasone have been shown the virus spreading in swaths forexample,the importanceof including Tennessee,Pennsyl- work to combat Covid-19 symp- Dr.Shapirosaid. Other steps in testing to be effectiveat of the U.S.,including less-popu- carefully managing ventilator vania, Nebraska, Connecticut toms,research on treatments, included using anticoagulants tamping down the immune-sys- lated areas, some doctorsfear settings. “Ifwedothose things and Vermont, according to and their ownpatientexperi- to help patientsavoid blood temoverdrive. emergencyrooms and inten- well, then we’regoing to do Johns Hopkins data, and nu- ences.The virus’sresurgenceis clots. On Nov.9,the FDAautho- sive-carefacilities will soon be- well by our patients,” he said. merous othershavehit re- testing whether what they have Doctorsare nowinformed rized the use of an antibody come overwhelmed again. —Melanie Evans cords in the past few days. learned will lead to shorter by peer-reviewedpapersfrom drug developed by Eli Lilly & To getabettersense of contributed to this article. FROM PAGE ONE

Shareperformance bulk up mail-in, deliveryand Amazon online pharmacyofferings. 10% They have also added medical services to their stores tar- Launches getedatcustomerswith Amazon chronic conditions like diabe- CVS 5 tes and heart disease. Pharmacy Walgreens “Newentrantstothe highly RiteAid competitivepharmacymarket come as no surprise to us.But ContinuedfromPageOne CVS Health is a lot more than 0 ayear and provide services pharmacy—and pharmacyisa such as vaccinations. lot morethan just delivering Shares of drug distributors drugs,” aCVS spokesman said. Cardinal Health Inc. fell 6.5% Walgreens said it operates andMcKesson Corp.slipped –5 about 9,000 stores in the U.S. 5.5% on concerns that pressure with morethan 25,000 phar- from Amazon could hurt mar- macists who provide support gins at those companies that for chronic or complex condi- DUSTIN buy drugsfrommanufacturers tions as well as vaccinations. –10 JOHNSON and ship the therapies to Earlier this year,itstruck a GOLF'S WORLD MondayTuesday pharmacies. deal to attach doctors’ offices NUMBER 1 Shares of Amazon, which Source:FactSet to hundreds of stores. sportsamarket capitalization “We offer customized, free of $1.5trillion, were little health-research firm Iqvia same-day and next-day deliv- changed. HoldingsInc. eryoptions that allowour cus- “Asmoreand morepeople In March, mail-order pre- tomerstoaccessour products look to completeeverydayer- scriptions were up 21% from and services when, whereand rands from home,pharmacy the previous year to bring how it is most convenient for is an important and needed their shareofthe prescription them,” Walgreens said Tues- THE ART OF FUSION addition to the Amazon on- drug market to 5.8%, the high- day. line store,” said Doug Her- est shareinatleast two years, Walgreens CEO Stefano rington, Amazon senior vice according to datafromSun- Pessina has been avocal skep- presidentofNorth American Trust Robinson Humphrey. tic of Amazon as amajor Consumer. Big pharmacychains have playerinprescriptions.Fol- Amazon Pharmacywill ship grappled in recent years with lowing the PillPack acquisi- insulin, asthma inhalers and falling store sales as consum- tion, Mr. Pessina said he was other common generic or ersincreasingly shop online “not particularly worried” branded medications.Amazon forshampoo,beauty products aboutthe move. “The phar- said it won’t sell most opioids and other staples.The chains’ macyworld is much more or other drugsthat area profits on prescription drugs complexthan just delivering higher risk fortheft. Custom- have also been squeezedby certain pills or packages,” he erswill need aprescription pharmacy-benefit managers said.“Istrongly believethat from their physicians,likeany that have pushed lower reim- the role of the physical phar- traditional or online pharmacy. bursement rates. macywill continue to be very, HUBLOT CONGRATULATES Thecompanysaid it would ac- The2018 acquisition of Pill- very important in the future.” DUSTIN JOHNSON cept most insuranceand offer Pack,astartup in Manchester, Amazon is more customer- ON HISINCREDIBLE discountstoPrime customers N.H., that presorted medicines friendly than most mail-order VICTORYTHISWEEKEND who don’t have coverage.It and shipped them to custom- offerings, and the company AT THEMASTERS will have pharmacistsavail- ers’ homesin49states, gave could potentially lurecustom- able to handle medication Amazon statelicenses to oper- erswith itsPrime loyalty pro- questions. ate across the country—over- gram or other perks tied to its Amazon has been selling coming abarrier forfilling retail site, said Ari Singh,an prescriptions through Pill- prescriptions. analyst at mutual-fund giant Pack,but customersweredi- Amazon’spharmacy“is the Neuberger Berman. rected to aseparatesite direct result of the PillPack ac- But success is far from geared toward patientswith quisition,” aspokeswoman for guaranteed, he said, given the complex, chronic medical con- Amazon Pharmacysaid in an factors at play between phar- ditions.Now,people canbuy email. “The same teams,tech- macies,insurersand phar- medications from Amazon’s nology, and infrastructurethat macy-benefit managers. CVS, main retail site, with some of support PillPack by Amazon forinstance, is able to steer the same perks,likefreetwo- Pharmacyhaveexpanded to Aetna memberstoits pharma- dayshipping forPrime mem- serveawider rangeofcustom- cies,and the big drugstore bers, that come with buying ers, both in terms of needs chains have deep relationships toys or clothes. and numbers,” she said. with big insurers. Most people in the country Amazon’spotential entry “I don’t knowthat there still fill their prescriptions at a intothe pharmacy-services in- will be amassivewaveshifting traditional drugstore. U.S. pre- dustry helped spur CVS’s $66 of scrips overnight,” Mr.Singh scription-drug sales at phar- billion bid forinsurancegiant said. “It really depends on how macies totaled $336 billion in Aetna. In theyearssince, CVS Amazon positions itself with 2018,according to datafrom and Walgreens have racedto thepayor community.” P2JW323000-4-A00800-1------XA

A8 | We dnesday, November 18, 2020 **** THE WALL STREET JOURNAL. WORLD NEWS Mexico Ex-Military Chief to Be Sent Back

Amonth after arrest, lawenforcement partnership If ajudgeagrees,Gen. Cien- eventually be charged, he was between Mexicoand the United fuegos would leave the U.S. vol- unlikely to be arrested.“Right U.S. drops charges that States...the U.S. Department of GES untarily and be quickly es- now, he’sacitizen who isn’t fac- general took bribes Justicehas made the decision IMA corted back to Mexicobythe ing chargesinthe U.S.,” he said. to seek dismissal of the U.S. U.S. Marshals Service, prosecu- Some politicians in Mexico from drug gangs GETTY

criminal chargesagainst for- SE/ tors said. Ahearing is sched- said the close relationship be- mer SecretaryCienfuegos,so uled forWednesday. tween Mr.LópezObrador and BY JOSÉ DE CÓRDOBA that he maybeinvestigated Mexican Foreign Minister President Trump playedakey

AND DAVID LUHNOW and, if appropriate, charged, ANCE-PRES Marcelo Ebrardsaid he had role in the U.S. decision to under Mexican law,” the state- FR lobbied Mr.Barr to allowMex- drop the chargesagainst Mr.

MEXICOCITY—The U.S. De- ment said. ENCE icototry Gen. Cienfuegos at Cienfuegos.

partment of Justicesaid it Themoveshocked former AG home: “Ifhe’saccused of “Thereisnodoubt that this T/ would drop chargesagainst law-enforcement officials,cast- crimes committedinMexico, is Trump’slast favortoLópez

Mexico’sformer defense minis- ing uncertainty on acase that HEMID whydoes he have to facetrial Obrador; it’sthe culmination of ter, arrested last month foral- hadbeen yearsinthe making SC in aforeign country?” their beautiful friendship,” said legedly taking bribes from drug and which painted aportrait of Mr.Ebrardsaid Mexico’s Fernando Belaunzarán, ase- NALDO

gangs, and return him to Mex- deeply rooted corruption in RO government wasunhappy that nior official at the center-left icotofacepossible prosecution. Mexico’sarmed forces.Gen. Gen. Salvador Cienfuegos, who had been detained in Los Angeles, the U.S. had been investigating Party of the Democratic Revo- In asurprise move, the U.S. Cienfuegos wasthe highest- could still be investigated and charged in Mexico, officials said. the former defense minister lution, Mr.LópezObrador’s said Tuesdayithas provided ranking Mexican official ever without notifying Mexican offi- former party. Mexicowith all the evidencein arrested fordrug-related cor- at theDrugEnforcement Ad- Brooklyn, N.Y.,said in court fil- cials,and Mexico’sPresident TheWhiteHouse declined to the case against former defense ruption. He served as defense ministration. ingsunsealed Tuesdaythat “the AndrésManuel LópezObrador comment. JesúsRamírez,Mr. minister,Gen. Salvador Cien- minister from 2012 to 2018 in Theex-general’ssurprise ar- United Stateshas determined threatened to withhold further LópezObrador’s spokesman, de- fuegos,who had been arrested then-President Enrique Peña rest during his arrival forava- that sensitiveand important cooperation with the U.S. DEA, nied therewas anypolitical ne- as he arrivedinLos Angeles in Nieto’sadministration and led cation with his family in Los foreign policyconsiderations which had requested the arrest. gotiation between Mexicoand October,according to ajoint the army’swar on drug cartels. Angeles had deeply embar- outweigh the government’sin- “It wasn’t understandable theU.S.and said Gen. Cienfue- statement between U.S. Attor- “In my 31 yearsinthe DEA I rassed Mexico’sgovernment terest in pursuing the prosecu- forusthat being allies,Mexico gos’srelease wasthe result of a ney GeneralWilliam Barr and have never witnessed some- and strained bilateral ties,ac- tion of (Gen. Cienfuegos), under had not been notified,” Mr.Eb- sovereign decision of the U.S. Mexico’sAttorney General Ale- thing so absurdand unusual,” cording to officials in both the totality of the circum- rard said. —Sadie Gurman jandroGertz Manero. said MikeVigil, aformer direc- countries. stances,and thereforerequire Mr.Ebrardcautioned that and Juan Montes “In recognition of the strong torofinternational operations U.S. federal prosecutorsin dismissal of the case.” while the former general might contributed to this article. WORLDWATCH

CENTRAL AMERICA JAPAN TURKEY Hurricane Iota Tears TokyoBoostsMilitary Peacekeepers for Across the Region Ties With Australia Azerbaijan Approved

Hurricane Iota weakened Japan and Australia cleared the Turkey’s parliament on Tues- Tuesdayasitmarched acrossNi- wayfor their militaries to work day granted President Recep caragua whereitcrashed ashore moreclosely together,the latest Tayyip Erdogan’s government overnight as aCategory 4 sign of coordination in response permission to deploy peacekeep- storm, the second major hurri- to China’srising assertiveness. ers to Azerbaijan to monitor a cane in as manyweekstohit the The leaders of the twocoun- cease-fire deal between Azerbai- country,causing further misery in tries said theywould remove le- jan and Armenia that aims to an already-waterlogged region. gal and administrativebarriers to end the conflict in the region. Iota movedintoHonduras on their militaries entering the other Legislators voted in favor of a

S Tuesdayevening as atropical nation, allowing formorejoint one-year mandate allowing the

PRES storm with maximum sustained training and quick military support government to send troops to winds of 50 miles an hour,and in acrisis. “It will form akey Azerbaijan, where they would

ZUMA waslocated35miles from the plank of Australia’sand Japan’s observe possible violations of S/ Honduran capital Tegucigalpa, the response to an increasingly chal- the truce from a joint Turkish- PRES U.S. National Hurricane Center lenging securityenvironmentin Russian monitoring center. The

IFIC said. It wasexpected to weaken our region,” Australian Prime Min- cease-fire ended six weeks of in- AC further into atropical depression. isterScott Morrison said in Tokyo. tense fighting between Azerbai- TI/P

PO The storm knocked out tele- A Chinese government jan and Armenia over the Na- phone and internet serviceacross spokesman said Beijing’s rela- gorno-Karabakh region.

VICHAN 33 of Nicaragua’s153 municipali- tions with Australia have wors- It wasn’t immediately clear THAI CLASHES: Protesters in Bangkok foughtpolicewho soughttoprevent them from entering ties, said the nation’stelecommu- ened because of Canberra’s how many peacekeepers Turkey Parliamenttopress forconstitutional changes. About 40 people were hurt, including fivewho were nications agency Telcor. “cold-war mentality.” planned to deploy. shot, emergency services said. Policeused tear gas and watercannons laced with chemical irritants. —Anthony Harrup —Alastair Gale —Associated Press

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THE WALL STREET JOURNAL. We dnesday, November 18, 2020 | A9 WORLD NEWS Pentagon Details Plan EU Sets NewCourse AfterTrump To Withdraw Troops BY LAURENCE NORMAN only nine expect to reach its AND JAMES MARSON target of spending 2% of gross BY NANCY A. YOUSSEF Afghan government. domestic product on defense AND GORDON LUBOLD Thedrawdownplan BRUSSELS—European lead- this year,upfromtwo in 2014, amountstoacompromise ers, who have reacted enthusi- beforeRussia invaded Ukraine. WASHINGTON—ThePenta- within the administration be- astically to President-elect Joe Germany, aperpetual laggard gonannounced adrawdownof tween officials who believe Biden’swin,now facethe chal- and target forMr. Trump’sire, U.S. forces from Iraq and Af- pulling forces out quickly lengeoffollowing up their con- has said it would reach that ghanistan, instituting orders could imperil the remaining gratulations with action. level by 2031. given by President Trump to troops and equipment, as well While Mr.Biden and his “I don’tthink Biden will let reduce the American military as undercutting U.S. interests team aremoremultilateral and the Europeans off the hook” on presencetheredays before in the region, and officials pro-Europe than President taking moreresponsibility for President-elect JoeBiden who want to end the wars by Trump, the newadministration their ownsecurity,said Anders takes office. pulling all forces out as will want to showAmericans it Fogh Rasmussen,aformer Senior defense officials on quickly as possible. candeliver resultsand convince NATO secretary-general. Tuesdaysaid conditions in the Thewithdrawalcould force Trump voters that they arebet- Still, Europeans saythey can two countries enabled the U.S. the hand of U.S.-allied govern- teroff cooperating with allies support the U.S. militarily in ar- to begin ending both wars, mentsthat also have signifi- than antagonizing them. For eas whereWashingtonhesitates even as thegovernmentsthere cant troop presences through that, it will need deals. to act. Francehas spearheaded gavenosign they could stem the NATO alliance. Thousands European leadersfacetough aEuropean effort to fight mili- rising violence. of allied troops areexpected choicesontrans-Atlantic trade, tant Islamist groups in Africa’s “Thisisconsistent with our to leave with the U.S. forces. militaryspending, tech regula- Sahel, the semiarid belt south established plans and strategic “The pricefor leaving too tion and cooperation with of theSahara. objectives,supported by the soon or in an uncoordinated Washington on China—manyof TheEUthis year restarted a GES American people,and does not way could be very high. Af- which were already pointsof navalmission in the Mediterra- IMA equatetoachangeinU.S.pol- ghanistan risks becoming once friction under President Barack nean to stop arms flowstowar-

icy or objectives,” acting Sec- again aplatform forinterna- Obama.Sofar,leadersare send- ETTY torn Libya. European countries retary of Defense Christopher tional terroriststoplan and ing positivesignals,but Ameri- /G have playedamajor role in the HITIJ

Miller said from the Pentagon organizeattacks on our home- cans who knowEurope warn A fight against Islamic State. briefing room. He refused to lands. And ISIS could rebuild that nicewords won’t suffice. Yetdifferences remain. MAJ take questions. in Afghanistan the terror ca- “The EU can’t just sit back German Chancellor Angela Merkel and other European leaders French President Emmanuel Theorderscall forthe U.S. liphateitlost in Syria and and applaud,” said Anthony greeted President-elect Joe Biden’svictory,but nowfacechallenges. Macron has advocated even Iraq,” NATO Secretary-General Gardner, who wasambassador greatermilitaryclout to en- Jens Stoltenberg said. to the European Union under cause they expect Mr.Biden to pateamorecollaborativeap- hancethe EU’spolitical might Troop levels in Iraq There were signs on Tues- Mr.Obama and has been advis- be morepredictable on military proach with Mr.Biden. alongside the U.S. Germanyis day that violence hadn’t sub- ing Mr.Biden’steam. “There deploymentsthan Mr.Trump, They hope hisnew adminis- morecautious,and leadersin and Afghanistan will sided in either country. has to be asense of movement whose announcementsoftroop tration will embraceEUoffers Central and Eastern Europe fall to roughly 2,500 In Iraq,minutes afterMr. and it has to be quick.” drawdowns in Iraq,Syria and to jointly push the World Trade have said only NATO and the Miller spoke, militantsfired four In Paris and Berlin, officials Afghanistan have leftEuropean Organization to stand up to U.S. canprotect them. each by Jan. 15. rocketsintoBaghdad’sheavily areworking on waystotighten allies worried their forces could what manysee as Beijing’s China, in contrast, offersan fortified Green Zone,wherethe defense and diplomatic cooper- be exposed. trade-distorting behavior,in- area whereEurope could help American Embassy and abase ation with Washington. In Brus- Europeans also believethey cluding forced technology the U.S. because EU countries hosting troops from the U.S.-led sels,senior officials areprepar- canease aU.S.return to multi- transfersand large subsidies. have deep economic ties there. militarytodrawdownthe coalition arelocated, Iraqi secu- ing atrans-Atlantic to-do list to lateral forums and agreements, While European officials in- German defense officials number of troops in both coun- rity officials said. present to the Biden adminis- including the World Health Or- sist the EU will pursue itsown have suggested apermanent tries to roughly 2,500 each by Theattack maysignal are- tration and areseeking dates ganization and the Iran nuclear path with Beijing,protecting its European navalpresencealong- Jan. 15,fivedays beforeMr. Bi- sumption of acampaign against forthe president-elect to speak accord,which Mr.Biden sup- large economic interests, some side U.S. vessels in the South den’sinauguration. Themove U.S. interestsinIraqbyIran- with the bloc’sleaders, possibly ported. see growing joint willingnessto ChinaSea to counter China’s would reducethe U.S. troop backed militias,which called a beforeInauguration Day. On Iran, European diplomats confront Chinese challenges in muscle-flexing there. presence in Afghanistan by conditional cease-fireinthe “Weare keenly aware of the areworking with Russia and cybersecurity,disinformation, TheFrench, Germans and about half,and cut the Ameri- run-up to the U.S. election. The danger of being perceived as China to ensurethe expiration spaceand global economic ex- Dutch arepushing the EU to in- canforce in Iraq by 500.The U.S. has threatened to shut its sitting back nowand saying the of aconventional-weapons ban pansion through itsBelt and crease trade and political con- Wall Street Journal reported on embassy in Baghdad unlessthe good days areback,” said ase- on Iran in October doesn’t allow Road Initiative. nections with China’sIndo-Pa- the planned orders on Monday. Iraqi government prevents nior European diplomat. “We Tehran to ramp up itsweapons. Defense is an area whereEu- cific neighborstooffset Mr.Miller and asenior de- Iran-backed militias from tar- see the risk forEurope in Amer- European officials saythey can ropeans acknowledgeaction is Beijing’sregional economic fense official said topmilitary geting itstroops and personnel. ica—that they come to believe work with Mr.Biden’steam to needed—but countries differ clout. commandersbacked the deci- In Afghanistan, areport re- only if youkick the Europeans strengthen the 2015 nuclear over what steps to take.For al- TheTrump administration’s sion, but didn’t specifywhich leased on Tuesday by the De- will they move.” deal, including by cooperation most adecade,Washingtonhas decision not to enlist European ones.Top militaryleadershad fense Department’s inspector European officials arepitch- on restraining Iran’sballistic- urgedallies in the North Atlan- support against China was“a said they supportedreducing general concluded that “levels ing themselves as increasingly weapons program and regional tic Treaty Organization to hugemissed opportunity of the the number of forces in Afghan- of violence stayed above sea- focused on militaryefforts, in interference. spend moreondefense and Mr. last four years,” Mr.Gardner istan early next year if condi- sonal norms,” and that the response to alongstanding U.S. European capitals,which Trump came close to threaten- said. ”TheEUhas leveragewith tions had been met, namely the Taliban were targeting Afghan complaint that sharpened under have been wary of being ing to leave the allianceover China….Ifwesit down with the signing of apeacedeal between security forces and Afghan Mr.Trump.Officials see pros- draggedintoMr. Trump’scon- the issues. EU and put leverageonChina, the Taliban and the U.S.-backed government officials. pectstodomoreinpart be- frontation with China, antici- Of the U.S.’s 29 NATO allies, China have to showmovement.” S PRES TED OCIA SS /A TY BALIL ODED Israeli border police checked Palestinians identification cards at the Al Aqsa Mosque last month. Palestinians to Resume Cooperation With Israel

BY DOV LIEBER Palestinians,both of which are building in the West Bank and under the auspices of the Is- supporting an independent TEL AVIV—The Palestinian raeli defense ministry, and Palestinian statealongside Is- Authority said it would resume that Israel did send aletterto rael. Mr. Biden is expected to COME SAIL AWAY cooperation with Israel after the Palestinian Authority com- be an opponent of Israeli set- cutting off contact in May, a mitting to earlier agreements. tlement building but isn’t ex- GERMAN SILVER NEF movethat reflectsPalestin- Israeli and Palestinian au- pected to condition U.S. aid to ians’ comfort with an incoming thorities have worked together Israel over whether it ceases Incomparable craftsmanship. Substantialsize. Biden administration and aspi- to maintain afragile status such measures. Astonishing detail. This monumental nef centerpiece rations to renewpeacetalks. quo in Israel and the West In the call between Messrs. is abreathtaking example of German silversmithing. The Theannouncement came as Bank. Their security forces co- Netanyahu and Biden, the pres- entire form is executed with life-like detail that gives Israeli Prime Minister Benja- operatetohead off violence ident-elect reiterated his com- the illusion this three-masted vessel could actually set min Netanyahu and President- and terrorism, despiteinci- mitment to the stateofIsrael elect JoeBiden spokeonTues- dentsofboth. ThePalestinian and itssecurity,according to sail. Crew members are positioned throughout the fully dayfor the firsttime sincethe government also relies on tax Mr.Netanyahu’sstatement. rigged ship, while elements such as cannons, anchors U.S. election and agreed to revenue collected by Israel on President Trump hasn’t yet and expertly chased sails testify to the painstaking meet soon, according to a itsbehalf to paypublic em- conceded defeat in the election. craftsmanship required to create this silver objet d’art. 1 1 statement from Mr.Netanyahu. ployees.Asaresult, the re- Therenewalofties with Is- Circa 1880. 35 /2”w x14”d x27/2”h. #31-1852 Palestinian Civil Affairs sumption of ties will also offer rael would help ease the eco- Minister Hussein al-Sheikh the cash-strapped Palestinian nomic woes of the Palestinian wroteonTwitterthat ties be- authorities afinancial lifeline. Authority government, which tween Israel and the Palestin- ThePalestinian Authority receives over 65% of itsannual ian Authority “would return to cutall ties with Israel in May revenue from taxescollected howitwas” nowthat Israel has in opposition to Israeli plans by Israel on itsbehalf,accord- given the Palestinian Authority to annexits settlementsinthe ing to the World Bank. writtenand verbal commit- West Bank under aproposed Since suspending ties with mentsthat it will abide by pre- peaceplan from the Trump ad- Israel, the Palestinian govern- vious writtenagreements. ministration. Israel agreed to ment has refused to accept the An official in the Israeli freeze itsannexation plans as transfer of thetax money from Ministry of Defense said Is- part of a normalization agree- Israel and has been paying its 622 RoyalStreet,New Orleans,LA•877-677-2801 •[email protected] •msrau.com raeli Defense Minister Benny ment with the United Arab tens of thousands of employ- Gantz has led talks with Pales- Emirates in August. ees asignificantly reduced sal- Since1912, M.S. Rauhas specialized in the world’s finest art, antiques and jewelry. tinian officials in recent weeks Palestinian officials have ary. Backed by our unprecedented125% Guarantee, we stand behind each and everypiece. to renewsecurity cooperation. expressed hope that the in- The Israeli defense official Theofficial confirmed that Is- coming Biden administration said Israel intends to transfer rael intends to restart security will shiftU.S.policyback to thetax revenues in the near and civil cooperation with the opposing Israeli settlement future. P2JW323000-4-A01000-1------XA

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It wasanaffordable,pet- sonal look-see. beforeyou even showup, Renters friendly apartmentonly 10 One thing buggedhim, there’slessmotivation for minutesfromthe hospital though. “It’sreally obvious them to actually make it look where she would be working. when youare looking at vir- homey before you arrive.” Turn to Theproperty manager gave tual video tours and the fish- Melissa Goh graduated from her avirtual tour via Zoom of eyelens is on,” he said. the University of California, sample apartments. They were “You’renot fooling anyone, DavisinJune,leaving her a FaceTime identical to the one she would and you’re making me dizzy.” month to find an apartment in be renting, the manager said. Emma Rich, 22,took a Seattle beforestarting ajob as Ms.Cuccio wasready to sign a FaceTime tour of atwo-bed- asoftware engineer at Oracle. ContinuedfromPageOne lease,but her mother per- room apartment in the Grand- Aftershe spottedapromising What do you mean? he re- suaded her to see it in person. viewHeightsareaofColum- candidate, the 24-year-old called the agent saying.Like Ms.Cuccio and her family bus,Ohio.The leasing agent scheduled a FaceTime tour. vandalism or car theft, he re- drove2½hoursfor awalk- showedher amodel apart- “I got to see what I needed plied. Mr. Ruff said the agent through, expecting to sign a ment with the same layout as to see,and the person who suggested he call the police lease that day. When she en- the one Ms.Rich would be gavemethe tour wasreally department for crime stats. tered, the apartment reeked of renting.Itwas spacious and nice,” Ms.Goh said. “I figured “This whole virtual apart- mildew. “It reminded me of beautifully decorated. Ishouldn’t be pickywith ev- ment hunting ain’t it,” Mr. the smell of my college dorm She recalled the agent say- erything that’s going on.” Ruff later tweeted. “I think a basement laundry room,” Ms. ing,“Youjust have to imagine All seemed well on move-in weekend trip is in order.” He Cuccio said. She found another that youhavevaulted ceil- day. By nightfall, she discov- wasn’t able to makethe trip, place, she said, in person. ings.” Ms.Rich agreed to a12- ered that only the kitchen had butheeventually found his Demand forvirtual tours month lease in May, in time to aceiling light, and the new dream apartment, virtually,in began to skyrocket in spring, MCKENZIE begin summer classes to finish college grad had yet to buy a agated community close to said MichaelLane,president ON her nursing degree. lamp. In the fading light, she his new job. of ShowingTime,aChicago- Shesaw her apartment in moved her only pieceoffurni- PEARS Casey Cuccio wasinthe based company that provides Emma Rich signed her lease on an apartment in Columbus, Ohio, person forthe firsttime when ture, an air mattress, to the market foranapartment in areal-estate-showing manage- but she didn’t see it in person until the day she moved in. she arrived with her belong- kitchen. Hartford,Conn., whereshe ment platform. The company ings. It wasdirty,she said, the Despiteacouple of nights started an anesthesiologyresi- hasmanaged nearly 150,000 ping intotubs to open bath- myself a few times.” heater wasn’t working and on the linoleum floor,Ms. Goh dency program at the Univer- virtual tourssinceApril, in- room windows and Adam Raza,who works in neither wasthe toilet. The loves her new home. “I’m re- sity of Connecticut in June. cludingspikes of morethan demonstrating showerpres- the music industry, used ahy- property management quickly ally happy with my decision,” Ms.Cuccio,26, wasliving in 30,000 in both May and July. sure, all while toting aphone. brid model in September to addressed the problems,she shesaid. “My viewisappar- her hometownofMedfordin NewYork real-estatebroker “I trytomakesurethe look foranew placeinBrook- said. ently apile of garbage, but it’s Long Island, N.Y.,and searched Becki Danchik said virtual shower head is facing the di- lyn,N.Y.Hewent on virtual “It wasjust kind of ashock not that big of a deal to me. I for a couple of months before tours sometimes require one- rection it’s supposed to,” she tourstonarrow his choices, at first,” Ms.Rich said. “When spend most of my time looking she fell in love. handed measurements,step- said, “but I’vegottenashower andthe finalistsgot aper- they’reable to seal the deal at acomputer screen anyway.”

to meet Mr.Xi’santipoverty China goal, it has identified 5.5 mil- lion at the very bottomfor the final push, monitoring prog- Urges New ress on abig electronic map at the State Council’spoverty al- leviation office in Beijing. Lo- Migration calcadres track individual households by a matrix of in- come,education and other ContinuedfromPageOne standards while also prodding is trying to populaterural them to boost incomes,such towns with entrepreneursand as by telling farmers what to consumers. plant. Mr.Xihas pledged to eradi- In January, Jiangsu prov- cate extreme poverty this year ince,arelatively prosperous ahead of the Communist region near Shanghai, declared Party’s centenaryin2021, a that of its80million people, goal he considerscritical to le- only 17 were still impover- gitimizing his top-down ap- ished, anditpledged to lift proach to governance. To that those 17 out of destitution by end, he has directed aflood of year-end. party attention and state Mr.Xi’srepeated declara- money toward places like Ms. tions that China will achieve Wang’shometown, which lan- this year’s target foreliminat- guished while China’s big cit- ing extreme poverty makes it ies got rich on migrant labor. unlikely the government would Thepresident is billing the report anynumbersthat don’t

push as aleveler of inequali- S showsuccess,eventhough au- ties that have become so glar- thorities concede the poor ing they threaten the legiti- PRES have been hit especially hard

macy of the party. ZUMA by the coronavirus pandemic. Mr.Xi, China’sleader since A/ 2012, needs anew formula for XINHU economic transformation. He Back home inherited agrowthmodel Zhang Tao, 25,grewup XUEREN/

based on churning out inex- LI with his grandparentsinAn- pensivegoods that is all but After Chinese President Xi Jinping visited the impoverished village of Dawan in 2016, above, development and tourism followed. hui province’s Jinzhai county playedout as manufacturing while his parentsworked in costshaverisen and other na- professoratSingapore’sNa- China nowclaims its rate of extreme povertyisapproaching and farmerswell,” says an of- Suzhou, acity of around six tions began making things tional University who spent zero,though the country’swealth hasoverwhelmingly been ficial compendium of Mr. Xi’s million 300 miles to the east. elsewhere.Hehopes instead to nine yearsinsenior World generated in cities. viewpoints. “He arrived at the “If you wanted to live a good increase domestic spending, Bankpositions in China. village as a slightly lost teen- life, youhad to go out as ami- China's povertyrate Average annual disposable which requires fixing the rural ager and left as a 22-year-old grant worker,” he said. “We income in China economy. mandetermined to do some- were all left-behind children The strongest leader since Rural drag 100% 50,000 yuan thing for the people.” here.” Mao and Deng,Mr. Xi is hold- In the late1970s,when If Mr.Xi’srural revitaliza- At age16, he followedhis Urban ing up avision of acountry- most Chinese lived in rural 80 40,000 tion succeeds,itwould give parentstoSuzhou to tryto side brimming with economic places,per capitaincome was Rural China’seconomyamajor makeit, firstasanapprentice promise to trytopersuade ru- around $200 ayear.The party boost. Mr.Xialso sees modern factory worker and then as a ral-born people that small creditsDeng foreconomic and 60 30,000 farming as the ticket to na- barber.Abarbershop he set up towns canoffer just as much social policies that liftedhun- tional food security. with afriend failed. Last year, opportunity as major cities. dreds of millions out of pov- 40 20,000 Pitching poverty relief as a he set up another barbershop In Shanghai, Ms.Wang and erty. responsibility of the whole na- near his hometown, becoming her husband could never af- Thesubsequent four de- tion, the president has leaned one of 850,000 people the ford to buy an apartment. Her cades of modernization and 20 10,000 on big Chinese companies to provincehas said it hopes to last job wasinafood-packag- wealth accumulation occurred createjobs in ruralplaces.De- attract back over five years. “I ing factory, with amonthly overwhelmingly in cities.City 0 0 veloper Dalian Wanda Group knew sooner or later I had to salary of 6,000 yuan, equiva- residents, who makeupabout 1980 ’90 2000 ’10 ’20 2013 '14'15 '16'17 '18'19 remade aremotevillagein go home,” he said. lent to about $990,and free 60% of China’spopulation, ac- Guizhou province with hotels Mr.Zhang is worried he meals. counted for93% of itsgross Note:2020povertyrateisatarget. 10,000 yuan=$1,514 and abullfighting center, made the wrong decision. All One dayin2016,China’s domestic product in 2018, ac- Source:National Bureau of Statistics of China while internet merchant Ali- his friends are in Suzhou. He president appeared on na- cording to White Plains, N.Y., baba Group Holding Ltd. and feels as though competitors tional TV in a broadcast from research firm High Frequency wealth, farmershold few land- settled debts with eggs. deliverycompanyJD.comInc. arespringing up faster than her nativevillage, in Anhui Economics. ownership rights. StanfordUniversity profes- pledged to ship goods to and customers. “It isn’t easy to province. Mr.Xisat in acircle Although China’sper capita A core tenet of Communist sor ScottRozelle,who has from everywheretospur rural makemoney at home,” he of villagersonwooden GDP exceeds $10,000 annually, Party population control is a been doing fieldwork in Chi- consumption. said. benches.Heasked about pork average disposable income is household-registration system nese villages since 1983, said China’sbiggest cities have Guan Zheng, another re- prices and said the party only about $4,300,dragged that binds most Chinese to the moremoney alone won’t im- begun to set caps on their pop- turnee to Anhui, has started a would ensurenoone would be down by thepoorest, mostly placewherethey were born. mediately addressvulnerabili- ulations,depicting nonlocals businesscultivating flowers. forgotteninhis antipoverty rural 600 million people who Categorizing people as either ties in ruralChina, such as a as athreat to stability.Police But he is frustrated he can’t drive. have barely $1,700tospend urban or rural has essentially subpar education system. single out suspected nonlocals find the right fertilizer and is Twoyearslater,the village each year,according to the Na- created two tiersofrights, “China became great be- forIDchecks in subways and disappointed that few locals wascertified poverty-free. tional Bureau of Statistics. wherearural person is locked cause Deng Xiaoping made regularly citelicensing viola- have the tech savvytohelp Backyard wells had been re- “It’snot even enough to out of manyurban entitle- 800 million peasantsnumer- tions to close migrant schools him market the flowers online. placed with filtered tapwater rent a room in a medium Chi- ments, from schools to pen- ate, literate and disciplined,” and businesses.Both Shanghai ForMs. Wang,leaving warmed by solar power. There nese city,” Premier Li Keqiang sions. he said.“This became an in- and Guangzhou saw net out- Dawanasayoung woman was were newtwo-storyhomes said in May. ForLiu Bin,who grew up in credible forceChina used to go flowsofmigrants in 2018. a no-brainer. “At home, there and charging stations forelec- President Xi has acknowl- avillageinthe Taihang Moun- from poverty to middle in- Much of Mr. Xi’s campaign wasn’t even one cent,” she tric cars. edged that the party’s credi- tains in Hebei province, accep- is based on cash infusions and said. “Outside we could earn Ms.Wang,49yearsold, and bility is at stake. “Ifthese peo- tancetoaBeijing university incentives that are politically 200 yuan amonth, and at her husband were intrigued. ple areleftbehind in the promised opportunities. He Xi has a vision of a popular.Some efforts, though, least send some money back “Wesaw therewas hope in processofmodernization and earned an accounting degree aren’t voluntary. Some 10 mil- formom and dad to buy some our hometown,” she said. we end up with flourishing cit- and worked in the capital for countryside lion families deemed to livein rice.” Their son, who had lived his ies on one side and rundown more than 20 years, in insur- brimming with substandardhousing have Thingsare different now. entirelifeinShanghai, wasin- villages on the other, then we ance, media and other jobs. been relocated, their homes “Our hometownalmost feels eligible to attend high school will have neither lived up to But he never felt that he fitin, economic promise. andsometimes entireneigh- likethe city,not the poor therebecause his parents our party’s governing mission, and the government still con- borhoods bulldozed, according placelikebefore,” said Ms. weren’t considered locals. So nor the essential requirements sidered him a rural person. to Chinese state media. Wang. last year,Ms. Wang and her of socialism,” he said in apol- In 2017, afterthe govern- Mr.Xihas used the anti- That is partly because Mr. family returned to Dawanand icy address last year. ment started redeveloping his come.” Now that China needs poverty push to reinvigorate Xi’s visit turned Dawan into a opened the guesthouse. Forits antipoverty drive, hometownand offering grants to take the next step to be- the Communist Party presence tourist attraction. Morethan 20 bed-and- China’scentral government and loans to returnees,he come ahigh-income economy, throughout the countryside, Thecircle of chairswhere breakfast “homestays” have hasallocated morethan $80 moved back with his wifeand he said, “suddenly this rural and officials have lumped the president sat with villag- sprung up in Dawan, where billionannually forschools, 9-year-old daughter.Herented population potentially be- some controversial activities ershas been bolted in place, new construction is plentiful. clinics,housing and cash 33 acres of orchardland and comes aliability in an ageof under the antipoverty rubric. along with reproductions of When the Wangs’ guesthouse handouts, primarily in the began raising fowl and grow- globalization and automation.” In the face of criticism by hu- peanutsthat had been set out hasaslowday,her husband countryside,according to a ing potatoes and herbs for Likehis predecessors, Mr. man-rightsgroups and the forhim and the chunk of meat sometimesworks at nearby tally of government figures. Chinese medicine.Hegot a Xi romanticizes ruralChina. Trumpadministration over that hung drying on the wall construction sites forupto In China, thereare many $21,000 government loan, with As ayoung man, he spent the roundup and mistreatment behind him. 150 yuan aday,the equivalent disadvantages to living in ru- easy terms. seven yearsinShaanxi prov- of Tibetans and Uighurs, One recent afternoon, three of about $23. ralplaces.High school is only “The farm is not producing inceduring the Cultural Revo- China’sgovernment has said buses filled with tourists “China’scurrent philosophy nowbecoming common. Medi- alot now, and we areworking lution. education and training of eth- climbed the hill into town. is bring jobs to the people, calcareisrudimentary. And in very hard,” he said. “But we “Years of toiling alongside nic minorities is part of its —Yin Yijun, Jonathan Cheng rather than bring people to anation wherereal estatehas arehappy.” At times,hehas the villagersallowedhim to poverty-relief efforts. and Liyan Qi contributed to the jobs,” said Bert Hofman,a been the primaryway to build been so short of cash he has gettoknowthe countryside As the government pushes this article. P2JW323000-0-A010A0-1------NS

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IN SUPPORT OF THE PRIMACY OF SCIENCE INTRODUCTION

INTRODUCTION

romclimate changetothe coronavirus pandemic, the public is looking to science to respondtothe biggest challengesofour time. In fact, most peoplebelieve science should underpinthe decision-makingonthe issues impacting their day-to-daylives. But F progress is impededwhenthe discourse is allowedtobedominated by ideology and politics at the expense of facts. That’s whythe need for truthful,accuratescientific information is greaterthan ever —and leadersin governmentand business shouldstand in support of the primacy of science.

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IN SUPPORT OF THE PRIMACY OF SCIENCE HUDSON PROJECTS UNDERSTANDING THE RELATIONSHIP BETWEEN SOCIETY AND SCIENCE

Themodern world is made possible by science. otherwise continue smoking, and the part theycan playintobacco Sciencesits at the center of our technologiesand gadgets; it fuels our controland harm reduction. powersupplies; it makes the food we eatsafefor consumption; and it treats and even cures amyriadofailments and diseases thatonce Earlier this year,PMI commissioned an online survey by independent were deadly.Virtually every modern amenity and convenience— research firm Povaddo. Fielded in June‒July 2020, the survey from cleanwater and refrigeration to contentstreaming and GPS — wascompletedby19,100 adults in 19 countriesand territories is rooted in science. across Europe, Asia, the Americas, and Africa. Ourintentwas to betterunderstand people’s interest in science, their access to and Butdoesthe public’sgrasp of and respect forsciencematter? On a understanding of scientific information, and howtheyratevarious policymaking level, can inadequate scientific literacy —orthe willful sourcesofscientific knowledge. choicetoignorescience—result in decisions and regulations based on ideology or political conveniencerather than objectivetruth?Can the This article summarizes these findings and explores the potential lack of scienceliteracy leave societies ill-equipped to makeinformed consequences of sciencenot being leveragedtoits full potential. decisions relatedtopublichealth, climate change,technology,advances Thefindings indicate thatthe world’scitizens want governments in genetics, and more? and public authorities to prioritize scienceand fact overideology, politics, and unsubstantiatedbeliefs. When authorities fail to do so, Philip Morris International (PMI) believesitdoes. Scientific literacy opportunities forprogress arelost and potential solutions to critical plays an importantrole in educating policymakersabout the smoke- global challenges—fromclimate change and COVID-19 to tobacco free alternatives to cigarettesthatexist todayfor adults who would harm reduction —are hindered.

EXPECTING SCIENCETOCOME TO THE RESCUE

We liveinaworld in which the miraculousis Thereisabig divide, however, between the mundane, aworld thattoany time traveler from the little problems of everydaylifeand the massive 77% past would seemtobefull of magic. Thanks to the challenges facing the world, such as COVID-19, applicationofsciencethrough technology,wetake pollution, climate change,water shortages, of people arehopeful forgranted thousands of gadgetsand services that deforestation, and species loss. Althoughthese thatadvances in science oncewerethe preserveofsciencefiction.Most of areplanet-sized challenges, the respondents can deliver solutions to the time, we don’t even noticethem —atleast until to our survey arehopeful thatsciencewill society’sbiggest problems theydon’t work as expected. provide solutions. In the personal domain, peopleenjoy many Without mentioning specificissues, the PMI survey everydaymarvels:hand-held computersthousands asked: Generally speaking, howhopeful areyou that of times morepowerful than those thatenabled advances in scienceand scientific developments can the Apollo 11 moon landing, high-speed wireless deliver solutions to society’sbiggest problems? connections, global multiparty video chats, and the Across the sample, the balanceofopinion shows ability to watch virtuallyany movie or listentoany clearly thatthereare alot morepeoplewho are music from anywhereatany time.And in specialist hopeful about sciencethan not: domains, manycan benefitfromsuch wondersas rapid and affordable DNA sequencing, diagnostic •77percent said theyare hopeful (including 26 imaging, and remote keyholesurgery. percent who arevery hopeful). •20percent arenot hopeful (including just In virtually all cases, most of us accept thesemarvels 4percent who arenot at all hopeful). with barely athought.Itjust appears, pushed forward TAKEAWAYS by the rapid paceofinnovation and expectations We don’t knowwhether manyrespondents have Most people have high expectations of thatthe next thing will come soon. Technological specific ideas about howsciencecould be applied science.They“believe”inscience,just advances have been happening so widely,so to society’sbiggest problems. What we do know as most people in previous eras believed fast, and forsolong thatifaproblem does arise, is thattheyhavefaith thatthese problems will be in higher powers.Thereisawidespread we nowexpectscienceand technology to have addressed —and ultimately solved —byscience expectation thatsciencewillfind away. solutions at the ready,ortoinventthem quickly. and scientists.

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IN SUPPORT OF THE PRIMACY OF SCIENCE

THE ROLE OF SCIENCEIN HUDSON PROJECTS

SHAPING INFORMED DECISIONS PROJECTS

Thesurvey indicatesthatpeopletakeastrong interest in science. Butit’sconcerning that, despitesignificantinterest in scientific information, most respondents said theydonot have easyaccess to it. We asked: Generally speaking, do youfind it easyordifficult to access reliable information about the latest scientific developments and studies? Almost halfthe sample (48 percent)said theyfind it difficult,including 10 percent who find it very difficult. 48% find it difficultto access reliable information It could be tempting to gloss overthis finding,but acloser look at whatisatstakewhen people have about the latest scientific to makedecisions in the absenceofreliable information allows us to evaluate this shortcoming in a developments morecomprehensiveway. and studies

According to the significantbodyofresearch exploring human decision-making —and in particular the roles of cognition, emotion, and intuition in this process —human thinking is shaped both by gut feelings and logical analysis. Theformer is quick, while the latterrequires time and thinking based on the facts and evidenceathand. TAKEAWAYS Naturally, in situations wherereliable information is scant, we have to rely moreonour gut and Most people have an appetitefor scientific use mental shortcuts, also known as heuristics,toreducecomplexity and assist our decision- information,most feel confidentintheir making. Butwhathappens when we need to makeadecisiononcomplex matters forwhich abilitytounderstand it, and most allow sciencetoinfluence important decisions we lack knowledge, experience, and expertise?Take, forexample, decisions around protection in their personal lives. Despitethese during the coronavirus pandemic.Ifpeopleare notabletoaccess reliable information on the overwhelmingly positive attitudestoward latest scientific developments and data, theywill be lesscapable of analyzing the situation and science, the majority of respondents understanding their options. What’s worse, theymay resort to unreliable shortcuts to make indicated thattheydon’t have easyaccess decisions —potentially including following whatthe neighborsare doing, whattheyfeel good to reliable information about scientific about doing, or accepting advicefromarandom group on social media. Moreover, when access developments and relevant studies —a to reliable scientific information is limited, people can be moresusceptible to misinformation concerning finding given that, in the absence and hearsay. of such information,biased assumptions or even life-endangeringfalsehoods maybe Bottomline: People need access to reliable information in order to makeinformed decisions. morelikely to influence their decisions.

Sciencecoverage needs to contain sound reliable knowledgeavailable on the subject. What is needed from information thatisgrounded in robust Thedeeper the levelofcomplexity,the more providersofscience empirical work conducted rigorously in it should reflect the nuances thatare the mark contenttoenable people accordancewith established scientific of honest and balanced scientific reporting. principles. This means, among other things, Thelowerthe levelofcomplexity,the more to makebetter-informed thatitshould notmislead people —for it should guard against the risk of people decisions? example, by usingheadlines createdtograb coming away with overly simplified or attention while misrepresenting the details of misleading interpretations. the work being reported. Moreover, sciencecontent should makeclear Alongside the ethical dimension comes quality whatthe implications of the contentare forthe of content. Some sciencecontent is brief reader/viewerinconcrete terms, as well and simple. Some is longand detailed. Either as whatactions theymightconsider taking way, at whateverdegree of complexity it is and choices theycould makeinlight of communicated, it should presentthe most theseimplications.

What conditions will Forconsumersofsciencecontent to achieve assertions.Atthe same time, peopleneedto givesciencecontent betteroutcomes, theymust notonlyhaveeasy be educatedonhow to assess the veracity of access to quality information but also reason to scientific information. This must include the the bestchanceof trust it. It is critical, therefore—especially in the ability (and desire) to differentiate between positively influencing health space—thatpublic authorities and media sciencecontent promotedbyacelebrity or behavior change? platforms work to expose and,tothe extent activist and sciencereports based on empirical, theycan, eliminate fraudulentand unfounded peer-reviewedwork.

TAKEAWAYS Science contentcan aim to do morethan keep 41% 40% people informed. It can 79% believe theirgovernments do believe the mediado aim to provide morerobust areinterested apoor job of communicating apoor job of communicating in newscientific reliable information reliable information about information so thatpeople information about the latest the latest scientific can makebetter-informed scientific developments developments decisions.

The Wall Street Journal news organization was notinvolved in the creation of this content. P2JW323000-0-A010D0-1------NS

A10D | We dnesday, November 18, 2020 NY THE WALL STREET JOURNAL.

Special Advertising Feature

IN SUPPORT OF THE PRIMACY OF SCIENCE

THE DANGERSOF BADSCIENCE

hatare the practical consequences of peoplebeing On the other end of the spectrum, bad science—intentional or not— unable to differentiate between solid information can limitopportunities forprogress. In the U.S., an August 2020 Gallup and misinformation?Whatdangerslie in the public poll showedthatone in three Americans would notget the COVID-19 being denied access to unbiasedand up-to-date vaccine if available today. Among the naysayersare anti-vaxxers, those W scientific findings? who refuse vaccinations, but also agrowing number of citizens who have lost trust because of perceived politicization of the science. When interest in science goes wrong Theanti-vax movementprovides asobering case history of howthe Thereal risk —similar to whatwesee in the field of innovativealternatives publicinterest in sciencecan lead to negativeoutcomes. Although to continued cigarette smoking —isthatthe absenceofaccuratescientific opposition to vaccination goes back to the 19th century,itisthe anti- information createsthe conditions for“junk”orbad sciencetobeused to MMR (measles, mumps, rubella)version thathas been having abig setpolitical agendas. In the field of tobacco and health, poorly executed impactinrecentdecades. scientific studies and skewed results shaped by bias arebeing used to sway the publicagainstinnovative alternatives to cigarettes. Because of this, In 1998, the British medical publication TheLancet publishedapaper policymakersinmanycountries areopting to stick with the status quo. linkingthe MMR vaccine to autism. Thestory ranfor fiveyears, garnering They arestill allowing the sale of cigarettes—the most dangerous form widespread coverage until an investigativejournalist published an exposé of nicotine consumption —while banning or restricting the sale of these in 2004. Thepaper wasretracted by the co-authorsand the publication 12 alternatives. Good policymaking requires thatideology and personal beliefs yearsafterits initial appearance, but by then vaccination rateshad dropped be setaside and thatall of the evidencebedispassionately evaluated. significantly.Eventoday, ratesinsome countriesare stillbelow those needed to preventgroup infections, as some peoplereject vaccinations Reinforcing public trust in science outrightand othershesitate toolong. Nowmeasles is resurgent. At PMI, we believe thatpublicaccess to good quality scientific information is critical. Only through unfetteredaccess to such information can people Theanti-vax movementmay turn out to be still moreimpactful as makeinformed choices based on facts rather than gut feeling or ideology. governments attempttodeal with COVID-19. According to media At the same time, we must recognizethatsuch access maynot alwaysbe reports,evenasresearchersare racing to develop vital vaccines, some conspiracy theorists arealleging thatavaccine against sufficientonits own. Addressing the problem of “society rejecting facts,” COVID-19 fits into an Orwellian governmentmasterplan. ScienceDaily advocated: “Our common goal should be to return public trust in our research enterprise, which has done so much good forsomany. […] Importancefor public policy Themorewecan do as scientists to promote our guiding principles of rigor, TheCOVID-19 crisis has given even greaterprominencetothe crucial role transparency,honesty and reproducibility and to provide the best evidence thatsciencecan and should have in informing policy decisions. It has also possible and getpeopletounderstand [it],the greaterthe likelihoodthat illustrated whypublicinterest in sciencematters. People’s interest and theywill listentothe messageand followit.” understanding of whypolicies areproposed affects their willingness to supportthe policies politically and adheretothem in practice. It is entirely possible thattwo people will systematically examine the same robust scientific information and come to differentconclusions. In the ThePMI survey found thatthe vast majority of thosesurveyed(84 scientific world, it is expected thatthinkingwill evolve, thatconsensus will percent)wanttheirgovernments to takethe latest scientific evidenceinto changeasnew information and evidenceemerge.Afterall, scienceoften accountwhen making policy decisions, but governments arenot meeting advances when aprevailing pointofviewischallenged and shown to be expectations. Just overhalf of the respondents believe theirgovernments wrong. Andnomatter howdifficult it maybetolet go of long-held beliefs, aredoing agood job of ensuring thatscienceinforms their decision- the scientific mindsetshows us the way. making processes. Food forthought In most instances, the effects of publicpolicy takeyearsorevendecades to become evident. Forexample, the mandatory use of seatbelts —a Transparencyand open debate arevital. standardfeatureincarstodayand probably one of the most common safety Governments, policymakers, business leaders, and citizens alikehavea devices in modern history —was at first fiercely contested by segments of unique opportunity todaytoelevate scienceand scientific knowledgeas the population in the U.S. and elsewhere. Butasresearch and data on road areliable forcefor good. Progress will depend on our collectiveability to fatalities accumulated overthe decades thatfollowed, the initial claims that objectively examine the facts, move past our biases,and open ourselvesto seatbelts were ineffective, inconvenient, and uncomfortable have been newwaysofthinking. We must all work together to ensurethatthe policies dismissed forgood. our governments areinstituting do notrun countertoobjectivetruths.

Povaddo conducted this online survey on behalf of PMI between June 25 and July 8, 2020. Thesurvey was SURVEY fielded among19,100 general population adults ages 21 and older in 19 countriesand territories: Argentina, Australia, Brazil, Germany, Hong Kong, Israel, Italy,Japan,Mexico, the Netherlands, Norway,the Philippines, METHODOLOGY Russia, South Africa, South Korea, Taiwan, the United Kingdom, the United States, and Vietnam. Forthe overall sample, thereisamargin of error of +/- 0.72 percent at the 95 percent confidenceinterval.

READ THE FULL “IN SUPPORT OF THE PRIMACY OF SCIENCE” WHITE PAPER AT WWW.PMI.COM/BETTER

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THE WALL STREET JOURNAL. ** NY We dnesday, November 18, 2020 | A10E GREATER NEW YORK ParentsFretOverPossible Closures Many N.J. Residents Checking often to see entssinceFriday that they to classin-person one week and cialswith aclearer pictureof thought it wasgoing down,” should prepare for the possi- remotethe following,and she the infection rate. she said. whether coronavirus bility of aschool shutdown. relies on his in-school time to Linda Quarles,who has Ms.Quarles worries all the Wouldn’t rateswill trigger school Thecity plans to moveall stu- getmuch of her job done. teenagers in eighth and ninth focus on case ratescitywide dentstofully remotelearning “Everysingle dayIwakeup grades,said it washardto canexacerbateunnecessary shutdowns is stressful if theshareofpositiveresults and look on Twittertosee keep track of the changing fears. She feels comfortable Get Shot from all Covid-19 testshits3% what the positivity rate will be case numbers. Last Friday, with her children in school due BY KATIE HONAN over a seven-day average. to see if he’sgoing to school when the positivity rate ap- to safety steps,and believes BY JOSEPH DE AVILA AND LESLIE BRODY Thecity’s rate has been the next day, and that’sin- peared to be nearing the 3% school is ahealthier environ- creeping toward that 3% mark, sane,” she said. “This constant threshold, she said her 13- ment emotionally. Morethan one in three New NewYork City parents with the mayorgiving daily stressofwondering if he’sgo- year-old daughter’s friends left She said having acitywide Jersey residentssaid they again breathed asigh of relief updates on testing.The seven- ing to be in school the next their Brooklyn middle school, case rate doesn’t makesense wouldn’t be vaccinated for on Tuesdayafter MayorBill de dayaverage positivity rate day, it changes my work.” saying,“Bye, have agreat because it doesn’t reflect what Covid-19 when a safe vaccine Blasio said public schools was2.74% through Sunday, the Mr.deBlasio said Tuesday weekend, have agreat Thanks- is going on in aparticular is available,according to a would remain open another mayor said at a news confer- he remained hopeful the city giving,haveagreat Christ- school, neighborhood or age survey,despiteasecond surge daybecause the city’s rate of ence Tuesday. Schools would could beat back asecond wave mas,” she said. “They were group.“It’sfine they had guide- of new cases in the state. newCovid-19 cases continued stay open Wednesday, he said. and keep schools open. He trying to emotionally prepare.” lines in place, but it would be Moreover, some 47% of re- to stay belowthe threshold for Lauren Tambini, amother in urgedNew Yorkerstoget Over the weekend, the fam- wise to reconsider: Arethese spondentssaid they “proba- stopping in-person instruction. Queens who works in publish- tested forCovid-19,saying that ily looked at the positivity theright guidelines,based on bly” or “definitely” wouldn’t Themayor has warned par- ing,said her kindergartner goes the resultsprovide health offi- rate.“We celebrated when we what we learned over time?” take a“first-generation vac- cine,” compared with 49% who said they “probably” or “defi- nitely” would, according to the Restaurants Prepare for a Chill in Business poll released Tuesdaybythe Eagleton Center forPublic In- terest Polling at Rutgers Uni- BY KATE KING versity-NewBrunswick.About 4% said they were unsure. As winter approaches,New When asked if they would York City’s beleaguered res- take a“safeand effectivevac- taurant ownersare doing their cine,” 60% said they “proba- best to preparewhile crossing bly” or “definitely” would, their fingersthat officials while 36% said they “probably” don’treimpose bans on sit- or definitely” wouldn’t. An- down dining. other 4% said they didn’t know. Many arebuying propane Among the people who are andelectric heaterstokeep reluctant to getvaccinated, outdoor diners warm. Others 80% said they were concerned areupgrading their indoor about side effects. ventilation systems and dou- “This is whereitbecomes bling down on delivery. The key forstate officials,for gov- added costsare especially ernment officials at the local hardtostomach, given the un- and federal level, to craftmes- certainty around further re- sages and to make sure there strictions and in light of the is a lot of information on the fact that manyrestaurants vaccines,given that that is can’t afford to pay their rent. what is spurring people to say “God forbid the mayor an- that they will getone,” said nounces another shutdown Ashley Koning,director of the now,” said Philippe Massoud, JOURNAL Eagleton Center.“It’sthat def-

chef and chief executive of Il- REET icit of information that is ili, aLebanese restaurant in ST causing residents to be more LL

Manhattan. “I think we would WA hesitant.” all march to our graveyards, Thesurvey of 1,001 New THE

business-wise.” R Jersey adults wasconducted The pandemic has pum- FO beforeModerna Inc., as well

meled NewYork City’s restau- GEN as Pfizer Inc.and itspartner rantsand bars, which have en- HA BioNTech SE, announced that

dured stricter and lengthier KEVIN early resultsoftheir vaccine restrictions than their coun- As the weather gets colder, diners can eat in outdoor sheds in many New York City establishments such as the Butcher’s Daughter. trials showedthem morethan terparts in other areas of the 90% effectiveatpreventing state. Restaurantsand bars capacity restrictions dimmed rant ownershavespent thou- tions and decided to use elec- Endswell’spresenceononline symptomatic Covid-19.Ms. were restricted to takeout and last week,asNew York’sinfec- sands of dollarsonpropane tric heating.Heinstalled base- deliverywebsites and tweak its Koning said views of vaccines deliveryfromlateMarch until tion rate steadily increased heatersonly to be told by fire boardheatersinhis outdoor social-media advertising. in New Jersey have likely im- outdoor dining began on June andGov.Andrew Cuomo en- department officials that they dining setup at acost of $4,000. “Our Instagram message proved sincethose break- 22.Indoor dining wasbanned acted a statewide 10 p.m. to 5 aren’t in compliancewith safety Despite the investment, he used to be, ‘Come on in, it’s a throughs were disclosed. until Sept. 30 and remains a.m. curfew on indoor and out- regulations.AnFDNY spokes- doesn’tthink outdoor dining Friday,’ ” Mr.Burelle said. Nationally,42% of Ameri- limited to 25% capacity,while door dining at establishments man said the department has will be popular in Januaryand “Nowit’s, ‘Ifyou’restaying at cans said they wouldn’t get restaurants elsewhere in New with state liquor licenses. issued 172violations. Business February when temperatures home tonight, youmight want vaccinated, according to aGal- York areallowed50% capacity. Thegovernor has said bars dip below freezing. to have aFrench onion soup.’ ” lup Panel survey of 2,985 Arecent survey of more and restaurantsare contribut- Indoors, the restaurant paid Jean-Georgesonthe Upper adultsreleased Tuesday. That than 400 restaurants, barsand ing to the increase in infec- ‘A little bit of $50,000 to install newventila- West Side is installing green- poll also wasconducted before nightlifeestablishmentsbythe tions and that further restric- tion systems.Itcan seat 60 peo- houses that canseat up to the vaccine news from Pfizer industry group NYC Hospital- tions maybenecessary. outdoor, a little bit ple acrossthree floorsat25% eight people on itsoutdoor and Moderna. It showedan ity Alliancefound 88% couldn’t Deliveryand pickup cancon- of indoor…hopefully capacity.“We need to makesure terrace, said Daniel Del Vec- improvement during mid-Sep- paytheir full rent in October tinue overnight, his officesaid. that the customer when they sit chio,executivevicepresident. tember,when 50% of Ameri- and 30% paid no rent at all. Thecity’s outdoor dining we can survive.’ down feels safe, feels good, feels Inside,the restaurant hired bi- cans said they wouldn’t take “Wetotally understand the program wasalifeline to thou- clean,” he said. osecurity startup Lotus to in- the vaccine. concern about increased infec- sands of businesses,and many In Brooklyn, the ownersof stall touchless faucets and TheNew Jersey poll results tion rates, and public health restaurant ownershope to keep Endswell Bar and Bistroare soap dispensers, as well as a come as the state fights back and safety has to be para- it going as long as possible.As ownershaveseveral weeks in spending at least $3,500 to newventilation system that in- itssecond surge of the pan- mount,” said Andrew Rigie, of Nov.2,about 400 restau- most cases to correct the viola- winterizetheir outdoor seating, cludes ultraviolet light and demic.The statereported the alliance’s executive direc- rantshad filed paperwork with tions without incurring mone- but agree Januarywinds might MERV13 filters. Therestaurant 4,060 cases of Covid-19 on tor. “Ifwecan increase to 50% the Fire Department of New tary penalties,hesaid. dissuade even the hardiest of also bought portable air filters. Tuesday. Over the weekend, safely,that’sgoing to be criti- York to use outdoor propane Marc Sherry, co-owner of outdoor diners. To survivethe “A little bit of outdoor,a the state reported more than cally important to givethese heaters, which previouslywere Old Homestead Steakhouse in possibility of an indoor dining little bit of indoor, a little bit 4,300 cases on both Saturday businesses afighting chance.” banned in NewYork City. Manhattan, didn’t want to deal shutdown, co-owner Jason Bu- of takeaway—hopefully we can andSunday, which brokethe Theprospect of loosening Mr.Rigie said some restau- with the propane-heater regula- relle has continued to boost survive,” he said. previous record from April. Broadway Says Covid-19 Va ccines Could Hasten Revival

BY CHARLES PASSY cord number,organizerssaid. hesitant to buy ticketsor, in ple,would be “the last thing to Broadway theatersare the case of the touristson open,” behind such entertain- While Broadway remains closed through at least the end whom Broadway relies heavily, ment venues as movie theaters. closed because of the pan- of May. Ms. St. Martin and might not want to visit the city. Thereare encouraging signs demic,theater professionals otherscouldn’t predict afirm Thomas Schumacher, presi- from venues in other countries, expressed hope during are- restart date, but said they dent of Disney Theatrical and conferencepanelistssaid. The- cent three-day virtual confer- were buoyednot only by the chairman of the Broadway atershaveopened throughout ence that the industrycould vaccines in progress, but the League,said that while some Asia,for example,albeit with rebound sooner rather than hope that afederal relief bill in showsmight open in the sum- numerous safety protocols. later, particularly with vac- theworks,the Save Our Stages mer, next fall is likely when And while the shutdown has cines in the works. Act,could be passed to provide manyinthe industryare tar- leftmanytheater artistsstrug-

“I know that thereislight millions of dollarsinsupport geting forarestart. He said the gling financially,Tony-nomi- S at theend of the tunnel,” said of the beleaguered industry. development of avaccine would natedactor Christopher Jack- Charlotte St.Martin,president Still, Ms.St. Martin cau- be necessarytopersuade many son said the Covid-19 eracould PRES

of industrytrade group the tioned that turning the lights theatergoerstoreturn. Rapid be followed by a boom. He ZUMA Broadway League,atthe Thea- on won’t be an easy process testing forthe virus could be noted that the Spanish flupan-

terMakers Summit, an annual because it will cost the indus- another key in making theater- demic of 1918 eventually gave LEVINE/

gathering of producers, actors trymillions of dollarstoget goersfeel safe. way to the Roaring ’20s,ape- B. and other professionals that theatersand productions back Either way,Mr. Schumacher riod of unbridledcreativity in

ended Monday. on track,with castsneeding to said Broadway,with tightly thetheater world. “Broadway RICHARD Theconferenceattracted be re-rehearsed. Concerns also packed houses that squeeze in wasessentially born during Broadway theaters, which squeeze in 1,500 or more people, are about 1,000 participants, are- remain that audiences maybe as manyas1,500 or morepeo- that time,” he added. closed through at least the end of May because of the pandemic. P2JW323000-2-A010F0-1------NS

A10F | We dnesday, November 18, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK New York City Shootings Nearly Double

From Jan 1. through survive, police officials said. Criminologists,policeand Sunday, 1,359 incidents, law-enforcement have cited arise of almost 95%, various reasons for the city’s rise in violent crimes includ- have been recorded ing abackloggedcourt system, changes to bail laws and ade- BY BEN CHAPMAN crease in the numbersofar- rests. ShootingsinNew York City NYPD officials have blamed have nearly doubled this year, the decline in arrestsona NewYork PoliceDepartment shortageofofficerscaused by officials said Tuesday, while ahefty increase in officers arrests for major crimes have calling in sick during the pan- plummeted. demic,aswell as staffing cuts From Jan1.through Sun- due to department budget day, the city has recorded cuts. 1,359 shootings, an increase of Large-scale demonstrations nearly 95% from the 698 in the in the city during the summer same period last year,accord- also increased demands on the ing to NYPD data. uniformed workforce,the Thenumber of shooting NYPD said. victims rose to 1,667 from 828. S In aradio interviewTues-

Meanwhile,arrestsfor ma- PRES day, NYPD Commissioner Der-

jor crimes have fallen by UMA mot Shea said officerswere nearly 13%, driven by de- /Z making progressinfighting creases for every major cate- TO the rise in shootings, citing a gory except burglaries,car rise in gun arrests that began thefts and gun-related crimes, in September.These arrests

according to the data. CION/NURPHO morethan doubled in October, Arrestsfor crimes involving NA according to NYPD data.

guns areupnearly 19% this JOHN “The officers are out there year, the data showed. NYPD officers at acrime scene in Queens earlier this month. Arrests forcrimes involving guns areupnearly 19% this year,datashow. pullingguns off the street ev- During aTuesdaynewscon- ery day,” Mr. Shea said. ference, MayorBill de Blasio of worship,which created a According to the NYPD,the morethan 37%, with 405 re- Bronx and Brooklyn. “It’s just we need to recali- attributed the rise in shoot- “perfect storm.” year-over-year increase in ported between Jan. 1and A70-year-old woman was brateand getsome of these ingsand the drop in arreststo “A lot of things we depend shootingsand murdersis Sunday, compared with 295 in struck on Tuesdayafternoon very dangerous people that factorsrelated to the pan- on to keep people safeand more pronounced than any in the same period in 2019. by astray bullet in the Bed- will not listen and put guns demic,citing the closureof stable weren’t there,” Mr.de more than two decades. Manyshootingshaveoc- ford-Stuyvesant section of down, to getthem off the businesses,schools and houses Blasio said. Murdersinthe city rose curred in areasofQueens,the Brooklyn and wasn’t likely to street,” he added. GREATERNEWYORKWATCH

CONNECTICUT between March and August. a handful of them and they NEW YORK on licenses to either “male” or it can create internal license re- Her report also found that aren’t housed in cells, she said. “female.” Mx. Saba, anonbinary cords without a binary gender Report Details Plight during the first few months of In response, the state Depart- Gender-Neutral transgender NewYork Cityresi- selection. The agency expects Of Young Inmates the pandemic, children received ment of Correction said mental- Licenses Are Delayed dent, said in the lawsuit filed by that to occur in the fourth quar- no educational programs in facili- health triage, crisis counseling Lambda Legal this summer that ter of 2021, or later, Gregory Connecticut’s child advocate ties. And it found that while and individual psychotherapy for New York intends to offer the policy is discriminatory. Kline, the DMV’s deputy com- says efforts to control the mental-health workers did daily the youth population has contin- driver’s licenses with a nonbi- The state recently moved to missioner for administration, spread of the new coronavirus “tours” of the units at Manson, ued during the pandemic. The nary gender-identity marker of dismiss the lawsuit against Gov. said in court filings. inside the state’s prison system many of the inmates received no department said the psychiatrist “X,” but it could take more than Andrew Cuomo and the DMV A Lambda attorney on Tues- have had unintended and harm- direct clinical support. assigned to the Manson Youth a year before Department of commissioner as moot. State day welcomed the development, ful consequences for incarcer- “Providing mental health care Institution also has been provid- Motor Vehicles computers will lawyers argued in court papers but said New York must do ated children and young adults. through acell windowisnot pro- ing telehealth services. be able to automatically handle that officials late last year had more. Sarah Eagan, in a report re- viding mental health care, Ms. Ms. Eagan credited the de- the option, state officials said in begun planning to “permit New A DMV spokesperson said leased Tuesday, said lockdowns Eagan said. “Thathas to change.” partment with bringing down in- court filings. Yorkers to receive a driver’s li- New York has taken a number and quarantines at the Manson Ms. Eagan said girls, who are fection rates through its virus- Officials made the disclosure cense that bears an ‘X’ gender of steps to protect and advance Youth Institution during the pan- housed at the York Correctional mitigation practices, but said in papers filed in afederal lawsuit identification marker through an the civil rights of New Yorkers demic resulted in what Institution, haven’t experienced those policies aren’t sustainable broughtagainstthem by Sander automated application process.” who are transgender or gender amounted to months of solitary the same level of isolation. That for the long term. Saba, who is challenging the state But first, the DMV needs to nonconforming. confinement for many inmates is in part because there are only —Associated Press policy of limiting gender identity modify its computer system so —Associated Press Classic English Penny Loafers Attractively priced

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TheBots That Grade Kids’ Tests CanFail CH KIT TE NA BY ION AT TR US ILL

FAMILY shift to remote learning. grams” to one question. However, students can log in to video meet- the correct answer to a math ques- &TECH The makers of such educational the auto-grader marked it wrong ings, access educational apps, re- tion is “3 grams,” a teacher can JULIE software acknowledge the prob- and showed the correct answer as ceive and submit assignments and designate several answers that will JARGON lems with auto-grading and say simply “3.” Mr. Lytle emailed the take tests. In an older version of be recognized as correct, such as many teachers didn’t have enough teacher about it and she corrected the quiz feature—which Instruc- “three grams,” or just “3.” The time to properly train on how to the girl’s score. ture said about 75% of its 6,000 teacher can choose whether to ome parents might be in use the online platforms. Mitch Benson, chief product of- district and university customers give the student a full or half for an unpleasant sur- Cristina Perez, asingle mother ficer at InstructureInc., the Utah- are still using—students must an- point for a given answer and can prise when report cards in Aurora, Colo., said her three chil- swer questions exactly as the require the answer to be an exact come out this fall: lower- dren have become dispirited by the teacher input them. About 18 match, or contain part of the cor- Sthan-expected grades. But whole remote-school experience, in- months ago, rect text. that might be less an ac- cluding receiving numerous incor- Canvas be- If teachers don’t like auto-grad- curate reflection of their children’s rectly graded testsinthe Canvas gan rolling ing, they can disable it altogether, work than a glitch in the auto- Learning Management Platform,the out an up- Mr. Westman said. “Auto-grading mated systems many schools are same virtual classroom my children Parents dated quiz is great when it works, but when it using to check schoolwork. use in California. feature with doesn’t work, it can be devastating Unless parents and teachers re- “All of my kids were ‘B’ stu- find right an algorithm to a student,” he said. view students’ tests, the problem dents, and now they’re failing in that can de- Kristin Beamish-Brown, a se- can be easy to miss. I discovered most classes. That’s how bad it is,” answers tect when an nior teaching specialist at the Uni- the problem only when my fifth- said Ms. Perez, whose children are can be answer is versity of Minnesota, Twin Cities, grader bombed a science test for in seventh, eighth and 10th grades. close deals with devastation every day which I knew he was prepared. I “What does that do to a kid’s men- marked enough. from remote students in her third- opened the test online to see what tal health and their willingness to Mr.Ben- semester Spanish class. he had missed and found some of even try?” wrong son said it Even though she warns them his typed-in answers were correct During school hours, Ms. Perez has been that the automatic grades they see but marked wrong. The “error”? works delivering car parts and hardtokeep in Canvas might be incorrect, she They contained capital letters. I said she finds it difficult to reach up with all often hears from them before she figured I’d better go through every teachers. Each of her children has the issues during the rapid growth can double-check the auto scores. test he had taken, and when I did I seven teachers. She said she has in business. Thepeak number of “I have 71 students. It takes me found several more examples. emailed some of them about the based educational software com- concurrent Canvasusershas risen hours to grade what was supposed Auto-grading promised to save problems but the test scores ha- pany that makes Canvas, said the from 2million in April to 6.5mil- to be an automatically graded teachers time but now has many ven’t been corrected. company hears about problems lion in September.Customer-sup- quiz,” she said. “Not only do I have of them spending hours poring “I don’t have time to be sitting with its auto-grading feature fre- port calls have risen alongside us- to go back in and check their over answers to their students’ ev- there monitoring all of this,” she quently. age, reaching morethan 200,000 grades, I have to respond to 50 ery assessment and exam—if said. “I got to a point where I told In the rush to virtual learning, help requestslast month. students who are emailing me they’re aware of the grading prob- my kids to just log in and do what he said, many school districts and Mr.Benson said the company worrying about their grades.” lems at all. they can. They’re stressed enough universities didn’t have enough aims to maketeachers’ jobs easier. Ms. Beamish-Brown said she The root of the failure is in the as it is.” time to thoroughly train teachers “I’m apologetic forthe areas where has started hiding the grades from simplistic design of many grading Patrick Lytle, who runs a de- on all aspects of Canvas, which we’vefallen down abit,” he said. students until she can review all bots: They try to match a student’s sign firm in Highland Park, Ill., bills itself as a one-stop shop for Keith Westman, chief operating the answers. When the auto-grader response to a teacher’s answer had better luck when his fifth- distance learning. officer of Illinois-based Otus, used in marks something wrong, she finds key. If the two aren’t identical, the grade daughter told him she got “Teachers are having to use a 170K-12school districts, also said herself reading the answer three response is often marked wrong, an answer wrong on a math quiz tool they’re not intimately familiar auto-grading problems aren’t atech or four times to be sure. even if a human could easily see in the online platform Otus. Her with, and it poses a bunch of new issue but ateacher-training issue. “I’m second-guessing myself be- it’s correct. It is yet another head- teacher had instructed the stu- challenges,” Mr. Benson said. When teachers design tests in cause the machine has said it’s ache for teachers, parents and stu- dents to include units in their an- Teachers set up their own vir- Otus, they can include several al- wrong,” she said. “So much for dents brought on by the sudden swers, and she correctly replied “3 tual classrooms in Canvas, where ternate answers. For example, if technologymaking our lives easier.”

Higher virus rates are making ASK BONDS social interactions riskier.

with a bottle of wine or some fresh-baked goodie in hand. But Don’tWant sadly, to our great shared heart- break, we do not live in a perfect To Socialize? world right now. Be supportive. You’ve set a good example. You aren’t going to change Here’sHow anyone’s mind by telling them their plans are dangerous or misguided. To SayNo So don’t risk insulting them. The big goal is to have loved ones—healthy and still talking to us—when all this Dear Bonds, mess is over. So tell them you hope With Covid-19 cases on the rise, they have a lovely gathering. If it’s a I’m increasingly uncomfortable ac- celebration, consider sending a little cepting invites for my family to gift, like flowers, so they can feel get together with people, such as your love. playdates for the kids or small Be creative. Plan a holiday gath- gatherings with family or friends. ering at home. Just because you Yet with the weather turning cold, aren’t comfortable in a group and Thanksgiving and other holi- doesn’t mean you can’t follow many days coming up, people I know are of the season’s rituals and cele- planning more events inside—and brate. Find other fun things for the they seem to expect others to your spouse or any adults you live manners. To decline an invite, pick be extremely careful to protect kids to do, if they have to skip their show up. How can I gracefully de- with—about what gatherings or sit- up the phone and make a call. Don’t them, for example. Keep your expla- playdates. Offer your family or cline an invite for a gathering uations you are comfortable with text or email; it’s too hard to nail a nation short and sweet. This makes friends an alternative event—a without hurting anyone’s feelings and which you will avoid. Be clear tone of warmth or regret. And re- you seem confident and firm. You Zoom party, small outdoor gather- or getting criticized for it? on the details you can tolerate—the member: Saying no doesn’t have to do not need to defend your position. ing or rain-check for a later date. —Holding the Line in Connecticut number of attendees, whether the be a negative message. It can be Remember: You know what’s right Remember: If we do this right now,

GES event is indoors or out, whether you caring and sincere. Aim for that. for you and yours! we have a better chance of being

IMA Dear Holding, will be around people who don’t so- Be honest. Explain that your Be reassuring. Tell the people able to joyfully gather together in Let me make this easy. I’ll lay it cial distance or wear masks. Then family is being extra cautious at who have invited you how much person next year. Think how sweet GETTY out for you in six steps. do not second-guess yourself. this time and you’re not attending you care about them and truly re- that will feel. Be confident. You know what’s Be polite. I would argue that group or indoor gatherings. It may gret missing the gathering. Remind GALAI/ best for yourself and your family. stressful times, when everyone is help to explain why—because your them that in a perfect world you Got a relationship question? Write AM

NO Make your decision—jointly with easily triggered, require the best parents are older and you need to would be the first one to show up to [email protected]. P2JW323000-0-A01200-1------NS

A12 | We dnesday, November 18, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. (3) JOURNAL REET ST LL WA THE R FO BERL Y EMIL MY RIDE |A.J.BAIME A‘Back to theFuture’ Fan’sDeLorean

Manson Cheung, 45, a staff sculp- while,Iwanted Manson Cheung with his 1981 tor and designer for Hot Wheels to ownaDeLo- DeLorean DMC-12, the iconic gull- toy cars, living in Redondo Beach, rean, but due winged car seen in the ‘Back to the Calif., on his 1981 DeLorean to finances and Future’ film franchise. Mr. Cheung DMC-12, as told to A.J. Baime. the fact thatI works for Mattel, and sculpted the had no placeto Hot Wheels version of this model. hen I was 10 years park it, it never old, I saw “Back to happened. the Future” in the Around Theprevious owner of my De- theater, which as 2007, I decided Lorean did not take good care of anyone who has to sculpt a toy it, so Ihad to replacethe engine W DeLorean. I and the transmission. Iput in a seen it knows, fea- tures a DeLorean as a time ma- figured, if I working speedometer thatlooks chine. I did not think the car in can’t own the real thing, at least I likethe one Marty McFly has in the movie was real because in sci- can have a 3-D printing of one on his time machine in the movie fi movies like “Star Wars,” all the my desk. So I sculpted the car. I (the carlaunches through time vehicles were created for the mov- decided to present it to my group. when it hits88mph).Iattended ies. Then one day I saw a DeLo- I said, “Hey, it’s all done. It’s all DeLorean conventions and gotto rean on the street and said to my- engineered. Can we build it?” For meet people who worked on the self, “Hey, that is a real car.” years I had been trying to get the movie,including Christopher As Igrewup, Icollected “Back to team to build a Hot Wheels DeLo- Lloyd,who starred as Dr.Emmett the Future” memorabilia. Iwas al- rean, but there was always a rea- Brown. He signed the sun visor ways intotoysand when Iwent son against it. Finally we put it on my car, as did Bob Gale,one of looking forcolleges,Ifound apro- into production. the writer/producers. gram thatoffered adegree in toy In December of 2009,Ifound a This year marks the 10th anni- design at Otis CollegeofArt and DeLorean forsale online forabout versary of my owning this DeLo- Design in LosAngeles.Evenbefore $28,000.When Iwent to see the last five digits).Myfather wasborn Laterthatsame year,the Hot rean, and the 35th anniversary of graduation Igot an internship at car, Isaw thatthe Vehicle Identifi- in 1942. Everything seemed to line Wheels DeLorean came out, and a the film. Every time I watch the Mattel in 2000.Imoved around the cation Number was01942 (in the up.Ittook amonth to convincemy year afterthat, Igot to work on the movie, it’s like I am in a time ma- companyand landed at Hot Wheels, DeLorean community,people iden- wifethatweneeded to getthis car, Hot Wheels “Back to the Future chine myself, back to when I first sculpting and designing cars.All the tifytheir cars by the VIN number’s and Ibought it on Jan. 29,2010. Time Machine.” saw it as a kid.

 SarahPaulson plays amother with in whyaperson is doing something time.And Iprobably do come from adark side in Hulu’snew film ‘Run.’ that on the faceofitlooks likepure ageneration of actresses who evil. And Idon’t think anyone per- thought: Youcan’t do that and keep petrating those thingsbelieves that working.I’m right on the cusp of she says. that’swhat they’redoing. that, the thought that youreally

GES But she’sadept at being terrify- needed to be far enough along in

IMA ing.“Run” director Aneesh Did you see yourself in this story your career to take the time off,to Chaganty says Ms.Paulson turned a at all? not have something really fall off a

GETTY character who could easily have Diane has akind of loveand at- cliff’s edgeinterms of interest in been seen as acaricature, intoahu- tachment to her child that you. And that wassomething man being. Idon’t have because I that Ithink wassort of ANSEZIAN/

DJ “What Sarahissogood at is re- don’t have children. ingrained in my mind. minding youthat there’sahuman But Icertainly can My work life ORK being there,” he says.“Alot of the understand areal started to [gel] at the KEV

U; movie kind of restsonthat ability.” desiretobe moment when Iwas

HUL Ms. Paulson, 45, talked about needed and to about to be 40.The : humanizing monsters, playing need. That’ssome- moment this pan- LEFT mom and choosing not to be a thing that is not a demic gripped the OM

FR mother. Edited from an interview: foreign concept or world is the firsttime an emotional mys- Ihavehad morethan a Why is it important to humanize a tery to me. three-week break in six WhatSarah Paulson Sees character if your character is a years, which is an enor- monster? Did portraying one half of a mous blessing and also wild to Idon’t think it is my job or any- mother-daughter relationship ap- me.But Idon’t see awindowin In Monstrous Women one’sjob as an actor to trytohu- peal to you? therefor the baby-making time.But manizeaperson who does some- I am at a funny age in my life Iimagine if I’dreally wanted it, it BY CHRIS KORNELIS cent months that Ms. Paulson has thing dubious or something cruel or where I constantly go: “Did I for- would have been something Iwould played a caretaker with a mali- something with real questionable get to have a child? Did I forget to have made time for. IN “RUN,” anew thriller that pre- cious side. In the Netflix series morality.However, Ithink if youare do it? Was it a really conscious mieres FridayonHulu, ateenager “Ratched,” she plays the title char- playing the person and you’real- choice? It must’ve been.” Did yousee parallels between begins to suspect that her mother acter in an origin story about the lowing multi-dimensional compo- My working lifehad always been Nurse Ratchedand Diane? maynot be as benevolent as she sadistic nurse in “One Flew Over nentstobepresent, you’regoing to the North Starfor me,sort of hav- I don’t think about taking roles in appears. In short order,Chloe the Cuckoo’s Nest.” Ms. Paulson feel some empathyfor the person. ing some creativelifethat felt ful- terms of how similar or dissimilar pieces together that she has been says that the casting is coinciden- Not because youwill sanction what filling.And in the earlier part of they are, what does this do or not? living in akind of mental and phys- tal, and admits to being a they’redoing—empathydoesn’t my career,itwas not really happen- I am just so happy to be asked, ical prison created by her mother, “scaredy-cat” who can’t watch sanction the behavior—but Ithink ing forme. One could arguethat if I which I think is a holdover from Diane,playedbySarah Paulson. most thrillers herself. it’smorecompelling to watchbe- were going to have achild, that the earlier part of my career This is the second time in re- “I don’t enjoybeing terrified,” cause youfind yourself interested might’vebeen the moreappropriate where I was like: Hello? Hello? P2JW323000-0-A01300-1------XA

THE WALL STREET JOURNAL. We dnesday, November 18, 2020 | A13 ARTS IN REVIEW

TELEVISION REVIEW |JOHN ANDERSON ‘Mangrove’: ABuffetofInjustices

The first installment of Steve McQueen’s five-film anthology about Black life in Britain during the ’70s and ’80s

ne of the more memora- ble moments in director Steve McQueen’s “Man- grove” involves two Omembers of the Man- grove Nine, a real-life group of West Indian immigrants put on trial in 1970 London for “ri- oting” against police brutality. “We have to have faith,” says Al- theia Jones (Letitia Wright), sol- emnly, to Barbara Beese (Rochenda Sandall). “Faith in the British jus- tice system.” At which point they both break up laughing. The scene may serve as comic relief, but it’s also as revealing as anything else in “Mangrove,” the first entry in Mr. McQueen’s five- film anthology “Small Axe” to ar- rive on Amazon Prime. The series, the title of which is derived from an African proverb (“If you are the big tree, we are the small axe”), is about Black life in Britain during the ’70s and ’80s, and its govern- ing sentiment might be summed up by a statement the director made in May: “I dedicate these films to George Floyd, and all the other Black people that have been murdered, seen or unseen, because of who they are, in the U.S., U.K. (2)

and elsewhere.” (Amazon has O

asked that subsequent “Small Axe” VIDE installments be reviewed only at

their air dates, which will be Fri- PRIME days through Dec. 18.) ON AZ

Mr. McQueen, who became a AM cinephile’sdarling with his films Front row: Malachi Kirby, Letitia Wright, Shaun Parkes, and Rochenda Sandall, above; Mr. Parkes as Frank Crichlow, below “Hunger” and “Shame” and di- rected the Best Picture Oscar win- ner “12 Years a Slave,” has an ar- least about the landmark Man- what’s depicted didn’t happen. But There’s a marked uptick in the grovetobealegitimaterestau- resting visual sense and, as grove case: The portrait of racist as drama, it amounts to overkill. pacing of “Mangrove” and the en- rant and itssuccess will symbolize evidenced by his catalog of work, police, the arrogance of the court Not surprisingly, either for the gagement of the viewer once ev- his personal redemption. That both big ideas and a big heart. But and the brutality visited upon the film or its director, some charac- eryone gets into court, where such redemption is being derailed there are moments when one won- Black characters is so extreme that ters serve largely as political there’s a slim chance of justice, by systemic racism bestowson ders if he mightn’t have been bet- you may find it hard to enter the mouthpieces—Altheia Jones, for rather than back in the West In- “Mangrove” acertain metaphori- ter off making a documentary, at story. This is not to say that instance, the British Black Panther dian immigrant community, where calgravitas,although the point who helps orga- the behavior of the constabulary isn’t belabored. Frank’smoreim- nize resistance makes ICE look like the Welcome mediateconcerns arekeeping his to the police Wagon. It’s unclear what if any- restaurant open and, afterthe raids on the thing Mr. McQueen or his co- protest march that resultsinthe Notting Hill res- writer, Alastair Siddons, lifted rioting charges, staying out of taurant of the ti- from judicial transcripts, but the prison. tle and who inherent boundaries of a court- The Mangrove Case will have serves chiefly as room help give more shape and American viewers thinking about a speechifier. momentum to the storytelling. The the Chicago 8 trial—certainly, bar- Similarly, Trini- setting also allows the characters rister Ian MacDonald (Jack dadian activist to stop telling each other things Lowden) seems to be thinking Darcus Howe they’d never say. about it when he encourages his (Malachi Kirby), Theemotional storyisembod- clients to act out in court and who channels ied by Frank Crichlow, playedby “wind up” the judge. As it turns Frantz Fanon the intense and charismatic Shaun out, that same judge (Alex Jen- and, while rep- Parkes.Crichlowisjustly angry, nings) makes an important and resenting him- sorrowfuland flawed: Before controversial acknowledgment of self at the Old opening Mangrovetoservehis racism in the Metropolitan Police. Bailey, has some neighborhood’sCaribbean palate, But as one character says—articu- wonderful mo- he ranajoint called Rio,which lating Mr. McQueen’s message ments shredding certainly featuredgambling,may throughout the film—having a bat- the baldly racist have looked the other way about tle to celebrate doesn’t mean Constable Frank drugs, and according to Pully was you’ve won a war. Pully (Sam Spru- a“sexclub,” although the officer ell) on the wit- is an untrustworthynarrator.Re- Small Axe: Mangrove ness stand. gardless, Crichlowintends Man- Friday, Amazon Prime

MUSIC REVIEW ‘From Elvis in Nashville’ will be The King Captured released Friday exuberant, right-in-genre, nearly imitative bluegrass takes on Bill In His FavoriteForm Monroe’s version of “Little Cabin on the Hill” and Flatt & Scruggs’s “A Hundred Years From Now.” Presley wasamusic fan with BY BARRY MAZOR players here, hired by producer broad, deep roots-music interestsas Felton Jarvis, that includes his much as apractitioner.That’sun- IT’SAPOINT Elvis Presley’s most new lead guitarist-to-be, the soul- questionable.Heleads the band, in informed chroniclers have made: ful James Burton; the versatile the course of these sessions,back While he was willing to do multi- Charlie McCoy on harmonica and intorockabilly (JerryLee Lewis’s ple takes for complex, multitrack organ; and a loose, funky rhythm “Whole LottaShakin’ Goin’ On” and productions when that was called section—Norbert Putnam on bass SanfordClark’s“TheFool”); blues, for, he believed he was recorded and Jerry Carrigan on drums—just with Muddy Waters’s “Got My Mojo best working live in the studio relocated from FAME Studios in Working”;and gospel both serious with a responsive band right at the Muscle Shoals, Ala., soul and (“WhereDid They Go,Lord;” “Only hand. “From Elvis in Nashville” rock center. The singer’s comfort Believe”)and in the American tall- (RCA/Legacy, out Friday), a new and identification with these play- tale hokum vein (“I WasBorn About compilation that revisits epic, ers is palpable, their broad versa- TenThousand YearsAgo”). Theex- fruitful sessions conducted in Mu- tility liberating for him, as tidbits cursion is as much funasitsounds sic City in 1970 in just that way, of uncensored outtake conversa- likeitwould be. proves his instincts were correct. tions underscore. The music, as The artist’s ease and innovation Forty tracks recorded that sum- critic David Cantwell suggests in recording in RCA Nashville’s Stu- mer and released as three succes- his insightful liner notes, is essen- dio B, and his enduring welcome sive LPs in the months that fol- tially country soul. there, will likely surprise many. In lowed (“That’s the Way It Is,” While by this point Elvis was more than a few rock histories “Elvis Country” and “Love Letters past the years of his often-limiting Presley’s relation to music making From Elvis”) are revisited without movie soundtrack songs, there are in the country capital is depicted the orchestral and horn overdubs still numbers culled here, as the as rooted in deep conflict. He’s not piled on for those releases, pre- soundtrack songs had been, from well received at his single, 1954 senting the wide array of material the singer’s co-owned publishing Grand Ole Opry performance; ex- Presley and band took up live in catalog, tapped for easy access and isting country music is nearly de- the studio. The results are all the extra revenue. Some of these are molished by his mass popularity; more immediate and intimate for indifferent and forgettable, but Music Row producers develop the it, and alternate takes and re- they include the marvelous, little- pop-flavored Nashville Sound in hearsal recordings are added on known story song of a failing mar- reaction. But as Mr. Cantwell separate discs, showing how those riage, “I’ve Lost You,” from British with finesse in the hit versions, caught between scheduled takes, spells out in his liner notes, that results were achieved. Produced by songwriters Ken Howard and Alan but they seem made for Presley in and which became some of the poppier country sound was not a Ernst Jorgenson, the set is a 74- Blaikley. The freedom to choose his hands; he delivers them in ex- most critically acclaimed record- tepid reaction but, in essence, a

track document of six packed days material beyond that catalog plosions of vulnerability. And he ings of the sessions, the heart of flattering and respectful derivative UND

and nights well spent. yields some of the most memora- reimagines Ernest Tubb’s “Tomor- the “Elvis Country” album. The of vocal-led, rhythmic Presley hits ANL

For all of Elvis’s identification ble performances of the sessions, row Never Comes,” which had band rushes to join him as he sud- like “Don’t Be Cruel.” GR with his home town—Memphis, stirring takes on Paul Simon’s originally (and necessarily) been denly—and often gleefully—takes Elvis Presley was very much at Tenn.—he recorded more than 200 “Bridge Over Troubled Water,” the sung in that honky-tonk hero’s pat- up older and newer country stan- home in Nashville, Tenn.—and

tracks at RCA Nashville from 1958 Dusty Springfield hit “You Don’t ented clipped phrasing, with bo- dards such as Bob Wills’s “Faded with this R&B-practiced band be- ENSEN/P Å L to 1971, including some of his fin- Have to Say You Love Me,” and the lero-like rising drama. Love,” Willie Nelson’s “Funny How hind him now, he was all the more J Ø RG est blues and pop performances, Ray Price/Eddy Arnold pop coun- That Tubb track can be seen as Time Slips Away,” and the Dallas so. You can hear it. generally backed by Music Row’s try smash “Make the World Go an entry point to a set of songs Frazier ballad made a hit by Jack AEL MIK

core “Nashville Sound” musicians. Away.” These are dramatic, hurt- that were almost all spontaneous, Greene, “There Goes My Every- Mr. Mazor reviews country and T

Elvis works with an evolved set of driven love songs already treated unrehearsed choices of Presley’s, thing.” More unexpected still are roots music for the Journal. ERNS P2JW323000-4-A01400-1------XA

A14 | We dnesday, November 18, 2020 **** THE WALL STREET JOURNAL. SPORTS Tournament Relocates to aCovid Hot Spot

South Dakota has one of the worstvirus outbreaks in the world. There’sacollege basketball tournamenttherenext week.

BYBEN COHEN AND LOUISE RADNOFSKY “This is the type of thing that does not have scientific studies,” ome of the best teams in Cauwels said. “Webelievethat we collegebasketball were have takenevery necessaryprecau- supposed to be celebrating tion short of removing crowdsto Thanksgiving in the Baha- enjoyasafebasketball experience.” S SanfordHealth officials said in mas.But when the pan- demic canceled atournament called guidancesent to participating the Battle 4Atlantis,the schools teams last week that they had the had to changetheir plans.They capacity to handle astrain on San- ripped up their ticketstoparadise ford USDMedical Center and they and booked trips to South Dakota. would makechanges to the event if Therelocated teams were seek- warranted by case numbers. ing asafer placetoplay. They hap- They also disclosedanother rea- penedtopick apart of the country son forplaying as scheduled. “This with one of the worstCovid-19 out- is an opportunity forSanford breaks anywhereinthe world. Health to enhanceour presenceon Thecoronavirus is ripping across the national stageasinnovative South Dakotawith ferocity.The leadersinthe fight against this number of cases and hospitaliza- pandemic,” the lettersaid. tions per daysurgedtotheir high- TheWall Street Journal con- est levels of the pandemic last tacted the 10 teams outside South week,and the state’sweekly testing Dakotaoriginally scheduled to positivity rate of 58% is among the travel to Sioux Falls next week.Two highest in the U.S. About one in 14 declined to comment and two did people in South Dakotahavere- not respond to multiple requests. ported cases; one in 50 have active Therest of the schools praised the infections; one in 250 have been safety measures fortheir teams and hospitalized. suggested it washighly unlikely Nowhereinthe stateisthere that anydatawould changetheir morevirus than Minnehaha County. Men’s and women’s college basketball teams from across the country are set to play at an event in Sioux Falls, S.D. plans at this point. That is whereorganizersofthe Bad “The decision to participatein BoyMowers Crossover Classic in hotel with no outside guests. Inside Ohio State and Dayton pulled out that if youshowupCovid-negative, this tournament wasn’t made Sioux Falls—an event hosted by this controlled environment they because they could have been sub- we cankeep youthat way,” Smith lightly,” said Dawn Staley,the SanfordHealth, amajor South Da- will be tested everyother daywith ject to 14-dayquarantines when said. women’scoach at No.1-ranked kota health-caresystem—believe highly sensitivenasopharyngeal they returned. They were replaced Dr.Tom Frieden, the former di- South Carolina. “But it wasmade they have takenenough precautions PCRswabs that canbeprocessed by St.Mary’sand Utah State—even rector of the Centersfor Disease afterreviewing all the information, to welcome men’sand women’scol- within hours. though the University of Utah had Control and Prevention,was un- including the fact that our team will legebasketball teams from 10 states Theidea is that they will be in nixed the event days earlier.Texas equivocal when asked if holding a be in abubble,and in consultation next week. Sioux Falls but they might as well A&M canceled itstrip on Tuesday, basketball tournament in South Da- with medical professionals,and I Thetournament is also planning be on Mars. citing health and safety concerns kota at themoment wasasensible have no doubt it is the right one.” to allowcrowdsofroughly 850 peo- “You’renot coming intothe state afterthe recent spikeinSouth Da- idea. “That’sano-brainer,” he said. If the men’stournament goes ac- ple,or25% of the arena’scapacity, of South Dakota. You’recoming into kota,after declining to comment “The answertothat is aslam dunk: cording to plan, three days of even as other states with much the SportsComplex,” said Jesse about the situation last week. no.” games would culminateinacham- lowerrates of infection limit indoor Smith, the SanfordSportsCom- Theseven men’steams checking Thetournament is being guided pionship on the Fridayafter gatheringstoahandful of people. plex’svicepresident of operations. intotheir isolated hotel arevisiting by Dr.JeremyCauwels,Sanford Thanksgiving,when the winner Organizerssay the tournament “When the NBAwent intoFlorida in from Nebraska, Utah, Tennessee, Health’ssenior vicepresident of would hoist aspecially designed will emulatethe NBA’sbubble for July,that wasconsidered the epi- California, Kansas,West Virginia quality,amember of the NCAA’s trophyfeaturing the CrossofLor- the teams and they arebetting that center of the pandemic in the U.S., and elsewhereinSouth Dakota. medical advisorygroup who helped raine—a “symbol of rallying and frequent testing,stringent health and they proved the bubble con- They must register negativetests oversee aPGA Tour Champions refuge,” according to the tourna- protocols and limited contact with cept. We think we canreplicatethat within 48 hoursofleaving home event forsenior golfersinSioux ment’swebsite. the surrounding community will same concept, and we expect simi- and will be tested again when they Falls in September.He’sconfident It’smeant to represent the San- minimizerisk.The players will be lar results.” arriveand twicemorethroughout about the protocols in placefor the ford Health system’s“mission of whisked from privateflightstoa Some teams still declined to play. the week.“We feel very strongly Crossover Classic. improving the human condition.”

Indiana celebrates after a Ten’s perennial giants this week- ways things that can be done and Indiana win against Penn State. end against No. 3 Ohio State on if you want to get involved in the road. It’s the first time the something and you don’t believe it cellar dwelling. teams have met with unblemished is going to work out, then what Football “It’s either who you records having played at least are you doing it for?’ ” are, or you are jacked up three conference games. Temple Heights, with its roster on some serious drugs,” Allen worked his way from of 28 players, finished that season said Indiana director of Tampa, Fla., prep schools and no- as 8-3 district runners up. Hits aPeak football operations Mike frills Division III programs to coor- Allen arrived in Indiana as a de- GES Doig, who’s been a close dinator gigs in the Southeastern fensive coordinator on head coach IMA

friend of Allen since the Conference and now the top job at Kevin Wilson’s staff in 2016. Allen ETTY /G BY LAINE HIGGINS early ’90s. “You can’t Indiana by the sheer force of his inherited an outfit ranked 120th of

fake 30 years of enthusi- positivity. 130 in total defense and orches- BBINS TO OUTSIDE OBSERVERS, Indi- asm.” Back in the summer of 1994, trated the biggest turnaround in RO

ana football coach Tom Allen’s In his fourth full sea- prior to his first turn as a 23-year- the nation, allowing 169.4 fewer JOE style of coaching is enthusiasm pleased to announce a couple of son in Bloomington, Allen is at the old head coach at tiny Temple yards in 2016. S; bordering on lunacy. He has suf- days later that he wouldn’t require helm of a historic resurgence for Heights Christian High School in Following the resignation of PRES

fered black eyes and lost front stitches. “A mere flesh wound,” he Indiana football that has the Hoo- Tampa, Allen had shirts made with Wilson at the end of the regular TED teeth cavorting with his players. said, grinning. siers ranked ninth in the Associ- “1994 State Playoffs: Dare to Be- season, Allen took over the top job CIA SO

Most recently, he gashed his cheek It sounds like a new variety of ated Press poll—their highest lieve” emblazoned across the in Bloomington for the Hoosiers’ AS in a moment of unbridled celebra- schtick in college football coaches’ placement since 1969. The Hoo- front. Temple Heights hadn’t made bowl game. tion when Indiana snapped a 33- cult of personality. To those that siers are off to a hot 4-0 start, the playoffs for 17 years. “It’s like a snowball and as you

year losing streak against Michi- know him, however, Allen’s pas- having opened the season with a “People outside the program push it, it just gets bigger and big- PICKTHORN/ gan earlier this month. sion is anything but contrived— an overtime thriller against then- were all, “What in the world are ger and starts rolling with more Y JA

Allen initially feared a broken and one of the major reasons his No. 8 Penn State. you doing?’ ” recalled Doig, an as- momentum, power and belief,” P: facial bone after tackling defensive Indiana team is at the top of the Indiana will get its best chance sistant coach on the 1994 team. said Allen. “Everything leading up TO OM

back Devon Matthews, but was Big Ten this year after decades of to prove it belongs among the Big “Tom’s mindset is ‘There are al- to this is years in the making.” FR

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NewYork City 40 30 s4844pc Dublin 56 40 r4541pc Warsaw5244pc5135pc s ODOREGRET OGRE Oklahoma City 70 53 s7357s Edinburgh 58 38 r4336sh Zurich 52 38 pc 50 38 sh Solvethis puzzle online and discussitatWSJ.com/Puzzles. ME TS READSNOSE P2JW323000-0-A01500-1------XA

THE WALL STREET JOURNAL. We dnesday, November 18, 2020 | A15 OPINION A Va ccine Is Already Helping BOOKSHELF | By Amy Dockser Marcus

Nowcomes tions,after April’sand July’s. do seem to respond to local plicitly.Now the media are An Unsettling the news, So is Europe,quiteclearly hospital overload. trying to repair their own forthe sec- because young people every- This is also why, against cognitivedissonance. ANew ond time in wherestarted defecting from the tide of opinion in favor York Times piece on Monday aweek,that social-distancing strictures of vaccinating the elderly declared the pandemic “so Visit to the Future an experi- that impose aheavy eco- first, agroup of researchers widespread that everyAmer- BUSINESS mental vac- nomic and psychological cost at Johns Hopkins and the ican knows someone who has WORLD cine has on them and amuch smaller University of Southern Cali- been infected.” A62-year-old The Mutant Project proved sur- one on older,settled people fornia has argued cogently teacher wasquoted: “Before, By Holman W. prisingly ef- whose socializing and mate- that vaccinating the young, we were watching the num- By Eben Kirksey Jenkins, Jr. fective hunting days arelong behind whohavethe least to fear bersonthe news.Now it’s (St. Martin’s, 292 pages, $28.99) against them. TheGermans even pro- from Covidand suffer most started creeping intomy Covid-19.Moderna’svaccine, duced aposter of an elderly under social restrictions,isa neighborhood, my school, my nNovember 2018,scientistsconvened in Hong Kong like Pfizer’s, has shown early woman wearing amask hold- betteridea. It would do more home—right whereI’m exist- I foraninternational conferencetodiscussthe futureof protection higher than 90%. ing up amiddle finger to to curb the spread and ulti- ing.’’ gene-editing technologies.Just beforeitbegan, they had Also heardare caveats: Doses those who didn’t. No mes- mately prevent deaths. The“numbersonthe startling news: With the birth of twins known as Lulu and won’t be available for sagewas bettercalculated to news” were meaningless, Nana, aChinese researcher,HeJiankui, had produced the months.But the news maybe encapsulatethe let’s-eat-our- based on confirmed cases.If world’sfirst genetically modified babies.Dr. He had used betterthan we think.These young-to-save-ourselves Yo ung adults see an the teacher had been cor- Crispr gene-editing technologytotinker with the DNA of the announcementsmaterially spirit of the early,sweeping, rectly informed, she would embryos, then implanted them forpregnancy. His goal wasto changeincentives now,espe- misguided lockdowns. end in sight to the have known to expect Covid modifyagene called CCR5 in such away as to confer on the cially forthe young who are Forexactly this reason, an sacrifices they’re to be rifeinher circle long twins life-long protection against the HIV infection. the key spreaders. imminent vaccine altersin- before anyone bothered to As it happens,Eben Kirksey, acultural anthropologist This is adisease,let’sre- centives forthe young more making for the old. getatest or become acon- and the author of “The Mutant Project: Inside the Global Race mind ourselves,that people than the old. Life- and soul- firmed case. to Genetically ModifyHumans,” wasinHong Kong forthe essentially choose to share. sacrificing physical distanc- As I’ve argued, we made conferenceand observed firsthand the reaction to Dr.He’s Keep aphysical distance ing has an end date—it’snot So vaccine announcements an incomprehensible mistake announcement. Theorganizersofthe summit—including from other human beingsand an indefiniteobligation im- areareason to be hopeful— we never would have made Jennifer Doudna, who recently shared the Nobel Prizein youwill not getitorgiveit. posed on the young to bene- even with colder weather. with the flu, confusing con- chemistrywith acolleague forCrispr-related discoveries— EveryAmerican, moreexplic- fitothers. We also nowknow But the universal trumpeting firmed cases with true preva- quickly issued astatement that condemned Dr.He’sactions itly than youmight suppose, that bar hopping and of confirmed case countsre- lence. Groupthink is absurdly but didn’t close the door to has been selecting alevel of crowded indoor parties cause mains an insidious problem. powerful in the pressbut re- the gene-editing of embryos risk.You canconfirm this by much of the spread. These Consider afew numbers: 80% portersinKentucky, armed in the future. asking your friends and rela- activities canbeput on hold of cases aremild or asymp- with astudy by local univer- Mr.Kirksey’s exploration tives.Remember all those ac- foranother few months with- tomatic.They runtheir sity economists, lately taxed of the debates over genetic cusatorystories about last out putting everything on course in 15 days.Transmis- Gov.Andy Beshear about re- modification eventually takes summer’s Sturgis motorcycle hold. sion is believed to require15 lying on datathat mislead him around the world, but the rally? Reportersconstantly Governmentsquietly have minutes of contact within 6 aboutthe disease’strueex- questions raised at the sum- tripped over the fact that at- understood that their shut- feet. tent. Good forthem. His an- mit in Hong Kong arethe ones tendees said they carefully down ordersaimed at bars, Putthese numbersto- swerwas astudy in confu- that animatehis entirejour- weighed their risks. gyms and restaurantsare gether,and if infections were sion about sampling and ney: Howdoweknowwhere Guesswhat also kills visi- valuable mainly forsignaling. really only 11 million in the measurement. Theworst ef- to draw the line? And who tors to Sturgis? Motorcycle Closingabar that had 90 pa- U.S. sincethe epidemic began fect isn’t that relianceon gets to decide? accidents. Would an enthusi- trons in August and nine now eight months ago, you’dbe confirmed cases causes At the moment, thereisa ast be lesslikely to attend if doesn’t actually do much. It’s crazy to worryabout Covid. Americans to overestimate consensus within the scientific he or she knewnextyear the personal decision-making Your implied chances of the death risk from Covid, community that Crispr technol- therewould be avaccine that creates leveragetoturn catching it from arandom though it does.Itcauses ogy—which allows scientiststo againstmotorcycle acci- down the level of transmis- encounter would be nil. them to underestimatebyan cut, edit and insert DNA—is not dents? Yes. sion. And even with pan- I’mnot saying people do order of magnitude the likeli- yetready to adjust the genes of sperm, eggs and embryos TheU.S.isreaching an- demic fatigue, even with dis- this calculation explicitly,but hood that the person next to intended forpregnancyand birth. Scientistsstill don’t fully otherpeak in hospitaliza- trust of the news, Americans they do something likeitim- them is atransmitter. understand howtomakeprecise fixeswithout introducing unintended and potentially dangerous genetic changes, which could then be passed on to futuregenerations.In October,apaper in the journal Cell reported the resultsofa Biden’s Tough Job: Uniting Americans study showing that ateam led by researchersatColumbia University,while editing agene forhereditaryblindness, had Morethan began his inaugural address infamous “lock her up” chant tus forthe “Dreamers” is im- caused unexpected (and undesired) changes in early-stage half acentury this way:“Formyself and for is metwith calls to “lock him portant, and so is border se- human embryos, such as eliminating an entirechromosome. ago, in the our nation, Iwant to thank up,” the countrywill have curity.Reforming police Even so,Mr. Kirksey notes,manyscientistsact as if the waning weeks my predecessor forall he has takenanother step toward practices and the criminal- resultsofthe gene-editing research will ultimately be of the 1968 done to heal our land.” the criminalization of politi- justicesystemisessential; so applied to lifeoutside the laboratory; various organizations presidential Gerald Ford deserved this calconflict—a hallmark of ba- is the enforcement of the law and commissions arethus trying to define the conditions POLITICS contest, a accolade.For the 895 days of nana republics. against those who destroy and circumstances in which the gene editing of embryos & IDEAS young girl at- his presidency, he worked to ABiden presidencythat property and commit vio- would be ethically permissible.Inasense,then, Dr.Heand tended a mend thenational fabric torn putshealing firstwill govern lence, whatever their motives. the organizersofthe Hong Kong summit occupy aswath of By William Nixon cam- by Vietnam, Watergateand from the center,asForddid. Equality forall Americans common ground: They assume that Crispr technologyisto A. Galston paignevent the Central Intelligence Mr.Biden should lead off his withoutregardtoraceisa be used to creategenetically modified human beings; holding asign Agency’smisdeeds.Defying legislativeagenda on areas moral imperative, but Ameri- what’supfor discussion arethe terms and the timetable. that read “Bring us together conservatives in his own wherebipartisan agreement cans candisagree in good Forpeople outside the scientific community,and no doubt again.” This would be the party, he governed from the should be possible,such as a faithabout the best means some within it, the whole idea of such aproject canbe theme of Mr.Nixon’sspeech center,and he paid the national plan to ensure formaking this equality are- unsettling,asMr. Kirksey acknowledges,and the public the night he beat Vice Presi- price—a challengefromRon- speedy vaccine distribution ality.Apresident who seeks discussion of it has barely begun. dent Hubert Humphrey and ald Reagan that nearly cost and adequatesupplies of per- compromise will do his best Last year,aChinese court sentenced Dr.Hetothree years former Gov.George Wallace himthe Republican nomina- sonal protectiveequipment. to respect his opponents’ red in prison forillegal medical practices related to the births of of Alabama. tion in 1976. To rein in the lines,evenifhedisagrees the children. In “The Mutant Project,” Mr.Kirksey paintsa Aquarter-centurylater,on imperial presidency, he mini- with them. detailed and nuanced portrait of Dr.Hewithout condoning the night of his ownvictory, mized the use of executive He should decline to These argumentsmay his actions.Onavisit to the ruralvillagewhereDr. He Arkansas Gov.Bill Clinton de- privilege, which led to con- strike partisans as unprinci- grew up,Mr. Kirksey interviews relatives who describe the clared his intention to “bring gressional inquirieshecould investigate Trump and pled. But the countryisboth disgraced scientist’shumble beginnings. Mr.Kirksey also us together as never before.” not control. He made the dif- pass a reasonable closely and deeply divided. spends time at the university that recruited Dr.He—in the Sixteen yearsafter that ficult decision to giveNixon Although Americans agree on city of Shenzhen in southeastern China—and says that the declaration, President-elect an unconditional pardon and Covid compromise. much morethan party lead- scientist’sCrispr work was“an open secret” on campus and Barack Obama,who had at- sparethe countryabitterly ersand advocacygroups will garnered support from the university’s president and key tracted national attention divisiveprosecution. His acknowledge, their divisions Communist Party officials.Dr. He’srapid rise is portrayed with his famous vision of an presssecretaryresigned and He should resist promoting rundeeper than they did as part of an ethos that is recognizable in places likeSilicon Americaneither rednor blue some accused him of striking steps,such as anational three decades ago. Red Amer- Valley: Researchersare rewarded formoving quickly,pursu- but one and united, spokeof acorrupt bargain with his mask mandate, that are icacannot forceits will on ing innovation and pushing the edges of what is permissible. his “determination to heal the predecessor. His public ap- bound to provokepolitical blue America, or vice versa, divisions that have held back proval fell precipitously and controversy and constitu- and secession is both unde- our progress.” He cited the never fully recoveredbefore tional challenges.Hecan in- sirable and infeasible.The Scientists possess the tools to edit the genes lines from Abraham Lincoln’s Election Day. But he put the stead work with the National only answeristolearn to live of human embryos. How do we know where to FirstInaugural Addressthat countryahead of political GovernorsAssociation and with differences. inspired JoeBiden’svictory self-interest. set out constitutionally per- Ambitious presidentsmust draw the line? And who gets to decide? speech 10 days ago. If President-elect Biden is missible conditions on states respect public opinion, even They andthe manyothers serious about healing adi- receiving federal funds. as they seek to changeit. who have utteredsimilar vided nation, he will have to Aboveall, ahealing presi- “Public sentiment is every- Mr.Kirksey learns that, when the twins Lulu and Nana thoughtswerecertainly sin- take steps that won’t be pop- dencywill regard compromise thing,” Abraham Lincoln fa- were born, arriving prematurely at 31 weeks,they at first cere,and Idon’t citethis his- ular in his ownparty.For ex- not as adisagreeable neces- mously declared. “With it, had trouble breathing.Still, Dr.Hewanted to hold the girls tory to promotecynicism. But ample,hewon’t encourage sity but as an opportunity to nothingcan fail; against it, and take aphotowith them foruse in promotions.The it illustrates the difficulty of theJusticeDepartment to acknowledgethe legitimacy nothing cansucceed.” Lincoln nurses told him that the babies couldn’t be liftedfromthe translating these good inten- open investigations that of competing opinions,inter- confined his proposition to incubators. Mr.Kirksey also interviews former membersof tions intoresults. Still, it is could lead to the prosecution estsand principles in alarge, “this age,” but it’severy bit the lab,who tell him that while they were struggling to not impossible.JimmyCarter of Mr.Trump.IfMr. Trump’s pluralistic republic.Legal sta- as relevant today. analyze the genetic dataand figure out if the Crispr edits had actually disabled the CCR5 gene,Dr. He wasbusy taking meetingstoexploreopening up an experimental fertility clinic to “offer Crispr babies to well-heeled medical tourists Lockdowns Have a Bright Side for Teens from around the world,” as Mr.Kirksey writes. Theprospective parentswho participated in Dr.He’s By Erica Komisar edged up to 20% over the rhythms called “sleep phase priority,and schools should experiment were couples in which the male partner wasHIV- summer.What accountsfor delay” makes teens feel tired consider starting the day positive. In China, people diagnosed with HIV faceintense ere’sasilver lining in this counterintuitiveresult? later at night than they are later when they reopen. Par- discrimination and can’t readily access fertility treatments. H the Covid-19 pan- TheIFS study cites two rea- used to.That oftenmeans a entsshould work to spend Thecouples were not using Crispr to cureadisease but to demic: Teens aretalk- sons: increased time with laterbedtime without ashift moretime with their chil- help their children avoid facing the shame and stigma that ingmorewith their parents family and moresleep. in early-morning school rou- dren. Schools should consider hamper their ownlives.The social ills that drovethem to and showing signs of im- Time with families buffers tines,which canresult in continuing their Covid-in- use Crispr will requiremorethan an edit to fix. proved mental health, accord- kids from depression. They sleep deprivation. School duced flexibility with dead- Throughout his travels,Mr. Kirksey speaks with artists, ing to a survey from the In- maybesad or in distress, but start times have moved ear- linesand eliminating stan- entrepreneursand the parentsofchildren with lethal stitutefor Family Studies parentsare theretocomfort lier over the yearstoaccom- dardized testsfor college diseases.Hemeetsaperformanceartist in Indonesia who (where Iamacontributing them andhelp them regulate modateworking parentsat entrance, aprime source of pushes avendor’s cart with the sign “Crispr Sperm Bank,” editor). the expense of critical sleep teen anxiety. hoping to spark conversation. In aworld whereparentscan Thestudy,released in Oc- foradolescents. But during Not all the news from the choose the skin color of their children, she wonders, along tober,found that 56% of 1,523 They’re talking more the pandemic,without acom- IFSstudy is good. Teens re- with Mr.Kirksey: “Will the futurehaveaplacefor brownand U.S. high school studentssur- mute, manyteens arefinding ported higher levels of un- black babies?” In manyofthe author’s conversations,thereis veyedbetween Mayand July to parents and getting that they areable to follow happinessand dissatisfaction ablurring of the line between the medical uses of Crispr and reported talking to their par- more sleep, reducing theirnaturalsleeping pat- with life, as you’dexpect itsgenetic-enhancement role.“Industrycaterstothe values entsmoreduring quarantine terns.Poor sleep has been when they’redeprived of ac- of consumers,” Gregor Wolbring, aCanadian biochemist and than before. Fifty-four per- levels of depression. significantlylinked to teen tivity and contact with peers. disability activist, tells Mr.Kirksey.Depending on one’spoint cent said their families have depression in previousre- But with morefamily time, of view, theremay not be abig differencebetween parents dinner together moreoften, search. moresleep and lessacademic who want to genetically engineer their children to be immune 46%reported spending more their emotions and handle Lockdowns have been very pressure, they arelessde- to HIV infection and those who want to createchildren who time with siblings, and 68% conflict. This doesn’t mean difficult foradolescentsin pressedand becoming more arealittle bit taller,stronger or smarter. said their families had be- coddling,but helping them manyways,and no one favors resilient. There’salways op- In examining Crispr,itbecomes clear,weare called come closer during the pan- learntocope with intense keeping them in effect longer portunity in adversity,evenin upon to examine ourselves too. By the end of “The Mutant demic. feelings. Parents’ physical and than necessarytocontain the adeadly pandemic. Project,” Mr.Kirksey has returned to wherehebegan, Moresurprisingly,the emotional presencepromotes virus.But it’simportant to trying to assesswhat Dr.He’sexperiment has unleashed. shareofteens reporting de- emotional security,the foun- recognizethe benefitssothat Ms.Komisar is apsycho- Thecentral question is not so much Crispr’s safety or pression dropped from 27% in dation of resilience. we canwork to integrate analystand author of “Being efficacyaswhat kind of world it will help create. 2018 to 17%inthe spring of Moresleep is equally im- them intoyoungsters’ lives There: Why Prioritizing Moth- 2020,when remoteschool portant. During puberty,a afterthe health crisis is over. erhood in the First Three Ms. Dockser Marcus is aWall Street Journal reporter in wasinsession, though it natural changeincircadian Teen sleep should remain a Years Matters.” Boston. P2JW323000-0-A01600-1------XA

A16 | We dnesday, November 18, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Rage Against the Vo ting Machine Will Biden Help Cuba’sTraffickedDoctors?

resident Trump has so far been unwilling chines deletednearly amillion Trump votesin Some of JoeBiden’sadvisers are present astrong case fortaking action to concede to JoeBiden,and his latest ar- Pennsylvania, whereitserves only 14 counties. openly advocating returning to Presi- against the Cuban slave trade in medi- P gument is that the voting machines must With turnout at 76%, it adds,those counties reg- dent Obama’spolicyofappeasing left- caldoctors, but thereisanevenbetter ist dictatorships in Latin America, solution: Hirethe doctorstowork in have been rigged. Where’sthe istered 1.3million votes. Trump blames the result starting with easing economic restric- the U.S. This would requirereactivat- evidence? Strong claims need Othershavetried to draw tions on Cuba. Thebeauty of broadly ing the Cuban Medical Professional strong proof,not rumorsand on Dominion’s systems. lines between Dominion and applying the MagnitskyAct to Cuban Parole Program, begun by President innuendo on Twitter. prominentDemocrats. In the and other foreign government officials George W. Bush in 2006 and termi- Chatter is swirling around Where’s the evidence? category of no good deed goes guilty of human-rightsabuses,asrec- nated by President Obama in 2017. A Dominion Voting,acompany unpunished, the companyin ommended by Paula Dobrianskyand June report from the Association of that supplies equipment in 2014 agreed to donate voting David Rivkin (“HowTrump or Biden American Medical Colleges projects some 28 states.What seems to have launched machines to “emerging and post-conflict democ- Can Get Serious About Human Rights that the U.S. will faceashortageof this theory wasanearly misreport of resultsin racies” via aClinton Foundation initiative. This in Cuba,” op-ed, Nov.12), is that un- between 54,100 and 139,000 physi- Antrim County,Mich. In 2016 Mr.Trump won shows exactly nothing about Dominion’scurrent likeembargoes that garner wide- cians by 2033; if we canbring in some 62%ofits 13,600 ballots, so eyebrowsrose this operations.The companysays it has no owner- spread opposition at home and of those 50,000 Cuban doctors, that abroad, it would be unassailable; and would be anicestart to addressthe year when the initial tallies showedMr. Biden ship relationships “with anymember of the in the case of Cuba, an effectiveway shortage. Addtothat the fact that the up by 3,000. Pelosi family,the Feinstein family,orthe Clinton to bring real pressuretobear on the U.S. has apopulation that is 18% His- In reality,Mr. Trump had won61% of Antrim Global Initiative.” regime.This is especially timely—with panic,while only 5% of doctorsare County.The unofficial reporting waswrong,but Another rumor is that Dominion has deep ties Cuba reeling under the impact of Hispanic,and thereisaclear case for the underlying voteswerecounted correctly.As with Smartmatic,which has supplied voting sys- greatlyreduced support from Venezu- encouraging Cuban doctorstodefect. officials later explained:InOctober the county tems to Venezuela, wherethe ruling regime ma- ela and the regime facing mounting Cuban doctorswhose consciences had to tweak the ballot information fortwo local nipulates elections.Both companies denythis. opposition at home,including from have led them intomedicine to help races. Tabulating machines in the affected areas Smartmatic says it “has never provided Domin- the Roman Catholic Church. underserved populations will find that were updated, but othersweren’t. On Election ion Voting Systems with anysoftware,hardware EVERETT ELLIS BRIGGS thereare plenty of underserved Amer- Daythe differing datadidn’t line up right after or other technology.” Dominion says they “do Hilton Head Island, S.C. icans who will appreciatetheir medi- being merged. But the printoutsfromthe tabula- not collaborateinany wayand have no affiliate Mr. Briggs served sequentially as calcare, treasuretheir ability to speak U.S. ambassador to Panama, Hondu- Spanish and provide them with a tors showedaccuratetotals. relationships or financial ties.” In 2009,Domin- ras and Portugal 1982-93. meaningfulcareer. In anycase,the Michigan SecretaryofState’s ion adds,Smartmatic “licensed Dominion ma- MICHAEL BRITTEN-KELLY office said the error “would have been identified chines foruse in the Philippines,” but the con- Ms.Dobrianskyand Mr.Rivkin Jacksonville, Fla. during the county canvass,” when Democrats tract “ended in alawsuit.” and Republicans “reviewthe printed totals tape iii from each tabulator.” Antrim County Clerk No voting system is foolproof,and hiccups Obama Defense Spending Was Below Average Sheryl Guytold the Associated Press: “There areinevitable in acountrywith roughly 3,000 wasnomalice, no fraud here, just human error.” counties.The distributed natureofAmerican In “Joe Biden Can Build on average of 6.4% of GDP from She’saRepublican. elections is astrength on this point, sincevoting Trump’s Foreign Policy” (op-ed, Nov. 1962-1990. Even that understates a Adifferent problem hit GwinnettCounty,Ga. is handled by innumerable local officials instead 13), Michael O’Hanlon states that “Cold War average,” as defense “President Obama’s [defense] budgets spending from the late 1940s into the Officials had trouble with aDominion module for of afew central authorities.Texas has declined in the $600 billion range were well 1960s was more like 8%-10% of GDP. adjudicating absentee ballots, forexample,ifthe to certifyDominion systems forits elections. above Cold War averages.” This Mr. Obama’s final budget (fiscal 2017) voterput acheck mark in the circle instead of Theexaminers objected to everything from the whopper is too obvious to have gone spent 3.1% of GDP on defense, near filling it in. Some adjudicated ballots, the county “tedious” and “unintuitive” setup,toacrash unnoticed. It’s like arguing that the modern low of 2.9% at the end of said,“were displayedasinprogressbut would they witnessed in an adjudication module,toan teachers are overpaid because they’re our blissful 1990s holiday from geo- not moveovertobeaccepted.” Thecounty indicator light that hackerscould hypothetically making many times more (in nominal political reality. What Mr. O’Hanlon ended up re-adjudicating some votesuntil Nov. removetoget at aUSB port. dollars) than in the 1960s. refers to as a recent “defense 5. Sounds likethe usual boring IT snafu. But so far there’snogood evidenceofvoting A minute’s reference to the CBO buildup” has only nudged us to 3.3% Other punditsmash together all sortsofstuff. problems that would come close to Mr.Biden’s website shows that over the eight of GDP for fiscal 2020 and maybe as Acouple of counties in Georgia had trouble with lead of 73,000 votesinPennsylvania or 145,000 budgets President Obama actually much as 3.5% in fiscal 2021. electronic poll books,but that would affect wait in Michigan. In Georgia, the Republican Secre- signed (fiscal 2010-17) defense spend- MARK HAMBY ing averaged 3.75% of GDP versus an Seattle times at precincts, not final vote totals.There’s tary of State last week ordered ahand recount footagefromaHouse hearing afew yearsago, of all five million ballots. Theeffort turned up at whichPrinceton Computer ScienceProfessor 2,600 missing votesthat Floyd County forgot to Andrew Appel said that voting machines could upload. Adding them would cut Mr.Biden’slead Another Look at That Biden Military Service Fosters theoretically be hacked. Where’sthe proof they to slightly north of 13,000.But the error isn’t Do- $400k Payroll-Tax Proposal Community and Diversity actually were in 2020? “Vulnerabilities,” Mr.Ap- minion’sfault, and it betterhope no glitches are pel wroteinablog post Friday, “are not the same revealed, given its10-year contract with the KarenE.Smith and RichardW. H.R. McMaster’s “Ponder the Re- as riggedelections,especially when we have pa- statefor $107 million. Johnson of the Urban Instituteen- wards of Military Service” (op-ed, per ballotsinalmost all the states.” If Georgia’srecount doesn’t find big irregu- dorse JoeBiden’sproposed increase in Nov. 11) is a great reminder of the Mr.Trump wasevenfurther astray last week larities,then these claims should be put to rest. Social Security taxesonwages above value of the draft, which was abol- in atweet. “REPORT: DOMINION DELETED 2.7 In the George W. Bush years, the conspiratorial $400,000 (Letters,Nov.5). Afterall, ished in the early 1970s. Young men they say, it “ishardly an undue burden from all walks of life were thrown to- MILLION TRUMP VOTESNATIONWIDE. DATA leftfocused on Diebold, amaker of electronic on the upper-middle class, especially gether in basic training and learned ANALYSIS FINDS 221,000 PENNSYLVANIA voting machines.Itwould be amistakefor any- given the windfalls higher earners very rapidly how to get along and VOTESSWITCHED FROM PRESIDENT TRUMP one on the right to go down asimilar dead end, have reaped in recent decades.” function as a unit. As Gen. McMaster TO BIDEN.941,000 TRUMP VOTESDELETED.” especially if Georgia’spaper ballotsgivethe But most high earnershaven’t states: “bigotry, racism and other Dominion says it’s“impossible” that itsma- same result as the computers. reaped awindfall (i.e.,“an unexpected, forms of intolerance and prejudice unearned, or sudden gain”). They’ve have no place.” We were bound reaped what they’vesownthrough ex- “through a sense of common purpose, Newsom Gets His BLM Orders trayearsofeducation, long hoursat mutual respect and willingness to work,risk-taking,delayedgratifica- sacrifice.” These lessons were invalu- dentity politics was a debacle for Demo- President, the Senate will soon have no black tion, wise saving and investing and able to me as I have gone through other prudent steps to hone their life. In retrospect, abolishing the cratsonNov.3,not least in California women. They recommend Reps. Karen Bassor skills,moveupthe ladder and achieve draft may have been one of the coun- I wherevotersdefeated aconstitutional Barbara Lee. South Carolina’sTim Scottisa financial success.Now Mr.Biden try’s worst mistakes. amendmenttoallowracial preferences in black Republican man, who doesn’t count in wantstoredistributethe fruitsof MICHAEL SANGER schools and government. But don’t tell that to BLMworld. their labor. North Palm Beach, Fla. Black Lives Matter, which has delivered itsnew Let’ssee what Mr.Newsom does.Hehas pres- Naturally the Bidens won’t be pay- orders to Gov. Gavin Newsom: “He Must Ap- idential ambitions and rarely bucksprogressive ing the 12.4% surtax or 54%-plus mar- point a Black Woman to the Senate.” interest groups.Onthe other hand, the vote ginal taxrateontheir book royalties Biden Can Heal by Pushing Theinternet messagetosupporterssays against racial preferences was57. 1%-42.9%, and and speaking fees,which they conve- Health-Care Transparency that, with Kamala Harris leaving to be Vice the measurelost in 52 of 58 counties. niently shelter from payroll taxes (“Howthe Bidens Dodged the Payroll Another plank in JoeBiden’s“A Tax,” op-ed, Aug.11). ‘Time to Heal’ Agenda” (Review&Out- CHARLES D. EDEN look,Nov.11) canbesupport forforth- Judy Shelton’s Heresy Atlanta coming health-carepricetransparency, which canprovide afix to the Afford- udy Shelton’snomination to the Federal Ms.Shelton differsfromFed orthodoxy in able CareAct and provide consumers Reserve BoardofGovernorsfailed to preferring that the central bank eschewat- Biden and McConnell Can with real prices so that they canshop J moveahead in the SenateTuesdayamid temptstomicromanagethe economyand fo- Agree on Infrastructure forthe best quality care and coverage two SenateGOP absences due cus instead on stability as at thelowest possible prices. to Covid. But Majority Leader The Fed now agrees with measured by exchangerates Regarding William Galston’s Mr.Biden candemonstrateabipar- Mitch McConnell reserved the her on interest rates, but and asset and commodity “Where Biden and McConnell Can tisan governing agenda by champion- right to vote again, and we prices.The Fedhas gone in Agree” (Politics & Ideas, Nov. 11): I ing the Health and Human Services fi- hope the Senatedoes.She de- the Beltway club objects. the oppositedirection in would add agreement on infrastruc- nal rules requiring hospitals and health serves to be confirmed—not adopting an “average infla- ture funding. Manufacturers, cham- insurerstopost their discounted cash bers of commerce and labor all agree prices and cost-sharing information— least because of the ugly cam- tion target” that effectively we desperately need to physically fix reforms supported by asupermajority paign against her. gives it carteblanche to do whatever it wants our crumbling country. Heck, Sen. of around 90% of Americans.The rules Ms.Shelton wasnominated in Januaryand forwhatever reason. Mitch McConnell’s spouse, Elaine will usher in afunctional and competi- the Banking Committeeapproved her in July. If youworryabout politicized central bank- Chao, is President Trump’s secretary tivehealth-caremarket that will put But Republicans MittRomney, Susan Collins ing,this is afar greater danger than anyinter- of transportation and Joe Biden was a downward pressureonhealth-care and Lamar Alexander oppose her,though the est-ratepolicyMs. Shelton has advocated. The longtime regular Amtrak rider. Even prices beginning in Januarywhen the reasons fail on inspection. Fedisunmooring from objectivebenchmarks President Trump agreed on Speaker hospital rule takeseffect. Thesavings Ms.Shelton holds advanced degrees in eco- and subjecting itself to pressurefromCapitol Pelosi’s call for a nearly $2 trillion in- on care and premiums will be an eco- nomic fields—Fed Chairman Jerome Powell is Hill and the WhiteHouse to manipulatehow it frastructure package last year. nomic stimulus forAmerican families alawyer—and has participated in monetary- calculates the “average” in itstarget. The rate of return on infrastructure forgenerations to come. investment is enormous, for example, CYNTHIA A. FISHER policydebates sincethe 1980s.The objection As forFed independence, Mr.Powell is generally 4 to 1 on mass transit. Dur- Founder and chairman is to her opinions.Those have been branded un- joined at the hip with the Trump Treasuryand ing the past decade in Illinois, over PatientRightsAdvocate.org conventional, though the Fedlately hasad- is suggesting he’ll do whatever the Biden Trea- 50% of all new jobs and 85% of new Newton, Mass. opted some and proven howright she is in oth- surywantsaswell. He has endorsed morefiscal commercial construction were within ers. Her GOP critics think she’snot independent stimulus,which is not in his policymandate, a half-mile of transit after Chicago- enough from President Trump, though that is and is hinting he’ll buy as manybonds and keep land began to revitalize our system, Pepper ... irrelevant afterthe election. They also accuse interest ratesaslow as the powers-that-be but we must do more and desperately And Salt her of flip-flopping to oppose lowinterest rates want. Failing to confirm Ms.Shelton will leave need new federal capital investment. during Barack Obama’sterm and then support the seat forJoe Biden to fill. Many state governments, including THE WALL STREET JOURNAL lowrates once Mr.Trump wasinoffice. Thefuryunleashed against Ms.Shelton is often dysfunctional Illinois, have re- But the Fedflipped too. As asset prices far out of proportion to the powershe’dhave. cently stepped up and done their part on infrastructure investment. These soared and the economyrecovered afterthe fi- She’d be one of seven board members and one improvements help rural, agricultural, nancial crisis,she said the Fedshould normal- of 12 on the Open Market Committee. Yet suburban and urban areas. izepolicyand raise rates. Instead the Fed Washington’spolitical-media classtreatsher Infrastructure is ripe for agree- waited until late2015,when unemployment likeaninvading vandal. ment between America’s polarized wasfalling without sparking renewedinflation. Tony Fratto,apublic-relations man in the political parties in Washington. Start Nowshe observes that if thereisnoevidence Bush Treasurywho is nowapartner in aBelt- now. inflation is taking hold, the Fedshould not view way influenceshop,says “Judy Shelton de- KIRK DILLARD historically lowunemployment as areason to serves zero votesfromthe Senate. TheFederal Chairman, Regional Transportation raise ratesprematurely. Reserve Boardisn’t atoy.” Themedia quoted Authority Which is precisely what the Fedhas done in this glib line as if from amonetaryoracle,but Chicago the strategic reviewitunveiled this summer. it shows Ms.Shelton’sreal offense is that she’s Lettersintended forpublication The Fed is abandoning in all but name the dis- not amember of the Washingtonclub. should be emailed to [email protected]. credited Phillips Curvethat posited lowunem- Ms.Shelton’smonetaryviews used to be Please include your city, stateand ployment would triggerinflation. Instead pol- considered apolicydisagreement, but nowa- telephone number.All letters aresub- icymakerswill wait to see inflation rising for days they’reheresy.All the morereason to con- ject to editing,and unpublished letters “Actually, this isn’t a bad time cannot be acknowledged. some time beforeraising rates. firm her as an independent voice. to be out of touch with reality.” P2JW323000-0-A01700-1------XA

THE WALL STREET JOURNAL. We dnesday, November 18, 2020 | A17 OPINION Clinton’s Example for Biden Trump Helps Biden Push By Phil Gramm cine,bipartisan action could guaran- And Mike Solon teeaV-shaped recovery. If Republicans win the Georgia run- Iran Toward epublicans and Democrats offs,American voters will have pre- campaigned on very dif- cluded the Biden administration from ferent platforms this year, raising taxes, packing the courts, ad- Democracy R and the American people mitting PuertoRicoand the District of seem to have had their Columbia as states,and implementing ownagenda. By electing adivided aleftist agenda that would dramati- By Benny Avni government, Americans mayget cally expand government. And while what they appear to want: aBiden the president has regulatoryauthority, oe Biden promises on his cam- firstterm that’smorelikeBill Clin- the courtsand Congresshavethe J paignwebsiteto“revitalizeour ton’ssecond term than athirdterm powertocheck itsexcessiveuse. national commitment to advanc- forBarack Obama. Mr.Clinton’sacceptanceofthe ing human rightsand democracy Voters apparently rejected Presi- voters’judgment produced a4.6%av- around the world.” If he’sserious,he dent Trump’schaotic and abrasive eragegrowthrateinhis final three should thank President Trump for style but endorsed his economic poli- yearsinoffice. Mr.Obama’srejection helping out. cies.Joe Biden might have been of the voters’messageproduced the In early November,ElliottAbrams, elected, but voters rejected aradical weakest economic recovery of the Mr.Trump’senvoy forIranand Vene- transformation of Americabyreducing postwarperiod. zuela, wastouring allied Mideast the Democratic majority in the House. Inaction or gridlock isn’t aviable countries—Israel, the United Arab And despitethe Democrats’ spending response to the debt surge produced Emirates andSaudi Arabia—coordi- KELLEY

arecord$809 million, Republicans will A by the pandemic shutdown. Based on natingnew measures against Iran. retain control of the Senateifthey win the explosion of spending in 2020 SecretaryofState MikePompeo is

at leastone of Georgia’stwo runoff BARBAR alone,the federal debt will leap to following up with asimilar tour.A elections.Republican candidates re- 104% of grossdomestic product from newset of Iran sanctions reportedly ceived morevotes in both racesand and succeeded in nationalizing the in- primaryvotersrallied around his 79.2% in 2019.The Congressional Bud- will be announcedeach week until wonSenaterunoffs in the yearswhen dividual health-caremarket. Again moderateappeal and rejected the so- getOfficeprojectsthat the growth in Jan. 20,some targeting Iranian enti- Bill Clinton and Barack Obama were voters reacted by electing aRepubli- cialism of Bernie Sandersand Eliza- the national debt will exceed the ties not directly involved in thenu- elected President. canHouse and sending moreRepubli- beth Warren. growth of the nation’sincome forthe clear field. Americawill seek to pun- cans to the Senate. Facing the same Afterthe primaries,Mr. Biden en- foreseeable future. And this debt crisis ish terrorist sponsors, missile choiceMr. Clinton confronted in 1994, dorsed the Sanders“unity” document, is occurring as entitlement programs developersand violatorsofhuman Like the 1994 election, Mr.Obama chose to ignorethe voters’ which promised to radicalizeAmerica areset to runout of money. rights. will and pushed ahead with his parti- by decriminalizing drug use,turning Only bipartisanship candeal with voters have chosen divided san agenda of tax, spend and regulate. local policedepartmentsintosocial- this crisis.When Social Security government—and issued a Economic growth slowed, spending serviceagencies,establishing arepara- faced bankruptcy in 1981, neither Re- The incumbent confronts rose,and budget deficitstotaled $4.5 tions commission, and restructuring publicansnor Democratsalone could Tehran on terrorism and mandate for compromise. trillion over his last six yearsinoffice, American government and society on have mustered the courage, leader- even though therewas no recession, what amountstoaquotasystem. ship or votestofix the problem, but human-rights abuses. no warand no pandemic. When voters split their tickets, they re- President Reagan and Speaker Tip Thenation’s prosperity and the President-elect Biden todaystands jected Mr.Biden’sgeneral-election O’Neill forged abipartisan solution functioningofdemocracyoften de- whereMessrs. Clinton and Obama agenda even as they elected him presi- that has kept Social Security solvent Such sanctions would be difficult pend on howapresident responds stood, but he gotthe messagetwo dent. Anylegislativeaction forthe next fornearly 40 years. forMr. Biden to reverse, even if he is when voters reject his agenda. When yearsearlier,atthe start of his ad- two yearswill have to be bipartisan. Mr.Biden is aliberal rather than a determined to rejoin the Joint Com- Mr.Clinton raised taxesand at- ministration, rather than in the mid- If Mr.Biden yields to the voters’ radical, and his 36 yearsinthe Senate prehensive Plan of Action (JCPOA). tempted to nationalizehealth care in term election. Mr.Biden won’t be able verdict, he could followMr. Clinton’s taught him that durable support for That deal,negotiated by the Obama- 1993-94, voters reacted in 1994by to enact the policies he campaigned example and find areas of bipartisan legislation comes only through biparti- Biden administration and abandoned electing aRepublican Congress. Mr. on in the general election, such as $4 cooperation, beginning with the sanship.Iflefttohis owndevices, Mr. by Mr.Trump,concentrated narrowly Clinton wasthen forced to choose be- trillion in newtaxes,aGreen New economy. So strong wasthe Trump Biden would negotiate. TheAmerican on nuclear issues and deferred other tween the people’s will and his Deal and the opening up of Medicare economythat Mr.Obama claimed voter, exhibiting awisdom that has malign Iranian activities.New sanc- agenda. In choosing the former,Mr. to those under 65.But voters have credit foritthree yearsafter he left sustained us formorethan 230 years, tions canhelp achieveMr. Biden’s Clinton worked with Republicans to not blocked the approach Mr.Biden office. With more-enlightened trade has made it easier forour newpresi- stated goals. balancethe budget, cut taxes, limit embraced during theprimaryelec- and legal immigration policies,Presi- dent to makethe right choice. Iran’s execution in September of theregulatoryburden and reform tions.InJune 2019,Mr. Biden defined dent Biden canmakethe economy Olympic wrestler Navid Afkari for welfare. Democratsand Republicans his candidacythis way:“Nobody has even stronger.With the economyre- Mr. Gramm is aformer chairman participating in an antiregime pro- created one of the strongest postwar to be punished. ...Noone’sstandard bounding far faster than even the of the Senate Banking Committee. Mr. test, forone,shocked manyaround expansions and abudget surplus. of living will change, nothing would most optimistic forecastsand the im- Solon is apartner of U.S. Policy Met- the world. Calls forexcluding Iran In 2009-10,Mr. Obama raised taxes fundamentally change.” Democratic minent availability of aCovid-19 vac- rics. from international competition grow, even as Afkari’sbrothers, Vahid and Habib,are held in Iranian dungeons. Agroup that includes the Iranian hu- Behind the Elite Hatred of Clarence Thomas man-rightsactivist Masih Alinejad and grandmaster GarryKasparov ar- When an inter- nationtothe Supreme Court, both NAACP, which is rewarded with do- areleast likely to reside in these gues forexcluding Iranian chessplay- viewerasked me before and after Anita Hill’s allega- nations from teachersunions,but communities or bear the conse- ersfromthe world championship as what Imade of Joy tionsofinappropriatesexual talk. how does it help a poor family with quences of scapegoating lawenforce- long as they refuse to faceIsraeli Reid’sinsulting Jus- “Polls consistently revealed that the children trapped in achronically fail- ment. In Minneapolis,the protests competitors. Meanwhile,Ms. Aline- ticeClarence majority of the black populace sup- ing school? were followedbydozens of police jad’sbrother,Alireza, wassentenced Thomas on MSNBC ported Thomas’snomination and Thekilling of George Floyd in department retirementsand resigna- to eight yearsinprison forthe crime UPWARD earlier this month, I that the lower the income level, the Minneapolis earlier this year brought tions.Morethan 100 officershave of being related to the activist, who MOBILITY said it wasdisap- greater thesupport,” according to nationwide calls from black activists, taken leaves of absences, morale is livesinthe U.S. and organizes pro- pointing but hardly the veterangrass-rootsactivist Rob- elected officials and the media to low, and recruitment effortshave testsagainst forced hijab laws. By Jason L. surprising.The ert Woodson.“At the same time, “defund the police.” But when the lagged. Thedepartment is nowover- Last month, on the second anni- Riley black lefthas been people forced to liveinhigh-crime whelmed and violent crime in the versaryofthe gruesome killing of Ja- calling Justice neighborhoods were consulted, only city has skyrocketed. mal Khashoggi,Mr. Biden vowedto Thomas aracetraitor fordecades. He challenges their race- asmall percentagecited overpolicing “So far this year,491 people have “re-evaluate” relations with Saudi It’swhat they do when they can’t re- as the problem. AGallup poll re- been wounded by gunfire,” Minne- Arabia. America, he said in anewsre- fute his arguments. based grievances and holds leased in August reported that 81% sotaPublic Radio reported last week. lease,“does not check itsvalues at During an Election Daypanel dis- views more in line with of black respondentswanted the po- “The city’s gunshot tally is more thedoor” forthe sakeofpromoting cussion with Rachel Maddowand Ni- lice presence in their community to than double the amount at this time hard, cold interests. Yetthat’swhat colle Wallace, Ms.Reid referred in ordinary black Americans. remain the same or increase, while last year.” The city’s poor residents theObama administration did with passing to “Uncle Clarence”—a play only 19% wanted it reduced. In asep- arethe most common victims of vio- the JCPOA, which eased sanctions on “Uncle Tom,” the epithet used to arate survey released last year, 59% lent crime,but so long as the shoot- levied earlier,including those related describe a black man who is servile Clarence Thomas’s greatest antago- of black residentsoflow-income ings don’t involve law enforcement, to human rights, in an attempt to de- toward whites. Either MSNBC is OK nistswereleadersofthe civil rights neighborhoods said that “they would the activistsand politicians and nuclearizethe Iranian regime. with itshostsusing racial slurson establishment who viewed his posi- likethe policetospend moretime in commentators are unlikely to make But nonnuclear issues relating to the air, or the network is under the tions as a threat to their agenda of their area than they currently do,” much of afuss. They’retoo busy Iran have sincetaken center stage. impression that Ms.Reid and the race-based grievances.” versus only 50% of white residents. searching for the next police shoot- Tehran has increased itsaggression in justice are related. JusticeThomas has long argued Calls to reducepoliceresources ing to exploit politically,orontelevi- the Gulf,Yemen, Lebanon, Syria, Gaza In anycase,she joins along list of that racial preferences not only stig- don’t reflect black opinion in general sion belittling black people who dare and beyond. It has amped up develop- liberal black elites—journalists, ac- matizeblack achievement but arefar so much as the views of elites who to think for themselves. ment of ballistic missiles,scoffing at tivists, academics,politicians—at- more likely to help those who were admonitions about violating the spirit tacking Justice Thomas as a sellout already betteroff rather than the of United Nations resolutions. for having the audacity to disagree blackunderclassinwhose name Will Mr.Biden reversesanctions with them on racial issues generally these policies are advocated. When One Agency for Antitrust meant to addressthose issues simply and on affirmativeaction in particu- thelikes of JoyReid knock him for because Mr.Trump imposed them? lar.Testifying against Justice this view, they areacting in their By Mike Lee care cases go to the FTC, while en- Will he turn America’sback on de- Thomas’sconfirmation in 1991, Rep. ownself-interest, not in the interest ergy cases go to Justice. This avoids mocracyand human rightsand ally Major Owens likened him to Vidkun of most black people. nforcement of U.S. antitrust waste, but it also creates the risk of Washingtonwith aregime that nears Quisling,the Norwegian militaryof- This divergenceinopinion be- E laws has been divided for different industries receiving differ- the world’srecordinpublic execu- ficer who collaborated with the Na- tween intellectuals and the broader more than a century between ent antitrust enforcement. The tionsofdissidents? zis.OnPBS in 1994, the political society isn’t unique to blacks.White the JusticeDepartment and the Fed- strength of antitrust enforcement Surely some Obama-eraforeign commentator Julianne Malveaux re- intellectuals don’t speak formost eral Trade Commission.We’vehad shouldn’t hingeonacoin toss or a policyaides will advise dropping all marked: “I hope his wifefeeds him whites,either.Still, confusing the more than enough time to see that backroom deal. Trump-erasanctions forthe sakeof lotsofeggsand butterand he dies wants and needs of most black peo- this arrangement doesn’t work.Iwill Therecent case against Qual- rejoining the JCPOAasoriginally early,likemanyblack men do,of ple with those of black elites can soon introduce the One Agency Act comm is the clearest example of the agreed. YetMr. Biden wroteinOcto- heart disease.” lead to direconsequences forthe to put all federal antitrust enforce- potential forconflicting enforcement ber on the CNN websitethat he Thepress oftenpresentsthe former.Blacks overwhelmingly sup- ment under one roof. policy. Afterthe FTC wonattrial, would “continue to use targeted sanc- views of black elites as representa- port school choice, forexample, No one would intentionally design tions against Iran’shuman rights tive of the views of most blacks. In while groups likethe NAACP, which the system we have today. Even Jus- abuses,its support forterrorism and fact, JusticeThomas wasalways claim to speak in the interest of the ticeand the FTC,when helping other Encourage competition, ballistic missile program.” morepopular with averageblack black poor,oppose vouchersand nations setuptheir owncompetition but regulatory turf wars Iran’seconomyiscollapsing.The people than the media led us to be- want amoratorium on public charter authorities,don’t advocateseparate authorities’ record on addressing lieve. Most blacks backed his nomi- schools.That position benefitsthe enforcers.Effectiveand efficient an- are the wrong kind. natural disastersand the coronavirus titrust enforcement is essential to pandemic is dismal. Popular anger maintaining free marketsand pro- growsataggression abroad while or- tecting consumers. But the status Justice supported Qualcomm in its dinaryIranians struggle to make PUBLISHED SINCE 1889 BY DOWJONES&COMPANY quo of divided lawenforcement un- successfulappeal. Twofederal agen- ends meet.Meanwhile,neighbors Rupert Murdoch Robert Thomson dermines these objectives. cies,tasked with enforcing the same have formed astrengthened anti-Iran Executive Chairman, News Corp Chief Executive Officer, News Corp Currently,Justiceand the FTC laws on behalf of the federal govern- club of American friends. Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher work under an arrangement in which ment, argued against each other in Theregime’shold on poweris Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: each agencymust get“clearance” court. That is thedefinition of abro- tenuous.Short of itsultimatecol- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; from the other beforeopening an in- ken system. lapse,the sanctions Mr.Trump in- Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; vestigation. This regularly leads to The One Agency Act would solve tends to impose canhelp the incom- News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; turfbattles as lawyersfromeach these problems by moving all anti- ing president negotiateadeal that Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer agencyfight over who gets the case. trust enforcement to the JusticeDe- would addresscrucial issues,includ- Andrew Dowell, Asia; AnthonyGalloway, Video & Jurisdiction over one merger, of partment, which is more politically ing human rights, that the original Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; body-cameracompanies,was liter- accountable to voters and the only JCPOAneglected. Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; ally decided by a coin toss. agency that canoversee criminal Critics have long accused Mr. Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; Everyyear government lawyers cases.This will makeour antitrust Trump of dropping the promotion of Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News spend hundreds of hours managing enforcers stronger and more effec- human rightsasaforeign-policytool. Thomas SanFilippo, Customer Service; these fights, wasting taxpayer tive, eliminatewasteand delays,and But his Iran policy, including the GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; money and delaying enforcement of ensurethe federal government forthcoming sanctions,can makethe Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; the antitrust laws that protect speaks with asingle voiceonanti- next president’smission—spreading Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International American consumers. This is no way trust. This is an obvious good-gov- American values on aglobal scale— WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: to runagovernment. When they ernment solution—a win forcon- much easier.Assuming that Mr.Biden LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head aren’t fighting, Justice and the FTC sumers and the economy. acceptsthis mission.

EDITORIAL AND CORPORATEHEADQUARTERS: engageintheir ownform of market 1211 Avenue of the Americas, New York, N.Y., 10036 allocation, assigning certain indus- Mr. Lee, aRepublican, is aU.S. Mr. Avni is aNew York-based for- Telephone 1-800-DOWJONES triestoeach agency. Most health- senator from Utah. eign-policy columnist. P2JW323000-0-A01800-1------XA

A18 | We dnesday, November 18, 2020 THE WALL STREET JOURNAL. P2JW323000-4-B00100-1------XA BUSITECHNOLNEOGY: TWITTERSSTO INTRODUCE&F‘FLEETS,’ VAINNISHING TWANEETS B4 CE

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S&P 3609.53 g 0.48% S&P FIN g 0.21% S&P IT g 0.55% DJ TRANS À 0.33% WSJ $ IDX g 0.14% LIBOR 3M 0.231 NIKKEI (Midday) 25830.31 g 0.71% See more at WSJ.com/Markets Stocks Fall as Virus Cases Surge TIAA’s

Dow drops over 167 just short of the 30000-point ing fresh restrictions on social is already having an economic hit all-time highs,especially in Ferguson milestone on Monday. activity to curb the outbreak, effect. Fresh dataTuesday this market, you’realways go- points after TheS&P 500 fell 17.38 which could hobble the econ- showedthat retail sales rose ing to have someone who takes approaching 30000 points, or 0.5%, to 3609.53. omyinthe winter months. 0.3% in October,well belowthe the other side.” To Retire TheNasdaq Compositeslipped “Obviously,the elephant in 1.6% gain in September.Indus- On Monday, the S&P 500, milestone on Monday 24.79points, or 0.2%, to the room is the incredible trial production rose 1.1% in Oc- DJIA and Russell 2000 small- 11899.34. surgeinCovid cases we’re tober,but output forthe month capstock indexall hit records, BY JEM BARTHOLOMEW Investorswerefocused on nowseeing,” said Oanda ana- wasstill 5.6% lowerthan its the firsttime all three indexes In March AND PAUL VIGNA surging coronavirus infections lyst CraigErlam.Investorsare prepandemic Februarylevel. closed at all-time highs on the and their effect on the econ- mostly discounting the new Investorshavebeen showing same daysinceJan. 22,2018, Stocks fell Tuesday, aday omy. wave,but itseffectscould last ahigher tolerancefor risk since according to DowJones Market BY JUSTIN BAER afterthey closed at record Thenumber of newly re- longer and be much worse JoeBiden wasprojected to be Data. It wasthe latest sign that highs, as investors weighed ported Covid-19 cases in the than they expect, he said. thepresident-elect, said Max the market rally wasbroaden- TeachersInsuranceand optimism about potential U.S. jumped on Mondayto “It has been and remains Gokhman,the head of asset al- ing beyond tech to growth-sen- Annuity Association of Amer- Covid-19 vaccines against a over 166,000 cases from aday the greatest downside risk for location at Pacific LifeFund Ad- sitivesectors. ica said Roger Ferguson,the surge of the virus in the U.S. earlier,and the number of these markets, which arenow visorsinNewport Beach, Calif. That rally has come amid a money manager’s long-serving The Dow Jones Industrial those hospitalized hit another sitting in pretty frothyterri- That tolerancespurred some wave of good news from phar- chief executive, will retirein Averagefell 167.09points, or record.Local authorities tory again,” he said. contrarians to go against the maceutical companies racing to March. 0.6%, to 29783.35, afterclosing acrossthe countryare impos- That newwaveofinfections grain, he said. “Whenever we PleaseturntopageB13 Mr.Ferguson, one of Wall Street’s most-prominent Black executives,ran TIAAfor a Tesla’s Shares Soar as Electric-Car Maker Is Set to Join the S&P 500 dozen years, leading the firm Walmart through the 2008-09 financial Market value of largestS&P 500 companies and Tesla* Tesla's shareprice Tuesday crisis and broadening itsreach $441.61 through multibillion-dollar ac- quisitions.Aformer vice SalesRise Apple Amazon.com Alphabet All-time high $2.03 trillion $1.57T $1.19T chairman of the U.S. Federal Reserve, Mr.Ferguson has $400 emerged as atop contender ButPace foracabinet role in the Biden Passes Ford to administration, TheWall become most Street Journal reported. valuable U.S. EasesUp “I am absolutely con- carmaker ever 300 vinced—and the board BY SARAH NASSAUER agrees—that nowisthe time to select the next CEO who Walmart Inc.’squarterly cancontinue,enhanceand sales rose at aslowerpace Facebook Visa Walmart driveour strategyfor the next than earlier in the coronavirus $783.3B $448.3B $423.3B 200 decade and beyond,” Mr. Fer- pandemic even as shoppers Microsoft guson said Tuesday. “It’sthe continued to buy up food and $1.62T responsible thing to do for cleaning supplies andthe re- this great company.” tailer pushed early holiday TIAAsaid itsboardhad deals. 100 hired an executivesearch firm Johnson & Comparable U.S. sales,those Tesla to help identifyMr. Fergu- BerkshireHathaway Johnson at stores or digitalchannels $418.6B son’ssuccessor.Mr. Ferguson, operating for at least 12 $546.6B $393.2B 69 yearsold, intends to step months,rose 6.4% in the quar- 0 down on March 31. ATIAA terended in lateOctober.It spokesman declined to com- wasathirdconsecutivequar- Jan. June Nov. ment on whether Mr.Fergu- terofstrong growth, though son has apotential role in belowthe prior two quarters. Tesla's quarterly netincome/loss Largestcompanies to be addedtothe S&P500 government. E-commerce sales in the U.S. going back to the mid-1990s† Under Mr.Ferguson’sdi- $400 million jumped 79% and accounted for rection, TIAAexpanded ag- Tesla (2020) much of the latest quarter’s $418.6 billion gressively beyondits core 200 gains. BerkshireHathaway (2010) 189.8 businessmanaging retirement In theU.S., shopper traffic accountsfor employees in decreased 14.2%, while the 0 JDSUniphase (2000) 126.6 U.S. colleges,health-caresys- value of the averageshopping tems and other nonprofit in- Google (2006) 115.9 trip increased 24%. People are –200 stitutions. making fewertrips to Walmart Philip Morris (2008) 107.6 TIAAnow oversees more stores,shifting morespending than $1 trillion in assets un- online and stocking up when –400 QwestCommunications (2000) 94.7 der management, morethan they do go to stores,the com- double whereitstood when BankAmerica(1998) pany said. Sales of groceries, –600 93.0 Mr.Ferguson arrived. paper goods and household Yahoo! (1999) 91.6 TIAA’s2014acquisition of cleaning supplies helped boost –800 Nuveen Investment wasthe United Parcel Service(2002) 74.8 sales.Demand forparking-lot 2017 ’18 ’19 ’20 firm’slargest deal in itscen- pickup services or home deliv- turylong history. Thedeal eryincreased. *Data through Tuesday†Data through Tuesdayfor Tesla; Includes companynames at the time they broadened the firm’sportfolio “When the pandemic hit, we were added to the index; Data based on full companymarket values, notjustvalue of public float of investment funds and were hit hardfromanout-of- Sources: FactSet and S&P DowJones Indices via DowJones Market Data (market value, shareprice, largestcompanies); the company(net income/loss) beefed up adistribution net- stock standpoint and it sent JOINING THE CLUB: The stock has more than quintupled in 2020, giving the company a market value above $400 billion and work that sells those products traffic intoother retailers,” positioning it to debut as one of the 10 largest components in the index. On Tuesday, Tesla shares rose 8.2%. B13 through pension funds,in- Walmart financechief Brett vestment advisersand other Biggs said in an interview. In- PleaseturntopageB2 stock levels have sinceim- proved,hesaid. “Over time that works itsway back,as PERSONAL TECHNOLOGY | By Joanna Stern people getback to what the newnormal looks like.” Coronavirus has upended the retail landscape,allowing Apple’s Laptops Make Biggest Leap in Years some retailerstothriveas morespending shifts to house- hold basics and home improve- In the great Goodnight—forever—lap- machine is attempting to leased just earlier this year. canfind them in the Mac App ments.Otherssuch as depart- work-from- top noises everywhere. cool the Sahara? Battery life Howisthat possible? Store. If developersdon’t ment stores and apparel home room sat OK, so my children’s book that drops faster than the Instead of using the Intel want their apps to be avail- PleaseturntopageB2 two Apple lap- tour might be indefinitely New Year’s Eve ball? With chips found in Macs forthe able forthese MacBooks— tops connected delayed, but Apple’s new M1- the new $999-and-up Mac- past 14 years, Apple swapped perhaps because the software to Zoom. chip laptops are right on Book Air and $1,299-and-up in itsown, the M1. It means won’t playnicewith anon- Within both machines time. For real, they aren’t 13-inch MacBook Pro, which crazy cool temperatures,10or touch-screen device—they INSIDE dwelt speedy M1 chips, mak- only the quietest ever, they go on sale on Tuesday, those morehoursofbattery lifeand won’t showupthere. ing them sound less than ever change everything you’ve will be travails you tell your insanely quiet performance. Putthat aside and you’ve like spaceships. come to hate about your lap- grandchildren about. Plus, It also means the ability to gotthe best laptops ever,pe- Goodnight MacBook Pro, top. they’re faster than their re- runyour favoriteiPadand riod. Nowthat the Air and Goodnight MacBook Air. Fans that sound like your spective predecessors, re- iPhone apps.That is if you PleaseturntopageB4 Delivery BoxesBring

AUTOMOBILES Honda unveils anew NewLifetoRecycling Civic,seeking to BY BOB TITA boxes. And they have more counterthe trend material to work with as peo- awayfromsedans. B3 Junk mail and discarded ple order morefood and pack- deliveryboxeshaveturned ages to their homes. intoahot commodity as the “Those who arerecycling paper industryuses them as a arerecycling more,” said substitutefor recycled office Kevin Hudson,vicepresident paper,which became scarce of forestryand recycled fiber with people working from forpaper company WestRock home. Co.“You’redefinitely seeing That is a sharp turnaround moreold corrugated card- JOURNAL

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B2 | We dnesday, November 18, 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 H O Mars,Looking forBar Boost, Plans AbbVie...... B13 Home Depot.....A2,B2,B3 Occidental Petroleum Airbnb...... B14 Honda Motor...... B3 ...... B13 Alibaba...... A10 Huawei...... B5 Orient Overseas Alphabet...... B13 Hudson Pacific (International)...... B14 To Buy Kind’s North America Unit Amazon.com Properties...... B6 Otus...... A11 ...... A2,B2,B6,B13,B14 I P American Airlines.....B13 Instructure...... A11 Pacific Life Fund BY MICAH MAIDENBERG Amgen...... B13 Intercontinental Advisors...... B1 Apple...... B13 Exchange...... A3 Pfizer...... A1,A2,B13 Asia Investment Pinterest...... B14 Mars Inc.said Tuesdayit J will acquiresnack-bar maker Management...... B6 R AT&T...... A4 JD.com...... A10 Kind Inc.’sbusinessinNorth Royal Dutch Shell.....B14 B K America, a deal that will fur- S Berkshire Hathaway.B13 Kellogg...... B5 ther push the companyinto Saudi Arabian Oil.....B12 BioNTech...... A1,B13 Kind...... B2 competition with other big Slack Technologies...B14 Blackstone...... B6 Kohl's...... B2 food companies that are also Snap...... B4 BP...... B14 looking to snack barsfor L Soulbrain...... B6 Bridgeton...... B6 growth. LinkedIn...... B4 T C Lowe's...... B2 Theacquisition comes Target...... B14 Lyft...... B14 roughly three yearsafter Cardinal Health...... A7 Tencent...... B3 Mars, behind Snickerscandy GES Carnival...... B13 M Tesla...... B13 CBRE...... B6 bars, Ben’sOriginal rice, Pedi- IMA Macy's...... B2 Total...... B14 Cosco Shipping...... B14 Mars...... B2 Twitter...... B4 gree dog food and other con- CureVac...... B13 GETTY McKesson...... A7 U sumer products, took aminor- D ity stake in Kind that allowed GE/ Microsoft...... B13 Unilever...... B5 it to sell Kind productsoutside Dalian Wanda...... A10 Moderna...... A1,A2,B13 W

Danone...... B5 Mondelez...... B1 of the U.S. and Canada. /WIREIMA Walmart...... A2,B1,B14

DoorDash...... B14 N Aspokeswoman forKind SES Walt Disney...... B6 F - G declined to discussfinancial CA Neighbor.com...... B6 Warner Bros...... B6 A Nestlé...... B5 terms of the deal, while a Facebook...... B4,B13 WestRock...... B1 AND

General Mills...... B5 Netflix...... B6 Worthe Real Estate spokeswoman forMarsdidn’t AM Grubhub...... B14 Nio...... B3 Group...... B6 return a phone call. The deal will combine the North American businesswith an international operation reaching 35 countries. Kind began selling snack barsin2004 and nowoffersa years, attracting theattention bought the maker of a line of betzkytold TheWall Street number of different options, of food makerslooking for low-sugar bars. Journal last year. INDEX TO PEOPLE including a nut bar with milk waystostoke faster sales as And Oreo maker Mondelez Mr.Lubetzkywill retain a chocolateand peanut butter, consumer dietsand habits International Inc.bought a continuing financial stakein A Gokhman, Max...... B1 Meghji, Nadeem...... B6 and afruit bar with mango shift. stakein2019 in acompanybe- Kind, the companies said. Atwater, Peter...... B13 H Menear, Craig...... B3 and apple. The company also KelloggCo. in 2017pur- hind refrigerated bars. Marsalso said the deal will Muhlstein, Carl...... B6 B Herrington, Doug...... A7 sellscereals and other prod- chased thecompanybehind Theintroduction of similar combine Kind’s North Ameri- Musk, Elon...... B13 Hudson, Kevin...... B1 ucts. Rxbar,which emphasizes its productsfromother compa- can business with an interna- Baum, Andrew...... B13 P - R Biggs, Brett...... B1 I Sales in the U.S. forsnack simple ingredient list. nies had takenatoll on Kind’s tional operation forthe brand Pessina, Stefano...... A7 bars have expanded in recent Hershey Co.last year sales, Kind founder Daniel Lu- that reaches 35 countries. D Ives, Daniel...... B3 Rizk, Zeina...... B12 Dorsey, Jack...... A3 K S E Kleyman, Kosta...... B13 Singh, Ari...... A7 Erlam, Craig...... B1 L Somel, Randeep...... B13 TIAA’s F - G Lau, Benjamin...... B13 W Faber, Hanneke...... B5 Li Bin, William...... B3 Willett, Eric...... B6 Lubetzky, Daniel...... B1 Ferguson, Roger...... B1 Woodbury, Joseph...... B6 Ferguson Foshay, Alex...... B6 M Worthe, Jeff...... B6 Friedman, Jeff...... B6 McMillon, Doug...... B2 Z Gehry, Frank...... B6 McPhail, Richard...... B3 Zuckerberg, Mark...... A3 To Retire

Walmart's quarterly ContinuedfrompageB1 Walmart’s comparable U.S. sales,change wealth managers. Mr.Fergu- from ayearago son followedupwith the 2016 purchase of EverBank Finan- Sales Gain 10% cial Corp., expanding the firm’straditional banking business. Moderates 8 Mr.Ferguson earned three degrees from HarvardUniver- sity, including aPh.D.ineco- ContinuedfrompageB1 6 nomics,beforeembarking on retailershavebeen hurt by alegal career at Davis Polk & temporaryclosures early in the Wardwell. pandemic and people buying 4 He served as apartner at lessclothing forwork or going McKinsey &Co. until 1997, out. when he wasappointed to the “Changes in customer be- 2 FedBoardbythe Clinton ad- havior have accelerated the ministration. shifttoe-commerce and digi- Mr.Ferguson resigned from tal. We were well positioned to 0 the Fedin2006 and advised catchand ride these waves FY2016 ’17 ’18 ’19 ’20 ’21 BarackObama during his first given our previous work and presidential campaign, serv- Note:Fiscal years end in Jan/Feb investments,” Walmart CEO Source:the company ing on his Transition Eco- Doug McMillon said on acall. nomic AdvisoryBoard. Presi- IBKR charges TheCommerce Department back morehours, executives dent-elect JoeBiden wasMr. on Tuesdaysaid U.S. retail said on theconferencecall Obama’svicepresident. salesincreased aseasonally Tuesday. In 2013,when Ben Ber- adjusted 0.3% in October from Walmart’straffic is falling nankeelected not to seek re- margin loan amonth earlier.Itwas the morethan some competitors appointment as Fedchairman, sixth straight month of gains because most rivals weren’t Mr.Ferguson’sname appeared but the paceofgrowthslowed. open 24 hoursaday beforethe on the shortlistsofpossible Stimulus funds ranout for pandemic.“That comparison replacements. Therole even- 1 many unemployedAmericans. will be really different than tually went to Janet Yellen. rates from On Tuesday, Home Depot ourcompetitorswho don’t Inc.said its comparable sales stay open 24 hoursaday,” said jumped 24%inthe thirdquar- Mr.Biggs, the CFO. The CEO is under ter,but higher costsdepressed “While it’sstill early in the profit. Shoppersstuck at home quarter,with big sales days in consideration for a areusing money typically front of us,weexpect it to be a role in the Biden spent on restaurantsortravel good holidayseason,” Mr. % to spruceuptheir surround- Biggs said. administration. 0.75 ings. Competitor Lowe’s Cos. Walmart has tried to ramp reportsearningsWednesday. up itsonline offeringsbyroll- Kohl’sCorp.,adepartment ing out grocerypickup and de- storechain, reported itscom- liveryservices at morethan Mr.Ferguson worked for parable storeand online sales half its4,700 U.S. stores.Ithas SwissRebeforejoining TIAA TO fell 13% in the thirdquarter. also introduced the Walmart+ in 2008,and in 2016 joined % Thesales drop waslesssevere membership program that the boardofGoogle parent than the second quarter and gives free deliveryfor a$98 Alphabet Inc. 1.59 Kohl’ssaid it would reinstitute annual fee. Thecompanydidn’t While at TIAA, Mr.Fergu- itscash dividend in 2021. sayhow manypeople have son threw his support behind Macy’s Inc.reportsresults signed up forthe service. the Setting EveryCommunity Thursday. Thecompanyhas also in- Up forRetirement Enhance- Shares of Walmart slipped vested in e-commerce opera- ment Act, or SecureAct, aset 2% Tuesdaywhile Home Depot tionsinthe U.S.,adding mar- of reforms designed to ease fell 2.5%. Both shares have ketplaceservices and access to tax-advantaged re- climbed about 25% so far this expanding itsown selection to tirement accounts, like year.Kohl’sshares,downabout competewith Amazon.com 401(k)s. 40% on the year,gained almost Inc.Inits September quarter, Congresspassed the mea- 12% Tuesday. Amazon’s revenue soared 37% sureinDecember 2019. “Within Walmart’sresults to arecord$96.2 billion and “It’snot that 401(k)s are aresome mixed trends,” said itsprofittripled to $6.3 billion, bad, it’s just that they were John Zolidis,president and re- propelled by both online shop- conceived as supplementary tail analyst at Quo Vadis Capi- ping and itslucrativecloud- retirement vehicles,not as a tal. “Clearly commerce has ac- computing arm. holistic retirement system,” ibkr.com/margin celerated, but we canalso see While Walmart still is larger Mr.Ferguson wrote in a2008 trafficwas down 14%for the in terms of totalrevenue,Ama- Journal op-ed.“Anew ap- second consecutivequarter zon’sprofiteclipsed Walmart’s proach, combining the best of and that’sabig number.” haul in the latest period. On traditional pensions and new Mr.Zolidis gaveWalmart a Tuesday, Amazon moved fur- savingsvehicles,isneeded.” “sell” rating last month, saying ther intoWalmart’sturfwith that it will be hardfor the re- an online pharmacy service. Interactive Brokers Rated #1 tailer to upstageits current re- Walmart reported totalrev- Best Online Broker 2020 by Barron’s* sultsnextyear. enue of $134.71 billion forthe Walmart executives said quarter ended Oct. 31, up 5.2% foot traffic and grocerymarket from the year agoquarter.It shareare improving as it ex- had profit of $5.14billion, S Trading on margin is only for sophisticated investors with tends itsstores’ hoursand im- compared with $3.29 billion NEW high risk tolerance.You may lose more than your initial investment.

proves itsin-stock levels.Early last year. G in the pandemic,Walmart re- Thelatestperiod included duced hours, oftenclosing at $400 million in additional Member -NYSE, FINRA, SIPC -*Interactive Brokers rated #1, Best Online Broker according OOMBER to Barron’s Best Online Brokers Survey of 2020: February 21, 2020.For more information 8:30 p.m., instead of staying Covid-related expenses,aloss see,ibkr.com/info -Barron’s is aregistered trademark of Dow Jones &Co. Inc.

open 24 hoursaday,togive on the Argentina unit sale and GLE/BL [1] Margin Loan rate as of 07/08/2020.IBcalculates the interest charged on margin loans

workersmoretime to clean again on the value of itsstake NA using the applicable rates for each interest rate tier listed on its website.Rates shown apply to IBKR Pro clients only.Rates subject to change.For additional information on and stock shelves.Inrecent in China’sJD.com. Theretailer margin loan rates, see ibkr.com/interest 11-IB20-1386CH1358

weeks it extended opening has been pruning itsbricks- MICHAEL hoursto10p.m. or 11 p.m. in and-mortar locations in Under Roger Ferguson, TIAA most stores and plans to add slower-growth countries. expanded aggressively. P2JW323000-4-B00300-1------XA

THE WALL STREET JOURNAL. **** We dnesday, November 18, 2020 | B3 BUSINESS NEWS Chinese Newcomer Honda Banks on a New Civic

NioDoublesSales BY BEN FOLDY

Honda Motor Co.istrying Of Electric Ve hicles to reinvigoratesales of one of itsmost recognizable name- plates,the Civic,asAmericans’ BY KIMBERLY CHIN Inc.and newcomerslikeNio interest in sedan cars wanes. arespurring one of the biggest TheJapanese automaker on Electric-vehicle maker Nio transformations in theautoin- Tuesdaynight, via the Twitch Inc. said itssales morethan dustryinacentury, driving streaming platform, gavebuy- doubledinthe latest quarter newinvestmentsand opening ersafirst look at the next-gen- as the Chinese companyvies the door to ahost of newcom- eration Civic,amodel that ac- forashareofthe competitive petitorsand brands globally. countsfor roughly one-quarter R TO

EV market. Electric-vehicle sales ac- of Honda’sU.S.sales and execu- MO

Nio’s vehicle sales increased count foronly about 2% of to- tives sayiscritical to attracting A

146% from ayear earlier to talcar sales globally but are younger and moreprice-sensi- HOND 4.27 billion yuan, equivalent to expected to grow amid tighten- tivebuyerstothe brand. The next-generation version of the model keeps older styling cues but offers more tech features. $650 million, while overall rev- ing regulations on tailpipe Thecompany’sU.S.sales enue forthe September-ended emissions globally.Eco-friendly have slipped in recent yearsas Compact carsales have been falling with the Honda Civic taking abigger piece of ashrinking pie. quarter rose to 4.53 billion policies from the European carshoppershaveflocked to yuan from 1.84 billion yuan. Union and China and from U.S. biggerand pricier vehicles, Compactcar sales as ashare Honda Civic shareofU.S. U.S. sales of Honda's Analystspolled by FactSet states likeCalifornia are moving away from the econom- of total U.S. light vehicle compactcar sales compactcars sales were expecting 4.37 billion prompting automakerstoin- ical small cars likethe Civic Civic Other compact cars Civic CR-V yuan in totalrevenue. vest billions of dollarsinelec- that helped turn Honda intoa Shanghai-based Nio, which tric technologyand models. household name. 15% 2.5 million vehicles 400 thousand wasfounded in November 2014 Hurdles to adoption of elec- Theshifthas only acceler- by entrepreneur William Li Bin tric vehicles remain, though, ated during thepandemic,with 12 2.0 and backed by Chinese internet includingthe need formore manypotential buyerscutting 300 giant Tencent Holdings Ltd., charging stationsand higher back on commuting and favor- focuses on developing and costsrelativetocarspowered ing lifestyle vehicles,such as 9 1.5 manufacturing electric vehi- by gasoline or diesel fuel. large SUVs and big pickup 200 cles.Nio went public on the China representsfertile trucks.Industry-wide sales of NewYork Stock Exchangein ground forelectric-vehicle passenger cars,including se- 6 1.0 September 2018. makers, with the countryaim- dans,accounted for23% of the 100 Thesurge in Nio’s shares ing fornew-energy vehicles to U.S. market in October,down 3 0.5 this year has propelled itsval- account foraround 20% of its from 26% in the same month uation to about $63 billion as totalcar sales by 2025. last year,according to Wards of Tuesday’smarket close,be- “China remains agreenfield Intelligence. 0 0 0 yond General MotorsCo.’s EV market opportunity as we Honda executives saythe re- 2010 ’12 ’14 ’16 ’18 ’20 2010 ’12 ’14 ’16 ’18 ’20 2010 ’12 ’14 ’16 ’18 ’20 $60.1 billion valuation. believeoverall EV sales can designed Civic,which will ar- Investorsare bullish about potentially double over the rive in dealerships this spring, Note:2020dataare through Oct. Source:Edmunds.com Nio’s growing brand cachet in next few yearsgiven the pent- will keep many of the styling China and itsprospectsfor hit- up demand forEVvehicles in cues of the previous generation to pareback itssedan lineups and-buttercar in apoor town will pick up as thepandemic ting aggressivesales targets, this region acrossall price but offer abiggermultimedia to focus instead of higher-mar- wherepayment is king,” Mr.Fox comes under control, Mr.Rob- as well as rising electric-vehi- points,” said Wedbush Securi- displayand moretech features. gin pickups and large SUVs,a said. “It’snot outrageously ex- inson said. cle demand in the world’sbig- ties Analyst Daniel Ives in a While sedan sales remain de- movethat has in some ways pensive. It lastsalong time.It’s Honda’slast two generations gest carmarket, Deutsche Bank note. pressed now, executives believe benefited the Asian brands,al- easy to maintain.” of the Civic stumbled out the said in aresearch notelast Nio began deliveries of an demand is likely to bounceback lowing them to capturemoreof Some analystssay the im- gate.In2011, the companyre- month. electric coupe sport-utility ve- in the coming yearsasyounger ashrinking market. TheCivic pact of the coronavirus pan- sponded to the aftermath of the Theexpectation of sharp hicle in September,which is buyerslook forcheaper alterna- accounted for26% of the com- demic,which has been more financial crisis by promising a growth in electric-vehicle sales set to challengeTesla’smidsize tivestoSUVsand options in the pact-car market in 2019,com- difficult forlower-income Civic that wassmaller,lighter and rising valuations for Tesla SUV, the Model Y. low$20,000 range. pared with 15% in 2010,accord- workersand young people,has and cheaper.But reviewers said “Passenger-car sales arego- ing to Edmunds.com. the end result felt toocheap ing to stabilizeand do actually Analystssay the Civic’ssuc- and bare-bones,leading to dis- quitewell over the next five or cess is crucial forHonda, as it Hope forasedan appointing sales. sixyears,” said GaryRobinson, still accountsfor such alarge Thecriticism prompted Honda’sassistant vicepresi- shareofits sales.“Honda has in- rebound as buyers Honda to pull forwardthe rede- dent forU.S.product planning. troduced alot of other vehicles, look forcheaper sign of itsnext-generation With the redesign bringing and while they maydookayin model to 2016 in an attempt to the nameplateintoits 11th gen- terms of sales,they arekind of alternativestoSUVs. improveonthe features, ride eration, the Civic has been a niche-y,” said Michelle Krebs,an quality and design, but the mainstay in Honda’sU.S.lineup analyst at CoxAutomotive. moveled to quality problems,

S sinceits introduction in 1973. Honda dealerssay the Civic said Jake Fisher,Consumer Re-

PRES Themodel overtook the mid- plays an important role as the been particularly tough on po- ports’ director of autotesting.

TED sized Accord as the company’s entrypoint in the brand’s tential Civic buyers. Thenextgeneration will be

CIA best-selling vehicle in 2016 but lineup,with affordable pricing Cutbacks on commuting moreofanevolution than revo- SO yielded that mantle to the CR-V that makes it appealing to caused by lockdowns and more lution and lean intothe design AS crossover the following year as cash-conscious buyers. employees working from home andmorepremium feel of the AN/

GU consumersbegan shifting ag- Bill Fox, apartner at Fox hit sedan sales harder than current generation, Honda’sMr. gressively to SUV-style models. Dealerships in central New other “lifestyle”-oriented mod- Robinsonsaid. “Wedefinitely HAN

NG Thechangeinconsumer York,said he sells alot of Civics els likepickup trucks,but the didn’t want to rethink Civic or China represents fertile ground for electric-vehicle makers. preferences has pushed Detroit to young families.“It’sabread- companyexpectscommuting changeitdramatically,” he said. Home Depot Posts Earnings Gains, Sets Worker Perks

BY MATT GROSSMAN revenue rose to $33.54billion, on vacations,gym member- makesome of those enhance- mix sharefor lumber,which Thenumber of customer up 23% from a year earlier, a ships and other activities. mentspermanent forits hasbecome moreexpensive transactions for Home Depot Home Depot Inc. reported similar pacetothe second “Home improvement is a hourly associates. amid higher demand this year. in thethirdquarter rose 13% strong sales growth in its lat- quarter.Analystssurveyed by great spacetobeinatthe mo- “Wecontinue to lean into Home Depot shares fell year-over-year to morethan est quarter as the retailer con- FactSet were expecting reve- ment,” RichardMcPhail,the these investmentsbecause we 2.5% Tuesday to $272.47. The 453 million, with an average tinues to thrive from people nue of $31.83 billion. Same- company’s finance chief, told believethey arecritical in en- stock is up roughly 24% since ticket sizeof$72.98. Sales per spending moretime on home- storesales grew by 24%year- analysts on a conference call. abling market-sharegrowthin thestart of the calendar year. retail squarefoot increased improvement projects during over-year overall, and by 25% During the pandemic,Home anyeconomic environment,” Thecompany’sperformance more than $100 to $552.85. the coronavirus pandemic. in the U.S. Depotoffered some temporary CEO Craig Menear said. in the quarter,which ended Home Depot’squarterly net Thecompanyalso said it As Americans have spent benefitstoworkers, including Home Depot’sgross margin Nov.1,bookends arobust profit rose to $3.43billion, or would permanently raise com- moretime at home during the more paid time off and atem- in the thirdquarter was summer season forthe At- $3.18 ashare, up from profit pensation forfront-line work- pandemic,manyhaveturned poraryweekly bonus program, 34.2%, down about 0.3per- lanta-based retailer.Inthe of $2.77 billion, or $2.53 a ersinaprogram that will cost theirattention to domestic leading to costsofabout $355 centage point year over year. firstnine months of the fiscal share, in last year’s thirdquar- about $1 billion a year. projects, shifting money they million in the latest quarter. Executives attributed the year,revenue grew morethan ter. Analystshad forecast In thefiscal thirdquarter, would have otherwise spent On Tuesdayitsaid it plans to trend in part to alargersales- 18% overall. profit of $3.13 a share.

ADVERTISEMENT NOTICE OF PUBLIC SALE OF COLLATERAL Showroom PLEASE TAKE NOTICE, that in accordance with applicable provisions of the Uniform To advertise: 800-366-3975orWSJ.com/classifieds Commercial Code as enacted in New York, the agent under certain loan agreements (“Secured Party”) will offer at public auction and in separate sales, (1) all member and PORSCHE other equity interests in and to 50% of the limited liability company interests in HFZReich Holdings, LLCand 95% of the limited liability company interests in HFZReich Properties, LLC(the “Direct Pledged Securities”) and (2) all member and other equity interests in and to HFZRBPortfolio Manager LLC, HFZRBPortfolio Member One LLC, HFZRBPortfolio Member TwoLLC,HFZ RB Acquisitions Manager LLC, HFZRBAcquisitions Member One LLC and HFZRBAcquisitions Member TwoLLC (collectively,the “Indirect Pledged Securities”; together with the Direct Pledged Securities, the “Pledged Securities”), which Pledged Securities collectively own certain indirect equity interests in the real property located at (i) 910 Mayer Avenue, Madison, WI; (ii) 1100 Milwaukee Avenue South, Milwaukee, WI; (iii) 2211 Parsons Avenue, Columbus, OH; (iv) 5475 Gaffin Road SE, Salem, OR; (v) 707 Spence Lane, Nashville, TN; (vi) 2121 North 161st East Avenue, Tulsa, OK; (vii) 500 Bailey Avenue, Buffalo, NY;(viii) 1600 East Butler Avenue, Flagstaff,AZ; (ix) 325 South Route 31, Montgomery,IL; (x) 4051 Fondorf Drive, Columbus, OH; (xi) 7881 NGlen Harbor Blvd, Glendale, AZ; (xii) 655 Southwest 52nd Avenue, Ocala, FL and (xiii) 4918 Prospectus Drive, Durham, NC (collectively,the “Collateral”). The interests of Reich Bros. LLCand its affiliates (“Reich”) in these properties arenot included in any sale, and the winning bidder will acquirethe applicable equity interests that areincluded in such sale subject to such Reich interests. Each public auction will be held on December 2, 2020, by remote auction via the Cisco WebEx Platform or other web-based video and/or telephone conferencing selected by Secured Party.The auction for the Direct Pledged Securities will be held at 11:00 a.m. (EST) and the auction for the Indirect Pledged Securities will be held at 12:00 p.m. (EST). Secured Party reserves the right to cancel one or both sales in their entirety, or to adjourn one or both sales to afuturedate. The Indirect Pledged Securities will be sold together in asingle block and the Direct Pledged Securities will be sold together in a single block. Interested parties must execute astandard confidentiality and non-disclosure agreement available by contacting Jessica Merritt at [email protected] in order to accessadditional documentation and information. Interested parties who do not comply with the foregoing and any other requirements of the applicable terms of sale prior to the deadlines set forth therein will not be permitted to enter abid. P2JW323000-2-B00400-1------XA

B4 | We dnesday, November 18, 2020 ** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech TwitterUnveils Tweets That Disappear

BY SEBASTIAN HERRERA been tested in India, South Ko- izable with various back- to TikTok’sgrowthand has improve its user base, includ- productthat will allowusers rea, Brazil and Italy and those grounds and text options, the made it amorefront-facing ing by retaining neworless to set up an audio chat room Twitter Inc. is launching a who had the ability to use company said. part of the app.Instagram also experienced users. where they can invite partici- newfeaturethat will allowus- Fleetsshared more, the com- Short-form videos and made lucrativeoffers to some Twitterfound that some us- pants. Thefeatureisbeing erstopost text, audioand pany said in ablog post. postshavebecome popular of TikTok’smost popular cre- ersfind the prospect of engag- tested nowwith certain pre- video that disappearsafter 24 Twitterisfollowing Snap andcompetitivefeatures for atorstouse itsnew service. ing in aconversation “terrify- selected usersand is expected hours, one of anumber of Inc.and Facebook Inc.allow- user engagement on social me- ing,” Nikkia Reveillac,Twitter’s to be rolled out to all users steps the companyistaking to ing ephemeral posts, which dia platforms,with companies head of research, said in the beforethe end of the year,ex- increase engagement and com- were pioneered on Snap’s funneling billions of dollars a Thefeature is an call with reporters. Last month, ecutives said. petewith similar offeringson Snapchat and have grownpop- year to online personalities— the company’sshares fell by The company has been en- other platforms. ular on various platforms,in- known as influencers—who attempt to encourage morethan 20% afterexecutives gulfed in controversy in recent Called “Fleets,” the feature cludingonFacebook’sInsta- pitch their products on social moreuserstoshare warned of ad spending uncer- months as it has takensteps is an attempt to encourage gram,which launched its media and help keep usersen- tainty related to the election to reducethe amount of hate- more users to share “fleeting “Stories” feature in 2016. gaged. ‘fleeting thoughts.’ andsaid user growth wasthe fuland misleading content on thoughts” afterthe company LinkedIn Corp.also added its Therise of TikTok,owned slowest since2017. Thecom- itsplatform, steps senior exec- found some usersare at times ownversion in September. by Chinese tech companyByte- pany added one million daily utives have said arecontribut- toointimidated to post and Anew “shareinaFleet” DanceLtd., accelerated the users from theprevious quar- ing to better retention. Twit- join conversations,executives option will be available for trend. TikTok’s dominance Twitterhas long been de- tertoend up at 187 million. tercritics have seized on said. tweets. Afterclicking to share, among young usershas threat- fined by itspowerusers, peo- Twitterhas recently built decisions that the company “People newtoTwitter userscan add commentaryor ened to chip away market ple who post frequently on the newtools aimed at improving has made to take down or la- found Fleetsaneasier way to emojis,for example,before sharefromother social media platform and sharetheir views retention, including recom- belsome postsasmisleading, sharewhat’sontheir minds,” posting. The Fleets appear at companies.InAugust, Insta- and perspectives with a wide mendingtopics to usersthat including about the election. Joshua Harris,Twitter’sdirec- the topofauser’s Twitter gram launched ashort video audience.Analystshavelong arecurated by employees. —Georgia Wells torofdesign.The feature has timeline.Each Fleet is custom- feature called Reels in response encouraged the companyto Twitterisalso testing anew contributed to this article.

Fornow,itmeans hours Big Sur, all the Intel Mac apps Apple and hoursuntethered. Itypically use worked well on My punishing YouTube these machines. test, where I streamed a Universal Apps,tweaked to Laptops video with display bright- runonIntel chips and Apple’s ness set at 65%, showed newchips,should perform crazy gains over the Intel even snappier.Itried Pixel- Make Leap counterparts. The M1-pow- mator Pro, aphoto-editing ered Air went for 10 hours app forMacs,and it felt and 45 minutes; the Intel smooth, even dealing with ContinuedfrompageB1 version eight hours. The M1- large files. Prohavethe same chips,the powered Pro, because of the However, none of my most question isn’t “Do Ibuy?” but bigger battery in its thicker used iPhone apps arethere.

“Which do Ibuy?” JOURNAL body, went for 16 hours— Instagram? Nope.Gmail? Afteraweek of testing of nearly twice the Intel Mac- Nope.TikTok? Nope.Icould REET

both alongside their Intel ST Book Pro’s 8.5 hours. The go on and on. Most of those

counterparts, the answer LL Dell XPS 13 lasted 10.5 hours. companies told me their ser- comes down to this: How WA ThePro has aslightly vices were accessible through

much performanceand bat- /THE brighter screen, louder speak- web-browser-based apps.

tery lifedoyou want? US ersand abettermicrophone. I did like playing “Among SS Oh, and yes, the Touch Bar, Us” on the bigger screen, but WA FanorNoFan? Apple’sunnecessarystrip of certain finger controls don’t

Processing and graphics KENNY controls.Both have finger- respond as well to mouse benchmark testssay they’re No touch screen here! You need to use the trackpad and keyboard to navigate iOS and iPad apps. print sensorsinthe upper clicks. up to 2.5times faster than right of the keyboardfor Youknowwhat would their Intel counterparts, but I ProIoften use,Isaw very has afanlessdesign, while lows it to maintain peak per- quick logins and Apple Pay solvealot of app compatibil- don’t liveinbenchmarks,and few slowdowns,nospinning the MacBook Prohas afan to formancefor longer,and also payments. They’relimited to ity issues? Atouch screen. neither do you. rainbowballs,nofan noise. allowfor sustained high because my MacBook Prore- just two USB-C portsonthe While I’dchoose the new Ilivein30orsobrowser Ever. speeds. view unit had 16 gigabytesof leftedge. Prooverthe newAir,they’re tabs plus Slack,constant Some quick Computer Sci- An Intel spokesman said it RAM, twicethe RAMofthe My other complaint: lower- both great. And they both group video calls, Apple Mu- ence101: TheIntel chips in believes the PCspoweredby Air. resolution 720p webcams.Se- point to afuturewherethe sic,MicrosoftWordand Ap- your laptop,which arebased itsprocessors“provide global riously? On Planet Zoom? differences among our ple’sNotes and Messages. on x86 architecture, arequite customersthe best experience All-DayBattery or All- phones,laptops and tablets When doing most of that si- powerhungry. Morepower= in areas they value most, as DayBattery? Mac App or iPad App? aren’t dictated by constraints multaneously—hooked up to a moreheat =one noisy fan. well as the most open plat- I’dsay these newlaptops I anticipated software and of powerand performance. 27-inch 4K LG monitor—both Apple’sM1chip,however, form fordevelopers.” will let youleave home fora app issues.Iwas wrong. So good night to MacBooks machines had apep in their is far morepowerefficient. Ifound the MacBook Proto day—even two—without a Thanks to Apple’sRosetta 2 overheating too much, step.UnlikemyIntel MacBook Less power=lessheat =no be speedier than the Air.This charger. But who knows when technology, which is built into Goodnight to you all, yell- Air or the 16-inch MacBook fan. Thenew MacBook Air is due to the fan, which al- we’releaving home again? the newly released Mac OS ing at them to “Shush!”

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THE WALL STREET JOURNAL. We dnesday, November 18, 2020 | B5 BUSINESS NEWS Unilever Aims for Huawei Sells Its Budget Brand

$1.2 Billion in Sales Honor unit goes to to aU.S.trade blacklist in May state-controlled entity last year that blocked itsac- cess to apps on Google’sAn- as Chinese company droid operating system. Of Plant Proteins feels sanctions pinch Huawei’soverall market share, however, continued BY SAABIRA CHAUDHURI cheeseburger, using yellowpea BY DAN STRUMPF climbing through much of this protein forthe patty and year,thanks to strong domestic Packaged-foods giantsare in plant-based fiberstoresemble HONG KONG—China’s Hua- sales.Itwas the No.1seller of aracetodominatethe fast- cheese.Ithas also started sell- wei Technologies Co. moved phones in thesecond quarter growing market formeat-and- ing an oat-and-pea nondairy to shoreupits U.S.-sanctions- world-wide and No.2inthe dairysubstitutes,launching version of itsNesquik pow- damaged businessbyselling thirdquarter,though itssales products and investing in al- dered drink in Europe. budget smartphone brand have been falling outside China. ternativeprotein sources. Elsewhere, General Mills Honor to astate-led consor- Without the Honor brand, Unilever PLC,owner of Ben Inc.has invested in plant- tium. Huaweiwould have been the &Jerry’sice cream and Hell- based alternatives to seafood, TheChinese telecom com- world’s fourth-largest smart- mann’smayonnaise,an- while Kellogg Co.recently panysaid Tuesdaythat it phone vendor in the third

nounced atargetfor increased launched anew line of plant- would sell Honor to anew S quarter,behind Samsung Elec- sales of meat-and-dairyalter- basedburgers,bratwurst and companythat recordsshowis tronics Co., Apple Inc.and natives to $1.2 billion over the sausages. Danone SA,which majority-owned by aunit of PRES China’s Xiaomi Corp., accord- next five to seven years—a owns the Alproand Silk dairy- the government of Shenzhen, TED ing to Canalys.

fivefold increase from current substitutebrands,said in May the city whereHuaweiis OCIA Thedeal leavesHuawei SS

levels. it would createadivision dedi- based. Morethan three dozen /A with itsown-branded devices,

It plans to sell morevegan catedtomorethan doubling other Chinese entities,includ- NG including itshigh-end Mate WO

anddairy-free versions of its itsplant-based sales to the ing state-owned companies Y series and Pseries smart-

mayo and icecream and ex- equivalent of almost $6 billion and dealers of Honor devices, AND phones,aswell as laptops, ayear by 2025. also have an unspecified stake The deal forareported $15 billion could free Honor from U.S. curbs. wearables and other gadgets. Themoves mean manyof in the consortium. Thereisnoindication that Unilever has high the world’slargest food com- Thecompanies didn’t dis- Dialing Down the sale reflectsanimminent panies arejockeying with closethe value of the sale or cash crunch at Huawei. The hopes for startups like Impossible Foods howitwould be financed, but If Honor were its owncompany, it would be the eighth companysays it has remained microalgae called Inc.and Beyond Meat Inc.for Chinesemedia reportsbefore largestphone brand in the world; Huaweiwould be fourth. profitable through this year, afoothold in aplant-based the deal’sannouncement placed Huaweiquarterly smartphone Global smartphone with anet profit margin of 8% chlorella vulgaris. market that is growing much itsvalue at about $15 billion. shipments by brand market share, 3Q 2020 in thethirdquarter.The com- faster than that fortraditional Thedeal is in response to panyhad $53.1 billion in cash meat. Seeking an edge, compa- “tremendous pressure” on its Honor Huawei Samsung and short-term investmentsat nies are searching forprotein consumer business from com- the end of 2019,the last time it pand the Vegetarian Butcher, sources—beyond existing alter- ponent shortages caused by 80 million Apple revealed balance-sheet details. itsmeat-alternatives brand natives likepeas,ricemung U.S. curbs on itssupply chain, Analystssaid the deal could 70 Redmi that supplies soypatties and bran and fava beans—that can Huaweisaid. Unloading Honor be aimed at throwing alifeline nuggets to BurgerKing in Eu- offer lotsofnutrientswith a could enable the unit to side- 60 Huawei* to suppliersand vendorsof rope.Italso is exploring algae lowenvironmental footprint. step restrictions from the 50 Honor,while potentially set- as apotential source of pro- Unilever has high hopes for Trumpadministration that Vivo ting it up to become an early 40 tein. microalgae called chlorella vul- blockHuaweifrombuying Oppo customer of Huawei’s newline Themoveisthe latest from garis,which it says is rich in computing chips or other 30 of smartphone software.Hua- aconsumer-goods companyto nutrients. One problem so far partsmade using American Realme weiwill begin selling smart- 20 capitalizeonsurging demand is that chlorella vulgaris tastes technology. Honor phones running itsself-de- forproductsperceived as more bitterbecause it is high in Huaweiexecutives have de- 10 signed operating system, climate-friendly and humane. chlorophyll—the pigment that scribed the companyasfight- 0% 10 20 30 called HarmonyOS, next year. 0 Theglobal market formeat gives plantstheir color—hin- ing for survival following the *Excluding Honor “I think the immediateben- substitutesisforecast to hit dering mainstream adoption. U.S. actions.Ithas been draw- 2018 ’19 ’20 Source:Canalys efit is to givethemselves more $23.81billion by 2023,a28% Unilever has invested in a ing on inventorystockpiles to breathing room and keep the rise from last year’s sales,ac- biotech startup,Algenuity,that build itssmartphones and Dragonomics. “The consumer tracker Canalys. phonebusinessafloat, espe- cording to Euromonitor.The says it canreducethe chloro- telecom equipment sinceitbe- business, which made up over Selling Honor is the most cially in China,” said Nicole milk-substitutes market will phyll content of microalgae came unable to buy virtually half of revenue in 2019,isin visible sign of the strain placed Peng, an analyst at Canalys climb 23% over this period, the without affecting the nutrients. anychips in mid-September. greater trouble than itscarrier on HuaweibyWashington’sre- who called the sale a “drastic research firm estimates. “It’sdefinitely worth experi- Executives have said itssmart- businessbecause it’smore strictions on itsability to ob- move” for Huawei. Unilever already sells vegan menting with given it’ssuch an phone business, which re- challenging to stockpile chips tain parts. Honor has been a Telecom carrierswon’t mayonnaise in 30 marketsand excellent source of protein in quires vastly more chips than for so many smartphones.” driver of smartphone sales, carryHuaweidevicesinthe apea-protein-based vegan food,” said HannekeFaber, other businesslines,faces the Honor gadgets, aimed with shipmentspeaking in the U.S. Washingtonhas consid- Magnum icecream, which it head of Unilever’s food busi- most urgent shortfall. mainly at young,internet- firstquarter of 2019 thanks to ered Huawei’s gear a security says has sold well. ness.Algae could be used in “The company is now run- savvyconsumers, accounted strong demand overseas,par- threat,allegations the com- Nestlé SA in September Unilever’s icecream or soup, ning intosubstantial opera- for24% of Huawei’s156 mil- ticularly in Central and Eastern pany has repeatedly denied. launched what it said wasa she said, adding that it wastoo tional challenges,” said Dan lion smartphone shipments Europe.But itspopularity —Lekai Liu and Martin Mou plant-based version of abacon soon to tell. Wang,ananalyst at Gavekal this year,according to market ebbed afterHuaweiwas added contributed to this article. JOURNAL REET ST LL WA THE R FO OHN

BS Make astatement in our CO JA Y 18kt gold necklace from Italy AND A forklift moves cardboard into a baler at Texas Recycling in Dallas. Mixed-paper prices have risen. Ourtexturedand polished and Quilted Northern toilet Dallas-based Texas Recy- Deliveries paper,invested about $45 mil- cling Inc.islooking formore 18kt yellow gold interlocking lion at mills in Green Bay, cardboardtocover the 40% Wis.,and Muskogee,Okla., in drop this year in itsshredding link necklace,crafted in Italy, has Feed Paper recent yearstoproducepulp businessfor officepaper. chic presence with timeless appeal. that contains morepaper re- “The demand forcorru- coveredfromrecycling pro- gatedisgoing to pick up,” said Thebold, graduateddesign will Recycling grams,including coffee cups. co-owner Joel Litman.“More Fine screens were added to mills arecoming on line.” accentuate everyensemblewith pulping equipment at the eleganceand shine. Ourglorious ContinuedfrompageB1 plantstofilter out the poly- standards, it had been buying ethylene plastic films inside styleisanexceptional value! two-thirds of such mixed pa- coffee cups that prevent them percollected in the U.S. Back from leaking but also make then, the export demand kept them harder to turn intopulp. prices high,discouraging U.S. Theoverall collection vol- paper mills from investing in umefromU.S.residential re- waystouse moreofit. cycling programs is up at least But betterscreening for 7% from last year at this time, contaminantsand the rising thanks in part to the mountain shareofe-commerce delivery of deliveryboxespiling up on boxesinrecycling bins have doorsteps,according to the made that mixed paper more SolidWasteAssociation of attractive, operatorssay. North America. Prices formixed paper have “We’remorethan happy to risen from zero at thebegin- see it,” said Brent Bell,vice ning of the year to about $30 president of recycling for aton this month on higher de- Houston-based WasteMan- $ mand from domestic mills,ac- agement Inc.,the nation’s 2,495 cording to dataprovider Fast- largest trash collector. marketsRISI Inc.That is a Corrugated cardboard Plus Free Shipping financial boost forsome belea- makes up as much as athird guered material processors, of the paper entering recycling 18kt Yellow Gold InterlockingLinkNecklacefromItaly trash collectorsand cities that plantsfromhomes in big 1 18"length. Graduatesfrom ⁄2"to1". Lobsterclasp. have seen revenue from recy- metroareas,upfrom5%afew cling programs plungeinre- yearsago, said Bill Moore, a NeverMissA Also availablein20" $2,695 cent years. recycled-paper consultant in Story,Style or Shown slightly smaller than actual size. “We’reseeing mixed paper Georgia. match up quitenicely,” said This surge in cardboardde- Trend. John Mulcahy, vicepresident liveryboxesishelping to make Ross-SimonsItem #921806 of sustainability for Georgia mixed paper morevaluable. read more at To receive this special offer, use offercode: VOGUE31 Pacific LLC,which is making Thelonger fibersinthe card- wsj.com/magazine toilet paper and paper towels boardmakemixed-paper pulp 1.800.556.7376 or visitross-simons.com/vogue forcommercial buildingsand stronger,allowing mixed pa- hotels with mixed paper. pertobeused to maketissue In collaboration with the Italian Trade Agency,the Ministry of Foreign ©2020Dow Jones &Company, Inc. Georgia Pacific,whose con- paper and newcardboardfor THE EXTRAORDINARY All rights reserved.1DJ7719 Affairs and International Cooperation and Confindustria -Federorafi sumer brands include Dixie e-commerce boxesand other ITALIAN JEWELRY cups,Brawnypaper towels containers. P2JW323000-0-B00600-10FF7F3178D

B6 | We dnesday, November 18, 2020 THE WALL STREET JOURNAL. THE PROPERTY REPORT

South Korean investment as a shareofall overseasinvest- Blackstone TakesHollywood Role ment in U.S. commercial real estate,Q1-Q3

Investment giant joins 8% with Worthe to plan new office tower near 6 big studio complexes 4 BY PETER GRANT 2 A Blackstone Group part- nership is planning to develop anew officetowernear the 0 sprawling Burbank and War- 2018 '19'20 ner Bros. studio complexesin California, wheretelevision Source:Real Capital Analytics programs such as “The Ellen DeGeneres Show” and “Days of GES Our Lives” are produced. IMA Low Rates Blackstone’splan with Worthe Real EstateGroup to ETTY /G build the 500,000-square-foot GES In U.S. towerrepresentsone of the IMA

largest U.S. officedevelop- GC mentstomoveforwardthis Help Lure year. Theproject, which will be UER-GRIFFIN/

positioned to attract employ- BA Korean ees in the entertainment busi- Burbank Studios, a 35-acre complex, includes the site of the former NBC Studios where Johnny Carson hosted ‘The Tonight Show.’ ness, is asign that spaceserv- ing the TV and film industries that Netflix Inc. agreed to in spaceiscoming from startups Investors is one of the few bright spots September. and other smaller companies. in the officesector during the “The studio parking lotsare “We’re not seeing large offer- BY KONRAD PUTZIER coronavirus pandemic, which full again because people are ingsfromthe studio players,” has forced manyemployees to back filming,” said Jeff said Eric Willett, aCBRE re- South Korean investorsare work from home. Worthe,president of Worthe search director. emerging as some of the most- “Content creation is one of RealEstateand the largest At the same time, the pan- aggressivebuyersofU.S.com- our highest conviction owner and developer of office demic has fueled demand for mercial real estateduring the themes,” said Nadeem Meghji, space in Burbank. LosAngeles studio spacebe- Covid-19 period. Blackstone’shead of real es- Mr.Worthe said the deci- cause actorsand crewsare re- TheEast Asian country’s tate Americas.“We’reseeing sion to moveahead with the luctant to travel to shoot pension funds,lifeinsurers long-term demand growth.” newbuilding wasmade re- scenes for fear of the virus. and other investorshavebeen Like data centers and cold- cently at ameeting of the ven- GES “The potential of another targeting warehouses and of- storagewarehouses,produc- turethat he formed with IMA uptick putsrenewedattention fice buildingswith long-term

tion-related facilities areniche Blackstone in 2017. Theven- ETTY on sound stages locally,” said tenants. They also aredrawn property investmentsthat tureowns 13 buildingsand five /G Carl Muhlstein,aninterna- by ultralowU.S.interest rates,

have performed well of late. development parcels,acquired /NBCU tional director with real-estate which makecurrencyhedging They areattracting morein- foratotal of $1.7billion. firm JLL. cheaper. HERS

vestment dollars as property “It’sverydifficult to pro- OT Officebuildingslocated South Korean investors

ownerssour on traditional duceatelevision showon BR close to studios areconsidered swarmed some recent hot holdings such as hotels, retail Zoom,” he said. “You need the especially healthy. For exam- property sales.They accounted

spaceand officebuildingsdur- writerstogether in the writ- ARNER ple,inJuly,DBRS Morningstar fornine of the 18 bids fora ing the pandemic. ers’ room. Youneed to cast it. issued newratingsonsome warehouse near LosAngeles

Thevirus that causes You need to film and edit it.” ZMAN/W $660 million in debt, most of that hasbeen leased to Ama-

Covid-19 has prompted Holly- Blackstone has been in- RO it backed by four of the build- zon.com Inc., according to

wood to close theaters, post- volved in otherentertainment MIKE ingsinthe Blackstone-Worthe AlexFoshay, head of interna- pone film releases, layoff deals sincethe pandemic be- ‘The Ellen DeGeneres Show’ is produced in Burbank, Calif. partnership.The ratings tional capital marketsatreal- workers and cut costs.But the gan. Thefirm in June pur- showednodeterioration from estateservices firm Newmark. high consumption of stream- chased a49% stakeinaven- tower. That 480,000-square- in the complex. ratingsonthe bonds before While Chinese investors ing content by hundreds of ture that will own three film- foot property is fully leased Thenew development the pandemic. have been pulling back from millions of people sheltering studio lots and five adjacent thanks partly to demand from comes at adifficult time for Theratingsreport says that the U.S. in recent yearsdue to at home is translating into buildings in Hollywood, in a the Burbank Studios,which is the LosAngeles officemarket, leasing risk in the portfolio is localcapital controls,and other strong demand forstudios $1.65 billion deal. Netflix,CBS across the street. which has suffered during the limited by the properties’ foreign firms areshying away whereitisproduced and the and Walt Disney Co.are Burbank Studios is a35- pandemic.With manyemploy- proximity to studio headquar- amid fearsover the pandemic, office space that supports it. among the facilities’ custom- acrecomplex, and includes the ees working from home, leas- ters.One of the buildings“is South Korean interest has been Starting in August, casts ers, according to Hudson Pa- siteofthe former NBC Studios ing volume has fallen sharply considered amission-critical rising.Inthe firstnine months and crews began returning to cificProperties Inc., which whereJohnnyCarson hosted and sublease spaceonthe location forDisney,which has of the year,Korean investors their studio sets. Several of kept a 51% stake. “The Tonight Show.” Warner market swelled to 6million invested over $40 million in accounted for8.6%ofall over- California’slargest leases Blackstone and Worthe are Bros.said last year that it square feet in September,up the building’sinfrastructure,” seas investment in U.S. com- signed sincethe pandemic hit likely to break ground on the would expand intotwo new 46% from ayear earlier,ac- the report states. mercial real estate, up from have been in Burbank,includ- newbuilding in 2022onasite Frank Gehry-designed office cording to CBRE Group Inc. —Joe Flint 3.7% ayear earlier,according to ing one for170,000 squarefeet adjoining an existing office buildingsand other properties Butmost of that sublease contributed to this article. RealCapital Analytics. South Koreans invested $1.56 billion, up from $1.24bil- ADVERTISEMENT lion ayear earlier,during that Startup Aims to Be time,trailing only Canadian BusinessReal Estate&Auctions and German investors. Ayear ago, South Koreans ranked To advertise: email [email protected] or WSJ.com/classifieds Airbnb of Storage 10th among foreign investors in U.S. real estate, according to AUCTIONS AUCTIONS RealCapital Analytics. BY KONRAD PUTZIER with a newspin on timeshares. “Korean investorsfeel right One risk these companies nowthat they have awindow %!"& !$#"#! Thelateststartup looking to faceisthat demand could drop of opportunity wherethereis #,('0!)0 "$1%),. capitalizeonnew demands and sharply afterthe pandemic. not the usual level of competi- .,%)1/ ,- *$!')1 &"'/ IQ#,E# C,\# MKC^'# 0>-0 I4Z3X")0 #70"4X4<3"3& ^7)& -'-9<_Z47<- 'Z4XZ4-0-99 $<3XZ3" Z_ 0>" <70"4"30 "$!%(&' dislocations created by the Neighbor, founded in 2017, tion in the U.S. market,” Mr. <0 >-3 <7 %U!U,33Z)<-0"3& -'-9<_Z47<- `"7"4-9 I-407"43>" 6,P)0" -33"0 _Z4 3-9" <3 -7Z7= )Z704Z99<7?& 7Z7=8-4:"0-+9" -7$ P7$"9$ ?"7"4-9 X-407"43><)> <7)9P$"3 pandemic is Neighbor.com, raised $10 million in aJanuary Foshaysaid. 0>" _Z99ZL<7? W)Z99")0" 6^70"4"305V( which aims to be asort of funding round led by Andrees- TheSouth Korean invest- WZP3" 9Z)-0"$ -0 1.Y \Z>9"4 E04""0& QZ3 ,7?"9"3& ', W<ZP3" 9Z)-0"$ -0 1Y[ \Z>9"4 E04""0& QZ3 ,7?"9"3& ', Airbnb forstorage space. sen Horowitz,the Menlo Park, ment firm Soulbrain Holdings W<< E04""0& QZ3 ,7?"9"3& ', TheLehi, Utah, firm con- Calif., venture-capital firm. Co.last month bought three -7$ -7 P73")P4"$ MZ0" G")"" E"99"4 <3 -7 <70"47-0 -7$ _4ZF"7 _ZZ$ X4Z$P)03& $4H ?ZZ$3 -7$ Z0>"4 0-7?<+9" <0"83 0Z 0>" vertsvacant restaurants, offices New York City property in- officebuildingsinSan Jose, 9"<3P4"-7$ 04-N"9 <7$P304H Z7 0>" "-30 -7$ L"30 )Z-303U and parking lotsintostorage vestor Atit Jariwala turned to Calif., for$160 million. Mr.Fo- K79H +<$$"43 0>-0 -4""9" ,P)0" C"483 Z_ E-9" W$"]7"$ +"9ZLV& L<99 +" X"48<00"$ 0Z X-40<)" ,P)0"4 4"TP<4"8"703 4"_"4"7)"$ <7 0><3 7Z0<)"& 0>"4"-4" 3X")<]) 4"TP<4"8"703 _Z4 -7H XZ0"70<-9 fessionals fleeing cities,moving rant, the sole retail tenant at a been marketing an officetower +<$$"4 <7 )Z77")0 Z+0-<7<7? <7_Z48-0" ^70"4"30 -3 _P40>"4 $"3)4<+"$ <7 0>" 0"483 Z_ 0>" %:A;O3AM5:MK ,P)0" 3-9" Z_ 0>" ^70"4"30 W0>" SC"483 Z_ E-9"RV& <7)9P$<7? +P0 7Z0 9<8<0"$ 0Z "J")P0<7? -)Z7]$"70<-9<0H in with relatives or downsizing Brooklyn building his company in Seattle at apriceofmore FLDE_!]#[%& P] -?4""8"70& $"9" -+<9<0H -7$ ]7-7)<-9 L>"4"L<0>-9 0Z )Z73P88-0" 0>" 3-9"U afterlosing ajob will return to manages,closed down. His than $600 million. Four of the C>" ^70"4"30 <3 Z__"4"$ Z7 -7 "& )& -7$ #+/(/ )& +-3<3& #)%+ "'' -"$'%&&M"<0>"4 I4Z3X")0& ,P)0$7149 N&M58+A(; *M-2: X"43Z7 -)0<7? _Z4 Z4 Z7 +">-9_ Z_ I4Z3X")0 Z4 ,P)0 7^ Z^^=(" ).=;$=9@ WE-K their previous style of living. company Bridgeton Holdings 12 bids forthe tower, which is Z4 ?P-4-70"" Z_ -7H :<7$ Z4 7-0P4"L>-03Z"N"4UC>" ^70"4"30 L<99 +" 3Z9$ L<0>ZP0 4")ZP43" Z_ -7H :<7$U #-)> +<$$"4 8P30 8-:" <03 ZL7 <7TP<4<"3 )Z7)"47<7? 0>" ^70"4"30U C>" ^70"4"30 L<99 +" 3Z9$ -3 -+9Z): -7$ 7Z0 +" +4Z:"7 $ZL7 Z4 H"(ZQ$7 71-1"7 ``&0/AS3> 7^V Z9 Butinthe meantime,they plans to turn part of the space leased to Amazon for10years, _P40>"4 $ -(Q"7T will need somewheretostore a intostorage and list it on came from South Korea. C>" ,P)0" 40 0Z W-V 0"48<7-0" 0>" 3-9"& Z4 -$;ZP47 0>" 3-9" 0Z 3P)> Z0>"4 $-0" -7$ 0<8" -3 L3?+-= #(K":=5-&(K< YY-:>/X: !Q= 0>" ,P)0" X9-)" -7$ Z7 0>" $-0" Z_ 3-9"& -7$ -7H 3P+3"TP"70 NZO /G +%"( AT lot of their stuff.Neighbor’s pri- Neighbor’s website. UnlikemanyEuropean or -$;ZP478"70 0>"4"Z_&L<0>ZP0 _P40>"4 XP+9<)-0" C"483 Z_ E-9" -3 0>" ,P)0" ^70"4"30 Z4 Z0>"4L<3"U 7=1" ZQ )=$ ;=O" ^QZ: -9IM?"Q"-1 identswith asparegarageor ing arestaurant tenant is going are also buying offices in C><3 7Z0<)" <3 _Z4 <7_Z48-0" Z__"4<7? -7$ 3-9" Z_ 0>" ^70"4"30 <3 +"<7? 8-$" Z79H 0Z <7N"30Z43 L>Z "30-+9<3> unused bedroom who want to to be difficult forthe foresee- smaller cities or in the sub- 0>"H -4",))4"$<0"$ ^7N"30Z43 -3 $"]7"$ <7 0>" C"48 Z_ E-9"U rent it out forstorage use.Now, able future,” he said. Fornow, urbs,said Jeff Friedman, co- ,7H <70"4"30"$ +<$$"4 )-7 Z+0-<7 -))"330Z0>" $-0- 4ZZ8 )Z70-<7<7? _P40>"4 <7_Z48-0 4"3X")0 0Z 0>" ^70"4"30& -X4ZXZ3"$ XP4)>-3" -?4""8"70 -7$ Z0>"4 $Z)P8"703 4"TP<4"$ 0Z X-40<)" ,P)0" 3-9" PXZ7 )Z8X9H<7? L<0> 0>" 4"TP<4"8"703 3"0 _Z40> <7 0>" *4-P7 O<8J 8-4:"0<7? 8"8Z4-7$P8U to shutterand companies to tage and monetizethis space?” West Capital. !Z4 8Z4" <7_Z48-09 Wa11V @1a=11/a "J0U YDDU *Z7$ D2a[/.2 *G# DY[Y.@@1 `GGT`GYT`GG0 close their offices,itisadding Another Neighbor customer These properties areseen M=;;=-:7A3=5-&(T(Z:3,EE morelandlords with newcom- is the Brazilian jujitsu school as less affected by the pan- !# %,N]#[ F'LEE N#[FLN H# []' 4\G/0`G4G56 mercial tenantshardtofind. Gracie University in Torrance, demic,attorneyssay.Seoul- C][[],PF +C][[],PF CLH[%C]%# H#,[ #FE,E#& [[' AUCTIONS AUCTIONS H# []' 4\G\04004`T Thecompanyhas added sev- Calif.When the pandemic based Asia Investment Man- \U *DB#HRF JH#P]DPT eral million squarefeet of com- forced it to stop classes,co- agement Inc., forone,bought mercial spacetoits platform founder Rener Gracie started an officebuilding in Ridgefield %!"& !$#"#! %!"& !$#"#! %!"& !$#"#! sincethe beginning of the pan- thinking about other ways to Park,N.J., foranundisclosed demic,said Joseph Woodbury, makemoney.Today, the park- amount in October,according "$!%(&' "#!!(&'" "$!%(&' Neighbor’s chief executive. ing lot is filled with RVs, to the seller. Neighbor is the latest in a buses,trailers, boatsand cars. Abig reason whyKorean in- 500F/H* -& :(G638. growing list of startups looking He said he makes between vestorsare flocking to the U.S. !696C6?8266=G to capitalizeonthe disruption $100 and$120 amonth fora is the Federal Reserve. When caused by the pandemic.An- single parking spot through foreign firms invest in the U.S., :$##: /#7%"47 !$:$!1$ othercompanyknown as Pac- Neighbor,while alargerspace they generally hedgeagainst #)##1$!88#& '' -9)9(4: 3= &1;,;0<835 aso is looking to tapintorising foranRVcan cost between currencyfluctuations.The cost '055 $:G8=6 ,C6+EB;< .FB< demand forsuburban homes $350 and $450. of these hedging productsde- ,=9 .F0:2-.G-=)D.,:G '!M)-M #.($#M.(/* "+:1 L,?58= &;+:=08/1 pends on the differencebe- B&\II7D> ,^)9=-$=(@ C( B:\27D> ;(: 15-(L32+'/ #(K5-/5'!(K --:.+2 '<8 #/* .= tween short-term interest "=@? A/;^^=( -C(;A=C( 49,A *=(9A", 66)45)'M'*-/ ,466 ^/C* $C2(AC2(: +-;(, ;/" ;-/";$J ,,'#)",& NP ratesinthe U.S. and the home $"6"-C?"$ ^C/ 2E (C($C9(=A, > .97 6:;0 %81=38; !31=8 !/3; 2!5$,/( !5 0 74%, %'+*(.& "% country, Mr.Foshaysaid. ;($`III,^ C^ /"A;=-& BII ?;/0=(@ "+$?1F48-2&^^8("*1>&C )?82$8+A &+ !CQHFQ .4G- ..0*&0G: M017 ,?;(",: )?82F 8+ B0ED= '&F-2 )?82$8+A -4"- Twoyearsago, the annual /DE@S33 7ACG/T/4S334+QF7T %Q0OF 81 -CC4&68.-F"23 E\&-00:*; 1^='>" cost of hedging the Korean "26= LD)?(& #=I26&G(8=> BB>5 =4Q-0G: 7=C17T &^^8(" -4"- 81 \&000:*; 1^& -+$ !/=$;J 1C6"*)"/&?1" 81 E0&-00:*; 1^= around 2% of the amount in- ,D&G(8=I> B? %"( D&+ *0& ,G*0GF ,G*J %F+ @> 3@441 GES ,=A" C/ )=$ -=6"^/C*;(J2?"/" ;A 18F" &4 )8$ 28<"^4&. -+39>"4"-F vested, Mr.Foshaysaid. That

.3/5'!(GF1MCQ-T+CH IMA -D&G(8=("A2C/0:(C* 3,=08/1+"F9&45=(&. made it hardfor South Korean

5%3/3% !'$ $' 20*$ firms to competefor properties /'% $-3 "#,$*'(& GETTY with U.S. investors, who don’t 4#.)*$ 0 5%3+"#,$*'( 6//3%1 have to hedgeagainst currency fluctuations and could oftenaf-

`II:`IB:`II2 @FFT@F@TDII0 `66=`0E=`00D HERSHORN/

Y ford to bid higher.Today, Mr. 2=--=;*,-D&G(8=:(C*D'' M0**04H7.3/5'!(T+CH3%.Q=*.7 98228-.13,=08/1=(&.*NP

GAR Foshaysaid, hedging costsare :% %,1!#8':1#8'.1 )# 8!' G`I2AH '3 <#!!'#8 ,%"*8'#5!'0>/@@@I6 ;!55!,2% 1 #$ C"[[",P) +C"[[",P) P,,!#'"N# %,)).1 5#,)#' ,%' 8!'2G2G: ;!55!,2% 2'9$# %'?'%( !/'T '# 5!' )#,$"'#)& "N'=,#["'E(DD\= Neighbor.com is betting young professionals temporarily fleeing down to around 0.1% afterre- \= *%>#)3' +)#5!%5: @I0/I>ET*B8#'R%)'#2!B2 2,8 ,))58T \@ *%B#,7) /,#P"%P= cities will need a place to store their stuff. cent Fedratecuts. P2JW323000-0-B00700-1------XA

THE WALL STREET JOURNAL. We dnesday, November 18, 2020 | B7

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7/ 65.. !')//' #+&),5. ,/$( +)45,0"5'0+, $5( ,+' 0,%+.%/1 0, '2/ 3)/5'0+, +- '20( 3+,'/,'*

unrivaled growth [for unprecedented times]

Medical Properties Tr ust continues to outperform its healthcare REIT peers by remaining true to its singular focus on hospitals, the center point of the global health care deliverysystem. During 2020, MPT has delivered record earnings, $3 billion in new investments, plus increased dividends for the seventh consecutive year.

The global pandemic is proving that civilizations will do everything necessaryto ensure hospital access for their populations, and MPT’s capital and unique expertise are increasingly critical. Strong tenant operations and liquidity,aswell as MPT’s disciplined underwriting, ensure predictable cash flow and provide asturdy founda- tion upon which arobust and accretive investment pipeline can drive future growth.

AT THE VERYHEARTOFHEALTHCARE medicalpropertiestrust.com /NYSE: MPT P2JW323000-0-B00800-1------NS

B8 | We dnesday, November 18, 2020 NY THE WALL STREET JOURNAL. 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. CSX CSX 92.50 -0.50 CoupaSoftware COUP 302.93 14.45 EquityResdntl EQR 62.50 -0.25 Graco GGG 67.93 -0.90 Interpublic IPG 21.90 0.26 LibertyFormOne C FWONK 42.47 0.56 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. CVS Health CVS 67.14 -6.33 Credicorp BAP 134.08 6.55 ErieIndemnity A ERIE 243.72 -1.54 Grainger GWW 410.46 -4.07 Intuit INTU 358.75 1.69 LibertyBraves A BATRA 24.84 -0.33 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four CableOne CABO 2011.00 -10.25 CreditSuisse CS 12.21 0.18 EssentialUtil WTRG 44.88 -0.92 Grifols GRFS 19.04 -0.21 IntuitiveSurgical ISRG 749.15 -9.04 LibertyBraves C BATRK 24.68 -0.20 that include primary market trades as well as quarters. CabotOil COG 17.18 0.13 Cree CREE 71.60 0.29 EssexProp ESS 260.00 -2.95 Grubhub GRUB 72.60 0.61 Invitae NVTA 46.10 -0.30 LibertySirius C LSXMK 42.87 0.07 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. CadenceDesign CDNS 113.48 -1.38 EsteeLauder EL 256.95 -1.39 GuardantHealth GH 106.48 2.14 InvitatHomes INVH 28.80 -0.32 LibertySirius B LSXMB 44.00 1.79 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing CrowdStrike CRWD 137.78 6.20 CaesarsEnt CZR 63.73 0.54 Etsy ETSY Guidewire GWRE 113.84 3.43 IonisPharma IONS 52.51 0.36 LibertySirius A LSXMA 42.67 -0.03 Nasdaq ISE. standards CrownCastle CCI 166.34 0.92 128.82 3.20 CamdenProperty CPT 101.81 0.05 CrownHoldings CCK 95.59 0.28 EuronetWorldwide EEFT 130.39 2.24 s HCA Healthcare HCA 153.03 1.21 iQIYI IQ 23.71 -4.06 EliLilly LLY 141.20 0.61 The list comprises the 1,000 largest companies lf-Late filing s LincolnElectric LECO 116.16 -1.63 based on market capitalization. q-Temporary exemption from Nasdaq CampbellSoup CPB 49.38 -0.52 CubeSmart CUBE 33.84 -0.07 EverestRe RE 238.39 -0.41 HDFC Bank HDB 68.68 -0.04 iRhythmTechs IRTC 220.00 -22.73 s LincolnNational LNC 43.10 0.28 Underlined quotations are those stocks with requirements. CIBC CM 83.13 0.79 Cummins CMI 231.08 -0.78 Evergy EVRG 56.57 -1.06 HD Supply HDS 55.87 0.10 IronMountain IRM 25.90 -0.19 large changes in volume compared with the t-NYSE bankruptcy CanNtlRlwy CNI 108.82 -0.38 CureVac CVAC 76.49 -9.19 EversourceEner ES 91.75 -2.68 HP HPQ 20.50 0.20 ItauUnibanco ITUB 5.52 0.11 Linde LIN 252.14 -3.32 issue’s average trading volume. v-Trading halted on primary market. CanNaturalRes CNQ 21.28 0.33 CyrusOne CONE 71.43 -0.52 ExactSciences EXAS 115.64 -5.83 HSBC HSBC 24.91 -0.57 LithiaMotors LAD 269.46 3.49 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being s CanPacRlwy CP 337.54 -0.07 Exelon EXC 43.07 -0.27 Halliburton HAL 15.81 0.35 J K L LiveNationEnt LYV 68.78 0.46 Canon CAJ 18.40 -0.12 D E F Expedia EXPE 123.03 -0.53 HartfordFinl HIG 46.43 0.09 LloydsBanking LYG 1.85 0.02 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, JD.com JD 86.97 1.71 CanopyGrowth CGC 24.51 -0.26 ExpeditorsIntl EXPD 89.90 -0.37 Hasbro HAS 91.89 1.00 LockheedMartin LMT 375.90 -1.23 previous closing price was $2 or higher. or securities assumed by such companies. s Joyy YY 100.19 4.61 CapitalOne COF 87.76 -0.85 DISH Network DISH 34.05 1.11 ExtraSpaceSt EXR 117.87 -0.04 HealthcareAmer HTA 27.77 -0.37 Loews L 43.67 0.04 JPMorganChase JPM 116.11 -1.19 CardinalHealth CAH 54.68 -3.79 DTE Energy DTE 132.84 -2.36 ExxonMobil XOM 38.67 0.51 HealthpeakProp PEAK 30.81 0.08 LogitechIntl LOGI 80.93 -1.99 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and JackHenry JKHY 158.85 -0.18 Carlisle CSL 144.33 0.21 DadaNexus DADA 33.45 -0.14 F5Networks FFIV 162.09 -0.90 Heico A HEI.A 121.16 -0.28 Lowe's LOW 159.86 -2.04 changes in the closing prices from 4 p.m. the previous day. JacobsEngg J 105.30 -1.91 Carlyle CG 28.63 0.18 Danaher DHR 229.35 -0.30 s FMC FMC 115.69 3.70 s Heico HEI 135.47 0.01 LufaxHolding LU 15.15 -4.57 s JamesHardie JHX 28.76 0.26 CarMax KMX 94.73 -2.86 Darden DRI 108.53 -1.55 Facebook FB 275.00 -3.96 HenrySchein HSIC 64.61 0.16 lululemon LULU 338.40 6.63 JazzPharma JAZZ 146.28 0.22 Tuesday, November 17, 2020 Net Net Carnival CCL 18.05 0.48 DarlingIngred DAR 48.55 -0.54 FactSet FDS 323.25 -6.70 Hershey HSY 152.93 -2.19 LumenTech LUMN 10.14 0.07 J&J JNJ 149.35 -1.50 Stock Sym Close Chg Stock Sym Close Chg Carnival CUK 15.99 0.24 Datadog DDOG 88.09 1.73 s FairIsaac FICO 478.02 4.77 Hess HES 47.31 0.49 Lyft LYFT 39.42 -0.50 Net s JohnsonControls JCI 44.71 -0.65 s CarrierGlobal CARR 40.36 -0.14 DaVita DVA 113.39 0.25 Farfetch FTCH 45.06 1.31 HewlettPackard HPE 10.48 -0.15 LyondellBasell LYB 81.03 1.36 Stock Sym Close Chg JonesLang JLL 140.82 2.77 AmerTowerREIT AMT 239.18 0.09 BankofAmerica BAC 27.55 -0.03 Carvana CVNA 221.59 11.58 DeckersOutdoor DECK 254.32 4.46 Fastenal FAST 47.66 -0.95 HighwoodsProp HIW 37.85 0.34 Deere DE 258.21 -0.89 JuniperNetworks JNPR 22.21 -0.13 M N A B C AmerWaterWorks AWK 159.29 -6.26 BankofMontreal BMO 69.40 0.76 CaseysGenStores CASY 190.43 -0.97 Fastly FSLY 78.33 2.64 Hilton HLT 103.34 -3.24 AmericoldRealty COLD 36.04 -0.89 BankNY Mellon BK 39.44 -0.27 DellTechC DELL 67.86 0.51 KB Fin KB 41.99 0.58 Catalent CTLT 104.97 -0.39 FederalRealty FRT 91.31 -1.43 Hologic HOLX 72.00 0.93 M&T Bank MTB 124.97 -1.95 Ameriprise AMP 184.23 -1.74 BkNovaScotia BNS 47.36 -0.05 DeltaAir DAL 37.60 -0.40 KE Holdings BEKE 67.60 -5.96 s ABB ABB 27.68 0.41 Caterpillar CAT 171.91 -1.28 FedEx FDX 285.05 5.22 HomeDepot HD 272.47 -7.10 MGMGrowthProp MGP 31.18 0.38 AmerisourceBrgn ABC 104.89 -4.12 Barclays BCS 7.30 0.08 DenaliTherap DNLI 67.31 3.49 KKR KKR 37.97 0.23 AcadiaPharm ACAD 55.29 0.66 Celanese CE 132.41 -0.40 Ferrari RACE 210.35 2.68 HondaMotor HMC 29.19 -0.29 MGM Resorts MGM 26.42 -0.09 Ametek AME 118.76 -1.32 BarrickGold GOLD 25.37 -0.49 DentsplySirona XRAY 48.90 -0.78 s KLA KLAC 241.84 0.06 AECOM ACM 49.90 -0.65 s Cemex CX 4.65 0.15 FiatChrysler FCAU 15.08 0.19 Honeywell HON 205.33 -3.26 MKS Instrum MKSI 132.07 0.57 Amgen AMGN 232.44 -4.22 BauschHealth BHC 19.45 -0.47 DeutscheBank DB 10.82 0.03 KSCitySouthern KSU 191.57 3.24 AES AES 21.35 0.02 Centene CNC 67.28 -0.39 FidNatlFin FNF 35.60 -0.04 HorizonTherap HZNP 71.47 0.59 MPLX MPLX 20.76 0.35 Amphenol APH 127.06 0.78 BaxterIntl BAX 80.78 -0.20 DexCom DXCM 334.35 -5.68 Kellogg K 66.32 -0.26 Aflac AFL 43.00 0.05 CenterPointEner CNP 25.17 0.08 FidNatlInfo FIS 146.97 -0.92 HormelFoods HRL 51.33 -1.18 MSCI MSCI 403.64 6.04 BectonDicknsn BDX 242.41 -0.16 Diageo DEO 158.29 -2.18 KeurigDrPepper KDP 29.19 -0.26 AGCO AGCO 93.20 -3.33 AnalogDevices ADI 135.87 -2.14 CentraisElBras EBR 6.16 0.09 FifthThirdBncp FITB 26.05 -0.20 DR Horton DHI 73.47 -0.66 MagellanMid MMP 41.38 0.34 BeiGene BGNE 284.33 4.37 DigitalRealty DLR 142.42 0.42 KeyCorp KEY 15.67 -0.13 AGNC Invt AGNC 15.22 0.16 Anaplan PLAN 65.51 1.92 CeridianHCM CDAY 97.13 2.21 FirstHorizonNatl FHN 12.46 0.05 HostHotels HST 14.14 0.42 MagnaIntl MGA 60.87 -0.01 BentleySystems BSY 35.37 0.87 DiscoverFinSvcs DFS 77.10 -0.67 KeysightTechs KEYS 117.56 -0.11 Ansys ANSS 319.79 -2.88 AngloGoldAsh AU 23.07 -0.44 Cerner CERN 74.77 -0.49 FirstRepBank FRC 134.47 -0.81 HowmetAerospace HWM 23.50 0.32 ManulifeFin MFC 16.67 ... Berkley WRB DiscoveryB DISCB 31.70 1.10 KilroyRealty KRC 63.91 1.31 ASETech ASX 5.03 -0.06 AB InBev BUD 66.55 -1.45 70.11 -0.37 CharlesRiverLabs CRL 235.98 -2.02 FirstSolar FSLR 81.48 1.27 HuanengPower HNP 16.32 0.03 MarathonPetrol MPC 40.61 0.46 s DiscoveryA DISCA 24.30 0.23 KimberlyClark KMB 143.83 1.74 s ASML ASML 426.48 -0.03 AnnalyCap NLY 7.89 0.15 BerkHathwy B BRK.B 233.16 0.06 CharterComms CHTR 641.51 0.10 FirstEnergy FE 28.74 0.24 s Huazhu HTHT 49.89 2.52 Markel MKL 1054.32 -14.42 s DiscoveryC DISCK 22.00 0.18 KinderMorgan KMI 14.03 0.36 AT&T T 29.03 0.06 Anthem ANTM 329.84 -3.31 BerkHathwy A BRK.A 349546 6.00 CheckPoint CHKP 119.14 -0.15 Fiserv FISV 109.95 0.24 Hubbell HUBB 155.74 -3.42 MarketAxess MKTX 514.09 -7.90 Disney DIS 144.50 -0.17 KingsoftCloud KC 37.31 -1.09 AbbottLabs ABT 113.06 -0.61 Aon AON 207.19 -0.84 BerryGlobal BERY 54.69 0.57 Chegg CHGG 68.05 0.15 FiveBelow FIVE 152.62 1.24 HubSpot HUBS 355.66 7.43 Marriott MAR 122.78 -0.98 DocuSign DOCU 211.91 3.78 KinrossGold KGC 7.77 -0.12 AbbVie ABBV 99.21 0.85 ApolloGlbMgmt APO 45.77 0.42 BestBuy BBY 119.02 0.37 Chemed CHE 482.00 -1.73 Five9 FIVN 140.59 0.01 Humana HUM 422.23 -6.31 Marsh&McLen MMC 114.24 -1.42 s DolbyLab DLB 89.33 0.38 KirklandLakeGold KL 42.74 -1.22 Abiomed ABMD 269.93 -2.82 s Appian APPN 107.74 2.68 BeyondMeat BYND 129.90 2.75 CheniereEnergy LNG 54.13 1.23 FleetCorTech FLT 267.99 2.88 JBHunt JBHT 133.04 0.45 MartinMarietta MLM 269.33 -1.88 AcceleronPharma XLRN 113.85 -1.78 Apple AAPL 119.39 -0.91 Bilibili BILI 50.05 ... CheniereEnerPtrs CQP 37.26 0.50 DollarGeneral DG 208.75 -4.34 s Flex FLEX 16.260.02 HuntingtonBcshs HBAN 12.02 -0.01 Knight-Swift KNX 42.63 0.89 MarvellTech MRVL 42.97 -0.34 Accenture ACN 243.82 -1.13 ApplMaterials AMAT 74.37 -0.11 Bill.com BILL 98.80 2.34 Chevron CVX 87.04 -0.63 DollarTree DLTR 93.82 -1.79 Floor&Decor FND 76.31 0.61 HyattHotels H 70.41 -1.03 KoninklijkePhil PHG 52.89 -0.21 Masco MAS 55.72 0.43 ActivisionBliz ATVI 77.11 -0.33 Aptargroup ATR 127.36 0.50 Bio-Techne TECH 307.73 4.87 Chewy CHWY 64.38 0.05 DominionEner D 84.17 -1.90 FomentoEconMex FMX 73.23 2.73 IAA IAA 60.79 0.18 KoreaElcPwr KEP 9.74 0.14 Masimo MASI 247.85 3.08 Adobe ADBE 467.95 7.00 s Aptiv APTV 114.44 -0.03 Bio-RadLab B BIO.B 595.90 2.60 ChinaEastrnAir CEA 23.45 0.25 Domino's DPZ 384.47 -0.35 FordMotor F 8.75 -0.05 ICICI Bank IBN 13.43 -0.02 KraftHeinz KHC 31.59 -0.56 Mastercard MA 336.50 1.05 AdvanceAuto AAP 149.30 -1.76 Aramark ARMK 34.74 -0.39 Bio-RadLab A BIO 592.57 -4.64 ChinaLifeIns LFC 11.70 0.09 Donaldson DCI 54.12 -0.31 Fortinet FTNT 118.42 1.70 IdexxLab IDXX 455.85 0.48 Kroger KR 31.90 -0.40 MaximIntProducts MXIM 80.76 -1.33 s AdvMicroDevices AMD 83.36 -0.37 ArcelorMittal MT 16.62 -0.07 Biogen BIIB 248.81 -2.15 ChinaMobile CHL 30.78 -0.76 Dover DOV 125.41 -0.39 Fortis FTS 41.08 0.34 IHS Markit INFO 92.29 -0.05 L Brands LB 35.45 0.69 McAfee MCFE 17.00 -0.42 Aegon AEG 3.61 0.14 ArchCapital ACGL 35.24 -0.06 BioMarinPharm BMRN 76.53 -0.58 ChinaPetrol SNP 47.04 0.17 Dow DOW 54.48 0.55 Fortive FTV 71.65 -0.51 ING Groep ING 9.13 0.22 LHC Group LHCG 210.89 0.18 McCormick MKC 182.66 -1.52 AgilentTechs A 109.86 -0.41 ArcherDaniels ADM 50.16 -0.25 BioNTech BNTX 86.93 -4.59 ChinaSoAirlines ZNH 31.64 0.79 DrReddy'sLab RDY 63.33 -0.56 FortBrandsHome FBHS 83.39 0.78 Invesco IVZ 16.30 0.31 Line LN 51.48 0.13 McDonalds MCD 216.01 -0.72 AgnicoEagle AEM 71.60 -1.40 AresMgmt ARES 44.97 0.39 BlackKnight BKI 94.79 -0.23 ChinaTelecom CHA 30.47 -0.50 DraftKings DKNG 46.61 3.88 FoxA FOXA 28.16 0.98 IPG Photonics IPGP 199.32 -1.68 LKQ LKQ 36.49 -0.31 McKesson MCK 173.64 -10.02 AirProducts APD 266.29 -0.15 arGEN-X ARGX 258.25 -0.25 BlackRock BLK 667.49 -8.94 ChinaUnicom CHU 6.23 -0.06 Dropbox DBX 18.55 -0.14 FoxB FOX 27.65 0.90 IQVIA IQV 172.21 -1.53 LPL Financial LPLA 92.62 1.31 MedicalProp MPW 19.37 -0.10 AkamaiTech AKAM 102.45 0.77 s AristaNetworks ANET 277.78 4.52 Blackstone BX 57.69 0.60 Chipotle CMG 1268.48 7.81 DukeEnergy DUK 92.92 -2.09 Franco-Nevada FNV 134.23 -0.57 IcahnEnterprises IEP 52.37 -0.70 L3HarrisTech LHX 198.43 -1.57 Medtronic MDT 110.14 -1.48 Albemarle ALB 127.95 -0.97 ArrowheadPharm ARWR 70.79 1.72 Boeing BA 210.05 7.65 Chubb CB 150.03 -1.33 DukeRealty DRE 39.85 -0.04 FranklinRscs BEN 21.48 0.21 Icon ICLR 190.27 -3.66 LabCpAm LH 204.77 0.27 MelcoResorts MLCO 18.42 -0.10 Albertsons ACI 15.73 0.12 AscendisPharma ASND 159.70 -4.69 BookingHldgs BKNG 2081.25 -28.36 ChunghwaTel CHT 38.12 0.09 Dun&Bradstreet DNB 27.93 -0.12 FreeportMcM FCX 21.03 0.03 s IDEX IEX 197.19 -0.07 LamResearch LRCX 431.93 -7.36 MercadoLibre MELI 1300.81 14.50 Alcon ALC 65.13 -0.98 AspenTech AZPN 129.91 4.54 s BoozAllen BAH 89.16 -0.22 Church&Dwight CHD 87.21 -0.76 Dunkin' DNKN 106.19 -0.03 FreseniusMed FMS 42.69 -0.41 IllinoisToolWks ITW 209.87 -1.99 LamarAdv LAMR 77.85 0.92 Merck MRK 81.50 1.32 AlexandriaRlEst ARE 165.29 -0.04 Assurant AIZ 138.59 1.48 BorgWarner BWA 38.00 -0.74 ChurchillDowns CHDN 182.71 -2.33 DuPont DD 63.16 -0.26 Illumina ILMN 297.95 1.22 LambWeston LW 74.50 0.27 MetLife MET 46.01 -0.02 AlexionPharm ALXN 127.69 -0.12 AstraZeneca AZN 54.96 -1.33 BostonBeer SAM 963.45 17.23 Ciena CIEN 44.04 -0.09 Dynatrace DT 36.17 0.20 G H I ImperialOil IMO 17.30 0.26 LasVegasSands LVS 57.50 -0.88 MettlerToledo MTD 1193.36 5.43 Alibaba BABA 256.80 -1.51 Athene ATH 43.22 0.26 BostonProps BXP 98.46 1.86 Cigna CI 214.81 -3.49 ENI E 19.26 0.21 Incyte INCY 82.98 -1.37 Lear LEA 141.26 0.39 MicrochipTech MCHP 127.37 -2.28 AlignTech ALGN 451.38 -5.79 Atlassian TEAM 196.52 7.06 BostonSci BSX 35.03 -3.00 CincinnatiFin CINF 79.71 -0.14 EOG Rscs EOG 45.67 0.32 GCI LibertyA GLIBA 89.12 1.29 Infosys INFY 15.28 -0.18 Leidos LDOS 100.28 -0.35 s MicronTech MU 61.99 0.13 Alleghany Y 621.33 -5.49 AtmosEnergy ATO 100.05 -1.23 BrightHorizons BFAM 168.49 -1.73 Cintas CTAS 361.41 -7.25 EPAM Systems EPAM 331.62 8.80 GDS Holdings GDS 89.81 -3.34 IngersollRand IR 44.64 -0.35 Lennar B LEN.B 61.20 -0.30 Microsoft MSFT 214.46 -2.77 Allegion ALLE 115.46 -2.80 Autodesk ADSK 252.71 3.92 BristolMyers BMY 64.32 -0.18 CiscoSystems CSCO 41.88 -0.66 EastmanChem EMN 97.01 -0.99 GFLEnvironmental GFL 24.13 0.14 Inphi IPHI 148.05 -0.76 Lennar A LEN 75.71 -0.05 MidAmApt MAA 130.91 -1.39 AlliantEnergy LNT 54.73 -1.71 Autohome ATHM 100.15 0.32 BritishAmTob BTI 37.62 0.06 Citigroup C 50.73 0.33 Eaton ETN 116.07 -1.43 GSXTechedu GSX 70.80 -0.21 Insulet PODD 259.61 6.57 LennoxIntl LII 299.09 -2.67 Middleby MIDD 136.05 -0.35 Allstate ALL 99.37 1.31 s Autoliv ALV 89.56 -0.05 Broadcom AVGO 380.60 -0.21 CitizensFin CFG 33.07 0.03 s EatonVance EV 66.25 0.45 Galapagos GLPG 125.25 -0.45 Intel INTC 45.53 -0.66 LeviStrauss LEVI 18.23 0.53 MiratiTherap MRTX 229.66 0.39 AllyFinancial ALLY 30.51 -0.20 ADP ADP 176.15 -0.90 BroadridgeFinl BR 147.28 -1.23 CitrixSystems CTXS 119.68 1.20 eBay EBAY 48.33 -0.22 Gallagher AJG 117.08 -0.35 InteractiveBrkrs IBKR 55.24 0.56 LiAuto LI 35.05 -0.50 MitsubishiUFJ MUFG 4.62 0.09 AlnylamPharm ALNY 129.30 -1.75 AutoZone AZO 1124.21 -21.81 BrookfieldMgt BAM 40.61 0.85 Clarivate CCC 27.24 -0.42 Ecolab ECL 212.27 -1.11 Gaming&Leisure GLPI 41.56 -0.34 ICE ICE 100.03 0.32 LibertyBroadbandC LBRDK 154.65 2.46 MizuhoFin MFG 2.75 ... Alphabet A GOOGL 1761.66 -12.37 Avalara AVLR 157.33 5.95 BrookfieldInfr BIP 52.18 -0.41 Clorox CLX 209.10 1.43 Ecopetrol EC 11.81 0.14 Gap GPS 24.56 0.40 InterContinentl IHG 61.54 -0.18 LibertyBroadbandA LBRDA 153.61 2.14 MobileTeleSys MBT 8.60 0.14 Alphabet C GOOG 1770.15 -11.23 Avalonbay AVB 174.12 0.77 BrookfieldPropREIT BPYU 17.43 -0.10 Cloudflare NET 65.96 1.42 EdisonInt EIX 65.60 0.43 Garmin GRMN 117.33 -0.18 IBM IBM 117.70 -0.66 LibertyGlobal C LBTYK 21.91 0.06 Moderna MRNA 93.15 -4.80 Alteryx AYX 113.44 3.92 Avangrid AGR 48.59 -1.70 BrookfieldRenew BEPC 72.35 0.99 Coca-Cola KO 53.68 -0.17 s EdwardsLife EW 85.18 3.01 Gartner IT 158.71 -0.31 IntlFlavors IFF 114.51 -0.25 LibertyGlobal A LBTYA 22.57 0.07 MohawkInds MHK 131.15 2.03 AlticeUSA ATUS 31.26 0.21 Avantor AVTR 27.60 0.53 Brown&Brown BRO 47.39 -0.27 Coca-Cola Euro CCEP 43.37 2.08 ElancoAnimal ELAN 30.41 0.10 Generac GNRC 210.09 -3.10 s IntlPaper IP 50.09 0.13 LibertyFormOne A FWONA 38.34 0.31 Continued on Page B12 Altria MO 41.19 -0.29 AveryDennison AVY 149.44 -3.16 Brown-Forman B BF.B 81.23 0.03 Cognex CGNX 71.36 -1.60 Elastic ESTC 103.49 1.84 GeneralDynamics GD 151.47 -1.46 AlumofChina ACH 7.06 -0.07 AxaltaCoating AXTA 28.37 0.07 Brown-Forman A BF.A 73.77 -0.13 CognizantTech CTSH 77.00 -0.80 ElectronicArts EA 118.52 -0.08 GeneralElec GE 9.68 0.11 Amazon.com AMZN 3135.66 4.60 AxonEnterprise AAXN 119.05 -0.28 Bruker BRKR 50.08 0.26 s ColgatePalm CL 85.35 -0.58 EmersonElec EMR 76.39 -1.60 GeneralMills GIS 61.28 0.07 Ambev ABEV 2.91 0.04 BCE BCE 43.33 0.29 Bunge BG 59.38 -0.81 s Comcast A CMCSA 49.78 0.24 Enbridge ENB 29.68 0.69 s GeneralMotors GM 41.98 -0.15 Amcor AMCR 11.93 -0.22 BHP Group BHP 53.73 -0.24 BurlingtonStrs BURL 225.02 -5.95 Comerica CMA 52.01 -0.23 EncompassHealth EHC 77.20 3.49 Genmab GMAB 35.28 -0.20 Dividend Changes Amdocs DOX 64.10 -0.41 BHP Group BBL 43.78 -0.44 CBRE Group CBRE 60.49 0.57 CommerceBcshrs CBSH 69.80 -0.97 EnelAmericas ENIA 7.56 0.06 Genpact G 40.70 0.04 Amedisys AMED 249.09 4.51 BP BP 20.05 0.29 CDW CDW 136.78 -2.30 ConagraBrands CAG 35.74 -0.80 EnergyTransfer ET 5.63 0.19 s Gentex GNTX 33.23 0.49 Dividend announcements from November 17. Amerco UHAL 408.63 -1.13 Baidu BIDU 143.92 -3.92 CF Industries CF 32.22 -0.18 ConchoRscs CXO 56.23 1.07 EnphaseEnergy ENPH 125.12 5.19 GenuineParts GPC 98.48 -1.09 Ameren AEE 80.60 -3.73 BakerHughes BKR 19.26 0.47 CGI GIB 70.35 -0.15 ConocoPhillips COP 38.85 0.77 EnstarGroup ESGR 203.93 2.32 GileadSciences GILD 60.97 -0.12 Amount Payable / AmericaMovil AMX 14.49 0.36 Ball BLL 97.14 0.38 CH Robinson CHRW 93.55 0.63 ConEd ED 79.25 -2.69 Entegris ENTG 88.21 0.45 GSK GSK 37.15 -0.91 Company Symbol Yld %New/Old Frq Record AmericaMovil A AMOV 14.40 0.45 BancoBilbaoViz BBVA 4.11 -0.10 CME Group CME 168.07 -0.70 ConstBrands A STZ 205.05 -1.05 Entergy ETR 111.96 -0.81 GlobalPayments GPN 189.83 -0.11 AmerAirlines AAL 12.70 -0.09 BancoBradesco BBDO 4.25 0.14 CMS Energy CMS 63.83 -2.23 Cooper COO 332.45 -8.25 EnterpriseProd EPD 19.12 0.17 Globant GLOB 182.91 -2.42 Increased AEP AEP 86.73 -2.48 BancodeChile BCH 18.80 -0.19 CNA Fin CNA 35.58 -0.18 Copart CPRT 116.19 0.14 Equifax EFX 171.95 0.44 GlobeLife GL 93.79 -0.47 American Equity AEL 1.2 .32 /.30 A Dec10 /Nov25 AmerExpress AXP 116.48 -2.19 BancSanBrasil BSBR 7.29 0.29 CNH Indl CNHI 10.38 -0.08 Corning GLW 36.48 -0.50 Equinix EQIX 751.18 -1.25 GoDaddy GDDY 76.33 1.93 Timken TKR 1.6 .29 /.28 Q Dec03 /Nov24 AmericanFin AFG 89.58 0.78 BcoSantChile BSAC 17.92 -0.29 CNOOC CEO 115.39 2.21 Corteva CTVA 37.02 -0.41 Equinor EQNR 15.39 0.12 GoldFields GFI 10.06 -0.10 Tyson Foods Cl A TSN 2.8 .445 /.42 Q Mar15 /Mar01 AmHomes4Rent AMH 29.47 -0.22 BancoSantander SAN 2.77 0.02 CRH CRH 40.10 0.04 CoStar CSGP 914.08 -1.48 Equitable EQH 24.34 -0.25 GoldmanSachs GS 224.65 2.27 AIG AIG 38.42 -0.07 BanColombia CIB 29.61 -1.52 CRISPR Therap CRSP 108.57 1.81 Costco COST 381.92 2.13 EquityLife ELS 63.07 -0.95 t GoodRx GDRX 36.21 -10.51 Reduced Retail Value RVI 7.8 1.16 /2.05 A Jan12 /Dec02 ADVERTISEMENT Initial Wells Fargo Pfd. AA WFCpA 4.6 .1534 Dec15 /Nov30 Stocks The Marketplace Ra Medical Systems RMED 1:25 /Nov17 To advertise: 800-366-3975orWSJ.com/classifieds Foreign CI Financial CIXX 4.3 .13723 Q Jan15 /Dec31 CI Financial CIXX 4.3 .13723 Q Apr15 /Mar31 BANKRUPTCIES BUSINESSOPPORTUNITIES IRSA Propiedades Com ADR IRCP 25.5 3.86084 SA Dec03 /Nov24 Nordic American Tankers NAT 13.8 .04 Q Dec15 /Dec02 /)*2.,(306 "*03&C30&1 +&,&9#.#,0 1;GIC Vodafone Group ADR VOD 6.1 .53247 SA Feb05 /Dec18 [U 2\b 1U[2b: 32@2b3 >@UY41727ML9<+A +<= (9M49M+I7$M947MI;7L;[Ub:\b@4[U^N DC!E!DEA(B;(?=(*H]JE] bE=!=] A($JA*!E$ JE] Average Yields of Major Banks Tuesday, November 17, 2020 S[[[R 082[U^ @U: 8>Zb<2[8U :b@:X[Ub3N =AJE?J,=!DEN ,DE=AJ,=N !E?=A;F(E=N *D,;F(E= F7M/ 5IM9<. 'G>+.7 (9G$5#>9?B 7;1;B'B%; :% 79!!#?; DA JE]Cc(J*!E$? Qc(* *;A!E$ ="( %G. '$% +"$-'&- ). *"%',# Jumbos 0.18 0.07 0.07 0.10 0.14 0.20 0.23 0.19 0.33 #@ ;#9?$B> 3%$( 1%" :;> )B/;#? ,@-5:1;B> J$A((F(E=N (9(E=N DA D="(A D,,;AA(E,( A(cJ=(* "*03&C30&1 +&,&9#.#,0 1;GIC 1G%&0#$ &0EC-# 9):>7<-): T?-EC?+ !9: +)A9>< C'fP!C9): ,DE?=!=;=( ="( >JEeA;C=,] JEeA;C=,] 4;c( fI-fN D& ="( ANNOUNCEMENTS CAREERS &.(M)(.eOOM,( (JM ,'B%"B" 0#:%; *<1!;B?44 &DA($D!E$ ="!A*MCJA=] A(c(J?(Na"!,"!E,c;*(? Consumer Savings Rates =51% #@ ,!!?#1$<8B>#9?$B> 3%$( hiG([ P.[ @@Eg H] A(&(A(E,( (J,"D&="( A(cJ=(* CAD9!?!DE? _e) 0eadML'*(JM* e0M/NMN] (JM 7:Fe/5^[ JE* *(QE!=!DE? ,DE=J!E(* !E ="( 7cJEN JE*N Below are the top federally insured offers available nationwide according to Bankrate.com's D[ # ->@A!?)+ #)C ->?:!+)< A>9# HCG f?CP &;A="(AN?"Jcc ,DE?=!=;=( ="( >JEeA;C=,] e,,*.&eF .L (JM iI)OF.)'*M 8(e(M0M/( e/N _d^ ((c>?BB`!,I< !D SRNSRB@!,M <(E=AJc 2!F(R]dML.*M (JM U./.*edFMS'NKM &DAJ?;H?=JE=!Jc ,DE=A!H;=!DE JE* &DA="( !D$EC*(`> !Da=I,#(`C@5> High yield savings Qe*&I/ K)K'*]e(4/I(MN 8(e(M) !.'*(J.')M]AEA $DD* JE* 9Jc;JHc( ,DE?!*(AJ=!DE CAD9!*(* H] C@ (A:!8!D;2N ;CEB:<(@ ^D$5$N C@ @(`K &!(`*_ 1')G 8(*MM(] !.'*(*..0 BYB] U.')(./] 6Mbe) ="( 4(c(J?(* 7JA=!(? ="J= !? !FCDA=JE= =D ="( %Z@> C& ([B!DeCG C&&(@(* C@ @(`K C,,:BI<@:E(D<>!D,`E@c< ,CD8(D (%) JE* ,DFCADF!?( D& ="( _A:IDc I>>C,!I<(* ]J !< IECD$ &@CD]J!D&!D5` E@c<>F :!Dc2Z><>F da M0eIF (. (ed'Fe(I./$M,I+KF.deF[O.0 cI(J e :Z><>!D,`N T[ *I(N 7@I,`(N24UN ;1 =?Y?@\BBDD[ K/(M*M)(MN ,e*(IM)0ea eF). O./)'F(e/()] e/N ,*.LM))I./eF)] MeOJ eO(I/KI/ E:`N?$!`( E(<#C*C`C$ZNT2M (713) 358-9400 (888) 205-8388 e/N eFF .(JM* N.OGM( M/(*IM) L*MM .L OJe*KMe( X(E*(A 7JA=!(? 0Me/)] I/ MeOJ Oe)M ./Fa I/ I() ^[,(`_/=? B@C$@IEE!D$K WD I`<(@DI C& ><:*!(> State Bank of India California $1,000 0.15 Live Oak Bank $2,500 0.70 B[ 3.(M)(.eOOM,( .* *MHMO( (JM :Fe/ 0')( ;KM/(](JM :*M,M(I(I./ ;KM/(] e/N (JM :*M,M(I(I./ !..0!*31 ,(&$+!+1 -#*2 =I,#(`C@5> _+Z@> C& W1 ([B:E(>(Z 25CP >' 9#) 6!:-P>:7<) 09C9)@)?9 C?+ '><@)< #'fP!C9): C?+ :7A:!+!C< ->?f<@C9!>? >' 9#) 3PC? !: :(,(FH(A .L (JMI* *M),MO(I&MO'**M/( e/N L.*0M* 0M0dM*)] 1K*34 KG6FH3 1,G4 2I`(> ID* TI@c(I`(>><@I<($Z State Bank of India California $1,000 0.15 First Internet Bank of Indiana $1,000 0.75 2!F(R _(JM 7;dHMO(I./iMeNFI/M5^[ 1UXb33 @U 0e/eKM*)] 0e/eKMN eOO.'/() .* L'/N)] ,e*(/M*)] .33JKG0 /KAM. P 8>Zb<2[8U [3 2[WbXT 3b40b: @U: `[Xb: [U FI0I(MN,e*(/M*)] KM/M*eF ,e*(/M*)] ,*I/OI,eF)] &C@VK6KTC@$ID5>2(,:@!U(D*!D$ G:>!D(>>N (877) 707-1995 (888) 873-3424 @<<84:@U[Ub: \b@4[U^ M+'I(a J.FNM*)_*MKe*NFM)) .L cJM(JM* )'OJ A66/34K-34 KG+3.-F/. ]!<# I&C,:> CD D(]G:>!D(>>*(8(`CBE(D< &C@ VirtualBank $10,000 0.15 Comenity Direct $1,500 0.75 U82[b <8U3[:b4b: >T 2\b !?9)<):9: C<) #)P+ +!<)-9PM >< !?+!<)-9PMGFC'fP!C9)+ !D> !D <#(?E(@!,I>N !D,`:*!D$ (877) 998-2265 (833) 755-4354 >@UY4172N !D>:@ID,(,CEBID!(>NB:G`!,J,C@M U82['f-)<:F +!<)-9><:F C+5!:>C<+ BC@I<(B(D>!CD> ID*,(D<@I` GIDc>K -HM+Hb*CM Three-month CD Five-year CD 7480[3[8U3 [U 2\b 7X@U 0M0dM*)] M0,F.aMM)] 0e/eKM*)] )Je*MJ.FNM*)] 2\b 7X@U <8U2@[U3 <:F f?C?-!CP #''D%@@D@'@@ E(>_!< BrioDirect $500 0.50 Ally Bank $0 1.00 b.<1X7@2[8U@U: [UZ1U<2[8U 7480[3[8U3 eN&I).*)] e((.*/Ma)] eOO.'/(e/()] I/&M)(0M/( #<aJJ,I@((@>KeBEC@$IDK,CE _IBB`Zb`81U: [U @42[<@ +BN7&8 49CE .7;C (>( : A!&8L +&;$LE 6A "<'(' ;#I>(_;CK?`` @!$#<> @(>(@8(*K 31<\ 7480[3[8U3 @3 T814 4[^\23W@T >b OFeI0I/K da .* (J*.'KJ e/a.L(JM0 _I/OF'NI/K (480) 281-8200 (866) 518-0286 @``b<2b:L b@<\ 7b438U 2\@2S@R 082b3 [U 222CA!!&BN?;HL97)B);15N=C?LO ]]]KeBEC@$ID,#I>(K,CE 9#)!< <):=)-9!5)>'f-)<:F +!<)-9><:F @C?C%)<:F Lone Star Bank $1,000 0.25 First Internet Bank of Indiana $1,000 0.96 `@0848`2\b 7X@UG 84 S>R @>32@[U3 `48W )Je*MJ.FNM*)] ,e*(/M*)] M0,F.aMM)] 0M0dM*)] 082[U^N [3 U82 bU2[2Xb: 28 082bN 84 082b3 e/N ,*.LM))I./eF)^[ (713) 358-9400 (888) 873-3424 28 4bZb<2 2\b 7X@U @U: :8b3 U82 S[R 8>Zb<2 37b<[`[<@XXT282\b 2\[4: 7@42T4bXb@3b 4(c(J?(* 7JA=!(? 0Me/)] O.FFMO(I&MFa e/N !"' !& *$%"( 84 S[[R @``[4W@2[0bXT872 812 8` 2\b 2\[4: I/NI&IN'eFFa]e/N I/ MeOJ Oe)M ./Fa I/ I() Oe,eOI(a %"0'64#'"4 !@XX82 84 2\b 872 812 `84W @22@<\b: 9Q&R-B ,-OPP#O:A):P 6<:= #R&"RBK &C@([(,:[Ub: \b@4[U^ @U: *MFMe)M)O./(eI/MN I/ (JM :Fe/] _d^ (JM RM/NM* :e*(IM) e/N MeOJ.L(JMI* *M),MO(I&M 1MFe(MN ,-<)!8( 4bXb@3b 872 812 `84W P:Y2L U8L ##fN CFG Community Bank 0.76 Live Oak Bank 0.60 b.\L -ON @U: 3\@XX >b :bbWb: 28N 28 2\b :M*)./)] e/N _O^ (JM K/NM/('*M 6*')(MM[ '% 'A>O:<7A P(C`:&C@ VK6KTC@M `1XXb32 b.2bU2 7b4W[22b: >T @77X[<@>Xb 4(c(J?!E$ 7JA=!(? 0Me/)] O.FFMO(I&MFa]e/N I/ $ID5>,`!(D<> !D,`:*!D$C@!$!DI!*( _>(``>!*(E(@$(@ _I,A:!>!<@)< #'fP!C9):F *%,0 !: '(""& .74#7$+#47$= >C@ZN `(8(@I$(*G:ZC:<>N_*(G< _(A:!K0BJEeA;C=,] <@)< #'fP!C9):2 C?+ :7A:!+!CK \C@@(A>_!< (877) 505-1933 (866) 638-6851 (_,(C= J? D="(Aa!?( (_CA(??c] CAD9!*(* !E ="( :M*)./)] MeOJ I/ (JMI* Oe,eOI(a e) )'OJ^< _e^ MeOJ )!!&#"&$%' *( #<aJJ,I@((@>KeBEC@$IDK,CE _IBB`Z(_;CK?`` @!$#<> @(>(@8(*K ?(A9!,( D& ="( 4(c(J?(* 7JA=!(? =D &J,!c!=J=(="( 5>9) 9> C--)=9 9#) 3PC?% H-G 9#) T?+)?97<) /<7:9))% ')(",%%*/),% #+( ')/% !"%$(#"/&",!) (G--? Lone Star Bank 0.20 CFG Community Bank 0.73 (_C(*!=!D;? &DAF;cJ=!DE JE* !FCc(F(E=J=!DE _N^ eFF U.FNM*) .L !FeI0).*K/(M*M)()cJ. _I^ e*M ]]]KeBEC@$ID,#I>(K,CE (713) 358-9400 (888) 205-8388 D& ="( 7cJE JE* ="( ,DE?;FFJ=!DE D& ="( =<):7@)+9>C--)=9 9#) 3PC?% H!!G C<) +))@)+ 9> A:G2@@A! >E7 %)? ,?@A E> #G4,E+ +2--DE7/ E7 =AJE?J,=!DE? ,DE=(FCcJ=(* H] ="( 7cJEN DE <)S)-9 9#) 3PC?% >< H!!!GC<) )?9!9P)+ 9> 5>9) >? 9#) #%$2)A,7?=*'* @%)A- @7E#A442)8 A:G2@= &E-2! State Bank of India California 0.15 Live Oak Bank 0.70 ="( b&&(,=!9(:J=(N &DA$DD* JE* 9Jc;JHc( :Fe/ d'( ed)(eI/L*.0&.(I/K] e*M /.(M/(I(FMN (. -G+$A7 +2-- D2,5 +E-!A7=CC";<< 4:G%7A>EE, (877) 707-1995 (866) 518-0286 ,DE?!*(AJ=!DEN =D ="( &;cc(?=(_=(E= C(AF!??!Hc( &.(M].*&.(M(.*MHMO( (JM :Fe/]e/N I/ MeOJ Oe)M $G2-!2)8" >G--? 4@72)/-A7A!" 5A%F? !G,? A-A#,72#= 7@!$!DI2)%)#2)81 $G? E7 -A%4A @7E@A7,?= ?"JccN JE* ?"Jcc H( *((F(*=D,DFCc(=(c] JE* 1MFMe)M ./ e(I0MFa)'d0I((MN "eFF.( .* .,(\.'( S(]RC@cN S(]RC@cK 3(>BCD>!G`( &C@<#( ([(M (877) 998-2265 (877) 839-2737 &DA(9(AA(c(J?(N aJ!9(N 9D!*N JE* (_=!E$;!?" '><@F C: C==P!-CAP)% C?+ H)G O!9# <):=)-9 9> )C-# @:$#$$)#$%-- =2 "D!=(72=&*'4D/ ,:>!$DE(D<> &@CE (D$I$(E(D< ;E,DE*!=!DEJcc] (J,"JE* Jcc D& ="( 4(c(J?(* .L (JM L.*MK.I/K _e^ (J*.'KJ _N^] )'OJ :M*)./ e/N Two-month CD Two-year CD 7JA=!(? D& JE* &ADF JE]JE* Jcc <@)< #'fP!C9): C?+ :7A:!+!C!&!(*WD*:><@!I`>NT(*!IN 1(`(M Lone Star Bank 0.20 Goldwater Bank 0.80 JE* Jcc D="(A DHc!$J=!DE?N ?;!=?N g;*$F(E=?N e/N )'OJ :M*)./)2 e/N (JMI* O'**M/( e/N L.*0M* ("?;1+4026 &"//"8.(,K \C@ *JFJ$(?N *(H=?N A!$"=?N A(F(*!(?N ?:F ,*=&'$ %)7"= @(A> _!<,I@((@>KeBEC@$IDK,CE _ (713) 358-9400 (480) 281-8200 @,=!DE JE* c!JH!c!=!(? D& JE]EJ=;A( a"J=?D(9(A MeOJ I/ (JMI*Oe,eOI(a e) )'OJ[ State Bank of India California 0.15 Comenity Direct 0.75 S!E,c;*!E$N a!="D;= c!F!=J=!DEN ="D?(JA!?!E$ '868(948! @8<83#"(8 8<8@10 !9>4#<0 ?88*,<1 IBB`Z(_;CK?`` @!$#<>@(>(@8(*K (877) 707-1995 (833) 755-4354 ;E*(A ="( >JEeA;C=,]9<6/ 68@> 8#@<,<1 73. 27. >9<6/(0 ]]]KeBEC@$ID,#I>(K,CE VirtualBank 0.15 First Internet Bank of Indiana 0.75 (B;!=]?(,;A!=] DA D="(A DaE(A?"!C !E=(A(?=N [UZ1U<2[8U 7480[3[8U3N @3 T814 4[^\23 ,<68@8?60. &<68@8?6;4@,8<6? #@8?8!9@8! (877) 998-2265 (888) 873-3424 a"(="(A c!B;!*J=(* DA ;Ec!B;!*J=(*N Q_(* DA W[^\2 >b @``b<2b:L #? ?7@A)539::> CJA=DEJE] J,=N DF!??!DEN =AJE?J,=!DEN (9(E= DA #==<>C-# 9):>7<-): T?-E H(T."G%#==<>C-# (877) 369-2746 (877) 247-2559 D="(A ,!A,;F?=JE,( =Je!E$ CcJ,( DA (_!?=!E$ DE I!+:9<)C@ L>P+!?%: JJ8H(.,,G%#==<>C-# 4!P - Goldwater Bank 0.35 Live Oak Bank 1.00 VC: T?-E H"R&"G%#==<>C-# 4=)C-# "91691-C*!*@*A96?*>: ))83+!&/ =D ="( :(H=DA?S!E,c;*!E$ ="( ,JC!=Jc ?=A;,=;A(N 0)<5!-):F JJ8H*TB$G% C?+ #==<>C-# 9):>7<-): TF <9> 291 '9 +9>5 9< @+*, 4.*=$@5: Lone Star Bank 0.25 First Internet Bank of Indiana 0.96 FJEJ$(F(E=N DaE(A?"!CN DA DC(AJ=!DE ="(A(D&RN R: _ACE@^[ 6JM iMd(.*)2 0eIFI/KeNN*M)) I) ;/M )< C$* /303 -<,%A9)-AA8D (713) 358-9400 (888) 873-3424 DA ="( :(H=DA?5 A(?C(,=!9(J??(=?N DC(AJ=!DE?N 1INK0e* !M/(*M] @AYY1M)( W*MMcea] 8'I(M=YY] "E>5:E-5.E/.+,E.)?>870/-9-7.,=1D8$-<*/!5<@ 68 $!.54.945.@; *< QEJE,(?N ,DE=AJ,=?N CD=(E=!Jc,DE=AJ,=?N W.*( 1.*(J] 6Mbe) ?@EE@[ >1/ C<55-CC+<770 =19-C?=1D =1 8=.?-5B2 *&2 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of H;?!E(?? A(cJ=!DE?"!C?N !E=(A,DFCJE] D ;FF Oe,I(eFI`MN(M*0) ')MN JM*MI/ d'( /.( &9.@ %@2 '?!*5: *(9.*7$2 %?..9?<757 "; =AJE?J,=!DE? H(=a((E DA JFDE$ ="( :(H=DA?N >9#)1?-5B2 >1/ .?B-E DE.6?B C-5?.ECF A->EC .+ +9.,5 1$.>, #,$=$<<$+: *@0,.5$7; @9 "?*(73 compounding and rate stated for the lowest required opening deposit to earn interest. CD ?(,;A!=!(?N CADC(A=] JE* b?=J=(?N ="( 10 >1/ =1 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of ="( @cC!E( 3Jc(N ="( :(H=DA?5 !EM DA D;=MD&M (JM :Fe/[ #=7=5.1 !>77-0F'>E9>E/@ >1/ A>7-@-/<5>?-/F $.77( 1 '"))"3 )+>&>#+>, *=&+)&%)" which may be checks. Rates are subject to change. "9

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B10 | We dnesday, November 18, 2020 * THE WALL STREET JOURNAL. MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 29783.35 t167.09, or 0.56% Trailing P/E ratio 29.53 20.79 3609.53 t17.38, or 0.48% Trailing P/E ratio * 40.37 24.23 11899.34 t 24.79, or 0.21% Trailing P/E ratio *† 35.62 25.75 High, low, open and close for each P/E estimate * 24.32 18.60 High, low, open and close for each P/E estimate * 25.65 18.91 High, low, open and close for each P/E estimate *† 31.15 22.54 trading day of the past three months. Dividend yield 1.99 2.21 trading day of the past three months. Dividend yield * 1.70 1.87 trading day of the past three months. Dividend yield *† 0.74 0.97 All-time high 29950.44, 11/16/20 All-time high 3626.91, 11/16/20 All-time high: 12056.44, 09/02/20

Current divisor 0.15198707565833 29000 3600 12100

28000 3500 11700

27000 3400 11300

26000 3300 10900 65-day moving average Session high 65-day moving average 65-day moving average DOWN UP 25000 3200 10500 Session open Close t

Close Open t 24000 3100 10100

Bars measure the point change from session's open Session low 23000 3000 9700 Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 954,497,684 19,030,807 Industrial Average 29872.42 29520.29 29783.35 -167.09 -0.56 29950.44 18591.93 6.6 4.4 8.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 572,581,016 11,217,001 Transportation Avg 12461.65 12183.72 12434.97 40.95 0.33 12434.97 6703.63 14.6 14.1 9.5 Most-active issues in late trading Decl. volume* 371,535,960 7,401,362 Utility Average 914.75 898.43 899.01 -18.37 -2.00 960.89 610.89 6.0 2.3 5.8 Volume After Hours Issues traded 3,176 269 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 37328.33 36915.75 37196.86 -91.58 -0.25 37288.44 22462.76 16.6 12.6 11.7 Advances 1,728 120 NIO ADR NIO 22,172.5 45.04 -1.55 -3.33 47.74 42.45 Barron's 400 801.87 789.94 799.83 -1.08 -0.13 800.91 455.11 13.1 9.2 5.2 Declines 1,337 132 SPDR S&P 500 SPY 7,368.2 360.44 -0.18 -0.05 361.15 360.28 Unchanged 111 17 Finl Select Sector SPDR XLF Nasdaq Stock Market 6,611.3 27.59 … unch. 27.64 27.47 New highs 136 3 Nasdaq Composite 11950.18 11852.41 11899.34 -24.79 -0.21 12056.44 6860.67 38.8 32.6 20.6 AT&T T 3,305.7 29.02 -0.01 -0.03 29.05 28.97 New lows 10 Nasdaq 100 12047.13 11964.20 11977.49 -35.89 -0.30 12420.54 6994.29 43.6 37.2 23.8 iShares Russell 2000 ETF IWM 2,889.7 178.04 -0.42 -0.24 178.52 177.50 Closing Arms† 0.68 0.26 Raytheon Technologies RTX 2,664.6 69.00 0.13 0.19 69.50 68.02 S&P Block trades* 5,724 172 Snap SNAP 2,561.4 39.22 -0.05 -0.13 39.44 39.05 500 Index 3623.11 3588.68 3609.53 -17.38 -0.48 3626.91 2237.40 15.7 11.7 11.9 Nasdaq NYSE Arca Marathon Oil MRO 2,544.3 5.45 -0.05 -0.91 5.51 5.42 MidCap 400 2166.98 2123.30 2159.63 4.08 0.19 2159.63 1218.55 7.9 4.7 5.5 Total volume*4,114,414,566 204,665,141 SmallCap 600 1031.44 1004.38 1028.57 5.05 0.49 1041.03 595.67 4.9 0.7 4.2 Percentage gainers… Adv. volume*2,373,246,623 85,877,195 Decl. volume*1,698,902,899 117,358,759 Other Indexes Medley Management Cl A MDLY 293.0 8.59 1.86 27.64 10.00 6.67 Issues traded 3,665 1,417 Russell 2000 1795.89 1755.34 1791.91 6.58 0.37 1791.91 991.16 12.1 7.4 6.3 Varex Imaging VREX 84.3 15.40 0.87 5.99 15.85 14.53 Advances 1,837 728 NYSE Composite 13989.34 13818.76 13949.10 -33.09 -0.24 14183.20 8777.38 3.6 0.3 4.3 Omnicell OMCL 64.1 108.40 6.12 5.98 108.42 102.28 Declines 1,717 662 CNH Industrial CNHI 121.4 11.00 0.62 5.97 11.07 10.38 Value Line 533.14 523.34 531.79 0.90 0.17 562.05 305.71 0.0 -3.7 -0.7 Unchanged 111 27 Liminal BioSciences LMNL 182.7 4.10 0.23 5.94 4.10 3.83 NYSE Arca Biotech 5538.68 5471.25 5530.04 -18.05 -0.33 6142.96 3855.67 17.2 9.1 10.0 New highs 173 110 NYSE Arca Pharma 673.17 668.14 669.55 -0.76 -0.11 675.64 494.36 8.8 2.4 7.8 ...And losers New lows 12 15 KBW Bank 90.17 88.02 90.08 -0.30 -0.33 114.12 56.19 -17.1 -20.5 -3.2 Norwegian Cruise Line NCLH 1,551.0 20.55 -1.51 -6.84 22.29 20.40 Closing Arms† 0.77 1.57 § PHLX Gold/Silver 143.16 140.82 141.24 -2.16 -1.50 161.14 70.12 48.1 32.1 20.4 Adverum Biotechnologies ADVM 106.6 11.50 -0.65 -5.35 12.15 11.50 Block trades* 24,339 987 § PHLX Oil Service 37.32 35.79 37.27 0.50 1.36 80.99 21.47 -42.9 -52.4 -34.3 Polaris PII 51.4 92.89 -4.12 -4.25 97.01 87.20 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2563.64 2532.02 2548.96 -22.02 -0.86 2570.98 1286.84 47.3 37.8 24.9 Patterson-UTI Energy PTEN 163.9 3.94 -0.14 -3.43 4.10 3.94 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 24.09 22.34 22.71 0.26 1.16 82.69 11.54 76.6 64.8 25.7 NIO NIO ADR 22,172.5 45.04 -1.55 -3.33 47.74 42.45 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 0.08 World The Global Dow 3317.58 2.66 2.0 Riot Blockchain RIOT 6.09 1.99 48.41 6.29 0.51 322.6 Brainstorm Cell Theraptcs BCLI 4.02 -7.92 -66.33 17.95 3.63 6.3 DJ Global Index 468.31 –0.36 –0.08 7.9 Miragen Therapeutics MGEN 20.84 5.08 32.23 34.05 4.67 118.3 Lufax Holding ADR LU 15.15 -4.57 -23.17 20.17 11.56 ... DJ Global ex U.S. 270.37 0.49 0.18 2.6 IRSA Propiedades Com ADR IRCP 14.00 2.95 26.64 18.00 5.06 21.7 GoodRx Holdings GDRX 36.21 -10.51 -22.50 64.22 36.02 ... Americas DJ Americas 844.14 –1.93 –0.23 10.9 Net Element NETE 9.19 1.84 25.03 20.08 1.47 161.1 Alterity Therapeutics ADR ATHE 2.23 -0.60 -21.20 5.15 0.28 119.7 Brazil Sao Paulo Bovespa 107248.63 818.71 0.77 –7.3 Marathon Patent Group MARA 3.10 0.62 25.00 5.25 0.35 213.1 Westwater Resources WWR 4.95 -1.32 -21.05 14.50 0.25 77.4 Canada S&P/TSX Comp 16948.06 58.25 0.34 –0.7 Great Elm Capital Group GEC 2.63 0.52 24.64 3.74 1.31 -16.0 Veritiv VRTV 16.73 -3.94 -19.06 24.66 5.70 -6.7 Mexico S&P/BMV IPC 41948.79 1156.98 2.84 –3.7 Evogene EVGN 3.00 0.59 24.48 5.30 0.75 102.7 iBio IBIO 1.71 -0.34 -16.59 7.45 0.05 1439.2 Chile Santiago IPSA 2791.93 4.18 0.15 –16.3 Village Farms Intl VFF 8.10 1.58 24.23 8.12 2.07 29.0 Rite Aid RAD 10.84 -2.11 -16.29 23.88 7.49 9.1 AXT AXTI 9.67 1.83 23.34 9.98 1.85 209.9 Playa Hotels Resorts PLYA 4.02 -0.70 -14.83 8.51 1.30 -45.0 EMEA Stoxx Europe 600 388.82 –0.92 –0.24 –6.5 ALX Oncology ALXO 65.58 12.26 22.99 69.79 28.01 ... iQIYI ADR IQ 23.71 -4.06 -14.62 28.03 14.51 32.1 Eurozone Euro Stoxx 385.43 –0.16 –0.04 –4.6 Belgium Bel-20 3592.50 10.21 0.28 –9.2 Sequential Brands Group SQBG 8.63 1.58 22.41 24.80 4.11 -45.9 CBAK Energy Technology CBAT 9.73 -1.57 -13.89 11.40 0.36 2151.1 Denmark OMX Copenhagen 20 1383.21 –6.47 –0.47 21.8 SM Energy SM 3.18 0.57 21.84 12.40 0.90 -62.6 AgEagle Aerial Systems UAVS 2.33 -0.36 -13.38 5.15 0.19 393.6 France CAC 40 5483.00 11.52 0.21 –8.3 Retractable Technologies RVP 10.07 1.68 20.02 13.65 0.97 635.0 Pioneer Power Solutions PPSI 3.74 -0.55 -12.82 9.43 0.90 37.5 Fossil Group FOSL HighPoint Resources HPR Germany DAX 13133.47 –5.14 –0.04 –0.9 10.71 1.72 19.13 10.82 2.69 46.5 6.09 -0.89 -12.75 99.00 2.80 -89.9 Ocuphire Pharma OCUP 6.23 1.00 19.12 17.04 3.68 -9.4 Greenland Technologies GTEC 4.93 -0.72 -12.74 10.00 1.12 -30.5 Israel Tel Aviv 1428.00 –5.03 –0.35 –15.2 Italy FTSE MIB 21435.11 118.11 0.55 –8.8 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 600.94 –0.73 –0.12 –0.6 Russia RTS Index 1258.46 –10.15 –0.80 –18.8 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 57053.01 –213.98 –0.37 –0.1 Spain IBEX 35 7934.30 –51.86 –0.65 –16.9 NIO ADR NIO 333,298 129.2 46.59 2.22 54.20 1.77 VicSh Intl Hi Div Vol Wtd CID 781 4992 28.59 0.56 34.41 19.70 Sweden OMX Stockholm 755.15 –0.25 –0.03 10.9 Zomedica ZOM 307,962 1009.4 0.17 49.55 0.50 0.06 SPDR S&P 400 Mid Cap Val MDYV 4,639 4596 52.10 0.23 55.58 28.90 Gulfport Energy GPOR CIIG Merger CIIC Switzerland Swiss Market 10565.12 –21.62 –0.20 –0.5 178,127 1055.0 0.16 19.85 3.38 0.12 3,805 3839 10.75 5.91 10.99 9.30 FuelCell Energy FCEL 149,926 639.1 4.12 10.01 4.52 0.48 Bit Digital BTBT 3,618 3584 5.97 10.35 7.05 0.28 Turkey BIST 100 1259.72 –33.27 –2.57 10.1 Palantir Technologies PLTR 115,852 143.5 17.85 12.05 18.75 8.90 BowX Acquisition Cl A BOWX 188 3459 9.85 0.31 10.30 9.65 U.K. FTSE 100 6365.33 –55.96 –0.87 –15.6 U.K. FTSE 250 19516.17 –91.89 –0.47 –10.8 Lexicon Pharmaceuticals LXRX 102,145 12427.6 1.81 40.31 5.33 1.03 Hudson Executive Un HECCU 1,819 3205 10.15 0.50 10.67 9.82 Sundial Growers SNDL 101,441 70.1 0.25 -4.40 3.88 0.14 Sequential Brands Group SQBG 11,805 2633 8.63 22.41 24.80 4.11 Asia-Pacific General Electric GE 89,962 -16.0 9.68 1.15 13.26 5.48 Viatris VTRS 60,251 2620 16.34 4.34 17.93 15.30 Australia S&P/ASX 200 6498.20 13.87 0.21 –2.8 Riot Blockchain RIOT 79,972 1164.2 6.09 48.41 6.29 0.51 Brainstorm Cell Theraptcs BCLI 15,843 2502 4.02 -66.33 17.95 3.63 China Shanghai Composite 3339.90 –7.07 –0.21 9.5 Plug Power PLUG 78,542 163.8 22.98 -8.08 25.49 2.53 Colonnade Acqn Cl A CLA 585 2151 9.72 -2.80 10.00 9.54 Hong Kong Hang Seng 26415.09 33.42 0.13 –6.3 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 0.72 India S&P BSE Sensex 43952.71 314.73 6.5 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 26014.62 107.69 0.42 10.0 Singapore Straits Times 2778.55 30.55 1.11 –13.8 Track the Markets South Korea Kospi 2539.15 –3.88 –0.15 15.5 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 13593.01 0.30 13.3 global stock indexes, bond ETFs, 41.18 currencies and commodities at Currencies Thailand SET 1349.81 –1.25 –0.09 –14.6 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Tues YTD chg Tues YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004317 23164 –0.04 Argentina peso .0125 80.0411 33.7 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1877 5.3284 32.6 Czech Rep. koruna .04478 22.332 –1.5 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7631 1.3105 0.9 Denmark krone .1593 6.2792 –5.8 notes and bonds major U.S. trading partners Chile peso .001310 763.20 3.2 Euro area euro 1.1863 .8430 –5.5 A consumer rate against its 5-year CDs Colombiapeso .000274 3644.50 11.1 Hungary forint .003281 304.76 3.2 Ecuador US dollar 11unch Iceland krona .007344 136.16 12.4 benchmark over the past year 2.50% Bankrate.com avg†: 0.58% 10% Mexico peso .0493 20.3025 7.3 Norway krone .1103 9.0660 3.3 Uruguay peso .02339 42.7450 15.1 Poland zloty .2642 3.7854 –0.2 Colorado Federal Savings Bank 0.80% One year ago 2.00

s Russia ruble .01311 76.257 22.9 s Euro Asia-Pacific 1.60% Greenwood Village, CO 877-484-2372 t 5 Yen Sweden krona .1159 8.6248 –7.9 1.50 Australian dollar .7299 1.3701 –3.8 Switzerland franc 1.0970 .9116 –5.8 Washington Savings Bank 0.80% China yuan .1525 6.5566 –5.8 1.20 0 Turkey lira .1298 7.7059 29.5 Lowell, MA 978-458-7999 1.00 Hong Kong dollar .1290 7.7528 –0.5 Ukraine hryvnia .0355 28.1500 18.9 Five-year CD yields Tradeweb ICE India rupee .01343 74.481 4.4 0.80 TAB Bank 0.85% UK pound 1.3249 .7548 0.1 t Tuesday Close 0.50 –5 s Indonesia rupiah .0000711 14055 1.2 Ogden, UT 800-355-3063 t WSJ Dollar index Japan yen .009599 104.18 –4.1 Middle East/Africa

t Federal-funds 0.40 CFG Community Bank 0.88% 0.00 –10 Kazakhstan tenge .002330 429.18 12.4 Bahrain dinar 2.6550 .3767 –0.1 target rate Macau pataca .1252 7.9891 –0.4 Egypt pound .0640 15.6311 –2.6 Baltimore, MD 888-205-8388 1 3 6 1 2 3 5 7 10 20 30 2019 2020 0.00 month(s) years Malaysia ringgit .2436 4.1045 0.3 Israel shekel .2982 3.3535 –2.9 D J F M A M J J A S O N First Internet Bank of Indiana 0.96% New Zealand dollar .6892 1.4510 –2.3 Kuwait dinar 3.2697 .3058 0.9 maturity 2020 Indianapolis, IN 888-873-3424 Pakistan rupee .00632 158.200 2.1 Oman sul rial 2.5976 .3850 –0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0207 48.250 –4.9 Qatar rial .2747 3.640 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7448 1.3427 –0.2 Saudi Arabia riyal .2666 3.7505 –0.02 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0009043 1105.79 –4.3 South Africa rand .0650 15.3826 9.9 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.50 -1.00 Sri Lanka rupee .0053984 185.24 2.2 Yield (%) 52-Week Total Return (%) Taiwan dollar .03507 28.515 –4.7 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 4.75 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03316 30.160 1.3 WSJ Dollar Index 87.14 –0.13–0.14 –2.71 Libor, 3-month 0.23 0.21 0.21 l 1.96 -1.21 U.S. Treasury, Barclays 2458.140 0.600 0.660 1.860 0.400 7.858 5.186 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.21 0.21 0.19 l 0.58 -0.11 Five-year CD, annual yield 0.58 0.59 0.58 l 1.42 -0.90 U.S. Treasury Long, Barclays 4740.750 1.480 1.600 2.340 0.980 17.012 10.393 Commodities 30-year mortgage, fixed† 2.95 3.04 2.93 l 4.22 -0.95 Aggregate, Barclays 2278.410 1.220 1.280 2.380 1.020 7.293 5.256 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.45 2.49 2.45 l 3.57 -0.85 Fixed-Rate MBS, Barclays 2226.380 1.360 1.410 2.690 0.930 4.019 3.703 Jumbo mortgages, $510,400-plus† 2.94 3.08 2.92 l 4.36 -1.32 DJ Commodity 671.63 1.77 0.26 671.63 433.70 8.98 4.56 High Yield 100, ICE BofA 3252.674 4.036 3.897 10.740 3.589 4.341 4.641 Five-year adj mortgage (ARM)† 3.21 3.21 2.85 l 4.61 -0.34 TR/CC CRB Index 154.52 0.71 0.46 187.39 106.29 -12.78 -16.83 Muni Master, ICE BofA 589.957 1.016 1.096 3.441 0.838 4.958 4.196 New-car loan, 48-month 4.14 4.14 4.13 l 4.50 1.15 Crude oil, $ per barrel 41.43 0.09 0.22 63.27 -37.63 -24.96 -32.15 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 913.232 4.535 4.596 7.480 4.516 5.771 4.497 Natural gas, $/MMBtu 2.692 -0.005 -0.19 3.354 1.482 7.25 22.98 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. 1884.50 -2.80 -0.15 2051.50 1453.40 27.91 24.02 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com P2JW323000-0-B01100-1------XA

THE WALL STREET JOURNAL. We dnesday, November 18, 2020 | B11

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Jan'21 390.80 398.30 390.80 394.70 5.40 121,640 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Australian Dollar (CME)-AUD 100,000; $ per AUD Soybean Oil (CBT)-60,000 lbs.; cents per lb. Dec 138-010 138-110 137-305 138-095 8.5 3,178,866 Dec .7316 .7341 .7290 .7307 –.0008 128,274 Contract Open Jan'21 .7329 .7342 .7293 .7309 –.0008 673 Open High hi lo Low Settle Chg interest Dec 37.46 37.93 s 37.29 37.50 .07 80,035 March'21 137-205 137-300 137-180 137-290 8.5 47,883 Jan'21 37.32 37.79 s 37.16 37.31 .03 133,172 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mexican Peso (CME)-MXN 500,000; $ per MXN Copper-High (CMX)-25,000 lbs.; $ per lb. Dec .04920 .04926 .04878 .04919 .00006 132,215 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Dec 125-145 125-180 125-135 125-175 3.0 3,155,678 Nov 3.1965 –0.0235 950 March'21 .04836 .04876 .04830 .04869 .00006 1,179 Jan 12.30 12.37 12.24 12.33 .05 8,554 March'21 125-272 3.2 59,276 March'21 3.2355 3.2470 3.1870 3.2095 –0.0200 99,878 Euro (CME)-€125,000; $ per € March 12.53 12.56 12.45 12.53 .05 191 Gold (CMX)-100 troy oz.; $ per troy oz. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Dec 1.1863 1.1902 1.1850 1.1872 .0021 622,082 Wheat (CBT)-5,000 bu.; cents per bu. Nov 1888.40 1888.40 1887.80 1884.50 –2.80 50 Dec 110-113 110-117 110-112 110-117 .4 1,998,206 March'21 1.1889 1.1927 1.1877 1.1898 .0021 5,733 Dec 598.00 603.25 592.50 595.25 –2.75 67,042 Dec 1888.20 1892.70 1882.20 1885.10 –2.70 255,590 March'21 110-112 110-115 110-112 110-115 .4 20,412 March'21 604.75 609.25 600.25 603.00 –1.75 177,534 Jan'21 1891.20 1894.00 1888.00 1888.80 –2.70 3,257 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Index Futures Wheat (KC)-5,000 bu.; cents per bu. Feb 1894.30 1898.90 1888.80 1891.30 –2.80 203,436 Nov 99.9100 99.9125 99.9100 99.9100 –.0025 146,870 Dec 558.00 562.50 550.50 552.50 –5.50 37,067 Mini DJ Industrial Average (CBT)-$5 x index April 1898.60 1903.30 1894.60 1895.80 –3.20 49,392 Jan'21 99.9200 99.9200 99.9150 99.9200 157,875 March'21 566.50 571.00 558.75 561.50 –5.25 114,602 Dec 29892 29898 29449 29720 –145 92,338 June 1901.80 1907.00 1897.80 1899.50 –3.30 23,489 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March'21 29709 29788 29348 29622 –146 6,093 Palladium (NYM) - 50 troy oz.; $ per troy oz. Dec 101-035 11.5 149,635 S&P 500 Index (CME)-$250 x index Nov 137.600 137.750 137.050 137.375 .100 1,453 Nov … 2323.60 –18.60 25 Eurodollar (CME)-$1,000,000; pts of 100% Dec 3611.20 3628.70 3593.80 3606.80 –16.20 26,794 Jan'21 138.025 140.425 137.325 139.725 1.800 19,983 Dec 2333.70 2349.20 2310.60 2326.50 –18.60 6,253 Dec 99.7550 99.7550 99.7500 99.7525 –.0025 1,104,958 March'21 …… …3598.60 –15.70 26 Cattle-Live (CME)-40,000 lbs.; cents per lb. Platinum (NYM)-50 troy oz.; $ per troy oz. March'21 99.7850 99.7850 99.7800 99.7850 … 1,132,969 Mini S&P 500 (CME)-$50 x index Dec 110.500 111.775 110.125 111.325 .900 40,143 Nov 934.60 9.60 1 June 99.7900 99.7900 99.7850 99.7900 …880,492 Dec 3625.50 3630.00 3584.25 3606.75 –16.25 2,463,392 Feb'21 112.425 114.025 112.050 113.575 1.550 104,983 Jan'21 931.60 941.10 922.90 937.10 9.60 50,957 Dec 99.7450 99.7550 99.7400 99.7500 …808,272 March'21 3617.50 3619.75 3575.75 3598.50 –15.75 42,916 Silver (CMX)-5,000 troy oz.; $ per troy oz. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini S&P Midcap 400 (CME)-$100 x index Dec 65.150 66.175 64.900 65.525 .375 35,005 Nov 24.760 24.760 24.760 24.635 –0.151 117 Currency Futures Dec 2154.10 2165.60 2120.10 2158.20 4.90 52,834 Dec 24.880 24.900 24.490 24.651 –0.151 73,978 Feb'21 64.050 65.800 64.050 65.625 1.850 76,031 March'21 …2155.20 2122.70 2155.10 3.30 n.a. Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Japanese Yen (CME)-¥12,500,000; $ per 100¥ Mini Nasdaq 100 (CME)-$20 x index Dec 12061.25 12098.75 11953.75 11975.00 –30.00 230,794 Dec 41.44 41.69 40.57 41.43 0.09 145,068 Jan 596.30 617.70 590.80 610.60 17.10 1,875 Dec .9565 .9612 .9565 .9599 .0034 160,751 March'21 .9587 .9625 .9578 .9612 .0034 2,177 March'21 12075.50 12088.50 11949.00 11969.50 –29.25 4,117 Jan'21 41.65 41.93 40.81 41.65 0.08 386,778 March 572.00 584.70 567.20 582.90 15.40 501 Canadian Dollar (CME)-CAD 100,000; $ per CAD Mini Russell 2000 (CME)-$50 x index Feb 41.92 42.18 41.07 41.90 0.08 192,303 Milk (CME)-200,000 lbs., cents per lb. Nov 22.97 23.07 22.97 23.03 …5,483 Nov .7644 .7654 .7625 .7638 .0001 84 Dec 1784.00 1796.90 1751.20 1792.40 8.50 551,260 March 42.18 42.44 41.35 42.17 0.08 159,994 Mini Russell 1000 (CME)-$50 x index Dec 16.70 16.80 15.78 16.16 –.58 5,816 Dec .7648 .7656 .7624 .7644 .0006 130,301 June 42.82 43.04 41.98 42.77 0.06 196,431 Dec 2017.30 2023.00 2004.20 2016.30 –4.80 9,221 Cocoa (ICE-US)-10 metric tons; $ per ton. British Pound (CME)-£62,500; $ per £ Dec 43.09 43.38 42.34 43.15 0.05 275,172 Dec 1.3201 1.3275 1.3196 1.3262 .0070 136,953 U.S. Dollar Index (ICE-US)-$1,000 x index Dec 2,768 2,768 2,768 2,768 115 4,328 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. March'21 1.3235 1.3285 1.3203 1.3272 .0070 2,442 Dec 92.49 92.61 92.25 92.40 –.23 28,468 Dec 1.2294 1.2444 1.2092 1.2391 .0102 79,234 March'21 2,448 2,529 2,434 2,517 82 89,348 Swiss Franc (CME)-CHF 125,000; $ per CHF March'21 92.45 92.49 92.20 92.35 –.23 856 Jan'21 1.2433 1.2543 1.2215 1.2489 .0085 89,461 Coffee (ICE-US)-37,500 lbs.; cents per lb. Dec 1.0968 1.1012 1.0964 1.0990 .0027 50,412 Dec 115.95 116.65 114.20 116.20 .55 19,974 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March'21 1.1023 1.1042 1.0997 1.1022 .0026 543 Source: FactSet Dec 1.1509 1.1598 1.1244 1.1532 .0064 64,435 March'21 119.00 119.90 117.45 119.50 .75 114,398 Jan'21 1.1511 1.1595 1.1255 1.1528 .0058 116,678 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March 15.46 15.66 s 15.22 15.31 –.16 430,630 Dec 2.684 2.732 2.649 2.692 –.005 79,923 May 14.40 14.56 14.30 14.38 –.05 217,436 Bonds | wsj.com/market-data/bonds/benchmarks Jan'21 2.852 2.890 2.809 2.844 –.020 286,066 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Feb 2.832 2.873 2.794 2.826 –.021 97,370 Jan 29.45 29.95 s 29.45 29.89 .54 1,739 March 2.778 2.818 2.750 2.777 –.018 166,747 March 28.95 28.95 28.95 28.95 .05 3,190 Tracking Bond Benchmarks April 2.713 2.742 2.679 2.691 –.035 86,371 Cotton (ICE-US)-50,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Oct 2.860 2.880 2.823 2.837 –.023 102,228 Dec 69.57 69.88 68.85 69.11 –.46 18,767 highs and lows for different types of bonds March'21 71.58 71.91 71.00 71.30 –.28 131,378 Agriculture Futures Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Total Total Jan 125.65 127.15 125.15 126.90 1.15 8,185 return YTD total Yield (%) return YTD total Yield (%) Corn (CBT)-5,000 bu.; cents per bu. March 126.25 127.30 126.05 126.35 .10 2,051 close return (%) Index Latest Low High close return (%) Index Latest Low High Dec 417.50 422.00 417.25 420.25 4.00 315,517 March'21 425.00 429.00 425.00 426.75 2.50 755,612 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Oats (CBT)-5,000 bu.; cents per bu. Interest Rate Futures 6.9 U.S. Aggregate 2226.38 3.6 Mortgage-Backed 1.360 0.930 2.690 Dec 297.25 302.25 295.50 296.25 …3,170 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 2278.41 1.220 1.020 2.380 March'21 309.25 315.00 s 308.25 311.00 2.75 2,492 Dec 214-200 216-190 214-020 215-310 1-09.0 1,008,475 U.S. Corporate Indexes Bloomberg Barclays 2172.10 3.4 Ginnie Mae (GNMA) 0.880 0.290 2.660 Soybeans (CBT)-5,000 bu.; cents per bu. March'21 214-100 1-09.0 6,345 Jan 1157.00 1178.25 s 1156.25 1169.75 16.25 342,171 3406.06 8.2 U.S. Corporate 1.910 1.820 4.580 1315.11 3.8 Fannie mae (FNMA) 1.530 1.110 2.690 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% March 1157.50 1177.25 s 1157.25 1168.50 14.00 228,404 Freddie Mac Soybean Meal (CBT)-100 tons; $ per ton. Dec 171-280 172-280 171-190 172-180 21.0 1,195,185 3081.54 6.4 Intermediate 1.260 1.230 4.400 2018.53 3.7 (FHLMC) 1.510 1.080 2.710 March'21 173-030 174-060 172-270 173-270 22.0 40,928 Dec 390.70 399.30 390.70 395.80 6.50 90,265 5068.88 11.3 Long term 2.920 2.730 4.930 589.96 4.3 Muni Master 1.016 0.838 3.441 693.66 7.7 Double-A-rated 1.490 1.300 3.360 416.81 4.5 7-12 year 0.998 0.771 3.447 12-22 year Cash Prices | wsj.com/market-data/commodities Tuesday, November 17, 2020 903.40 7.8 Triple-B-rated 2.220 2.210 5.350 475.42 5.0 1.465 1.224 3.690 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— High Yield Bonds ICE BofA 460.04 4.4 22-plus year 2.140 1.765 4.123 separate from the futures price on an exchange, which reflects what the commodity might be worth in future 481.73 3.2 High Yield Constrained 4.898 4.655 11.400 Global Government J.P. Morgan† months. 430.50 -1.7 Triple-C-rated 10.015 10.002 19.071 613.69 5.3 Global Government 0.570 0.390 1.060 Tuesday Tuesday Tuesday 3252.67 1.9 High Yield 100 4.036 3.589 10.740 860.61 7.1 Canada 0.850 0.590 1.740 Energy Aluminum, LME, $ per metric ton *1933.0 Wheat - Hard - KC (USDA) $ per bu-u 5.7750 Copper,Comex spot 3.1965 Wheat,No.1soft white,Portld,OR-u 6.1500 434.76 3.2 Global High Yield Constrained 4.918 4.833 11.310 419.81 4.9 EMU§ 0.070 0.050 0.794 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 52.750 Iron Ore, 62% Fe CFR China-s 126.2 Food France Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600 Shredded Scrap, US Midwest-s,m 287 331.37 0.8 Europe High Yield Constrained 3.309 2.464 8.183 793.63 4.6 -0.120 -0.160 0.430 Metals Steel, HRC USA, FOB Midwest Mill-s 730 Beef,carcass equiv. index U.S Agency Bloomberg Barclays 551.84 3.0 Germany -0.450 -0.740 -0.050 Fibers and Textiles choice 1-3,600-900 lbs.-u 192.81 Gold, per troy oz select 1-3,600-900 lbs.-u 174.54 1862.66 5.2 U.S Agency 0.530 0.470 1.950 295.13 -1.0 Japan 0.290 0.040 0.320 Broilers, National comp wtd. avg.-u,w 0.7496 Engelhard industrial 1890.00 Burlap,10-oz,40-inch NY yd-n,w 0.6300 1623.85 3.9 10-20 years 0.410 0.340 1.850 616.95 3.5 Netherlands -0.360 -0.540 0.080 Handy & Harman base 1889.05 Cotton,1 1/16 std lw-mdMphs-u 0.6805 Butter,AA Chicago 1.3625 Cheddar cheese,bbl,Chicago Handy & Harman fabricated 2096.85 Cotlook 'A' Index-t *76.45 140.00 4254.90 11.5 20-plus years 1.670 1.170 2.450 1071.45 6.6 U.K. 0.700 0.390 1.180 Cheddar cheese,blk,Chicago LBMA Gold Price AM *1892.60 Hides,hvy native steers piece fob-u 34.000 177.00 Milk,Nonfat dry,Chicago lb. 108.25 2906.21 6.3 Yankee 1.480 1.430 3.500 913.23 3.6 Emerging Markets ** 4.535 4.516 7.480 LBMA Gold Price PM *1885.60 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.0989 Krugerrand,wholesale-e 1962.58 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Grains and Feeds Coffee,Colombian, NY Maple Leaf-e 1981.46 1.6449 Eggs,large white,Chicago-u 1.0150 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan American Eagle-e 1981.46 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.90 Mexican peso-e 2283.28 Bran,wheat middlings, KC-u 125 Hams,17-20 lbs,Mid-US fob-u n.a. Austria crown-e 1852.74 Corn,No. 2 yellow,Cent IL-bp,u 4.0900 Hogs,Iowa-So. Minnesota-u 67.05 Global Government Bonds: Mapping Yields Austria phil-e 1981.46 Corn gluten feed,Midwest-u,w 142.0 Pork bellies,12-14 lb MidUS-u n.a. Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Silver, troy oz. Corn gluten meal,Midwest-u,w 531.1 Pork loins,13-19 lb MidUS-u 0.8082 Engelhard industrial 24.6500 Cottonseed meal-u,w 390 Steers,Tex.-Okla. Choice-u n.a. selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Handy & Harman base 24.5350 Hominy feed,Cent IL-u,w 105 Steers,feeder,Okla. City-u,w 147.13 Handy & Harman fabricated 30.6690 Meat-bonemeal,50% pro Mnpls-u,w 260 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points LBMA spot price *£18.3700 Oats,No.2 milling,Mnpls-u 3.1575 Fats and Oils Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago (U.S.$ equivalent) *24.2650 Rice, Long Grain Milled, No. 2 AR-u,w 28.38 Corn oil,crude wet/dry mill wtd. avg.-u,w 41.5000 0.125 U.S. 2 0.169 t l 0.189 0.145 1.614 Coins,wholesale $1,000 face-a 18575 Sorghum,(Milo) No.2 Gulf-u 6.3025 Grease,choice white,Chicago-h 0.2900 0.875 10 0.873 t l 0.905 0.746 1.833 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 393.80 Lard,Chicago-u n.a. 2.250 2 s l 0.110 0.150 0.812 -7.9 LBMA Platinum Price PM *909.0 Soybeans,No.1 yllw IL-bp,u 11.5500 Soybean oil,crude;Centl IL-u 0.3850 Australia 0.111 -5.8 -80.3 Platinum,Engelhard industrial 938.0 Wheat,Spring14%-pro Mnpls-u 6.7625 Tallow,bleach;Chicago-h 0.3250 1.000 10 0.967 s l 0.904 0.734 1.174 9.5 -0.1 -65.8 Palladium,Engelhard industrial 2353.0 Wheat,No.2 soft red,St.Louis-u 6.1525 Tallow,edible,Chicago-u n.a. 0.000 France 2 -0.669 t l -0.668 -0.696 -0.590 -83.9 -85.7 -220.4 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; 0.000 10 -0.328 t l -0.307 -0.347 -0.015 -120.1 -121.1 -184.8 M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 11/16 Source: Dow Jones Market Data 0.000 Germany 2 -0.713 s l -0.718 -0.770 -0.639 -88.3 -90.7 -225.3 0.000 10 -0.557 t l -0.542 -0.618 -0.331 -142.9 -144.7 -216.4 1.000 Italy 2 -0.439 t l -0.430 -0.356 -0.087 -60.8 -61.9 -170.1 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks 0.900 10 0.637 t l 0.653 0.657 1.241 -23.5 -25.1 -59.1 0.100 Japan 2 -0.148 t l -0.148 -0.142 -0.194 -31.7 -33.7 -180.8 Money Rates November 17, 2020 0.100 10 0.023 t l 0.023 0.023 -0.070 -85.0 -88.2 -190.3 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a 0.400 Spain 2 -0.568 t l -0.561 -0.558 -0.362 -73.7 -75.1 -197.6 guide to general levels but don’t always represent actual transactions. 1.250 10 0.082 t l 0.100 0.120 0.434 -79.1 -80.5 -139.9 0.500 U.K. 2 -0.025 t l -0.024 -0.049 0.549 -19.4 -21.3 -106.5 Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low 4.750 10 0.326 t l 0.351 0.184 0.730 -54.6 -55.4 -110.2 Oct. index Chg From (%) Source: Tullett Prebon level Sept. '20 Oct. '19 High 0.1000 0.1000 1.6500 0.1000 Commercial paper (AA financial) Low 0.0500 0.0500 1.5800 0.0100 90 days 0.20 0.17 2.53 0.04 U.S. consumer price index Bid 0.0800 0.0800 1.6000 0.0100 Corporate Debt All items 260.388 0.04 1.2 Offer 0.1000 0.1000 1.6300 0.0500 Libor Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Core 269.328 0.10 1.6 One month 0.14950 0.14013 1.80475 0.12663 Treasury bill auction expectations Three month 0.23100 0.21363 1.96050 0.20500 International rates 4 weeks 0.085 0.080 1.620 0.000 Six month 0.25800 0.24300 1.92438 0.23375 Investment-grade spreads that tightened the most… 13 weeks 0.090 0.100 1.560 0.000 One year 0.33875 0.33813 2.01200 0.32763 Spread*, in basis points Week 52-Week 26 weeks 0.100 0.110 1.580 0.080 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Latest ago High Low Euro Libor Secondary market Nissan Motor NSANY 3.043 1.82 Sept. 15, ’23 160 –19 207 Prime rates One month -0.577 -0.575 -0.360 -0.621 Fannie Mae Three month -0.546 -0.537 -0.142 -0.546 Lloyds Banking LLOYDS 4.050 Aug. 16, ’23 –17 U.S. 3.25 3.25 4.75 3.25 0.60 38 59 30-year mortgage yields Six month -0.518 -0.517 -0.052 -0.526 Canada 2.45 3.95 2.45 –16 2.45 One year -0.468 -0.456 0.008 -0.474 Delta Airlines, Inc. Retirement Plan DAL 4.500 3.28 Oct. 20, ’25 289 347 30 days 1.881 1.943 3.362 1.751 Japan 1.475 1.475 1.475 1.475 –8 60 days 1.916 1.979 3.370 1.804 Secured Overnight Financing Rate Colgate–Palmolive CL 4.000 2.09 Aug. 15, ’45 46 n.a. Policy Rates Other short-term rates 0.10 0.10 1.65 0.01 John Deere Capital … 2.700 0.24 Jan. 6, ’23 2 –8 15 Euro zone 0.00 0.00 0.00 0.00 Switzerland Value 52-Week International Business Machines IBM 4.150 2.43 May 15, ’39 80 –7 80 0.00 0.00 0.50 0.00 Week 52-Week Latest Traded High Low Latest high low Britain 0.10 0.10 0.75 0.10 ago Westpac Banking WSTP 2.650 1.28 Jan. 16, ’30 40 –7 50 Australia 0.10 0.10 0.75 0.10 DTCC GCF Repo Index Call money Treasury 0.111 54.790 1.720 0.002 JPMorgan Chase JPM 5.600 2.44 July 15, ’41 80 –6 n.a. Overnight repurchase 2.00 2.00 3.50 2.00 MBS 0.118 30.550 1.763 0.011 U.S. 0.09 0.11 1.65 -0.07 …And spreads that widened the most Notes on data: U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Caterpillar Financial Services … 0.450 0.43 Sept. 14, ’23 20 13 n.a. U.S. government rates 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. Secured Overnight Financing Rate is Dominion Energy D 2.450 0.60 Jan. 15, ’23 38 8 n.a. Discount as of November 16, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted 0.25 0.25 2.25 0.25 average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- DuPont de Nemours DD 2.169 1.67 May 1, ’23 145 7 131 funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Federal funds Sumitomo Mitsui Financial SUMIBK 2.130 1.78 July 8, ’30 91 7 90 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Effective rate 0.0900 0.0900 1.6200 0.0600 Tullett Prebon Information, Ltd. Wells Fargo WFC 3.900 2.70 May 1, ’45 107 7 n.a. Banque Federative du Credit Mutuel BFCM 2.125 0.47 Nov. 21, ’22 30 6 24 Exchange-Traded Portfolios | WSJ.com/ETFresearch Citigroup C 4.450 1.80 Sept. 29, ’27 93 6 88 Closing Chg YTD Marathon Oil MRO 6.600 5.65 Oct. 1, ’37 401 6 408 Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Schwab US TIPs SCHP 61.08 0.18 7.9 Tuesday, November 17, 2020 Closing Chg YTD High-yield issues with the biggest price increases… ETF Symbol Price (%) (%) SPDR DJIA Tr DIA 298.31 –0.56 4.6 Closing Chg YTD SPDR S&PMdCpTr MDY 394.24 0.23 5.0 Bond Price as % of face value ETF Symbol Price (%) (%) iShMSCI ACWI ACWI 86.85 –0.24 9.6 SPDR S&P 500 SPY 360.62 –0.54 12.0 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week CommSvsSPDR XLC 64.29 –0.36 19.9 iShMSCI EAFE EFA 70.02 –0.10 0.8 SPDR S&P Div SDY 105.26 –0.85 –2.1 CnsmrDiscSelSector XLY 154.80 –0.42 23.4 iShMSCIEmgMarkets EEM 48.88 –0.10 8.9 TechSelectSector XLK 121.69 –0.56 32.7 Graphic Packaging International GPK 3.500 2.89 March 15, ’28 104.030 1.38 102.280 CnsStapleSelSector XLP 67.67 –0.70 7.4 iShMSCIJapan EWJ 64.03 –0.39 8.1 UtilitiesSelSector XLU 65.45 –1.96 1.3 FinSelSectorSPDR XLF 27.59 –0.14 –10.4 iShNatlMuniBd MUB 116.25 0.16 2.1 VanEckGoldMiner GDX 36.94 –2.17 26.2 Dish DBS … 5.875 4.09 Nov. 15, ’24 106.500 1.00 106.250 iSh1-5YIGCorpBd IGSB 54.98 0.05 2.5 FT DJ Internet FDN 198.20 0.40 42.5 VangdInfoTech VGT 327.52 –0.29 33.8 iShPfd&Incm PFF 37.68 –0.11 0.2 0.98 HealthCareSelSect XLV 111.20 –0.65 9.2 VangdSC Val VBR 133.20 0.15 –2.8 Lumen Technologies LUMN 7.600 6.15 Sept. 15, ’39 115.981 115.530 iShRussell1000Gwth IWF 227.30 –0.18 29.2 IndSelSectorSPDR XLI 87.62 –0.26 7.5 VangdSC Grwth VBK 241.78 0.53 21.7 iShRussell1000 IWB 202.15 –0.32 13.3 VangdExtMkt VXF 147.76 0.83 17.3 UAL 0.91 InvscQQQI QQQ 292.27 –0.32 37.5 United Airlines Holdings 4.250 4.87 Oct. 1, ’22 98.905 n.a. iShRussell1000Val IWD 131.90 –0.42 –3.4 VangdDivApp VIG 138.44 –0.77 11.1 InvscS&P500EW RSP 122.27 –0.24 5.7 iShRussell2000 IWM 178.46 0.47 7.7 VangdFTSEDevMk VEA 44.84 –0.04 1.8 iSh3-7YTreasuryBd IEI 132.84 0.10 5.6 iShRussellMid-Cap IWR 64.76 –0.11 8.6 VangdFTSE EM VWO 47.61 –0.15 7.1 …And with the biggest price decreases iShCoreDivGrowth DGRO 43.56 –0.59 3.5 iShS&P500Growth IVW 61.20 –0.42 26.4 VangdFTSE Europe VGK 57.55 –0.02 –1.8 iShCoreMSCIEAFE IEFA 66.08 –0.09 1.3 iShS&P500Value IVE 124.38 –0.52 –4.4 VangdFTSEAWxUS VEU 55.53 –0.09 3.3 Rite Aid RAD 7.700 11.73 Feb. 15, ’27 82.500 –1.98 82.375 iShCoreMSCIEM IEMG 58.54 –0.10 8.9 iShShortTreaBd SHV 110.68 ... 0.2 VangdGrowth VUG 239.45 –0.21 31.4 iShCoreMSCITotInt IXUS 64.00 –0.03 3.4 iShSilver SLV 22.74 –1.22 36.3 VangdHlthCr VHT 216.61 –0.59 13.0 American Airlines AAL 3.750 18.31 March 1, ’25 58.000 –1.50 59.000 iShCoreS&P500 IVV 361.95 –0.51 12.0 iShTIPSBondETF TIP 125.37 0.17 7.5 VangdHiDiv VYM 88.95 –0.50 –5.1 iShCoreS&P MC IJH 215.69 0.25 4.8 iSh1-3YTreasuryBd SHY 86.34 –0.01 2.0 VangdIntermBd BIV 93.24 0.18 6.9 Royal Caribbean RCL 5.250 6.47 Nov. 15, ’22 97.750 –1.06 97.172 iShCoreS&P SC IJR 84.66 0.56 1.0 iSh7-10YTreasuryBd IEF 120.20 0.26 9.1 VangdIntrCorpBd VCIT 96.46 0.16 5.6 iShS&PTotlUSStkMkt ITOT 82.10 –0.27 12.9 iSh20+YTreasuryBd TLT 158.81 0.65 17.2 VangdLC VV 168.22 –0.30 13.8 Telecom Italia TITIM 5.303 2.76 May 30, ’24 108.500 –0.50 110.600 iShCoreUSAggBd AGG 117.87 0.20 4.9 iShRussellMCGrowth IWP 188.66 0.19 23.6 VangdMC VO 196.74 –0.11 10.4 iShSelectDividend DVY 94.20 –0.19 –10.8 iShUSTreasuryBdETF GOVT 27.66 0.16 6.6 VangdMBS VMBS 54.04 0.06 1.6 Rockies Express Pipeline ROCKIE 6.875 6.38 April 15, ’40 105.470 –0.47 n.a. iShESGAwareUSA ESGU 82.31 –0.38 15.4 JPM UltShtIncm JPST 50.79 0.04 0.7 VangdRealEst VNQ 86.42 0.09 –6.9 iShEdgeMSCIMinEAFE EFAV 71.56 –0.22 –4.0 PIMCOEnhShMaturity MINT 101.97 ... 0.4 VangdS&P500ETF VOO 331.34 –0.50 12.0 Ford Motor Credit … 4.134 3.43 Aug. 4, ’25 103.030 –0.47 102.750 iShEdgeMSCIMinUSA USMV 67.20 –0.62 2.4 SPDR BlmBarcHYBd JNK 107.13 0.09 –2.2 VangdST Bond BSV 82.82 0.02 2.7 iShEdgeMSCIUSAMom MTUM 151.45 0.03 20.6 SPDRBloomBar1-3MTB BIL 91.53 ... 0.1 VangdSTCpBd VCSH 82.93 0.04 2.3 Howmet Aerospace HWM 5.870 1.16 Feb. 23, ’22 105.875 –0.45 106.676 iShEdgeMSCIUSAQual QUAL 112.47 –0.41 11.4 SPDR Gold GLD 176.50 –0.37 23.5 VangdSC VB 179.58 0.37 8.4 iSh5-10YIGCorpBd IGIB 61.24 0.23 5.6 SchwabIntEquity SCHF 34.47 –0.12 2.5 VangdTotalBd BND 88.02 0.17 5.0 Marks and Spencer MARSPE 7.125 6.32 Dec. 1, ’37 108.313 –0.42 104.850 iShGoldTr IAU 17.94 –0.33 23.7 SchwabUS BrdMkt SCHB 86.59 –0.29 12.6 VangdTotIntlBd BNDX 58.39 0.19 3.2 iShiBoxx$InvGrCpBd LQD 136.64 0.32 6.8 SchwabUS Div SCHD 62.75 –0.21 8.3 VangdTotIntlStk VXUS 57.28 ... 2.9 *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. iShiBoxx$HYCpBd HYG 85.95 0.03 –2.3 SchwabUS LC SCHX 87.01 13.3 VangdTotalStk VTI –0.32 185.14 –0.23 13.2 Note: Data are for the most active issue of bonds with maturities of two years or more iShJPMUSDEmgBd EMB 113.88 –0.18 –0.6 SchwabUS LC Grw SCHG 121.13 –0.26 30.4 VangdTotlWrld VT 88.06 –0.20 8.7 iShMBSETF MBB 110.11 0.05 1.9 SchwabUS SC SCHA 81.13 0.43 7.3 VangdValue VTV 115.65 –0.46 –3.5 Source: MarketAxess P2JW323000-1-B01200-1------XA

B12 | We dnesday, November 18, 2020 * THE WALL STREET JOURNAL. BANKING & FINANCE Zambia Default TestsG-20 Aramco’sDollar Bonds Raise $8 Billion in Sale BY GABRIELE STEINHAUSER PriceofZambia's $1.25 billion bond maturing in 2027 ilar vein,” said Kevin Daly, in- AND JOE WALLACE vestment director for emerg- Saudi Aramcoraised $8 bil- Investorswould normally 80 cents on the dollar ing-market debt at Aberdeen lion from the sale of U.S. dollar- be concerned about acompany Anew framework to resolve Asset Management and a denominated bonds Tuesdayas raising debt to help fund divi- debt crises in developing member of the committee. the cash-strapped oil giant dends, said Zeina Rizk,execu- countries,meant to ensure On Sunday, Finance Minis- seeks funds to meet adividend tive director at Arqaam Capi- that Chinese and privatecredi- 60 terBwalyaNg’andu said confi- pledgetoshareholders. talinDubai. But Aramco tors share the burden of pro- dentiality agreementspre- remains the world’slargest oil viding relief,faces akey test vented him from disclosing By Rory Jones in Dubai producer with one of the low- afterZambia became the first terms of the country’sloans and Emese Bartha est costsofextracting oil African nation to default dur- from China. But, he said, the in Frankfurt among itspeers. So,“investors ing the coronavirus pandemic. 40 government had presented would accept that,” she said. Financeministersfromthe bondholderswith itsown con- Saudi Arabian Oil Co., as On topofraising debt, Group of 20 major economies fidentiality agreement, which, the companyisofficially called, Aramcoisnow cutting jobs, said Nov.13that they had if signed, would allowitto sold the debt at yields higher weighing the sale of assets come up with anew process 20 givethem moreinformation than those on Saudi govern- and reviewing plans to expand forrestructuring the debtsof on its Chinese borrowing. ment debt of similarmaturi- at home andabroad, TheWall the world’spoorest countries, Jan.2020Nov. Mr.Daly said bondholders ties,according to adocument Street Journal has reported. which nowowe billions of dol- declined to sign the agreement from one of the lead manager Thecompanysold five bond larstoChinese state-owned Chineseloans to select African countries,2018* because the government banks of the issue and data tranches with maturities rang- lendersand Western fund man- hadn’t given assurances on all from FactSet. That indicates ing from three yearsto50 Angola (256) agersthat snapped up their their questions, including the investorssee Aramcoasriskier years, according to the docu- dollar-denominated bondsin Ethiopia (52) equal treatment of creditors. than the Saudi government and ment from one of the lead the yearsbeforethe pandemic. Zambia (69) In September, Zambia said contrastswith last year when banks.Aramco’s30-year bonds Under this common frame- theChina Development Bank theoil firm raised $12 billion sold at a yield of 3.30%, com- Kenya (40) work,which G-20 officials agreed to defer debt payments in adebut bond that sported pared with Saudi government lauded as abreakthrough after Rep. of Congo (29) until April. But Mr.Ng’andu lowerborrowing coststhan the bondsmaturing in 2050 that months of resistancefromBei- $0 billion $10 $20$30 $40 said Sundaythat other Chi- sovereign. yieldcurrently 3.23% on the

jing,Chinese lenderswill par- *Number of loans in parentheses. Data include loans thathaven't been drawnand ones that nese lendersrefused to sign Thefinancial position of secondarymarket, according ticipateindebt restructurings mayhavebeen repaid. similar deferral agreementsas the world’slargest oil pro- to data from FactSet. alongside rich, mostly Western Sources: Tradeweb(bond price); Johns Hopkins School of Advanced International Studies (loans) long as the government was ducer has darkened as it con- Corporatebonds usually nations. Private creditors will still paying the bondholders. tends with afall in crude aren’t ratedstronger by also be asked to provide relief gross domestic product—to a some $9.7 billion in loans from “The moment Ipay [the prices caused by the coronavi- credit-rating firms than the on similar terms. sustainable level and securea China, although not all of that bondholders], the other credi- ruspandemic.Aramcopledged sovereign debt of the country That is abig changefrom bailout from the IMF. money has been drawn. tors aregoing to put dynamite last year to payanannual $75 wherethey arebased. But rat- previous crises,when Western “The framework wasde- AcommitteeofU.S.and Eu- under my legsand blowoff my billion dividend to sharehold- ings companies last year said governmentsand multilateral signed forthe problems Zam- ropean bondholdersthat claim legs. I’m gone and Ican’t walk erstolurethem to an initial debt from Aramco, then the lenderssuch as the World Bank bia is nowfacing,” said Eric to ownmorethan 40% of Zam- anymore,” he said. “If I don’t public offering.Italso paid world’s most profitable com- andthe International Monetary LeCompte, executivedirector of bia’sthree dollar-denomi- pay the bondholders, my legs $69 billion foramajority pany, would be ratedhigher on Fund were the dominant credi- Jubilee USA, which lobbies for nated bonds said itsmembers will remain intact but I’ll stakeinSaudi Arabia’sna- astand-alone basis than the tors to developing countries. poor-countrydebt relief. votedagainst the govern- probably have ashot in the tional petrochemicals firm in a Saudi government. Hoursafter the newdebt Zambia has some $12 bil- ment’srequest forapayment arm, I’ll bleed from the arm.” deal encouraged by the Saudi Theratingsendorsement framework wasannounced, lion in external debt, including standstill because of alack of On Monday, Zambia said its government. helped Aramcosell itsdebt for Zambia,which has borrowed the $3 billion in international transparency about Zambia’s largest Chinese lender,China Earlier this month, the alowerborrowing cost than heavily from China, missed a bonds and large loans from debtsand howthe government Exim Bank, agreed to suspend company posted a 45% fall in Saudi government debt at the $42.5million interest payment Chinese state-owned lenders intends to deal with other $110 million in interest and net income forthe thirdquar- time.But sincethen, the yield on some of its$3billion of such as the Export-Import creditors, of which China is by principal paymentsdue be- ter, generating free cash flow on Aramcobonds traded in dollar-denominated bonds,tip- Bank of China and the China far the largest. It also said the tween May1and Dec.31. of only $12.4billion, compared the secondarymarket has ping one of Africa’slargest Development Bank. The gov- government had failed to pres- China’sForeign Ministry with the roughly $18.75billion tightened to the yield offered copper producersintodefault. ernment hasn’t said howmuch ent acredible plan forreining didn’t respond to arequest to it requires each three months on similar bonds by the Saudi Zambia says it needs a break exactly it owestoChinese in itsbudget deficits. comment. It said in October it to meet itsdividend pledge. government. on servicing those bonds to al- lendersasawhole.Johns Hop- “We don’t have assurances wascommittedtoequal treat- TheSaudi government owns Aramco’ssale Tuesday low it to reach a deal with all kins University’s China-Africa from Zambia that they arego- ment of Zambia’screditors roughly 98% of the company. came at an opportune time,as of itscreditorstobring its Research Initiativeestimates ing to deal with their other andwould work to alleviate Aramcodidn’t respond to oil prices have rallied in recent debts—nowabove100% of that the countryhas signed commercial creditorsinasim- the country’s debt burden. requests for comment. days.

Biggest 1,000 Stocks | WSJ.com/stocks Net Net Net Net Net Net Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Continued From Page B8 Net Net Stock Sym Close Chg Stock Sym Close Chg s Qualcomm QCOM 148.74 -0.33 SEI Investments SEIC 55.43 -0.51 Square SQ 187.90 8.74 Tenaris TS 14.90 0.22 UnitedMicro UMC 5.63 -0.13 Waters WAT 231.19 -0.65 Net QuantaServices PWR 67.39 -1.96 SK Telecom SKM 23.33 0.08 StanleyBlackDck SWK 184.53 -1.51 TencentMusic TME 16.21 0.11 UPS B UPS 168.88 0.44 Watsco WSO 232.74 -3.07 Stock Sym Close Chg NorfolkSouthern NSC 245.64 -1.13 s PalantirTech PLTR 17.85 1.92 QuestDiag DGX 123.94 1.04 SS&C Tech SSNC 67.26 1.20 s Starbucks SBUX 98.60 0.82 Teradyne TER 105.91 -1.27 UnitedRentals URI 214.62 -3.21 Wayfair W 239.06 3.65 Quidel QDEL 194.60 3.86 StoreCapital STOR 32.23 -0.37 StateStreet STT 70.56 0.75 Tesla TSLA US Bancorp USB 44.03 -0.25 Weibo WB 46.71 -0.76 MolinaHealthcare MOH 219.76 0.86 NorthernTrust NTRS 93.79 0.65 s PaloAltoNtwks PANW 293.71 15.21 441.61 33.52 SVB Fin SIVB 348.34 -6.28 SteelDynamics STLD 36.57 -0.34 TevaPharm TEVA 9.78 0.15 UnitedHealth UNH 352.10 -4.72 WellsFargo WFC 25.04 0.14 MolsonCoorsA TAP.A 47.07 0.07 NorthropGrum NOC 312.63 -0.10 PanAmerSilver PAAS 31.74 -0.95 R S Salesforce.com CRM 256.17 6.28 Stericycle SRCL 72.24 -0.64 TexasInstruments TXN 155.50 -2.81 s Welltower WELL 65.95 -0.47 MolsonCoorsB TAP 45.13 0.21 NortonLifeLock NLOK 18.89 -0.25 ParkerHannifin PH 263.12 -4.77 UnitySoftware U 118.05 6.54 Sanofi SNY 50.27 -0.40 Steris STE 195.21 -0.37 Textron TXT 45.60 -0.16 UnivDisplay OLED 214.05 0.70 WestPharmSvcs WST 286.79 -5.22 Mondelez MDLZ 58.54 -0.14 Novartis NVS 86.52 0.11 Paychex PAYX 92.50 -0.63 RELX RELX 22.72 -0.53 SantanderCons SC 23.46 -0.11 STMicroelec STM 35.26 -0.29 ThermoFisherSci TMO 479.00 -1.99 UniversalHealthB UHS 133.27 0.36 WesternDigital WDC 42.72 -0.86 MongoDB MDB 248.34 5.40 NovoNordisk NVO 66.73 -0.56 PaycomSoftware PAYC 381.66 2.33 RH RH 420.00 12.21 SareptaTherap SRPT 139.75 0.05 s StoneCo STNE 66.80 1.28 ThomsonReuters TRI 80.89 -1.11 VEREIT VER 7.31 -0.18 WesternUnion WU 21.83 0.04 MonolithicPower MPWR 302.85 -3.15 Novocure NVCR 121.94 1.87 Paylocity PCTY 186.75 2.73 RPM RPM 89.61 -0.60 Schlumberger SLB 20.09 0.05 Stryker SYK 231.44 -4.34 3M MMM 173.64 -0.22 VF VFC 85.11 2.83 WestlakeChem WLK 76.22 0.73 MonsterBev MNST 85.54 1.96 NuanceComms NUAN 34.44 -0.24 PayPal PYPL 192.30 0.36 RaymondJames RJF 89.43 1.71 SchwabC SCHW 48.90 2.01 SumitomoMits SMFG 6.21 0.07 Tiffany TIF 131.46 -0.03 VICI Prop VICI 26.43 0.23 WestpacBanking WBK 13.98 0.17 Moody's MCO 274.69 -0.85 Nucor NUE 53.86 -0.44 Pegasystems PEGA 123.80 1.98 RaytheonTech RTX 68.87 0.21 ScottsMiracleGro SMG 168.52 1.17 SunComms SUI 146.57 -1.88 Toro TTC 89.17 0.49 VailResorts MTN 268.38 -0.41 WestRock WRK 43.61 1.06 s MorganStanley MS 58.81 0.70 Nutrien NTR 43.89 0.54 Peloton PTON 102.49 0.59 RealtyIncome O 62.82 -1.65 Sea SE 170.62 -7.60 SunLifeFinancial SLF 45.15 -0.19 TorontoDomBk TD 51.32 0.78 Vale VALE 12.56 0.50 Weyerhaeuser WY 29.18 -0.18 Morningstar MORN 204.44 -0.64 NVIDIA NVDA 536.89 -3.72 PembinaPipeline PBA 23.84 0.32 RegencyCtrs REG 48.27 -0.74 PennNational PENN 65.42 0.78 Seagate STX 55.51 -0.43 SuncorEnergy SU 15.25 0.27 Total TOT 41.37 0.66 ValeroEnergy VLO 54.15 -0.54 WheatonPrecMet WPM 44.42 -0.22 Mosaic MOS 18.96 0.18 RegenPharm REGN 538.15 -21.14 Pentair PNR 52.89 -0.50 Seagen SGEN 173.17 -4.02 SunRun RUN 58.49 2.96 ToyotaMotor TM 142.74 -1.37 VarianMed VAR 173.62 -0.08 Whirlpool WHR 191.07 2.47 MotorolaSol MSI 169.57 -4.33 O P Q RegionsFin RF 15.62 0.01 Penumbra PEN 260.00 -2.38 s SealedAir SEE 44.62 0.17 Suzano SUZ 9.57 -0.19 TractorSupply TSCO 131.68 -1.14 VeevaSystems VEEV 265.51 0.89 Williams WMB 20.83 0.60 NICE NICE 232.26 -3.04 ReinsGrp RGA 118.48 2.38 OGE Energy OGE 34.21 -0.49 PepsiCo PEP 145.24 -0.52 SempraEnergy SRE 134.06 -1.38 SynchronyFin SYF 30.57 -0.54 TradeDesk TTD 795.06 48.93 Ventas VTR 50.49 -0.51 Williams-Sonoma WSM 96.60 0.69 NIO NIO 46.59 1.01 RelianceSteel RS 121.52 0.70 ONEOK OKE 33.31 0.96 PerkinElmer PKI 133.00 -0.32 SensataTechs ST 47.97 0.89 s Synnex SNX 157.39 -0.12 Tradeweb TW 58.98 -1.44 VeriSign VRSN 194.51 -0.37 WillisTowers WLTW 210.13 -0.48 NRG Energy NRG 31.89 -0.76 RenaissanceRe RNR 182.89 -1.97 OReillyAuto ORLY 450.33 -10.90 Perrigo PRGO 48.62 -0.57 ServiceCorp SCI 50.01 0.12 Synopsys SNPS 221.20 -1.14 TraneTech TT 148.79 -3.65 VeriskAnalytics VRSK 205.28 0.03 Wipro WIT 5.08 -0.02 NVR NVR 4277.26 -40.77 Repligen RGEN 193.49 -1.88 OakStreetHealth OSH 46.35 1.18 PetroChina PTR 32.88 0.98 ServiceNow NOW 513.10 10.82 Sysco SYY 74.23 -0.74 TransDigm TDG 577.97 4.01 Verizon VZ 60.75 -0.14 Wix.com WIX 249.05 7.61 NXP Semi NXPI 149.39 -0.60 RepublicSvcs RSG 101.26 -0.49 OccidentalPetrol OXY 12.99 0.29 PetroleoBrasil PBR 9.12 0.28 ShawComm B SJR 17.40 -0.33 TransUnion TRU 95.99 0.04 VertxPharm VRTX 222.96 -1.31 Woodward WWD 110.31 1.11 Nasdaq NDAQ 124.33 -1.20 ResMed RMD 214.15 -1.39 Okta OKTA 226.33 3.56 PetroleoBrasilA PBR.A 8.94 0.36 SherwinWilliams SHW 731.08 -0.62 T U V Travelers TRV 135.04 -1.25 ViacomCBS A VIACA 33.83 0.77 Workday WDAY 226.78 1.81 Natera NTRA 83.08 1.24 RestaurantBrands QSR 59.47 -0.45 OldDomFreight ODFL 205.93 -0.18 Pfizer PFE 36.04 0.65 ShinhanFin SHG 30.25 -0.04 Trex TREX 72.85-0.17 ViacomCBS B VIAC 32.29 0.39 WynnResorts WYNN 94.23 -0.51 NationalGrid NGG 61.67 -0.63 RingCentral RNG 294.57 -0.41 TAL Education TAL 74.01 -1.17 OmegaHealthcare OHI 35.14 0.15 PhilipMorris PM 78.38 -0.25 Shopify SHOP 914.02 -5.20 Trimble TRMB 57.31 -1.28 Vipshop VIPS 23.74 0.28 XP XP 40.40 0.67 NatlRetailProp NNN 41.13 -0.63 RioTinto RIO 63.26 0.09 TC Energy TRP 43.04 -0.01 Omnicom OMC 61.84 -0.04 Phillips66 PSX 64.34 1.72 Sibanye-Stillwater SBSW 12.65 -1.07 Trip.com TCOM 35.01 0.47 Visa V 210.71 -1.99 XPO Logistics XPO 105.86 -0.48 Natura&Co NTCO 18.75 0.09 RitchieBros RBA 62.91 -0.22 TE Connectivity TEL 111.18 0.13 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TruistFinl TFC 48.17 -0.40 Vistra VST 19.33 -0.47 XcelEnergy XEL 72.63 -2.08 NatWest NWG 4.10 0.09 RobertHalf RHI 65.53 -0.65 Telus TU 18.95 -0.08 OneConnectFinTech OCFT 20.66 -0.66 PinnacleWest PNW 86.78 -3.66 SiriusXM SIRI 6.41 0.04 Twilio TWLO 287.88 9.36 VMware VMW 146.09 1.49 Xilinx XLNX 130.41 -0.90 NetApp NTAP 51.40 -0.18 RocketCos. RKT 22.20 -0.45 TJX TJX 61.14 0.05 OpenText OTEX 42.18 0.05 Pinterest PINS 63.35 0.73 Skyworks SWKS 140.78 -2.63 Twitter TWTR 42.85 0.12 Vodafone VOD 16.35 -0.39 XPeng XPEV 42.91 -1.19 NetEase NTES 86.85 -0.25 Rockwell ROK 241.32 0.10 s T-MobileUS TMUS 129.00 0.35 Oracle ORCL 57.12 -0.03 PioneerNatRscs PXD 95.91 1.20 SlackTech WORK 26.74 0.67 TylerTech TYL 413.67 -0.45 VornadoRealty VNO 41.49 1.56 Xylem XYL 95.95 -1.44 Netflix NFLX 480.63 1.53 RogersComm B RCI 46.08 ... TRowePrice TROW 141.53 -2.32 Orange ORAN 12.42 0.05 PlainsAllAmPipe PAA 8.36 0.20 SmithAO AOS 56.38 -0.02 TysonFoods TSN 63.78 -0.96 VoyaFinancial VOYA 56.10 0.01 Yandex YNDX 61.49 -0.61 Neurocrine NBIX 91.75 -1.21 Roku ROKU 237.13 4.43 TaiwanSemi TSM 95.71 -3.56 Orix IX 75.32 1.34 PlugPower PLUG 22.98 -2.02 Smith&Nephew SNN 39.54 -0.23 s UBS Group UBS 14.50 0.24 VulcanMatls VMC 140.54 -0.93 YumBrands YUM 104.04 -0.72 NewOrientalEduc EDU 179.21 1.30 s OtisWorldwide OTIS 67.20 -0.19 Pool POOL 329.45 -11.35 Rollins ROL 58.00 -0.93 Smucker SJM 118.43 -1.68 TakeTwoSoftware TTWO 162.20 -0.19 UDR UDR 40.28 0.01 YumChina YUMC 57.80 -0.25 NYTimes A NYT 42.04 1.07 OwensCorning OC 71.01 -0.18 PostHoldings POST 100.71 -1.81 RoperTech ROP 405.65 -2.22 Snap SNAP 39.27 0.19 TakedaPharm TAK 17.37 0.12 UGI UGI 36.26 -0.53 W X Y Z ZTO Express ZTO 33.08 -0.16 NewellBrands NWL 20.17 -0.19 PG&E PCG 11.72 0.18 PrincipalFin PFG 48.99 0.67 RossStores ROST 110.46 -0.38 SnapOn SNA 172.58 -2.03 Tapestry TPR 28.46 1.17 US Foods USFD 31.14 -0.04 ZaiLab ZLAB 104.02 -1.12 Newmont NEM 64.53 -1.14 PNC Fin PNC 126.89 0.60 Procter&Gamble PG 141.88 -0.55 RoyalBkCanada RY 78.96 1.27 Snowflake SNOW 248.03 6.18 Target TGT 163.04 -1.46 Uber UBER 48.89 -0.32 WEC Energy WEC 100.18 -3.85 ZebraTech ZBRA 340.79 -5.19 s NewsCorp B NWS 17.81 0.21 POSCO PKX 53.99 -0.56 Progressive PGR 94.93 -0.97 RoyalCaribbean RCL 75.34 -0.16 SOQUIMICH SQM 45.39 -0.20 TeckRscsB TECK 14.83 -0.44 Ubiquiti UI 249.89 -2.83 WEX WEX 180.02 6.56 s Zendesk ZEN 125.90 3.52 NewsCorp A NWSA 17.68 0.29 PPD PPD 34.73 -0.53 Prologis PLD 104.20 0.94 RoyalDutchA RDS.A 33.75 0.55 SolarEdgeTech SEDG 233.18 4.90 TeladocHealth TDOC 179.34 2.34 UltaBeauty ULTA 276.20 0.91 W.P.Carey WPC 70.48 -1.27 Zillow C Z 105.26 -1.78 NextEraEnergy NEE 76.61 -1.14 PPG Ind PPG 143.27 -1.00 PrudentialFin PRU 75.42 -0.16 RoyalDutchB RDS.B 32.08 0.79 SolarWinds SWI 21.88 -0.27 TeledyneTech TDY 394.17 3.29 UltragenyxPharm RARE 119.37 0.70 WPP WPP 49.75 -0.17 Zillow A ZG 106.96 -1.56 Nike NKE 132.21 2.10 PPL PPL 29.53 -0.77 Prudential PUK 34.51 0.56 RoyalGold RGLD 115.84 -2.66 Sony SNE 89.71 -0.74 Teleflex TFX 375.50 0.28 UnderArmour C UA 14.17 0.31 Wabtec WAB 71.39 -0.18 ZimmerBiomet ZBH 150.15 -0.07 Nikola NKLA 22.03 0.13 PRA HealthSci PRAH 112.05 -1.62 PublicServiceEnt PEG 59.05 -0.47 RoyaltyPharma RPRX 42.19 0.36 Southern SO 62.36 -1.76 Ericsson ERIC 12.07 -0.02 UnderArmour A UAA 16.10 0.34 WalgreensBoots WBA 39.85 -4.25 Zoetis ZTS 165.43 0.14 NiSource NI 24.75 0.13 s PTC PTC 99.13 0.61 PublicStorage PSA 234.54 0.85 Ryanair RYAAY 104.36 -1.01 SoCopper SCCO 56.09 0.55 TelefonicaBras VIV 8.71 0.35 Unilever UN 59.93 -0.82 Walmart WMT 149.37 -3.07 ZoomVideo ZM 401.63 2.48 Nokia NOK 3.93 0.03 Paccar PCAR 88.82 -1.10 PulteGroup PHM 43.01 0.14 SAP SAP 116.99 -1.96 SouthwestAir LUV 45.66 0.08 Telefonica TEF 4.21 0.04 Unilever UL 60.28 -0.71 WarnerMusic WMG 29.76 -0.09 ZoomInfoTech ZI 40.75 -0.86 NomuraHoldings NMR 5.10 0.12 s PackagingCpAm PKG 135.58 1.22 Qiagen QGEN 46.33 0.07 S&P Global SPGI 336.66 -2.96 Splunk SPLK 198.09 4.59 TelekmIndonesia TLK 22.27 0.70 UnionPacific UNP 205.85 -0.86 WasteConnections WCN 107.27 -0.33 Zscaler ZS 136.64 3.12 Nordson NDSN 203.94 -2.89 PagSeguroDig PAGS 45.24 1.02 Qorvo QRVO 148.44 -1.94 SBA Comm SBAC 298.78 3.37 Spotify SPOT 250.44 4.59 10xGenomics TXG 135.67 0.42 UnitedAirlines UAL 40.60 -0.40 WasteMgt WM 121.30 -0.69 Zynga ZNGA 7.98 0.02

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Danaos DAC 15.37 13.0 Gentex GNTX 33.32 1.5 KerosTherap KROS 70.83 -1.8 OaktreeAcqnIIWt OACB.WS 1.21 0.8 SharpSpring SHSP 17.23 9.9 UnumNts061558 UNMA 28.05 -0.5 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American DaVita DVA 114.13 0.2 Gentherm THRM 54.34 2.1 KinsaleCapital KNSL 234.02 4.0 Omnicell OMCL 103.17 2.1 ShattuckLabs STTK 34.43 1.4 Upwork UPWK 34.96 4.4 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest DiamondHillInvt DHIL 162.00 -0.1 GladstonePfdE GOODN 28.87 11.3 KornitDigital KRNT 79.41 0.4 Oppenheimer A OPY 29.98 1.2 ShockwaveMed SWAV 96.11 0.6 UrovantSci UROV 16.15 -0.1 session. %CHG-Daily percentage change from the previous trading session. Digimarc DMRC 39.00 11.3 GlobalShipLease GSL 9.40 7.2 KymeraTherap KYMR 52.08 10.2 OtisWorldwide OTIS 67.95 -0.3 Shyft SHYF 25.57 4.1 VG Acqn VGAC.U 10.04 ... DigitalRealtyPfK DLRpK 28.39 0.2 GreenBrickPtrs GRBK 23.67 0.1 L Brands LB 35.60 2.0 OutsetMedical OM 66.96 0.8 SilvergateCapital SI 29.98 5.2 Viatris VTRS 17.93 4.3 Tuesday, November 17, 2020 DolbyLab DLB 89.86 0.4 GreencityAcqn GRCYU 10.10 -0.1 LGL Systems Un DFNS.U 11.08 1.4 PG&EUn PCGU 117.47 0.8 SleepNumber SNBR 73.64 2.8 VillageFarms VFF 8.12 24.2 DonnelleyFin DFIN 16.09 2.8 GrowGeneration GRWG 28.55 4.4 LatticeSemi LSCC 41.87 -0.7 PTC PTC 99.87 0.6 SpirePfdA SRpA 28.20 0.8 VirtusInvtPtrs VRTS 192.41 2.1 52-Wk % 52-Wk % 52-Wk % DragoneerGrowthII DGNS 11.30 9.2 HCA Healthcare HCA 155.84 0.8 LeMaitreVascular LMAT 39.39 1.5 PTC Therap PTCT 63.00 2.6 SpringWorks SWTX 69.90 0.3 VivintSmartHmWt VVNT.WS 9.35 3.4 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg EasternBankshares EBC 14.34 2.7 HDFC Bank HDB 69.47 -0.1 LifetimeBrands LCUT 14.14 7.7 PackagingCpAm PKG 136.47 0.9 St.Joe JOE 31.78 2.5 Vonage VG 13.28 1.8 EatonVance EV 66.26 0.7 HD Supply HDS 55.91 0.2 LightspeedPos LSPD 42.03 5.2 PactivEvergreen PTVE 15.75 4.4 WRBerkleyDeb58 WRBpE 27.81 -1.7 Autoliv ALV 89.82 -0.1 CSW Industrials CSWI 114.33 1.9 Starbucks SBUX 98.78 0.8 EdwardsLife EW 88.00 3.7 HLAcquisitions HCCH 14.21 11.2 Livent LTHM 15.72 0.1 PalantirTech PLTR 18.75 12.1 StifelFinancial SF 70.61 0.5 W.R.BerkleyDeb59 WRBpF 27.44 ... Highs AvidTechnology AVID 12.07 4.4 CTS CTS 32.21 0.9 295.17 5.5 ElementSolns ESI 13.21 1.7 HLAcquisitionsWt HCCHW 3.00 13.6 Lydall LDL 24.48 0.5 PaloAltoNtwks PANW StoneCo STNE 67.75 2.0 WellsFargoPfdAA WFCpA 25.39 0.3 AxosFinancial AX 34.63 1.1 CanPacRlwy CP 338.10 ... PartyCity PRTY 4.05 18.3 ABB ABB 27.78 1.5 EllingtonResiMtg EARN 12.09 2.1 HalozymeTherap HALO 40.99 5.0 MYR Group MYRG 50.16 2.5 Strats USC GJH GJH 10.48 0.9 WestportFuelSys WPRT 3.01 1.0 B RileyFin RILY 31.81 2.1 CapitalOnePfdK COFpK 25.50 -0.2 Pennant PNTG 52.08 3.3 AlxOncology ALXO 69.79 23.0 EnsignGroup ENSG 70.24 0.4 HavertyFurn A HVT.A 31.18 3.7 MayvilleEngg MEC 12.31 0.5 SunOpta STKL 9.15 0.3 WheelerREITPfdD WHLRD 16.69 3.9 Bally's BALY 30.90 1.4 CarriageSvcs CSV 29.79 -1.0 PetraAcqn PAICU 10.03 0.1 ASGN ASGN 85.51 -0.4 Evertec EVTC 37.33 2.2 HavertyFurn HVT 30.93 0.5 MerchantsBancorp MBIN 28.68 2.7 SutroBioph STRO 19.005.9 WintrustFinPfdE WTFCP 27.55 0.2 BkofAmericaPfdNN BACpO 25.95 0.8 CarrierGlobal CARR 41.48 -0.3 PowerIntegrations POWI 71.27 0.4 ASML ASML 427.45 ... EvolvingSystems EVOL 1.90 -6.0 Heico HEI 137.13 ... MesaLab MLAB 291.40 0.2 SwitchbackEnerA SBE 20.99 7.0 XOMA XOMA 32.85 -0.7 BeamGlobal BEEM 22.92 -2.9 CellcomIsrael CEL 4.78 2.6 PreludeTherap PRLD 52.63 8.1 AXT AXTI 9.98 23.3 FMC FMC 116.06 3.3 HercHoldings HRI 57.45 1.6 MetLifePfdF METpF 27.31 0.5 SwitchbackEnerWt SBE.WS 6.68 20.0 XPEL XPEL 38.49 0.8 BeamGlobalWt BEEMW 16.50 -4.2 Cemex CX 4.65 3.3 Qualcomm QCOM 149.85 -0.2 Abercrombie&Fitch ANF 19.41 1.6 FairIsaac FICO 480.37 1.0 HighCapeCapA CAPA 9.90 ... MicronTech MU 62.20 0.2 SynchronyPfdA SYFpA 26.55 ... ZaniteAcqn ZNTEU 10.05 0.2 BerkHathwy B BRK.B 234.97 ... ChampionsOncology CSBR 12.97 1.1 QwestNts2053 CTY 25.76 -0.3 AcadiaHealthcare ACHC 44.25 3.2 FarmlandPtrs FPI 8.46 2.0 Hovnanian HOV 41.43 -4.3 MicroStrategy MSTR 209.68 2.1 SyndaxPharm SNDX 23.19 -1.2 Zendesk ZEN 127.00 2.9 BerkHathwy A BRK.A 352500 ... Chindata CD 16.88 -0.7 QwestNts2057 CTDD 26.85 -0.1 33.19 4.9 FedAgricMtgPfdF AGMpF 27.42 1.3 Huazhu HTHT 50.48 5.3 ModineMfg MOD 11.82 1.4 Synnex 159.27 -0.1 AcmeUnited ACU BetterWorldAcqn BWACU 10.05 0.1 ClearPtNeuro CLPT 9.40 1.6 RLI RLI 105.37 -0.6 SNX FinServAcqnUn FSRVU 11.26 -0.6 HudbayMinerals HBM 5.79 1.1 MoneyGram MGI 8.77 1.9 Lows AegonCapSec AEB AEB 25.35 0.3 BigRockPtrsRt BRPAR 0.49 172.5 Cleveland-Cliffs CLF 9.17 1.0 RayonierAdvMatls RYAM 5.43 14.2 TCR2 Therap TCRR 30.00 7.2 AerpioPharm ARPO 1.92 -1.1 Biodesix BDSX 18.00 17.9 Cohu COHU 28.86 1.4 FirstHorizonPfdC FHNpC 28.08 1.5 II-VI IIVI 61.19 0.8 MontroseEnvl MEG 35.10 4.9 RechargeAcqn RCHGU 9.97 0.2 Ternium TX 25.86 ... Agora API 35.01 -10.8 AlbertonAcqnWt ALACW 0.46 2.6 BiohavenPharm BHVN 98.32 0.4 ColgatePalm CL 86.06 -0.7 FirstHorizonPfdB FHNpB 27.50 1.0 II-VI 6% Pfd IIVIP 264.03 0.1 MorganStanleyPfdA MSpA 24.80 ... RegalBeloit RBC 119.61 0.1 T-MobileUS TMUS 132.33 0.3 AmericanWell AMWL 21.34 -1.9 AmerEagle AEO 16.70 3.0 BitDigital BTBT 7.05 10.4 Comcast A CMCSA 49.99 0.5 Flex FLEX 16.48 0.1 IDEX IEX 197.85 ... MorganStanley MS 58.89 1.2 RelayTherap RLAY 56.25 8.3 TempurSealy TPX 101.85 3.7 BowXAcqnWt BOWXW 0.96 -1.0 AmicusTherap FOLD 22.91 0.2 BlinkChargingWt BLNKW 10.24 26.4 ComputerTask CTG 7.29 6.2 FoleyTrasimII BFT.U 11.30 1.4 Immunovant IMVT 53.34 0.1 MrCooper COOP 25.96 0.1 RibbitLeapA LEAP 12.50 -1.3 Textainer TGH 18.36 3.8 CFFinanceIIWt CFIIW 0.78 ... Appian APPN 109.54 2.6 BoozAllen BAH 89.86 -0.2 Cooper-Standard CPS 38.60 3.4 ForwardAir FWRD 74.88 -0.3 IndlTechAcqns ITACU 10.15 ... NV5Global NVEE 74.45 2.4 RiceAcqn RICE.U 10.25 1.5 TrilliumTherap TRIL 17.30 11.1 FreelineTherap FRLN 14.62 -4.8 AppliedIndlTechs AIT 77.18 0.7 BrighthousePfdB BHFAO 28.42 -1.4 CooperT&R CTB 41.91 -0.6 Fossil FOSL 10.82 19.1 IndlTechWt ITACW 1.19 -11.4 NanoStringTech NSTG 48.22 5.0 RiotBlockchain RIOT 6.29 48.4 TrinityBiotech TRIB 3.40 -5.5 GoodRx GDRX 36.02 -22.5 AptivPfdA APTVpA 139.85 1.0 BrightSphere BSIG 18.70 2.9 CoreMoldingTech CMT 11.70 -0.3 FreedomHolding FRHC 34.89 3.0 InfinityPharm INFI 1.87 -5.4 NationalBeverage FIZZ 98.75 1.8 RocketPharm RCKT 34.52 6.7 TritonIntl TRTN 42.24 0.8 IG Acqn IGACU 9.87 -0.1 Aptiv APTV 115.61 ... BroadstoneAcqnA BSN 9.75 0.1 CoreLogic CLGX 79.07 -0.1 fuboTV FUBO 22.44 16.5 Infr&EnerAltWt IEAWW 1.63 4.0 Nelnet NNI 73.92 0.6 Rogers ROG 146.35 0.2 TruistFinlPfdR TFCpR 26.98 0.1 JamfHolding JAMF 30.80 -7.7 Argan AGX 49.57 1.8 Broadstone BNL 17.90 2.5 CorsairGaming CRSR 32.80 6.1 FuelCell FCEL 4.52 10.0 Insmed INSM 39.60 7.2 NeoGenomics NEO 44.75 3.9 RothCHAcqnI ROCH 10.70 -0.5 Tupperware TUP 35.25 12.9 OTR Acqn OTRAU 9.91 -0.5 AristaNetworks ANET 278.04 1.7 CF Finance II CFIIU 10.98 0.3 Corts Aon KTN KTN 34.30 0.3 Futu FUTU 46.46 3.7 IntlPaper IP 50.52 0.3 Neuronetics STIM 8.05 -2.9 SQZ Biotech SQZ 36.49 -1.8 TuscanWt THCBW 1.10 5.2 PineIslandAcqn PIPP.U 9.89 -0.7 AspirCnsWt ASPL.WS 1.13 -4.8 C4 Therap CCCC 30.60 3.3 Cowen COWN 23.79 ... GFL Env Un GFLU 60.87 2.1 InterstateP&LPfdD IPLDP 26.58 ... NewbornAcqn NBACU 11.50 4.2 SealedAir SEE 44.81 0.4 UBS Group UBS 14.54 1.7 PyxisTankersPfdA PXSAP 15.39 -0.7 AssdBancPfdE ASBpE 27.96 ... 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YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret EdgewoodGrInst 51.48 -0.10 33.6 InvGrBd 11.81 +0.02 8.6 JPMorgan I Class PIMCO Funds I2 CapOpAdml r179.68 -0.14 13.9 ValAdml 45.08 -0.22 -1.3 WndsrII 39.16 -0.21 8.4 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Fidelity LowP r 48.08 -0.10 3.2 CoreBond 12.43 +0.02 NA Income NA ... NA DivAppIdxAdm 37.55 -0.29 12.6 WdsrllAdml 69.50 -0.37 8.5 VANGUARD INDEX FDS e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese 500IdxInstPrem125.43 -0.58 13.6 Magin 12.63 -0.06 23.8 EqInc 19.27 -0.13 NA PIMCO Funds Instl EMAdmr 39.43 -0.08 8.4 WellsIAdml 69.09 -0.03 6.8 IdxIntl 18.38 ... 4.3 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Contrafund K6 18.24 -0.05 26.1 OTC 16.38 -0.05 36.5 JPMorgan R Class IncomeFd NA ... NA EqIncAdml 77.43 -0.39 -0.2 WelltnAdml 79.52 -0.22 8.2 SmValAdml 57.22 +0.16 -1.4 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r ExtMktIdxInstPre 75.41 +0.64 18.2 Puritn 25.71 -0.06 16.6 CoreBond 12.45 +0.03 NA Price Funds ExplrAdml 115.28 +0.52 18.6 WndsrAdml 72.79 -0.21 1.8 TotBd2 11.52 +0.03 6.7 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not FidSerToMarket 12.41 -0.03 14.3 SrsEmrgMkt 23.53 -0.04 14.1 Lord Abbett A BlChip 161.49 -0.57 29.9 ExtndAdml 112.10 +0.95 18.2 VANGUARD FDS TotIntlInstIdx r122.93 -0.02 4.4 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; IntlIdxInstPrem 43.97 +0.02 2.4 SrsGlobal 13.73 ... 4.3 ShtDurIncmA p 4.19 ... 2.1 DivGro 58.09 -0.33 10.0 GNMAAdml 10.72 +0.03 3.4 DivdGro 33.21 -0.16 9.7 TotItlInstPlId r122.96 -0.02 4.4 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. MidCpInxInstPrem 25.89 -0.03 10.2 SrsGroCoRetail 27.73 +0.04 56.2 Lord Abbett F EqInc 30.30 -0.05 -3.6 GrwthAdml 123.19 -0.25 32.1 INSTTRF2020 26.18 +0.01 8.6 TotSt 90.04 -0.21 14.5 SAIUSLgCpIndxFd 19.37 -0.09 13.4 SrsIntlGrw 19.76 -0.08 12.8 ShtDurIncm 4.19 +0.01 2.2 EqIndex 96.01 -0.44 13.4 HlthCareAdml r 94.61 -0.65 10.9 INSTTRF2025 27.02 +0.01 9.3 VANGUARD INSTL FDS SeriesBondFd 10.77 +0.02 7.1 SrsIntlVal 9.68 +0.03 -2.2 Lord Abbett I Growth 94.76 -0.19 29.2 HYCorAdml r 5.90 ... 3.4 INSTTRF2030 27.51 -0.01 9.5 BalInst 43.35 -0.03 12.4 Tuesday, November 17, 2020 SeriesOverseas 11.85 -0.05 9.9 TotalBond 11.22 +0.02 8.0 ShtDurInc p 4.19 +0.01 2.3 HelSci 100.25 -0.43 23.1 InfProAd 28.08 +0.04 8.8 INSTTRF2035 27.99 -0.01 9.8 DevMktsIndInst 14.41 ... 3.3 Net YTD Net YTD Net YTD Fidelity SAI Metropolitan West LgCapGow I 57.96 -0.15 31.6 DevMktsInxInst 22.53 +0.01 3.3 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SmCpIdxInstPrem 22.82 +0.09 8.7 IntlGrAdml 146.90 +0.22 42.9 INSTTRF2040 28.46 -0.02 10.0 TMktIdxInstPrem103.28 -0.24 14.4 TotalBd 10.66 +0.02 7.6 TotRetBd 11.65 +0.02 8.0 MidCap 111.27 -0.30 16.7 ITBondAdml 12.62 +0.03 9.0 INSTTRF2045 28.86 -0.02 10.2 ExtndInst 112.09 +0.94 18.2 GrwthInst 123.19 -0.26 32.1 American Century Inv WshA p 49.37 -0.31 4.1 EmgMktVa 26.72 +0.14 -4.9 USBdIdxInstPrem 12.43 +0.02 7.1 Fidelity Selects TotRetBdI 11.65 +0.02 8.3 NHoriz 86.67 +0.51 46.0 ITIGradeAdml 10.65 +0.02 9.1 INSTTRF2050 28.93 -0.03 10.3 InPrSeIn 11.44 +0.02 8.9 Ultra 72.79 +0.06 39.6 Baird Funds EmMktCorEq 22.39 +0.02 4.7 Fidelity Advisor I Softwr r 25.77 +0.06 34.0 TRBdPlan 10.95 +0.01 8.2 R2020 24.12 -0.01 9.2 LTGradeAdml 12.01 +0.08 13.6 INSTTRF2055 29.04 -0.03 10.3 InstIdx 322.58 -1.50 13.5 American Funds Cl A AggBdInst 11.85 +0.02 7.7 IntlCoreEq 13.70 ... 0.7 NwInsghtI 38.89 -0.08 18.9 Tech r 28.28 +0.03 47.9 MFS Funds Class I R2025 19.60 -0.01 10.2 MidCpAdml 243.38 -0.53 11.7 IntlVal 37.98 +0.11 1.2 InstPlus 322.59 -1.51 13.6 AmcpA p 38.19 -0.08 15.7 CorBdInst 12.20 +0.02 7.8 IntSmCo 18.89 -0.04 0.4 Fidelity Freedom First Eagle Funds Growth I 159.94 -0.24 25.8 R2030 28.74 -0.03 11.0 MuHYAdml 11.79 +0.02 3.3 LifeCon 22.53 +0.02 8.6 InstTStPlus 77.06 -0.18 14.6 AMutlA p 44.08 -0.21 2.9 BlackRock Funds IntSmVa 17.91 +0.01 -7.1 FF2020 17.17 -0.01 9.2 GlbA 60.96 -0.07 5.2 ValueI 44.40 -0.35 0.9 R2035 21.25 -0.03 11.7 MuIntAdml 14.75 +0.02 4.1 LifeGro 39.47 -0.03 10.1 MidCpInst 53.76 -0.12 11.7 BalA p 30.21 -0.09 7.8 HiYBlk 7.65 +0.01 3.1 LgCo 27.73 -0.13 13.5 FF2025 15.31 -0.01 9.6 Franklin A1 MFS Funds Instl R2040 30.41 -0.03 12.4 MuLTAdml 12.15 +0.02 4.8 LifeMod 31.32 ... 9.4 MidCpIstPl 265.15 -0.59 11.7 BondA p 14.12 +0.03 9.7 HiYldBd Inst 7.65 +0.01 3.2 TAUSCoreEq2 21.81 -0.06 9.5 FF2030 19.06 -0.01 10.0 CA TF A1 p 7.74 +0.02 3.8 IntlEq 29.47 -0.10 5.8 PRIMECAP Odyssey Fds MuLtdAdml 11.23 ... 2.9 STAR 31.31 +0.04 15.3 SmCapInst 85.96 +0.30 9.3 CapIBA p 61.59 -0.01 -0.1 BlackRock Funds A US CoreEq1 28.21 -0.08 10.3 Freedom2020 K 17.16 ... 9.2 IncomeA1 p 2.24 -0.01 0.4 Old Westbury Fds AggGrowth r 52.57 +0.09 17.1 MuShtAdml 15.94 +0.01 1.7 TgtRe2015 16.34 +0.01 7.6 STIGradeInst 10.99 ... 4.6 CapWGrA 56.25 -0.21 9.0 GlblAlloc p 21.43 ... 15.0 US CoreEq2 25.57 -0.07 9.3 FrankTemp/Frank Adv LrgCpStr 16.61 -0.09 10.2 Putnam Funds Class Y Freedom2025 K 15.30 ... 9.7 PrmcpAdml r158.17 -0.43 9.7 TgtRe2020 35.30 +0.01 8.5 STIPSIxins 25.47 +0.01 3.7 EupacA p 63.59 -0.25 14.2 BlackRock Funds Inst US Small 35.64 +0.07 2.6 IncomeAdv 2.22 -0.01 0.5 Parnassus Fds StDurInc 10.10 ... 1.4 Freedom2030 K 19.05 -0.01 10.2 RealEstatAdml122.44 +0.14 -4.6 TgtRe2025 21.67 ... 9.2 TotBdInst 11.60 +0.03 7.1 FdInvA p 66.11 -0.24 9.1 StratIncOpptyIns 10.23 +0.01 5.0 US SmCpVal 32.23 +0.03 -5.6 FrankTemp/Franklin A ParnEqFd 54.65 -0.02 16.8 Schwab Funds Freedom2035 K 16.20 -0.01 10.8 SmCapAdml 85.96 +0.30 9.3 TgtRe2030 39.92 -0.01 9.5 TotBdInst2 11.52 +0.03 6.8 GwthA p 64.59 +0.09 26.3 Bridge Builder Trust USLgVa 35.99 -0.14 -5.1 Growth A p 139.40 -0.20 24.2 PGIM Funds Cl Z 1000 Inv r NA ... 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THE WALL STREET JOURNAL. **** We dnesday, November 18, 2020 | B13 MARKETS

STREETWISE | By James Mackintosh ThereIsNoVaccine forSome Investing Flubs

What’s the showedupinthe biggest win- competitivewith each other— Indexand share-price high, even though last week ond-biggest, SPDR S&P Bio- value of the nersfromPfizerorModerna’s and the leading candidates all performance, year to date itsapproach wasshown to tech (XBI), treatseach stock most impor- positiveresultsonMonday work by targeting the same S&P500 work,while in the summer the almost equally,minimizing tant medicine and the week before: the part of the coronavirus,so 10% evidencefor mRNA vaccines AbbVie and Amgen’seffect. since the in- cruise lines,airlines and oil thereisadecent chancethat wasthin. Because some of the upstarts vention of companies,whose beaten-up sincetwo (plus the controver- Shares of Germany’sCure- have done phenomenally well penicillin? For shareholders, shares jumped as much or sial Russian one)havegood 0 Vacquintupled afterits Au- this year,itisup32%, much it all depends. morethan Pfizer and Moderna results, manyotherswill, too. gust initial public offering on betterthan IBB’s17% or the If youhad bought intothe on the prospect of afaster re- “There’s a sort of winner- Nasdaq,but despitearecent S&P’s12%. stock of Pfizer,which wasthe turn to normal. takes-all dynamic,” says An- –10 run-up arestill well belowthe firstofthe big drug compa- drew Baum, head of health- Pfizer high. And Moderna—ticker hat all this shows is nies to announceits Covid-19 he pharmaceutical care research at Citigroup. MRNA—passed itsJuly peak that howaninvest- vaccine’seffectiveness, the an- stocks facethree finan- That helps explain why the only on Monday. Again, it is W –20 ment idea is imple- swerisnot alot. Pfizer shares T cial headwinds,plus the immediate reaction to the weirdthat with the mRNA ap- mented is just as important as were down this year even be- fear of apolitical storm. First, good results from Moderna’s proach confirmed, the stock is the idea itself.Aninspired bet fore being hit on Mondayby they aretreated as defensive trial on Monday was to sell –30 worth pretty much the same that the Pfizer/BioNTech vac- the effectivenessofthe rival due to their reliable sales,so Pfizer, which became the as it wasbeforeanyone had cine would work out would vaccine from Moderna. they fell by lessthan the rest third-biggest decliner in the Jan. Nov. shown it could work. have been deeply unimpres- It gets worse. Thepharma- of the market during the S&P 500, giving back half of Source:FactSet “It wasreally wishful think- siveifcarried out by buying ceutical sector has laggedbe- March selloff,but afterre- last week’s 6% gain. The trial ing,” says KostaKleyman, Pfizer shares.Buying BioN- hind the rest of the market in bounding in April went essen- results of the two vaccines the approach being commer- therapeutics analyst at Colum- Tech could have worked out the U.S. this year,not an obvi- tially nowhereasthe S&P 500 showed similar effectiveness, cialized by Moderna, CureVac bia Threadneedle.“It’shardto incredibly well, but not if exe- ous outcome at atime of pan- continued higher. but Moderna’s is easier to and Pfizer’s German partner imagine anyone could have cuted when everyone else had demic-inspired drug discovery. Second, Covid-19 vaccine store and distribute as it BioNTech could lead to other with this much confidence the same idea in the summer. Even the biotechnologysector, sales might not end up as re- doesn’t need to be kept so breakthroughs,too,especially predicted that the vaccines Equally,abet on the new whereModerna sits, has un- curring revenue.Thereisno cold. against cancer. would work,with just [pre- interest in vaccines boosting derperformed the S&P 500,at datayet to confirm howlong Thepolitical storm hasn’t clinical] data.” biotech or helping the drug in- least as measured by MSCI. immunization lasts, and inves- appeared yet, but could. Drug he shares of all three Biotech’soddnessextends dustryoverall didn’t work out tors disagree as to howmuch companies arethe most politi- have already soared, to itsmain exchange-traded well if youused the standard arren Buffettisgiv- is priced in, but at the very cally exposed part of the bro- T along with some other funds.Mainstream biotech in- value-weighted indexes; bio- W ing it atry,anyway. least the Covid-19 vaccine can- kenU.S.health-caresystem, small Covid-19-related biotech dexesare weighted by market tech delivered good, if volatile, BerkshireHathaway didates aren’t being treated because it is their expensive companies,although BioNTech value and dominated by two returns on an equal-weighted invested several billion dollars likethe moneymakersofan- productsthat the sick end up fell hardonMondaybecause big players, AbbVie,upbyless basis.The real win wastopre- spread acrossthe drug sector nual influenzashots. Thecash contributing to through co- of the Moderna competition. than the S&P 500 this year, dict the exact timing of the and biotechnologynames last from billions of injections pays.Democratshavelong The biotech market is and Amgen,whose shares are positivevaccine-trial results quarter. world-wide will be welcome been critical. highly speculative and prone down. Thebiggest U.S. biotech and then choose to buy cruise Thebroad explanation is but doesn’t add much to the This isn’t to saythereare to mini-bubbles,which has ETF, iShares Nasdaq Biotech- line Carnival—not only diffi- that avaccine is betterfor the drug companies’ valuation no winners. Thenovel use of made 2020 very strange. Be- nology(ticker IBB), includes cult but something that would rest of the world than it is for multiples as aresult. messenger RNA (mRNA) has fore Monday’sfall, BioNTech only Nasdaq-listed stocks and have appeared completely the maker of the vaccine.This Third, the vaccines are been validated, which suggests wasonly 1% aboveits summer so excludes AbbVie.The sec- mad if explained in advance. Decline in Tesla Shares Surge After S&P Index News

Real Yields BY AMRITH RAMKUMAR Tesla Inc.shares rocketed Fuels Rally higher following news that the electric-auto maker is joining the S&P 500,increasing the In Junk volatile company’s sway over financial markets. BY SEBASTIAN PELLEJERO Theshares climbed as much as 13% and closed up more Investors are pointing to than 8% Tuesdayafter index one key factor lurking beneath provider S&P DowJones Indi- arecent rally in U.S. junk ces said late Monday that the bonds: real yields. Silicon Valley carcompany Real yields arewhat inves- will be added to the S&P 500 tors earn from their bondhold- on Dec. 21, replacing acom-

ingsafter compensating forin- pany to be named later. Ana- S flation.After the Federal lystsexpect the addition to Reserve cut interest ratesto further boost Tesla’s highfly- PRES

near zero,accounting forinfla- ingshares because some $11 ZUMA

tion meant investorscould ex- trillion in mutual funds and A/

pect to lose money holding other investmentstrack the INHU U.S. Treasurys to maturity. S&P500,manyofwhich will /X

Analystssaid falling real now need to buy them. TING

yields forU.S.investment- Tesla’sstock has morethan DING grade bonds aredriving some quintupled in 2020,giving the Tesla’s stock has a market value above $400 billion, positioning it to debut as one of the 10 largest components in the index. investorsinsearch of higher companyamarket value above returns to the $400 billion and positioning it could nowhelp drag down the the stock market will bolster up with an indexthat’sS&P stock.“It validates my invest- CREDIT high-yield mar- to debut as one of the 10 larg- whole market. the influenceofahandful of 500 in name only but is really ment,” said Eric Perkins,a44- MARKETS ket. Thereal est componentsinthe index. “They’realmost turning the large companies tied to tech- an S&P 10.” year-old living outside SanDi- yield on a Chief ExecutiveElon Musk’s S&P 500 intomoreofamo- nology, analysts said. egowho has morethan half of BloombergBarclays invest- company is set to become by mentum index,” said Benjamin Thefivelargest tech com- Growing Enthusiasm his roughly $1 million portfo- ment-grade corporatebond far the most-valuable firm to Lau, chiefinvestment officer panies—Apple Inc., Microsoft Even with Tuesday’sad- lio in Tesla shares and drives a indexhas fallen to around ever join theS&P 500,accord- of Apriem Advisors, which Corp., Amazon.com Inc., Al- vance, Tesla shares arestill Tesla Model X. 0.2%, according to datacom- ing to DowJones Market Data. manages about $850 million phabet Inc.and Facebook belowtheir Aug.31all-time piled from FactSet, from It is much larger, as measured and holds asmall amount of Inc.—have poweredmarkets high,areminder that excite- Short-Term Boost? above0.3%atthe beginning by market value,than other Tesla shares. higher recently and made up ment about the company’s Despitethe excitement, of November. automakerssuch as Volks- “I’m moreworried about 26% of the S&P 500 at the end likely addition to the S&P 500 some analystspredict the “[Falling real yields] are wagenAGand General Motors howitaffectsour indexfunds of August, up from 14%for the already helped fuel an eye- stock-pricegains tied to the pushing manyinvestorsout on Co., even though Tesla makes and passiveholdingsthan any- five biggest stocks in the index popping rally this summer.In- company’sinclusion in the the risk spectrum,” said John a fraction of the cars that its thing else,” he said, adding three years earlier. vestorsalso have cheered S&P 500 could be short-lived. McClain, portfolio manager at peers sell each year. that they could nowbecome Tesla makes much less Democratic President-elect Joe Stocks joining the index typi- DiamondHill Capital Manage- Analysts had speculated for more volatile. money than those companies, Biden’srecent victorybecause cally getaboost when they ment. “Ifyou’rebuying invest- months that Tesla would get but its addition to that group his proposed $2 trillion plan join,but longer-term drivers ment-grade bonds out to 10 added to the indexafter it Unusual Addition will nowincrease attention on to fight climatechange in- of share-priceperformance years, you’reearning apoten- posted afourth consecutive In another sign of Tesla’s itsfinancial resultsand the cludes building moreelectric- such as acompany’sprofit tially negativereal yield.” quarterly profit this summer, unique position, S&P Dow movement of itsshares.The vehicle charging stations and growth tend to take over. Demand forspeculative- meeting the main requirement Jones Indices said Monday company last month posted a renewable-energy infrastruc- Some investorslikeJoshua grade bonds also has improved to be added to the S&P 500.It that it would ask investors fifthconsecutiveprofit and re- ture around the U.S. Nash, a38-year-old technology following the presidential elec- has been one of the largest whether to add the company cord quarterly sales despite Several electric-vehicle consultant who lives west of tion and signs of progress to- U.S. companies by market all at once or in two separate the coronavirus pandemic,and startups such as Lordstown Vancouver, have already sold ward avaccine forCovid-19. value formuch of the year, tranches. Adding such a large itssurging valuation has MotorsCorp.havegone public Tesla shares following such a Those have been aboon to ec- making itsomission by the stock to the indexatone time caused enormous losses forin- in recent months despitehav- fast run-up. onomically sensitivecompanies eight-person indexcommittee could pose achallengeto vestorswho bet against the ing little or no revenue, high- “I see where they’re going, including American Airlines of S&P DowJones Indices funds that track it because stock in recent years. lighting what some analysts but Ifeel likethey’renot quite Group Inc.and Occidental Pe- somewhat unusual. they would likely be forced to “It’sbecome so big that call aspeculative fervor sur- there for what they’re valued troleum Corp., seen as likely to Thecompany’sskeptics sell billions of dollarsof they have no choicebut to add rounding Tesla and itsbroader at,” said Mr.Nash, who held benefit from apost-pandemic worryabout itsrelianceon shares in other companies to it,” said PeterAtwater, are- sector.The decision to include the stock for about five years economic recovery. regulatorycredits to drive make room for Tesla. search analyst and an adjunct Tesla in the S&P 500 now and has aroughly $400,000 This increased demand is earningsand fear that arever- Thechoicetonow makethe lecturer at William &Mary. “I could givebullish investors portfolio mostly invested in helpingbring down the extra salinits yearslong stock surge 17-year-old companyapillar of just worrythat we’reending another reason to buy the technology stocks. compensation investorsrequire to hold junk bonds to near pre- pandemic levels.Adjusted for $149.37. Indexperformance, Tuesday question of getting the sails options,the spread, or extra Stocks Fall Tesla jumped 8.2% to right in order to catchit,” said yield demanded to hold specu- $444.61 as investorsprepared 0% PeterDixon,senior economist lative-grade U.S. corporate forthe electric-car maker to at Commerzbank. “There’sal- bonds in the BloombergBar- On Rise in be added to the S&P 500 index Nasdaq waysgoing to be the sense clays indexoverTreasury on Dec.21. Themoveisex- Composite that the initial burst of enthu- bonds,fell to 4.27 percentage pected to galvanizethe com- siasm is followedbyalittle bit pointsMonday, according to pany’sbullish investors, who of retrenchment.” Virus Cases –0.5 S&P500 FactSet. That brings the in- have propelled itsstock up Theyield on the 10-year dex’sspread down to around 428% this year. DowJones U.S. Treasurynoteslid to 0.2percentagepoint from the ContinuedfrompageB1 However, the much-antici- Industrial 0.872%, from 0.906% Monday. Average Nov.9close—the lowest level develop aCovid-19 vaccine.On pated changewon’t be effec- Among commodities,gold sincelateFebruary. Monday, Moderna reported tivefor morethan amonth, so prices slipped 0.1% to Elsewhereinbond markets, positiveresultsfromatrial of while the Nasdaq is getting a –1.0 $1,887.30atroyounceand U.S. U.S. Treasuryyields fell, snap- itsexperimental vaccine.Any boostfromthe news,the S&P crude rose 0.2% to $41.43 a ping atwo-daystreak of gains. vaccine,however, is in arace 500 isn’t. It adds to the advan- barrel. The declines followed Com- againsttime. tagestech stocks have enjoyed Overseas,the pan-continen- merceDepartment datathat TUESDAY’S Another trou- lately. talStoxxEurope 600 index showedretail sales in October MARKETS bling sign: Wal- “Ifyou look at the world to- –1.5 ticked down 0.2% to 388.82, increased lessthan expected, mart Inc.said day, specifically the developed Source: led lowerbythe U.K.’s largest raising questions of aslowing Tuesdayits quarterly sales rose world today, growth is going 9:30 a.m. noon 4p.m. FactSet stocks. economic recovery. at aslowerpacethan earlier in to be difficult to come by,” At middayWednesdayin Theyield on the benchmark the coronavirus pandemic even said Randeep Somel,fund tors,existing industries,with- Amazon.com said it is launch- Tokyo, Japan’sNikkei 225in- 10-year Treasurynotefinished as shopperscontinued to buy manager at M&G Investments. out having to have the wider ing a rival online pharmacy. dexwas down 0.7%, while Tuesday’ssession at 0.872%, up food and cleaning supplies Technology companies “are market—GDP plus 2%-3%—to CVSHealth Corp.dropped Hong Kong’sHang Seng Index according to Tradeweb, down andthe retailer pushed early enough of adisruptiveforce to grow in order to see that.” 8.6% to $67.14. wasflat and the Shanghai from 0.906% at Monday’s holidaydeals. take away businessfromexist- Walgreens BootsAlliance “Thereisstill plenty of Compositewas up 0.5%. U.S. close. Walmart shares fell 2% to ing companies,existing sec- tumbled9.6%to$39.85after wind outthere. It’sjust a stock futures were down 0.2%. P2JW323000-0-B01400-1------XA

B14 | We dnesday, November 18, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Retailers Are Facing A Holiday Grinch

Retail sales growth is slowing just as a surge in Covid cases is prompting new restrictions

S Consumer spending is slowing What makes October’s retail at the worst possible time. sales slowdown especially worri- NEW

G The Commerce Department on some is that it largely happened Tuesday reported that U.S. retail before the surge in Covid cases

OOMBER sales grew by 0.3% in October now engulfing the nation. States, from a month earlier, far slower including California, Michigan, than September’s 1.6% gain and New Mexico and North Dakota are LIFFE/BL

TC below the 0.5% economists ex- imposing restrictions in an at- RA pected. tempt to stem the tide.

CHRIS Several sales categories, includ- Many Americans appear to be Many companies and funds will have to report how they will affect and be affected by global warming. ing clothing stores, sporting-goods ratcheting up their wariness as stores and department stores reg- well, with grocers reporting re- istered outright declines. And newed demand for paper products sales excluding gasoline stations, and frozen foods. That is darken- U.K. Tries Climate Reports car dealers, building-materials ing the outlook for retailers just as stores and food services—the so- the holiday shopping season be- called control group that econo- gins. Worse, as weak as Tuesday’s mists use to track the underlying retail sales report was, those early Environmental-standards experiment could bring write-downs, risk clarity pace of consumer spending—rose holiday sales promotions that oc- by just 0.1%. curred last month might have In many respects, the weakness pulled forward demand that other- The U.K. is making its big cor- large private companies, 75% of bon taxes,limit emissions or even in retail sales shouldn’t have been wise would have occurred in No- porate and financial sectors think U.K.-authorized asset managers ban products. Businesses could be a surprise. Millions of people re- vember and December. more rigorously about climate is- and nearly all of its banks, insur- leftbehind in the shifttoagreener main out of work and much of the Meanwhile, the chances of a sig- sues. There could be write-downs, ers and large pension funds. economy, impairing futurereturns money the government injected nificant stimulus package coming but also reassurance for investors New Zealand made a similar and leaving assetsstranded. into the economy during the out of Congress before the end of that problems aren’t building up move in September, but the U.K.’s Major oil companies areacase in spring’s stimulus rounds has run the year look slim. Even if one out of sight. decision is important as the coun- point: BP, RoyalDutch Shell and out. Still, economists thought that does get passed, it would likely ar- From next year,manyU.K.com- try hosts the world’s third-largest Total wroteoff billions of dollarsin the momentum in sales would rive too late to reinvigorate sales panies and funds will have to report stock exchange by market capital- oil and gasassetsthis year when carry through for a bit longer, before the holiday shopping sea- howtheir assetsand organizations ization and the second-most pen- they loweredtheir forecast long- helped along by Amazon.com son comes to a close. For small re- will affect and be affected by global sion assets among countries in the term crude prices,partly because shifting its Prime Day to last tailers already hit hard by the warming.The newrules,announced Organization for Economic Cooper- they expect demand to start falling. month and competitors, including Covid crisis in particular, this by the country’sTreasurychief,Ri- ation and Development, behind the Working out who might be hit Walmart and Target, rolling out could be the last Christmas. shi Sunak,aspart of apost-Brexit U.S. Progress on voluntary disclo- next is challenging forinvestors. online holiday deals early. —Justin Lahart financial strategylast week,are in sure has been slow, even though Thepotential impact and costsof line with 2017recommendations over 1,500 companies and organi- climatechangeare complextoesti- Change in retailsales,excluding gasoline station, cardealer,building from the Task ForceonClimate-re- zations support the TCFD. mate, particularly given the long materials and food services categories,fromamonth earlier lated Financial Disclosures. While companies already have to time horizon and rangeofpathways The standards, to which the U.K. report all material risks in their fi- the world might take as it tries to 10% decision will lend weight, cover nancial reports, thereisagrowing decarbonize. By forcing companies four areas: governance, risk man- consensus that climaterisks aren’t to work through different scenarios 5 agement, strategy and key metrics. yetpriced in. TheCommodity Fu- publicly,the TCFD reporting should While the disclosures are largely tures Trading Commission recently bring some much-needed clarity to qualitative, their publication would warned “climatechangeposes a risks outside of obvious problem 0 likely push companies to incorpo- major risk to the stability of the sectorslikeoil and gas. It should rate climate risks into the financial U.S. financial system” in areport also shed light on climateleaders numbers too. that highlighted risks of disorderly and laggardswithin sectors. –5 Big entities will need to comply asset-priceadjustmentsspilling London-listed stocks maysuffer first, followed by smaller ones over intothe financial markets. in the short term as asset reviews over five years. By 2022, the gov- Climaterisks canhit asset own- triggerwrite-downs.The flip side is –10 ernment expects climate-risk re- ersinanumber of ways. Morefre- that U.K. companies could end up porting from companies listed on quent extreme weather events— looking morefuture-proof than –15 the main market of the London floods,droughts, fires, hurricanes— peerselsewhere. Investorsshould Stock Exchange (excluding a high- candamageorclose production watchthe U.K. test case carefully. JMF AMJJASO growth submarket), half of its facilities.Politicians could add car- —Rochelle Toplensky Source:Commerce Department DoorDash Loves Suburbs as Much as You OVERHEARD Recent tech initial public offer- cloud businessgoes down, so do they. centers. Lyft, Pinterestand Slack ings have taken to doubling as mar- Amazon owesmuch of the early Technologies all went public last Investorsasking themselves why hidden value.Suburbanites tend to keting announcements forAmazon’s success of AWSto“born in the cloud” year with the same warnings. DoorDash wasable to turn aprofit placehigher-value ordersbecause cloud services. Announcements in Silicon Valleystartups looking to avoid But dependency can be atwo- in the pandemic,while some of the they aretypically families needing the form of warnings, thatis. costly investments into building data waystreet. As these companies food-deliverycompany’sbiggest moreitems. Airbnb and DoorDash both filed have become sizable businesses in competitorscouldn’t, should take a Meanwhile,lighter traffic,easier forpublic listings overthe pastfew their ownright, theycan have an good look at the viewfromtheir parking and alowercost of living all days.Innearly identical language, impact on Amazon’sfortunes. That suburban officewindows. reducecostsfor suburban drivers both filings disclose thattheyrely was made clear this year when Observers have been trying to compared with those in big cities. primarily on Amazon’sweb services AWSrevenue came in slightly be- parse the much-discussed unit eco- Therealso tend to be fewerdelivery businessAWS to powertheir own lowWall Street’sforecastinthe S nomics graphic included in Door- options from restaurantsand services. DoorDash goes abit fur- firstquarter.Amazon’schief finan- Dash’s initial public offering filing greater distances from homes to ther to say“we currently host our cial officer notedthe hospitalityand PRES last Friday, as if it held a secret restaurant options,making the value platform and support our opera- travelsectors “contracted very se- ZUMA key. But DoorDash’s pandemic suc- proposition of an on-demand deliv- tions on asingle datacenter” pro- verely” because of the pandemic. cess might have less to do with eryserviceparticularly valuable to vided by AWS. Both include the dis- Airbnb’sfiling showedaplunge in how they make money off each or- suburbanites.Overthe course of the closureinthe “risk factors” section bookings beginning in March, lead- MANTEL/ der and more to do with exactly pandemic,atleast, these dynamics of their registration statements, es- ing it to slash costs. where they make it. have paid off: Edison Trends data sentially warning thatifAmazon’s Kids, theygrow up so fast. It is no secret that DoorDash’s published by DoorDash showU.S. MARSHALL

stronghold in the food-deliverywars growth in smaller metropolitan ar- JOHN is America’ssuburbs.That wasan eas and suburban areas has well early strategythe companysays it outpaced that of the largest cities. employedbecause,outside of the Despiteall that, DoorDash’seco- toptier metropolitan areas,the sub- nomics still look fragile.Evenwith Shipping StocksRide aDifferent Covid-19 Wave urbs waswherethe fastest growth the Covid-19 tailwind, the company could be found. Therewas already a registered net income of just $23 dominant and profitable food-deliv- million in the second quarter and a Shipping companies have sailed home electronics and home im- demic.These alliances have voided erybusinessinAmerica’slargest cit- lossinthe thirdquarter.What hap- ahead this year even through the provement tools have created addi- 400 sailings—or about 10% of capac- ies in then market-leading Grubhub. pens if the bright lightsofthe big rough seas of the Covid-19 pan- tional orders. Thedemand forhigh- ity—from activeservice, according DoorDash’sstrategyhas been ef- city lurecustomersback to the demic.Strong stimulus-driven de- value goods from China is so strong to S&P Global Platts. fective: Thecompanysays it had stamping ground of Grubhub and mand in rich countries,resurgent that some container-shipping firms Container-shipping companies, just 17%U.S.market shareinterms Uber Eats oncethe pandemic fades? manufacturing in China and a have returned empty boxestoAsia long ignored by investors, have of totalsales in January2018 but Believersinthe food-deliveryin- sleeker industrystructuremean to capturethe higher freight rates. become unlikely market darlings. that itssharehad grownto50% as vestment thesis don’t just need to that strong performancecould con- Thesurge might not last long,but Shares of China’sstate-owned of October—nearly twicethat of its crunch the numberstopick the tinue forawhile yet. the shipping market this year hints CoscoShipping Holdings,the next largest competitor,Uber Eats. right stock,they need to be amateur Rebounding trade is a big tail- that industryconsolidation in recent country’slargest shipping com- If planting rootsinthe suburbs sociologiststoo. —Laura Forman wind. Average spot container yearsmight have started to solve pany, have hit their highest level wassmart in 2013,the pandemic has freight rates from Shanghai to since2015 aftermorethan dou- made it look likepuregenius.The Change in grossmonthly food many regions including the U.S., bling this year.Higher freight companywas ready and waiting,as sales fordelivery firms from Australia and South America have For now, a more ratesand loweroil prices have hungryconsumersfled major metro- October 2019 to October 2020 hit highs in recent weeks, accord- juiced earnings: Net profit in the politan areas,following initial shel- ing to Jefferies. consolidated industry quarter ending in September grew ter-in-placeorders, intosmaller cit- Tier 1 97% RatesfromNorth Asia to the has finally moved out of 82% from ayear earlier,the com- ies and suburbs.While Grubhub,for West Coast of North Americawere panysaid last month. Coscohas example,said in June that over two- Tier 2 127 $3,900 per 40-foot equivalent unit the slow lane. been activeinthe industryconsol- thirds of itsbusinesswas in “Tier 1” this week,morethan double ayear idation; it is part of the Ocean Al- cities such as NewYork and Chicago, Tier 3 157 earlier,asassessed by S&P Global liancewith CMA CGMand Ever- DoorDash says it nowhas a58% cat- Platts.Cargo throughput at Chinese green, and it also bought a egoryshareofsuburban markets, Tier 4 174 portshas bounced back afterabrief the oversupply problem that has majority stakeinasmaller rival, citing datafromEdison Trends. dip at the beginning of the year due plagued the industryfor along time. Orient Overseas,in2018. In this context, some of Door- Other 142 to the coronavirus pandemic. Container-shipping companies have One big risk comes from Chi- Dash’seye-popping numbersseem U.S. retailersare stocking up in- mergedorformed alliances so that nese regulators, who might be- lesssurprising: Revenue morethan Note:Tier 1includes NewYork, LosAngeles, Chicago, ventories ahead of the holidaysea- 80% of the market is nowcovered come uneasy about the impact of Philadelphia, Washington, D.C., SanFranciscoand tripled in the nine months ended Boston. Tier 2includes the next 43 metropolitan areas son, but the risk of potential lock- by three alliances:2M, THE and high freight rates on exporters. Sept. 30 versus the same period by population. Tier 3includes the next 50 metropolitan downs and the boom in e- Ocean. Freight ratesremained stable But for now, a more consolidated last year,asorderstripled over areas by population. Tier 4includes all other commerce might have stoked earlier this year as shipping firms shipping industry has finally metropolitan areas with apopulation greaterthan that time frame.According to 100,000.Other includes all other geographic areas. demand further.Shipmentsfor shared vessels and cut back supply moved out of the slow lane. DoorDash, suburban marketshave Sources: DoorDash; Edison Trends medical equipment, work-from- amid falling demand due to the pan- —Jacky Wong